P2JW302000-6-A00100-17FFFF5178F
* * * * * * FRIDAY, OCTOBER 29, 2021 ~ VOL. CCLXXVIII NO. 102
DJIA 35730.48 À 239.79 0.7%
What’s
News
Business & Finance
T he U.S. economy grew
at an annual rate of 2%
in the third quarter, sunk by
a surge in Covid-19 cases
and worsening supply bot-
tlenecks, marking the weak-
est pace since the recovery
began in mid-2020. A1
 Facebook’s Zuckerberg
said the company changed
its name to Meta to reflect
growth opportunities be-
yond its namesake social-
media platform in online
digital realms known as
the metaverse. A1
 Apple reported quarterly
results that showed how
supply-chain difficulties are
tripping up even some of
the biggest business win-
ners of the pandemic era. B1
 Amazon posted lower-
than-expected third-quar-
ter sales and signaled that
a tight labor market and
supply-chain disruptions
would weigh on earnings. B1
 Shell’s CEO defended the
energy giant’s business model,
setting up a showdown
with activist investor Third
Point, which has called for a
breakup of the company. B1
 The S&P 500 and Nasdaq
gained 1% and 1.4%, respec-
tively, to close Thursday’s
session at records. The Dow
industrials rose 0.7%. B11
 China Evergrande avoided
default for a second time by
making an overdue interest
payment on dollar bonds
shortly before the end of
a 30-day grace period. B10
 T. Rowe Price agreed
to buy Oak Hill Advisors
for as much as $4.2 billion
to enter the private-debt
investing business. B10
World-Wide
 Pushing to reach a deal
after months of talks, the
White House released a
$1.85 trillion social-spend-
ing and climate framework
for a still-developing pro-
posal, but it fell short of
convincing progressives to
quickly approve a parallel
infrastructure bill. A1, A6-7
 The Biden administration
is in talks to offer immigrant
families separated during the
Trump administration about
$450,000 a person in com-
pensation, as several agen-
cies work to resolve law-
suits over the policy. A1
 U.S. intelligence agencies
failed to predict the rapid
Taliban takeover of Afghan-
istan before the final with-
drawal of American troops, a
review of summaries of clas-
sified material shows. A16
 Former New York Gov.
Andrew Cuomo is facing a
misdemeanor criminal
complaint alleging that he
forcibly touched a former
executive assistant. A3
 The U.S. government will
pay a total of $88 million
to families of those killed
in the 2015 shooting at a
Black church in South Car-
olina and to survivors. A3
 Democratic lawmakers
went on the offensive
against the oil industry,
challenging top executives
on whether they genuinely
supported efforts to ad-
dress climate change. A4
 An Indian missile test was
seen by security experts as
a warning shot to China af-
ter military talks between
the countries over a border
dispute broke down. A16
CONTENTS
Arts in Review. A10-11
Business News B3,5-6
Crossword............... A11
Equities....................... B7
Heard on Street. B12
Mansion.............. M1-12
s 2021 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 15448.12 À 1.4% STOXX 600 475.16 À 0.2%
SUSAN WALSH/ASSOCIATED PRESS
President Biden with House Speaker Nancy Pelosi on Capitol Hill Thursday as Democrats slimmed down their proposal.
President Pitches Revamped
$1.85 Trillion Spending Plan
WASHINGTON—Pushing to
reach a deal after months of
talks, the White House released
a $1.85 trillion social-spending
and climate framework for a
By Andrew Duehren,
Ken Thomas
and Natalie Andrews
still-developing proposal, but
it fell short of convincing pro-
gressives to quickly approve a
parallel infrastructure bill.
President Biden met with
House Democrats in the morn-
U.S. Is in Talks to Pay
Families Split at Border
WASHINGTON—The Biden
administration is in talks to
offer immigrant families that
were separated during the
Trump administration around
$450,000 a person in compen-
sation, according to people fa-
By Michelle Hackman,
Aruna Viswanatha
and Sadie Gurman
miliar with the matter, as sev-
eral agencies work to resolve
lawsuits filed on behalf of par-
ents and children who say the
government subjected them to
lasting psychological trauma.
The U.S. Departments of
Justice, Homeland Security,
and Health and Human Ser-
vices are considering payments
that could amount to close to
$1 million a family, though the
final numbers could shift, the
people familiar with the mat-
ter said. Most of the families
Crypto Fans
Spark Run on
Metal Cubes
i i i
Discover tangible
pleasures of tiny
tungsten blocks
BY HARDIKA SINGH
They bought the bitcoin
Markets..................... B11 dip. They took GameStop to
Opinion.............. A13-15
Sports........................ A12 the moon. Now the online in-
Technology............... B4 vestor army has a new favorite
U.S. News............. A2-7 thing to buy and hold: small
Weather................... A11
World News...... A8,16
tungsten cubes.
Even in a year that has fea-
tured dog-meme cryptocurren-
> cies and rappers shilling
SPACs, tungsten cubes stand
out. They are as inert as they
sound: gray, an inch or two on
each side and 1.7 times as
dense as lead. A major selling
Please turn to page A9
WSJ.com HHHH $5.00
10-YR. TREAS. g 11/32 , yield 1.568% OIL $82.81 À $0.15 GOLD $1,801.60 À $3.80 EURO $1.1684 YEN 113.58
Economic
Growth
Slowed
To 2% in
Quarter
Weakest pace of the
recovery reflects drags
related to supply-chain
snarls, Covid-19 variant
BY SARAH CHANEY CAMBON
The U.S. economy grew at
an annual rate of 2% in the
third quarter, sunk by a surge
in virus cases and worsening
supply bottlenecks, marking
the weakest pace since the re-
covery began in mid-2020.
Economists, however, ex-
pect strong consumer demand
and an easing pandemic to
boost growth in the coming
months despite lingering sup-
ply constraints.
The Commerce Depart-
ment’s report on seasonally
adjusted gross domestic prod-
uct for the July-September
quarter was also colored by
the change in earlier dynamics
that helped GDP grow at a his-
torically fast rate in the first
half of the year: Government
stimulus is winding down,
businesses have been re-
opened for months, and vacci-
nation rates have slowed.
Consumers have the appetite
ing to pitch them on the new that plan in the evening in the House released the framework to spend. Spending on services
framework, a far slimmer face of progressive opposition, just hours before the president last quarter grew at an annual
piece of legislation than the instead approving a short- boarded Air Force One for rate of 7.9%. But limited avail-
$3.5 trillion the party had term patch for transportation Rome, where he is set to meet ability of some products, par-
originally outlined. Democrats programs that were expiring with Group of 20 leaders before ticularly long-lasting goods
have been rushing to complete at the end of the month. Pro- he attends the Glasgow, Scot- such as vehicles, restrained
negotiations on the bill so that gressives endorsed Mr. Biden’s land, climate summit. The overall spending. Consumer
they can also move forward framework but said they still White House is eager to notch spending rose at an annual rate
with the public works legisla- needed to see more detail of Please turn to page A6 of 1.6% in the third quarter, a
tion, which passed the Senate the social-policy and climate sharp slowdown from a 12% in-
over the summer but has lan- bill before they could support  Framework includes $555 Please turn to page A2
guished in the House. the infrastructure legislation. billion in climate measures... A6
Party leaders initially sig- The developments frustrated  Mixed strategies eyed to fund  Leadership question looms
naled they wanted to hold a Democrats’ hopes for a high- spending bill.................................... A7 large at Fed................................ A2
vote on the infrastructure bill profile policy win as Mr. Biden  Stock buyback surcharge is  ECB sticks with negative
later Thursday, but abandoned headed to Europe. The White floated................................................. A7 interest rates........................... A16
Supply Woes
Facebook Rebrands
Hinder Apple
Apple posted record results for
its fiscal year, but supply-chain In a Very Meta Way
that crossed the border ille- disruptions hurt sales. B1
gally from Mexico to seek asy-
lum in the U.S. included one Apple's quarterly net profit
parent and one child, the peo- BY SARAH E. NEEDLEMAN to web to phones, from text to
ple said. Many families would $30 billion 4Q $20.6B photos to video, but this isn’t
likely get smaller payouts, de- Facebook Inc. Chief Execu- the end of the line,” Mr. Zuck-
pending on their circum- tive Officer Mark Zuckerberg erberg said at the social-media
stances, the people said. said the company changed its giant’s annual developer fo-
The American Civil Liber- name to Meta to reflect growth rum called Facebook Connect.
ties Union, which represents opportunities beyond its name- “We believe the metaverse will
20
families in one of the lawsuits, sake social-media platform in be the successor to the mobile
has identified about 5,500 online digital realms known as internet.”
children separated at the bor- the metaverse. Facebook is already invest-
der over the course of the “Over time I hope our com- ing heavily in creating that
Trump administration, citing pany will be seen as a meta- new reality of shared online
figures provided to it by the 10 verse company,” Mr. Zucker- spaces inhabited by digital av-
government. The number of berg said Thursday. He unveiled atars, with projects ranging
families eligible under the po- the new name for the company from virtual-reality glasses to
tential settlement is expected that also includes Facebook, In- an e-commerce platform. “We
to be smaller, the people said, stagram, WhatsApp and other expect to spend many billions
as government officials aren’t products at Facebook’s annual of dollars for years to come,”
0
sure how many will come for- developer event, where he de- Mr. Zuckerberg said.
ward. Around 940 claims have FY2019 ’20 ’21 tailed his vision for the meta- The company on an earnings
so far been filed by the fami- verse that he sees as key to the Please turn to page A4
Note: Fiscal year ended Sept. 25
lies, the people said. Sources: S&P Capital IQ; the company social-media giant attracting a
The total potential payout younger audience.  Name change can pose
Please turn to page A4 “We’ve gone from desktop corporate identity crisis...... A4
$100,000 in Debt: Arbitrary INSIDE
Hospital Prices Hit Some Hard
EPA/SHUTTERSTOCK
Newly public data reveal how little control consumers have
BY MELANIE EVANS of Ms. Kingsbury’s medical bills, insurance WORLD NEWS
AND TOM MCGINTY statements and newly public data on hospi- U.S. intelligence
tal prices shows how the nation’s seemingly
agencies were divided
Barbara Kingsbury was diagnosed with arbitrary hospital pricing left the couple
cervical cancer two years ago and embarked with charges that in some cases would have over how quickly Kabul
on an aggressive course of treatment. The been far lower for other patients, through no would fall. A16
bills piled up on the kitchen counter of her fault of their own.
home in Volin, S.D., at one point hitting Ms. Kingsbury had insurance, but that’s
$94,000 in unpaid fees and interest. With no guarantee of a competitive price. Hospi-
debt collectors threatening a lawsuit, her tals and insurers negotiate prices to hit fi-
husband, Dennis Kingsbury, emptied her re- nancial targets, and their bargaining benefits
tirement savings in early May to pay most of some patients and disadvantages others, ac-
the amount due. cording to the Journal’s analysis and inter-
Bill collectors continued calling Ms. Kings- views with medical billing professionals and
bury when she entered hospice care in early researchers. MANSION
June, her husband said. She died on June 10, A weak negotiator can get stuck with a A Londoner buys and
at age 62. In July, Mr. Kinsgbury received lousy deal. Trade-offs can give one insurance
another hospital bill for $10,000. plan the best deals for some hospital services,
renovates a cemetery
The costs, which overwhelmed the Kings- but not others. Hospitals often charge patients caretaker’s cottage for
burys and ruined their finances, didn’t have the highest rates of all when insurance his family home. M1
to be so large. A Wall Street Journal analysis Please turn to page A9
P2JW302000-4-A00200-1--------XA

A2 | Friday, October 29, 2021 **** THE WALL STREET JOURNAL.

U.S. NEWS
Leadership Question Looms Large at Fed
Biden’s reticence on Because Mr. Biden hasn’t and a rotating group of four abeth Warren (D., Mass.) and

FROM LEFT: SARAH SILBIGER/PRESS POOL; AL DRAGO/BLOOMBERG NEWS

decided on who will run the
his pick for top spot Fed, however, analysts say
at the bank next year there is a potential for in-
creasing uncertainty over how
muddies policy outlook and when the central bank
might raise interest rates from
BY NICK TIMIRAOS near zero next year. Recent
comments from Fed officials
When Federal Reserve have indicated more internal
Chairman Jerome Powell steps divisions over this question.
to the microphone at a news “This tension may occur in
conference next week, he may concert with a possible leader-
be unable to answer one of in- ship vacuum at the Fed,” said
vestors’ most pressing ques- Tim Duy, chief U.S. economist
tions: Will he return for a sec- at SGH Macro Advisors, in a
ond four-year term in note to clients. “The lack of
February? White House attention to the
Uncertainty over whom Fed creates potentially enor-
President Biden will name to mous policy uncertainty
lead the Fed next year hangs [when] the Fed may be at a
over the central bank’s loom- policy pivot point.”
ing policy decisions on what to A White House representa-
do if the recent rise in infla- tive said, “The president is en-
tion turns out to be more per- gaged on these issues with his
sistent than anticipated. senior economic team and will
The Fed is likely to detail at make decisions in a thoughtful
its meeting next week its plans manner.”
to begin winding down its Mr. Powell’s term as Fed
$120 billion-a-month bond- chair expires in February,
buying stimulus program and meaning he will lead the cen-
end the purchases by next tral bank’s policy meetings
June. Mr. Powell could use his next week, in mid-December
postmeeting press conference and in late January.
to provide additional nuance Presidents have typically
about how the Fed sees the announced their nominee in
outlook for economic growth, October or by early November
employment and inflation. to give the Senate sufficient
other reserve bank presidents.
U.S. bond markets have
started to reflect expectations
of Fed interest-rate increases
next year. Last week, the prob-
ability of at least two quarter-
percentage-point rate in-
creases by the end of next
year rose to 75%, according to
futures market prices tracked
by CME Group. That was up
from around a 20% probability
at the conclusion of the Fed’s
meeting last month.
Mr. Biden has been con-
sumed in recent weeks with
negotiations between congres-
Fed Chairman Jerome Powell and Fed governor Lael Brainard. sional Democrats over how to
winnow a $3.5 trillion social-
time to confirm their pick. For Brainard is widely seen as the spending and climate plan.
example, then-President Don- most likely candidate to take Another reason for the delay
ald Trump announced Mr. his place. Ms. Brainard has ar- on Fed personnel: The White
Powell to succeed Janet Yellen gued in recent months for the House is managing a mix of
on Nov. 2, 2017. Mr. Biden de- Fed to unwind its stimulus other appointments with an eye
parted Thursday for a six-day policies at a marginally slower toward announcing a slate of
trip to Europe, meaning he is pace than Mr. Powell, but the nominees simultaneously.
likely to make his announce- two are otherwise largely in There is one vacancy on the
ment at a later date than his sync on monetary policy. Fed’s board, and there will be
recent predecessors. A major policy shift is seen at least one more after Fed Vice
“It’s starting to become ur- as unlikely if Ms. Brainard be- Chairman Richard Clarida’s
gent,” said Goldman Sachs comes chair because interest- term expires in January. Mr. Bi-
chief economist Jan Hatzius. rate policy is agreed upon by a den also has to designate some-
“By this time, you should have group of up to 12 officials, one to a four-year term of vice
a pretty clear idea who” will called the Federal Open Mar- chairman of bank supervision.
be leading on policy decisions. ket Committee. The body in- Initially, the ramifications
If Mr. Powell isn’t reap- cludes all seven Fed governors, of a delay were largely politi-
pointed, Fed governor Lael the New York Fed president cal, as it encouraged Sen. Eliz-
other critics of Mr. Powell to
step up their campaign for Mr.
Biden to select someone else
to succeed him. Ms. Warren
last month said Mr. Powell’s
record favoring somewhat
looser financial regulations
made him a “dangerous man”
to lead the central bank.
A controversy over disclo-
sures of stock trades by senior
Fed officials, which resulted in
the sudden retirements of the
presidents of regional Fed
banks in Dallas and Boston,
has further polarized the fight
over who should lead the Fed.
Ms. Yellen, Treasury secre-
tary, has voiced support inside
the White House for Mr. Pow-
ell’s reappointment, according
to people familiar with the
matter.
The fight over Mr. Powell’s
future is coming at a delicate
moment for the institution.
He, Ms. Brainard and other se-
nior Fed leaders initially de-
scribed inflationary pressures
this year as transitory, sug-
gesting price increases would
be short-lived. But some offi-
cials are now bracing for a
longer interval of higher prices
as supply-chain bottlenecks
worsen and as energy and
other commodity prices rise.

Economic the past month, business picked

up at Tamale Addiction, said
Adrian Paredes, co-owner of
U.S. GDP, change from
previous quarter*
Third quarter
Contributions to change in
real GDP, third quarter of 2021†
Available warehouse space
is shrinking near some of the
country’s busiest distribution
Jobless
Rebound the company in the Austin,
Texas, area. That marked a shift
from over the summer, when
30%

20
2% Services 3.4 pct. pts. hubs as demand for online
goods remains strong and re-
tailers seek to position prod-
Claims Fall
Slowed In Tight
Business
the Delta variant caused the investment 0.24 ucts closer to their customers
cancellation of several events 10 for faster delivery. Supply-
where the vendor would nor- Government chain congestion, including

Market
mally sell its organic tamales. spending 0.14 tight container-shipping ca-
0
Continued from Page One In early October at the Aus- pacity and backups at inland
crease in the prior quarter. tin City Limits Music Festival, –0.38 Housing rail hubs, has hurt inventory
-10
Supply-chain disruptions Tamale Addiction sold 18,000 restocking efforts. BY GABRIEL T. RUBIN
such as backups at U.S. ports tamales of various flavors. The labor force decreased
and overseas manufacturing Crowds flooded the event, Mr. -20 in September, and some econ- Worker filings for unemploy-
–1.14 Trade balance
disruptions contributed to a Paredes said. omists have said labor-force ment benefits declined last
rapid increase in inflation and “I saw people gathering -30 participation, or the share of week to their lowest level since
pose a risk to the economic with joy,” he said. “It was a 2015 '20 –2.32 Goods people working or seeking a the coronavirus pandemic be-
outlook. Still, economists are normal event.” job, will never return to pre- gan, as employers competed for
forecasting a reacceleration in In the third quarter, pri- WSJ Economists Survey forecasts pandemic levels. With fewer employees in a tightening labor
growth as consumers spend vate-sector inventories added *Seasonally adjusted at annual rates; †Seasonally and inflation adjusted at annual rates
employees in the workforce, market.
lavishly this holiday season and 2.07 percentage points to GDP Sources: Commerce Department (U.S. GDP, contributions); Wall Street Journal Economic businesses are relying more on Initial unemployment bene-
businesses increase invest- growth, an improvement from Forecasting Survey (October forecasts) automation and increased fits, a proxy for layoffs, de-
ment. Unemployment claims the preceding months. Still, worker productivity to meet creased to 281,000 last week
are also at pandemic lows be- businesses have a long way to around the globe is keeping lated constraints would be less demand. from a revised 291,000 a week
cause employers are avoiding go to rebuild inventories after demand for its shipping ser- severe in the fourth quarter, A shortage of available earlier, the Labor Department
layoffs amid worker shortages. massive drawdowns this year. vices high. That is allowing but that the company expects workers is holding back sales said Thursday.
“We had a temporary set of Supply constraints—includ- the company to raise prices. to face pressure from rising growth at a Waltham, Mass., “You’re seeing continued
impediments coming from a ing supply-chain disruptions UPS is keeping an eye on mac- raw-material costs. residential remodeling com- progress back towards the aver-
resurgence of the coronavirus and a shrunken workforce— roeconomic challenges, includ- Spending on motor vehicles pany, Out of the Woods Con- age before the pandemic,” Nela
that should ease as we move might prove long-lasting and ing inflation, inventory levels and parts declined at an an- struction & Cabinetry Inc., Richardson, an economist at the
through the quarters ahead,” an impediment to economic and labor shortages. nual rate of nearly 54% over said Greg Antonioli, president. human-resources software firm
said Carl Tannenbaum, chief growth in the months ahead. “Despite these challenges, He is seeking to add two to Automatic Data Processing Inc.,
economist at Northern Trust. Several large companies in re- consumer demand is expected four carpenters to his 12-per- said before Thursday’s data.
Consumers are venturing cent earnings discussions said to be strong during peak sea- son business to meet demand, Hiring and demand both remain
out more this fall. U.S. hotel supply issues could hamstring son and in the fourth quarter,”
Growth in the third but he is struggling to fill the strong, making companies eager
occupancy was at 65% for the robust holiday demand. UPS Chief Financial Officer quarter was hit by a roles. Two workers quit after to hold on to the workers they
week ended Oct. 16, the high- Toy companies are racing Brian Newman said. he mandated vaccinations. have while trying to hire others.
est level since mid-August, ac- to get all their products onto Manufacturers are seeing
surge in virus cases Lead times for cabinets are The four-week average for
cording to data from STR, a shelves before Christmas, slower sales growth because and supply snags. up to 18 weeks, compared with weekly claims fell to 299,250,
global hospitality data and an- when the industry typically of component shortages ham- five to six weeks in normal holding well below a recent
alytics company. In the week logs about half of retail sales pering the production of fin- times. “I’m really somewhat peak of 424,000 in mid-July
ended Oct. 28, the number of for the year. Hasbro Inc. and ished goods. General Motors paralyzed by the amount of but remaining above 2019’s
diners seated at restaurants Mattel Inc. said they were able Co. continues to be hindered the summer, Thursday’s Com- work coming in,” he said. “I weekly average of 218,000. It
was down 4% from the same to overcome the supply-chain by computer-chip shortages, merce Department report said. should be thrilled that the declined through much of the
period in 2019—before the disruptions and get their with vehicle shipments in Prices for vehicles have risen phone’s ringing off the hook, summer despite an increase in
pandemic—a less severe de- products to retailers, albeit a North America down by nearly at a rapid pace this year, indi- and I’m almost at the point of Covid-19 cases due to the Delta
cline than in mid-September, bit later in some cases. half in the July-to-September cating strong demand, but a like, ‘Oh, my God, what are we variant and the economic un-
according to reservations site United Parcel Service Inc. period compared with the pre- shortage of autos drove down going to do?’ ” certainty that caused.
OpenTable. executives said this week that vious year. GM CFO Paul Ja- vehicle purchases in the third —Paul Ziobro Layoffs are decreasing at the
As the pandemic eased over strong economic growth cobson has said that chip-re- quarter, economists noted. contributed to this article. same time that record numbers
of workers are quitting their
jobs, showing worker confi-
U.S. WATCH dence in the labor market.
Around 4.3 million workers left
their jobs in August, the high-
FLORIDA be vaccinated by Dec. 8 interferes “The president has committed JUSTICE DEPARTMENT HEALTH est recorded monthly figure
with Florida’s employment policies to pulling every lever possible to since 2000.
State Sues Over U.S. and threatens economic harm save lives and stop the spread of Tougher Tack Taken Many Unvaccinated Companies are paying more
Contractors Mandate and the loss of federal contracts. the virus,” a White House official On Firms’ Wrongdoing Willing to Quit Jobs to attract and keep employees:
“The federal government is ex- said in response to the suit. The Average hourly earnings for all
Florida is suing the Biden ad- ceeding their power and it is im- Justice Department and Equal The Justice Department said Slightly under 40% of work- private-sector workers in Sep-
ministration over vaccine man- portant for us to take a stand Employment Opportunity Com- prosecutors would take a ers who are unvaccinated say tember rose 4.6% from a year
dates for federal contractors, Gov. because in Florida we believe mission have already determined tougher stance on companies they would leave their job if get- earlier, the fastest rate of
Ron DeSantis said Thursday. these are choices based on indi- that employers can require with long rap sheets and try to ting the Covid-19 vaccine was growth since February.
The lawsuit, filed in the U.S. vidual circumstances,” said Mr. Covid-19 vaccines, the official said. enhance efforts to make sure mandated by their employer or if “We aren’t seeing that wave
District Court in the middle dis- DeSantis, a Republican. Also Thursday, the U.S. De- guilty individuals are charged they were required to get tested of job seekers coming back, and
trict of Florida’s Tampa division, The requirement is part of a partment of Education filed a le- alongside companies. for the virus weekly, according that’s because, first and fore-
alleges the requirement for em- six-point initiative unveiled by gal complaint over Florida’s deci- Deputy Attorney General Lisa to the results of a new survey. most, we’re still in a pandemic,”
ployees at federal contractors to President Biden in September. sion to hold back federal money Monaco on Thursday said prose- Even more unvaccinated said AnnElizabeth Konkel, an
from two school districts over cutors would consider all prior workers—seven out of 10— economist at the jobs website
their mask mandates. The wrongdoing by corporations when would leave their jobs if their Indeed. “Employers are trying
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-
CORRECTIONS  state’s health department has
said parents have sole discretion
deciding how to resolve a new in-
vestigation. Previously, prosecu-
employers instituted a vaccine
mandate and there wasn’t an
to figure out, ‘how do I get the
workers I need?’ and using dif-
AMPLIFICATIONS
9660) (Central Edition ISSN 1092-0935) (Western
Edition ISSN 0193-2241) in deciding whether their chil- tors were allowed to only review option to get tested weekly, ac- ferent tools to do that,” like of-
Editorial and publication headquarters: 1211 dren wear masks at school. cases whose facts were similar cording to results from the Kai- fering starting bonuses, higher
Avenue of the Americas, New York, N.Y. 10036
The state Board of Education to the claims in the latest probe. ser Family Foundation Covid-19 pay and more benefits, she said.
Published daily except Sundays and general legal
holidays. Periodicals postage paid at New York, N.Y., The Dow Jones Industrial had punished districts in Alachua Corporations also won’t qual- Vaccine Monitor. The survey
and other mailing offices.
Average closed at 35741.15 on and Broward counties by with- ify for leniency programs unless took place Oct. 14-24 and polled New filings for jobless benefits
Postmaster: Send address changes to The Wall
Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Monday and at 35756.88 on holding funding equal to the sal- they provide information on all 1,519 adults in the U.S.
Tuesday. The label for the In- aries of school board members. employees or executives be- A quarter of workers say they Week ended Oct. 23
All Advertising published in The Wall Street Journal 800,000
is subject to the applicable rate card, copies of which
are available from the Advertising Services
dustrial Average was missing After the Biden administration lieved to have participated in are required by their employer to 281,000
Department, Dow Jones & Co. Inc., 1211 Avenue of in the “Major U.S. Stock-Mar- awarded federal grant money to crimes such as fraud or bribery, get vaccinated against the virus,
the Americas, New York, N.Y. 10036. The Journal
reserves the right not to accept an advertiser’s ket Indexes” table in the Mar- the districts to make up for Ms. Monaco said. the survey said. That figure is 16
order. Only publication of an advertisement shall kets Digest on Tuesday and those lost funds, the board di- Instead of taking companies percentage points higher than it 600,000
constitute final acceptance of the advertiser’s order.
Letters to the Editor:
Wednesday. rected the education commis- to court, the Justice Department was in June, according to the
Fax: 212-416-2891; email: wsj.ltrs@wsj.com sioner to withhold funds equal has come to rely on probationary survey, which also said that half
Need assistance with your subscription?
By web: customercenter.wsj.com;
Notice to readers to the grants. Ian Rosenblum, a settlements known as deferred of workers still say they are 400,000
By email: wsjsupport@wsj.com Some Wall Street Journal deputy assistant secretary with prosecution agreements that re- against employer vaccine man-
By phone: 1-800-JOURNAL (1-800-568-7625) staff members are working re- the U.S. Education Department, quire companies to admit wrong- dates. More employers have
Reprints & licensing:
By email: customreprints@dowjones.com;
motely during the pandemic. has said the state’s move to doing, pay fines and improve been instating Covid-19 vaccine 2019 WEEKLY AVERAGE
By phone: 1-800-843-0008 Please send reader comments withhold additional money raised how they monitor employees’ mandates in recent months. 200,000
218,000
WSJ back issues and framed pages: wsjshop.com only by email or phone, using legal concerns. conduct. Critics have said many Vaccine acceptance varies
Our newspapers are 100% sourced from the contacts below, not via “The U.S. DOE is acting un- big companies, including Wall based on factors such as a per-
sustainably certified mills.
U.S. Mail. lawfully,” said Jared Ochs, direc- Street banks, repeatedly get the son’s political party and where 0
tor of communications and ex- probationary treatment, showing people live, according to the re- Jan. Oct.
Readers can alert The Wall Street ternal affairs at the Florida that such outcomes don’t ade- sults from the Kaiser Family
GOT A TIP FOR US? Journal to any errors in news articles 2021
SUBMIT IT AT WSJ.COM/TIPS by emailing wsjcontact@wsj.com or Department of Education. quately deter wrongdoing. Foundation survey. Note: Seasonally adjusted
by calling 888-410-2667. —Talal Ansari —Dylan Tokar —Allison Prang Source: Labor Department via the St. Louis Fed
P2JW302000-4-A00300-1--------BP
THE WALL STREET JOURNAL.
U.S. to Pay
Millions
In Fatal
Church
Shooting
BY SADIE GURMAN
AND ARUNA VISWANATHA
WASHINGTON—The U.S.
government will pay a total of
$88 million to families of
those killed in the 2015 shoot-
ing at a Black church in South
Carolina and to survivors, set-
tling lawsuits over a botched
FBI background check that al-
lowed the gunman to buy his
weapon, the Justice Depart-
ment said Thursday.
The families of the nine vic-
tims will receive between $6
million and $7.5 million each,
and the five people wounded
in the shooting will get $5
million each, the agency said.
In August, a federal appeals
court unanimously upheld the
conviction and death sentence
of Dylann Roof, saying his cal-
culated killing of the Black
worshipers at the historic
Emanuel African Methodist
Episcopal Church in Charles-
ton, S.C., was done with scarce
signs of remorse, to torment
the victims and others and in-
cite racial division.
Soon after the June 2015
shooting, then-director of the
Federal Bureau of Investiga-
tion James Comey acknowl-
edged that federal investiga-
tors should have prevented
Roof from purchasing a hand-
gun in April of that year.
The FBI acknowledged that
an error made during a back-
ground check had failed to
disclose all details of the al-
leged assailant’s criminal
background, which would have
disqualified him from buying
the weapon.
Roof, a self-professed white
supremacist, had been ar-
rested for suspected drug pos-
session weeks earlier and ad-
mitted to having drugs, an
admission that would have
been grounds for denying the
sale. A mix-up in the location
of the arrest records by the
FBI employee assigned to the
background check meant the
information wasn’t conveyed
to the gun store.
Government officials “can’t
bring my father back…but
they are doing whatever they
can to acknowledge the fact
that this hurts, that this is
pain that I am going to have
to live with for the rest of my
life,” said Eliana Pinckney,
who was 11 years old when her
father, the Rev. Clementa
Pinckney, was killed in the
massacre, which happened
during Bible study.
Since the shooting, the FBI
has improved its background
check process, the department
said. The bureau didn’t admit
fault as part of the settlement.
The Spotlight Squad
Charlize Theron
Brad Pitt
Adam Driver
* * * * Friday, October 29, 2021 | A3
U.S. NEWS
Policy Bets on Booster Shots’ Efficacy
BY STEPHANIE ARMOUR at the National Institute of currently offer good protec-
AND FELICIA SCHWARTZ
Biden administration health
Allergy and Infectious Dis-
eases. “Eight weeks after a
booster, neutralizing levels
tion against Delta and other
variants.
The effectiveness of cur-
officials are betting the cur-
rent mix of vaccines and
boosters will keep Covid-19
were five times higher than
eight weeks after initial im-
munization.”
rently formulated doses has
been a boon for the U.S. vacci-
nation campaign because it
cases trending downward and
fend off the contagious Delta
variant, though the shots were
Some public-health leaders
say a variant-specific shot
could be necessary at some
meant the government was
able to launch boosters with-
out discarding doses it had on
developed to target the origi- point, and the administration hand and straining manufac-
nal virus. is closely watching how vac- turing capacity.
After exploring whether cines hold up against a new Yet it was unclear in De-
Covid-19 vaccines need to be Delta sub-variant that was re- cember whether vaccines
reformulated to fight variants cently identified in the U.K. would need to be updated af-
like Delta, U.S. health officials “It’s too early to tell, you ter the more infectious Delta
said they decided already- have to take it variant by vari- variant emerged in India.
available doses should work. ant,” said Anthony Fauci, di- By spring, data began
The decision underlies the rector of the NIAD. emerging indicating vaccines
latest phase of the Biden ad- The U.S. is, however, ready already in use worked well
ministration’s vaccination to pivot toward rolling out dif- against new versions of the
campaign, which recently be- ferent vaccines if a new strain virus. Vaccinated monkeys
gan rolling out newly autho- does emerge, he said. “It could that got boosters of shots
rized boosters while continu- happen; we just haven’t seen from Pfizer and partner BioN-
ing to urge holdouts to get that.” Tech and from Moderna gen-
LANDON SPEERS FOR THE WALL STREET JOURNAL
vaccinated. While companies chart their erated higher levels of anti-
Administration officials own course, their researchers bodies than after their initial
hope the campaign will help sometimes work with govern- doses.
further drive down Covid-19 ment scientists, and they will After reviewing the results,
case counts, which have been listen to the guidance of the federal health officials urged
dropping in recent weeks after federal officials, especially drugmakers to continue pro-
Delta-fueled surges, and posi- since companies depend on ducing current vaccines rather
tion the country to eventually regulatory clearances and gov- than work on Delta-specific
move past the pandemic. ernment purchases of pan- boosters.
A strain able to evade the demic products. In late spring, the Biden ad-
virus-fighting powers of the Many vaccine experts out- ministration bought enough
shots would undermine the ef- side the government agree doses to provide boosters to
forts. Yet so far, there is no there isn’t a need to reformu- After exploring whether the current Covid-19 vaccines need to be fully vaccinated people in the
evidence that such a variant late doses, though some en- reformulated to fight variants like Delta, U.S. health officials said U.S., administration health of-
has emerged, the officials courage a national effort to they decided already-available doses should work. ficials said.
said. develop a universal coronavi- Subsequent data supported
“The current boosters ap- rus vaccine. many places,” said Ramon Vaccine makers Moderna the decision.
pear to cover our current “What if we had updated Lorenzo-Redondo, a professor Inc. as well as Pfizer Inc. and Pfizer and BioNTech said
strains, including the Delta the vaccines, for example, for of infectious diseases at its partner BioNTech SE are last week that a study found a
variant,” said Dr. Bob Seder, the Alpha variant? That vari- Northwestern University’s testing variant-specific shots, third dose of their vaccine re-
chief of cellular immunology ant is no longer present in Feinberg School of Medicine. but say the existing vaccines sulted in a 95.6% efficacy rate.
Cuomo Faces Misdemeanor Sex-Crime Charge
BY JIMMY VIELKIND a criminal action would be
commenced only after she James Said to Run the governor sexually harassed
ALBANY, N.Y.—The Albany gave her informed consent,” women and that the state
County Sheriff’s Office filed a Mr. Premo said in a statement. For N.Y. Governor Health Department under-
criminal complaint against An attorney for Mr. Cuomo, stated the number of Covid-19
former New York Gov. Andrew Rita Glavin, said: “Gov. Cuomo deaths attributed to nursing
JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Cuomo on Thursday, alleging has never assaulted anyone, and New York Attorney General homes.
he forcibly touched a former Sheriff Apple’s motives here are Letitia James has told union The Democratic primary
executive assistant. patently improper. Sheriff Ap- leaders in recent days that she election will be held in late
Albany County Sheriff Craig ple didn’t even tell the District will challenge Gov. Kathy June, and the general election is
Apple said investigators filed Attorney what he was doing.” Hochul for the Democratic gu- scheduled for November 2022.
the misdemeanor charge in Al- Mr. Apple didn’t respond to bernatorial nomination, poten- Ms. Hochul, who had been
bany City Court, and a summons a request for comment on the tially setting up a competitive lieutenant governor since 2015,
was issued to Mr. Cuomo to ap- statement. primary after the resignation became New York’s first fe-
pear on Nov. 17. A spokesman Mr. Cuomo resigned from of former Gov. Andrew Cuomo. male chief executive when she
for the state court system pro- office on Aug. 24 following the Ms. James, who was was sworn in this summer. She
vided the complaint and con- allegations by Ms. Commisso elected in 2018 after serving has already received endorse-
firmed a summons was issued. and 10 other women that were as New York City’s elected ments from the New York
The sheriff’s office has been detailed in a report by state At- public advocate, said during state Democratic Committee
investigating Mr. Cuomo, 63 torney General Letitia James. calls with those leaders that chairman Jay Jacobs and lead-
years old, since Brittany Com- Mr. Cuomo allegedly groped she would run for governor, ac- ers of several upstate party or-
misso, one of Mr. Cuomo’s for- Former Gov. Andrew Cuomo Ms. Commisso’s left breast on cording to people familiar with ganizations.
mer executive assistants, spoke Dec. 7, 2020, on the second the matter. In the past week, Ms.
with investigators in early Au- declined to comment further. floor of the Executive Mansion, Kimberly Peeler-Allen, a se- Hochul met with political clubs
gust, the sheriff has said. Brian Premo, an attorney for according to the complaint nior adviser to Ms. James’s and hosted campaign fundrais-
Ms. Commisso said Mr. Ms. Commisso, said his client filed Thursday. The charge is campaign, said Wednesday ing events in New York City.
Cuomo reached under her shirt was also surprised by the filing based on testimony taken by night that the attorney general She has said she is focusing on
and groped her breast during a but would continue to cooper- the attorney general’s office as had made a decision and “will her job as governor. A Hochul
2020 encounter at the state ate with the investigation. well as cellphone records from be announcing it in the coming campaign spokeswoman didn’t
Executive Mansion in Albany. “It was my client’s under- Ms. Commisso and Mr. Cuomo, days.” A representative for Ms. immediately return an email
The Democratic former gover- standing that the District At- according to the complaint. James declined to comment. seeking comment.
nor and his attorney have re- torney’s office would conduct The crime of forcible touch- Ms. James was a central If Ms. James won the
peatedly denied her allegation. a thorough apolitical investi- ing is a class A misdemeanor. figure in Mr. Cuomo’s departure state’s highest office, she
Albany County District At- gation into the matter and If convicted, Mr. Cuomo could from office this year. Her office would become the first Black
torney P. David Soares said he then discuss all relevant issues face up to a year in jail. issued reports largely substan- woman elected governor of a
was surprised to learn that the with my client before any deci- —Deanna Paul tiating broad allegations that U.S. state.
complaint had been filed and sion was made about whether contributed to this article.
#SQUADONAMISSION
P2JW302000-2-A00400-17FFFF5178F
A4 | Friday, October 29, 2021
Oil Executives Face Adversarial House Panel
BY KATY STECH FEREK
AND CHRISTOPHER M. MATTHEWS
WA S H I N G T O N — D e m o -
cratic lawmakers went on the
offensive against the oil indus-
try Thursday, challenging top
executives from Exxon Mobil
Corp., Chevron Corp., BP PLC
and Royal Dutch Shell PLC on
whether they genuinely sup-
ported efforts to address cli-
mate change.
Democrats on the House
Committee on Oversight and
Reform accused the oil indus-
try of waging a yearslong
campaign to spread disinfor-
mation about the role of fossil
fuels in causing global warm-
ing and lobbying against poli-
cies central to President Bi-
den’s $1.85 trillion social-
policy and climate framework.
All four companies said that
they have long acknowledged
U.S. in
Talks on
Migrants
Continued from Page One
could be $1 billion or more.
As part of a so-called zero-
tolerance enforcement policy,
immigration agents separated
thousands of children, ranging
from infants to teenagers, from
their parents at the southern
border in 2018 after they had
crossed illegally from Mexico
to seek asylum in the U.S. In
some cases families were force-
fully broken up with no provi-
sions to track and later reunite
them, government investiga-
tions found. The lawsuits allege
some of the children suffered
from a range of ailments, in-
cluding heat exhaustion and
malnutrition, and were kept in
freezing cold rooms and pro-
vided little medical attention.
Many of the lawsuits de-
scribe lasting mental-health
problems for the children from
the trauma of the months with-
out their parents in harsh condi-
tions, including anxiety, a fear of
strangers and nightmares. The
lawsuits seek a range of pay-
outs, with the average demand
being about $3.4 million per
family, some of the people said.
In recent months, lawyers for
the families and the government
have told courts overseeing the
cases that they are engaged in
settlement negotiations and
hoped to reach a deal by the
end of November.
“President Biden has agreed
that the family separation pol-
icy is a historic moral stain on
Facebook
Rebrands
As Meta
Continued from Page One
call Monday already said that
Facebook Reality Labs, which
encompasses augmented-real-
ity and virtual-reality products
and services, is becoming a
separate reporting unit and
that spending for it would re-
duce this year’s total operat-
ing profit by $10 billion. Mr.
Zuckerberg at the time said
Facebook was “retooling our
teams to make serving young
adults their North Star.”
The metaverse that he has
been increasingly promoting
also gives him a comfortable
topic to focus on as Facebook
faces intense criticism from
lawmakers, researchers and
users over revelations in The
Wall Street Journal’s Facebook
Files series, which showed
that the company knows its
platforms are riddled with
flaws that cause harm. Mr.
Zuckerberg has said the criti-
cism paints a false picture of
the company he co-founded.
At Thursday’s event the
Facebook chief also addressed
the decision to discuss emerg-
ing plans while the company
faces such scrutiny. “I know
some people will say this is
not a time to focus on the fu-
ture,” Mr. Zuckerberg said, but
argued that it is important to
move forward even if mistakes
are made along the way.
The company’s shares, start-
ing Dec. 1, are slated to trade
under the stock symbol MVRS,
giving up the two-letter format
it had with FB. Facebook
shares rose 1.5% Thursday.
The name change appears to
the threat of climate change
and are cutting their carbon
emissions to minimize their
contributions to it.
“At Chevron, we have been
very clear where we stand,”
Chevron Chief Executive Mike
Wirth said. “We accept the
scientific consensus: Climate
change is real, and the use of
fossil fuels contributes to it.”
Democrats on the House
committee said the companies
publicly support climate-
friendly policies and invest-
ments but privately work to
derail regulations that would
cut greenhouse gas emissions.
Rep. Ro Khanna (D., Calif.),
chairman of the Subcommittee
on the Environment, said that
the American Petroleum Insti-
tute—the industry’s main lob-
bying group, which is funded
by the companies—is currently
lobbying against Democrat-
our nation that must be fully
remedied,” said Lee Gelernt,
deputy director of the ACLU’s
immigrant-rights project and a
lead negotiator on one of the
lawsuits. “That remedy must in-
clude not only meaningful mon-
etary compensation, but a path-
way to remain in the country.”
In his first weeks in office,
Mr. Biden pledged to reunite
the separated families, describ-
ing those actions undertaken by
the Trump administration a
“moral and national shame.”
A DHS spokeswoman re-
ferred questions to the Justice
Department, where a spokes-
People taken into custody for alleged illegal entry sitting in cages at a facility in McAllen, Texas, in June 2018.
veer away from Facebook’s
move two years ago to revamp
its logo and corporate identity
and boost the name’s promi-
nence by attaching “from Face-
book” to the various other
brands the company started or
acquired over the years.
Other companies have re-
named or rebranded themselves
over the decades for many rea-
sons. Philip Morris changed its
name in 2003 to Altria Group
Inc. amid widespread condem-
nation of Big Tobacco over ciga-
rettes’ harmful heath effects.
Apple Inc. shortened its
name from Apple Computer in
2007 to reflect the growth of
other products like iPods and
iPhones. Google restructured
in 2015 to create a parent
company named Alphabet Inc.
that housed its array of side
businesses.
Facebook traces its name to
the company’s origin, when
Mr. Zuckerberg, then a student
at Harvard University, named
an early version of the site af-
ter the term for the school’s
student directories. “I used to
love studying classics,” he said
Thursday, “and the word
‘meta’ comes from the Greek
word meaning ‘beyond.’ For
me, it symbolizes that there is
always more to build.”
Bank of America analysts in
an investor note Tuesday called
the metaverse a compelling
concept that “has a reasonable
chance of mass market adop-
tion with Facebook’s strong
backing.” But they cautioned
that the company’s ambitions in
this area would likely take
many years to come to fruition.
Facebook is one of many
big tech companies with meta-
verse-related objectives. Mi-
crosoft Corp., Nvidia Corp.,
Unity Software Inc. and others
have said they are developing
tools, services or content for
the metaverse.
Some early iterations of the
P W L C 10 11 12
Darren Woods, CEO of Exxon Mobil, testifies via videoconference.
supported policies that he said
would reduce emissions, in-
cluding subsidies for electric
vehicles and a methane tax.
“You’re funding these
groups, and they’re really hav-
woman declined to comment.
The Department of Health and
Human Services didn’t respond
to a request to comment.
Some Republicans criticized
the potential payments on
Thursday afternoon after The
Wall Street Journal reported
on them. “The Biden adminis-
tration’s promises of citizen-
ship and entitlement programs
have already caused the worst
border crisis in history—a
huge cash reward will make it
even worse,” Sen. Tom Cotton
of Arkansas said.
At times, contentious dis-
cussions about the payouts
metaverse already exist. Roblox
Corp. and Epic Games Inc. have
hosted virtual concerts with
millions of attendees who ap-
peared as avatars. Similarly, vir-
tual-reality applications such as
“Rec Room” and “AltspaceVR”
let people socialize as avatars.
Some tech-industry forecasters
have said in the future such ex-
periences will evolve to become
almost lifelike.
Mr. Zuckerberg has said it
would take time before the
metaverse becomes lucrative
for his company. “Building the
foundational platforms for the
metaverse will be a long
road,” he said on Monday’s
call, adding, “Later in this de-
cade is when we would sort of
expect this to be more of a
real business story.”
At Thursday’s event, the
Facebook chief took an im-
plicit swipe at rival Apple for
the fees it charges on its App
Store. “I believe that the lack
of choice, high fees are stifling
innovation and stopping peo-
ple from building new things
and holding back the entire in-
ternet economy,” Mr. Zucker-
berg said. He has groused for
years that Apple holds too
much sway over the social-me-
dia giant’s business. Apple has
defended its App Store policy
as benefiting consumers.
“We want to serve as many
people as possible,” Mr. Zucker-
berg said. “That’s the approach
that we want to take to help
build the metaverse, too.”
He said the company is
building a social platform for
the metaverse called Horizon,
a beta version of which started
rolling out last year. And Face-
book is working to bring Mes-
senger calls to virtual reality,
enabling people to more easily
explore virtual worlds or join
games together, as well as cre-
ating a marketplace for its Ho-
rizon platform and office-re-
lated features, he said.
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
ing an impact,” Mr. Khanna
told the executives. “Could you
tell them to knock it off for
the sake of the planet?”
API president Mike Som-
mers responded to allegations
have taken place over the past
few months among a group of
dozens of private lawyers rep-
resenting the families and gov-
ernment lawyers. Some govern-
ment lawyers have viewed the
payouts as excessive for people
who had violated the law by
crossing the border, the people
said. One government lawyer
threatened to remove his name
from the case out of disagree-
ment with the potential settle-
ment offer, the people said.
In another instance, a De-
partment of Homeland Secu-
rity attorney involved in the
settlement talks complained on
Name Change Can Pose
Corporate Identify Crisis
BY MEGAN GRAHAM
AND TALAL ANSARI
Facebook Inc. said Thurs-
day it changed its name to
Meta, in an effort to rebrand
and reflect its expansion into
the metaverse, a concept
rooted in science-fiction nov-
els that refers to an extensive
online world.
A name change can be a
signal to the market, competi-
tors and advertisers of a
broader shift in a company’s
focus and portfolio, even when
its namesake product keeps
the same title.
In that respect, Facebook’s
rebranding may be most analo-
gous to Google’s move to create
parent company Alphabet Inc. in
2015, said Jay Jurisich, chief ex-
ecutive and co-creative director
of naming agency Zinzin. Google
became a subsidiary of the new
parent, which also encompasses
its “moonshot” initiatives.
“They realized that strate-
gically, it made business sense
to separate all the businesses
they had gotten into…from
their core brand that every-
body knew, which was
Google,” Mr. Jurisich said.
The tactic isn’t unusual in
the business world. Dunkin’
dropped the Donuts from its
name in 2018 to signal an in-
creased focus on coffee and
other areas. Apple Inc. dropped
the Computer from its name in
2007 to reflect its moves into
home devices and phones.
“This transition from an
initial product or service of-
fering to a broader identity is
fairly typical for large compa-
nies as they scale—and some-
7 8 9 O I X X ** THE WALL STREET JOURNAL.
the group was lobbying makers. The executives said
against Democrat-backed cli- they didn’t always agree with
mate change policies by saying every policy position taken by
the group supports market the industry’s trade groups.
adoption of electric vehicles At the end of the roughly
and renewable energy, but not six-hour hearing, Rep. Carolyn
through government subsidies. B. Maloney (D., N.Y.), the com-
He said renewable energy will mittee’s chairwoman, said she
JACQUELYN MARTIN/ASSOCIATED PRESS
be unable to replace fossil fu- would subpoena the companies
els for the foreseeable future. to compel documents requested
“One area where experts by Democrats that she said the
agree is that oil and natural companies hadn’t provided.
gas will continue to be the Republican committee mem-
leading energy sources for de- bers, at times, came to the
cades to come, and it’s impor- companies’ defense and used
tant that we take action to re- the hearing as an opportunity
duce emissions while to criticize Biden administra-
providing that energy,” Mr. tion policies they said are caus-
Sommers said. ing soaring energy prices. Rep.
The wide-ranging frame- Jim Jordan (R., Ohio) said the
work for social-spending legis- companies should increase
lation detailed by Mr. Biden their production to alleviate
includes expanded tax credits energy shortages.
for electric vehicles, but a
methane tax was dropped af-  Shell CEO defends business
ter opposition from some law- model amid activist threat... B1
a conference call that the pay-
outs could amount to more
than some families of 9/11 vic-
trial would be unpredictable,
with juries potentially award-
ing larger sums to the families,
tims received, one person said.
Other people said senior de-
partmental officials were in
legal experts said. “Damage
class actions in this kind of
case are pretty rare, it’s hard to
alignment on the amount and
disputed the 9/11 comparison,
given that the U.S. government
think of a recent comparison,”
said Margo Schlanger, who ran
the civil-rights office during
hadn’t been responsible for the the Obama administration at
Sept. 11, 2001, terrorist attacks. the Department of Homeland
The 9/11 victim compensation Security and now teaches at
fund averaged awards to the the University of Michigan law
dead of around $2 million, tax- school. She said class-action
free, at the time an unprece- compensation claims are more
dented payout, the administra- common in cases involving de-
tor of the fund has said. fective medical devices or
Trying to take the cases to other consumer products.
“It is a complicated, complex
piece of litigation” to try to re-
solve hundreds of different law-
suits at the same time, and
“sometimes even more complex
to try the cases,” Ms. Schlanger
said, adding that it made sense
to try to resolve them together.
The Trump administration
in May 2018 implemented a
zero-tolerance approach in
U.S. CUSTOMS AND BORDER PROTECTION’S RIO GRANDE VALLEY SECTOR/ASSOCIATED PRESS
which agents apprehended ev-
eryone crossing the border ille-
gally, including those seeking
asylum. That practice meant
that children accompanying
those adults were separated
from their parents and put on a
separate administrative track.
The overall goal, the Trump ad-
ministration said at the time,
was to slow the number of peo-
ple crossing the border ille-
gally, but several of those offi-
cials have since apologized for
the consequences of that policy.
Immigration law gives chil-
dren greater legal protections
than adults, so while the
adults’ asylum cases could be
dismissed quickly, allowing
them to be deported, children
mostly remained in the U.S. in
child-welfare shelters or living
with relatives.
times that does necessitate a negative feeling about that at
name change,” said Phil Davis, the moment. And they clearly
president at naming agency want to launch this new strate-
Tungsten Branding. “They’re gic direction to say they’re
saying: We’re not ‘that’ any- more than just Facebook,” said
more. We’re more ‘this.’ ” Patti Williams, a professor in
But a new name alone can’t the marketing department at
do that job. Mr. Davis cited Ra- the University of Pennsylva-
dioShack’s attempt to rebrand nia’s Wharton School.
as The Shack in 2009 as the Philip Morris’s 2003 re-
electronics retailer tried to stem branding as Altria was equally
a long decline that would end in panned by critics and branding
bankruptcy six years later. consultants. The company said
“RadioShack needed to be- the name change would better
come a different kind of busi- reflect the diversity of its port-
ness, not just change their folio, beyond its association
name,” he said. “If you’re do- with tobacco. To spread the
ing [a name change] just to word, it announced an ad cam-
change the conversation, that paign that spanned the web,
TV, print and even direct mail.
Other renamings designed
to signal a shift in strategy
Renamings designed also haven’t gone smoothly.
to signal a shift in When Kraft Foods Inc. de-
cided to split in two in 2012, it
strategy don’t chose Mondelez International
always go smoothly. Inc. as the name for its global
snack-food business, which in-
cludes brands such as Oreo,
Cadbury and Wheat Thins.
very rarely works. If you say “Monde” comes from the Latin
we’re shifting the direction, word for “world,” and “delēz”
there has to be an actual shift is a “fanciful expression of ‘de-
in direction.” licious,’ ” Kraft executives
Facebook has been the sub- said. But many branding ex-
ject of scrutiny lately, includ- perts were baffled.
ing its pursuit of younger us- Mr. Jurisich, in a blog post,
ers and how it responds to the called the name “unmemora-
misuse of products. The atten- ble and unpronounceable.”
tion follows The Wall Street Still, some branding tricks
Journal’s Facebook Files se- can pay off. If Facebook’s new
ries, based in large part on brand can solidify its standing
documents gathered by former in the metaverse space, that
Facebook product manager might help its success there,
Frances Haugen, who testified marketing experts say. “If [Face-
in Congress this month. book] can somehow become
“Both at the product level synonymous with the meta-
and at the umbrella-brand, par- verse, that’s a potentially large
ent-brand level, there is a lot of head start,” Mr. Davis said.
P2JW302000-0-A00500-2--------XA

THE WALL STREET JOURNAL. Friday, October 29, 2021 | A5

Rework
work

It’s time to welcome hybrid and create a workplace people love.

With Envoy, you don’t have to choose between safety and great
experiences. You can feel confident welcoming employees and
visitors on-site, manage hybrid scheduling, flex your space, and
optimize deliveries — all from a single dashboard.

Take the hassle out of hybrid work and leave your employees
confident about choosing to do their best work from the workplace.

Make hybrid work

Desks | Rooms | Visitors | Deliveries | Mobile | Protect
21-ENV-001-14-146309-3
P2JW302000-4-A00600-1--------XA
A6 | Friday, October 29, 2021
DREW ANGERER/GETTY IMAGES
‘We intend to vote for both bills when the Build Back Better Act is ready,’ said Rep. Pramila Jayapal, leader of the progressive caucus.
Progressives Seize the Moment
In Blocking Infrastructure Bill
BY NATALIE ANDREWS
WASHINGTON—Progres-
sive lawmakers again flexed
their muscles on Democrats’
agenda, blocking party leaders’
planned vote on infrastructure
even as they endorsed Presi-
dent Biden’s new framework
for a sprawling social-spending
and climate plan.
Liberal lawmakers have held
up the roughly $1 trillion infra-
structure package for months
as leverage to ensure a sepa-
rate, now-$1.85 trillion social-
spending and climate package
also advanced. On Thursday,
neither a new White House
framework laying out details of
the spending plan nor a pitch
from Mr. Biden himself could
persuade them to back a quick
vote on the stalled public-
works bill.
“We intend to vote for both
bills when the Build Back Better
Act is ready,” said Rep. Pramila
Jayapal, chair of the Congres-
sional Progressive Caucus, us-
ing the Democrats’ preferred
name for their social-spending
and climate package.
The caucus formally en-
dorsed the framework, which
includes funding for child-care
subsidies, universal prekinder-
garten, tax breaks for families,
in-home care for elderly and
disabled Americans, as well as
tax credits aimed at combating
climate change. But members
worried the bill wasn’t set in
stone and expressed unease
over where Democratic sena-
tors stood, leading them to re-
ject calls from House Speaker
Nancy Pelosi (D., Calif.) for a
quick vote.
Roughly 30 members of the
caucus are committed to op-
Biden Offers
Slimmer
Legislation
Continued from Page One
wins on two central pillars of
the president’s agenda to firm
up his sagging poll numbers and
bolster Democrats’ case with
voters, with a test coming next
week in gubernatorial elections
in Virginia and New Jersey.
In a televised midday
speech, Mr. Biden said: “No
one got everything they
wanted, including me, but
that’s what compromise is.”
The White House frame-
work released Thursday called
for major funding for child-
care subsidies, universal pre-
kindergarten, tax breaks for
families, in-home care for el-
derly and disabled people, as
well as tax credits aimed at
combating climate change.
Several party priorities were
absent, including a national
paid leave program, while the
fate of others, including a
push to allow the government
to negotiate drug prices, re-
mained uncertain.
House Speaker Nancy Pelosi
(D., Calif.) had pressed for an
immediate vote on the infra-
structure bill following the re-
lease of the framework, even as
many progressive lawmakers
indicated they weren’t ready to
support it. A person familiar
with the vote counting said
there were about 30 progres-
posing the infrastructure bill
until there is a clear agreement
on the social and climate bill,
according to aides. Those law-
makers want a commitment
that all 50 Democratic senators
in the evenly split chamber
support the framework, and
they want the House to vote on
the two bills together.
Rep. Juan Vargas (D., Calif.)
left a meeting of the progres-
sive caucus saying he’s a “no”
until he has more guarantees
on the social-spending package.
“I don’t trust what the senators
are going to do,” he said.
Passing the infrastructure
package, which includes about
$550 billion in new spending,
would show momentum for Mr.
Biden’s agenda.
Progressives said they were
concerned that Mr. Biden’s
framework failed to gain a ro-
bust endorsement from Sens.
Joe Manchin of West Virginia
and Kyrsten Sinema of Arizona,
two centrists who have fought
to trim the overall cost of the
bill as well as cut many pro-
grams sought by progressives.
Both Mr. Manchin and Ms.
Sinema praised the progress in
the talks, but neither offered an
explicit endorsement of the
framework. Democrats are ad-
vancing the social-spending and
climate plan through the Senate
using a process called reconcili-
ation, which enables the party
to pass the bill with just a sim-
ple majority in the face of
united GOP opposition.
“I think everyone is very
clear that the biggest problem
we have here is Manchin and
Sinema,” said Rep. Ruben Gal-
lego (D., Ariz.). “They don’t
trust them, we need to hear
from them that they’re actually
sives who still wanted Demo-
crats to provide more clarity
on the social-policy and climate
bill before moving forward
with a vote on the infrastruc-
ture bill. Vice President Kamala
Harris was calling some law-
makers to try to persuade them
to back the measure.
Wrangling all factions of
the party behind a particular
set of ideas has proven chal-
lenging, especially as congres-
sional leaders and the admin-
istration have jettisoned some
of progressives’ favored pro-
posals in the face of objections
from moderates.
Mr. Biden headed to Italy on
Thursday to begin a series of
international meetings, and
Mrs. Pelosi told Democrats
during the morning meeting
that they should pass the infra-
structure slice of Mr. Biden’s
agenda by the time he lands.
“The president has asked
for our vote today,” Mrs.
Pelosi told Democrats, accord-
ing to the person familiar with
the meeting.
But progressives, who for
months have blocked the in-
frastructure bill as leverage to
keep the social-spending bill
on track, made clear they
weren’t yet ready to drop their
opposition. Their demand
forced Democrats to delay a
vote on the public works bill
for the second time in two
months, though progressives
said they hoped to move the
bills in the House next week.
“There are too many no
votes for the [infrastructure]
to pass today,” said Rep.
Pramila Jayapal (D., Wash.),
the chairwoman of the Con-
U.S. NEWS
in agreement with the presi-
dent’s framework.”
Thursday’s tensions marked
the latest turn in the tug of
war between the party’s cen-
trist and progressive wings to
advance the two packages.
While the infrastructure bill
waits for a vote, Democrats
have struggled to put together
an outline on the parallel bill,
with complex negotiations on
the price tag and tax plans
making for slow progress.
Centrist Democrats and oth-
ers who had pushed to pass the
infrastructure bill worried that
by blocking the vote, the pro-
gressives had put the bill at
risk of never passing, and may
Progressives insist
the social-spending
and infrastructure
bills move together.
have put the fragile House ma-
jority at risk by denying Con-
gress a bipartisan victory.
“I am hopeful that, ulti-
mately, common sense will pre-
vail and a small faction of the
party will join the broader ef-
fort to help pass President Bi-
den’s Bipartisan Infrastructure
Bill, get shovels in the ground,
and people to work,” said Rep.
Josh Gottheimer (D., N.J.).
Democrats can afford to lose
only three votes in the closely
divided House, meaning pro-
gressives can easily sink a bill if
they remain opposed. While
some House Republicans have
indicated they could support
the bill, which drew the support
gressional Progressive Caucus.
Progressives said they
needed more certainty about
the social-spending bill’s con-
tents and its fate in the Senate.
But Ms. Jayapal said progres-
sives would back off their in-
sistence that the Senate pass
the social bill before the House
could move on infrastructure.
“We’re going to trust the
president on the Senate vote,”
Ms. Jayapal said. “But we do
need the text and we do need
the votes on both bills in the
House at the same time.”
House Democrats released a
text of the social-policy and
climate legislation, beginning
the process for formally con-
sidering it, though Mrs. Pelosi
acknowledged she would likely
amend it. “There’s some clari-
fications that will come forth
because it’s always moving a
bit,” she said.
A breakdown of the White House’s $1.85 trillion
Build Back Better framework
Clean energy and climate investments
200 Child tax & earned
income tax credits
150 Home care
150 Housing
130 ACA credits*
100 Immigration
90 Equity & other
investments
Higher education
40
and workforce
35 Medicare hearing
of 19 GOP senators, they likely
would withhold their votes un-
til Democrats had enough votes
to pass it on their own.
Mrs. Pelosi, who previously
called off a promised vote on
infrastructure in the face of
progressive opposition, tried to
rally House Democrats in their
morning meeting with Mr. Bi-
den, telling lawmakers that “in
order for us to have success, we
must succeed today.” She also
tried to respond to demands
from members for legislative
text, posting a version of the
bill and encouraging members
to read its more than 2,400
pages.
“For those who said ‘I want
to see text,’ the text is there,”
she said, “for you to review, for
you to complain about.”
But as progressives re-
mained unmoved, the party on
Thursday again put off a vote,
instead opting for a short-term
extension of highway funding.
Progressives say they have
already had to sacrifice some
priorities they originally
sought, such as free community
college and 12 weeks of paid
family leave, as the social-
spending plan’s price tag was
winnowed from $3.5 trillion.
They also wanted to give Medi-
care broad powers to negotiate
on drug prices and expand the
program to cover vision, dental
and hearing coverage.
Asked about progressives’
concerns on Wednesday, White
House press secretary Jen Psaki
said Mr. Biden was working to
get both packages passed, but
would leave the sequence or
timing to Congress. She also
questioned whether any Demo-
crats would vote against the in-
frastructure bill.
Many of the changes Demo-
crats have made to the bill
have been the product of ne-
gotiations with two key hold-
outs in the Senate: Sens.
Kyrsten Sinema (D., Ariz.) and
Joe Manchin (D., W.Va.).
Neither Mr. Manchin nor
Ms. Sinema explicitly en-
dorsed the new framework.
“This is all in the hands of
the House right now, this is. I
have worked in good faith and
I look forward to continuing
working in good faith,” Mr.
Manchin said. Ms. Sinema said
in a statement that Democrats
had “made significant prog-
ress on the proposed budget
reconciliation package.”
Those statements did little
to ease the concerns of House
Democrats who worry about
the pair further paring back the
framework or ultimately oppos-
ing it entirely. “It’s about the
$555 billion
400 Child care
and preschool
*Including in uncovered states
Source: The White House
**** THE WALL STREET JOURNAL.
Framework Includes
About $555 Billion
In Climate Measures
BY ANDREW RESTUCCIA
AND SIOBHAN HUGHES
WASHINGTON—President
Biden’s wide-ranging frame-
work for social-spending legis-
lation includes about $555 bil-
lion for climate-related
provisions, a proposal that the
White House said will help the
U.S. meet its pledge to halve
domestic greenhouse-gas emis-
sions by the end of the decade.
Democrats haven’t formally
signed off on the framework,
and lawmakers expect that it
could change as they hammer
out the details of the mea-
sure. It nonetheless gave Mr.
Biden something to tout at
the international climate sum-
mit in Glasgow that begins on
Sunday.
The president and his se-
nior aides have been working
behind the scenes for weeks to
nail down a package of climate
measures ahead of the sum-
mit, eager to show skeptical
world leaders that the U.S. is
serious about meeting its
commitments to slash emis-
sions. Mr. Biden has pledged
to cut U.S. emissions 50% to
52% below 2005 levels by
2030.
“This framework makes the
most significant investment to
deal with the climate crisis
that has ever, ever happened—
beyond any other advanced
nation in the world,” Mr. Bi-
den said in a speech at the
White House on Thursday.
The climate provisions in
the legislation alone likely
wouldn’t be enough to meet
the target, according to out-
side analysts. White House of-
ficials are planning a series of
climate regulations to help
achieve the remaining reduc-
tions, including methane rules
for oil and gas production and
more stringent emissions lim-
its on vehicles.
During a closed-door meet-
ing with House Democrats on
Thursday, Mr. Biden said the
legislation was a test of the
U.S. political system.
“The rest of the world won-
ders whether we can func-
The measures include $105 billion to boost resilience to the
effects of climate change, such as wildfires and droughts.
substance, and basically it’s
trust of Manchin and Sinema,
that’s the problem,” said Rep.
Steve Cohen (D., Tenn.).
The infrastructure bill,
which showers funding on
highways, rail and water sys-
tems, would reauthorize a se-
ries of transportation programs
that are set to expire Sunday.
The reauthorization legislation,
which the Senate quickly ad-
opted, will extend the programs
through Dec. 3, when Congress
will face several other major
deadlines on government fund-
ing and the debt limit.
Democrats have been hon-
ing their mammoth spending
legislation for weeks, seeking
to both slim the package as
well as find revenue to pay for
new programs.
The plan includes a one-
year extension of the ex-
panded child tax credit
through 2022, plus a provision
making that break perma-
nently available to low-income
families that don’t pay income
taxes. It funds six years of uni-
versal prekindergarten, six
years of child-care subsidies,
and $150 billion to support
long-term care for elderly and
disabled Americans.
The framework also sets
aside $555 billion for climate-
related provisions, including
$320 billion in 10-year ex-
panded tax credits for renew-
able energy, transmission,
electric vehicles and clean en-
ergy manufacturing.
A central challenge in the
talks has been crafting ways to
raise revenue for the package
after Ms. Sinema objected to
many of the tax increases.
tion,” he said, according to a
person familiar with his re-
marks.
Later in the meeting, House
Speaker Nancy Pelosi (D., Ca-
lif.) said, “When the president
gets off that plane we want
him to have a vote of confi-
dence from this Congress,” ac-
cording to the person.
The White House said the
$555 billion for climate-related
provisions is the largest such
investment in history.
The climate measures in-
clude:
 $320 billion in 10-year ex-
panded tax credits for utility-
and residential-scale renewable
energy development, improved
electric transmission and stor-
age, electric vehicles and clean
energy manufacturing;
 $105 billion to boost resil-
ience to the effects of climate
change, such as wildfires and
droughts;
 $110 billion to grow U.S.
supply chains for renewable
energy technology;
 $20 billion to motivate the
government to purchase cut-
ting-edge energy technologies.
The package also sets aside
an unspecified amount of
money for a Civilian Climate
Corps, with the aim of hiring
300,000 workers for projects
such as planting trees and
cleaning streams.
The agreement doesn’t in-
clude a $150 billion program
opposed by Sen. Joe Manchin
(D., W.Va.) aimed at pushing
utilities to generate more elec-
tricity from clean sources.
Lawmakers said at least some
of the money from that pro-
gram—which one outside anal-
ysis said would have helped
Mr. Biden meet up to one-
third of his emissions-reduc-
tion goal—had been rede-
ployed to achieve greenhouse-
gas reductions through
alternative means.
The White House didn’t de-
tail all of the climate provi-
sions and Democrats were
waiting to hear whether the
framework also includes fossil
fuel-related measures meant
to appease Mr. Manchin.
NOAH BERGER/ASSOCIATED PRESS
A new surtax in the White
House framework will be 5% on
adjusted gross income above
$10 million and a further 3% on
adjusted gross income over $25
million, senior administration
officials said. Those levies
would hit high-income people
but wouldn’t address billion-
aires who are seeing their
wealth increase without report-
ing much taxable income.
The plan will also include a
15% minimum tax on profit-
able corporations, higher taxes
on U.S. companies’ foreign in-
come and money to increase
the Internal Revenue Service
enforcement staff. A 1% excise
tax on corporate stock buy-
backs is part of the plan.
The tax plans do focus on
high-income households and
corporations, but other reve-
nue-raising ideas proposed by
the administration appear to
lack enough support for now.
Those include a tax on billion-
aires’ unrealized capital gains,
a rule requiring banks to re-
port account flows to the IRS
and higher corporate tax rates.
Democrats said they would
continue to seek changes.
The framework didn’t in-
clude a popular provision to al-
low Medicare to negotiate with
drugmakers to lower the cost
of prescription drugs, which a
senior White House official
said reflected Mr. Biden’s as-
sessment of what could pass
Congress. But lawmakers said
the proposal could still make it
into the final bill.
—Kristina Peterson, Alex
Leary, Richard Rubin
and Lindsay Wise
contributed to this article.
P2JW302000-4-A00700-1--------NS

THE WALL STREET JOURNAL. * * * * NY Friday, October 29, 2021 | A7

U.S. NEWS

Strategies Are Mixed

To Fund Spending Plan
BY RICHARD RUBIN
WASHINGTON—President
Biden outlined $1.85 trillion in
proposed tax increases and
other revenue generators on
Thursday to pay for his social
and climate agenda, offering a
happening.
Instead, Democrats are
leaning on more IRS staffing,
the corporate minimum tax, a
new 1% tax on stock buybacks
and surtaxes on people making
more than $10 million and $25
million a year—the top 0.02%
Joe Manchin (D., W.Va.) and
Kyrsten Sinema (D., Ariz.),
who each objected to different
proposals for different rea-
sons. Republicans are unified
in their opposition.
The resulting revenue in-
creases amount to a 3.6%

ZACH GIBSON/GETTY IMAGES

hodgepodge of strategies de-
signed to navigate red lines
set by the administration and
congressional Democrats.
The plan relies on a 15%
corporate minimum tax, sur-
taxes on the very highest
earners, tougher tax enforce-
ment and higher taxes on U.S.
companies’ foreign earnings.
Meanwhile, ideas that once
seemed like a clear consensus
within the party—such as rais-
ing the 21% corporate tax rate
set by Republicans four years
ago—were set aside. Progres-
sives had hoped that unified
Democratic control of the gov-
ernment could change how the
very wealthiest Americans’
capital gains are taxed. Admin-
istration officials pressed to
have banks report annual ac-
count flows to the Internal
Revenue Service to improve
enforcement. House Demo-
crats had planned to tighten
the estate tax and pare back a
Trump-era tax deduction for
closely held businesses.
For now, none of that is
of earners, according to the
administration. They say that
should generate enough
money to pay for their pared-
back agenda, which includes
climate-change initiatives and
prekindergarten programs.
Essentially, Democrats took
the broad collection of tax
ideas they had been developing
for years, ran them through
several filters and moved for-
ward with the mix of policies
that survived those obstacles.
First, they navigated
around Mr. Biden’s own cam-
paign pledge, that taxes won’t
go up on households making
under $400,000, a promise
that doesn’t include the ef-
fects of corporate taxes on
middle-income workers and
shareholders. Second, they
grappled with resistance from
House Democrats to untested
ideas like the tax on billion-
aires’ unrealized gains pro-
posed this week by Sen. Ron
Wyden (D., Ore.). And, most
importantly, they negotiated
for weeks with moderate Sens.
boost above what the govern-
ment was projected to collect
over the next decade by the
Congressional Budget Office
this summer. The plans would
generate money from corpora-
tions and high-income house-
holds, but they would do little
to tax wealthy people who
don’t sell their assets and thus
don’t report much taxable in-
come. The financial-services
industry’s lobbying campaign
helped stop the IRS bank-re-
porting proposal.
Even the scaled-back plan
will mean some sharp tax in-
creases for U.S. companies and
high-income households. In
addition to the 15% corporate
minimum tax, the plan would
also impose a separate 15%
minimum tax on U.S. compa-
nies’ foreign income, as part
of the U.S. contribution to the
international deal negotiated
by Treasury Secretary Janet
Yellen to boost minimum taxes
around the world. The plan
would also expand a 3.8% tax
on high-income households so
Democrats are leaning on more staffing at the Internal Revenue Service, among other policies.
that owners of closely held
businesses pay it.
The surtaxes on the sliver
of households making above
$25 million would take the top
ordinary-income tax rate to at
least 45%, the highest since
1986. And the top capital-gains
tax rate would hit 31.8%, the
highest in more than 40 years.
And for all that, it still isn’t
clear that the framework an-
nounced Thursday will be
what gets through Congress. It
needs to be turned into final
legislative language, evaluated
by nonpartisan congressional
scorekeepers and accepted by
all Senate Democrats and
nearly all in the House.
The plan also features tax
cuts. It includes an extension
of the earned-income tax
credit and incentives for elec-
tric vehicles and renewable
energy production. It would
extend the expanded child tax
credit through 2022, providing
monthly payments totaling up
to $3,000 a child during the
year and $3,600 for children
under the age of 6. The child
credit would be permanently
fully refundable, which means
that poor households could
get the money no matter how
little income they make.
The framework includes
spending on child care, but it
doesn’t include an expanded
child and dependent-care tax
credit that the House passed, a
senior White House official said.
Mr. Biden’s framework is a
high-level outline. It doesn’t
include every tax provision
that might end up in legisla-
tion that hasn’t been written
and completed yet. Items left
out of the summary might still
end up in a final bill.
In particular, it doesn’t men-
tion the $10,000 cap on the
state and local deduction. Law-
makers from New York and
New Jersey expect some
changes to end up in a final
bill. One option under discus-
sion would repeal the cap for
2022 and 2023 and reinstate it
for 2026 and 2027. That would
have no significant effect on
the overall size of the bill but it
would offer a major tax cut in
the near term for high-income
households in high-tax states.

High Earners Would Proposal Targets Large Companies

Face Additional Taxes
BY AMARA OMEOKWE
The Biden administration
on Thursday unveiled a pro-
posal that would levy addi-
tional taxes on Americans
earning more than $10 million
annually, part of an overall
framework to pay for Demo-
crats’ social and climate-
change agenda.
The surtaxes would apply to
the top 0.02% of earners, ac-
cording to the administration,
and are in line with President
Biden’s stated goals to pay for
his policy ambitions by raising
taxes on the wealthy.
The White House said the
surtaxes would generate $230
billion in revenue over 10
years. Nonpartisan congressio-
nal scorekeepers have yet to
evaluate the plan.
The proposal calls for in-
come above $10 million to be
taxed at an additional 5% rate
and for income above $25 mil-
lion to be taxed an additional
3% on top of that. Importantly,
the surtaxes would apply to
adjusted gross income, includ-
ing wages, dividends and real-
ized capital gains.
That means the top tax rate
on ordinary income would rise
to 45%, plus 3.8% in other taxes,
while the top total tax rate on
capital gains would be 31.8%.
The Internal Revenue Ser-
vice received 22,112 tax returns
that reported an adjusted
gross income of $10 million or
more for tax year 2018, the
most recent data available, ac-
cording to agency figures.
The surtaxes could be a
substantial revenue generator
because they would apply to
income sources that typically
go untaxed for the wealthy be-
cause of deductions and dis-
counts, said Chuck Marr, di-
rector of federal tax policy at
the progressive-leaning Center
on Budget and Policy Priori-
ties. Deductions for items such
as charitable donations and
mortgage interest aren’t in-
cluded in the calculation of
adjusted gross income.
“It applies across the board
to a broad flow of income
streams,” Mr. Marr said of the
plan.
One key difference between
the latest plan and other tax
proposals Democrats have
floated is that for capital gains
on assets such as stocks or
artwork, the surtaxes would
apply only when profits are
realized, meaning after the as-
sets are sold.
BY THEO FRANCIS
AND KRISTIN BROUGHTON
Democratic lawmakers are
pushing a proposal that would
seek to collect more taxes
from dozens of large compa-
nies such as Amazon.com Inc.
that record sizable profits but
report little or no tax expense.
The push for a new corpo-
rate minimum tax comes as
Democrats abandon plans to
raise the 21% federal corporate
rate to help fund spending on
social programs and climate-
change initiatives. Instead,
they hope to raise hundreds of
billions of dollars over 10
years by setting a minimum
15% federal tax rate on large
companies, based on the prof-
its companies report to inves-
tors.
President Biden released a
framework on the spending
package on Thursday. The con-
tents of any tax bill put for-
ward by congressional Demo-
crats remain fluid, and some
proposals have encountered
resistance among House Dem-
ocrats.
The corporate minimum tax
plan revealed this week tar-
gets companies that report $1
billion or more in profits un-
der U.S. generally accepted ac-
counting principles, or GAAP.
Backers say the minimum tax
would apply to about 200
companies, which they didn’t
identify.
Last year, 236 companies in
the S&P 500 index reported
more than $1 billion in GAAP
pretax income, and more than
60 of them reported effective
tax rates, or tax expense as a
share of pretax income, below
15% in 2019 or 2020, according
A 15% corporate
minimum tax would
affect dozens of
S&P 500 companies.
to a Wall Street Journal analy-
sis.
Among them: Amazon, Pfizer
Inc., Stanley Black & Decker
Inc., Archer-Daniels-Midland
Co. and Xcel Energy Inc. Not all
of these companies would ulti-
mately be subject to the mini-
mum tax, even if it passes as
drafted, thanks in part to the
effects of other tax provisions
and differences between tax
and GAAP accounting.
The proposal would pre-
serve business credits for
spending on research, clean
energy and foreign taxes, and
allow companies to carry for-
ward at least some losses.
Those exceptions mean that
some companies would still be
able to report tax rates below
15% or even zero.
Amazon—the only company
singled out by name when the
proposal’s sponsors announced
the measure—reported pretax
income of $24 billion in 2020
and an effective tax rate of
11.8%, according to the Jour-
nal’s analysis, which used data
from Calcbench, a financial
data firm.
Among the factors reducing
Amazon’s reported tax rate,
according to its latest annual
report: significant foreign in-
come taxed at rates different
than the U.S. rate; stock-based
compensation; unspecified tax
credits; and a deduction for
foreign-derived intangible in-
come, or FDII, established in
the 2017 tax overhaul.
Amazon’s tax rate is pri-
marily driven by immediate
deductions for business in-
vestment, research tax credits
and stock-based compensation
effects, the company said.
Immediate expensing—a
feature of the 2017 tax over-
haul—lets companies deduct
the full cost of some capital
spending immediately, instead
of spreading it out over sev-
eral years, as financial ac-
counting requires. Over time
the two approaches even out.
But a company’s taxes in a
given year could be pushed
below the minimum-tax
threshold, tax experts say, es-
pecially at companies invest-
ing heavily in expansion.
Stock compensation could
push some companies into the
minimum tax because compa-
nies generally record the ac-
counting expense first and tax
deductions years later, and
they can be different amounts,
said Robin Schachter, an exec-
utive-compensation attorney
in Beverly Hills, Calif. The mis-
match means there are years
when a company will have
lower income for tax purposes,
making it more likely to trig-
ger the minimum.
Mr. Schachter said the net
result of the stock compensa-
tion treatment would probably
succeed in raising tax revenue
for the government while rais-
ing tax costs for companies. “I
don’t think it’s going to be a
behavioral modifier,” he said.
—Richard Rubin
contributed to this article.

Stock Buyback Surcharge Is Floated Hammacher Schlemmer

Guaranteeing the Best, the Only, and the Unexpected for 173 years.
BY THEO FRANCIS Buybacks for the S&P 500 by sector for 3Q 2021 Financials 5.8 Others 0.2*
AND NINA TRENTMANN Healthcare 6.2
Communication Services Information Technology Industrials
The Biden administration is $29.8 billion 25.4 11
proposing a 1% surcharge on Exclusive Offer

corporate buybacks, a measure
that, along with higher taxes
on corporate profits and
wealthy individuals, seeks to
pay for its $1.85 trillion social-
spending and climate package.
What is a buyback?
Many public companies use
cash flow to repurchase, or
buy back, their own shares in
the market. The move reduces
the number of shares out-
standing and can improve the
per-share earnings companies
report each quarter to inves-
tors. It can also push share
prices up, research shows.
Wall Street generally wel-
comes buybacks as a sign that
a company’s board and execu-
tives are confident about the
prospects of the business and
have enough spare cash after
investing in the business and
paying any dividends. Critics
say companies don’t always
use the strategy wisely, and
that there are sometimes bet-
ter uses for the money.
Companies and analysts say
public corporations also buy
back shares to offset stock-
based compensation paid to a
range of employees in some
industries, in addition to exec-
utives. Issuing shares as pay
would otherwise dilute the
value of existing shareholders’
stakes.
Buybacks by company
Facebook
Alphabet
Oracle
Microsoft
American Express
Procter & Gamble
HCA Healthcare
eBay
UnitedHealth
Comcast
*Real Estate, Energy, Utilities
What is a buyback tax?
The administration is pro-
posing a 1% excise tax on the
amount companies spend to
repurchase their own shares.
There is currently no such tax
on buyback activity, so the
measure, if it becomes law,
could cause boards and execu-
tives to re-evaluate how they
allocate capital.
The Biden administration,
in a summary of the proposal,
said share repurchases are a
costly exercise that serve to
enrich executives by driving up
the price of shares that they
receive as compensation. Exec-
utives “too often use [buy-
Consumer Discretionary 6.1
Consumer Staples 4.1
$8.8
$7.7
$3.3
$2.8
$2.3
$2.3
$1.8
$1.7
backs] to enrich themselves
rather than investing workers
and growing their businesses,”
the summary states.
It is unclear whether the
proposed tax would apply to
all buybacks, or include an ex-
emption for some or all of the
shares used to offset equity-
based compensation.
How much money would a
buyback tax raise?
The Biden administration
estimates the 1% excise tax
will raise about $125 billion
over 10 years, but notes the
figure is subject to revision
with a more detailed analysis.
Materials 3.3
$15.0 billion
$12.6
Source: S&P Dow Jones Indices
“I don’t know how much rev-
enue this is going to raise,” said
Rohit Kumar, Washington na-
tional tax services co-leader at
tax and accounting firm Price-
waterhouseCoopers, speaking
generally about a buyback tax
before the Biden proposal was
announced. “It seems like some
of this will end up in dividends,
rather than buybacks.”
Every purchase backed by our rather famous
Supporters of the buyback
tax acknowledge companies
can instead shift spending to
regular or special dividends,
which would be taxed to the
recipients.
—Kristin Broughton
contributed to this article.
$
20
OFF
any purchase of $99 or more.
Use code WS11 by 12/23/21
”
Makes practicing easy and fun.
”
Simulates real conditions.
Carmen, FL
Item 95750 - $169.95
The Tour Professional’s Practice Putting Mat
• Used by PGA Tour Pro champions Dustin Johnson,
Marc Leishman, Charles Howell III, and more.
• Unique velvet material simulates green speeds
of 10-14 on the Stimpmeter.
• Putts automatically returned via a wooden side chute.
• Rolls up for storage and portability.
• Measures 9½' L x 1' W.
LIFETIME GUARANTEE
Click: Hammacher.com
Call: 1-866-409-5548
Corp. Sales: 1-866-714-0530
Use Code WS11 at Checkout.
Visit www.hammacher.com/terms for full terms and conditions.
P2JW302000-0-A00800-1--------XA

A8 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

WORLD NEWS
Biden Aims to Ease Tensions at Summits
BY CATHERINE LUCEY ing in Rome and the Glasgow saying the other leaders under- den administration. At a mini- Mr. Biden will meet with ment among nearly 140 coun-
AND MATTHEW DALTON climate summit, Mr. Biden has stand the process takes time. mum, Mr. Macron wants back- other leaders during both sum- tries to overhaul global tax
worked to win agreement with The leaders of China and ing from the U.S. for his vision mits. Mr. Sullivan said he ex- rules, which is expected to re-
President Biden will push congressional Democrats on a Russia aren’t expected at either of strategic autonomy, in which pects a meeting between Mr. ceive backing from leaders.
allies to do more to confront social-policy and climate bill gathering. Mr. Biden’s foreign the European Union would Biden and Turkish President The reform sets out a
climate change and seek prog- and a separate infrastructure policy has focused on counter- build out its own defense capa- Recep Tayyip Erdogan, who global minimum corporate tax
ress on a global minimum tax package. The administration ing the economic rise of China. this week backed off a threat of 15%, targeted at preventing
during a foreign trip that fol- also hopes to show it can still Mr. Biden first heads to It- to expel the U.S. ambassador companies from exploiting
lows a bumpy stretch on the meet goals to cut emissions, aly, where the second Roman and the top envoys of nine low-tax jurisdictions. The Bi-
world stage and a late sprint despite setbacks in Congress. Catholic president is set to go
On his second foreign other Western countries who den administration has pushed
to advance his agenda at home. Mr. Biden’s priorities for the to Vatican City for an audience trip, the president called for the release of a jailed for the move, arguing that the
Following a celebratory trip trip include working with al- Friday with Pope Francis. They philanthropist. In recent years, floor set by the global mini-
overseas in June aimed at lies on climate change, energy are expected to discuss issues
will press tax, energy American-Turkish relations mum tax was a victory for the
strengthening U.S. alliances, Mr. prices, supply-chain issues and including climate, Covid-19 and climate issues. have cratered over clashing in- U.S. and its ability to raise
Biden’s five-day tour to Italy a new global minimum tax. and poverty. The visit comes terests over the war in Syria, money from companies.
and Scotland will include efforts White House national secu- amid controversy among U.S. human-rights issues within Mr. Biden is to attend the
to ease recent tensions. His ad- rity adviser Jake Sullivan played bishops over Mr. Biden’s sup- Turkey and Ankara’s purchases climate summit in Glasgow on
ministration is coping with frus- down any tensions, saying the port for abortion rights. bility and rely less on support of Russian arms systems. Monday and Tuesday, and is
tration over the U.S. exit from U.S. and Europe are “aligned Also on Friday, Mr. Biden from the U.S. Mr. Macron’s Mr. Sullivan said Mr. Biden expected to give an address
Afghanistan and a diplomatic and united on the major ele- will meet with French Presi- idea is controversial in Europe, also would attend a meeting of while there.
dust-up with France after it was ments of the global agenda.” Mr. dent Emmanuel Macron. and the U.S. historically has allies on how to bring Iran The president is hoping to
cut out of a deal to supply nu- Sullivan said the president France was furious at being been skeptical of Europe devel- back into compliance with the stress that the U.S. is serious
clear submarines to Australia. would make gains abroad even cut out of the Australia deal. oping a defense capability in- nuclear accord. about climate-change efforts,
In the weeks leading up to if the fate of much of his domes- Unknown are what steps dependent of the North Atlan- At the G-20, an important even if he is struggling to pass
the Group of 20 nations meet- tic agenda remained unresolved, France now seeks from the Bi- tic Treaty Organization. issue for the U.S. is an agree- his agenda in Congress.

Global Migration Plummeted During Pandemic

BY PAUL HANNON experiencing difficulty filling of permanent migration, and
roles, with shortages espe- that category fell by 35% in
Migration to rich countries cially acute in industries in- 2020, led by a halving of the
dropped last year as the cluding manufacturing, trans- numbers arriving in the U.S.
Covid-19 pandemic closed busi- port and financial services. Nonetheless, family mi-
nesses and borders, but a re- Many governments re- grants still accounted for
bound is under way as short- stricted movement across their nearly a third of the total,
ages of workers bite and borders as Covid-19 spread in twice as large a share of the
industries that had come to rely early 2020, while shutdowns 15% of migrants who arrived as
WOJTEK RADWANSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

heavily on migrant labor over designed to contain the pan- workers. Across all OECD
the past two decades reopened. demic limited the demand for members the number of labor
In its annual report on the new workers. The result was a migrants fell by 24%, but there
movement of people across widespread and sharp decline was much variation, and new
borders, the Organization for in new migrants arriving in the arrivals to the U.S. were almost
Economic Cooperation and De- OECD’s 38 members, most of unchanged from 2019, although
velopment, a Paris-based re- which are rich nations. that reflected a change in sta-
search body, said the number The U.S. saw the second tus in already-arrived workers
of migrants arriving in its sharpest decline, recording a from temporary to permanent.
mostly rich-country members drop of 44% to 576,000, with There also were big drops in
fell by nearly a third to 3.7 Canada seeing the largest fall the number of migrants arriv-
million, the largest drop since at 46%. Migration to Germany ing through temporary work
records began in 2003. and France fell by 26% and programs. Japan and South Ko-
The OECD didn’t offer pro- 21%, respectively. The U.S. re- rea saw drops of 65% and 57%,
jections for this year, but said mained the largest destination respectively, while the U.S. and
with workers hard to come by for migrants, followed by Ger- Australia saw declines of 37%
in many sectors that tradition- Migrants from Yemen were seen in the woods near Grodek, Poland, earlier this month. many with 458,600 arrivals and Canada a fall of 43%. By
ally rely more heavily on mi- and the U.K. with 243,600. contrast, migration for farm
grants than the native-born, a tion, healthcare and hospitality. director for employment. to meet surging demand. However, much of the de- work dropped by just 10%
recovery is under way. Before “With the gradual reopening A pickup in migration should Recruitment firm Manpow- cline in migrant flows wasn’t across OECD members as a
the pandemic, migrant labor of the economy in the past help ease worker shortages erGroup surveyed 45,000 em- directly related to work. Fam- whole, and rose slightly in the
had become increasingly im- months we are seeing a rebound that are squeezing industries ployers in 43 countries about ily members joining recently U.S. and Poland. Migrants ac-
portant for industries ranging in international migration,” said world-wide, as economies re- hiring plans for the fourth settled migrants have long ac- cepted by host countries for hu-
from agriculture to construc- Stefano Scarpetta, the OECD’s open and companies scramble quarter and found 69% were counted for the largest share manitarian reasons fell by 23%.

Join WSJ. Magazine and

Indagare Travel for an
© 2021 DOW JONES & COMPANY, INC. ALL RIGHTS RESERVED. 6DJ8458

unforgettable exploration
of Stockholm’s splendid
architecture, style and design.
Meet top architects, tour
revered galleries and museums
and visit historic homes and
design shops, including the
world-famous Svenskt Tenn. photo credit: kungl hovstaterna, photo copyright: kungl hovstaterna

EXPLORE STOCKHOLM’S
UNIQUE STYLE
WITH WSJ. MAGAZINE
wsj. magazine x indagare learn more:
STOCKHOLM, SWEDEN 646.780.8383
JUNE 2022 indagare.com/wsjmagazine-stockholm
P2JW302000-0-A00900-1--------XA
THE WALL STREET JOURNAL.
Inside
Hospital
Pricing
Continued from Page One
doesn’t cover their medical
care, according to a previous
analysis by the Journal.
For many patients and their
families, hospital fees are al-
ready complicated, opaque and
stressful. The Kingsburys show
just how little control consum-
ers have. “That’s the game,”
said Mary Daniel, who worked
for decades in healthcare bill-
ing and now helps patients ne-
gotiate prices with hospitals
and doctors. “Some people get
penalized by that.”
For one of several services
used in Ms. Kingsbury’s radia-
tion therapy in June 2019, she
was charged $2,728, which she
paid out of her own pocket un-
der her insurance plan, her re-
cords show. That amounted to a
49% discount off the sticker
price, the rate set indepen-
dently by hospitals as the full
price of each service. The hospi-
tal Ms. Kingsbury went to uses
the sticker price in negotiations
with some insurance companies
to calculate final rates.
Four insurance companies
got a better percentage dis-
count there this year, based on
‘Somebody else is
literally negotiating
and purchasing on
your behalf.’
the newly public data. With
those discounts, the average
prices would amount to $440
to $1,077 less than what Ms.
Kingsbury paid.
None of this has been clear
to consumers—until this year.
Hospitals and insurers have
long set prices through confi-
dential negotiations. Starting
Jan. 1, hospitals were required
to make their prices public un-
der a Trump administration
policy that sought to expose
the sector’s pricing to greater
market pressure.
Compliance with the rule
has been spotty, but the avail-
able data show that prices vary
widely among the plans that
negotiate contracts with hospi-
tals. While the data remain dif-
ficult for consumers to use,
knowing the full range of rates
could ultimately help patients
negotiate their bills.
Steep prices
Healthcare economists note
that prices in other sectors,
such as airlines, can also vary
for the same service, but hospi-
tals’ steep prices mean the dol-
lar difference between the
highest and lowest rates can
amount to tens of thousands of
dollars. “The order of magni-
tude of healthcare costs is dif-
ferent,” said Amanda Starc, an
associate professor at North-
western University’s Kellogg
School of Management. “It’s
higher stakes.”
Even within an insurance
plan, prices aren’t consistently
low or high. A plan’s prices for
one service can be among the
lowest a hospital negotiates, but
among the highest for another,
the Journal’s analysis found.
When Ms. Kingsbury re-
Investors
Crave Metal
Cubes
Continued from Page One
point, according to Ama-
zon.com’s product page, is
that they are “extremely heavy
for their size.”
That also is their main
source of appeal to crypto
bros and other enthusiasts
who caused a run on supplies
at a major tungsten provider
in recent weeks. They are
shelling out around $400
apiece for 2-inch cubes weigh-
ing around 5 pounds, or
$3,000 for the 4-inch version
as heavy as a low-horsepower
outboard motor—and almost
three times the price.
While cube enthusiasts
overlap with aficionados of
ephemeral varieties of digital
money prone to heart-stop-
ping swings in value, their
new paperweights, given their
density, are among the most-
tangible things on earth.
ceived an MRI in June 2019, the
price amounted to an 89% dis-
count. She owed roughly $94
after her insurer picked up the
rest of the $469 rate, better
than any discount this year.
No one insurance company
consistently got the best deals
at Avera McKennan Hospital &
University Medical Center in
Sioux Falls, S.D., one hospital
where Ms. Kingsbury was
treated.
Avera Health, which owns
McKennan Hospital, declined to
comment on price comparisons.
Negotiated rates vary by insur-
ance plan and discounts for in-
surers are based on volume,
said Lindsey Meyers, an Avera
spokeswoman. “We sympathize
with families and individuals
who are faced with serious dis-
ease and loss,” she said.
When insurance didn’t cover
some treatments, the Journal
found, Avera McKennan Hospi-
tal set its own prices that
ranked among the highest any-
where in the U.S. in the Jour-
nal’s analysis.
The Journal compared prices
made public this year by Avera
McKennan Hospital with prices
for Ms. Kingsbury’s care in
2019 and 2020. Bills included in
the analysis were those that
hadn’t been paid and were in
collections, amounting to about
$94,000 in fees and interest.
The newly public rates include
Avera’s average price across
contracts for each insurer, in-
cluding supporting services. To
compare across years, the Jour-
nal used insurers’ discounts off
the sticker price.
The Kingsburys met at a
wedding reception in October
1995. They danced until the
early morning, said the 68-
year-old Mr. Kingsbury. Both
worked as cooks and he needed
equipment for a catering event.
He asked Barbara for help, a
ruse to see her again. “I just
got carried away after that,” he
said. They married in 2000.
Until she stopped working
this spring, Ms. Kingsbury
cooked for about 300 students
in the Vermillion School Dis-
trict. She didn’t qualify for in-
surance on the job, so the cou-
ple shopped for insurance they
could afford, her husband said.
Ms. Kingsbury earned
roughly $17,700 last year, tax
records reviewed by the Jour-
nal show. Her husband, who is
retired, received about $22,800
in yearly income from Social
Security. They bought insur-
ance in 2019 from LifeShield
National Insurance Co.
Her treatment in July that
year included a procedure to
target the radiation therapy to
protect normal tissue near the
cancer. The LifeShield price of
about $780 amounted to a dis-
count of 53% off the hospital’s
charge. Ms. Kingsbury paid all
of it because her plan’s benefits
didn’t cover the rest of the bill.
The insurance was exempt from
some federal rules that protect
healthcare consumers.
LifeShield didn’t respond to re-
quests for comment.
The best deal negotiated for
the procedure by an insurer
this year, Avera’s own insur-
ance company, had a 71% dis-
count. That would be $290 less
than what Ms. Kingsbury paid.
The range of prices is the
product of an interplay of mul-
tiple payers and hospitals, and
a lack of competitive pressure
to hold down costs, economists
said. Rates have been deter-
mined by trade-offs at the bar-
gaining table between hospitals
and insurers—such as an offer
of cheaper prices in return for
more business—and by market
Tungsten has one of the high-
est tensile strengths and melt-
ing points among metals.
Drew Morris, a 35-year-old
Florida lawyer at a blockchain
intelligence company, bought
his 1½-inch cube after friends
came across it on Twitter and
in Telegram group chats. He
found the density mind-blow-
ing.
“I keep it on my desk as a
reminder of what motivates
Florida lawyer Drew Morris with his 1½-inch tungsten cube.
FROM PAGE ONE
Hospital Range
Although a PET CT scan is a largely standard procedure, 2021
prices vary widely across hospitals, as shown by the range of
costs for both insured and cash-paying patients.
Number of listed prices for a PET CT* scan at U.S. hospitals
6,000 prices
5,000
The $10,516 price for
4,000
cash-paying patients at
Avera McKennan Hospital
3,000 this year is among the
nation’s highest rates†
2,000
1,000
0 The cost for the scan under
$0 $5,000 $10,000 $15,000+
Note: *From base of skull to mid-thigh †Includes the cost of any supporting services
Source: Wall Street Journal analysis of Turquoise Health Co. data.
power, with higher prices have their revenue require-
where hospitals dominate. ments,” he said.
Avera McKennan operates in Consumers can make some
a competitive market, a spokes- choices that lower bills, such as
woman said. selecting something called a
Hospitals and insurers ulti- narrow-network health plan,
mately bargain for prices to which limits coverage to a
meet financial targets, said Da- small group of providers and
vid Dillon, a healthcare actuary gives insurers more leverage
with the consulting firm Lewis with hospitals to win lower
& Ellis Inc. “It is kind of as sim- rates in return for more busi-
ple as both sides of the table ness, said Yale University
me—keep going, keep work-
ing,” said Mr. Morris, who also
invests in cryptocurrencies.
for grilled meats. Lately, photos
of smoked brisket have given
away to pictures of cubes.
“One day, I’ll be able to up-
grade to a larger-size cube.”
Cubists like Mr. Morris got
Nic Carter, founding part-
ner at the blockchain-focused
venture-capital firm Castle Is-
recent inspiration from a niche
corner of online life: financial
Twitter. Fintwit, as it is called,
land Ventures, describes him-
self in his twitter bio as the
“original tungpiller.” He said
typically consists of investors the physical heft of the cubes
small and large debating the contrasts with the intangible
direction of markets, the pros- nature of cryptomarkets.
pects for inflation and recipes “We’re just deprived of
physical totems of our affec-
tion, and so tungsten fills that
hole in our hearts,” he said.
Demand intensified after
Neeraj K. Agrawal, director of
communications at Coin Cen-
ter, a nonprofit cryptocur-
rency research and advocacy
group, posted a joke mock-up
of a faked Bloomberg News
story claiming crypto traders
were behind an imaginary
global tungsten shortage.
“I’m gonna be buried with
my cube probably,” said Mr.
Agrawal. “It will be like a pha-
raoh buried with his posses-
sions, so the cube will have a
JESSICA MORRIS
place of honor.”
Cube enthusiasts often de-
scribe them in quasimystical
terms. “You kind of start won-
dering about gravity and the
Friday, October 29, 2021 | A9
Barbara Kingsbury’s bills
overwhelmed her and her
husband, at one point hitting
$94,000 in unpaid fees and
interest. Below, Dennis
Kingsbury at home in Volin, S.D.
especially for a serious condi-
tion. That’s why health insur-
ance exists,” said Avera spokes-
woman Ms. Meyers. “It is
important for consumers to un-
derstand what they are buying
and the coverage it provides.”
The Journal compared Avera
McKennan’s 2019 PET CT price
for Ms. Kingsbury with the
price Medicare would pay, as
calculated by price-comparison
startup Turquoise Health Co.
The hospital’s cash price for
Ms. Kingsbury in 2019 was 5.7
times the Medicare rate, ac-
cording to the Journal’s analy-
sis using newly public data col-
lected by Turquoise. That’s one
of the highest multiples of any
of the more than 1,200 U.S.
hospitals in the analysis.
Under Avera, the scan was
1.9 times the hospital’s Medi-
care rate, which ranked in the
bottom third of an analysis of
commercially negotiated prices
by the Journal, which included
nearly 21,000 rates.
For the second scan under
Avera, the $2,876 cost fell un-
der Ms. Kingsbury’s deductible,
so she owed the full amount.
The couple struggled to pay.
‘I’m lost’
The Kingsburys applied for
financial aid from Avera, but
were denied, according to doc-
uments reviewed by the Jour-
nal. “I’m lost,” Mr. Kingsbury
said in May. “I just don’t know
what to do anymore.”
Avera said its patient advo-
cates work with families to an-
swer questions about insurance
RACHEL MUMMEY FOR THE WALL STREET JOURNAL (2)
coverage and financial assis-
tance.
The hospital sent the Kings-
burys’ outstanding bills to Ac-
counts Management Inc.,
Avera’s debt-collection arm.
Avera declined to comment on
its collection efforts.
Mr. Kingsbury accompanied
his wife to nearly every medical
appointment, he said. Early this
year, he said, a nurse ap-
proached him in the waiting
room and told him, “Dennis,
you might want to come in.” He
health economist Zack Cooper. joined his wife as the doctor
Other factors that lead to explained treatment might buy
price differences are out of her more time but would no
consumers’ control, he said, longer stop her tumors. Ms.
such as an insurance company’s Kingsbury decided to stop
bargaining strategy, he said. treatment, her husband said.
“The market for healthcare “That was a bad day,” he said.
just doesn’t look at all like the Collectors continued to call
market for tomatoes because and told Mr. Kingsbury the cou-
somebody else is literally nego- ple faced a lawsuit over their
tiating and purchasing on your debt, he said. He said they
behalf,” Mr. Cooper said. emptied Barbara’s retirement
Ms. Kingsbury switched in- savings to pay roughly $90,000
surance plans in 2020, from of the hospital debt.
LifeShield to a more compre- Ms. Kingsbury’s daughter,
hensive health plan from Sarah Ewing, started a Go-
Avera’s insurance arm. She had FundMe account for the couple,
imaging known as PET CT done though her mother balked. “It
once under each plan, to get a takes all your pride to ask for
view of her cancer—illustrating money,” Ms. Ewing said. “It
just how much prices can differ. made me really mad. She’s the
hardest, most dedicated
LifeShield was $1,497, almost worker. She was always very
half the price charged under proud she had a decent amount
Avera. However, Ms. Kings- of retirement.”
bury’s plan at LifeShield was Ms. Kingsbury entered hos-
exempt from Affordable Care pice care in early June, when
Act rules to prevent gaps in her husband intercepted a call
coverage. LifeShield didn’t to her phone from bill collec-
cover this scan. So Avera tors. He insisted they call his
charged Ms. Kingsbury the cellphone instead and pleaded
price it sets for patients not for help working out remaining
covered by insurance, at $8,451, bills, he said. Ms. Kingsbury
one of the highest prices in the died soon afterward.
Journal’s analysis of publicly Her husband still owes
available rates nationwide. about $14,000 in fees and inter-
“Healthcare is a service and est, according to records re-
it can be an expensive service, viewed by the Journal.
forces of nature, and it can
send you on an out-there-wan-
dering experience,” said Rabbi
did need to replenish invento-
ries.
“The universal response
Michael Caras, an Albany-
based Jewish day-school
teacher, who uses the twitter
whenever we’ve had anybody
in our facility, and we’ve
handed them tungsten to hold,
handle @thebitcoinrabbi. He
owns a 1½-inch cube.
“It’s kind of like a discon-
it’s kind of astonishment,” said
Mr. Anetsberger, a 36-year
veteran of the company.
nect between what your eyes While Mr. Anetsberger
are seeing and what you’re won’t comment on how much
feeling and what you expect Midwest Tungsten has made
from something that fits in the from the recent sales, it last
palm of your hand,” he said. week began accepting pay-
There is a rallying cry: “We ments in bitcoin. The first or-
like the cube.” That’s a play on der arrived eight minutes
the phrase “We like the stock,” later.
often used on sites such as Daniel Matuszewski, co-
Reddit’s WallStreetBets to founder of cryptocurrency in-
show support for buying vestment firm CMS Holdings,
shares of GameStop Corp., asked Midwest Tungsten to
AMC Entertainment Holdings make a 7-inch cube engraved
Inc. or other meme stocks. with the company’s name in
The hype sparked a surge in comic sans. Mr. Matuszewski
demand at Midwest Tungsten said the roughly 230-pound
Service Inc., which sells the cube should arrive sometime
cubes, along with tungsten in around the winter holidays. All
various industrial forms for in, the company has spent
use in things such as wiring more than $50,000 on branded
and cutting tools. Midwest cubes, he said.
Tungsten General Manager “We have a pretty interest-
Kevin Anetsberger said the $6 ing fight going on internally,
billion to $9 billion global whether or not somebody is
tungsten market can support actually going to be able to
the burgeoning demand for pick that up,” Mr. Matuszewski
cubes, though the company said.
P2JW302000-0-A01000-1--------NS
A10 | Friday, October 29, 2021
FILM REVIEW | JOE MORGENSTERN
‘Souvenir II’: The
Past Spun Into Gold
‘T
he Souvenir: Part II” is
Joanna Hogg’s sequel to
her semi-autobiographi-
cal 2019 feature “The
Souvenir,” which starred
Honor Swinton Byrne as Julie, a
film-school student in 1980s Eng-
land. Sequels are unusual in inde-
pendent film—no superheroes
available for marketing—but this
one represented a twofold risk.
How do you follow a film that
seemed perfect in itself, a model of
compression and self-containment
about a ravaging love affair and the
growing pains of a young artist at a
pivot point in her life? The answer,
playing in select theaters, turns out
to be daringly intricate and beauti-
fully simple. Ms. Hogg has outdone
herself with an even stronger film
about grief, self-discovery, the
daunting uncertainties of the cre-
ative process and, before and after
everything else, the mysterious
power of the movie medium.
The story picks up shortly after
it left off, with Ms. Swinton Byrne
once again at center stage and suf-
fusing her role with warmth, grace
and intelligence; more about her
superlative performance in a bit.
Julie’s lover, Anthony, who was
played by Tom Burke in the first
film, is gone, under circumstances
that have left her shattered. (I’m
being vague here because you may
not have seen the first part of Ms.
Hogg’s diptych, which you should
see in order to enjoy the second
part fully; it’s available on Amazon
Prime Video.) The dutiful student
is back in school, determined to
pull herself together and complete
her graduation film, a gritty drama
with a documentary feel about
dock workers.
Her teachers, all of them male
and none of them young, are sup-
portive. She has written a solidly
crafted script; they assume she’ll
The Holiday Tradition Returns
November 26 through January 2
nycballet.com or 212-496-0600
NY THE WALL STREET JOURNAL.
ARTS IN REVIEW
Honor Swinton
Byrne as Julie,
left, and Tilda
Swinton as
Rosalind, below
be equally disciplined as a direc-
tor. But Julie is beset by confusion
and fears. What does she, a child
of privilege, know about the work-
ing class? Fellow students tell her
to deal with what she does know,
to make a film about Anthony. (He,
in his turn, had expressed admira-
tion for Michael Powell and Emeric
Pressburger, the filmmaker part-
ners responsible for such sumptu-
ous classics as “The Red Shoes”
and “Black Narcissus.” Their films,
Anthony said, were “very truthful
without being real.”)
Naturalism versus fantasy.
Keeping tight control versus tak-
ing risks. These are questions that
concern everyone in the arts,
The sequel to Joanna
Hogg’s semi-
autobiographical 2019
feature shines.
whether they’re writers or paint-
ers, film-school students or mas-
ters of the medium like Federico
Fellini, who dramatized his ago-
nies—to lurid effect—in “8 ½.” It’s
thrilling to see Julie assert herself.
“I don’t want to show life as it
plays out,” she tells her teachers.
“I want to show life as I imagine
it.” And it’s harrowing to see her
thrashing around in what may be
creative chaos or simply chaos.
Anyone who has spent time on the
set of a big-budget Hollywood dent crew who’ve lost confidence Ms. Hogg made her own gradu- course in its own right, with an as-
movie knows something of the in her, and listening to their griev- ation film as a student in the sortment of party-ready regis-
pressure under which directors ances in agonized silence. (Mem- 1980s. It starred her friend Tilda trants in Julie’s school that would
work. Yet the point has never been bers of the professional and con- Swinton, who plays Julie’s loving, make any venturesome young
made more eloquently than by the spicuously gifted crew include the affluent mother, Rosalind, in this spirit want to sign up immediately.
sight of Julie at a life-or-death production designer, Stéphane Col- part of “The Souvenir” as she did (One of them, Patrick, a student
moment in her production—sur- longe, and the cinematographer, in the first one. She is also Ms. director played by Richard Ayoade,
rounded by members of her stu- David Raedeker.) Swinton Byrne’s mother in real electrifies every scene he’s in with
life, so it’s no surprise that the his citric tongue and carbonated
dual casting works well, as it did cortex.)
before, or that Julie is a command- And the films within the film!
ing presence, as before. The reve- They include a stylish evocation of
lation, though, is Ms. Swinton the Richard Rodgers-George Bal-
Byrne’s growth in the part. She anchine ballet “Slaughter On Tenth
marks the stages of Julie’s grief Avenue”; a masked ball in which
over her lost love with searing the golden era of MGM is reflected
passion, yet unerring economy. murkily in a hall of mirrors; a mu-
Anthony once told Julie she was sic video with red shoes and a
fragile, and lost, and would always bright red car, all drenched in red-
be lost. Ms. Swinton Byrne allows blooded sexuality; a sequence of
us to see the contours of steadfast surreal symbolism that may be
strength behind her heroine’s meant to be meaningful or charm-
translucent terror, and then, with ingly awful, the gap between ge-
inspired support from Ms. Hogg’s nius and folly sometimes being
direction, gives us the spectacle of narrow. Exactly how many films
this dear soul in distress finding there are within the film is classi-
her way up from tragedy through fied information, and I won’t
her art breathe a word about Julie’s cli-
If all of that suggests some- mactic creation, except to say that
thing of a slog through emotional you should be prepared to be de-
swamps, the opposite is true. This lighted, bewildered, disoriented
ultimately optimistic film almost and eventually astonished by what
bursts with dramatic energy. “The keeps boiling up from the wishing-
Souvenir: Part II”—the title comes well depths of her subconscious.
from an 18th century Fragonard She’s on her way, but Ms. Hogg is
miniature of a woman, named Ju- already there with one of the most
A24 (2)
lie, carving her lover’s initials into fiercely and tenderly original mov-
a tree trunk—is a filmmaking ies in retrievable memory.
GLO
BAL
SPO
TELEVISION REVIEW | TERRY TEACHOUT are immensely pleasurable.
The cast is led by Karen Ziemba,
NSO
In Praise of Working Girls
R
who plays Mrs. Warren as a solid, no-
nonsense businesswoman replete with
self-assurance, and Nicole King, an off-
New York also a knowing spoof of the kind of Broadway debutante who is a real find
T
ime was when George Bernard Victorian play in which dandies utter as Vivie, at once beautiful and slightly
Shaw’s effervescent comedies of lines like “By Jove, what a lark!” Neither gawky-looking (cheers to Asa Benally,
ideas were seen on Broadway Vivie nor Mrs. Warren are having any the costume designer, who deserves
with fair regularity, but those days are of it, though: They know what they much credit for helping Ms. King carry
long past. All the more reason, then, to want, and it’s nothing that men can off the latter illusion). Mr. Staller, who
praise David Staller, the artistic director supply. That’s the point of the play, knows everything there is to know
of Project Shaw, a long-running series whose satirical targets are the institu- about Shaw, has not only staged the
of semi-staged concert readings of the tion of marriage and the place of play but edited the text with his accus-
playwright’s 60-odd shows. In addition women in a male-dominated world. tomed skill. Make haste to see it!
to Project Shaw, Mr. Staller’s Gingold Sprinkled with tart, school-of-Wilde ep-
Theatrical Group presented fully staged igrams (“There are no secrets better Mrs. Warren’s Profession
small-scale off-Broadway versions of kept than the secrets everybody Gingold Theatrical Group, Theatre Row,
“Heartbreak House” in 2018 and “Cae- guesses”) and overflowing with glitter- 410 W. 42nd St. ($69), 212-714-2442
sar and Cleopatra” in 2019, and now ing talk, it’s a foolproof vehicle for six x2, closes Nov. 20
they’re doing “Mrs. Warren’s Profes- accomplished actors and a director
sion,” which hasn’t been seen anywhere who, like Mr. Staller, knows better than Mr. Teachout, the Journal’s drama
in New York since the Roundabout The- to let the play become a static chat- critic, is the author of “Satchmo at the
atre Company mounted it 11 years ago. fest. Instead, he keeps the actors mov- Waldorf.” Write to him at ttea-
The production is completely satisfying, ing and the pace brisk, and the results chout@wsj.com.
and the play gains immeasurably from
up-close presentation (it is being per-
formed in one of Theatre Row’s six 88-
seat houses).
Mrs. Warren’s “profession,” which
could only be alluded to by stealth and
with carefully chosen synonyms when
Shaw wrote the play in 1893, is prosti-
tution. She runs a chain of high-class
bordellos, and her goal is to put aside
enough money to buy Vivie, her daugh-
ter, a place in respectable Victorian so-
ciety. Naturally, none of Vivie’s beaux
have any notion of precisely how her
mother pays the rent, and Vivie herself
is a well-starched prig, a Cambridge-
schooled mathematician with no inter-
T I CK ET S S TA RT AT $ 45
CAROL ROSEGG
VIP Sweet Seats Available
est whatsoever in sex, much less love.
Groups: 212-870-4200 This is a quintessentially Shavian
premise for a comedy, and what makes
it even funnier is that for much of its
length, “Mrs. Warren’s Profession” is Karen Ziemba and Nicole King in ‘Mrs. Warren’s Profession’
P2JW302000-0-A01100-1--------XA

THE WALL STREET JOURNAL. Friday, October 29, 2021 | A11

ARTS IN REVIEW
FILM REVIEW | JOE MORGENSTERN

Garbled But Good Looking

Anya Taylor-Joy, above, and Matt Smith, below, in ‘Last Night in Soho’

Bertie Carvel as Inspector Adam Dalgliesh, above; Amanda Root and Siobhan Cullen, below

W
hen you’re watching a good Hong Kong. Plus a live-action echo
film, it’s as if the filmmaker of “Spirited Away,” since this
TELEVISION REVIEW | DOROTHY RABINOWITZ has taken you by the hand Soho, indoors and out, is haunted

‘Dalgliesh’: Terror in
and said, “Come with me, I want to
show you something special.” I was
glad to go along with Edgar Wright
as “Last Night in Soho” got under
by a spectral group of men who
darken the hues of Eloise’s roman-
tic fantasy.
It’s easy to see why Mr. Wright

The Nurse’s Ward

way, and why not? He’s the man and his collaborators wanted to
who gave zombies and robots new take this tale of the supernatural to
leases on life in his classic comedy- another level. Tracking Eloise and
horror trilogy comprised of “Shaun Sandie through a series of intersec-

N
Of the Dead,” “Hot Fuzz” and “The tions is fine for a while, a way a
o stranger to the im- the surface thanks to his arrival World’s End.” way of reflecting on the odds
penetrable when it and upend the small world of His new film held me firmly in against dreams coming true, and of
comes to criminal this community. It is a place its grip with a promising premise. dramatizing Eloise’s fear that she’ll
plots, Inspector where people long accepted as A sweet and timid country mouse, follow in the footsteps of her
Adam Dalgliesh (Ber- part of the family have been hid- Eloise (Thomasin McKenzie), goes mother, who suffered from mental
tie Carvel) investi- ing out, their true histories un- to London to study fashion design illness and was overwhelmed by liv-
gates the case of a fatal poison- known, and where some are pre- and is promptly
ing at an institution for training pared to kill—and have killed—in transported, never
nurses in the latest TV saga de- order to conceal that past. mind how, to the
rived from the novels of P.D. When the details unfold, to- time and place
James. (This installment is titled ward the end, about those with she has dreamed
“Shroud for a Nightingale”; two something to conceal the tone of, swinging Soho
more adaptations, “The Black turns darker still, though in a in the mid-1960s.
Tower” and “A Taste for Death,” brightly illuminating way. (A new James
will follow.) The victim is a There’s all along a certain un- Bond is playing at
trainee on whom another stu- dertone—an attitude never far the cinema: It’s
dent demonstrates the insertion below the surface—that envi- called “Thunder-
of a feeding tube—a fatal exer- sions the world’s enemy as the ball.”) Soon Eloise
cise that pumps her full of tox- totalitarian dark, the antagonists crosses paths
ins. Mr. Carvel is the third actor A detective uncovers of justice and decency, as a with a local
to portray the detective (Roy dark pasts while crime committed in a small Eng- beauty who
Marsden who originated the role lish nursing school is suddenly seems to be her
in the 1980s). The tale, set in investigating a linked to the horrors of the alter ego. Sandie,
mid-1970s England—each install- poisoning. Third Reich. as she calls her-
ment spans a pair of episodes, And if here, in this place, self, could hardly
two of which roll out on Mondays there are people struggling to be more alter, since she’s played ing alone in London. But then what?
for three weeks—is never less hide such pasts, there is no miss- with a dazzling sense of purpose Rather than belabor the what
than gripping in its picture of ing the view that suggests justice by Anya Taylor-Joy that was chosen—the silly lather
medical procedures gone wrong, But for all their intrinsic is due to those who have commit- So far so good. But then Mr. the story works up—I’ll reflect in my
evidently by design. The visual power, these images of sudden ted—or abetted—some of the Wright’s film, which he wrote with turn on how fine “Last Night In
impact—the young trainee react- horror are mere details compared worst crimes known to man. The Krysty Wilson-Cairns, asked me to Soho” turns out to be when its co-
ing to the worst physical anguish with the storytelling that brings series’s most eloquent images cross a street into another genre stars are fully engaged in their ee-
imaginable, the chief medical in- this series to roaring life (the project the same sense of finality: that amounted to another movie. rily mysterious dance of identity.
structor covered in blood—is ter- script was written by Helen Ed- They’re the moments when Dal- That’s where I drew the line, and And on two extra treats—seeing
rorizing. The atmosphere of dread mundson). Dalgliesh (an im- gliesh exchanges long looks with this is where I cut loose from a Terence Stamp, an emblem of
and depression is pervasive in the mensely seductive performance the character he’s just arranged construction that threatens to sink 1960s Swinging London and a film
drama. We begin to suspect that by Mr. Carvel), a recent widower, to have carted off to whatever the review before I get to describe star of the period, as a silver-haired
any tube in a patient’s mouth may finds an admirer or two at the in- judgment awaits. how much fun the film can be un- gentleman (whose name in the
well not be delivering the medica- stitute, but his mind is fixed Needless to say the departing til it spins wildly out of control. credits is Silver Haired Gentleman),
CHRISTOPHER BARR/ACORN TV (2)

tion the doctors had intended— firmly on the case. Though he is characters include war criminals, And how gorgeous it is. The and Diana Rigg, once the glamorous
that it just might be transmitting pleased to discover that someone Nazi helping hands and the like. cinematographer, Chung-hoon Emma Peel in the original TV ver-
a corrosive substance that kills. here has read and enjoyed his The details of Dalgliesh’s pursuit Chung, should have been given sion of “The Avengers.” She plays
FOCUS FEATURES (2)

What happened to the big con- published poetry. of the case against them are best star billing too. A native of South Ms. Collins, the elderly proprietress
tainer of antiseptic that was in Neither he nor anyone else disclosed in the series. Korea, he uses the magical intan- of a musty Soho boardinghouse.
the bathroom?, someone asks. A has any way of knowing about gibles of color and light to make This is the final film Ms. Rigg made
question now that has special the undercurrents, political and Dalgliesh the nighttime Soho exteriors look before her death last year. It’s half
meaning. social, that are going to burst to Begins Monday, Acorn TV like a cross between Seoul and of a worthy memorial.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s <0 1 2 3 4 5 6 7 8 9 10 11 61 Fourth book
12 13
PUZZLE
CONTEST
40s Edmonton
30s of the Book of
Vancouver
40s 40s 0s
Calgaryy 50s 14 15 16
Mormon
10s
50s Seattle
Winnipeg 17 18 19 62 Argument
20s
Portland 50s
Down 28 Areas on a Clue
60s Montreal 50s 30s 20 21 22
Eugene Bismarck Ottawa 1 Billionaire board
Helena Billings 40s Bezos
70s 40s
Augusta
23 24 25 29 “Don’t dilute it”
40s Boise
40s Mpls./St. Paul Toronto Albanyy Boston 50s 2 MLB league order at a bar
26 27 28 29 30 31 30 Dance outfits
Pierre Sioux Falls
Milwaukee Detroit Buffalo
Hartford
60s 3 Observatory
60s Neww York
Reno Salt Lake Cityy Des Moines
Chicago Cleveland 40s
70s 32 33 34 sighting 31 Milky Way
Cheyenne Omaha Pittsburgh Philadelphia ingredient?
Sacramento 50s 80s 4 Enthusiasts with
50s Springfield Indianapolis
35 36 37
San Francisco
Denver D
Washington D.C. binoculars 32 Quarterback
Topeka Kansas Louisville 90s
70s Las 40s Colorado Cityy Charleston Richmond 38 39 40 5 Writer of Pennington
Springs Wichita St. Louis 100+
Vegas
40s Nashville 60s Raleigh praiseful poetry 33 Surefire
Los Angeles 80s Charlotte 41 42 43 6 Runs to 36 Reduce the
Santa Fe Memphis
San Diego
Phoenix Albuquerque Oklahoma City Columbia
44 45 46 7 Queens stadium force of
90s Little Rock 50s Atlanta
Tucson
Dallas Birmingham Warm Rain dedicatee 37 Spoken
Ft. Worth Jackson
El Paso
Jacksonville 47 48 49 50 51 52 53 8 Descriptive wd. 39 Chiffchaff, e.g.
70s 60s Mobile Cold T-storms
10s Austin 54 55 56
9 Preambles 40 Doesn’t get to
Houston 70s
Neww Orleans Orlando
Stationary 10 Second-largest the point
20s 80s Tampa Snow
Anchorage
San Antonio
80s 57 58 59 Portuguese- 42 Oscar winner
Honolulu for “West Side
30s 80s Miami speaking country,
70s Showers Flurries 60 61 62
40s after Brazil Story”
Ice
11 Gives in to 45 Lot flop
Forecasts and graphics provided by AccuWeather, Inc. ©2021 TRICK OR TREAT | By Mike Shenk gravity 46 Site of an 1836
12 Painter who siege
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
The answer to 20 Check kiter, e.g. 40 Take place
taught at the 47 Horror movie
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest 22 Shot amount repeatedly
Omaha 59 33 s 63 38 s Frankfurt 57 43 s 57 48 r Bauhaus offering
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 81 64 c 76 59 pc Geneva 60 43 s 55 47 r crossword is a 23 Understands 41 ___ personae
Today Tomorrow Halloween costume 24 Painful shower 13 Hang out, say 48 “Don’t Matter”
Philadelphia 60 56 r 65 53 sh Havana 85 67 t 83 65 s 43 Father of Phobos singer
City Hi Lo W Hi Lo W Phoenix 91 61 s 87 62 s Hong Kong 80 72 pc 78 72 pc choice. 18 Ormandy with
26 She was one of 44 Some a baton 50 Castaway’s
Anchorage 35 32 r 45 42 r Pittsburgh 56 47 r 53 48 r Istanbul 61 53 pc 63 53 s
Across the witches in extractions home
Atlanta 56 50 c 57 51 sh Portland, Maine 50 41 pc 53 49 r Jakarta 90 76 t 91 77 t 21 Country singers
Austin 74 41 s 79 44 s Portland, Ore. 58 44 r 58 45 pc Jerusalem 78 59 pc 70 56 c 1 Painter “The Witches of 45 Butcher shop buy Akins and Miller 51 Feature of
Baltimore 62 55 r 64 52 c Sacramento 71 56 pc 67 51 pc Johannesburg 72 56 pc 75 54 s Vermeer Eastwick” 47 Duds Frankenstein’s
Boise 69 45 pc 63 42 s St. Louis 55 49 r 58 46 pc London 60 51 r 57 48 r 25 Home of Iowa
Boston 54 49 c 59 56 r Salt Lake City 63 43 s 65 47 c Madrid 61 56 sh 67 62 r
4 Posh Florida city, 28 Leftovers 49 Polish sausages State monster
informally 32 Some are cleft (which play no 52 Lot buy
Burlington 55 40 s 52 48 r San Francisco 65 57 pc 64 54 c Manila 90 78 pc 89 79 r 26 Place to park
Charlotte 66 49 sh 63 48 c Santa Fe 66 36 s 69 37 s Melbourne 57 44 c 59 44 pc 8 Site of 16-Across 33 Score units part in solving your butt 53 Worry
Chicago 56 51 r 59 44 c Seattle 52 40 r 52 38 s Mexico City 70 50 t 72 50 t 14 Brooding music 34 Call at home the contest)
Cleveland 57 48 r 56 49 r Sioux Falls 59 36 s 60 34 s Milan 62 48 pc 57 53 r 27 “Sabrina the 54 NFL units
15 Answers after 35 Schoolteacher 54 Bumpkins Teenage Witch”
Dallas 70 46 pc 76 52 s Wash., D.C. 63 55 r 64 53 c Moscow 50 45 r 55 40 pc 55 Issuer of
Denver 70 43 s 67 34 s Mumbai 95 77 c 95 78 pc two rings? caught by the 56 Shaving mishap aunt nine-digit nos.
16 National park British 57 Takers of some
Detroit
Honolulu
57 48 r
86 72 pc 86 70 c
56 44 sh
International Paris
Rio de Janeiro
60
74
50 sh
69 sh
60 50 r
74 69 c that’s larger 36 Drives with the overhead shots
Today Tomorrow Previous Puzzle’s Solution
Houston 72 47 s 77 48 s Riyadh 93 72 pc 89 71 pc than five states foot 58 Togo’s capital F O C U S E S R E S E A L S
Indianapolis 59 50 r 56 46 c City Hi Lo W Hi Lo W Rome 69 52 pc 69 55 pc
Kansas City 54 39 r 61 42 s Amsterdam 62 49 pc 58 50 sh San Juan 89 75 s 89 76 s 17 Down with the 37 “La Dolce ___” 59 Satisfied a I R O N H A T
G E O L O G Y
I C A N N O T
C A Y E N N E
Las Vegas 80 60 s 80 61 pc Athens 67 56 c 68 57 sh Seoul 68 49 pc 66 49 c flu, maybe 38 Source of some grumbling L O R E S A R A A G E
tuition E L E C T R I C D A Y B E D
Little Rock 58 48 c 66 45 s Baghdad 87 66 pc 90 70 pc Shanghai 72 58 pc 73 58 s 19 Rolling Stones stomach D O R K Y L AM H U E Y S
Los Angeles 87 58 s 75 57 pc Bangkok 91 78 t 91 78 t Singapore 87 77 t 87 77 c name 39 Puts in the oven 60 Lady of Spain U P S O I L R I G A L E
Miami 86 72 pc 82 65 pc Beijing 68 41 s 69 45 pc Sydney 91 60 s 65 58 c S U S S N O U N
Milwaukee 58 51 c 58 46 pc Berlin 58 44 pc 59 48 pc Taipei City 79 67 pc 79 70 pc Email your answer—in the subject line—to crosswordcontest@wsj.com I R A H U N G O N C AM
s

Minneapolis 56 37 c 57 38 s Brussels 62 51 c 58 51 r Tokyo 65 53 s 65 57 pc O S A K A E A U L I O N S

by 11:59 p.m. Eastern Time Sunday, Oct. 31. A solver selected at random M O N I S T A S S A S S I N
Nashville 57 52 sh 60 49 r Buenos Aires 80 69 s 80 61 s Toronto 54 46 sh 50 44 r
New Orleans 67 55 pc 72 56 s Dubai 93 76 s 92 78 s Vancouver 49 39 s 51 39 s
will win a WSJ mug. Last week’s winner: Bruce Graves, Briarcliff Manor, A L F K E R N WW I I
H A R D S E A S O F T G E E
New York City 57 53 r 62 54 r Dublin 54 44 sh 53 45 sh Warsaw 59 40 pc 60 43 s NY. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. A T O N I N G A L UMN A E
Oklahoma City 64 38 s 68 44 s Edinburgh 54 43 r 53 38 sh Zurich 57 38 pc 55 44 sh Void where prohibited. U.S. residents 18 and over only.) S E M A N A S C E L E S T E
P2JW302000-0-A01200-1--------XA
A12 | Friday, October 29, 2021
The Nets, Lakers Start Slow
Brooklyn and Los Angeles are starry picks but the road to the finals might be rockier than expected
ALONZO ADAMS/USA TODAY SPORTS, TIM NWACHUKWU/GETTY IMAGES
It’s the obvious, glam-
orous, and honestly—
kind of boring pre-
season pick—for this
season’s NBA champi-
onship.
Nets and Lakers. Brooklyn vs.
Los Angeles. Kevin Durant and Le-
Bron James and James Harden and
Kyrie Irving and Anthony Davis
and Russell Westbrook and all that
and more.
Still might happen. Entirely
possible.
But…maybe not?
Look, there’s nothing more an-
noying than a sports blabber-
mouth flying off the handle with a
major proclamation after the first
week of play. There are injuries
and mitigating factors and even a
public-health issue at play. There
are many months for the Nets and
Lakers to get it together before
the truly meaningful hoop happens
in May and June.
And let’s acknowledge a hardly
secretive sports media secret.
Nothing moves the Sports
Schadenfreude needle quite like a
starry, presumed champion bum-
bling out of the gate. It may be
petty, and small-minded, but it’s
true. Sports Schadenfreude is how
the Dallas Cowboys stayed rele-
vant in these recent arid decades
Frustration Mounts Over Washington Football Team Scandal
BY ANDREW BEATON
AFTERSHOCKS from the National
Football League’s investigation into
workplace misconduct at the Wash-
ington Football Team are prompting
some team owners to take the rare
step of questioning the league’s
handling of the investigation.
Although the NFL unveiled its
conclusions from that investigation
back in July, the controversy roared
back to life in the middle of this
season after offensive emails con-
nected to the probe, first reported
by The Wall Street Journal, led to
the resignation of Las Vegas Raid-
ers coach Jon Gruden.
In the weeks since, various par-
ties including Congress and women
who previously worked for the
Washington Football Team, have
amplified the pressure to hold the
franchise and owner Dan Snyder
accountable.
Those tensions were reflected in
the Midtown Manhattan hotel
where the league’s owners met in
person for the first time since the
start of the pandemic. As they met
on Tuesday, two women who for-
merly worked for the Washington
Football Team arrived in the lobby
to drop off letters to the owners
seeking a written report on the in-
vestigation’s findings—something
the NFL has refused to provide.
The next day, Raiders owner
Mark Davis held court in the same
lobby, where he also called for a
written report and blasted the
league’s handling of the issue. “Ask
the NFL: They’ve got all the an-
swers,” Davis said. “We really
don’t.”
In his first extensive remarks on
the issue, Davis criticized the league
for not telling the Raiders about the
offensive Gruden emails even
JASON GAY
(now the Cowboys are actually
good, it seems, go figure).
Still, the Nets and Lakers are
struggling. The NBA season’s first
week—even just Wednesday
night’s play—has shown it isn’t go-
ing to be the easiest road for these
two soap operatic basketball fasci-
nations, both 2-3 and trying to
find their groove.
The Lakers are a jumble. The
2020 bubble champion’s big off-
season move was to land the All-
though the NFL had been in
possession of them for months.
Davis said he learned of them
only after the Journal con-
tacted the team on Thursday,
Oct. 7 before publishing an ar-
ticle the next day. The league
subsequently shared the emails
that led to Gruden’s resigna-
tion the following Monday.
“I believe that if we would
have gotten the information
earlier in the summer when
they learned about it, it would
have been a lot easier for ev-
eryone involved,” Davis said.
The league has so far de-
clined to produce a written re-
port, a decision that commis-
sioner Roger Goodell defended
this week.
“We were very conscious of
making sure we’re protecting
those who came forward,”
Goodell said.
One owner expressed con- Raiders owner Mark Davis criticized the NFL for how the WFT investigation was handled.
cern that the league has been
unable to stymie the problem and
that it should have been handled
better.
“It seems unsatisfying,” said
Jacksonville Jaguars owner Shad
Khan.
That was echoed by another per-
son familiar with the owners’ think-
ing, who said that some are increas-
ingly frustrated that the league is
continuing to absorb criticism while
shielding the details of what hap-
pened within the team.
The public consternation wasn’t
universal, however, with Dallas
Cowboys owner Jerry Jones saying
he approved of the league’s han-
dling of the situation.
The original investigation into
the Washington Football Team be-
gan in 2020 after the Washington
Post reported that 15 women who
SPORTS
Star point guard Russell West-
brook, a trade that had
sentimental warmth (Westbrook is
an L.A. native) but was perplexing
from pretty much every other
standpoint. Westbrook is an elec-
tric, ball-dominant player who his-
torically has shown little evidence
he can step aside in an offense
where he is not the primary op-
tion, and the Lakers are nothing if
not loaded with options.
Unsurprisingly, they’re still feel-
used to work for the team experi-
enced sexual or verbal harassment
while working for the club. Later it
emerged that Snyder had reached
an undisclosed 2009 settlement
with a woman; Snyder has denied
wrongdoing and apologized for the
team’s workplace culture.
The franchise hired attorney
Beth Wilkinson to lead a probe into
the workplace misconduct, an in-
vestigation that was later taken
over by the NFL. The league un-
veiled its conclusions this summer,
saying the workplace environment
was “highly unprofessional,” partic-
ularly for women, and that numer-
ous female employees reported hav-
ing experienced sexual harassment.
The team was fined $10 million.
The NFL chose to receive a series Andrew Cuomo’s alleged miscon-
of oral reports from Wilkinson in-
The Los Angeles Lakers and Russell
Westbrook, above, and the Brooklyn
Nets and James Harden, left, have
2-3 records to start the NBA season.
ing it out. In the Game 1 unveiling,
a loss to Golden State, Westbrook
had 8 points and looked as if he’d
wandered in from the loge section.
James has missed L.A.’s two most
recent games with an ankle injury,
and in the first one, Westbrook
stepped up to be a familiar flurry,
scoring 33 in an overtime victory
over San Antonio.
On Wednesday, however, he
shot 8-of-20 as his original club,
the previously winless Oklahoma
City Thunder, roared back from a
26-point deficit to prevail. To top
it off, Westbrook wound up getting
ejected in the final seconds when
he objected to a ferocious dunk by
OKC’s Darius Bazley.
Again: early. Again: no need to
lose it.
No need to make a big deal
about events like Davis’s pushy
skirmish on the sideline with
teammate Dwight Howard. James
will come back, and Davis is still
Davis, and the Lakers have plenty
of time.
But there’s something so pre-
sumptuously Best Coast Death Star
Lakers about this—that L.A. is just
stead of a written report. Public
written reports were available after Committee on Oversight and Re-
many prior NFL investigations,
leading to criticisms that the league week and said it was launching its
was obfuscating the details about
everything that happened inside the handled the Washington Football
team—and who was involved.
That decision received a pointed
juxtaposition Tuesday when the
NHL’s Chicago Blackhawks released
a 107-page report about the team’s
response to allegations of sexual
misconduct by a former coach,
leading to the resignation of the
club’s general manager.
Lawyers representing former em- chose to receive the findings orally
ployees issued a statement disput-
ing this logic Wednesday, saying
many reports—including the one is-
sued about former New York Gov.
duct—“have shown that it is possi-
THE WALL STREET JOURNAL.
too talented not to triumph, and
that any rotation of James, Davis
and Some Other Guys on the Court
will ultimately be enough to take
the Western Conference.
Is it? Neither James nor Davis is
immune to injury—Davis going
down last spring is what initiated
Phoenix’s Finals ascension, and the
conference has other Laker-track-
ing outfits, like 4-0 Golden State,
Utah, Denver, Dallas and Memphis.
(My boss, a long-suffering Minne-
sota Timberwolves die-hard, would
surely like me to point out the
Timberwolves are 3-1, so let me
just point out…the Timberwolves
are 3-1. Raise the banner.)
In Brooklyn, it’s awkward.
There, the primary issue is the ab-
sence of Kyrie Irving, who is not
permitted to play basketball in
New York City because of the local
vaccination mandate. Irving is un-
vaccinated, and the Nets decided
they would be better off without
him than in some sort of split exis-
tence where he would play games
on the road. Now they have no
Kyrie, and protesters outside their
rusty arena at Flatbush and Atlan-
tic.
It’s an asymmetrical standoff—
not Kyrie versus the Nets, or the
NBA, but Kyrie versus NYC’s pub-
lic-health officials and epidemiolo-
gists. He might be waiting a while.
Last I checked, public-health offi-
cials and epidemiologists do not
play in the Eastern Conference.
Still, the Nets should have more
than enough. There’s Durant, who
is probably the NBA’s top player,
and former MVP Harden, as well
as ex-All Stars like Blake Griffin
and LaMarcus Aldridge and prom-
ising veteran adds like Patty Mills.
Last year’s Durant-led run to Game
7 of the conference semis versus
Milwaukee—without an injured Ir-
ving, and Harden on a bad ham-
string—showed their depth.
Like the Lakers, they’re feeling
it out. The Nets are tweaking rota-
tions, and the offensive effort has
been sludgy, especially for Harden,
who says he is still rehabbing that
hamstring and not at full capacity.
The Bearded One, whose herky-
jerky, step-back style was a mag-
net for drawing shooting fouls, ap-
pears to also be wrestling with the
NBA’s crackdown on such madden-
ing calls.
Meanwhile Irving’s absence
looms. After a 106-93 home loss
Wednesday to Miami, Durant
laughed and acknowledged the re-
ality: “Yeah, we do miss Kyrie. We
do.”
Both the Nets and the Lakers
will preach calm here: These are
savvy, veteran clubs, loaded with
experience and rings, and none of
this matters until the spring, any-
way. Life in the modern NBA is
about protecting player health as
much as possible until the real
games happen, and using the regu-
lar season as a tune-up and test
track.
Time to worry? Not yet. Panic?
Not even close. But the Nets and
Lakers have miles to go before all
those obvious, kind-of-boring pre-
season predictions have a chance
of coming true.
ble to publicly release findings
while omitting, redacting or
anonymizing names when
needed.”
The controversy around the
investigation was re-energized
in recent weeks after the Jour-
nal first reported on an email
in which Gruden described
NFL Players Association chief
DeMaurice Smith with a racial
trope. The NFL said during the
Washington Football Team
probe the league learned of
emails that “raised issues be-
yond the scope of that inves-
tigation.”
The contents inside the
650,000-plus emails the league
looked at, sent to and from
former Washington Football
Team president Bruce Allen,
eventually led to Gruden’s
resignation.
A bigger problem for the
NFL may come from an even
more powerful Washington in-
stitution: Congress. The House
form sent a letter to Goodell last
own investigation into how the NFL
Team investigation.
Rep. Carolyn Maloney, the com-
mittee’s chairwoman, and Rep. Raja
Krishnamoorthi, chairman of the
subcommittee on economic and
consumer policy, asked for docu-
ments and information relating to
ADAM HUNGER/ASSOCIATED PRESS
the probe. They also asked a series
of questions, including why the NFL
instead of via a written report.
The chairs asked for those docu-
ments and answers by Nov. 4.
Goodell, on Tuesday, said the league
looks forward to cooperating with
the inquiry.
P2JW302000-2-A01300-1--------XA
THE WALL STREET JOURNAL.
OPINION
The Left’s Climate Humiliation
President Bi-
den promised
progressives
that his bud-
get bill would
finally deliver
POTOMAC them their
WATCH long-sought
climate stick.
By Kimberley
What they’re
A. Strassel
getting in-
stead is the
same old carrot: corporate
welfare.
Mr. Biden’s newest frame-
work promises $555 billion to
combat climate change. A
White House fact sheet boasts
this is the “largest single in-
vestment” in U.S. history, and
the Beltway press is dutifully
propagating that message.
They were expecting
mandates, but they’ll
have to settle for more
corporate welfare.
Outlets assured that this “mas-
sive” new spending on green-
energy subsidies would give
the president credibility as he
arrives at next week’s climate
summit in Glasgow.
In fact, the climate deal is a
humiliating loss for both the
president and congressional
progressives—as further-left
media organizations acknowl-
edged over the past week.
“The Centerpiece of Biden’s
Climate Agenda Is All But
Dead,” Mother Jones railed.
“Progressive lawmakers seem
resigned to losing their clean
energy program,” Jacobin
complained. “Biden’s Incredi-
ble Shrinking Climate Plan,”
the New Republic groused.
Several activists from the
Sunrise Movement, an origi-
nator of the Green New Deal,
are staging a hunger strike
outside the White House.
Climate warriors have in-
My Gentile Father’s Jewish Legacy
HOUSES OF Lathrup Vil- of art. The first was made of A mezuza traveled into the with a familiar quip: Two
WORSHIP lage, Mich. white rounded ceramic with a heavens when astronaut Jef- Jews, three opinions. He also
By John J. When my fa-
Miller ther died in
May, he left
behind a scene of a village by a river.
house filled with stuff accu-
mulated from nearly nine de-
cades of living—furniture,
tools, photographs, an old
briefcase, my late mother’s
wedding dress and more. He
had in fact done a good job
of paring down his posses-
sions, but it still took much
of the summer to disperse
what remained.
Among the last items to go
were three mezuzas, small ob-
long cases containing a parch-
ment with passages from the
Torah. They came with the
house—nailed to the frames
of the front door, the back
door and the garage door—
when my dad bought it three
years ago from the estate of a
Jewish woman. She was main-
taining a traditional Jewish
practice, fulfilling the
commandment of Deuteron-
omy 6:9: “Write them on the
doorposts of your houses and
on your gates.”
I first noticed the mezuzas
when helping my dad move
in. We’re not Jewish, and nei-
ther of us knew much about
mezuzas beyond that some
Jews affix them to doorways
as Catholics hang crucifixes
on walls.
Each case was a little work
Drilling in Yellowstone Could Save America
By Jacob R. Borden
I
t’s not often that nature
provides a win-win for it
and humanity, but the
caldera system under Yellow-
stone National Park is cer-
tainly one. If harnessed, it
could power much of America
for generations. Ignoring it
means a guaranteed eruption
and the destruction of a
great portion of the U.S. and
Canada.
In 2017 scientists at NASA’s
Jet Propulsion Laboratory
evaluated the caldera’s energy
flows as well as the potential
damage and probability of a
super-volcanic eruption, which
has happened at Yellowstone
three times previously. The
last such eruption was 631,000
years ago; the one before that
was 669,000 years prior. It’s
not a matter of if it’ll erupt
but when. The JPL found that
the devastation of such an
* *
sisted for decades that the
subsidies the U.S. uses to coax
companies toward green en-
ergy, and consumers toward
energy-efficient products,
aren’t enough. The only way
to reduce U.S. carbon emis-
sions sufficiently, they say, is
via a federal enforcement
mechanism—a program that
imposes mandates or pricing
policies that require carbon
cuts.
They’ve labored for decades
to get one. Sens. John McCain
and Joe Lieberman introduced
“cap and trade” climate legis-
lation in 2003. A similar bill
passed the House in 2009 (and
helped Nancy Pelosi lose her
majority the following year).
Democrats have since then in-
troduced all manner of climate
legislation, with provisions
ranging from clean-energy
standards to carbon pricing
and taxes. It all went nowhere,
as Republicans and centrist
Democrats alike understood
their potential to jack up
prices, undermine the reliabil-
ity of the electricity supply,
and destroy U.S. jobs and en-
ergy competitiveness.
The Biden presidency was
supposed to be the climate
crowd’s opportunity. The origi-
nal climate portion of the rec-
onciliation package was built
around the Clean Electricity
Performance Program, which
would require utilities to buy
floral pattern. The second was
a flat ceramic colored in pur-
ple and blue that showed a
The third was gold-colored
metal with a heraldic lion.
They all bore the Hebrew let-
ter shin, which looks roughly
like a W. It stands for “Shad-
dai,” a name of God.
When I asked my dad what
he planned to do with the
mezuzas, he said he was
thinking about taking them
down. I wondered about this.
Would removing them be an
act of disrespect to the faith
that is the forerunner of my
own? Would keeping them up
in a non-Jewish home be its
own kind of desecration? I
urged him to let me do a little
research.
As I studied, I came to ap-
preciate the long history of
mezuzas as well as the com-
plexity that surrounds their
use. Trained scribes write the
prayer that goes on the
parchment. Rules govern their
display: A case should go on
the right side of a doorway as
you enter, at about shoulder
height. Some believers posi-
tion them vertically (the Se-
phardic way) and some slant
them (Ashkenazi). Many peo-
ple touch them as they pass
and kiss their fingers. Others
considered this unhygienic
even before the pandemic.
eruption would exceed that of
an asteroid 1½ miles wide
crashing to Earth.
In 2014 the U.S. Geological
Survey modeled the likely ash
distribution from a Yellow-
stone super-eruption. They
found that the ash radius
would reach New York, with
as much as 3½ inches of ash
A plan for generating
carbon-free energy
and staving off a
caldera explosion.
falling as far east as Lincoln,
Neb. Cropland across the U.S.
and Canada would be de-
stroyed, and the release into
the atmosphere of sulfate
aerosols would create a
global “volcanic winter” last-
ing generations.
or generate a certain additional
amount of renewable energy
every year. Companies would
get federal payments if they hit
the mark and face steep fines if
they didn’t. Natural gas
wouldn’t count as “clean.”
Democratic leaders explained
again and again this enforce-
ment mechanism was neces-
sary, the primary way Mr. Bi-
den would achieve his promise
of reducing U.S. carbon emis-
sions 50% by 2030.
Some Democrats—including
Sen. Joe Manchin of West Vir-
ginia and several Texas repre-
sentatives—said no to CEPP,
and they meant it. Activists
tried cajoling them with prom-
ises to make the program
friendlier to coal-and gas-pro-
ducing states, but they failed.
Progressives then suggested a
carbon tax. No dice. They
turned to other enforcement re-
placements, including a border-
adjustment tax (a fee on car-
bon-intensive imports), a
methane fee, and a tax on in-
dustrial pollution. The White
House briefing sheet on this
week’s framework made no
mention of these changes.
What it does include is a
boatload of pork for corporate
America. In an effort to claim
climate victory, the White
House ramped up its top-line
number for climate tax credits
and subsidies. The bill is now
an even bigger pig trough for
frey Hoffman attached one
beside the window of a space
shuttle, but on Earth they’ve
been caught in controversies
involving religious freedom
and property rights. In sev-
eral cities, Jewish condomin-
ium owners have posted them
next to hallway doors, only to
be told by management asso-
ciations that this violates
He left behind three
mezuzas when he
died, and I set out
to honor them.
rules against clutter. Judges
have come down on both
sides of these disputes, and
several states have passed
legislation that explicitly per-
mits the displaying of mezu-
zas. More than a decade ago
Rep. Jerry Nadler (D., N.Y.)
proposed a federal law, but
his bill never came up for a
vote.
All of this was interesting
but didn’t solve our mezuza
problem. Around the time of
my puzzlement, serendipi-
tously, I was swapping emails
about a different matter with
Rabbi Daniel Ross Goodman. I
asked for advice. He consulted Dow Journalism Program at
colleagues and came back Hillsdale College.
Fortunately, the JPL also
points to a potential solu-
tion—horizontal drilling for
geothermal energy extrac-
tion—that would siphon off
excess energy, producing
enough electricity to power as
many as 20 million homes for
a few thousand years at only
10 cents a kilowatt-hour.
That’s less than Texans paid
for electricity in 2019. Consid-
ering that the energy in the
Yellowstone caldera is carbon-
free, you have to wonder why
we aren’t already doing it.
The reason is the Geother-
mal Steam Act of 1970. The
law was meant to spur the use
of geothermal resources for
energy production, but it cate-
gorically excluded national
parks from development. The
technology available at the
time would have destroyed
parks’ ecosystems. But geo-
thermal methods have im-
proved over the last 50 years.
any business, big or small,
that claims even tenuous in-
volvement in producing solar
or wind power or electric ve-
hicles. The White House brags
that money will even go to
companies that aren’t in the
renewable sector, via “grants,
loans, tax credits and procure-
ment” for “existing industries
like steel, cement and alumi-
ISTOCK/GETTY IMAGES
num” to help them with “de-
carbonization.” Progressives
want to tax billionaires like
Elon Musk. This bill would
make them richer.
The White House claims
that its souped-up subsidies
will largely make up for the
loss of enforcement mecha-
nisms. They won’t, though
they stand to do real damage
to energy reliability and the
economy. It also promises
progressives a raft of execu-
tive actions and agency regu-
lations that will force compa-
nies into carbon compliance.
At least some congressional
Democrats are playing along,
proclaiming the framework a
climate victory.
But behind closed doors
they are unconvinced—and
steaming. They know the huge
risks of attempting to impose
any enforcement mechanisms
by executive fiat. President
Obama tried the same thing
with his Clean Power Plan,
only to get blocked by the Su-
preme Court. Thanks to Donald
Trump’s judicial makeover, ap-
pellate courts will look skepti-
cally on White House attempts
to pre-empt Congress.
All this explains why pro-
gressives like Sen. Bernie
Sanders aren’t yet signing on
to the framework. The ques-
tion is whether climate will
prove a deal breaker. Progres-
sives have said repeatedly
they’d never agree to a bill
that didn’t give them their cli-
mate demands, and they got
rolled. We’ll now see if they
meant it.
Write to kim@wsj.com.
said that he thought there
was nothing wrong with keep-
ing mezuzas in a gentile
house, provided they are
treated with honor. He added
that doing so could serve as a
sign of the mutual respect
that many Christians and
Jews have tried to show
lately. “I’m frankly very
moved by this gesture if you
wish to do so,” he wrote.
I explained all of this to my
father. He said he would keep
the mezuzas, “at least for
now.” Whenever I visited him,
I checked on them. For the
last three years of his life,
they stayed up.
Before the house went on
the market, I worried about
what a new owner might do. I
consulted again with Rabbi
Goodman. He repeated some-
thing he had said in our ear-
lier exchange: If you remove
them, take them to a syna-
gogue. That’s what I did.
When I dropped them off, I
learned that either they
would go to a family that
wanted them or their parch-
ments would be buried in a
Jewish cemetery—and I was
pleased to know that after
leaving my dad’s house, they
would still have a good home.
Mr. Miller is director of the
Horizontal drilling in particu-
lar can be used to reach en-
ergy sources miles from where
a well is bored into the earth,
almost completely eliminating
the ground-level impact di-
rectly above geothermal re-
sources.
A volcanic winter would
create global mass starvation
and the effect on America of
Yellowstone’s caldera erupting
would be far worse. For the
sake of everyone, Congress
should amend the Geothermal
Steam Act to allow the re-
sponsible extraction of energy
from national parks. It may be
the best way to make sure Yel-
lowstone survives.
Mr. Borden is an associate
professor of chemical and bio-
process engineering at Trine
University in Angola, Ind., and
was formerly a principal engi-
neer for BP’s alternative en-
ergy unit.
Friday, October 29, 2021 | A13
BOOKSHELF | By David Papineau
The Agony
And the Ecstasy
Games People Played
By Wray Vamplew
(Reaktion, 454 pages, $27.50)
S
ports would count for nothing without history.
Tradition is the only thing that raises athletics above
idle pastime. Tiger Woods may be good at hitting a
tiny ball into a little hole, but his significance to the game
is measured by the long line of golfing heroes before him,
stretching back past Jack Nicklaus and Arnold Palmer,
through Walter Hagen and Bobby Jones, all the way to
Young and Old Tom Morris in Scotland in the late 19th
century. In boxing, we not only have the official title holder,
but also the lineal champion—the man who beat the man
who beat the man, going back to the first undisputed
conquerors of the sport. The point applies across the board.
The achievements of today’s star athletes are given
meaning by our memories of their predecessors.
The present-day sport that claims one of the longest
histories is sumo wrestling, as Wray Vamplew tells us in
“Games People Played,” his comprehensive history of sports
across the world. Some records suggest sumo contests were
held as far back as 2,000 years ago; it was certainly a
major part of Japanese culture by the ninth century. Of
course, the Olympic Games
are even older, but they
have a gap in their story.
First held in ancient Greece
in 776 B.C., the Olympics
continued every quadrennial
for more than a millennium.
But the Roman emperor
Theodosius I closed them
down around A.D. 394, and
it was not until 1896 that
the modern version of the
games was revived in Athens.
The way the modern games
were explicitly modeled on
the ancient ones itself testifies
to the power of tradition.
Without that background, a
new international tournament of track and field and other
assorted events wouldn’t have had the same resonance.
Perhaps it is unsurprising, given this need for history,
that sporting traditions sometimes enter the realm of
fabulation. Every four years the rugby-playing world
competes for its world cup, the Webb Ellis trophy. The
award is named after the schoolboy in Rugby, England,
who is said to have first picked up the ball during a
game of soccer in 1823 and so invented a new game.
But, as Mr. Vamplew explains, the story is entirely bogus,
with not a shred of evidence beyond some vague claims
made by an old man 50 years later. Mr. Vamplew gives
similarly short shrift to the idea that the Hall of Fame
in Cooperstown, N.Y., marks the locale where Abner
Doubleday invented baseball in 1839.
Sporting authorities often face a difficult balancing
act when contemporary demands pull against traditional
practices. Their natural tendency is to resist, but this can
often spill over into irrational rigidity. The formats of
baseball and golf have scarcely changed in more than a
century, but the strength of modern players and advances
in technology increasingly favor power over skill. Perhaps
these games could learn from sports that have bent to
the demands of the present. Cricket authorities have
introduced shorter forms of the game alongside the
traditional multiday contests, and in November billions
of viewers will watch the world’s cricket-playing nations
contest the Twenty20 World Cup in matches that last a
mere three hours. Even the world of Japanese sumo has
adapted to globalization and come to accept the influx
of Hawaiians, Mongolians and East Europeans who now
dominate the sport.
For many people, sports go far beyond mere
fun and enjoyment. The results can be a source
of both deep pride and utter disappointment.
Mr. Vamplew, a professor emeritus of sports history at
the University of Stirling in Scotland, is the author of many
books, including “How the Game Was Played,” and was a
co-editor of the six-volume “Cultural History of Sport.”
“Games People Played” is the culmination of a life spent
working on the history of sports, and it ranges far and
wide. But sporting enthusiasts might feel there is some-
thing missing at its heart. There are few descriptions of
sporting events as such. The book says far more about
the surroundings of sports than the achievements of the
athletes themselves. Mr. Vamplew is happy to allow, as he
tells us on the first page, that sports can be a source “of
personal fun and enjoyment.” But the task of good sports
history, he explains, is to place sporting activity “in a
wider social, political, economic or cultural environment.”
By these lights, Mr. Vamplew is as informative and
comprehensive as one could want. But the result can
sometimes seem odd, like a book on art history that is
excellent about the social standing of the artists and the
cost of their materials, but tells you nothing about the
paintings.
Perhaps part of the problem is Mr. Vamplew’s underlying
attitude toward sporting activities. He says little about
their intrinsic worth, beyond the possibility that they can
be “personal fun.” To my mind, this radically undervalues
the significance of sporting achievements. It is not an
accident that lasting traditions have formed around all
mainstream sports. For many people, sports go far beyond
passing fun and enjoyment: They provide an arena in
which humans can display unnatural levels of physical skill
and mental resolve, and the results can be a source of both
deep pride and utter disappointment. When Tiger Woods
gritted his way round Torrey Pines on a fractured leg to
win the 2008 U.S. Open, it was magnificent, but it certainly
didn’t look like fun. Still, I suspect that most of Mr.
Vamplew’s readers won’t need him to explain why sports
are important, and beyond that he remains an outstanding
guide to their role in history.
Mr. Papineau is a professor of philosophy at King’s College
London and the City University of New York. He is the author
of “Knowing the Score.”
Coming in BOOKS this weekend
George III, the last king of America • The young H.G. Wells
• Life and death in vice-ridden Karachi • Orwell’s roses •
David Copperfield’s history of magic • Barton Swaim on
our cities and their leaders • Sam Sacks on fiction • & more
P2JW302000-0-A01400-1--------XA

A14 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Jerry-Rigged Budget ‘Framework’ The Mexican Government Replies to O’Grady

N
othing like an artificial political dead- They also claim $400 billion in revenues Like others before her, Mary Anas- so in close collaboration. Our nations’
line to concentrate the warring liberal from $80 billion in IRS “investments”—a 66% tasia O’Grady believes there will be a energy planning is done in accor-
conflict between Mexico and the U.S. dance with the security needs and en-
minds. Before departing Thursday for budget increase—including to hire more audi-
over the constitutional reform bill on ergy balance of each country.
next week’s climate gabfest, tors to harass taxpayers. CBO
President Biden declared he The $1.75 trillion cost is has estimated this would
electricity that President Andrés Ma- NORMA ROCÍO NAHLE GARCÍA
nuel López Obrador has put forward Secretary of Energy of Mexico
has sealed an agreement with phony, but the social and only yield $200 billion in rev- (“Mexico Moves to Seize American Mexico City
Democrats in Congress on a enue for a net $120 billion. Assets,” Americas, Oct. 18). Nothing
“framework” for a spending fiscal damage are real. The $1.85 trillion in tax could be further from the truth: Mex- Ask Talos Energy, an independent
bill that he declares will increases include a 15% ico’s relationship with the U.S. is an Houston oil company, about the con-
make a “fundamental change minimum tax on book in- excellent one at this time. We are up- tinuing attempt by Mexican authori-
in America.” come of large corporations, which will be- dating our mechanisms of coopera- ties to achieve the regulatory expro-
He’s right about that last bit, but the blue- come Swiss cheese after Democrats add tion in various areas to reflect the priation of its Zama reservoir, the
print the White House released is more frame carve-outs for progressive interests. Corpo- enormous complexity of the relations largest oil discovery in Mexico in a
between our two countries, as both generation. Talos announced the dis-
than work. The jerry-rigged plan is an enor- rations will also be taxed 1% on stock buy-
partners and neighbors. covery in July 2017, but four years
mous expansion of government with quarter- backs (which is another way of taxing The electricity reform bill now be- later the Energy Ministry designated
baked entitlement programs that will retard shareholder dividends). Instead of buying ing debated in Congress seeks to sat- Petróleos Mexicanos (Pemex) as the
work and $1.85 trillion in tax increases that back their shares, companies may hold more isfy the basic supply needs of all Mex- operator of the reservoir despite the
will distort and limit investment. The $1.75 earnings in cash or channel them into un- icans. Therefore, the bill reserves 54% absence of any down-hole evidence
trillion cost that Democrats have assigned productive investments. of the market for the Federal Electric- that Pemex is entitled to any share
their bill is an illusion. They use phony ac- Despite its anti-corporate advertising, the ity Commission, with the private sec- of it. Talos remains hopeful, despite
counting to finance a few years of new spend- bill represents the biggest expansion of cor- tor able to operate in the other 46%. the lack of public support by Team
ing with 10 years of tax increases. porate welfare in history. Much of the $555 Contrary to the column’s headline, Biden and the American Petroleum
For example, the plan extends the $3,600 billion for climate spending will go to busi- the bill provides for the participation Institute.
of private companies in the sector, AMLO, the Mexican president, also
child tax credit for one year at a cost of $110 bil- nesses for investing in renewables, nuclear,
and active contracts will be reviewed seeks to acquire the Deer Park refin-
lion. But Democrats will inevitably extend the hydrogen, carbon capture, electric vehicles, in accordance with the law. ery near Houston. He wants to buy
credit next year. If Republicans oppose this or batteries and transmission lines. This is on Further, and again contrary to the Shell’s controlling interest, never
try to scale the credit back, they will be attacked top of tens of billions in green-energy hand- columnist’s assertions, it is precisely mind that Pemex is an unqualified
for raising taxes on middle-class families. The outs in the Senate infrastructure bill. the dispute-settlement mechanisms buyer. I write “unqualified” because
true 10-year cost is about $1.1 trillion. And don’t believe Mr. Biden’s malarkey that contained in the United States-Mex- Pemex has not yet made any institu-
The agreement drops the House’s proposed taxes won’t go up for non-millionaires. Small ico-Canada Agreement that would tional preparation for assuming oper-
Medicare vision and dental expansion. But it business owners will get slammed by a 3.8% channel any disagreements arising atorship of the Deer Park refinery. In
preserves a new hearing benefit, which the Medicare surcharge on active-investment in- from the reform. The treaty includes the Pemex business plan for 2021-25,
White House claims will cost a mere $34 bil- come. A 5% surtax on income over $10 million procedures for private investors to Deer Park is not mentioned once.
lion and start in 2024. The annual cost of the and 8% above $25 million will hit the ephem- dispute what they consider to be a vi- AMLO believes that additional re-
olation and, if the decision is in their finery capacity owned by Pemex
hearing benefit once fully phased-in is some eral rich who experience a windfall, say, after
favor, to receive remediation. This equates to greater energy security for
$16 billion. Congress will invariably make it cashing in stock compensation after decades does not imply a risk: Legal certainty Mexico. Shell thinks that selling the
permanent. True cost: $160 billion. of work. is essential for economic prosperity refinery will make the oil company
Democrats also plan to extend ObamaCare These surtaxes will raise the top marginal and the USMCA offers a clear path look greener in the eyes of Dutch reg-
subsidies through 2025 for higher earners and personal income tax rate to 45% or so and for settling any controversy with any ulators. This folly should be stopped
broaden them to low-income folks in states that around 60% in New York and California, which company. by the Committee on Foreign Invest-
rejected the Medicaid expansion. The White would be higher than in European welfare For many years, our countries have ment in the U.S., chaired by Treasury
House says this will cost $130 billion, but the states. The top rate in the U.K. is 45%, Italy exchanged electricity along our bor- Secretary Janet Yellen.
Congressional Budget Office has estimated that 47.2%, Germany 47.5% and France is 55.4%. der while respecting each other’s reg- GEORGE BAKER
providing coverage to these folks would cost Congrats, Mr. President, you’ve won the tax ulations, and we will continue to do Houston
north of $500 billion over a decade. race to the top.
These programs are merely illustrative of i i i
how Democrats are desperately trying to The best we can say about this exercise is
squeeze a menagerie of spending into their that it could have been worse. Sens. Kyrsten Unions Know to Strike While the Iron Is Hot
negotiated $1.75 trillion top-line cost, with the Sinema and Joe Manchin managed to purge Regarding “Big Labor and the Sup- trying to get home, 200,000 railroad
real cost likely to be closer to $4 trillion. drug price controls, some tax-rate increases, ply Shortage” (Review & Outlook, Oct. workers went on strike. Labor unions
At the same time Democrats are inflating and a renewable energy enforcement measure. 18): James P. Hoffa of the International saw opportunity.
the revenue estimates to pay for it. They claim Those excisions have progressives upset, and Brotherhood of Teamsters sees “op- In 1950 President Harry Truman
$145 billion in phantom savings from repeal- there’s still a chance all of this collapses when portunity” in “a new militancy” among had to seize the railroads because of
ing a controversial Trump Medicare drug re- the fine print arrives. It would be far better union members. Militancy is what an impending strike during the Ko-
bate rule that was unlikely to take effect. for the country if it does. unions have always done in times of rean War. In 1959 the United Steel-
opportunity; the American trade-union workers went on strike and help
movement has a long history of put- bring about a recession. In 1970

More Russian Energy Bullying ting its knee on the neck of commence
when such opportunity appears.
200,000 postal workers went on
strike. In 1981 the Professional Air

V
ladimir Putin can smell weakness like a
wolf, and these days he’s preying on Eu-
rope’s energy emergency to increase his
influence at the European Union’s periphery. Con-
sider Moscow’s pressure on Moldova.
The small country’s gas contract with Rus-
sia’s state-owned Gazprom expired in Septem-
ber. Moscow, which had provided 100% of the
country’s gas, promptly cut supplies by a third.
Gazprom then asked for a major price hike to
keep the gas coming, and Moldova eventually
declared a state of emergency.
Mr. Putin says the idea of Russia weaponiz-
ing the European energy crisis is “complete
rubbish.” Yet the Financial Times reports that
in exchange for cheaper gas, “Gazprom has pro-
posed that Moldova adjust its free trade deal
The Facts on Trump’s Fraud Letter
with the EU and delay energy market reforms
agreed with Brussels.” Moscow wants to keep
its monopoly on gas while coercing Moldova to
sign up for its Eurasian Economic Union.
Europe should retaliate against this Russian
bullying, but the Continent is consumed by its
own energy problems. Germany has spent years
pushing for deeper European dependence on
Russian gas through the Nord Stream 2 pipe-
line, a project President Biden conceded to. Re-
ducing nuclear power as European economies
invest heavily in unreliable solar and wind proj-
ects has made the problem worse.
Much of the former Soviet Union is turning
toward the West, but Western Europe’s strate-
gic incompetence, with White House assistance,
is making that harder.
In 1942 the CIO’s John L. Lewis
took the opportunity to take 400,000
coal miners out on strike—in what
was one of the coldest winters of the
century, despite organized labor’s no-
strike pledge during the war. In 1943
there were 13.5 million lost produc-
tion work days due to strikes and in
1944 there were 4,950 illegal wildcat
strikes. In 1946, with millions of GIs
A Statutory Path for the Global Tax Treaty
Your editorial “Dodging the Consti-
tution for a Global Tax” (Oct. 23) is
mistaken in arguing that approval of
the new Organization for Economic
Cooperation and Development tax
treaty by statute constitutes an “end-
run around the Constitution.” Using a
statute to approve and implement this
treaty is hardly a “legislative ploy,”
Traffic Controllers Organization went
on strike and shut down the nation’s
airline industry.
“Opportunity” sometimes comes
with risk—and consequences. Now,
we have the supply-chain and Covid-
vaccine-mandate opportunity. More
to come, I’m sure.
MICHAEL BENNETT
Gulf Breeze, Fla.
treaty obligations is not “dodging
proper constitutional procedure” be-
cause the Constitution grants Con-
gress authority to pass laws “to regu-
late Commerce with foreign Nations.”
Further, employing the congressio-
nal-executive agreement to sign on to
and implement a new tax treaty hews
to the procedural requirement in the

T
he progressive parsons of the press are
aflutter that we published a letter to the
editor Thursday from former President
Trump, objecting to our editorial pointing out
that he lost Pennsylvania last year by 80,555
votes. We trust our readers to make up their own
minds about his statement. And we think it’s
news when an ex-President who may run in 2024
wrote what he did, even if (or perhaps especially
if) his claims are bananas.
Mr. Trump’s letter is his familiar barrage,
with 20 bullet points about alleged irregularities
that he says prove “the election was rigged.” It’s
difficult to respond to everything, and the asym-
metry is part of the former President’s strategy.
He tosses off enough unsourced numbers in 30
seconds to keep a fact-checker busy for 30 days.
When one claim is refuted, Mr. Trump is back
with two more.
To highlight a few, he objects to the way the
Pennsylvania Supreme Court rewrote the dead-
line for mail ballots. We do too. But he insinuates
that the presidential results include thousands
of tardy votes, and “none of these should have
been counted.” They weren’t, per a directive by
Justice Samuel Alito. “Those ballots were segre-
gated as the court ordered,” says a spokeswoman
for the Pennsylvania Department of State. “They
are not included in the vote totals.”
Mr. Trump says that “25,000 ballots were re-
quested from nursing homes at the exact same
time.” His citation for this—no kidding—is a
Nov. 9 cable-TV hit by Sen. Lindsey Graham. Mr.
Trump is alleging 25,000 fake votes in Pennsyl-
vania, based on a stray remark by someone from
South Carolina. Breaking news: A politician on
TV repeated a rumor. We emailed to follow up,
and Mr. Graham’s office tells us this was “an alle-
gation, one of many others,” but it now “can be
laid to rest.”
Some of Mr. Trump’s figures appear to come
from amateur spelunking into voter data. Caveat
emptor when this is done by motivated partisans
unfamiliar with election systems. The “audit”
team in Arizona asserted that Maricopa County
received 74,000 more mail votes than were sent
out. This was debunked as a misunderstanding
of the files.
Mr. Trump says Attorney General Bill Barr
“ordered U.S. Attorney Bill McSwain to stand
down and not investigate” the election. Mr. Mc-
Swain claims as much. Yet Mr. Barr, who’s no lib-
eral patsy, has said it’s “false,” and Mr. McSwain
is running for Governor. Mr. Barr said Mr. Mc-
Swain “told me that he had to do this because
he was under pressure from Trump.” We believe
Mr. Barr.
This is how it goes for election truthers. First
the allegation was ballots marked with Sharpies,
then voting machines tied to Venezuela, then
more votes than voters. Now Mr. Trump appar-
ently thinks his own Attorney General did an in-
side job. Electoral fraud does happen: A Pennsyl-
vania man received five years of probation this
spring after voting for Mr. Trump on behalf of
his dead mother. The price of liberty, as they say,
is vigilance. But the evidence doesn’t show any-
thing real that could dent Pennsylvania’s 80,555-
vote margin.
Even if it did, Mr. Trump would be two states
short of victory. Georgia’s ballots were counted
three times and a signature check done. The Ari-
zona audit was a dud. A Michigan inquiry led by
a GOP lawmaker ended up keelhauling “willful
ignorance” and grifters who use misinformation
“to raise money or publicity.” Mr. Trump’s law-
yers who made baseless claims have been sued
for defamation—twice. They’ve been sanctioned
by a federal judge. Does Mr. Trump imagine a
conspiracy so deep that practically everybody
is in on it?
Mr. Trump is making these claims elsewhere,
so we hardly did him a special favor by letting
him respond to our editorial. We offer the same
courtesy to others we criticize, even when they
make claims we think are false.
As for the media clerics, their attempts to
censor Mr. Trump have done nothing to diminish
his popularity. Our advice would be to examine
their own standards after they fell so easily for
false Russian collusion claims. They’d have more
credibility in refuting Mr. Trump’s.
and the statutory method would not Constitution that “all Bills for raising
be questionable in other countries as Revenue shall originate in the House
to whether it is a “proper treaty.” of Representatives.”
After all, the global trade treaty, PROF. STEVE CHARNOVITZ
the World Trade Organization, was George Washington University
approved by Congress in 1994 using Washington
only a statute. A statutory path for
undertaking U.S. multilateral tax
No One Can Accuse Bernie
Online Services May Work Of Not Exercising Influence
For You, but How About God? Regarding William McGurn’s “Ber-
nie Sanders Is a Bad Salesman” (Main
People ask: “What do I get out of Street, Oct. 19): Sen. Sanders is dis-
church?” They conclude: “I can get tinctly charismatic, in his supporters’
that at home.” But they forget: “To view. His effect on Hillary Clinton’s
God be the glory” (“Are Internet Ser- candidacy handed the presidency to
vices as Good as Church?” by Paul Donald Trump. Four years later his
Glader and John Semakula, Houses of momentum scared Democrats into an
Worship, Oct. 22). abrupt pivot toward Joe Biden. The
They forget the glorifying reality senator has made quite an impact
of voices raised collectively in prayer, and apparently gained influence with
and in worship, and in song to our the Biden administration. Communi-
lord and savior. You can’t do that on- cating with West Virginians may be
line. It’s not only about what we can more about promoting the senator
get out of it, but what we can give to than influencing the state’s residents.
the one who loved us and gave him- EDWARD ABAHOONIE
self for us. Sparkill, N.Y.
TIM WIESNER
Wichita, Kan.
Pepper ...
I played 11 years of football and I
like watching it on TV. But I certainly
And Salt
never confuse the two experiences. THE WALL STREET JOURNAL
One was real, the other readily avail-
able and pleasurable.
During the pandemic absences
from Divine Service in person, I pre-
ferred doing the Office of Morning
Prayer at home with my wife. That at
least was real. Christians believe in a
God “deep in the flesh.”
RAYMOND J. BROWN
Londonderry, N.H.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “I’m binge ignoring everything
be acknowledged.
you’re binge watching.”
P2JW302000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
Net Zero By 2050? Don’t Plan on It
By Tom Switzer
A
s leaders prepare to
gather in Glasgow for the
United Nations climate-
change conference, you
may think the world has
agreed to reduce and eventually
eliminate its dependency on fossil
fuels, stepping up its reliance on re-
newable energy. Even Australia’s
Prime Minister Scott Morrison, who
won an election opposing costly cli-
mate policies, now proudly embraces
net-zero emissions by 2050.
But the timeline for the transfor-
mation is entirely unrealistic. The
politicians who make promises
about how energy will be delivered
within three decades can be fairly
certain that they will be merely
footnotes in history. British Prime
Minister Boris Johnson claims that
all cars sold in Britain will be elec-
tric by 2030. But he doesn’t ac-
knowledge that on current trend
there won’t be enough electricity to
power all of these cars.
Climate enthusiasts admit that
achieving net-zero emissions by
2050 presents some difficulties. But
they quickly shift to talking up the
exciting technological challenge, be-
cause, according to Australia’s iron-
ore billionaire Andrew Forrest,
“there are tens of billions of dollars
around the world looking to invest
in renewables” and eventually in in-
dustries such as hydrogen. Activists
also suggest that dissent is an af-
front to international opinion.
Yet as the West strives to cut
emissions, the developing world
doesn’t, particularly India and
China, the two most populated coun-
tries on the planet. Global energy
consumption is expected to increase
50% by 2050, a rise fueled mostly by
developing countries that want en-
ergy not to spite the planet or to of-
fend international opinion, but to
raise living standards as best they
can.
Fed Tapering Won’t Beat Inflation
By Alexander William Salter
I
nflation is higher than it has
been in a decade, and house-
holds and businesses are fret-
ting over their diminished purchas-
ing power. Monetary-policy makers
insist price hikes are transitory, but
there is pressure on the Federal Re-
serve to begin tapering. Many ex-
pect the Fed will reduce bond pur-
chases by $15 billion a month
starting in November.
Monetary-policy normalization is
a good thing, and we should be ea-
ger for the Fed to revert to pre-
Covid operations. But tapering isn’t
a panacea for surging prices, be-
cause widespread supply-chain
problems, which are out of the cen-
tral bank’s control, are contributing
to price increases.
Normally, inflation is caused by
loose money. When the Fed buys as-
sets, the money supply rises, put-
ting upward pressure on prices. But
a growing Fed balance sheet isn’t
enough to cause inflation. For
prices to rise, the money supply
must grow faster than money de-
mand. When this happens, money
becomes less valuable and the price
level rises.
The Obsolete Science Behind Roe v. Wade
By Grazie Pozo Christie
T
he Supreme Court will soon
reconsider the decision in Roe
v. Wade (1973), which made
abortion legal in America through all
nine months of pregnancy. At that
“point in the development of man’s
knowledge,” as Justice Harry Black-
mun put it in Roe, there was simply
no consensus about when life be-
gins. In other words, the fetus could
not be said with any certainty to be
alive and therefore wasn’t worthy of
legal protection.
As a diagnostic radiologist—
whose youngest patients are fetuses,
who are very much alive—I submit-
ted a friend-of-the-court brief in
Dobbs v. Jackson Women’s Health
Organization urging the justices to
rethink Roe, a case premised on a
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Neal Lipschutz Karen Miller Pensiero
Deputy Editor in Chief Managing Editor
Jason Anders, Chief News Editor
Thorold Barker, Europe; Elena Cherney, Coverage;
Andrew Dowell, Asia; Anthony Galloway, Video &
Audio; Brent Jones, Culture, Training & Outreach;
Alex Martin, Print & Writing; Michael W. Miller,
Features & Weekend; Emma Moody, Standards;
Shazna Nessa, Visuals; Matthew Rose,
Enterprise; Michael Siconolfi, Investigations
Paul A. Gigot
Editor of the Editorial Page
Daniel Henninger, Deputy Editor, Editorial Page;
Gerard Baker, Editor at Large
For decades the developed world
has implored these countries to
trade with the West and not simply
rely on handouts from richer coun-
tries. In many cases, these rising
countries can trade thanks to manu-
facturing processes and energy
sources no longer considered ac-
ceptable in polite Western society,
namely coal.
Politicians promise an
unrealistic transformation
that would deny poor
countries a chance to grow.
The West would do well to re-
member that it became prosperous
through industrialization, a process
that relied heavily on fossil fuels.
When Britain led the industrial revo-
lution in the late 18th and early 19th
centuries, it did so entirely on the
But in extraordinary circum-
stances, nonmonetary factors can
cause inflation. The maxim that in-
flation results from too much
money chasing too few goods
means there are two possible
sources: too much purchasing
power or too few things to pur-
chase. Right now, the latter is the
concern. Major transportation prob-
Supply issues are mostly
to blame for rising prices.
Deregulation is a crucial
part of the remedy.
lems and a dearth of crucial inputs
like semiconductors have wrenched
the economy’s gears. This makes
production and distribution harder.
The result is obvious: Goods have
gotten more expensive.
The right response depends on
policy makers’ identifying the real
cause of inflation. Fed tapering is
appropriate if easy money is the
cause. But that isn’t clear. While the
money supply skyrocketed last
spring, the velocity of money—the
claim about science. I was joined by
two other female physicians, a neo-
natologist and an obstetrician, who
also value their youngest patients,
believing that whether inside their
mothers or born, premature or full-
term, they are worthy of respect and
protection.
Ultrasound technology was in its
infancy in the 1970s, when there was
much more uncertainty about life be-
fore birth. The first ultrasound ma-
chines, introduced in 1958, were enor-
mous, and the images were
rudimentary. It was only in the later
1970s that fetal ultrasound became
widely available, with increasingly de-
tailed images of recognizably human
babies. Black-and-white ultrasound
images are now found on refrigerators
of expectant parents across America.
New three-dimensional images have
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, SVP, Barron’s Group; David Cho,
Barron’s Editor in Chief; Jason P. Conti, General
Counsel, Chief Compliance Officer; Dianne DeSevo,
Chief People Officer; Frank Filippo, EVP, Business
Information & Services; Robert Hayes, Chief
Business Officer, New Ventures;
Aaron Kissel, EVP & General Manager, WSJ;
Josh Stinchcomb, EVP & Chief Revenue Officer,
WSJ | Barron’s Group; Christina Van Tassell,
Chief Financial Officer; Suzi Watford, EVP,
Consumer & Chief Marketing Officer
EDITORIAL AND CORPORATE
HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
OPINION
basis of coal, which powered its fac-
tories and later its railways.
Other countries did the same.
Now the West uses its supposed
moral and economic superiority to
lecture other countries on the need
to curb their behavior, even if it
means retarding their own economic
progress and making themselves
more dependent on richer countries.
This is a form of colonialism, which
makes the left’s attraction to it all
the more bizarre.
Renewable energy sources, such
as wind and solar power, aren’t up
to the job of powering the world’s
economies. There isn’t enough wind
in much of the world to get the tur-
bines turning. Fossil fuels may well
be damaging to the health of the
planet, but the retreat around the
world from nuclear power was
shortsighted, especially in countries
that lack viable alternatives.
Europe is weathering an energy
crisis because of the caprice and
spite of Vladimir Putin, who is ma-
average rate of dollar turnover—fell
precipitously. This means money
supply and money demand rose at
the same time. In addition, Octo-
ber’s underwhelming jobs report
suggests the labor market isn’t in
good shape, more evidence for sup-
ply problems.
The Fed wants to hit its average
inflation target of 2%. Price growth
is currently 5.4%, significantly
above the Fed’s rule. Through ta-
pering, it can bring inflation down.
But if the Fed pulls back too
quickly or fails to manage market
expectations, it could cause in-
comes to fall and unemployment to
rise. This is the great weakness of
inflation targeting: The policy re-
sponse to lowering inflation makes
things worse when the economy is
constrained by supply rather than
demand.
There are two ways to fight sup-
ply-side inflation. The first is to
loosen and repeal regulations that
make it more costly to produce
goods and services. Despite ideolog-
ical resistance from progressives,
the Biden administration should
embrace “supply-side liberalism”
for the good of the economy and for
its own political interest.
put a human face on the person once
dehumanized as a mere clump of
cells.
Perfectly apparent now, to the
justices sitting on today’s court as
well as the public, are the liveliness
and humanity of babies at 15 weeks
of gestation—the age at which Mis-
sissippi proposes to protect them
from elective termination.
My youngest patients are
unborn babies, and today’s
ultrasounds show they are
fully alive and human.
Nestled within their mothers,
these fetuses on average are 6.4
inches long and weigh 4.1 ounces.
They have the proportions of a new-
born—seemingly all head and
rounded belly. The major organs are
formed and functioning, and al-
though the child receives nutrients
and oxygen through the mother’s
umbilical cord, the fetal digestive,
urinary and respiratory systems are
practicing for life outside the womb.
The sex of the child is easy to dis-
cern by this point. The baby swal-
lows and even breathes, filling the
lungs with amniotic fluid and expel-
ling it. The heart is fully formed, its
four chambers working hard, with
the delicate valves opening and
closing.
A healthy baby at 15 weeks is an
active baby. Unless the child is
asleep, kicking and arm-waving are
commonly seen during ultrasound
nipulating the price of
the gas Russia pro-
vides to Germany and
other parts of Europe.
This has pushed
prices up to a point
where not only do-
mestic customers but
industrial ones find
energy costs reaching
prohibitive levels. In
Britain, ceramics
manufacturers have
told a hapless govern-
ment that they may
have to shut down be-
cause they can’t af-
ford Mr. Putin’s
prices.
In Australia, Mr.
Morrison feels com-
pelled to announce
CHAD CROWE
net zero so he doesn’t
let down Canberra’s
Aukus partners, the
U.K. and the U.S.,
which enthusiastically support uni-
lateral decarbonization. Yet by
weakening the economies of the
West, net zero is a boost to a rising
China.
Instead of rhetoric designed to
make environmentalists feel smug,
Western governments need proper
contingency plans for their own en-
ergy supplies. Politicians should
avoid relying too heavily on renew-
ables, even if that means using coal
to power generators or a renais-
sance of nuclear power to keep the
world’s lights on. And the develop-
ing world deserves the same chance
the developed one had.
One day, with technological
breakthroughs, it will be possible to
power the world without fossil fuels.
But that day isn’t coming soon, and
it’s foolish to pretend otherwise.
Mr. Switzer is executive director
of the Centre for Independent Stud-
ies in Sydney and a presenter at the
Australian Broadcasting Corp.
The second is for monetary-policy
makers to pick a more sensible rule,
such as a total spending target. By
stabilizing nominal gross domestic
product—output valued at current
market prices—the Fed can fight de-
mand shortfalls without sucker-
punching the economy during supply
shortfalls. A spending target works
the same as an inflation target when
demand is weak. And when supply is
weak, a spending target works bet-
ter: The Fed can tolerate higher
prices, which absorb some of the
shock, rather than compounding the
damage by forcing down inflation.
When supply conditions worsen, the
Fed’s motto should be “Do no harm.”
A spending target would help it
abide by that mantra.
This isn’t a Volcker moment. To
beat inflation, we need targeted
regulatory and monetary policies.
This means removing government
roadblocks on the supply side and
embracing a better monetary target
on the demand side.
Mr. Salter is an associate profes-
sor of economics in the Rawls Col-
lege of Business at Texas Tech Uni-
versity and a senior fellow with the
Sound Money Project.
evaluations. The fetal spine is a mar-
vel of intricacy, and it is most often
gently curved as the fetus rests
against the mother’s uterine wall.
Often, I watch as babies plant their
feet against the uterine wall and
stretch vigorously. Sometimes a deli-
cate hand—with all five fingers—ap-
proaches the face and appears to
scratch an itch. Fingernails aren’t
visible, but they are present. We can
see how the bones of the leg meet
the tiny ankles and the many-boned
feet.
At 15 weeks, the brain’s frontal
lobes, ventricles, and thalamus fill
the oval-shaped skull. The baby’s
profile is endearing in its petite per-
fection: gently sloping nose, distinct
upper and lower lips, eyes that open
and close. With the advent of 3D ul-
trasound, we can now see the fetal
face in all its detail.
These are the patients I encoun-
ter daily in my work as a radiologist.
Clearly human, clearly alive, no lon-
ger mysteriously hidden from the
eyes and knowledge of man, they
ask us to consider them not dispos-
able nonhumans but valuable mem-
bers of our human family.
Yes, our understanding was dif-
ferent in 1973. But in Roe’s own
terms, we have arrived at a much
different “point in the development
of man’s knowledge” about life in
utero. The Supreme Court’s judge-
ment should reflect that advance-
ment and put an end to the casual
cruelty of unfettered abortion.
Dr. Christie is a diagnostic radiol-
ogist and a policy adviser for the
Catholic Association.
Friday, October 29, 2021 | A15
Where Did
The ‘N’
In ‘NGO’ Go?
By Benny Avni
W
hat does the N in NGO
stand for? Also known as
“civil society,” nongovern-
mental organizations help keep rul-
ers in check—especially in places
where unelected governments fail
to attend to citizens’ needs. The
world’s most admirable NGOs are a
thorn in the side of authoritarians.
Which brings us to the brouhaha
about Israel’s designation of six
Arab organizations operating in ar-
eas under the Palestinian Author-
ity’s jurisdiction as terrorist
groups.
“We believe respect for human
rights, fundamental freedoms and a
strong civil society are critically
important for responsible and re-
sponsive governance,” said U.S.
State Department spokesman Ned
Price, after Israeli Defense Minister
Benny Gantz announced his govern-
ment’s decision last week.
‘Nongovernmental
organizations’ in the
Palestinian territories
toe the authorities’ line.
Mr. Price has been at odds with
Jerusalem since, claiming in several
press briefings that the designation
caught Washington by surprise. “I
certainly updated the U.S. about
our intentions,” said Joshua Zarka,
the Israeli Foreign Ministry’s dep-
uty director-general. He told Army
Radio that ahead of the move he
spoke about it with the State De-
partment’s acting coordinator at
the Bureau of Counterterrorism,
John T. Godfrey.
Someone isn’t telling the truth,
but hopefully the dispute will be
resolved. A more difficult genie to
return to the bottle is a near-uni-
versal negative global reaction,
which the State Department joined
almost gleefully.
European Union members,
United Nations officials and organi-
zations like Human Rights Watch
and Amnesty International mounted
their high horses in defense of the
six organizations. So did left-wing
Israeli politicians.
The Palestinian Authority also
issued several strong rebukes. “This
false and libelous slander is part of
a systematic campaign against Pal-
estinian civil society for daring to
expose the occupation’s crimes,”
wrote Riyad Mansour, the Palestin-
ians’ permanent observer to the
U.N., in a letter to members of the
Security Council. The U.N. (but not
the U.S.) considers Palestine a state
and the Palestinian Authority its
government.
Which brings us back to the
original question: If the agenda of
the six groups in question is all but
identical to that of a body they
consider their government, are they
really “nongovernmental”?
From detailing real and imagined
evils of the occupation to supplying
the International Criminal Court
with materials for prosecuting Is-
raeli officials, there’s almost no
daylight between Palestinian NGOs
and the Palestinian Authority.
The Israelis say the six groups
are a front for the Popular Front
for the Liberation of Palestine, rec-
ognized as a terrorist organization
by the U.S., Canada, the EU, Austra-
lia, Japan and Israel. But the PFLP
is also a member in good standing
of the Palestine Liberation Organi-
zation, whose chairman, Mahmoud
Abbas, is also president of the Pal-
estinian Authority. The PFLP com-
mitted the headline-grabbing 2001
assassination of Israeli politician
Rehavam Zeevi and in 2019 planted
a bomb that killed 17-year-old Rina
Shneb.
Details on overlapping member-
ship, headquarters-sharing, and
joint fundraising between the PFLP
and the six organizations have been
published sporadically in the Israeli
press for years. Israel has dis-
patched a delegation of intelligence
and Foreign Ministry briefers to
Washington to convince American
counterparts that the organiza-
tions’ fundraising finances PFLP
terrorism.
Several Israeli organizations ve-
hemently oppose the Israeli govern-
ment’s policies. So do—surprise—
most Palestinian counterparts. But
a healthy civil society needs watch-
dog groups to expose malfeasance
in its own government, not in the
one it considers an enemy. Mr. Ab-
bas’s authority more often prose-
cutes such Palestinian opponents
than tolerates them.
Must America, then, so cavalierly
join a false designation of six
highly suspect groups as “nongov-
ernmental” organizations?
Mr. Avni is a New York-based
foreign-policy columnist.
P2JW302000-0-A01600-2--------XA
A16 | Friday, October 29, 2021
Agencies Missed Fast Fall of Kabul Indian
Missile
U.S. intelligence were
split over the strength
of Afghan government,
military, documents say
BY VIVIAN SALAMA
AND WARREN P. STROBEL
WASHINGTON—Leading U.S.
intelligence agencies failed to
predict the rapid Taliban take-
over of Afghanistan before the
final withdrawal of American
troops and instead offered
scattershot assessments of the
staying power of the Afghan
military and government, a re-
view of wide-ranging summa-
ries of classified material by
The Wall Street Journal shows.
The nearly two dozen intelli-
gence assessments from four
different agencies haven’t been
previously reported. The assess-
ments charted Taliban advances
from spring 2020 through this
July, forecasting that the group
would continue to gain ground
and that the U.S.-backed gov-
ernment in Kabul was unlikely
to survive absent U.S. support.
The analyses, however, dif-
fered over how long the Af-
ghan government and military
could hold on, the summaries
show, with none foreseeing
the group’s lightning sweep
into the Afghan capital by
Aug. 15 while U.S. forces re-
mained on the ground.
A month after President Bi-
den announced his decision to
withdraw all U.S. troops, for in-
stance, the Central Intelligence
Agency issued a May 17 report
titled “Government at Risk of
Collapse Following U.S. With-
drawal.” The report estimated
that the government of Afghan
President Ashraf Ghani would
fall by year’s end, a summary
said. Less than a month later,
the agency issued another
analysis titled: “Afghanistan:
Assessing Prospects for a Com-
plete Taliban Takeover Within
Two Years,” said a summary.
A June 4 Defense Intelli-
gence Agency report, mean-
while, said the Taliban would
pursue an incremental strat-
egy of isolating rural areas
from Kabul over the next 12
months, according to a sum-
mary. In an “Executive Memo-
randum” on July 7, the DIA
ECB Sticks With Negative Interest Rates
BY TOM FAIRLESS
AND ANNA HIRTENSTEIN
FRANKFURT—The European
Central Bank is likely to keep its
key interest rate in negative ter-
ritory for at least another year
despite surging inflation in the
eurozone, signaling a divergence
with central banks such as the
Federal Reserve that are moving
to phase out easy-money poli-
cies amid rapidly rising prices.
A combination of high infla-
tion and softening economic
growth is posing a dilemma
for central banks. They want
TAIWAN
President Confirms
U.S. Deployment
Taiwanese President Tsai Ing-
wen acknowledged the presence
of U.S. troops on the island, de-
scribing the deployment as part
of broader defense cooperation
with the U.S.
Ms. Tsai confirmed in a CNN
interview a Wall Street Journal
report this month that a small
contingent of Marines and a
special-operations unit had been
training Taiwanese forces.
Ms. Tsai declined to specify
the number of U.S. service mem-
bers in the territory, but said
there were “not as many as peo-
ple thought.”
The deployment of U.S.
troops to the island signals
growing concern in the Pentagon
over the vulnerability of Taiwan
amid Beijing’s military buildup
and actions perceived as threat-
ening the island, the Journal re-
ported, citing U.S. officials.
After the CNN interview aired,
a spokesman for Beijing’s Taiwan
Affairs Office, Ma Xiaoguang, re-
iterated Beijing’s stance on Tai-
wan and urged Ms. Tsai’s gov-
ernment to stop efforts that he
said were aimed at achieving
Taiwanese independence.
China’s Communist Party con-
siders Taiwan part of its territory
despite never having ruled it. Al-
though there is no sign of immi-
nent conflict, Beijing has made
clear it intends to bring Taiwan
under its control eventually.
—Courtney McBride
A Taliban fighter stands guard as displaced women get supplies at a center in Afghanistan.
said the Afghan government
would hold Kabul, said a per-
son familiar with the report.
The intelligence shortfalls
underpinned some of the policy
failures that resulted in chaotic
mass-civilian evacuations in
the deadly final weeks of the
U.S.’s 20-year Afghan war.
The summaries of the re-
ports, which start in April
2020, provide the most de-
tailed picture to date of what
the U.S. intelligence commu-
nity was telling Mr. Biden, and
President Donald Trump be-
fore him, as each leader sought
to end the war that killed
2,400 U.S. military personnel.
Policy makers across the na-
tional security apparatus rely
on such intelligence reports to
shape their decisions. While
varied and conflicting assess-
ments are common, the dispari-
ties may complicate efforts
among decision makers to
reach consensus. For the Af-
ghan withdrawal, contingency
planning, including the evacua-
tion operations, relied heavily
on the intelligence assessments,
said U.S. officials with knowl-
edge of the policy planning.
Members of Congress have
been scrutinizing many as-
pects of the tumultuous exit
from Afghanistan, including
to keep their monetary stimu-
lus in place long enough to en-
sure a strong recovery from
the Covid-19 shock, but not so
long that consumer-price
growth becomes unmanage-
able. Inflation has surged to
multidecade highs in the U.S.
and other countries in recent
months, driven by booming
demand and supply-chain bot-
tlenecks as economies reopen.
ECB President Christine
Lagarde acknowledged on
Thursday that a recent rise in
eurozone inflation, to 3.4% in
September, would last longer
WAR ZONE: Residents sifted through rubble in Mekele in the rebel Tigray region after an airstrike that the Ethiopia government said
hit a weapons facility. A Tigray spokesman said a residence was struck, killing six people and wounding more than 20.
SUDAN
General Fires Envoys
Who Opposed Coup
Sudan’s strongman fired at
least six ambassadors, including
the envoys to the U.S., the Euro-
pean Union and France, after
they condemned the military’s
takeover of the country, a mili-
tary official said Thursday.
WORLD NEWS
the performance of the intelli-
gence community, after the
administration was blindsided
by the Taliban’s rapid advance.
Assumptions that the Af-
ghan security forces and gov-
ernment could hold out for
some time were central to the
administration’s withdrawal
plans. Those called for the U.S.
military to draw down rapidly,
while the embassy remained
well staffed to provide visas
Shortfalls led to
some policy failures
that resulted in
chaotic withdrawal.
and other support to Afghan
allies weeks and months after
American troops left.
When the Afghan govern-
ment cratered, the U.S. mili-
tary—much of which had left
the country by August—re-
versed course, sending thou-
sands of troops to evacuate
the embassy and Afghans. In
the ensuing rush, a suicide
bombing and other violence
killed scores more Afghans
and 13 U.S. service members.
than expected, while stressing
it would be temporary. She
said investors were wrong to
expect the ECB would increase
interest rates next year.
Eurozone bond markets
sold off as Ms. Lagarde spoke,
suggesting that investors
doubt the ECB’s commitment
to easy money. Sovereign
bonds issued by Southern Eu-
ropean governments declined
the most, with Italy’s bench-
mark 10-year bond yield rising
above 1% for the first time
since August. Yields rise when
prices fall. The euro strength-
WORLD WATCH
The diplomats pledged their
support for the now-deposed
government of Prime Minister
Abdalla Hamdok.
Also fired by Gen. Abdel-Fat-
tah al-Burhan late Wednesday
were the Sudanese ambassadors
to Qatar, China and the U.N. mis-
sion in Geneva, according to the
official, who spoke on condition
of anonymity.
The ambassadors were fired
THE WALL STREET JOURNAL.
all performance, while ac-
knowledging that events un-
folded faster than predicted.
“There’s a very sobering pic-
ture that we painted of some
very troubling trend lines” in
Afghanistan, he said last week.
“So does that mean that we,
with mathematical precision,
can say that, you know, former
President Ghani in Afghanistan
is going to flee his office and
not tell his senior-most aides
on the 15th of August? No.”
Mr. Ghani fled the country
as the Taliban entered Kabul.
Current and former officials
said that intelligence agencies’
ability to track the course of the
war outside Kabul eroded rap-
idly as U.S. troops began leaving
ZOHRA BENSEMRA/REUTERS
Afghanistan under Mr. Trump
and closing far-flung bases used
as collection platforms. That di-
minishing intelligence-collec-
tion capacity became a growing
concern among lawmakers in
the months leading up to the
fall of Kabul, a Senate aide said.
“As you pull troops back,
Tens of thousands of Afghan you’re not able to have collec-
allies and about 200 Ameri- tors forward,” said Army Col.
cans were left behind. Thomas Spahr, who helped
The Journal reviewed titles, manage the drawdown of mili-
dates and summaries of reports tary intelligence assets in Af-
from the CIA, the DIA, the Of- ghanistan from summer 2019 to
fice of the Director of National summer 2020. The CIA, he said,
Intelligence and the State De- ceased to conduct annual dis-
partment’s intelligence bureau. trict-by-district assessments.
Representatives of the CIA, Sen. Mark Warner, the Vir-
the DIA, the State Department ginia Democrat who chairs the
and the Office of Director of Senate Intelligence Committee,
National Intelligence, which said that after reviewing intelli-
coordinates all U.S. intelligence gence reports and holding clas-
agencies, declined to comment. sified hearings, “the intelligence
“Directionally, they were all was fundamentally accurate
correct that things were going and on-point in predicting the
to deteriorate,” said a senior trajectory of the Taliban take-
administration official, while over.” That a rapid withdrawal
acknowledging that the agen- would be chaotic “should have
cies provided a “mixed picture.” come as no surprise.”
Mr. Biden promised to with- Bill Roggio, a senior fellow
draw from Afghanistan when he who follows Afghanistan at
ran for president, and the U.S. the Foundation for Defense of
officials with knowledge of the Democracies, a hawkish think
policy planning said the varying tank in Washington, said intel-
intelligence assessments had ligence agencies and policy
little impact on his decision. makers bear responsibility for
National security adviser being blindsided by the Tali-
Jake Sullivan said in August ban’s swift battlefield success.
that the administration would After then-President Trump
conduct a “hotwash” of the in February 2020 agreed with
withdrawal to determine the Taliban to withdraw U.S.
“where we can find holes or troops from Afghanistan by
weaknesses and plug them.” May 2021, a CIA report
CIA Director William Burns, warned that the U.S.-sup-
among others, has defended ported government in Kabul
the intelligence agencies’ over- was unlikely to survive.
ened 0.5% against the dollar. ing inflation.
Canada’s central bank sig- Ms. Lagarde said high en-
naled Wednesday that it could ergy prices likely would stabi-
increase interest rates as soon lize as inventories are rebuilt,
as April, earlier than expected, and that supply-chain bottle-
and warned that inflation would necks and shortages would
stay above target through much ease over time. The ECB said it
of 2022. In the U.S., where a key would hold its key interest rate
inflation measure hit a 30-year at minus 0.5% and continue
high in August, Fed officials buying bonds under a €1.85
have signaled they would soon trillion (equivalent to $2.16 tril-
start to scale back their bond- lion) asset-purchase program
buying program. And Bank of at least through March 2022.
England Governor Andrew Bai- Analysts were skeptical that
ley signaled this month that the inflation would fall back as
bank could soon boost U.K. in- sharply next year as the ECB
terest rates in response to ris- expects.
ASSOCIATED PRESS
two days after Gen. Burhan dis- over because of quarrels be-
solved the transitional govern- tween political parties that he
ment and detained the prime claimed could lead to civil war.
minister, many government offi- However, the coup also comes
cials and political leaders in a just weeks before Mr. Burhan
coup condemned by the U.S. and would have had to hand over
the West. The military allowed the leadership of the Sovereign
Mr. Hamdok to return home Council, the ultimate decision
Tuesday after international pres- maker in Sudan, to a civilian, in
sure for his release. a step that would reduce the
Gen. Burhan said the military military’s hold on the country.
forces were compelled to take —Associated Press
Test Seen
As China
Warning
BY SHAN LI
NEW DELHI—An Indian
missile test was seen by secu-
rity experts as a warning shot
to China after military talks
between the countries over a
border dispute broke down
this month.
India’s Defense Ministry
said it successfully launched
on Wednesday the Agni-5, the
country’s longest-range mis-
sile, with the power to hit a
target up to 3,100 miles away.
Security experts said the
launch of the missile, the only
one in India’s arsenal capable
of reaching Beijing, was a
pointed reminder to China that
the South Asian nation has the
firepower to fight back if ten-
sions flare up again. The nu-
clear-armed neighbors have
been in a tense standoff along
their 2,000-mile border, with
tensions escalating after a
bloody Himalayan clash in June
2020 left 20 Indian troops and
four Chinese soldiers dead.
“India doesn’t speak out
through words, they speak out
through their actions, in sym-
bolism in the form of these
kinds of tests,” said N.C. Bipin-
dra, an independent New
Delhi-based strategic-affairs
and defense analyst.
India has tested the Agni-5
seven times, he added.
These tests are especially
important because India is
trailing China when it comes
to missile capabilities, Mr. Bip-
indra said. China has intercon-
tinental ballistic missiles with
a range of at least 7,500 miles,
more than twice the distance
of the Agni-5. India’s other
missiles can travel up to only
1,900 miles or less.
India and China have en-
gaged in military talks in an
effort to cool the standoff, but
the latest high-level military
negotiations this month ended
with no new agreements and
both sides pointing fingers.
The nations are digging in
as winter approaches, with
troop deployments in the bor-
der region reaching their high-
est level in decades. Both coun-
tries built infrastructure in the
area this year, including insu-
lated cabins and huts to keep
troops stationed there through
the frigid Himalayan winters.
China’s People’s Liberation
Army gradually has increased
its troop presence to at least
50,000, up from about 15,000
last year, according to Indian
intelligence and military offi-
cials. Those moves have been
matched by India, which has
sent thousands of troops and
advanced artillery to the re-
gion, officials said.
—Rajesh Roy
contributed to this article.
INDIA
Facebook Questioned
Over Hate Speech
India’s government has asked
Facebook Inc. for details about
how it monitors and removes in-
flammatory content on its plat-
form in the country, according to
government officials.
The Ministry of Electronics
and Information Technology
wrote to Facebook’s top execu-
tive in India this week, the offi-
cials said. The letter follows
news reports including a Wall
Street Journal article that said
Facebook researchers had deter-
mined the company’s services are
rife with inflammatory content in
India, much of it anti-Muslim.
Based on the response from
Facebook, the government will
decide if it needs to seek more
information, one of the officials
said, adding that the information
sought was a preliminary inquiry.
Separately, the Journal last
month reported that Facebook
researchers had set up a test
account as a female Indian user.
It became “a near constant bar-
rage of polarizing nationalist
content, misinformation, and vio-
lence and gore,” they wrote in
one internal document.
A Facebook spokeswoman de-
clined to comment. A spokesman
said in response to earlier Journal
reports that it has a comprehen-
sive strategy to keep people safe
on its services, and that it has in-
vested in technology to find hate
speech across languages.
—Rajesh Roy
P2JW302000-6-B00100-1--------XA
BUSINESS & FINANCE
© 2021 Dow Jones & Company. All Rights Reserved.
S&P 4596.42 À 0.98%
Apple Warns of Production Delays Amazon
iPhone maker posts
12-month profit near
$100 billion despite
disappointing sales
BY TIM HIGGINS
Apple Inc. on Thursday re-
ported quarterly results that
showed how supply-chain prob-
lems are tripping up even some
of the biggest business winners
of the pandemic era.
Apple, which had record 12-
month profit nearing $100 bil-
lion, warned that supply chain
disruptions are hindering
iPhone and other product man-
ufacturing and would bring in-
creased challenges during the
important holiday shopping
quarter. Apple shares fell 3.7%
in after-hours trading.
The pandemic lifted the
Wait times for semiconductor
orders to arrive, monthly
25 weeks
21.9 weeks
20
15
10
5 Please turn to page B6
0
2021
Source: Susquehanna Financial Group
The $464 billion semiconductor
industry has faced hot demand
on top of supply shortages and
production hiccups. A cleanroom
at chip maker GlobalFoundries
in Malta, N.Y.
Chip Wait Times Get Longer, Costing Sales
Almost a year into a global
chip shortage, the problems
are increasing for many cus-
tomers as delays get even lon-
ger and sales are lost.
Manuel Schoenfeld placed
an order in May for transmis-
sion chips for the utility-moni-
toring devices made by his
New York-based company
PowerX. He was told the chips
would arrive by summer, then
fall, then winter and now
doesn’t expect to get them un-
til May 2022.
“This is far from over,” Mr.
Robinhood’s Growth
Tripped Up by Crypto
BY CAITLIN MCCABE
This was supposed to be
Robinhood Markets Inc.’s big
year.
The trading platform
started 2021 with the kind of
following some companies can
only dream about. It had
amassed more than 12 million
customers with funded ac-
counts since launching in 2015
and was reaping the benefits
of a retail-trading boom. A
highly anticipated public-trad-
ing debut was in the offing.
But the company said this
week that third-quarter reve-
nue fell 35% quarter over quar-
ter, weighed down by a 78%
drop in revenue tied to cus-
tomers’ cryptocurrency trad-
ing. New funded accounts fell
to 660,000 from 5.1 million the
quarter before. Robinhood ex-
pects revenue to decline again
quarter over quarter in the fi-
nal three months of the year
and projects that new funded
accounts will roughly match
July through September.
While the company doesn’t
expect to sustain the growth it
had seen earlier this year, the
results highlight a question
that has swirled around Robin-
hood: If financial markets don’t
continue on the ebullient path
TECHNOLOGY: ACTIVISION CEO CUTS PAY, PLEDGES CHANGES AMID PROBES B4
S&P FIN À 1.24%
* * * * * *
S&P IT À 1.06%
businesses of tech giants in its
early stages because people
who stayed at home during
lockdowns needed more of their
products. But as the pandemic’s
economic disruption has drags
on, it is creating problems that
even the strongest companies
are struggling to reckon with.
Late last year, the automo-
tive industry was left scram-
bling to untangle supply-chain
woes. Computer-chip shortages
dented factory output and con-
tributed to a steep drop in
third-quarter profits for Gen-
eral Motors Co. and Ford Motor
Co. Meanwhile, shortages of
dishwashers and refrigerators
are likely to stretch well into
next year, Whirlpool Corp. said.
The Covid-era pain has ex-
panded to other industries be-
yond manufacturing as well,
leaving stores and restaurants
looking for workers and weigh-
October
Schoenfeld said.
The global semiconductor
shortage is worsening, with
wait times lengthening, buyers
hoarding products and the po-
tential end looking less likely
to materialize by next year.
Demand didn’t moderate as
expected. Supply routes got
clogged. Unpredictable pro-
duction hiccups slammed fac-
tories already running at full
capacity.
What’s left is widespread
confusion for manufacturers
and buyers alike. Some buyers
they have charted for much of
the past 18 months, will the
company be able to keep up?
“If you’re constantly track-
ing fads, it’s a tough business
model,” said Larry Tabb, head
of market-structure research at
Bloomberg Intelligence.
Investors on Wednesday
punished Robinhood after the
results. Shares tumbled as
much as 13% before finishing
the day down 10% at $35.44,
below the company’s initial
public offering price of $38 for
the first time since early Au-
gust. On Thursday, Robinhood
shares were up 0.1% to $35.47.
Part of the stock perfor-
mance might have been af-
fected by an additional 62 mil-
lion shares that became
tradable Wednesday, analysts
said. Those shares are owned
by some employees as well as
by some of the companies that
provided Robinhood emer-
gency funding during the
GameStop Corp. frenzy earlier
this year.
The company declined to
comment. On its earnings call
Tuesday, Robinhood’s chief fi-
nancial officer, Jason Warnick,
said the company doesn’t ex-
pect its growth to be linear.
Year over year, the company
Please turn to page B11
DJ TRANS À 1.26%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.36%
ing price increases. McDonald’s
Corp. is raising menu prices to
keep pace with rapidly growing
costs, with wages increasing
10% so far this year at its U.S.
restaurants.
Kraft Heinz Co. can’t keep up
with demand for kids’ meals
and other flagship products and
said that similar hurdles would
remain in the coming months.
Some companies saw reve-
nue and profits expand even as
the challenges intensify across
many industries. Microsoft
Corp. shares have risen about
5% this week after the company
reported continued growth in
its cloud-computing unit. Al-
phabet Inc.’s Google nearly dou-
bled its profit in the third quar-
ter as its ad business withstood
market changes that had
crimped earnings for social me-
dia companies.
For Apple, the effects of the
By Stephanie Yang in
Taipei and Jiyoung
Sohn in Seoul
trying to place new orders are
getting delivery dates in 2024,
said Ian Walker, operations di-
rector at electronic-compo-
nents distributor Princeps
Electronics Ltd., which helps
companies find chips.
“It really feels as if we are
running out,” Mr. Walker said.
The $464 billion semicon-
ductor industry has been un-
INSIDE
BUSINESS NEWS
Starbucks posts strong
U.S. sales but China
drags on the coffee
company’s revenue. B3
MICHELE TANTUSSI/REUTERS
INVESTING
Bets on Tesla flood
options market with
traders thinking stock’s
rally isn’t over. B5
LIBOR 3M 0.132
disruption are comparably new.
Chief Executive Tim Cook had
largely helped the tech giant
navigate the turbulent waters
of the pandemic and avoid a hit
to its financial results during
the past year as other compa-
nies struggled with chip short-
ages.
But that changed in the sum-
mer. In July, Apple cautioned a
global shortage of computer
chips would extend to its
iPhone production.
In actuality, the supply-
chain disruptions during the
fiscal fourth quarter were
worse than expected, Apple
Chief Financial Officer Luca
Maestri said. The problems
were two- fold: the chip short-
age roiling everyone and an un-
anticipated spike in Covid-19
cases in Southeast Asia that af-
fected manufacturing.
Revenue fell short of analyst
able to keep pace, leading to
lost revenue across the board.
The pain is spreading beyond
the initially affected—like car
makers and home appliance
manufacturers—to makers of
other products, including med-
ical equipment and smoking
devices. The smartphone in-
dustry will grow by just 6%
year-over-year, or half the ini-
tial forecast from earlier this
year, because of chip woes, ac-
cording to Counterpoint Re-
search, which tracks handset
shipments.
Chinese Junk-Bond Issuance
Dives 90% Following Defaults
BY FRANCES YOON
Junk-bond issuance by
China’s riskier companies has
nearly ground to a halt, creat-
ing more challenges for the
country’s real-estate developers
that need to roll over more
than $40 billion in dollar debt
by the end of next year.
Sales of new junk bonds in
dollars by Chinese borrowers
this month have fallen about
90% from their five-year aver-
age to $352 million as of
Wednesday, Dealogic data
show, reflecting just two deals
from smaller developers.
With investors rattled by
China Evergrande Group’s dif-
ficulties and a string of de-
faults by smaller property de-
velopers, Chinese junk bonds in
dollars were yielding about
21.6% as of Wednesday, accord-
ing to an ICE BofA index—in-
terest rates that effectively
make issuing new debt too ex-
pensive for many companies.
Developers dominate China’s
international high-yield bond
market, making up 80% of its
total $197 billion of debt out-
standing, according to Goldman
Sachs. These companies have
typically relied on shorter-term
borrowing, including in some
cases issuing debt due in under
NIKKEI (Midday) 28792.53 g 0.10%
Friday, October 29, 2021 | B1
See more at WSJ.com/Markets
expectations. After the market
closed Thursday, the company
Revenue
Misses
reported total revenue of $83.4
billion for the July through
September quarter, a 29% rise
Estimate
from a year earlier but lower
than the $85 billion expected by
analysts surveyed by FactSet.
The company’s profit rose in
line with expectations to $20.6
billion in profit for the quarter, BY SEBASTIAN HERRERA
or $1.24 a share, from $12.7 bil-
lion a year earlier. Amazon.com Inc. posted
During the first three quar- lower-than-expected third-
ters of its fiscal 2021, from Oc- quarter sales and signaled
tober 2020 through June of this that a tight labor market and
year, Apple earned $74 billion. supply-chain disruptions
That is already far more than would weigh on earnings.
what was previously its best The Seattle-based tech
entire year, in fiscal 2018, when company has been navigating
the company’s profit totaled substantial shifts in the econ-
$58.5 billion. omy in recent months. Online
Even before the results were sales have surged since the
released, investors were con- start of the Covid-19 pan-
cerned about how supply-chain demic, boosting Amazon’s
Please turn to page B6 profit, but sales growth has
slowed while labor and sup-
ply-chain shortages make it
harder to meet demand. The
company says it has spent
heavily to build out its fulfill-
ment network.
In its first quarterly earn-
ings report covering a period
primarily under new Chief
Executive Andy Jassy, who on
July 5 succeeded founder Jeff
Bezos in the top job at Ama-
zon, the online retailer
posted sales of $110.8 billion
and generated a profit of $3.2
billion, down from the $6.3
billion the company made
during the same period a
GABBY JONES FOR THE WALL STREET JOURNAL
Shell CEO
Defends
Current
Strategy
BY SARAH MCFARLANE
AND CARA LOMBARDO
LONDON—The chief execu-
tive of Royal Dutch Shell PLC
Chip makers say the lack of defended the energy giant’s
supplies has caused them to business model on Thursday,
lose sales. “Trust me, we setting up a showdown with
would be shipping a lot more activist investor Third Point
if we weren’t constrained by LLC that has called for the
the supply chain of these breakup of the company to im-
other components in the in- prove its environmental and
dustry,” Intel Corp. Chief Exec- financial performances.
utive Pat Gelsinger said last Ben van Beurden said that
week on an earnings call. Mr. the needs of Shell’s customers,
Gelsinger has said he expects and the company’s efforts to
shortages to last until 2023. pivot away from fossil fuels,
Wait times for chip deliver- Please turn to page B2
ies have continued to climb
above a healthy threshold of  Heard on the Street: Splitting
Please turn to page B2 Shell won’t help..................... B12
$14 billion Issuance of dollar-denominated
Chinese junk bonds, monthly
12
10 October*
$352M
8
6
4
2
0
2016 ’17 ’18 ’19 ’20 ’21
*Through Oct. 27.
Source: Dealogic
a year, which makes their refi- about $40 billion of interna-
nancing needs more pressing. tional bonds due from this
With this source of funding month to the end of 2022.
mostly shut and revenue from Concerns about refinancing
home sales likely to stay weak, risk prompted Fitch Ratings
industry participants are con- and S&P Global Ratings on
cerned that more Chinese prop- Wednesday to downgrade their
erty developers could struggle already low ratings on Kaisa
to repay dollar debt that comes Group Holdings Ltd., further
due in the coming months. pressuring the developer’s
More than $6 billion of junk- bonds, which already trade at
rated debt from the sector ma- distressed levels. Both ratings
tures in January alone, Gold- companies cut Kaisa by two
man says. notches to CCC+, near the bot-
This week, S&P Global Rat- tom of the junk ratings scale.
ings said developers to which it In 2015, Kaisa was an early
assigns credit ratings have Please turn to page B10
P2JW302000-4-B00200-1--------XA
B2 | Friday, October 29, 2021
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 Ford Motor ... B2,B11,B12
Activision Blizzard......B4
Alphabet.........A4,B5,B12
Altria...........................B3
Amazon.com.....B1,B4,B5
American National....B10
Anheuser-Busch InBev
............................. B3,B11
Apple.........A4,B1,B5,B12
AT&T..........................B12
B
Bank of America.........A4
BioNTech.....................A3
Blackstone.................B10
BP.........................A4,B12
Brookfield Asset
Management...........B10
C Manufacturing..........B2
Carlyle ....................... B10
Caterpillar............B5,B11
Charles Schwab ........ B11
Chevron................A4,B12
China Evergrande........B1
Christie's.....................B6
Coinbase....................B11
Comcast.......................B4
Cox Communications..B4
E Nvidia..........................A4
eBay.............................B2
Epic Games.................A4
Exxon Mobil ... A4,B2,B12
F PayPal..........................B2
Facebook...A1,A4,A7,A16
Fantasia.....................B10
INDEX TO PEOPLE
A Houten, Frans van......B2
Antlitz, Arno...............B2
August, Glenn...........B10
B Jassy, Andy.................B1
Beurden, Ben van.......B1
Bezos, Jeff.............B4,B5
Bonfield, Andrew........B5
Brin, Sergey................B5
C Lawler, John................B2
Cheung, Kenny............B3
Cook, Tim....................B1
D Wednesday that third-quarter
Diess, Herbert.....B2,B12
Doukeris, Michel.........B3
F-H
Farley, Jim...................B2
Fields, Mark................B3
Gelsinger, Pat ............. B1
Shell CEO
Defends
Strategy
Continued from page B1
were better served by keeping
its range of assets and busi-
nesses. In particular, he said
the company’s legacy oil-and-
gas assets were needed to
fund its investments in lower-
carbon energy.
On Wednesday, New York-
based hedge fund Third Point,
run by activist investor Daniel
Loeb, said it had taken a stake
in Shell and suggested it
should split into different com-
panies—for instance, separat-
ing its legacy oil business from
its liquefied-natural gas and re-
newable energy operations—to
retain and attract investors.
Analysts said Thursday that
while the activist’s suggestion
might appeal to some share-
holders, they were skeptical
about the benefit of a breakup
or that any major change
would ensue.
Still, Third Point’s ideas
highlight a growing debate
within the energy industry as
to how the world’s largest oil-
and-gas companies should
play the transition to lower-
carbon energy. Oil majors are
coming under growing pres-
sure from investors, environ-
mental groups and govern-
ments to accelerate their shift
out of fossil fuels and ramp up
investments in cleaner energy.
At the same time, some
shareholders have questioned
how oil companies will transi-
tion profitably in areas where
they don’t have a competitive
edge, and think they should
stick to fossil fuels and focus
on returns to investors.
Earlier this year, Exxon Mo-
bil Corp. came under pressure
from activist shareholder En-
gine No. 1 to do more to tran-
sition to lower-carbon fuels.
Now Shell, which has moved
faster than Exxon to remake
its business and reduce emis-
sions, is being criticized by
Third Point for trying and fail-
ing to meet competing de-
mands from shareholders.
On Thursday, Mr. van Beur-
den said he disagreed with the
notion that splitting up Shell
would benefit the energy tran-
sition or the company.
“We are able to do things
with the collections of assets,
business models [and] cus-
tomer-facing businesses that
we have that is very hard to
replicate if you were just [to]
split up in a number of other
companies,” he told reporters.
“A very significant part of
this energy transition that we
are talking about is going to
be funded by the legacy busi-
ness,” he added.
Shell said it had held dis-
cussions with Third Point sev-
**** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Shortages Slam Most Auto Makers
Q
Futu...........................B10 Qualcomm.................B12
G R
Gamestop....................A1
Robinhood ................... B1 Continuing disruptions from
General Motors Roku ............................ B4 the Covid-19 pandemic and a
........................A2,B2,B12 Royal Dutch Shell
worsening global semiconduc-
H ................ A4,B1,B11,B12
tor shortage hammered the au-
Hasbro.........................A2 Royal Philips...............B2
tomotive industry in the third
Hertz......................B3,B5 S
Home Depot................A7 Samsung ..................... B2 quarter as the world’s largest
Huawei......................B12 Sony...........................B12 car makers reported steep falls
I Spotify.......................B12 in earnings and production and
Starbucks....................B3 dealers struggled to source
Intel.............................B1
Stellantis.....................B2 models.
K
T
Kaisa............................B1 Taiwan Semiconductor
L By William Boston in
Lovevery......................B5 Target..........................A7 Berlin and Nick Kostov
in Paris
M Tencent......................B10
Tesla.......................B3,B5
Macy’s ......................... B2 Third Point..................B1 In Europe, the two largest
Mattel......................... A2 T-Mobile....................B12
SPENCER PLATT/GETTY IMAGES
Microsoft...............A4,B5 manufacturers, Volk lkswagen AG
TotalEnergies............B12
Moderna......................A3 and Stellantis NV, said Thurs-
U
Modern Land.............B10 day that production of new ve-
Uber........................B3,B5
N United Parcel Service.A2
hicles plunged 35% and 30% re-
Universal Music........B12 spectively in the three months
O V to Sept. 30, as the dearth in
Oak Hill Advisors......B10 Verizon Communications semiconductor components
P ...................................B12 caused unfinished cars to pile
Volkswagen..........B2,B12 up in factories. The supply of chips needed for core components for vehicles slowed to a trickle in the third quarter.
Pfizer.....................A3,A7 W The supply of chips needed
Prologis ....................... B6 Warner Music...........B12 for core components for vehi- ductor manufacturing industry operating return on sales be- and third quarters, said sales
cles slowed to a trickle in the time to expand capacity. tween 6.0% and 7.5%. However, fell 14% world-wi
wide to €32.6 bil-
third quarter, affected by dis- “We should be through the it lowered its fu
full-year g
gu
uidance lion. The company confirmed
ruptions of chip production in
Asia and the U.S. from the im-
worst now,” he said. “The situa-
tion will ease but this will be a
for deliveries to customers,
which are now expected to be
its profitability goal for the
year.
pacts of the pandemic, fierce continuing struggle for us.” unchanged from last year. The lack of new vehicles on
Page, Larry..................B5 storms in Texas, and the fallout The impact of the shortages VW
V W said revenue is expected dealer lots has led to a boom in
J Palmer, Richard...........B2 from a fire at a supplier in on earnings was mixed.
to be considerably higher than used-car sales, which was a big
Jacobson, Paul............A2 R Japan earlier this year. VW
V W operating profit before in 2020, but VVWW Chief Financialal profit driver for V
VW
W in the thi
hird
Roberts, Brian.............B4
Rolph, Jessica.............B5
“This all slowed down the special items fell 12% to 2.8 bil- Officer Arno Antlitz stressed quarter through higher financ-
Johnson, Kevin............B3
Ryan, Devin...............B11 strong recovery we had in the lion euros, equivalent to $3.25 that the chip shortage showed ing revenues at V VWW’s in-house
K first half of the year,” V
VWW Chief billion, with a corresponding the company needed to press bank, Mr. Diess said.
S
Kotick, Bobby..............B4 Executive Herbert rt Diess told re- margin of 4.9% for the period, harder to improve productivi vity. To adapt to the shortage,
Shah, Sachin.............B10
L Sharps, Rob...............B10 porters Thursday. the company said in its interim “After a record result in the VW
V W also reallocated chips to
Shell, Jeff....................B4 In the U.S., General Motors report. Revenue fell 4.1% to first half of the year, the semi- higher-margin vehicles and
Lee, Kewsong............B10 T
Co. and Ford Motor Co. said €56.93 billion but beat anal
alysts’ conductor shortage in the third raised prices.
M Tabb, Larry..................B1
expectations of €54.66 billion quarter made it clear that we —Kim Richters in Barcelona
Maestri, Luca..............B1 Tannenbaum, Carl.......A2
profit and output fell sharply as compiled by FactSet. After-tax are not yet sufficiently resilient and Mike Colias in Detroit
Maldonado, Cliff.......B12 W
McRaith, Michael......B10 a result of the chip crunch, say- profit was up 5.6% to €2.90 bil- fluctuations in factory utili-
to fl contributed to this article.
Warnick, Jason ........... B1
Moghadam, Hamid ..... B6 Watson, Dave ............. B4 ing the lack of chips woul uld con- lion. zation,” he told reporters.
N-P Y-Z tinue to dent production and For 2021, Volkswagen reiter- Stellantis, which typically  Heard on the Street: Bumpy
Newman, Brian...........A2 Yim, David.................B10 leave dealership lots nearly ated its forecast to achieve an doesn’t report profit in the first road for Volkswagen........... B12
Olsavsky, Brian...........B6 Zuckerberg, Mark..A1,B4 empty well into next year.
Looking ahead, auto execu-
tives expressed some optimism Ford Dividend’s day increased its financial guid- automaker General Motors Co.
eral times over the past year
and would continue to listen
to their feedback as it does
that chip supplies have begun
to stabilize but stressed that
the shortages and their impact
Return Lifts Stock
ance. The company projected it
will earn an operating profit of
between $10.5 billion and $11.5
are benefiting from record pric-
ing and a more lucrative mix of
higher-profit SUVs and trucks
with all of its shareholders.
Third Point had given Shell
a preview of its thesis ahead
on production would continue
to be felt in 2022.
“The visibility on semicon-
Ford Motor Co.’s stock
jumped to its highest level in
billion for 2021, up from an ear-
lier projection of $9 billion to
$10 billion.
with inventory levels at dealer-
ships still constrained and buy-
ers paying top dollar for what
of issuing its investor letter,
saying it believes in the com-
pany but thinks there is a dis-
ductors continues to be a diffi-
cult subject for the industry
and for us. I thiin
nk
k now we’re on
years following an upbeat fi-
nancial projection and optimism
that the automaker is reinstat-
Ford also said it would start
paying out a quarterly dividend
again for the first time since the
models they can secure.
Shares of GM, which also
reported earnings on Wednes-
connect with the shareholder a better track and we’re seeing ing its quarterly dividend. beginning of the pandemic. It day, were slightly down on
base that a split could address, some stabilization of supply Shares rose as much as 13% had suspended the dividend in Thursday.
people familiar with the mat- and improvement in our month on Thursday before trimming March 2020 to conserve cash. Jim Farley, chief executive
ter said. Shell responded in an over month production,” Stel- gains in afternoon trading. At “The dividend reflects our at Ford, told investors during
open-ended way, as is typical lantis Chief Financial Officer its intraday high, the stock confidence in the improving run the earnings call that the auto-
for a company at this stage of Richard Palmer told reporters traded at its highest level since rate of the business and our maker is continuing to invest in
an activist campaign, indicat- on Thursday. September 2014. It closed up ability to fund all of our calls electric vehicles, highlighting its
ing it appreciated Third Mr. Diess saiaid the chi
hip short
rt- 8.7% at $16.86. on capital,” Ford Chief Financial $7 billion investment in Ken-
Point’s perspective and would age likely peaked in the third Despite a challenging envi- Officer John Lawler said on the tucky and Tennessee battery
give it some thought, the peo- quarter, but constraints would ronment related to supply-chain company’s earnings call. plants.
ple added. continue at a reduced level be- disruptions, Ford on Wednes- Both Ford and rival Detroit —Omar Abdel-Baqui
Urging companies to break cause it will take the semicon-
up to allow faster-growing op-
erations to shine on their own
has long been a common de-
mand of activists. Several
high-profile campaigns have
Backlogs ress from beginning to end.
Basic building-block materi-
als such as substrates are in
years to become operational.
The auto industry, hit hard
and early by the chip short-
Even companies considered
to have well-established sup-
ply chains, such as Apple Inc.
centered around this idea, in-
cluding Carl Icahn’s 2014 bid
to get eBay Inc. to spin off
Lengthen short supply. Mishaps from
bad weather and fires have in-
terrupted wafer production.
age, has been the most vocal
in calling for increasing sup-
ply. The world’s largest con-
and Tesla Inc. have noted chal-
lenges in meeting customer
demand, as a lack of critical
PayPal, which he and others
considered its crown jewel.
Third Point in 2018 urged in-
For Chips The final stage of manufactur-
ing has been undercut by virus
outbreaks and subsequent fac-
tract chip maker, TSMC, has
boosted auto-chip production
by 60% this year, but car
components has weighed
down production and been a
drag on revenue growth. Other
dustrial conglomerate United tory closures in Malaysia, makers have struggled to re- businesses have also begun to
Technologies Corp. to split Continued from page B1 which specializes in product cover as factory closures con- warn investors of a prolonged
into three companies when it 9-12 weeks. Over the summer, packaging. tinue and estimated losses impact.
was already considering such the wait stretched to 19 weeks Global shipping constraints mount. Royal Philips NV, which
a move. UTC changed course on average, according to have added to disruptions and On Wednesday, General Mo- makes medical equipment,
the following year by unveiling Susquehanna Financial Group. delays. Chip assembly can re- tors Co. and Ford Motor Co. slashed its sales and profit
a merger with Raytheon Co. But as of October, it has bal- quire that parts travel up to each reported steep drops in growth outlook this year, as it
that Mr. Loeb criticized. looned to 22 weeks. It is lon- 25,000 miles before becoming third-quarter profit as the suffered €150 million, the
In recent weeks, fellow ac- ger for the scarcest parts: 25 finished products, according to computer-chip shortage equivalent of $174 million, in
tivist Jana Partners LLC called weeks for power-management a report by Accenture and the dented factory output. Both missed sales in the third quar-
on Macy’s Inc. to separate its components and 38 weeks for Global Semiconductor Alliance. companies said they see the ter, said Chief Executive Frans
fast-growing e-commerce the microcontrollers that the Sourcing chips has turned semiconductor situation grad- van Houten during the most
business from its bricks-and- auto industry needs, the firm almost into a lottery, leading to ually easing next year. recent earnings call.
mortar business, similar to a said. over ordering that creates
move Saks Fifth Avenue has Scott Wren, senior global more supply strain, industry
already taken. equity strategist at Wells experts say. ADVERTISEMENT
Aside from investors, Shell Fargo Investment Institute, “People are buying a lot of
is also facing growing pressure
from environmental groups
and others to move faster to
said he would have thought six
months ago that chip short-
ages would start easing by
parts to have just in case, and
that’s exacerbating the short-
age,” said Willy Shih, a profes-
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
decarbonize. In May a Dutch this time. But now he said sor of management at Harvard
court ruled that Shell must they will likely last until 2023. Business School, who special- BUSINESS OPPORTUNITIES PUBLIC NOTICES
curb its operational emissions Wells Fargo Investment Insti- izes in semiconductors and
by 45% by 2030, compared tute recently revised down its supply chains. )/35 !3"6, #"15+ . !$$&'%) 22
with 2019 levels, while making U.S. GDP forecast to 6.3% from Stockpiling could also lead 90L/17 =/227LE305 K'A +/0E4F "'>322F +DEDN2 ;D0J
8@." ?&5351;) 9 *33 ,#?&3 76?+&%?5/1) ,90 (6ML3N2 -3HD3JNE3/0* ,E47 %=/1.N0B#*
best efforts to also achieve this 7% as the chip shortage lim- to an inflated sense of demand, "47 =/1.N037F ?LE ,?F &7C3F7J*
on its products. ited the supply of consumer analysts warned, which has
=44- - %4!+ ) '2/ ,13(0 )/E3L7 /6 ?../30E170E /6 8/30E (6ML3N2
-3HD3JNE/GF N0J )/E3L7 /6 ;3GFE +77E305
While Shell is appealing the goods. raised concerns that an indus- >@<7A<2*. >*2" (770.' /6 =G7J3E/GF
:GN0J =/DGE =NDF7 )/ ;$< K@@ /6 I!IK ,<<8*
Dutch ruling, on Thursday it “This is playing out consid- trywide ramp-up in supply ,2A 9 $:!0 ! "66+45 $3&4*(1+* #3.% :B^( ?>:b+( .T[. ZG 30XW0 3V .TW $0[4X +3Q0.
3V .TW +[G5[4 b/6[4X/ 5[XW 34 ]] >Y.3ZW0
pledged to halve its carbon-di- erably longer than we initially could lead to a chip glut. Major "-.444.0--.*-0(! RaR]% b4Y35W +366WY.S4U ]#P @34.T/ :#-S66/
oxide emissions from its oper- thought,” Mr. Wren said. chip makers such as Taiwan @Q.Q[6 &Q4X% 0WUS/.0[.S34 4Q5ZW0 P]FNLJ%
KT3/W 0WUS/.W0WX 3V_YW S/ /S.Q[.WX [. (\ +[G5[4
ations by the end of the de- A supply bounceback this Semiconductor Manufacturing A.X!% JR &30Q5 A[4W% +[5[4[ -[G% =!>! -3I L]a%
$0[4X +[G5[4% ^\]#]]aJ% +[G5[4 b/6[4X/% K[/
cade compared with 2016 year relied on rosy assump- Co., Samsung Electronics Co. COMMERCIAL REAL ESTATE 30XW0WX .3 Y34.S4QW Q4XW0 .TW /Q2W0OS/S34 3V .TW
$0[4X +3Q0. S4 [YY30X[4YW KS.T .TW +352[4SW/
levels. The new pledge didn’t tions that already maxed-out and Intel have announced am- BY. ,B/ <WOS/WX*!
include emissions linked to the production wouldn’t face fur- bitious investments to increase &9<:"(< :B^( ?>:b+( .T[. @0! ^WS0[4
use of its products. ther setbacks. But the chip- production, but such facilities M5"KNC 3#(# "Q.YTS/34 3V (\ +[G5[4 A.X!% JR &30Q5 A[4W%
+[5[4[ -[G% =!>! -3I L]a% $0[4X +[G5[4% ^\]#
]]aJ% +[G5[4 b/6[4X/ [4X @0! bU[6 8SE5[4 3V
Earlier this year, Shell said making process is under du- cost billions of dollars and take (\ -[T[5[/ A.X!% +[OW/ +30230[.W +W4.0W% 8W/.
43O6-O49K2 56K/))) -[G ;.0WW. M -6[7W <3[X% =!>! -3I ?#PRP]% ?WK
it would gradually reduce its
7021 -K52( 8/ =03OSXW4YW% :TW -[T[5[/% KW0W [223S4.WX [/
oil output and expand in elec- `3S4. >V_YS[6 AS1QSX[.30/ 3V .TW +352[4G!
JA!@J!AJ B?) &9<:"(< :B^( ?>:b+( .T[. .TW `3S4.
tricity and biofuels, while re- >V_YS[6 AS1QSX[.30/ S4OS.W 23.W4.S[6 Y0WXS.30/
.J=#;>L7 : ?G -94 .3 /QZ5S. Y6[S5/ S4 .TW 6S1QSX[.S34 [4X /T3Q6X
ducing the carbon intensity of
&O37))) Y34.[Y. .TW `3S4. >V_YS[6 AS1QSX[.30/ .3 3Z.[S4 .TW
[220320S[.W V305/ .3 X3 /3!
the energy products it sells by
5M- 7(135' 5MK9 B?) &9<:"(< :B^( ?>:b+( .T[. Y0WXS.30/ 3V
20% by 2030 and 100% by .TW +352[4G [0W 43.S_WX .T[. .TW _0/. 5WW.S4U
4K(92( +5 651 3V Y0WXS.30/ 3V .TW +352[4G KS66 ZW TW6X 34 .TW
2050. However, that strategy ]/. 3V )WYW5ZW0 RaR] [. ]]Daa [5 ,+[G5[4
-9KK O& 651 JLLG b/6[4X/ :S5W* OS[ .W6W2T34W Y34VW0W4YW Y[66!
has drawn a lukewarm recep-
9$3((98K( BYYW// XW.[S6/ KS66 ZW 203OSXWX Q234 Y34_05[.S34
tion from investors, partly be- 3V [..W4X[4YW! :TW 2Q023/W 3V .TW 5WW.S4U S/ .3
/WW7 .3 Y34/.S.Q.W [ 6S1QSX[.S34 Y355S..WW% .3
cause the uncertainties around ?L>%<<;%A>?L 203OSXW [4 Q2X[.W 34 .TW /.[.Q/ 3V .TW 6S1QSX[.S34
CHRIS RATCLIFFE/BLOOMBERG NEWS
[4X XW[6 KS.T /QYT 3.TW0 5[..W0/ 30 0W/36Q.S34/
the energy transition make it ,5BFID!8DEHID* [/ .TW 3V_YS[6 6S1QSX[.30/ .TS47 _. 30 KTSYT .TW
$0[4X +3Q0. XS0WY./! B4G Y0WXS.30 KS/TS4U .3
difficult to predict profits. [..W4X .TW 5WW.S4U /T3Q6X /W4X K0S..W4 43.SYW
Shell reported a third-quar- 3V .TWS0 S4.W4.S34 .3 X3 /3 .3 .TW Y34.[Y. W5[S6
ter loss on a net current-cost- +,-%$&-- )'.# *". ('!& [XX0W// ZW63K ZG LDaa 2!5! ,+[G5[4 b/6[4X/
.S5W* 34 ;Q4X[G% RH.T ?3OW5ZW0 RaR]!
)[.WX .TS/ RF.T X[G 3V >Y.3ZW0 RaR]
of-supplies basis—a figure C<K0,16? -/ 5A%=7613 @<?14 )?4K3(8 #&&EC+ !6( #/7+ 9,.)7;* !6( "3,67; $025-,4:;* `3S4.
similar to the net income that :KID4I?.38 <K04<<6 06=ID16'7<?0=I?16 9=6GI?.(
>V_YS[6 AS1QSX[.30/
&:;2752 1:6 %;80,6,34' $W0[0X ;35W0/%
U.S. oil companies report—of (\ +[G5[4 A.X!% JR &30Q5 A[4W% +[5[4[ -[G%
$988 million, compared with a -=DD A%;*A!"*$%A% H"$> =!>! -3I L]a% $0[4X +[G5[4% ^\]#]]aJ% +[G5[4
b/6[4X/! :W6W2T34WD '] PNL H]N HFaR% (5[S6D
profit of $177 million in the JJ14162,I.,D=?43K99DF(7<B UW0[0X!/35W0/C7G!WG!Y35
same period last year. Components are assembled at CSI Electronic in Witham, U.K.
P2JW302000-4-B00300-1--------XA
THE WALL STREET JOURNAL.
Starbucks
Posts Strong
U.S. Growth
China drags on results
amid resurgence of
Covid-19 cases in the
Asian country
BY HEATHER HADDON
Starbucks Corp. said its U.S.
sales were strong during its
most recent quarter, though
the pandemic’s resurgence in
China dragged on the coffee
chain’s revenue.
For its fourth quarter ended
Oct. 3, Starbucks said Thursday
that its U.S. same-store sales
were up 22% compared with
the same period last year, and
up 11% over pre-pandemic lev-
els. But same-store sales in the
company’s crucial China mar-
ket fell 7% in the quarter com-
pared with last year.
For global companies such
as Starbucks, the pandemic
continues to affect sales in dif-
ferent parts of the world. China
Hertz Turns Profit on Travel Rebound; Revenue Up 76%
BY DAVE SEBASTIAN
Hertz Global Holdings Inc.
said it turned a profit for the
third quarter as a continued
rebound in leisure travel
pushed its revenue higher.
The car-rental company
Thursday posted net income
attributable to Hertz of $605
million, compared with a loss
of $222 million in the same
period last year. Revenue rose
about 76% to $2.23 billion.
The company is seeing what
it deems as strong bookings
for the holiday season and is
also betting on international
travel returning, finance chief
Kenny Cheung said.
EMLI BENDIXEN FOR THE WALL STREET JOURNAL
The Budweiser brewer said revenue rose 7.9% as drinkers turned to pricier beers. A U.K. bottling plant.
AB InBev Robust Sales Get
Boost From South America
BY SAABIRA CHAUDHURI
Budweiser brewer An-
heuser-Busch InBev SA sold
more beer at higher prices in
the third quarter, as strong
demand in South America
helped make up for weakness
in the U.S., where drinkers
switched away from beer and
supply chains were disrupted.
The world’s largest beer
company Thursday said reve-
nue rose 7.9% in the period,
with volumes up 3.4%, as
drinkers reached for pricier
brews. Both those figures beat
analyst forecasts and
prompted the company to
raise its full-year earnings
guidance. AB InBev’s shares
rose over 10% in Europe.
The results provide further
evidence of how large multina-
tional companies are grappling
with a patchwork of Covid-19
restrictions and supply-chain
issues in some regions, while
in others, consumers and
goods are moving freely and
buoying sales.
The strong results come af-
ter a challenging few years for
AB InBev, whose shares have
dropped because of the impact
of the pandemic, currency
headwinds and higher infla-
tion. Separately Thursday, cig-
arette giant Altria Group
* * * *
had a resurgence of the
Covid-19 virus over the sum-
mer, prompting a slowdown in
consumer spending as the
country locked down.
Starbucks and other chains
are also grappling with rising
costs, particularly for labor.
The company said Thursday
that spending on wages will de-
press its profit margins next
year, and it expects to boost
prices to help compensate.
Starbucks executives said the
labor spending was necessary
to attract and retain the em-
ployees it needed to run its U.S.
restaurants.
“This is an opportunity to
move now. We can’t wait,” said
Kevin Johnson, Starbucks’s
chief executive, referring to the
wage increases.
The Seattle-based coffee
company reported quarterly
net income of $1.76 billion, up
349% from the same quarter a
year earlier. Sales totaling $8.15
billion climbed 31%. Starbucks
“As the U.S. welcomes an
increasing number of interna-
tional inbound travelers, we’re
optimistic about the momen-
tum this would bring to our
business,” Mr. Cheung said in
prerecorded remarks Thurs-
day.
International travelers who
are fully vaccinated and can
show proof of vaccination can
travel to the U.S. starting Nov.
8. Unvaccinated Americans re-
entering the country will have
to show proof of a negative
Covid-19 test within a day of
travel, the Biden administra-
tion has said.
The Estero, Fla., company
sees the path toward profit-
Inc.—a large AB InBev share-
holder—took a $6.2 billion im-
pairment charge on its invest-
ment in the brewer, saying
that while it planned to retain
its stake and expects shares to
recover, it would take longer
than previously expected.
In the U.S., AB InBev’s larg-
est market, the company re-
ported a 0.8% drop in revenue,
which it partly attributed to
supply-chain disruptions it
said had left some of its
drinks out of stock. Chief Ex-
ecutive Michel Doukeris
pointed to big storms in the
south of the U.S. and a cyber-
attack that impacted a big
glass supplier.
He also said the company’s
U.S. business was up against a
strong comparison with the
year-earlier quarter, when
consumers shut out of bars
during a hot summer stocked
up on beer at grocery stores.
The beer industry has been
struggling with a larger shift
among drinkers in the U.S. to-
ward spirits. That industry
problem is compounded for
AB InBev, whose once block-
buster Bud and Bud Light
beers have been declining for
years as drinkers opt for other
brands, including Michelob Ul-
tra, which it also owns.
In response to changing
BUSINESS NEWS
Same-store sales fell in China during the quarter. A Starbucks location in Shanghai has attracted attention.
reported earnings adjusted for
one-time items of $1 a share.
The company’s sales missed
analysts’ expectations, but
earnings were roughly in line
with projections.
Starbucks shares fell 4% in
after-hours trading.
McDonald’s Corp. and other
restaurant chains are paying
more for labor as they hunt for
workers to staff their stores.
able growth by combining its
fleet-management operations
with new technology and in-
vestments in electrification
and shared mobility, said Mark
Fields, Hertz’s interim chief
executive. Mr. Fields, a former
Ford Motor Co. CEO, took the
role earlier this month.
The company this week said
it ordered 100,000 autos from
Tesla Inc. to be delivered by
the end of next year, a bulk
purchase that promises to ex-
pose more mainstream drivers
to Tesla’s electric-vehicle tech-
nology.
On Wednesday, Hertz said
it is linking up with Uber
Technologies Inc. to make
consumer tastes in the U.S., AB
InBev has been investing in
spirits brands and on Thursday
said sales of its canned cocktail
brand Cutwater had grown by
a triple-digit percentage.
Elsewhere, the company
said it had seen a resurgence
in demand across South Amer-
ica during the quarter. In Bra-
zil, revenue jumped 15.3%
driven by growing sales made
directly to consumers, and the
adoption of an app that lets
retailers place digital orders.
In Colombia, AB InBev re-
ported record volumes in the
third quarter as Covid-19 re-
strictions eased, resulting in
the country’s highest beer per
capita consumption level in
more than 25 years.
Sales were weaker in Asia,
which has been hit by pan-
demic limitations, with vol-
umes dropping 5.9% across the
wider Asia-Pacific region. Vol-
umes fell 7.1% in China, where
AB InBev said restrictions had
led to a total industry decline
and disproportionately af-
fected its key regions.
AB InBev’s net profit for
the three months to Sept. 30
fell to $250 million from $1.04
billion a year earlier, as the
company logged a loss tied to
the hedging of its share-based
payment program.
Friday, October 29, 2021 | B3
Restaurants are increasingly other recent ones constitute
passing along their growing overall an additional $1 billion
costs to consumers through in spending on employees,
higher prices. Starbucks said.
Starbucks is boosting aver- Starbucks workers have
age U.S. employee pay to $17 complained about having to
an hour from roughly $14 an keep up with a high pace of or-
hour. It is also paying $200 re- ders, particularly mobile ones.
ferral bonuses and beefing up The company is dealing with a
recruiting efforts across the rare union drive in Buffalo, N.Y.,
country. where baristas are asking for
That wage increase and two better training, staffing and
50,000 Teslas available in company defines as “the new
Uber’s ride-sharing network Hertz,” which focuses on elec-
by 2023. The Teslas it intends trification, shared mobility
to add to the Uber network and a digital-first experience,
will come from the 100,000 the company said. Hertz’s new
owners seek to overhaul the
century-old company, imple-
$3.8B
menting new software to im-
prove inventory management
and better forecast customer
demand.
Hertz’s corporate liquidity as But Hertz also has warned
of Sept. 30. that efforts to electrify its
fleet could be hampered by
factors outside its control such
as the shortage of semicon-
vehicle order and future or- ductor chips.
ders as the program grows. “We believe the semicon-
The expansion into electric ductor chip shortage will con-
vehicles is part of what the tinue to be a factor well in
Make a big statement with
85 carats of bright gemstones!
Sterling silver settings host a glorious array of
green chalcedony, lapis, larimar, moonstone, citrine,
smoky quartz, white and blue topaz, peridot and
garnet. Bursting with vivid colors and eye-catching
shapes, our unique bracelet is a stunner!
85.00 ct. tot. gem wt. Multi-Gem Bracelet in Sterling Silver
7" length. 11⁄8" wide. Double-latch safety. Box clasp.
Available in 8" | 95.00 ct. tot. gem wt. $795
Shown larger for detail.
ORDER TODAY!
To receive this special price and free shipping use offer code:
BOLD110
1.800.556.7376 or visit ross-simons.com/bold
Item #933748
COSTFOTO/BARCROFT MEDIA/GETTY IMAGES
compensation.
The National Labor Rela-
tions Board decided Thursday
to allow the union election to
go forward at three Buffalo
area stores. Ballots will be col-
lected by mail through Dec. 8
and counted the following day,
the board said. A Starbucks
spokesman said the company
had just received the ruling and
was evaluating its options.
2022,” Mr. Fields said in pre-
recorded remarks. “We expect
that, over time, supply will re-
turn, and we will continue to
rotate out older vehicles.”
Hertz said its corporate li-
quidity was $3.8 billion as of
Sept. 30. It said it expects li-
quidity of $3.9 billion to $4.1
billion at the end of the year.
Hertz emerged from bank-
ruptcy protection in late June
under new ownership. It filed
for bankruptcy in May 2020 as
the debt-laden company suf-
fered from a collapse in reser-
vations. The company has said
it anticipates relisting on a
major stock exchange by the
end of the year.
$
695
Compare at $1,395
P2JW302000-0-B00400-1--------XA

B4 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Comcast’s Profit Boosted by Olympics

Strong growth at Year-to-date performance scribers. Comcast’s U.S. smart-
TVs, which were launched ear-
NBCUniversal came as 20%
S&P 500 lier this month, come with a
company’s broadband one-year free subscription to
NBCUniversal’s Peacock to give
business slowed 15
a boost to the streaming ser-
vice, which has lagged behind

PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY LILLIAN RIZZO
Comcast Corp. said its
third-quarter net profit dou-
bled, boosted by strong reve-
nue growth at its NBCUniver-
sal media empire, which
benefited from the Tokyo
Olympics and an influx of re-
turning visitors to its Univer-
sal Studios theme parks.
The Philadelphia-based
company reported third-quar-
ter net profit of $4.04 billion,
or 86 cents a share, compared
with $2.02 billion, or 44 cents
a share, a year earlier, sur-
passing FactSet analysts’ esti-
mates. Revenue rose 19% to
$30.3 billion.
Comcast’s results show how
customer habits changed dras-
tically during the height of the
Covid-19 pandemic and how
they are slowly reverting to
normal.
The company, which oper-
ates Xfinity-brand cable ser-
vices, NBCUniversal and the
U.K. pay-TV company Sky, saw
its broadband-internet busi-
Many of its businesses that were affected by Covid-19 curbs, such as theme parks, are rebounding.
ness slow down in the third
quarter after experiencing
strong user growth for several
quarters, when many Ameri-
cans were spending most of
their time at home because of
Covid-19 restrictions.
On the other hand, many of
its businesses that were once
deeply affected by these re-
strictions, such as movie pro-
duction and theme parks, are
rebounding.
Comcast said it added
300,000 broadband subscrib-
ers, less than half as many as
it did in the same period last
year. Its cellphone business,
Xfinity Mobile, had its best
quarterly result since it
launched in 2017, adding
285,000 customers. Comcast’s
pay-TV business, meanwhile,
continued to lose subscribers.
The 408,000 cable-TV custom-
ers it lost during the quarter
were nearly 50% more than
what it lost a year earlier.
10
5
0 Comcast
–5
–10
2021
Sources: FactSet
Overall, the company’s ca- ter. Comcast Cable CEO Dave
ble communications unit, Watson said the company has
which comprises its pay-TV, added more than 1.1 million
broadband and mobile-phone broadband customers year-to-
business, was still Comcast’s date, and that Comcast has
largest revenue contributor, added more than one million
accounting for $16.12 billion of each year for the last 20 years.
the company’s $30.3 billion in Comcast is making a foray
revenue. into the smart-TV industry,
Comcast executives said placing a bigger bet as a dis-
Thursday that the slowdown in tributor of apps and taking on
broadband-subscriber growth incumbent players including
was partly due to fewer people Roku Inc., as media companies
moving during the latest quar- push for more streaming sub-
competitors in customer
growth.
Chief Executive Brian Rob-
erts on Thursday called the
company’s push into smart-
TVs “the embodiment of what
we do well, which is aggrega-
tion.”
The company didn’t provide
specific metrics regarding Pea-
cock’s subscriber base on
Thursday, but NBCUniversal
CEO Jeff Shell said the stream-
ing service added a few million
more monthly active accounts.
In July, the company said
Peacock had more than 20 mil-
lion monthly active accounts
and 54 million sign-ups. Com-
cast has yet to disclose other
details such as the proportion
of customers paying for Pea-
cock’s premium $4.99 or
$9.99-a-month tiers. The
$4.99-a-month ad-supported
version is free to customers
with cable bundles or Flex
boxes, as well as those using
Cox Communications Inc.
Peacock will also launch on
Sky next month.

Activision CEO Cuts Pay, Pledges Changes Amid Probes

BY SARAH E. NEEDLEMAN
AND KIRSTEN GRIND
Bobby Kotick, the longtime
chief executive of videogame
publisher Activision Blizzard
Inc., told employees Thursday
he would take a pay cut and
end mandatory arbitration for
internal harassment and dis-
crimination claims amid regula-
tory probes into the company’s
culture.
Mr. Kotick, 58 years old, was
the second-highest paid chief
executive nationwide, earning
$154 million in 2020, according
to The Wall Street Journal’s an-
nual ranking of pay and perfor-
mance for leaders of S&P 500
companies.
In a letter made public
Thursday, Mr. Kotick said that
he asked Activision’s board to
reduce his salary to the mini-
mum allowed under California
law for salaried workers—
$62,500—and that he would
forgo bonuses and equity
grants.
The announcement was part
of a series of changes Mr.
Kotick said were aimed at mak-
ing the company more diverse
and safer for employees.
“Over the last decade, as
we’ve brought in new compa-
nies, grown our workforce, and
expanded our business, we be-
lieved we had the systems, poli-
cies, and people in place to en-
sure that our company always
lived up to its reputation as a
great place to work,” Mr. Kotick
said in the letter. “Clearly, in
some vitally important aspects,
we didn’t.”
An Activision spokesperson
declined to comment beyond
Mr. Kotick’s letter.
Activision, which owns hit
franchises such as “Call of
Duty,” “World of Warcraft” and
“Candy Crush,” is facing a law-
suit by the California Depart-
ment of Fair Employment and
Housing alleging the company
ignored employee complaints of
sexual harassment, discrimina-
tion and retaliation, and main-
tained a “frat-boy” culture.
The Securities and Exchange
Commission also opened an in-
vestigation into Activision’s tor has said the proposed set- have relied on the value of their
handling of allegations of sex- tlement amount is too low and investments in their companies.
ual misconduct and workplace that the agreement includes Mr. Kotick’s 2020 pay pack-
discrimination, and has subpoe- provisions harmful to victims age of $154 million was in part
naed Mr. Kotick. and its case. due to a performance-based
An Activision spokeswoman A spokesman for the EEOC award related to his 2016 em-
previously said the company declined to comment. In a court ployment agreement. In March,
was cooperating with the SEC. filing earlier this month, the the board approved an exten-
The company moved in court to federal agency said the Califor- sion of that agreement, slated
pause the lawsuit by Califor- nia regulator’s objection could to expire this year, through
nia’s DFEH, but the request was potentially derail relief for hun- 2023.
denied, court filings show. Ac- dreds of people. The Activision boss also
tivision has said it would fight Mr. Kotick isn’t alone in Sili- wrote to employees that he is
the suit from the California con Valley in volunteering to implementing a new company-
agency. significantly reduce his com- wide antiharassment policy.
Activision has agreed to pay pensation. Founders such as “We need tougher rules and
$18 million to settle an investi- Mark Zuckerberg of Facebook consistent monitoring across
gation by the U.S. Equal Em- Inc. and Jeff Bezos of Ama- the entire company to make
ployment Opportunity Commis- zon.com Inc. have also opted sure reports are being handled
sion into its workplace against collecting large stock correctly and discipline is ap-
practices. The California regula- grants and salaries and instead propriate and swift,” he wrote.

November 9, 2021, 10:00 a.m.–2:00 p.m. ET | Online Event

SPEAKERS

Kristin Lemkau The Wall Street Journal’s CMO Network will be meeting online this November
CEO, Wealth Management for its annual summit that looks at the changing role of marketing leaders.
JPMorgan Chase
The dramatic changes in society combined with the significant advances in
Marcel Marcondes technology have forced companies to reevaluate the role of the CMO. Join us
CMO for honest and candid conversations with thought leaders as we examine the
Anheuser-Busch (2017–2021)
technical skills that will be required to lead and advance in the years ahead.
Jill Pratt We will host sessions on a wide range of topics such as how to go from CMO to
Chief Marketing Excellence Officer CEO, how to land a seat on a corporate board and how to find the right talent
McCormick & Co.
amid a tight labor market. We will also tackle some of the most pressing issues
Najoh Tita-Reid marketers face today such as the death of the cookie, the ethics around AI in
Global CMO marketing and the increases in privacy regulation.
Logitech

Membership is by invitation: CMONetwork@wsj.com. Learn more at CMONetwork.wsj.com/inquire

Founding Sponsor

© 2021 Dow Jones & Co., Inc. All rights reserved. 6DJ8618
P2JW302000-0-B00500-1--------XA

THE WALL STREET JOURNAL. Friday, October 29, 2021 | B5

BUSINESS NEWS

Bets on Tesla Flood Options Market

Nearly half of all Share-price and index performance Tesla options volumes strategy at Susquehanna Fi-
activity involves car 60% 2.5 million contracts
nancial Group. “What stock
Thursday has the most momentum right
maker as traders keep +52.7% now?…You’d probably say
faith its rally will go on 50 2.0 Tesla.”
Mr. Murphy said that some
BY GUNJAN BANERJI 40 1.5 traders appeared to be posi-
tioning for rapid gains during
Almost one out of every two 30 1.0 the day through the options,
dollars spent in the U.S.-listed opening and closing their po-

PUT OPTIONS CALL OPTIONS

options market through sitions within hours.
20 0.5
Wednesday went to Tesla Inc., The company’s journey to a
TESLA

according to Cboe Global Mar- S&P 500 $1 trillion valuation has been
Tesla’s new CFO Zach Kirkhorn. kets data. 10 0 dizzying at times, marked by
On Monday, traders spent big swings. On Monday alone,

EV Maker
0 Tesla 0.5
more money on Tesla bets, in the stock jumped 13%. None of
what’s known as options pre- the other four companies
mium, than they did on every –10 1.0 worth that much—Apple Inc.,

Aims for single other option in the mar-

ket combined. There are more
than 5,000 stocks and ex-
–20 1.5
Microsoft Corp., Amazon.com
Inc. and Google parent Alpha-
bet Inc.—has recorded moves

Improved
Jan. 2021 Oct. Jan. 2021 March May July Sept.
change-traded funds to trade. greater than 10% in a single
Roughly one of every two Sources: FactSet (performance); Cboe (options) session this year.
dollars traders spent in the Call options tied to the

Ratings U.S.-listed options market on

BY NINA TRENTMANN
Tesla Inc. has won over eq-
uity investors, but it still has
work to do to convince ratings
firms.
The electric-car maker on
Monday joined a small club of
companies valued above $1
trillion. It’s the only manufac-
turing company in the group,
alongside technology firms Al-
phabet Inc., Amazon.com Inc.,
Apple Inc. and Microsoft
Corp. Stock-market investors’
strong confidence in the com-
pany is in stark contrast to the
junk ratings on Tesla’s debt
Monday and Tuesday went to
Tesla options, according to
to Cboe and preliminary Fact-
Set data. That is based on the
options’ notional value, a mea-
Cboe Global Markets data. On sure of how much the shares’
Monday, traders spent more underlying option contracts
money on Tesla bets, in what’s are worth, a figure that fluctu-
known as options premium, ates with daily moves in the
than they did on every single stock price.
other option in the market Options give investors the
combined. There are more right to buy or sell shares at a
than 5,000 stocks and ex- specific price, by a stated date.
change-traded funds to trade. Calls give the right to buy,
By one measure, activity in while puts give the right to sell.
Tesla options has surpassed The stock rose 3.8% to
trading in its shares. More $1077.04 on Thursday, a record.
than $900 billion in Tesla op- The shares are up 53% this year.
tions have changed hands this Tesla investors have bene-
week, roughly five times the fited from a steady stream of
total for its shares, according good news. The company re-
ported record third-quarter
profits last week. On Monday,
the stock jumped after Hertz
much of the past two years.
That translates to quicker and
bigger profits for traders than
shares jumping to $1,100 or
$1,200 have been among the
most popular trades recently,
Global Holdings Inc. ordered if they had just bought the according to data from Shift
100,000 autos for the rental- stock. For example, one Tesla Search. On Thursday, calls
car company, sending Tesla’s call option—covering 100 pegged to the shares advancing
market value above $1 trillion shares—tied to the stock to $2,000 were actively traded.
for the first time. On Wednes- jumping to $900 traded for And some investors said
day, Hertz said that it was around $2,800 last week. By they expect the stock to keep
linking up with Uber Technol- Monday, it had more than tri- soaring. Mike Ogborne,
ogies Inc. to make 50,000 Tes- pled, according to Cboe data. founder of hedge-fund firm Og-
las available in the ride-shar- Options typically require a borne Capital Management,
ing network by 2023. smaller upfront investment, or which manages around $400
Tesla options have morphed an options premium, than million, said Tesla is his big-
into one of the biggest casinos stocks. gest holding and he has no
on Wall Street because the “You want to use options to plans to sell. He thinks that if
value of bullish call options lever up and get exposure to Tesla becomes a leader in self-
can rapidly multiply if the momentum,” said Chris Mur- driving software, the shares
stock advances, as it has for phy, co-head of derivatives could jump even higher.

Construction Boosts Caterpillar’s Earnings

from S&P Global Ratings and
Moody’s Investors Service.
Tesla’s trillion-dollar peers all
have triple-A ratings, accord-
ing to data provider FactSet.
S&P has increased Tesla’s
credit rating by five notches
over the past year and a half, to
BB-plus on Friday, which is one
level below investment grade,
though with a positive outlook.
Moody’s upgraded Tesla’s rat-
ing to Ba3 in March, a category
Despite its high
valuations, Tesla’s
debt is still below
investment grade.
BY AUSTEN HUFFORD
Caterpillar Inc.’s quarterly
profit more than doubled as
construction and industrial
equipment customers placed
new orders in a growing
global economy, though sup-
ply-chain problems held user
sales below the company’s ex-
pectations.
The company flagged
higher manufacturing costs,
especially increased shipping
rates, and said it was continu-
ing to face supply-chain chal-
lenges.
DAVID PAUL MORRIS/BLOOMBERG NEWS

“The good news is that de-

that describes debt that is
somewhat speculative in nature
and has some exposure to risk.
Tesla’s high stock price—its
shares closed at $1,077.27
Thursday, up almost 4% from
Wednesday’s close—enables
the company to sell equity, as
it did in December 2020, when
it sold $5 billion of its common
stock, or offer new convertible
notes, analysts and investors
said. Tesla’s stock started trad-
ing at $17 when the company
went public in 2010.
“I expect they would get
better pricing if they were to
offer debt to the market,” said
Eli Pars, co-chief investment
officer and head of alternative
strategies at Calamos Invest-
ments LLC, an investment firm
that has bought some of
Tesla’s convertible debt. Mr.
Pars lauded the company’s
balance sheet, adding that
Tesla has turned the corner on
improving its operations and
scaled up production.
“The equity market might
be quicker in rerating the
stock [than the ratings
firms],” said Seth Goldstein, a
senior equity analyst at Morn-
ingstar Inc.
Moody’s and S&P said that
market valuation isn’t a factor
that contributes directly to a
company’s rating. While the
company currently has the fi-
nancial profile of an invest-
ment-grade company, it faces
several business risks, said
Nishit Madlani, a senior direc-
tor at S&P Global Ratings.
Among those are competition
from other electric-car mak-
ers, whether it can meet de-
mand for its products as well
as its exposure to future
mand remains strong,” said
Andrew Bonfield, Caterpillar’s
chief financial officer. “The
challenge for us was around
supply,” he said.
Caterpillar’s sales to equip-
ment users grew 14% in the
quarter ended Sept. 30, below
its expectations of at least
15%, driven by constraints to The company flagged higher manufacturing costs and shipping rates and said it was continuing to face supply-chain challenges.
the company’s supply chain,
Mr. Bonfield said. facturers are dealing with con- ity to produce enough to fulfill year earlier. Total profit was ers. Higher prices added $256
“When the chain starts get- gestion at ports, higher truck- the demand. $1.43 billion, up from $668 million to operating profit
ting as stretched as it is, it ing and airfreight costs and The Deerfield, Ill.-based million. while higher manufacturing
doesn’t take a lot for one or difficulties finding many types maker of mining trucks and On an adjusted basis, Cater- costs reduced it by $267 mil-
two things to put you in a sit- of parts, including computer construction bulldozers said pillar’s profit was $2.66 a lion, the company said.
uation where you have to chips. revenue grew 25% to $12.4 bil- share. Analysts surveyed by Construction sales climbed
change production schedules,” Manufacturing executives lion in its third quarter, driven FactSet had forecast adjusted 30% to $5.26 billion while
he said. have said the problems are by higher prices and volumes. earnings of $2.31 a share. mining sales grew by 32% to
Caterpillar’s shares rose 4% driven by strong orders of The company earned a Higher manufacturing costs $2.41 billion. The company’s
Thursday. goods across the board, profit of $2.60 a share, com- offset price increases Caterpil- energy-and-transportation
Caterpillar and other manu- stretching the industry’s abil- pared with $1.22 a share a lar implemented for custom- sales rose 22% to $5.08 billion.
Subscription Toy Company
Lovevery Raises $100 Million
by
BY CORRIE DRIEBUSCH
Lovevery raised $100 mil-
lion in its latest funding
round, valuing the trendy sub- Introducing an
scription toy company at more
than $800 million and setting
Ergonomic Heat
it up for an initial public offer- and Massage
ing in the next two years.
The Series C funding round Chair for Work
was led by venture firm TCG,
with additional money from
and Home
existing investors Reach Capi-
tal, the Chan Zuckerberg Ini-
tiative, Google Ventures and
SoGal Ventures.
Lovevery subscribers re-
ceive boxes of toys every two
or three months on average,
along with a parent packet
LOVEVERY

downturns as it produces that describes the toys, the

more cars at an affordable
price point, Mr. Madlani said.
“Right now, the story here
is that this is a company that’s
done extremely well by mini-
mizing its financial risk,” he
said.
Tesla in its most recent
quarter spent $1.5 billion on
lease repayments and to pay
down debt, leaving it with
cash and cash equivalents of
$16.1 billion, up 11% from the
prior-year period.
Tesla didn’t immediately re-
spond to a request for com-
ment.
—Kristin Broughton, Mark
Maurer and Sam Goldfarb
contributed to this article.
developmental milestones to
watch for at the child’s age, The Montessori-inspired service has an app and plans an IPO.
and other suggested activities
caregivers can do with their The Montessori-inspired dreamed up an early-learning
children. It boasts more than toy manufacturer was program for children and their 0% '*# /% -1! (+& .*,$)"
220,000 active subscribers, launched by Ms. Rolph and parents.
and in the last 12 months it Roderick Morris in 2017. Ms. The company is riding the
shipped more than one million Rolph has experience in the trend of Montessori education,
play kits, the company says. baby startup space—she is a which emphasizes hands-on
This week, the company is co-founder of organic baby- independent learning. There is
launching the Lovevery App, a food company Happy Family, a “Montessori Mafia” of suc-
mobile platform with develop- which was acquired by Danone cessful entrepreneurs who say
mental tips and question-and- SA in 2013. A parent herself, they were raised on this phi-
Free Shipping & 30 Day Risk Free Trial
answer sessions with experts. she said she was inspired to losophy, including Google
“We knew we could do launch Lovevery after reading founders Larry Page and Save $100 Now! And, Use code Ergonomic
more for parents,” said Jessica a doctoral dissertation on neu- Sergey Brin and Amazon’s Jeff
Rolph, one of Lovevery’s co- rological development in ba- Bezos, who has pledged $2 bil-
For Free X-Wheel Casters
*$50 per month based on purchase of $89999 for 18-months 0% interest
founders, adding that it is bies. Ms. Rolph started making lion in part to help fund Mon-
hard for parents to know what her own toys and with Mr. tessori-inspired preschools in
type of toy to use when. Morris, a longtime friend, underserved communities.
P2JW302000-2-B00600-1776DF7050B
B6 | Friday, October 29, 2021
NFT Artist
To Auction
Real-Life Art
Christie’s plans to
bring Beeple’s work
for sale Nov. 9 for an
estimated $15 million
BY KELLY CROW
The artist known as Beeple
launched the art world’s craze
for nonfungible tokens by sell-
ing one of his digital collages
at Christie’s for $69 million
this spring. Now Beeple has
something even more surpris-
ing for sale—a real-life sculp-
ture.
Christie’s said it plans on
Nov. 9 to auction the first
physical work of art by Beeple,
whose real name is Mike Win-
kelmann, for an estimated $15
million. The sculpture, called
“HUMAN ONE,” is a 7-foot-tall,
white mahogany column cov-
ered in LED screens that de-
picts a life-size astronaut
dressed in a mirrored helmet
and silvery suit. The monolith-
like pillar is designed to
slowly rotate so that viewers
standing before it will see the
figure appear to stroll through
sci-fi landscapes. The artist
plans to alter these backdrops
several times a day and update
them during his career. It also
comes with a corresponding
NFT.
“It has such a gravitas, and
it sucks you in,” said Noah Da-
vis, Christie’s head of digital
art and online sales.
The work is the latest sign
of a historic merger between
Apple
Warns of
Disruption
Continued from page B1
issues might affect Apple’s im-
portant holiday quarter.
There are multiweek waits in
some areas for delivery of cer-
tain models of the iPhone and
other products, and even with
supply chain delays, investors
are eager to see if the contin-
ued allure of 5G technology and
new camera capabilities will
help fuel another big year.
Mr. Maestri acknowledged
that wait times for some Apple
products were longer than they
would like. Supply constraints
during the fiscal fourth quarter
hurt potential revenue by $6
billion, he said, and will be
worse in the current period.
Mr. Maestri said the iPhone
maker still expects to see year-
over-year revenue growth dur-
ing the period that ends in De-
cember. “We fully expect to set
a new December quarter record
for revenue,” he said. “But we
also expect the supply con-
straints will be greater than the
$6 billion. …We expect most of
our product categories to be
constrained during the Decem-
ber quarter.”
Trust your
source.
Trust your
decisions.
© 2021 Dow Jones & Co., Inc. All rights reserved. 2DJ8622
traditional and digital art.
More NFT artists are starting
to adopt the real-life materi-
als of the art establishment
rather than stick to pixels.
This month in London, So-
theby’s sold a $2.8 million
acrylic box by digital artist
FEWOCiOUS that contained a
cartoonish blue, life-size fig-
ure wearing clothes designed
by the artist for its owner to
wear. (The house discouraged
doing so for preservation pur-
poses.)
Dealers say such experi-
ments could be a way for digi-
tal artists to extend their col-
lector base and raise their
price points even more.
In less than a year, NFT
buyers have grown from
amassing a vast menagerie of
slightly varied characters like
CryptoPunks, Mr. Davis said,
to valuing one-of-a-kind digital
works the same way old-guard
collectors prize rarity in art
works. Mr. Winkelmann’s
sculpture, for example, is one
of one, he said. “Collectors are
getting sophisticated,” Mr. Da-
vis said. “They want to flex
their individual tastes rather
than buy something that’s one
of 10,000.”
Traditional collectors and
established artists are also
taking a closer look at NFTs,
particularly hybrid versions of
so-called “phygital” artworks
that contain both physical and
digital elements.
NFTs started gaining trac-
tion last year as digital artists
realized they could apply the
In the quarter, iPhone revenue rose 47% to $38.9 billion.
Some investors argue Apple
is naturally going to see a
tougher year in fiscal 2022 and,
to make their case, they point
to previous years that followed
the company benefiting from
hot iPhone introductions that
have resulted in larger than
normal results. Others see con-
tinued momentum from 5G.
Apple is expected to have
delivered a record 238 million
iPhones in the past fiscal year,
according to analysts’ esti-
mates. They expect 233 million
this year. The company doesn’t
disclose unit sales but, during
BUSINESS NEWS
The sculpture, called ‘HUMAN ONE,’ depicts a life-size astronaut. One of Beeple’s NFTs sold for $69 million at auction earlier this year.
same technology used to track tie’s marquee 21st Century
cryptocurrency to tokenize evening sale. (His record-set-
their JPEGs, making them as ting NFT, “Everydays: The
unique as any painter’s canvas. First 5,000 Days,” sold in an
Each NFT’s price and owner- online-only sale in March.)
ship details are logged on a Mr. Winkelmann will attend
digital ledger known as the the New York auction—his
blockchain. In the past year, first, he said.
roughly $1.8 billion worth of “People gathering in a big
NFT artworks have sold, ac- room to buy things made by
cording to market data tracker other people—it’s the weirdest
Nonfungible.com. ritual of transaction if you re-
“HUMAN ONE” will serve as ally think about it,” Mr. Win-
a fresh test of collectors’ ap- kelmann said. “I’m excited to
petites at the high end. It also go.”
marks the first time a Beeple Mr. Winkelmann’s entree
will be offered alongside into the blue-chip art world
heavyweight painters like hasn’t been easy, but he is
Jean-Michel Basquiat in Chris- catching up quickly—and says
$9.2 billion while iPads rose
21% to $8.3 billion. Analysts
had expected growth of 1.3% by
Macs and 6.6% by iPads during
the period compared to a year
ago.
Since the pandemic began,
disrupting normal operations,
Apple has stopped giving de-
tailed guidance.
Investors are also looking at
how Apple is dealing with ris-
ing costs associated with in-
creasing inflation. The newest
iPhones didn’t have a starting
CHRIS RATCLIFFE/BLOOMBERG NEWS
price jump when revealed in
September, though the com-
pany has benefited from higher
selling prices in part because of
deals being offered by cellular
phone service providers in the
U.S., which are fighting to keep
customers.
Mr. Cook’s success navigat-
ing the turbulent waters of the
Covid-19 pandemic helped Ap-
the first nine months of the fis- ple lead other big tech compa-
cal year, iPhone revenue rose nies in enjoying outsize profits
38% to $153 billion. In the July- during uncertain times. That
to-September quarter, iPhone success and broader questions
revenue rose 47% to $38.9 bil- about the power of these tech
lion, missing the $41 billion ex- companies have also put them
pected by analysts. under scrutiny.
The strength of Apple’s Apple emerged mostly un-
other products throughout the scathed from an antitrust law-
Covid-19 pandemic has helped suit in September brought by
fuel record profit. The company Epic Games Inc. that centered
has benefited from workers and on its App Store’s role as the
students at home wanting new gatekeeper for customers on its
laptops and iPad tablets. iPhones and its required in-app
Those results continued to payment system that gives it as
grow in the fiscal quarter. Sales much as a 30% cut of digital
of Mac computers rose 1.6% to revenue.
Amazon pected to be between break-
even and a $3 billion profit,
down from $6.9 billion a year
Sales earlier and trailing expecta-
tions.
Amazon shares, which
Disappoint closed up 1.59% in Thursday
trading, fell 3.8% after the
bell with the results.
Amazon’s cloud-computing
Continued from page B1 business, which offers server
year earlier. Wall Street ex- capacity and software tools
pected $111.6 billion in quar- and generates a significant
terly revenue and profit of portion of the company’s op-
$4.6 billion. erating profit, has continued
In the current quarter, “we to grow at a fast clip. Ama-
expect to incur several billion zon has also seen strong de-
dollars of additional costs in mand for its digital advertis-
our consumer business as we ing business, which has
manage through labor supply increasingly competed with
shortages, increased wage Google and Facebook’s pow-
costs, global supply chain is- erful ad platforms. Sales for
sues, and increased freight the cloud unit continued to
and shipping costs—all while climb sharply, totaling $16.1
doing whatever it takes to billion in the third quarter,
minimize the impact on cus- up about 38% from a year
tomers and selling partners earlier. Amazon’s unit that
this holiday season,” Mr. primarily includes ad sales
Jassy said. grew by 50%.
For the fourth quarter, the Amazon’s technology peers
company projects sales be- showed robust results this
tween $130 billion and $140 week. Microsoft Corp., the
billion, compared with a Wall No. 2 in the cloud behind Am-
Street expectation of $142.2 azon, on Tuesday reported a
billion. Amazon said operat- 48% jump in quarterly profit
ing income in the three to $20.5 billion. Alphabet
months ending Dec. 31 is ex- Inc.’s Google nearly doubled
**
he sees his shift into sculpture
as an extension, rather than a
rejection, of his digital prac-
tice. He cited Damien Hirst’s
shark tanks and Jeff Koons’s
metallic “Rabbit” as influenc-
ing the aesthetics of “HUMAN
ONE,” an idea he got over the
summer after he noticed a cart
of upturned television screens
in his hangar-like studio in
South Carolina.
Relying on projection-map-
ping skills he gleaned from his
past work designing digital
stage elements for music con-
certs, he said he wrapped a
mahogany armature in
screens. Then he created a
Prologis CEO Expects
Extended Supply Jam
BY LYDIA O’NEAL
The head of industrial real-
estate company Prologis Inc.
expects disruptions and con-
gestion that have tied up sup-
ply chains to likely last into
2023, a break from many fore-
casts that suggest the global
stresses should ease next year.
“I think it’s going to take a
while,” Prologis Chief Executive
Hamid Moghadam said at a
supply-chain forum hosted by
the company. “If I were going
to bet on a date, I would say
middle of 2023, end of 2023.”
Many economists and logis-
tics industry executives expect
widespread shipping bottle-
necks and shortages of manu-
facturing parts and finished
goods to continue through
year-end, with relief likely to
come only after the first quar-
ter of 2022 as supply-side out-
put catches up to demand.
Mr. Moghadam expects
strong retail demand and shifts
in consumer behavior, including
the accelerated growth of e-
commerce during the Covid-19
pandemic, will continue and
that strains in supply chains
will last longer as a result.
“Everyone’s currently talking
about the supply chain disrup-
Amazon's net profit
$8 billion
6
4
2 opment “new and not wel-
0 solve itself through this quar-
2018 ’19 ’20
Sources: S&P Capital IQ, the company
its profit in its third quarter,
as smaller businesses poured
money into ads.
Amazon Chief Financial Of-
ficer Brian Olsavsky, in a call
with reporters Thursday, said
the company has had to re-
route products to meet de-
mand as it deals with labor
and supply-chain issues,
which increased costs.
He said the company also
has seen inconsistent staffing
levels in its operations be-
cause of the labor shortage.
The company spent $2 bil-
lion during the third quarter
THE WALL STREET JOURNAL.
CHRISTIE’S IMAGES (2)
looping video feed for each
screen that gives the illusion
that the digital astronaut
character at the center of each
is encased in a see-through
container yet moving through
a backdrop of ever-changing
scenery.
Painters have long experi-
mented with trompe l’oeil
techniques, but he said digital
technology gives him an ad-
vantage because he can alter
elements whenever he wants
by layering additional codes to
its corresponding NFT on the
blockchain. Each time he does,
the screens on the physical
piece will alter, remotely.
tion as it relates to the holiday
shopping season,” he said in an
email. “But the inventory short-
age will continue for longer
than people are expecting.”
“The systemic issues that
are driving today’s supply chain
headaches will not be fixed
quickly,” Mr. Moghadam said.
“It’s going to take several years
for supply chains to catch up
with the changes in shopping
patterns brought about by the
pandemic.”
The pandemic-fueled shift to
online shopping and compa-
nies’ rush to rebuild inventories
have been a boon for ware-
house owners like Prologis. The
San Francisco-based company
reported Tuesday that U.S. lo-
gistics space “is effectively sold
out.”
That lack of space is driving
up rent rates for retailers, e-
commerce companies and
third-party logistics providers.
Commercial real-estate ser-
vices firms CBRE Group Inc.
and Cushman & Wakefield Inc.
recently reported record-low
vacancy rates across the U.S.,
pushing third-quarter indus-
trial rents up by 10% and 8.3%,
respectively, over the same pe-
riod of last year.
$3.2B on extra pay and incentives
as well as other constraints
related to its supply chain, he
said. With the arrival of some
goods disrupted, Amazon
warehouses for the first time
since the start of the pan-
demic aren’t squeezed for
space, he said.
Mr. Olsavsky said labor is
the company’s main capacity
constraint, calling the devel-
come.” The company, he said,
hopes the situation will re-
’21
ter going into next year.
“We’ll adapt as we need to,
to remain competitive,” Mr.
Olsavsky said.
The quarter’s growth also
was dented by Amazon’s deci-
sion to hold its annual Prime
Day sales extravaganza dur-
ing its second quarter, taking
away the revenue boost from
the event that has typically
been held during its third
quarter.
The nation’s second-larg-
est private employer has said
it plans to hire about 275,000
permanent and seasonal em-
ployees amid a tight labor
market, partly to deal with
the anticipated online holiday
shopping surge.
P2JW302000-1-B00700-1--------XA

THE WALL STREET JOURNAL. * Friday, October 29, 2021 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35730.48 s 239.79, or 0.68% Trailing P/E ratio 23.06 25.89 4596.42 s 44.74, or 0.98% Trailing P/E ratio * 30.45 38.25 15448.12 s 212.28, or 1.39% Trailing P/E ratio *† 35.47 37.62
High, low, open and close for each P/E estimate * 18.93 24.01 High, low, open and close for each P/E estimate * 22.17 25.55 High, low, open and close for each P/E estimate *† 28.95 31.31
trading day of the past three months. Dividend yield 1.79 2.31 trading day of the past three months. Dividend yield * 1.32 1.73 trading day of the past three months. Dividend yield *† 0.68 0.74
All-time high 35756.88, 10/26/21 All-time high 4596.42, 10/28/21 All-time high: 15448.12, 10/28/21

Current divisor 0.15188516925198

35750 4600 15500

35250 4525 15200

34750 4450 14900

Session high 34250 4375 14600

DOWN UP
65-day Session open Close
t

moving average 33750 4300 14300

Close Open
t

Session low 65-day moving average 65-day moving average 14000

33250 4225

Bars measure the point change from session's open

32750 4150 13700
July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct.
* 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* 872,397,231 16,430,789
Industrial Average 35742.25 35545.41 35730.48 239.79 0.68 35756.88 26501.60 34.0 16.7 13.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 598,572,120 11,640,500
Transportation Avg 15926.96 15719.52 15921.69 198.17 1.26 15943.30 11106.19 42.4 27.3 16.9 Most-active issues in late trading Decl. volume* 266,624,558 4,288,385
Utility Average 921.83 913.43 921.15 6.34 0.69 952.62 795.61 6.2 6.5 8.1 Volume After Hours Issues traded 3,458 278
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 47601.23 47233.71 47593.04 520.40 1.11 47593.04 33541.92 40.0 21.4 20.3 Advances 2,316 156
Apple AAPL 12,529.0 147.10 -5.47 -3.59 155.80 144.40
Barron's 400 1066.04 1048.05 1065.84 17.78 1.70 1074.00 719.73 47.0 25.1 16.9 Declines 1,014 103
Cadence Bancorp CADE 7,267.5 20.60 0.50 2.49 20.74 20.10
Unchanged 128 19
Nasdaq Stock Market ProSh UltraPro Shrt QQQ SQQQ 5,963.3 7.01 0.11 1.59 7.08 6.88 New highs 139 4
Nasdaq Composite 15452.30 15290.31 15448.12 212.28 1.39 15448.12 10911.59 38.1 19.9 29.2 SPDR S&P 500 SPY 4,646.9 457.60 -0.72 -0.16 458.48 453.94 New lows 45 4
Nasdaq-100 15784.00 15650.01 15778.16 179.77 1.15 15778.16 11052.95 39.0 22.4 32.0 Invesco QQQ Trust I QQQ 4,237.6 382.27 -1.95 -0.51 384.61 380.00 Closing Arms† 1.06 0.37
BancorpSouth Bank BXS 3,477.6 29.15 0.39 1.36 29.25 28.76 Block trades* 4,652 166
S&P
Kadmon Holdings KDMN 3,429.7 9.46 … unch. 9.46 9.45 Nasdaq NYSE Arca
500 Index 4597.55 4562.84 4596.42 44.74 0.98 4596.42 3269.96 38.9 22.4 20.0
iShares Russell 2000 ETF IWM 3,404.9 228.50 0.39 0.17 228.82 223.65
MidCap 400 2793.92 2755.45 2793.41 44.04 1.60 2809.72 1900.18 45.8 21.1 15.9 Total volume*5,590,386,076 202,108,890
SmallCap 600 1379.45 1357.31 1378.71 25.50 1.88 1414.12 876.59 55.1 23.2 13.9 Percentage gainers… Adv. volume*4,303,852,099 143,460,500
Ramaco Resources METC 71.6 17.75 1.86 11.71 18.25 15.89 Decl. volume*1,205,487,147 53,802,510
Other Indexes
A10 Networks ATEN 66.3 15.30 1.45 10.47 15.50 13.85 Issues traded 4,777 1,601
Russell 2000 2298.76 2253.90 2297.98 45.49 2.02 2360.17 1538.48 47.2 16.4 15.7
Atlassian Cl A Advances 3,231 1,201
NYSE Composite 17077.52 16920.38 17077.00 156.61 0.93 17169.07 12429.28 36.6 17.6 12.6 TEAM 144.2 450.00 32.67 7.83 456.96 396.29
Declines 1,307 381
Value Line 672.71 664.43 672.71 8.28 1.25 685.08 460.71 44.7 18.3 9.1 US Steel X 2,075.7 25.05 1.67 7.14 25.43 23.28
Unchanged 239 19
NYSE Arca Biotech 1.80 6319.77 Carlyle Group CG 188.7 60.00 3.68 6.53 60.00 56.32
5668.38 5560.47 5668.12 100.36 5212.89 7.7 -1.2 7.7 New highs 151 87
NYSE Arca Pharma 773.36 760.47 769.87 9.40 1.24 811.41 613.07 25.2 11.7 10.9 ...And losers New lows 101 20
KBW Bank 139.51 138.06 139.50 1.69 1.23 142.61 76.00 83.6 42.5 13.7 Zendesk ZEN 384.6 97.00 -22.01 -18.49 122.00 96.88 Closing Arms† 0.69 1.47
PHLX§ Gold/Silver 135.46 133.16 133.50 -1.63 -1.21 166.01 117.06 -3.2 -7.4 27.0 MicroVision MVIS 1,273.8 7.80 -1.19 -13.24 9.02 7.38 Block trades* 36,923 820
PHLX§ Oil Service 62.33 61.16 62.31 0.91 1.48 69.77 27.07 130.2 40.6 -20.2 Western Digital WDC 567.7 51.80 -5.48 -9.57 57.28 51.25 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3440.58 3402.97 3438.83 78.54 2.34 3473.60 2246.15 50.6 23.0 43.9 HCW Biologics HCWB 647.3 4.29 -0.44 -9.30 4.88 4.15 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 17.16 16.23 16.53 -0.45 -2.65 38.02 15.01 -56.0 -27.3 -11.9 Hannon Armstrong HASI 449.2 58.00 -2.98 -4.89 60.98 58.00 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 746.98 5.23 0.71 15.6 HCW Biologics Rafael Holdings Cl B
HCWB 4.73 1.81 61.99 7.78 2.36 ... RFL 8.09 -22.08 -73.19 66.44 5.90 -53.7
MSCI ACWI ex-USA 350.15 0.93 0.27 7.3 Glimpse Group VRAR 14.68 4.97 51.18 18.45 6.75 ... IronNet IRNT 12.39 -3.95 -24.17 47.50 9.37 24.1
MSCI World 3179.44 27.39 0.87 18.2 InflaRx IFRX 4.06 1.20 41.96 6.88 2.23 -1.5 Brightcove BCOV 9.40 -2.46 -20.74 25.26 9.20 -29.1
MSCI Emerging Markets 1276.07 –6.82 –0.53 –1.2 Triterras Cl A TRIT 8.11 2.08 34.49 15.45 4.68 -21.0 Proto Labs PRLB 58.64 -15.08 -20.46 286.57 57.54 -50.6
Americas MSCI AC Americas 1781.69 17.39 0.99 21.4 Wolfspeed WOLF 121.04 30.17 33.20 129.90 60.56 91.5 Siyata Mobile SYTA 4.28 -1.02 -19.25 15.75 2.60 -27.3
Canada S&P/TSX Comp 21197.53 242.54 1.16 21.6 LendingClub LC 42.07 10.45 33.05 44.66 4.40 789.4 Twilio Cl A TWLO 284.93 -60.73 -17.57 457.30 254.82 -1.3
Latin Amer. MSCI EM Latin America 2149.25 –21.73 –1.00 –12.3 Impinj PI 71.01 15.08 26.96 79.05 24.36 157.0 Up Fintech Holding ADR TIGR 7.34 -1.51 -17.06 38.50 4.30 54.9
Brazil BOVESPA 105704.96 –658.14 –0.62 –11.2 Digital Brands Group DBGI 3.80 0.77 25.41 8.80 2.32 ... Galera Therapeutics GRTX 2.00 -0.41 -17.01 12.99 1.63 -77.2
Chile S&P IPSA 2686.87 –12.74 –0.47 –6.0 Fluence Energy FLNC 35.00 7.00 25.00 35.95 28.00 ... Zovio ZVO 1.87 -0.35 -15.77 7.34 1.77 -50.8
Mexico S&P/BMV IPC 51248.84 –465.76 –0.90 16.3 Lightbridge LTBR 9.93 1.95 24.44 10.73 2.47 261.1 Alnylam Pharm ALNY 162.14 -29.02 -15.18 212.00 119.29 31.5
EMEA STOXX Europe 600 475.16 1.12 0.24 19.1 Overstock.com OSTK 93.00 15.84 20.53 112.30 46.75 49.5 Diebold Nixdorf DBD 8.58 -1.52 -15.05 17.30 5.97 31.4
Eurozone Euro STOXX 471.79 1.49 0.32 18.7 Marpai MRAI 5.70 0.95 20.00 5.88 3.80 ... DBV Technologies ADR DBVT 3.06 -0.54 -15.00 7.38 1.35 118.6
Belgium Bel-20 4283.81 73.39 1.74 18.3 Quantum Computing QUBT 6.36 1.05 19.77 25.07 3.00 76.7 Gentherm THRM 76.40 -12.11 -13.68 89.59 45.03 61.8
Denmark OMX Copenhagen 20 1842.72 0.87 25.8 Kopin KOPN 5.40 0.89 19.73 13.62 1.17 325.2 Stem STEM 23.03 -3.62 -13.58 51.49 9.60 137.4
15.95
France CAC 40 6804.22 0.75 22.6 Amtech Systems ASYS 14.85 2.41 19.37 14.95 5.10 177.1 Bakkt Holdings BKKT 25.60 -3.80 -12.93 37.49 8.00 ...
50.70
Germany DAX 15696.33 –0.06 14.4
Israel Tel Aviv 1849.50
–9.48
–12.84 –0.69 23.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 26890.35 84.16 0.31 20.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 812.23 –3.06 –0.38 30.0
Russia RTS Index 1880.37 –10.91 –0.58 35.5 Meten Holding Group METX 427,529 795.0 0.60 44.34 4.27 0.28 Triterras Cl A TRIT 60,910 23521 8.11 34.49 15.45 4.68
South Africa FTSE/JSE All-Share 67759.76 284.67 0.42 14.1 Ford Motor F 214,655 233.8 16.86 8.70 17.58 7.61 Model Performance Cl A MPAC 4,102 22249 10.57 5.81 11.65 9.69
Spain IBEX 35 9025.80 0.60 11.8 HCW Biologics HCWB 171,094 110436.6 4.73 61.99 7.78 2.36 Rafael Holdings Cl B RFL 24,336 14458 8.09 -73.19 66.44 5.90
53.50
Sweden OMX Stockholm 0.22 27.4 Farmmi FAMI 125,747 -1.3 0.36 -0.97 2.47 0.20 Glimpse Group VRAR 18,796 6991 14.68 51.18 18.45 6.75
978.68 2.17
0.54 InflaRx IFRX 120,744 19059.5 4.06 41.96 6.88 2.23 Gores Metropoulos II Cl A GMII 5,837 5854 10.01 0.70 11.00 9.69
Switzerland Swiss Market 12153.10 65.65 13.5
Turkey BIST 100 1522.04 2.79 0.18 3.1 Digital Brands Group DBGI 117,232 4940.7 3.80 25.41 8.80 2.32 Waldencast Acqn Cl A WALD 356 3915 9.72 0.21 11.32 9.60
U.K. FTSE 100 7249.47 –3.80 –0.05 12.2 ProSh UltraPro Shrt QQQ SQQQ 96,221 3.1 6.90 -3.23 25.78 6.88 Cadence Bancorp CADE 30,750 3097 20.10 -1.03 23.88 10.79
U.K. FTSE 250 23199.87 27.83 0.12 13.2 Apple AAPL 95,011 27.4 152.57 2.50 157.26 107.32 DiamondHead Holdings DHHCU 217 2960 9.88 -0.50 11.68 9.73
Sundial Growers SNDL 61,175 -28.2 0.66 1.30 3.96 0.14 VanEck Indonesia IDX 410 2617 20.45 -0.39 22.08 16.43
Asia-Pacific MSCI AC Asia Pacific 198.80 –0.78 –0.39 –0.6
Triterras Cl A TRIT 60,910 23521.0 8.11 34.49 15.45 4.68 Alpha Cap Acqn Cl A ASPC 200 2606 9.73 0.10 9.89 9.60
Australia S&P/ASX 200 7430.40 –18.31 –0.25 12.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3518.42 –43.89 –1.23 1.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 25555.73 –73.01 –0.28 –6.2
India S&P BSE Sensex 59984.70 –1158.64 –1.89 25.6
Track the Markets
Japan NIKKEI 225 28820.09 –278.15 –0.96 5.0
Compare the performance of selected
global stock indexes, bond ETFs,
CURRENCIES & COMMODITIES
Singapore Straits Times 3203.82 –14.35 –0.45 12.7 currencies and commodities at
South Korea KOSPI 3009.55 –15.94 –0.53 4.7 wsj.com/graphics/track-the-markets Currencies
Taiwan TAIEX 17041.63 –32.92 –0.19 15.7 U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1624.31 –3.30 –0.20 12.1 Get real-time U.S. stock quotes and track most-active stocks, new US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004395 22755 –1.4
CREDIT MARKETS Argentina peso .0100 99.6886 18.5 Europe
Brazil real .1771 5.6462 8.7 Czech Rep. koruna .04539 22.033 2.6

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.8099 1.2348
.001241 805.89
–3.0
13.4
Denmark krone
Euro area euro
.1570 6.3674
1.1684 .8559
4.5
4.6
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000265 3777.25 10.4 Hungary forint .003232 309.45 4.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007800 128.21 0.3
A consumer rate against its Five-year ARM, Rate Mexico peso .0491 20.3778 2.5 Norway krone .1200 8.3335 –2.9
benchmark over the past year 2.50% Uruguay peso .02289 43.6950 3.2 Poland zloty .2525 3.9603 6.1
Bankrate.com avg†: 2.87% 10% Russia ruble .01423 70.275 –5.1
Asia-Pacific
5-year Credit Union of New Jersey 2.38% 2.00 Australian dollar
Sweden krona .1174 8.5158 3.5
.7545 1.3254 1.9
adjustable-rate 4.00% Ewing, NJ 609-538-4061 Tradeweb ICE 5 Euro China yuan
Switzerland franc 1.0965 .9120 3.1
.1564 6.3919 –2.2
t

mortgage (ARM) 1.50

s
Thursday Close Turkey lira .1048 9.5434 28.3
East Cambridge Savings Bank 2.38% Hong Kong dollar .1286 7.7775 0.3
t 3.00 Ukraine hryvnia .0380 26.3500 –7.1
0 India rupee .01337 74.787 2.4
Cambridge, MA 866-354-3272 1.00 UK pound 1.3793 .7250 –0.9
Indonesia rupiah .0000706 14173 0.9
2.00 Citizens Equity First Credit Union 2.50% –5 Japan yen .008805 113.58 9.9 Middle East/Africa
One year ago 0.50 s
5-year Treasury Peoria, IL 309-633-3603 s Kazakhstan tenge .002338 427.75 1.5 Bahrain dinar 2.6525 .3770 –0.01
t WSJ Dollar Index
note yield 1.00 0.00 Yen Macau pataca .1248 8.0145 0.3 Egypt pound .0636 15.7121 –0.2
t Citadel Federal Credit Union 2.63% –10
Malaysia ringgit .2410 4.1500 3.2 Israel shekel .3160 3.1649 –1.5
Exton, PA 800-666-0191 1 3 6 1 2 3 5 7 10 20 30 2020 2021
0.00 New Zealand dollar .7202 1.3885 –0.2 Kuwait dinar 3.3163 .3015 –0.9
Royal Savings Bank 2.63% month(s) years
N D J F M A M J J A SO Pakistan rupee .00581 172.100 7.3 Oman sul rial 2.5974 .3850 ...
Chicago, IL 773-768-4800 maturity Philippines peso .0198 50.587 5.4 Qatar rial .2746 3.641 –0.01
2020 2021
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7439 1.3442 1.7 Saudi Arabia riyal .2666 3.7513 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008558 1168.50 7.6 South Africa rand .0661 15.1339 3.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049510 201.98 9.0
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.00 Taiwan dollar .03598 27.794 –1.1
Yield (%) 52-Week Total Return (%) Thailand baht .03012 33.200 10.5 WSJ Dollar Index 87.84 –0.32–0.36 3.35
Prime rate* 3.25 3.25 3.25 l 3.25 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.13 0.12 0.11 l 0.25 -2.39 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2392.650 1.140 1.190 1.190 0.540 –2.861 4.867
Money market, annual yield 0.07 0.07 0.07 l 0.21 -0.40
Five-year CD, annual yield 0.41 0.41 0.41 l 0.61 -1.46 U.S. Treasury Long, Bloomberg 4436.240 1.950 2.100 2.400 1.390 –7.075 10.417 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 3.16 3.21 2.83 l 3.37 -1.71 Aggregate, Bloomberg 2253.270 1.660 1.720 1.720 1.120 –0.827 5.452 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 2.45 2.48 2.28 l 2.64 -1.81 Fixed-Rate MBS, Bloomberg 2210.450 1.900 1.960 1.960 1.180 –0.604 3.869
Jumbo mortgages, $548,250-plus† 3.16 3.22 2.85 l 3.41 -1.80 DJ Commodity 962.48 -0.90 -0.09 972.68 629.15 52.98 31.56
High Yield 100, ICE BofA 3447.401 3.734 3.675 4.823 3.162 8.863 6.144 Refinitiv/CC CRB Index 238.47 -0.48 -0.20 241.18 144.73 64.68 42.12
Five-year adj mortgage (ARM)† 2.87 2.90 2.83 l 3.43 -1.67
Muni Master, ICE BofA 597.162 0.996 1.002 1.157 0.687 2.033 4.857 Crude oil, $ per barrel 82.81 0.15 0.18 84.65 35.79 128.95 70.67
New-car loan, 48-month 3.59 3.58 3.58 l 4.14 -0.98
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 921.642 4.846 4.942 5.068 4.295 4.022 6.329 Natural gas, $/MMBtu 5.782 -0.416 -6.71 6.312 2.305 75.16 127.73
banks.† Excludes closing costs. Gold, $ per troy oz. 1801.60 3.80 0.21 1952.70 1677.70 -3.43 -4.83
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW302000-1-B00800-1--------XA

B8 | Friday, October 29, 2021 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures March'22 203.80 205.95 201.40 202.70 –1.35 85,318 Dec .8790 .8833 .8785 .8817 .0025 252,990
Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open March 19.70 19.83 19.50 19.62 –.08 393,015 Dec .8090 .8111 .8076 .8099 –.0002 154,096
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 19.31 19.43 19.16 19.26 –.05 142,435 March'22 .8080 .8108 .8074 .8097 –.0001 1,994
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 556.50 568.75 554.00 562.75 5.50 595,216 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Nov 4.3865 4.4540 4.3540 4.4375 0.0485 2,519 March'22 565.00 577.00 562.75 571.25 5.25 371,308 Jan 37.00 … 1,547 Nov 1.3730 1.3814 1.3724 1.3790 .0044 533
Dec 4.3885 4.4635 4.3525 4.4385 0.0490 123,107 Oats (CBT)-5,000 bu.; cents per bu. March 36.50 … 3,237 Dec 1.3741 1.3815 1.3721 1.3789 .0043 151,892
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 715.25 717.25 705.75 710.50 –.50 3,392 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
March'22 684.25 691.00 s 680.25 686.75 6.75 1,311 Dec 110.56 114.20 109.50 113.73 3.21 104,282
Nov 1795.50 1807.30 1795.50 1801.60 3.80 424 Dec 1.0904 1.0984 1.0888 1.0980 .0066 54,678
Soybeans (CBT)-5,000 bu.; cents per bu. March'22 108.00 112.20 107.58 111.83 3.19 101,376
Dec 1798.70 1812.70 1793.10 1802.60 3.80 398,610 March'22 1.0946 1.1012 1.0921 1.1010 .0066 343
Feb'22 1799.90 1814.60 1795.20 1804.70 3.90 70,123
Nov 1238.50 1249.50 1229.50 1233.75 –5.50 38,166 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Jan'22 1249.75 1260.00 1241.25 1246.00 –3.75 260,762 Nov 123.50 124.00 119.45 120.80 –1.60 988
April 1800.60 1814.80 1797.20 1806.40 3.80 13,317 Soybean Meal (CBT)-100 tons; $ per ton. Nov .7485 .7556 s .7481 .7540 .0013 175
Jan'22 125.75 126.95 122.20 123.55 –1.60 9,559
June 1805.80 1816.40 1798.80 1808.00 3.80 16,780 Dec 331.00 334.40 328.50 330.90 … 145,220 Dec .7520 .7557 .7481 .7540 .0013 164,795
Aug 1815.50 1819.30 1814.00 1809.60 3.70 2,437 Jan'22 328.90 332.80 326.40 329.20 … 99,859 Interest Rate Futures Mexican Peso (CME)-MXN 500,000; $ per MXN
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .04901 .04922 .04890 .04890 –.00027 9
Nov … … … 1995.20 15.10 Dec 61.43 61.73 60.52 60.87 –.55 122,214 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec .04892 .04904 .04864 .04869 –.00026 163,052
Dec 1967.50 2011.00 1951.50 1989.40 15.10 8,439 Jan'22 61.25 61.52 60.36 60.70 –.56 94,659 Dec 195-300 197-020 195-030 195-210 –23.0 1,215,763 Euro (CME)-€125,000; $ per €
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. March'22 194-260 –23.0 1,079 Nov 1.1602 1.1696 1.1586 1.1689 .0075 2,290
Nov 13.30 13.35 13.28 13.28 –.02 669 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 1.1614 1.1703 1.1592 1.1695 .0075 655,221
Nov 1018.40 1025.00 1015.40 1022.70 4.50 70 Dec 160-210 161-080 160-090 160-160 –15.0 1,167,457
Jan'22 13.56 13.65 13.56 13.57 .01 6,781
Jan'22 1012.40 1035.70 1008.90 1023.90 4.60 54,584 Wheat (CBT)-5,000 bu.; cents per bu. March'22
Silver (CMX)-5,000 troy oz.; $ per troy oz.
158-300 –15.0 877 Index Futures
Dec 760.00 780.00 751.50 772.50 12.75 188,937 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Nov 24.210 24.245 24.210 24.117 –0.076 892 March'22 773.00 792.50 764.50 785.50 12.50 105,138 Dec 130-315 131-025 130-195 130-240 –13.5 3,948,076 Mini DJ Industrial Average (CBT)-$5 x index
Dec 24.130 24.310 24.020 24.120 –0.071 111,693 Wheat (KC)-5,000 bu.; cents per bu. March'22 129-290 –13.5 14,081 Dec 35423 35681 35388 35613 224 106,999
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 781.25 797.25 s 776.00 790.00 7.25 113,928 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'22 35363 35585 35306 35527 225 971
Dec 82.25 83.21 80.58 82.81 0.15 393,620 March'22 783.25 800.00 s 779.25 793.25 7.50 68,196 Dec 121-272 121-315 121-180 121-232 –6.5 3,623,754 Mini S&P 500 (CME)-$50 x index
Jan'22 81.05 81.85 79.37 81.46 –0.02 295,166 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'22 121-027 –6.5 54 Dec 4548.75 4589.75 4545.25 4587.50 43.00 2,331,214
March 78.54 78.97 76.86 78.62 –0.22 130,126 Oct 156.750 156.775 156.000 156.675 .175 1,022 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June'22 4536.50 4574.00 s 4529.00 4572.25 43.25 46,938
June 75.78 76.05 74.00 75.69 –0.23 156,468
Jan'22 159.350 159.375 157.300 157.575 –1.375 21,194 Dec 109-197 109-220 109-156 109-198 –.7 2,082,638 Mini S&P Midcap 400 (CME)-$100 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'22 109-098 –1.5 40 Dec 2747.50 2794.40 2743.00 2787.90 44.00 40,790
Dec 71.75 72.02 70.03 71.69 –0.17 207,399 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Oct 127.250 127.250 124.000 124.500 –2.725 419 March'22 2796.90 44.00 2
June'23 68.49 68.78 67.10 68.48 –0.19 113,438 Dec 131.425 131.550 130.175 130.325 –1.250 117,563 Oct 99.9200 99.9225 99.9200 99.9200 –.0025 128,064 Mini Nasdaq 100 (CME)-$20 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. July'22 99.7250 99.7450 t 99.6750 99.7200 –.0150 121,947 Dec 15595.00 15777.00 s 15591.75 15764.75 177.50 244,740
Nov 2.5093 2.5449 2.4513 2.5165 .0017 14,817 Dec 72.425 75.375 71.800 75.200 3.225 94,839 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March'22 15602.00 15777.75 s 15590.00 15768.75 179.00 2,117
Dec 2.4969 2.5008 2.4428 2.4848 –.0214 140,878 Feb'22 74.500 77.300 74.050 77.200 2.875 50,447 Dec 101-070 –6.0 178,034 Mini Russell 2000 (CME)-$50 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% Dec 2254.00 2302.90 2249.50 2295.10 45.60 459,307
Nov 2.4480 2.4480 2.3925 2.4350 –.0147 16,284 Nov 621.70 632.40 610.70 613.60 –16.40 520 Nov 99.8425 99.8450 99.8325 99.8375 –.0050 217,532 March'22 2254.20 2299.60 2248.00 2293.00 45.80 425
Dec 2.3698 2.3776 2.3178 2.3589 –.0203 132,657 Jan'22 692.80 705.50 672.30 678.00 –22.00 1,136 Dec 99.7900 99.8000 99.7700 99.7950 … 1,288,014 Mini Russell 1000 (CME)-$50 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. Dec'22 99.1500 99.2150 t 99.0600 99.1500 –.0200 1,527,954 Dec 2563.00 2574.50 2551.10 2574.40 25.70 14,257
Oct 17.85 17.86 17.85 17.85 –.02 4,031 Dec'23 98.5250 98.5950 98.4650 98.5350 –.0100 1,231,376
Dec 6.138 6.206 5.713 5.782 –.416 167,178 U.S. Dollar Index (ICE-US)-$1,000 x index
Nov 18.85 18.90 18.52 18.55 –.29 4,647 Dec 93.89 93.97 93.27 93.33 –.47 57,930
Jan'22 6.221 6.279 5.809 5.871 –.406 218,011
Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures March'22 93.81 93.89 93.20 93.27 –.48 2,052
March 5.687 5.751 5.354 5.418 –.337 155,534 Dec 2,600 2,618 2,563 2,571 –32 72,797
April 4.238 4.238 4.079 4.149 –.107 113,413 March'22 2,634 2,651 2,605 2,611 –23 77,106
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .8789 .8830 .8784 .8816 .0025 200 Source: FactSet
May 4.100 4.104 3.962 4.037 –.082 125,377 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Oct 4.180 4.180 4.049 4.124 –.071 84,987 Dec 201.00 203.20 198.60 199.95 –1.40 113,412

Bonds | wsj.com/market-data/bonds/benchmarks
Cash Prices | wsj.com/market-data/commodities Thursday, October 28, 2021
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Tracking Bond Benchmarks
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
months. highs and lows for different types of bonds
Thursday Thursday Thursday Total Total
return YTD total Yield (%) return YTD total Yield (%)
Iron Ore, 62% Fe CFR China-s 113.2 Wheat,No.2 soft red,St.Louis-u n.a.
Energy close return (%) Index Latest Low High close return (%) Index Latest Low High
Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.1600
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.500 Steel, HRC USA, FOB Midwest Mill-s 1890 Wheat,No.1soft white,Portld,OR-u 10.7500 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.250 Battery/EV metals -1.6 U.S. Aggregate 2210.45 -0.9 Mortgage-Backed 1.900 1.180 1.960
Food 2253.27 1.660 1.120 1.720
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 28675
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 28400 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2147.27 -1.4 Ginnie Mae (GNMA) 1.960 0.680 2.010
Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 12400 choice 1-3,600-900 lbs.-u 226.27 3422.96 -1.1 U.S. Corporate 2.220 1.740 2.320 1307.49 -0.7 Fannie mae (FNMA) 1.890 1.230 1.940
Engelhard industrial 1803.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5658 select 1-3,600-900 lbs.-u 205.35
Handy & Harman base 1803.50 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 530 3082.65 -1.0 Intermediate 1.670 1.080 1.700 2005.81 -0.8 Freddie Mac (FHLMC) 1.890 1.210 1.950
Broilers, National comp wtd. avg.-u,w 1.0240
Handy & Harman fabricated 2001.89 Fibers and Textiles Butter,AA Chicago 1.9400 5129.62 -1.2 Long term 3.070 2.780 3.580 597.16 0.2 Muni Master 0.996 0.687 1.157
LBMA Gold Price AM *1783.85 Cheddar cheese,bbl,Chicago 182.75
LBMA Gold Price PM *1795.25 Burlap,10-oz,40-inch NY yd-n,w 0.8075 691.18 -1.5 Double-A-rated 1.930 1.400 1.990 421.52 -0.05 7-12 year 1.039 0.687 1.156
Cheddar cheese,blk,Chicago 172.25
Krugerrand,wholesale-e 1872.83 Cotton,1 1/16 std lw-mdMphs-u 1.1248 Milk,Nonfat dry,Chicago lb. 155.25 Triple-B-rated 485.46 0.6 12-22 year 1.346 1.000 1.663
920.51 -0.2 2.430 2.010 2.570
Maple Leaf-e 1890.84 Cotlook 'A' Index-t *118.20 Coffee,Brazilian,Comp 1.9787
American Eagle-e 1890.84 Hides,hvy native steers piece fob-u n.a. High Yield Bonds ICE BofA 477.46 1.9 22-plus year 1.829 1.443 2.359
Coffee,Colombian, NY 2.5867
Mexican peso-e 2179.22 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 0.8650 517.78 4.5 High Yield Constrained 4.201 3.796 5.701 Global Government J.P. Morgan†
Austria crown-e 1768.14 Grains and Feeds Flour,hard winter KC 23.00
502.81 10.1 Triple-C-rated 7.381 6.304 11.530 599.46 -2.6 Global Government 0.960 0.530 1.030
Austria phil-e 1890.84 Hams,17-20 lbs,Mid-US fob-u 0.50
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u High Yield 100 826.02 -4.4 Canada 1.660 0.790 1.690
77.79 3447.40 3.5 3.734 3.162 4.823
Bran,wheat middlings, KC-u 170 Pork bellies,12-14 lb MidUS-u
Engelhard industrial 24.1000 n.a.
Corn,No. 2 yellow,Cent IL-bp,u 5.3300 459.20 2.6 Global High Yield Constrained 4.612 3.968 5.700 407.66 -3.1 EMU§ 0.440 0.010 0.579
Handy & Harman base 24.1050 Pork loins,13-19 lb MidUS-u 0.9626
Corn gluten feed,Midwest-u,w 158.1 France
Handy & Harman fabricated 30.1310 Steers,Tex.-Okla. Choice-u 125.72 348.48 3.2 Europe High Yield Constrained 2.767 2.304 4.122 762.69 -3.9 0.340 -0.160 0.450
Corn gluten meal,Midwest-u,w 536.7
LBMA spot price *£17.4700 Steers,feeder,Okla. City-u,w 162.25
Cottonseed meal-u,w 300 U.S Agency Bloomberg Fixed Income Indices 537.10 -2.7 Germany -0.150 -0.530 -0.010
(U.S.$ equivalent) *23.9550
Hominy feed,Cent IL-u,w 165 Fats and Oils
Coins,wholesale $1,000 face-a 19935 1844.90 -1.2 U.S Agency 1.010 0.460 1.020 294.48 -0.2 Japan 0.340 0.260 0.420
Meat-bonemeal,50% pro Mnpls-u,w 225
Other metals Oats,No.2 milling,Mnpls-u 7.0250 Degummed corn oil, crude wtd. avg.-u,w 64.4600 1610.35 -1.0 10-20 years 0.900 0.350 0.910 596.23 -3.6 Netherlands 0.010 -0.450 0.130
LBMA Platinum Price PM *1023.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Grease,choice white,Chicago-h 0.6100
Platinum,Engelhard industrial 1020.0 Lard,Chicago-u n.a. 4187.72 -2.1 20-plus years 2.170 1.520 2.460 1040.74 -5.0 U.K. 1.000 0.510 1.340
Sorghum,(Milo) No.2 Gulf-u n.a.
Palladium,Engelhard industrial 2003.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 331.40 Soybean oil,crude;Centl IL-u,w 0.7131 2891.84 -1.5 Yankee 1.860 1.370 1.900 921.64 -1.3 Emerging Markets ** 4.846 4.295 5.068
Aluminum, LME, $ per metric ton *2704.0 Soybeans,No.1 yllw IL-bp,u 11.9800 Tallow,bleach;Chicago-h 0.7050
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Copper,Comex spot 4.4375 Wheat,Spring14%-pro Mnpls-u 11.7750 Tallow,edible,Chicago-u n.a.
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; Global Government Bonds: Mapping Yields
W=weekly; Z=not quoted. *Data as of 10/27
Source: Dow Jones Market Data Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Exchange-Traded Portfolios | WSJ.com/ETFresearch Country/
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2
Yield (%)
3 4 Previous Month ago Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest Prev Year ago
Closing Chg YTD 0.375 U.S. 2 0.499 s l 0.491 0.305 0.149
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 1.250 10 1.568 s l 1.528 1.534 0.780
SPDR S&PMdCpTr MDY 508.87 1.58 21.2
Thursday, October 28, 2021 Closing Chg YTD 5.500 Australia 2 0.470 s l 0.207 0.027 0.124 -3.0 -29.8 -2.8
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 458.32 0.96 22.6
Closing Chg YTD 1.000 10 1.859 s 1.830 1.490 0.796 28.1 2.4
ETF Symbol Price (%) (%) SPDR S&P Div SDY 123.50 1.08 16.6 l 29.1
iShMSCI EAFE SC SCZ 76.74 1.05 12.3
TechSelectSector XLK 160.84 1.00 23.7
ARKInnovationETF ARKK 121.77 2.60 –2.2 iShMSCIEmgMarkets EEM 51.67 0.10 ... 0.000 France 2 -0.661 t l -0.655 -0.694 -0.706 -116.2 -115.9 -85.9
VangdInfoTech VGT 432.19 1.02 22.2
CommSvsSPDR XLC 80.05 0.33 18.6 iShMSCIEAFEValue EFV 52.40 0.71 11.0
VangdSC Val VBR 177.66 1.59 24.9 0.000 10 0.207 s l 0.169 0.155 -0.324 -136.1 -138.0 -109.5
CnsmrDiscSelSector XLY 200.63 1.33 24.8 iShNatlMuniBd MUB 115.86 0.03 –1.1
VangdExtMkt VXF 192.24 1.68 16.7
EnSelectSectorSPDR XLE 57.85 0.71 52.6 iSh1-5YIGCorpBd IGSB 54.29 –0.02 –1.6
VangdSC Grwth VBK 295.10 2.06 10.3
0.000 Germany 2 -0.618 s l -0.643 -0.682 -0.784 -111.9 -114.7 -93.6
FinSelSectorSPDR XLF 40.42 1.23 37.1 iShPfd&Incm PFF 39.23 0.03 1.9
iShRussell1000Gwth IWF 296.45 1.12 22.9
VangdDivApp VIG 163.98 0.65 16.2 0.000 10 -0.133 s l -0.176 -0.196 -0.623 -170.1 -172.5 -139.5
HealthCareSelSect XLV 132.53 0.84 16.8
VangdFTSEDevMk VEA 52.51 1.02 11.2
IndSelSectorSPDR XLI 104.46 1.25 18.0 iShRussell1000 IWB 257.91 0.97 21.7 0.000 Italy 2 -0.122 s l -0.207 -0.441 -0.313 -62.3 -71.1 -46.5
VangdFTSE EM VWO 51.30 –0.10 2.4
InvscQQQI QQQ 384.22 1.11 22.5 iShRussell1000Val IWD 164.70 0.91 20.5
InvscS&P500EW RSP 158.04 1.02 23.9 iShRussell2000 IWM 228.11 1.99 16.3
VangdFTSE Europe VGK 69.42 1.11 15.2 0.950 10 1.035 s l 0.938 0.861 0.767 -53.3 -61.1 -0.5
iShRussell2000Val IWN 166.66 1.64 26.5
VangdFTSEAWxUS VEU 63.18 0.73 8.3
iShCoreDivGrowth DGRO 53.09 0.85 18.5 0.005 Japan 2 -0.102 s l -0.108 -0.127 -0.126 -60.2 -61.3 -27.8
iShRussellMid-Cap IWR 82.88 1.21 20.9 VangdGrowth VUG 312.74 1.01 23.4
iShCoreMSCIEAFE IEFA 76.96 1.05 11.4
iShCoreMSCIEM IEMG 63.24 0.08 1.9 iShRussellMCValue IWS 119.70 1.32 23.5 VangdHlthCr VHT 256.40 1.04 14.6 0.100 10 0.088 t l 0.098 0.075 0.025 -148.0 -145.1 -74.7
iShS&P500Growth IVW 80.15 1.15 25.6 VangdHiDiv VYM 108.54 0.91 18.6
iShCoreMSCITotInt IXUS 73.65 0.72 9.6
0.000 Spain 2 -0.582 s l -0.595 -0.579 -0.553 -109.9 -70.5
iShS&P500Value IVE 152.41 0.75 19.1 VangdIntermBd BIV 88.85 –0.16 –4.3 -108.2
iShCoreS&P500 IVV 460.12 0.96 22.6
iShCoreS&P MC IJH 278.38 1.58 21.1 iShShortTreaBd SHV 110.46 0.00 –0.1 VangdIntrCorpBd VCIT 93.88 –0.15 –3.4 0.500 10 0.522 s l 0.474 0.446 0.187 -104.5 -107.5 -58.5
iShCoreS&P SC IJR 113.23 1.94 23.2 iShTIPSBondETF TIP 129.00 –0.87 1.1 VangdLC VV 214.63 1.04 22.1
iSh1-3YTreasuryBd SHY 85.84 0.01 –0.6 VangdMC VO 252.25 1.30 22.0 0.125 U.K. 2 0.642 s l 0.557 0.407 -0.054 14.2 5.3 -20.7
iShS&PTotlUSStkMkt ITOT 104.83 1.14 21.6
VangdMC Val VOE 146.53 1.23 23.2 4.750 10 1.008 s l 0.985 0.900 0.217 -56.5 -55.5
iShCoreTotalUSDBd IUSB 53.14 –0.11 –2.6 iSh20+YTreasuryBd TLT 147.24 –0.34 –6.7 -56.0
iShCoreUSAggBd AGG 114.67 –0.08 –3.0 iShRussellMCGrowth IWP 119.31 1.29 16.2 VangdMBS VMBS 53.10 –0.11 –1.8
iShSelectDividend DVY 118.70 0.79 23.4 iShUSTreasuryBdETF GOVT 26.45 –0.26 –2.9 VangdRealEst VNQ 110.28 1.40 29.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShESGAwareUSA
iShEdgeMSCIMinUSA
ESGU
USMV
105.17
77.30
0.96
0.65
22.2
13.9
JPM UltShtIncm
PIMCOEnhShMaturity
JPST
MINT
50.62
101.79
–0.03
0.01
–0.3
–0.2
VangdS&P500ETF
VangdST Bond
VOO
BSV
421.41
81.46
0.98
–0.02
22.6
–1.7
Corporate Debt
iShEdgeMSCIUSAMom MTUM 190.34 1.63 18.0 ProShUltPrQQQ TQQQ 152.90 3.28 68.2 VangdSTCpBd VCSH 81.90 –0.04 –1.6 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShEdgeMSCIUSAQual QUAL 140.80 0.94 21.2 SPDR Gold GLD 168.08 –0.02 –5.8 VangdShtTmInfltn VTIP 52.06 –0.29 1.9 expectations
iShEdgeMSCIUSAVal VLUE SchwabIntEquity SCHF VangdSC VB 229.91 1.69 18.1
iShGoldTr IAU
103.43
34.22
1.24
...
19.0
–5.6 SchwabUS BrdMkt SCHB
40.22
110.69
0.95
1.09
11.7
21.7 VangdTaxExemptBd VTEB 54.61 –0.04 –1.1 Investment-grade spreads that tightened the most…
iShiBoxx$InvGrCpBd LQD 133.55 –0.15 –3.3 SchwabUS Div SCHD 77.54 0.82 20.9 VangdTotalBd BND 85.36 –0.13 –3.2 Spread*, in basis points
VangdTotIntlBd BNDX 56.85 –0.23 –2.9
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShiBoxx$HYCpBd HYG 87.16 0.25 –0.2 SchwabUS LC SCHX 111.05 0.99 22.1
iShJPMUSDEmgBd EMB 110.26 –0.19 –4.9 SchwabUS LC Grw SCHG 160.37 1.07 24.9 VangdTotIntlStk VXUS 65.63 0.74 9.1 Toyota Motor Credit 0.500 June 18, ’24 –14 5
TOYOTA 0.80 3
iShMBSETF MBB 107.81 –0.14 –2.1 SchwabUS SC SCHA 104.68 1.91 17.6 VangdTotalStk VTI 236.60 1.07 21.6
iShMSCI ACWI ACWI 105.60 0.87 16.4 Schwab US TIPs SCHP 63.09 –0.90 1.6 VangdTotlWrld VT 107.32 0.90 15.9 Brighthouse Financial Global Funding … 1.000 1.08 April 12, ’24 31 –5 n.a.
iShMSCI EAFE EFA 80.96 0.97 11.0 SPDR DJIA Tr DIA 357.30 0.65 16.8 VangdValue VTV 142.96 0.92 20.2 Wells Fargo WFC 4.300 2.00 July 22, ’27 84 –5 91
Caterpillar Financial Services … 0.450 0.69 May 17, ’24 –5 –4 2

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Daimler Finance North America DAIGR 3.250 1.09 Aug. 1, ’24 32 –4
–4
n.a.
HSBC Holdings HSBC 3.500 0.92 June 23, ’24 17 24
Novartis Capital NOVNVX 3.400 0.86 May 6, ’24 9 –4 n.a.
Money Rates October 28, 2021
UniCredit UCGIM 7.830 1.40 Dec. 4, ’23 n.a. –4 97
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a …And spreads that widened the most
guide to general levels but don’t always represent actual transactions.
HSBC Holdings HSBC 4.250 1.45 March 14, ’24 69 11 60
Week —52-WEEK— Week —52-WEEK— Pricoa Global Funding 11 30
Inflation Latest ago High Low Latest ago High Low
… 1.200 1.52 Sept. 1, ’26 35
Sept. index Chg From (%) Coca–Cola KO 2.875 2.63 May 5, ’41 64 10 61
level Aug. '21 Sept. '20 Federal funds Libor Cooperatieve Rabobank RABOBK 4.625 1.04 Dec. 1, ’23 59 9 48
Effective rate 0.0800 0.0800 0.1000 0.0500 One month 0.08638 0.08925 0.15863 0.07263
U.S. consumer price index High Three month Citigroup C 4.450 2.26 Sept. 29, ’27 112 8 106
0.0900 0.0900 0.2000 0.0700 0.13163 0.12388 0.25388 0.11413
All items 274.310 0.27 5.4 Low 0.0500 0.0300 0.0900 0.0000 Six month 0.19363 0.17025 0.26663 0.14663 American Honda Finance HNDA 1.300 1.49 Sept. 9, ’26 30 8 24
Core 279.884 0.13 4.0 Bid 0.0700 0.0700 0.7000 0.0300 One year 0.37063 0.29650 0.37063 0.21950 Shell International Finance 8 n.a.
RDSALN 2.500 1.45 Sept. 12, ’26 27
Offer 0.0900 0.1000 0.1200 0.0500
International rates Euro Libor Daimler Finance North America DAIGR 3.300 1.42 May 19, ’25 25 7 n.a.
Treasury bill auction One month -0.570 -0.571 -0.562 -0.607
Week 52-Week 4 weeks 0.055 0.050 0.085 0.000 Three month -0.562 -0.559 -0.530 -0.574 High-yield issues with the biggest price increases…
Latest ago High Low
13 weeks 0.055 0.055 0.100 0.015 Six month -0.536 -0.546 -0.512 -0.548 Bond Price as % of face value
26 weeks 0.060 0.060 0.110 0.030 One year -0.473 -0.484 -0.453 -0.511 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Prime rates
Ford Motor F 4.750 4.10 Jan. 15, ’43 109.125 1.63 105.795
U.S. 3.25 3.25 3.25 3.25 Secondary market Secured Overnight Financing Rate
Canada 2.45 2.45 2.45 2.45 0.05 0.03 0.11 0.01 Transocean RIG 7.450 15.35 April 15, ’27 71.500 1.50 n.a.
Japan 1.475 1.475 1.475 1.475 Fannie Mae 0.77
FirstEnergy FE 7.375 3.14 Nov. 15, ’31 136.200 135.375
30-year mortgage yields Value 52-Week
Policy Rates Latest Traded High Low Marks & Spencer MARSPE 7.125 5.07 Dec. 1, ’37 122.469 0.66 120.330
30 days 2.546 2.639 2.710 1.836
Euro zone 0.00 0.00 0.00 0.00 Navient 5.875 Oct. 25, ’24 0.53 107.280
60 days 2.583 2.682 2.754 1.875 DTCC GCF Repo Index NAVI 3.35 107.125
Switzerland 0.00 0.00 0.00 0.00
Treasury 0.057 54.860 0.132 -0.008 Telecom Italia Capital TITIM 7.721 5.11 June 4, ’38 128.950 0.48 127.220
Britain 0.10 0.10 0.10 0.10 Other short-term rates MBS 0.088 26.250 0.142 0.002
Australia 0.10 0.10 0.25 0.10 Lumen Technologies LUMN 7.250 1.88 Sept. 15, ’25 119.968 0.47 119.750
Week 52-Week 0.45
Overnight repurchase Latest ago high low Weekly survey Xerox XRXCRP 6.750 5.89 Dec. 15, ’39 109.450 109.870
U.S. 0.04 0.01 0.12 -0.04
Call money
Latest Week ago Year ago
…And with the biggest price decreases
U.S. government rates 2.00 2.00 2.00 2.00 Freddie Mac Ball BLL 5.250 3.72 July 1, ’25 105.188 –6.14 n.a.
30-year fixed 3.14 3.09 2.81 –2.50
Discount Commercial paper (AA financial) Transocean RIG 6.800 12.86 March 15, ’38 59.000 62.000
15-year fixed 2.37 2.33 2.32
0.25 0.25 0.25 0.25 90 days 0.11 0.11 0.25 0.04 Five-year ARM 2.56 2.54 2.88 Bath & Body Works BBWI 7.600 5.70 July 15, ’37 119.500 –2.13 122.000
Telecom Italia Capital TITIM 6.000 4.73 Sept. 30, ’34 112.125 –0.43 112.470
Notes on data:
W. R. Grace & Co. GRA 5.625 2.92 Oct. 1, ’24 107.500 –0.38 108.125
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of Occidental Petroleum OXY 7.500 3.66 May 1, ’31 130.630 –0.38 132.000
October 27, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is
in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *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.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Source: MarketAxess
P2JW302000-1-B00900-1--------XA

THE WALL STREET JOURNAL. * Friday, October 29, 2021 | B9

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock DraftKings DKNG 47.18 -0.65 HP HPQ 30.45 0.75 Lightspeed LSPD 98.11 6.24 OnHolding ONON 33.70 -0.30 s ServiceNow NOW687.70 22.94 TelefonicaBras VIV 7.96 0.02 Verizon VZ 52.80 0.17
t-New 52-week low.
Market listed securities. Prices are composite dd-Indicates loss in the most recent Dropbox DBX 30.23 0.23 HSBC HSBC 30.41 -0.01 EliLilly LLY 253.35 3.18 ON Semi ON 47.10 2.55 ShawComm B SJR 29.12 0.42 Telefonica TEF 4.39 -0.03 VertxPharm VRTX 182.00 1.06
quotations that include primary market trades four quarters. DukeEnergy DUK 102.49 -0.27 Halliburton HAL 25.61 0.49 LincolnNational LNC 74.95 1.55 OpenText OTEX 50.34 0.62 s SherwinWilliams SHW 321.42 4.04 TelekmIndonesia TLK 26.13 -0.34 Vertiv VRT 25.70 1.01
as well as trades reported by Nasdaq BX FD-First day of trading. s DukeRealty DRE 56.74 1.30 HartfordFinl HIG 73.78 0.97 Linde LIN 317.96 -1.01 OpendoorTech OPEN 24.25 0.38 ShinhanFin SHG 33.05 -0.41 TempurSealy TPX 45.05 -1.69 ViacomCBS B VIAC 37.02 1.19
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DuPont DD 69.76 0.61 Hasbro HAS 96.59 1.99 LithiaMotors LAD 317.48 0.29 Oracle ORCL 96.23 0.20 Shopify SHOP 1457.00 95.88 10xGenomics TXG 164.43 5.49 ViacomCBS A VIACA 39.71 1.12
Cboe, NYSE National and Nasdaq ISE. standards s DutchBros BROS 68.98 1.11 HealthpeakProp PEAK 36.14 0.48 LiveNationEnt LYV 100.44 -0.17 Orange ORAN 11.06 0.04 Sibanye-Stillwater SBSW 14.54 0.50 Tenaris TS 22.59 0.16 Viatris VTRS 13.33 0.23
The list comprises the 1,000 largest lf-Late filing Dynatrace DT 74.12 4.09 Heico HEI 140.68 -0.08 LloydsBanking LYG 2.72 0.07 Organon OGN 36.52 0.80 SignatureBank SBNY 300.80 5.80 TencentMusic TME 8.18 0.09 Visa V 209.84 -5.94
companies based on market capitalization. q-Temporary exemption from Nasdaq ENI E 28.66 0.31 Heico A HEI.A 126.99 0.54 LockheedMartin LMT 331.39 0.45 Orix IX 98.90 1.26 SimonProperty SPG 147.12 3.19 Teradyne TER 137.01 13.94 Vistra VST 19.85 0.19
Underlined quotations are those stocks with requirements. EOG Rscs EOG 93.81 0.77 HenrySchein HSIC 75.52 1.33 Loews L 56.41 0.82 OtisWorldwide OTIS 79.92 0.20 SiriusXM SIRI 6.08 0.12 Tesla TSLA 1077.04 39.18 VMware VMW 152.31 -1.48
large changes in volume compared with the t-NYSE bankruptcy s EPAM Systems EPAM 670.53 18.17 Hershey HSY 179.40 -0.11 LogitechIntl LOGI 84.30 1.08 Ovintiv OVV 38.27 0.45 s SiteOneLandscape SITE 233.03 8.20 s TetraTech TTEK 173.73 5.56 Vodafone VOD 15.23 -0.34
issue’s average trading volume. v-Trading halted on primary market. EastWestBncp EWBC 80.11 0.93 Hess HES 83.64 -1.04 Skyworks SWKS 169.84 3.94 TevaPharm TEVA 8.73 -0.20 VornadoRealty VNO 43.45
Lowe's LOW 231.76 -0.01 OwensCorning OC 93.48 3.16 0.53
vj-In bankruptcy or receivership or
EastmanChem EMN 110.04 4.49 HewlettPackard HPE 14.76 0.18 t LufaxHolding LU 6.41 -0.40 OzonHoldings OZON 46.70 0.69 SmithAO AOS 70.69 6.72 TexasInstruments TXN 187.87 0.77 VulcanMatls VMC 188.87 3.84
Boldfaced quotations highlight those issues being reorganized under the
whose price changed by 5% or more if their Bankruptcy Code, or securities Eaton ETN 164.96 4.84 HighwoodsProp HIW 45.38 0.50 s lululemon LULU 443.46 9.76 PG&E PCG 11.68 0.10 Smith&Nephew SNN 35.43 -0.08 TexasPacLand TPL 1262.59 19.69
previous closing price was $2 or higher. assumed by such companies. eBay EBAY 72.41 -5.25 s Hill-Rom HRC 154.82 0.35 LumenTech LUMN 11.86 0.01 PNC Fin PNC 213.05 0.14 Smucker SJM 124.63 1.63 Textron TXT 72.77 2.03 W X Y Z
Ecolab ECL 221.00 -0.10 Hilton HLT 146.04 -1.18 Lyft LYFT 46.92 0.20 POSCO PKX 64.53 -0.13 Snap SNAP 54.39 2.37 s ThermoFisherSci TMO 620.07 7.78
WEC Energy WEC 90.51 0.54
Ecopetrol EC 15.25 0.03 Hologic HOLX 72.66 1.00 LyondellBasell LYB 96.34 1.89 s PPD PPD 47.19 0.17 SnapOn SNA 205.81 3.78 ThomsonReuters TRI 118.92 0.72
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and W.P.Carey WPC 79.49 1.23
EdisonInt EIX 62.80 0.59 HomeDepot HD 371.57 -0.75 PPG Ind PPG 162.98 1.46 Snowflake SNOW 348.00 0.90 Thoughtworks TWKS 30.17 0.13
changes in the closing prices from 4 p.m. the previous day. s WPP WPP 72.39 6.18
EdwardsLife EW 116.51 0.44 HondaMotor HMC 29.70 0.51 M N PPL PPL 29.07 0.06 SOQUIMICH SQM 53.95 0.17 3M MMM 179.87 1.63
Wabtec WAB 90.88 1.97
ElancoAnimal ELAN 32.90 -0.41 Honeywell HON 218.48 2.76 PTC PTC 126.87 1.86 SoFiTech SOFI 19.91 0.66 Toast TOST 53.05 0.29
Net Net M&T Bank MTB 148.07 -1.04 WalgreensBoots WBA 47.10 -0.02
Thursday, October 28, 2021 Elastic ESTC 171.65 3.02 HorizonTherap HZNP117.85 3.10 Paccar PCAR 89.40 3.63 SolarEdgeTech SEDG 351.58 9.04 Toro TTC 95.15 0.97
Stock Sym Close Chg Stock Sym Close Chg MGMGrowthProp MGP 40.28 0.28 TorontoDomBk TD 72.70 0.10 Walmart WMT 148.45 0.92
Net ElectronicArts EA 140.23 -0.14 HormelFoods HRL 42.86 0.60 PackagingCpAm PKG 138.80 3.40 s Sony SONY 118.29 5.06
MGM Resorts MGM 46.97 -0.05 s WarnerMusic WMG 49.53 1.09
Stock Sym Close Chg BCE BCE 51.57 0.59 CentraisElBras EBR 6.46 -0.15 EmersonElec EMR 97.51 1.36 DR Horton DHI 89.36 1.59 PagSeguroDig PAGS 36.63 0.52 Southern SO 62.74 0.10 TotalEnergies TTE 50.74 0.32
MPLX MPLX 30.50 -0.38 s WasteConnections WCN 132.75 1.74
BHP Group BHP 56.11 0.34 CeridianHCM CDAY 125.66 0.66 Enbridge ENB 42.28 0.12 HostHotels HST 16.87 0.13 PalantirTech PLTR 25.64 0.58 SoCopper SCCO 61.79 0.48 ToyotaMotor TM 176.48 2.39
A B C BHP Group BBL 54.20 0.42 Cerner CERN 70.67 0.78 Endeavor EDR 27.98 0.85 HowmetAerospace HWM 29.70 0.32 MSCI MSCI 655.33 18.33 PaloAltoNtwks PANW 498.39 5.53 SouthwestAir LUV 47.24 0.67 TractorSupply TSCO 210.09 3.18 WasteMgt WM 157.50 2.35
Waters WAT 361.34 0.17
EnelAmericas ENIA 5.90 -0.06 HuanengPower HNP 20.58 -0.07 MagellanMid MMP 49.23 -0.14 ParkerHannifin PH 301.68 3.70 Splunk SPLK 164.50 1.25 TradeDesk TTD 75.43 2.38
ABB ABB 33.20 0.15 BP BP 29.22 -0.03 CharlesRiverLabs CRL 438.78 8.71 MagnaIntl MGA 80.82 1.31 Watsco WSO 285.83 5.93
Baidu BIDU 168.71 0.96 CharterComms CHTR 706.27 -8.24 EnergyTransfer ET 9.68 -0.05 Huazhu HTHT 47.24 -0.13 Paychex PAYX 123.36 0.88 Spotify SPOT 288.95 15.82 Tradeweb TW 87.55 0.47
AECOM ACM 68.96 2.00 s ManhattanAssoc MANH 181.12 1.59 TraneTech TT 181.75 3.89 Wayfair W 250.51 20.38
BakerHughes BKR 25.37 0.36 CheckPoint CHKP118.73 0.61 EnphaseEnergy ENPH224.46 8.24 Hubbell HUBB 197.65 6.98 PaycomSoftware PAYC 537.32 5.99 Square SQ 261.33 8.31
AES AES 25.57 -0.09 s Entegris ManulifeFin MFC 20.00 0.07 s Paylocity TransDigm TDG 628.39 -0.83 Weibo WB 45.86 -0.74
Ball BLL 91.81 0.36 CheniereEnergy LNG 104.57 -1.29 ENTG 138.71 3.68 HubSpot HUBS 814.35 17.40 PCTY 301.58 5.99 StanleyBlackDck SWK185.08 -1.15
Aflac AFL 55.36 -0.64 MarathonOil MRO 16.45 0.25 TransUnion TRU 114.59 5.09 WellsFargo WFC 51.36 1.31
BancoBilbaoViz BBVA 6.59 0.11 CheniereEnerPtrs CQP 44.04 -0.35 Entergy ETR 102.80 -0.31 Humana HUM 467.60 8.96 PayPal PYPL 236.83 1.89 Starbucks SBUX 113.20 -0.31
AGCO AGCO124.19 -2.32 MarathonPetrol MPC 66.67 0.52 Travelers TRV 161.57 1.79 Welltower WELL 82.73 0.43
BancoBradesco BBDO 3.14 -0.09 Chevron CVX 113.12 1.05 EnterpriseProd EPD 23.14 -0.28 JBHunt JBHT 198.01 3.24 Pegasystems PEGA118.31 -6.15 StateStreet STT 98.82 2.58
AMC Ent AMC 35.23 0.47 MaravaiLifeSci MRVI 42.13 0.21 Trex TREX 105.22 2.52 WestFraserTimber WFG 82.72 1.51
BancodeChile BCH 17.31 0.03 Chewy CHWY 72.63 5.34 Equifax EFX 275.54 8.20 HuntingtonBcshs HBAN 15.92 -0.05 Peloton PTON 90.31 1.86 SteelDynamics STLD 65.49 0.93
Ansys ANSS 374.99 4.85 Markel MKL 1325.05 23.05 Trimble TRMB 87.70 1.97 WestPharmSvcs WST421.13 -0.21
BancSanBrasil BSBR 6.23 -0.04 ChinaEastrnAir CEA 19.33 0.33 Equinix EQIX 847.30 22.48 HyattHotels H 85.40 -0.27 PembinaPipeline PBA 33.48 0.29 Stellantis STLA 20.04 -0.22
APA APA 27.08 0.18 MarketAxess MKTX 405.06 1.59 Trip.com TCOM 28.87 -0.08 WestAllianceBcp WAL 116.13 1.88
BancoSantander SAN 3.87 0.08 ChinaLifeIns LFC 8.85 -0.10 Equinor EQNR 25.93 -0.11 IAC/InterActive IAC 154.00 2.11 PennNational PENN 73.00 0.19 Steris STE 232.94 0.83
ASETech ASX 7.23 0.30 Marqeta MQ 31.19 -1.17 TruistFinl TFC 63.89 0.88 WesternDigital WDC 57.28 1.80
BanColombia CIB 36.12 -0.27 ChinaPetrol SNP 48.68 0.40 Equitable EQH 33.71 0.20 ICICI Bank IBN 21.29 -0.43 Pentair PNR 74.08 0.73 s STMicroelec STM 48.51 3.48
ASML ASML 813.19 12.19 s Marriott MAR 159.97 0.17 Twilio TWLO 284.93-60.73 WesternMidstrm WES 21.89 -0.07
BankofAmerica BAC 47.78 0.74 ChinaSoAirlines ZNH 29.94 0.19 EquityLife ELS 85.23 0.55 ICL Group ICL 8.62 0.02 Penumbra PEN 277.91 6.50 StoneCo STNE 34.61 0.80
AT&T T 25.55 0.49 s EquityResdntl EQR 88.01 0.86 Marsh&McLen MMC 167.45 -0.19 Twitter TWTR 54.29 -0.52 WestlakeChem WLK 97.58 1.76
s BankofMontreal BMO 112.30 1.42 Chipotle CMG 1777.63 11.57 IdexxLab IDXX 653.02 12.52 PepsiCo PEP 161.62 1.01 Stryker SYK 268.44 -0.06
AbbottLabs ABT 127.71 ... s IHS Markit INFO 129.24 1.60 s MartinMarietta MLM 393.63 10.43 s TylerTech TYL 536.86 11.50 WestpacBanking WBK 19.86 0.45
BankNY Mellon BK 59.44 0.99 s Chubb CB 196.09 5.82 ErieIndemnity A ERIE 200.24 2.17 PerkinElmer PKI 177.33 3.54 SumitomoMits SMFG 6.55 -0.02
AbbVie ABBV 109.67 1.27 MarvellTech MRVL 68.48 0.78 TysonFoods TSN 81.01 0.38 WestRock WRK 48.94 1.24
BkNovaScotia BNS 66.77 -0.04 ChunghwaTel CHT 39.59 -0.01 EssentialUtil WTRG 47.39 0.79 ING Groep ING 15.32 0.16 PetroChina PTR 48.59 -0.46 SunComms SUI 196.27 0.19
Abiomed ABMD343.14 -1.44 s EssexProp ESS 345.73 3.81 Masco MAS 65.50 1.24 UBS Group UBS 18.18 0.14 Weyerhaeuser WY 36.40 0.69
Barclays BCS 11.20 0.12 Church&Dwight CHD 85.29 1.21 Invesco IVZ 25.49 0.55 PetroleoBrasil PBR 10.56 0.07 SunLifeFinancial SLF 57.39 -0.06
AcceleronPharma XLRN 174.24 0.44 Masimo MASI 289.62 0.25 s UDR UDR 56.26 0.81 WheatonPrecMet WPM 41.07 -0.20
BarrickGold GOLD 18.94 -0.45 ChurchillDowns CHDN 238.30-12.11 EsteeLauder EL 325.50 0.13 IQVIA IQV 257.19 2.90 PetroleoBrasilA PBR.A 10.35 0.07 s SuncorEnergy SU 25.91 3.02
Accenture ACN 356.32 2.27 Mastercard MA 333.03 -2.69 UGI UGI 43.69 0.24 Whirlpool WHR 210.18 8.08
Bath&BodyWks BBWI 69.26 0.74 Cigna CI 215.75 2.35 Etsy ETSY 242.75 -1.14 IcahnEnterprises IEP 57.78 0.94 Pfizer PFE 43.18 0.21 SunRun RUN 56.02 1.82
ActivisionBliz ATVI 78.88 0.23 MatchGroup MTCH 156.06 -2.40 UWM UWMC 6.78 -0.13 Williams WMB 28.42 0.12
BauschHealth BHC 27.60 -0.16 s CincinnatiFin CINF 126.18 4.99 EverestRe RE 267.40-12.78 Icon ICLR 286.43 4.69 PhilipMorris PM 95.97 1.10 Suzano SUZ 8.75 0.01
Adobe ADBE 639.28 -0.80 McAfee MCFE 21.50 ... Uber UBER 44.62 -0.11 Williams-Sonoma WSM 184.15 2.23
BaxterIntl BAX 78.61 -3.33 Cintas CTAS 426.06 3.12 Evergy EVRG 64.18 0.41 IDEX IEX 222.96 0.74 Phillips66 PSX 76.75 -0.60 SynchronyFin SYF 46.87 0.19
AdvanceAuto AAP 225.00 -5.35 McCormick MKC 81.18 0.71 Ubiquiti UI 306.58 7.13 WillisTowers WLTW 248.52 8.26
BectonDicknsn BDX 238.66 -6.34 CiscoSystems CSCO 56.24 0.06 EversourceEner ES 85.66 0.08 IllinoisToolWks ITW 226.54 4.34 Pinduoduo PDD 92.45 0.16 SyneosHealth SYNH 90.77 2.74
AdvMicroDevices AMD 121.16 -1.12 McCormickVtg MKC.V 81.03 0.23 t Pinterest UiPath PATH 51.19 ... Wipro WIT 9.12 -0.05
BeiGene BGNE 364.58 -2.69 Citigroup C 70.88 0.57 ExactSciences EXAS 96.75 2.58 Illumina ILMN 413.55 1.54 PINS 45.61 0.25 Synnex SNX 104.55 2.15
Aegon AEG 5.10 ... s Exelon McDonalds MCD 245.50 2.77 UltaBeauty ULTA 370.39 0.60 Wix.com WIX 192.95 3.72
BentleySystems BSY 59.09 1.30 CitizensFin CFG 47.90 0.68 EXC 52.75 0.77 ImperialOil IMO 36.57 1.20 PioneerNatRscs PXD 189.87 1.24 Synopsys SNPS 326.78 7.65
AffirmHldgs AFRM 161.89 10.75 McKesson MCK 205.02 1.99 UnderArmour A UAA 22.13 0.41 Wolfspeed WOLF 121.04 30.17
Berkley WRB 80.93 0.67 CitrixSystems CTXS 95.15 0.17 Expedia EXPE 164.26 0.12 Incyte INCY 65.74 0.77 PlainsAllAmPipe PAA 10.24 -0.06 Sysco SYY 76.64 0.22
AgilentTechs A 155.76 0.50 MedicalProp MPW 21.73 0.43 UnderArmour C UA 18.87 0.23 s Workday WDAY 286.74 3.61
BerkHathwy A BRK.A 4362493199.50 Clarivate CLVT 23.01 0.83 ExpeditorsIntl EXPD 122.31 2.53 Informatica INFA 29.50 0.50 PlainsGP PAGP 11.06 -0.10
agilon health AGL 24.17 0.32
AgnicoEagle AEM 55.39 -1.33 BerkHathwy B BRK.B 289.72 1.94 Cleveland-Cliffs CLF 24.45 -0.35 ExtraSpaceSt EXR 193.60 9.74 Infosys INFY 22.56 0.01 Medtronic MDT 121.27 -1.23 Playtika PLTK 29.01 0.42 T U V Unilever UL 53.88 0.34 WynnResorts WYNN 90.78 -1.01
XP XP 33.77 0.09
ExxonMobil XOM 64.31 0.18 IngersollRand IR 54.33 1.11 MercadoLibre MELI 1516.87 16.87 PlugPower PLUG 37.11 2.70 UnionPacific UNP 242.30 2.92
AirProducts APD 301.44 6.59 BerryGlobal BERY 67.43 0.75 Clorox CLX 161.86 2.29
s Merck MRK 86.55 5.01 TC Energy TRP 54.68 0.22 XPO Logistics XPO 87.00 2.22
F5Networks FFIV 213.51 -2.51 s Insulet PODD 309.99 10.66 Pool POOL 506.64 6.86 UnitedAirlines UAL 46.01 0.19
Airbnb ABNB 171.70 2.60 BestBuy BBY 121.12 2.37 Cloudflare NET 184.05 5.40 MetLife MET 65.27 0.98 TE Connectivity TEL 145.18 2.34 XcelEnergy XEL 64.33 0.94
FMC FMC 92.82 1.23 Intel INTC 48.08 0.19 PrincipalFin PFG 66.91 0.44 UnitedMicro UMC 10.59 -0.27
AkamaiTech AKAM 104.71 0.41 Bilibili BILI 76.45 -0.20 Coca-Cola KO 56.04 0.52 MettlerToledo MTD 1479.15 17.26 Telus TU 23.01 0.22 Xilinx XLNX 180.84 -0.01
Facebook FB 316.92 4.70 IntelliaTherap NTLA 136.11 6.51 ProcoreTech PCOR 93.13 2.42 UPS B UPS 213.90 1.69
Albemarle ALB 246.21 14.46 Bill.com BILL 291.51 1.34 Coca-ColaEuro CCEP 53.08 0.37 MicrochipTech MCHP 74.43 2.06 TelusIntl TIXT 38.32 0.16 s UnitedRentals URI 367.18 19.63 XPeng XPEV 46.24 0.34
Bio-Techne TECH 515.24 5.47 Cognex CGNX 86.79 1.71 FactSet FDS 438.79 6.93 InteractiveBrkrs IBKR 70.60 -1.15 Procter&Gamble PG 142.68 0.85
Albertsons ACI 30.05 -0.04 MicronTech MU 69.58 1.34 s TFI Intl TFII 120.18 4.77 US Bancorp USB 60.93 0.65 Xylem XYL 131.21 3.21
Bio-RadLab A BIO 788.82 24.20 CognizantTech CTSH 77.32 -0.39 FairIsaac FICO 395.34 0.29 s ICE ICE 135.49 2.53 Progressive PGR 95.69 1.39
Alcon ALC 82.79 1.08 Microsoft MSFT 324.35 1.18 TJX TJX 65.20 0.64 UnitedHealth UNH 455.44 1.96 s Yandex YNDX 83.10 5.09
Biogen BIIB 264.87 4.92 CoinbaseGlbl COIN 319.13 7.46 Farfetch FTCH 39.35 0.83 InterContinentl IHG 70.99 0.97 Prologis PLD 146.67 2.81
AlexandriaRlEst ARE 205.92 0.01 s MidAmApt MAA 206.27 2.25 PrudentialFin PRU 112.58 T-MobileUS TMUS 116.04 -0.58 UnitySoftware U 148.07 3.99 YumBrands YUM 125.88 0.09
BiohavenPharm BHVN 140.74 3.64 ColgatePalm CL 76.88 0.98 Fastenal FAST 56.18 0.61 IBM IBM 125.84 0.67 0.82
Alibaba BABA 169.79 0.56 Middleby MIDD 180.19 5.91 Prudential PUK 41.69 TRowePrice TROW 215.29 11.54 UniversalHealthB UHS 126.17 1.25 YumChina YUMC 57.89 -0.75
BioMarinPharm BMRN 78.20 6.48 Comcast A CMCSA 51.90 -0.54 FederalRealty FRT 120.76 0.89 IntlFlavors IFF 148.48 0.22 0.27
AlignTech ALGN631.80 27.41 MiratiTherap MRTX 187.85 0.90 PublicServiceEnt PEG 64.33 TaiwanSemi TSM 116.01 2.26 Upstart UPST 330.00 15.50 ZTO Express ZTO 30.18 0.08
BioNTech BNTX 283.98 5.21 Comerica CMA 85.72 1.04 FedEx FDX 235.96 0.67 IntlPaper IP 49.69 -0.49 0.35
Alleghany Y 664.92 7.85 s Ferguson MitsubishiUFJ MUFG 5.58 0.01 PublicStorage PSA 331.62 TakeTwoSoftware TTWO 181.11 0.20 VEREIT VER 51.53 -0.10 ZaiLab ZLAB 105.19 0.24
BlackKnight BKI 70.99 -0.19 ConagraBrands CAG 32.78 0.16 FERG 151.72 2.51 Interpublic IPG 36.66 0.64 9.18
Allegion ALLE 127.95 0.56 s Ferrari s Intuit MizuhoFin MFG 2.66 0.03 PulteGroup PHM 48.66 TakedaPharm TAK 14.11 0.29 VF VFC 72.77 1.94 ZebraTech ZBRA 532.06 14.22
BlackRock BLK 935.48 18.21 Concentrix CNXC 175.57 -1.29 RACE 235.06 3.62 INTU 615.41 2.28 -0.09
AlliantEnergy LNT 56.84 0.33 Moderna MRNA 347.92 7.04 Qiagen QGEN 54.42 Tapestry TPR 39.00 0.94 VICI Prop VICI 30.00 0.26 Zendesk ZEN 119.01 -3.65
Blackstone BX 139.37 2.88 Confluent CFLT 67.16 3.73 FidNatlFin FNF 47.86 0.93 IntuitiveSurgical ISRG 355.61 6.63 0.98
Allstate ALL 126.22 1.32 t FidNatlInfo FIS 111.90 -2.31 MohawkInds MHK 199.06 6.19 Qorvo QRVO 168.93 TargaResources TRGP 55.24 0.52
3.66 VailResorts MTN 341.24 -4.30 Zillow C Z 98.60 5.42
s BlueOwlCapital OWL 17.64 0.62 ConocoPhillips COP 75.15 0.72 InvitatHomes INVH 41.39 0.92
AllyFinancial ALLY 47.93 0.63 FifthThirdBncp FITB 43.99 0.75 s MolinaHealthcare MOH 297.14 1.52 Qualcomm QCOM 133.69 Target
2.49 TGT 258.22 1.68 Vale VALE 13.20 -0.27 Zillow A ZG 100.56 6.16
Boeing BA 207.85 1.24 ConEd ED 76.29 0.30 IronMountain IRM 46.42 0.76
AlnylamPharm ALNY 162.14-29.02 FirstHorizon FHN 17.19 0.51 MolsonCoorsB TAP 43.86 0.24 QualtricsIntl XM 45.75 TataMotors TTM 32.04 -0.32
0.52 ValeroEnergy VLO 78.46 -0.21 ZimmerBiomet ZBH 145.52 -0.79
BookingHldgs BKNG 2429.77 1.68 ConstBrands A STZ 216.77 1.82 ironSource IS 11.58 0.08
Alphabet A GOOGL 2916.98 -7.37 FirstRepBank FRC 216.28 4.37 ItauUnibanco ITUB 4.21 -0.02 monday.com MNDY 371.41-20.59 QuantaServices PWR 121.51 TeckRscsB TECK 28.85 0.92
5.04 Vedanta VEDL 16.01 -0.18 ZionsBancorp ZION 62.87 -0.01
Alphabet C GOOG 2922.58 -5.97 BoozAllen BAH 80.56 0.87 ContinentalRscs CLR 48.95 0.42 TeladocHealth TDOC 149.18 10.55 VeevaSystems VEEV 314.26 0.80 s Zoetis ZTS 212.67 3.34
s FirstSolar FSLR 117.88 7.65 Mondelez MDLZ 60.95 0.56 QuantumScape QS 25.40 1.96
BorgWarner BWA 45.33 0.62 Cooper COO 416.74 4.79
Altria MO 44.58 -2.92
BostonProps BXP 114.16 -1.06 Copart CPRT 152.81 1.22 FirstEnergy FE 37.90 0.31 J K L MongoDB MDB 504.62 6.66 QuestDiag DGX 145.83 TeledyneTech TDY 446.57 -5.77
1.89 Ventas VTR 55.52 0.60 ZoomVideo ZM 276.58 3.77
AlumofChina ACH 15.57 -0.21 FirstService FSV 201.43 2.71 s MonolithicPower MPWR 549.71 24.71 Teleflex TFX 347.36-18.91 VeriSign VRSN 210.71 -1.12 ZoomInfoTech ZI 67.15 1.06
BostonSci BSX 43.24 -0.49 Corning GLW 35.64 0.25
Amazon.com AMZN 3446.57 54.08
BrightHorizons BFAM 163.24 3.03 Corteva CTVA 43.04 0.93 Fiserv FISV 98.53 -0.30
JD.com JD 80.92 0.06
JPMorganChase JPM 170.36 2.53
MonsterBev MNST 84.90 0.02 R S Ericsson ERIC 11.04 0.04 VeriskAnalytics VRSK 209.32 1.44 Zscaler ZS 316.34 6.24
Ambev ABEV 2.94 0.26 s Moody's MCO 406.69 14.05
BristolMyers BMY 57.13 0.64 CoStar CSGP 87.57 -2.25 FiveBelow FIVE 193.94 1.68
Amcor AMCR 12.15 0.12
Five9 FIVN 158.50 0.21
JackHenry JKHY 163.85 -0.85 MorganStanley MS 102.50 1.33 s RELX RELX 31.15 0.18
Amdocs DOX 76.63 -1.06 BritishAmTob BTI 35.75 -0.06 Costco COST 490.53 2.21 JacobsEngg J 139.28 3.28 s Morningstar MORN 320.98 15.41 RH RH 659.47 5.95
CoterraEnergy CTRA 21.88 -0.23 FleetCorTech FLT 252.23-10.48
Amerco
Ameren
UHAL 737.14 23.27
AEE 84.81 0.35
Broadcom AVGO 529.57 6.46
BroadridgeFinl BR 179.62 -1.68 CoupaSoftware COUP 231.51 -6.89 Flex FLEX 17.14 -1.14
Floor&Decor FND 134.91 2.31
JamesHardie JHX 39.38 0.73
JefferiesFin JEF 43.02 0.83
Mosaic MOS 41.87 0.71 RPM
MotorolaSol MSI 248.13 -1.92 RalphLauren RL 124.75 2.93
RPM 88.27 -0.22
Dividend Changes
AmericaMovil A AMOV 17.78 ... BrookfieldMgt BAM 61.85 1.17 Coupang CPNG 29.82 0.19 J&J JNJ 162.85 -0.89 RaymondJames RJF 99.58 -0.29
FomentoEconMex FMX 82.85 -0.66 NICE NICE 280.30 4.30
NIO 40.79 1.48 RaytheonTech RTX 89.19 0.03 Dividend announcements from October 28.
AmericaMovil AMX 17.79 -0.10 s BrookfieldInfr BIP 59.95 0.10 Credicorp BAP 130.43 0.40 JohnsonControls JCI 73.43 1.70
s FordMotor F 16.86 1.35 NIO
AmerAirlines AAL 19.19 0.16 BrookfieldRenew BEPC 42.22 1.85 CreditAcceptance CACC 603.01 14.12 JonesLang JLL 264.36 3.81 RealtyIncome O 73.15 -0.17
Fortinet FTNT 327.38 6.77 NRG Energy NRG 40.86 0.28 Amount
Brown&Brown BRO 62.95 0.30 CreditSuisse CS 10.48 -0.05 s JuniperNetworks JNPR 29.70 -0.12 Payable /
AEP AEP 84.71 0.41
Fortis FTS 44.53 0.02 NVR NVR 4900.00 85.00 RegalRexnord RRX 152.29 2.76 Company
Brown-Forman B BF.B 68.88 -0.13 Crocs CROX 156.53 4.65 Symbol Yld % New/Old Frq Record
AmerExpress AXP 174.61 -3.42
Fortive FTV 74.96 0.89
JustEatTakeaway GRUB 14.50 -0.64 NXP Semi NXPI 199.90 7.49 RegencyCtrs REG 70.88 -0.16
AmericanFin AFG 137.80 2.96 Brown-Forman A BF.A 65.06 0.55 CrowdStrike CRWD 281.17 2.17 KB Fin KB 49.44 0.05 RegenPharm REGN 625.19 35.59
Bruker BRKR 79.79 2.24 CrownCastle CCI 181.90 3.65 FortBrandsHome FBHS 102.15 2.96
KE Holdings BEKE 19.65 -0.70
Nasdaq NDAQ 207.01 4.62 Increased
AmHomes4Rent AMH 40.68 0.88
FoxA FOXA 40.76 0.56 Natera NTRA 117.20 3.22 RegionsFin RF 23.74 0.37 ACCO Brands
BuildersFirst BLDR 58.24 1.20 CrownHoldings CCK 105.10 2.49 s KKR KKR 79.25 2.91 ACCO 3.5 .075 /.065 Q Dec15 /Nov24
AIG AIG 59.90 1.35
FoxB FOX 37.93 0.45 NationalGrid NGG 65.14 1.06 RelianceSteel RS 144.29 0.31
Bumble BMBL 54.11 -0.10 CubeSmart CUBE 54.90 2.02 s KLA KLAC355.34 14.77 RGEN 290.02 18.98 Amphenol Cl A APH 1.0 .20 /.145 Q Jan12 /Dec21
AmerTowerREIT AMT 286.01 0.59
Franco-Nevada FNV 145.12 2.14 Natura&Co NTCO 13.85 -0.35 Repligen
s Bunge BG 92.91 2.29 Cummins CMI 242.74 7.89 KSCitySouthern KSU 309.76 5.13 NWG 6.44 0.03 RepublicSvcs RSG 129.93 0.80 Artisan Ptrs Asset Mgmt 8.1 1.07 /1.00 Q Nov30 /Nov16
AmerWaterWorks AWK 175.31 2.09 APAM
FranklinRscs BEN 31.23 0.87 NatWest
BurlingtonStrs BURL 275.86 4.35 CyrusOne CONE 82.05 1.24 Kanzhun BZ 36.00 -0.07
Ameriprise AMP 303.53 7.21
FreeportMcM FCX 38.10 1.10 NetApp NTAP 89.71 1.33 ResMed RMD 268.66 0.54 Carriage Services CSV 0.9 .1125 /.10 Q Dec01 /Nov09
CBRE Group CBRE 105.00 1.48
AmerisourceBrgn ABC 120.70 1.15
Ametek AME 131.99 2.11 CDW CDW 185.94 1.57
D E F FreseniusMed FMS 34.72 0.27
Kellogg K 61.69 0.39
KeurigDrPepper KDP 35.49 1.29
NetEase NTES 99.98 -0.37 RestaurantBrands QSR 56.82 0.27 Central Pacific Financial
s RexfordIndlRealty REXR 67.97 1.48
CPF 3.6 .25 /.24 Q Dec15 /Nov30
CF Industries CF 57.57 0.83 DISH Network DISH 41.21 -0.21 FreshworksA FRSH 46.38 1.90 s Netflix NFLX 674.05 11.13 Cheniere Energy Ptnr CQP 6.0 .68 /.665 Q Nov12 /Nov05
Amgen AMGN 207.17 0.59 KeyCorp KEY 23.50 0.21 Neurocrine NBIX 101.88 0.62 RingCentral RNG 243.86 6.78 Comfort Systems USA
CGI GIB 89.85 0.68 DTE Energy DTE 114.41 0.59 FullTruck YMM 14.74 -0.27
KeysightTechs KEYS 179.35 2.41
FIX 0.6 .13 /.12 Q Nov23 /Nov12
Amphenol APH 76.63 0.86
Futu FUTU 58.47 -8.55 NYTimes A NYT 54.07 0.56 RioTinto RIO 64.50 0.06
Delek Logistics Partners DKL 7.6 .95 /.94 Q Nov10 /Nov05
CH Robinson CHRW 98.14 0.50 Danaher KimberlyClark KMB 130.06 0.80
AnalogDevices ADI 172.46 2.00 DHR 304.57 -0.67 NewellBrands NWL 21.77 0.04 RobertHalf RHI 112.38 2.45
Duke Realty DRE 2.0 .28 /.255 Q Nov30 /Nov16
Anaplan PLAN 64.83 0.78 CME Group CME 218.34 1.28 Darden DRI 144.95 1.42
CMS Energy CMS 60.72 0.37 s DarlingIngred DAR 84.06 4.76
G H I KimcoRealty KIM 22.74 0.06
KinderMorgan KMI 17.35 0.05
Newmont NEM 54.92 -2.62 Robinhood HOOD 35.47 0.03
RBLX 82.75 2.07 ExxonMobil XOM 5.5 .88 /.87 Q Dec10 /Nov12
AB InBev BUD 62.53 5.36 NewsCorp B NWS 22.81 0.35 Roblox
CNA Fin CNA 45.54 0.50 Datadog
AnnalyCap NLY 8.57 -0.03 DDOG 161.00 3.91 GDS Holdings GDS 61.51 1.91 KirklandLakeGold KL 43.94 -1.07 NewsCorp A NWSA 23.15 0.19 RocketCos. RKT 15.78 -0.26 First Northwest Bancorp FNWB 1.5 .07 /.06 Q Nov26 /Nov12
Anthem ANTM 433.36 -0.32 CNH Indl CNHI 17.45 0.40 DaVita DVA 114.10 3.18 GFLEnvironmental GFL 40.84 1.02 Knight-Swift KNX 56.55 1.83 Rockwell ROK 318.71 5.00 Getty Realty GTY 5.0 .41 /.39 Q Jan06 /Dec23
NextEraEnergy NEE 86.42 1.41
CRH CRH 48.22 0.64 DeckersOutdoor DECK 380.35 4.03 GXO Logistics GXO 88.85 2.53 KoninklijkePhil PHG 47.44 0.35
Aon AON 321.08 4.21 Nike NKE 164.46 2.11 RogersComm B RCI 47.00 -0.08 HomeTrust Bancshares HTBI 1.2 .09 /.08 Q Dec02 /Nov18
ApolloGlbMgmt APO 78.33 0.86 s CSX CSX 36.24 0.38 Deere DE 349.70 11.47 Gallagher AJG 164.12 1.92 KoreaElcPwr KEP 9.74 0.01 Roku ROKU 320.56 3.99
CVS Health CVS 88.62 0.53 DellTechC DELL 110.08 1.69 GameStop GME 182.85 9.34 KraftHeinz KHC 36.48 0.08
NiSource NI 24.68 0.06 Marathon Oil MRO 1.1 .06 /.05 Q Dec10 /Nov17
Apple AAPL 152.57 3.72 Nokia NOK 5.82 0.06 Rollins ROL 34.82 -0.26
Murphy USA MUSA 0.7 .29 /.25 Q Dec01 /Nov08
CableOne CABO 1757.71 -8.85 DeltaAir Kroger KR 39.69 0.21
ApplMaterials AMAT 136.02 3.86 DAL 39.15 0.08 Gaming&Leisure GLPI 50.03 0.91 NomuraHoldings NMR 4.89 0.11 RoperTech ROP 486.56 5.37 Principal Financial Group PFG 3.8 .64 /.63 Q Dec21 /Dec01
s Applovin CadenceDesign CDNS 168.92 3.82 DentsplySirona XRAY 57.27 0.80 Garmin s LKQ LKQ 56.35 2.15
APP 97.90 2.98 GRMN 145.05 -1.16 Nordson NDSN 251.05 1.82 RossStores ROST 112.97 2.31
s Aptiv CAE CAE 30.37 0.53 DeutscheBank DB 12.99 0.23 s Gartner LPL Financial LPLA 174.73 2.65 Rollins Inc ROL 1.1 .10 /.08 Q Dec10 /Nov10
APTV 172.07 2.85 IT 326.84 5.96 NorfolkSouthern NSC 293.17 6.11 RoyalBkCanada RY 106.24 0.29
Aramark ARMK 36.26 0.06 CaesarsEnt CZR 110.89 0.13 DevonEnergy DVN 40.50 0.89 s Generac L3HarrisTech LHX 224.03 -4.46
GNRC 503.52 14.64 NorthernTrust NTRS 122.74 1.67 RoyalCaribbean RCL 84.25 0.76 Reduced
ArcelorMittal MT 33.91 0.58 s CamdenProperty CPT 162.85 3.41 DexCom DXCM 570.32 11.78 GeneralDynamics GD 202.61 -3.18 LabCorp.ofAmerica LH 285.23 4.74 NorthropGrum NOC 358.64-29.51 RoyalDutchA RDS.A 47.44 -2.53 Truist Finl Pfd. I TFCpI 3.9 .2528 /.25556 Q Dec15 /Nov12
ArchCapital ACGL 42.04 -0.29 Cameco CCJ 25.47 0.02 Diageo LamResearch LRCX 565.95 12.33
DEO 200.77 1.92 GeneralElec GE 105.26 1.41 NortonLifeLock NLOK 25.98 0.17 RoyalDutchB RDS.B 47.24 -2.45
ArcherDaniels ADM 64.84 0.31 t CampbellSoup CPB 40.19 0.28 DiamondbkEner FANG 109.01 1.43 GeneralMills GIS 62.04 0.74 LamarAdv LAMR112.50 0.11
NorwegCruise NCLH 25.81 0.31 RoyaltyPharma RPRX 38.20 1.39 Stocks
s AresMgmt ARES 86.23 3.41 CIBC CM 122.01 0.63 Dick's DKS 123.37 1.18 GeneralMotors GM 54.24 -0.02 LasVegasSands LVS 39.74 -0.56 Ryanair RYAAY 110.67 2.06
Novartis NVS 83.31 0.58
arGEN-X ARGX280.83 1.25 CanNtlRlwy CNI 132.87 0.06 DiDiGlobal DIDI 8.26 0.05 Genmab GMAB 44.43 -0.77 s LatticeSemi LSCC 69.39 1.42 SAP SAP 147.47 2.59 Summit State Bank SSBI 2.8 10.00% Nov10 /Oct27
Novavax NVAX 150.62 9.07
AristaNetworks ANET 407.04 4.25 CanNaturalRes CNQ 42.93 1.26 DigitalRealty DLR 160.09 3.20 Genpact G 49.58 0.18 Lear LEA 169.69 2.79 s S&P Global SPGI 469.51 6.91
Arrival ARVL 16.17 0.92 CanPacRlwy CP 77.35 1.68 DigitalOcean DOCN 95.53 -0.08 GenuineParts GPC 131.64 -0.79 Leidos LDOS 98.52 -0.45
s NovoNordisk NVO 107.65 1.97
SBA Comm SBAC 353.02 3.67 Foreign
t Novocure NVCR 101.74 -9.04
Asana ASAN 131.83 6.93 Canon CAJ 22.42 0.34 DiscoverFinSvcs DFS 114.85 -0.59 GileadSciences GILD 67.34 0.57 Lennar B LEN.B 82.40 0.95 SK Telecom SKM 29.42 0.21 Algonquin Pwr Nts 2078 AQNA 6.3 .42969 Q Jan17 /Jan03
NuanceComms NUAN 55.10 0.05
AspenTech AZPN154.91 4.76 CapitalOne COF 152.50 ... DiscoveryB DISCB 42.06 0.22 s GinkgoBioworks DNA 14.28 -0.05 Lennar A LEN 100.27 0.55 SS&C Tech SSNC 75.68 1.05 Algonquin Pwr Nts 2079 AQNB 5.5 .3875 Q Jan01 /Dec15
Nucor NUE 109.39 1.19
Assurant AIZ 163.54 2.54 CardinalHealth CAH 47.72 0.28 DiscoveryA DISCA 24.31 0.71 GitLab GTLB 107.80 2.59 LennoxIntl LII 297.90 0.91 StoreCapital STOR 34.93 0.42 Brookfield Fin Nts 101680 BAMH 4.5 .28906 Q Jan16 /Jan02
Nutrien NTR 70.15 0.33
s AstraZeneca AZN 62.19 0.42 Carlisle CSL 224.89 1.84 DiscoveryC DISCK 23.40 0.62 GSK GSK 42.12 1.70 LeviStrauss LEVI 26.13 0.40 SVB Fin SIVB 710.49 2.34 Eaton Corp. PLC ETN 1.8 .76 Q Nov30 /Nov12
Nuvei NVEI125.98 0.03
Athene ATH 88.42 1.05 s Carlyle CG 56.32 1.20 Disney DIS 169.68 0.13 t GlobalPayments GPN 142.84 -1.29 LiAuto LI 33.41 0.74 Salesforce.com CRM 298.38 3.23 Enbridge 6.375% Nts 2078 ENBA 5.9 .3984 Q Jan15 /Jan01
NVIDIA NVDA 249.41 4.90
Atlassian TEAM 417.33 4.45 CarMax KMX 136.12 -1.03 dLocal DLO 49.95 ... Globant GLOB 314.11 5.12 LibertyBroadbandA LBRDA 168.93 -0.65 Sanofi SNY 50.14 0.57 GasLog Partners GLOP 0.8 .01 Q Nov12 /Nov08
AtmosEnergy ATO 92.89 1.11
Autodesk ADSK 317.10 8.59
Carnival
Carnival
CCL 21.97 0.33 DocuSign DOCU 275.91 -2.05 GlobeLife
CUK 20.35 0.31 DolbyLab DLB 87.40 -0.24 GoDaddy
GL 91.05 0.14
GDDY 70.04 0.79
LibertyBroadbandC LBRDK 171.56 -1.28
LibertyGlobal A LBTYA 28.64 ...
O P Q SantanderCons SC 41.75 0.04
Sasol SSL 16.96 -0.12
Prudentl 6.5% Perp Sub Cp PUKpA 6.4 .40625 Q Dec23 /Dec08
CarrierGlobal CARR 54.42 1.38 DollarGeneral DG 220.92 0.55 GoldmanSachs GS 414.82 3.83 LibertyGlobal B LBTYB 28.54 -1.94 ONEOK OKE 65.50 0.29 Schlumberger SLB 33.30 0.76
Prudentl 6.75% Perp. SKIS PUKp 6.6 .42188 Q Dec23 /Dec22
ADP ADP 222.94 0.99
SCHW 81.99 0.84 Scorpio Tankers Nts 2025 7.0 .4375 Q Dec30 /Dec15
SBBA
AutoZone AZO 1780.10-45.76 Carvana CVNA 297.96 6.43 DollarTree DLTR 107.28 2.79 GoodRx GDRX 43.79 1.37 LibertyGlobal C LBTYK 28.72 -0.01 OReillyAuto ORLY624.80-26.15 SchwabC
Avalara AVLR 179.15 1.01 Catalent CTLT 135.50 2.48 DominionEner D 76.34 0.35 Graco GGG 74.78 0.21 s LibertyFormOne A FWONA 52.32 1.05 OakStreetHealth OSH 46.93 1.74 Sea SE 352.73 12.56 Silicon Motion Tech ADR SIMO 2.2 .50 Q Nov24 /Nov10
s Avalonbay AVB 239.20 2.57 Caterpillar CAT 204.09 7.96 Domino's DPZ 479.33 -0.94 Grainger GWW 430.76 6.23 s LibertyFormOne C FWONK 56.06 0.89 OccidentalPetrol OXY 33.83 0.53 Seagate STX 89.55 1.52
Avangrid AGR 53.30 0.76 Celanese CE 165.47 1.89 DoorDash DASH 196.00 -2.95 t Grifols GRFS 13.27 -0.04 LibertyBraves A BATRA 30.75 0.15 Okta OKTA 244.63 -5.38 Seagen SGEN 177.79 3.18
Special
Avantor AVTR 38.30 1.37 Cemex CX 6.60 -0.16 Dover DOV 169.07 3.44 GuardantHealth GH 118.19 5.91 LibertyBraves C BATRK 29.76 0.17 Olaplex OLPX 26.18 -0.28 SealedAir SEE 59.01 0.98 Rollins Inc ROL 1.1 .08 Dec10 /Nov10
AveryDennison AVY 215.29 7.11 CenovusEnergy CVE 11.81 0.30 Dow DOW 56.57 0.57 Guidewire GWRE 125.25 1.78 LibertySirius A LSXMA 49.80 1.12 s OldDomFreight ODFL 335.02 11.13 Sempra SRE 129.72 -0.15
AvisBudget CAR 171.76 5.77 Centene CNC 71.61 1.06 Doximity DOCS 69.21 2.11 HCA Healthcare HCA 250.67 5.30 LibertySirius C LSXMK 49.54 0.94 Olin OLN 56.65 1.51 SentinelOne S 64.01 0.22 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
AxonEnterprise AXON 174.64 -1.66 CenterPointEner CNP 26.29 -0.02 DrReddy'sLab RDY 61.07 -0.24 HDFC Bank HDB 74.31 -0.80 s LifeStorage LSI 132.66 5.18 Omnicom OMC 69.02 ... s ServiceCorp SCI 68.19 4.80 ratio; SO: spin-off.

New Highs and Lows

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
in the latest session. % CHG-Daily percentage change from the previous trading session. GoresGuggA GGPI 11.07 3.5 MartinMarietta MLM 395.88 2.7 PlymouthIndREIT PLYM 25.50 2.8 TectonicFinPfdB TECTP 10.66 0.6 AngionBiomed ANGN 3.71 6.5 GraybugVision GRAY 3.04 -1.9 QuinStreet QNST 13.94 -0.1
GoresGugg GGPIU 11.65 3.8 MaxLinear MXL 63.99 17.9 PriorityIncmPfdK PRIFpK 24.88 -0.1 TerrenoRealty TRNO 73.82 2.9 AnPacBioMed ANPC 2.61 -2.2 Grifols GRFS 13.23 -0.3 Rafael RFL 5.90 -73.2
Gorman-Rupp GRC 41.00 1.9 Medpace MEDP 219.92 4.3 PyrophyteAcqn PHYT.U 10.14 ... TetraTech TTEK 173.90 3.3 ArcoPlatform ARCE 17.13 -0.3 HEXO HEXO 1.60 1.9 Regis RGS 2.64 3.0
Thursday, October 28, 2021 HHGCapital HHGCU 10.32 0.2 MeiraGTx MGTX 23.15 3.0 QCR Holdings QCRH 53.67 2.1 Textainer TGH 40.44 5.1 Athersys ATHX 1.10 -1.7 HomologyMed FIXX 5.44 2.0 RenovoRx RNXT 5.07 -1.7
52-Wk % 52-Wk % 52-Wk % HanmiFinancial HAFC 22.87 1.1 Merck MRK 86.86 6.1 RELX RELX 31.23 0.6 ThermoFisherSci TMO 627.36 1.3 AuroraMobile JG 1.48 -3.2 Honest HNST 8.79 -1.1 SageTherap SAGE 39.52 2.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HawksAcqn HWKZ.U 9.99 -0.1 MetroCityBkshs MCBS 23.27 1.8 RENN Fund RCG 2.96 3.3 TopBuild BLD 256.23 1.9 BTRS BTRS 8.47 0.7 HookerFurnishings HOFT 24.83 1.0 SangamoTherap SGMO 7.89 4.4
HeliosTechnologies HLIO 92.11 3.2 MidAmApt MAA 207.69 1.1 Ranpak PACK 34.24 4.8 Transcat TRNS 74.74 0.3 BTRS Wt BTRSW 1.89 -5.6 Humacyte HUMA 8.61 -4.5 SeaportCalibre SCMAU 9.99 0.1
BlackSpadeWt BSAQ.WS 0.66 9.2 DynagasLNG PfdB DLNGpB 25.60 0.1 Hill-Rom Mimecast Rapid7 TriconRes TCN 14.54 1.3 BellerophonTherap BLPH Hydrofarm ShenandoahTel SHEN 27.16 -2.4
Highs
HRC 155.08 0.2 MIME 75.46 9.0 RPD 129.70 1.1 3.30 -4.6 HYFM 31.30 6.1
BlueOwlCapital OWL 17.67 3.6 EJF Acqn A EJFA 10.01 0.4 HomeBancorp HBCP 42.37 5.5 MiNK Therap INKT 14.54 7.0 RepublicBcpKYA RBCAA 54.33 2.0 TriplePtVent TPVG 18.06 -0.2 BrainstormCell BCLI 2.83 -2.0 HyzonMotors HYZN 5.09 5.4 SilverbackTherap SBTX 8.40 2.2
BlueOwlCapWt OWL.WS 6.35 8.2 elfBeauty ELF 32.64 2.8 HomeTrustBcshs HTBI 30.99 1.6 ModelPerformA MPAC 11.65 5.8 RexfordIndlRealty REXR 68.16 2.2 TristarAcqnI TRIS.U 9.98 ... BrickellBiotech BBI 0.37 -25.5 iBio IBIO 0.72 4.0 SoYoungIntl SY 3.86 -4.4
AMCIAcqnIIWt AMCIW 0.63 6.9 BlueWhaleAcqnIWt BWCAW 1.41 36.1 EPAM Systems EPAM 672.12 2.8 TritonIntl TRTN 63.19 5.3 SolenoTherap SLNO 0.74 -0.8
A-MarkPrecMet AMRK 74.12 1.7
HuadiIntl HUDI 28.50 18.2 ModelPerformWt MPACW 2.90 155.3 RothCHAcqnIV ROCGU 10.20 0.5 Brightcove BCOV 9.20 -20.7 Inseego INSG 6.19 -1.6
BootBarn BOOT 106.93 2.2 EastGroup EGP 201.71 2.7 HubGroup HUBG 79.47 2.4 ModelPerformRt MPACR 0.66 25.0 S&P Global SPGI 475.25 1.5 TylerTech TYL 543.87 2.2 CadizPfdA CDZIP 23.25 -2.5 KalaPharm KALA 1.69 -1.1 SolidBiosci SLDB 1.84 -4.1
AcropolisInfrWt ACRO.WS 1.13 -9.4 BrightSphere BSIG 29.25 7.8 EnantaPharma ENTA 83.52 4.3 UDR UDR 56.45 1.5 SparkNetworks LOV 2.63 -1.5
AerSaleWt ASLEW 10.84 8.2 IHS Markit INFO 131.11 1.3 ModelPerform MPACU 12.55 8.0 SPS Commerce SPSC 174.42 3.0 CalliditasTherap CALT 20.00 -1.5 Kingstone KINS 5.45 -1.2
BrookfieldInfr BIP 60.77 0.2 EncoreCapital ECPG 54.09 1.1 IndepRealty IRT 23.95 5.2 Moelis MC 76.66 2.3 STAG Indl STAG 44.89 2.7 UnitedRentals URI 373.55 5.6 CampbellSoup CPB 39.76 0.7 KrispyKreme DNUT 12.63 0.9 SterlingCheck STER 22.45 -1.6
AerSale ASLE 22.26 3.3
Brooks Auto BRKS 114.21 3.2 EncoreWire WIRE 131.65 7.1 VPC Impact II Wt VPCBW 1.80 19.7 Stoneridge SRI 19.23 -8.0
AestherHlthcr AEHAU 10.17 ... InspiredEnt INSE 15.16 4.6 MolinaHealthcare MOH 304.00 0.5 Saia SAIA 316.99 13.9 CanopyGrowth CGC 12.72 1.6 Kyndryl KDw 32.00 -3.0
Bunge BG 92.93 2.5 Endava DAVA 159.22 2.7 Insulet PODD 310.00 3.6 MonolithicPower MPWR 551.50 4.7 SeaportCalibre SCMAU 10.03 0.1 VSE VSEC 56.00 10.5 CarLotz LOTZ 3.48 1.4 LifeMD LFMD 4.50 8.0 SwitchbackII A SWBK 9.54 -0.1
AllianceBernstein AB 57.54 0.2 VividSeats SEAT 14.35 1.0 SynchronossNts2026 SNCRL 23.00 2.1
CBIZ CBZ 37.88 3.5 EnovixWt ENVXW 15.12 19.2 InterParfums IPAR 90.80 5.8 Moody's MCO 407.08 3.6 SemlerScientific SMLR 147.00 3.5 CarrolsRestr TAST 3.53 -1.1 LifeMD PfdA LFMDP 23.82 -1.5
AlpineAcqn REVE 9.97 1.3 VividSeatsWt SEATW 3.82 -0.3 TCR2 Therap TCRR 6.38 -1.7
CenaqEnergyWt CENQW 0.46 2.7 Entegris ENTG 139.26 2.7 ICE ICE 138.00 1.9 Morningstar MORN 321.71 5.0 Semtech SMTC 85.34 3.6 CasperSleep CSPR 3.69 1.3 Lifevantage LFVN 6.38 3.9
Ambarella AMBA 189.70 4.3 WNS WNS 89.50 5.5 TIM TIMB 9.90 -2.4
CI Financial CIXX 23.15 2.2 EquityResdntl EQR 88.08 1.0 Intuit INTU 620.41 0.4 MountainCrestIIRt MCADR 1.10 1.0 ServiceCorp SCI 68.28 7.6 CatalystBiosci CBIO 3.16 5.0 LiminalBioSci LMNL 1.75 -1.7
Ameresco AMRC 80.65 4.2 WPP WPP 72.64 9.3 TMCthemetals TMC 2.93 -4.2
CNX Resources CNX 16.08 3.2 EssexProp ESS 347.22 1.1 JuniperNetworks JNPR 30.32 -0.4 MrCooper COOP 45.27 0.6 ServiceNow NOW 694.00 3.5 Chegg CHGG 57.25 -0.3 LongboardPharm LBPH 7.20 0.4
AmCampus ACC 54.44 2.1 Walker&Dunlop WD 130.60 1.3 TPIComposites TPIC 30.41 8.6
CSX CSX 36.30 1.1 EuropeanWax EWCZ 34.67 6.3 KKR KKR 79.29 3.8 Napco Security NSSC 47.63 0.7 SherwinWilliams SHW 323.82 1.3 ClearSignTech CLIR 1.60 -4.1 LufaxHolding LU 6.32 -5.9
AmtechSystems ASYS 14.95 19.4 WarnerMusic WMG 50.23 2.3 TalisBiomed TLIS 4.89 6.2
AnthemisDigital I ADALU 10.08 0.5
CamdenProperty CPT 162.99 2.1 Exelon EXC 52.80 1.5 KKR Pfd C KKRpC 99.29 3.9 NatlBankHoldings NBHC 44.44 -0.2 SiliconLab SLAB 193.66 1.2 CloopenGroup RAAS 3.70 -0.3 MedAvail MDVL 2.40 ...
Carlyle CG 57.50 2.2 FTI Consulting FCN 149.20 1.2 WasteConnections WCN 135.69 1.3 Talkspace TALK 3.42 3.8
ApartmtInv AIV 7.76 2.9 KLA KLAC 388.99 4.3 NatlStorage NSA 62.68 3.9 SimplyGoodFoods SMPL 40.30 3.3 Cohbar CWBR 0.55 -37.8 MolecularTemp MTEM 5.22 ...
CarriageSvcs CSV 50.67 14.2 FarmersNatlBanc FMNB 18.50 6.0 WescoIntl WCC 130.79 4.6 TarenaIntl TEDU 0.94 -9.5
Applovin APP 100.50 3.1 KingswayFin KFS 5.80 2.3 Netflix NFLX 676.80 1.7 SiteOneLandscape SITE 234.09 3.6 ConveyHolding CNVY 7.19 -2.4 MultiPlan MPLN 4.27 0.7
CasellaWaste CWST 84.30 0.3 FatProjectsAcqn FATPU 10.12 0.3 WestNewEngBncp WNEB 9.88 6.8 Terminix TMX 38.47 -0.2
AptivPfdA APTVpA 192.69 0.8 KornitDigital KRNT 166.30 3.5 NocturneAcqn MBTCU 11.20 6.6 SiTime SITM 259.25 6.7 Cortexyme CRTX 12.41 5.6 MultiPlanWt MPLN.WS 0.78 1.1
TesscoTech TESS 5.08 -5.4
CerevelTherap CERE 41.79 3.6 FedAgriMtg C AGM 123.87 2.1 LavaMedtech LVACU 10.15 0.1 NorthAmConstr NOA 17.79 9.1 SoloBrands DTC 23.39 3.6
Winmark WINA 229.77 1.7
Corts PECO KTH KTH 32.25 -0.1 NeptuneWellness NEPT 0.50 1.1
Aptiv APTV 172.64 1.7 WinVestAcqnWt WINVW 0.37 24.6 ThermoGenesis THMO 1.44 6.7
ApyxMedical APYX 14.60 ... ChoiceHotels CHH 140.04 2.6 Ferguson FERG 152.43 1.7 LKQ LKQ 57.33 4.0 Novanta NOVT 172.88 3.3 Sony SONY 118.93 4.5 DeepMedicine DMAQU 10.03 ... NeuroBoPharm NRBO 1.77 -0.6
Workday WDAY 288.58 1.3 TurkcellIletism TKC 4.11 -1.4
ArcBest ARCB 94.03 6.6 Chubb CB 196.88 3.1 Ferrari RACE 238.00 1.6 LandcadiaIV LCAHU 10.59 ... NovoNordisk NVO 108.33 1.9 SouthPlainsFin SPFI 26.51 3.2 Dole DOLE 14.43 -1.0 Novocure NVCR 100.00 -8.2
WorldwideWebb WWACU 10.75 0.1 Tuya TUYA 6.93 4.0
AresCapital ARCC 21.74 0.6 CincinnatiFin CINF 127.00 4.1 FirstHorizonPfdD FHNpD 28.17 6.5 Lantronix LTRX 9.57 15.7 nVentElectric NVT 35.10 6.7 SoMO Bancorp SMBC 53.91 2.1 EmergentBiosol EBS 48.16 1.2 OcularTherapeutix OCUL 6.60 1.3
WyndhamHtls WH 86.06 4.3 ViaOptronics VIAO 6.50 -4.0
AresMgmt ARES 86.34 4.1 Clearfield CLFD 57.20 4.7 FirstSolar FSLR 118.06 6.9 LatticeSemi LSCC 70.94 2.1 OldDomFreight ODFL 335.87 3.4 SportsEntWt SEAH.WS 3.55 5.3 EnsysceBioWt ENSCW 0.18 -9.9 OncoSecMedical ONCS 1.57 -1.2 VastaPlatform VSTA 4.00 -0.5
Codexis CDXS 35.19 4.2 FirstCash FCFS 97.04 -2.7
Yandex YNDX 83.55 6.5
AshfordHospPfdD AHTpD 29.15 1.2 LendingClub LC 44.66 33.0 Omnicell OMCL 172.76 2.7 SportsMapTech SMAPU 11.16 -0.2 ErytechPharma ERYP 2.81 -1.4 OneConnectFinTech OCFT 3.13 0.6 ViantTech DSP 11.33 4.7
Colfax CFX 52.04 1.8 FluenceEnergy FLNC 35.95 25.0
Zoetis ZTS 213.42 1.6
AssuredGuaranty AGO 56.04 2.7 LibertyFormOne C FWONK 56.07 1.6 OxbridgeAcqnWt OXACW 0.45 4.7 StandexInt SXI 109.98 3.4 EverQuote EVER 13.80 0.4 OntrakPfd OTRKP 11.16 -0.8 VitaCoco COCO 13.00 -2.4
AstraZeneca
AsureSoftware ASUR
AZN 62.86
9.90
0.7
1.9
ColfaxUn CFXA
ComfortSystems FIX
208.53
90.69
1.6
7.6
FocusImpact
FordMotor
FIACU
F
10.10
17.58
0.5
8.7
LibertyFormOne A FWONA
LifeStorage LSI
52.36
132.80
2.0
4.1
OxfordLane
OxusAcqn
OXLC
OXUSU
7.94 1.9
10.95 -0.3
StewartInfo
STMicroelec
STC
STM
73.91
48.54
1.6
7.7 Lows FidelityD&D
FidNatlInfo
FDBC
FIS
43.69 2.1
111.43 -2.0
OsmoticaPharm OSMT
Ouster OUST
1.77 0.5
6.33 -1.4
Vroom
vTvTherap
VRM
VTVT
18.71 2.3
1.37 1.4
AthenaTech ATHN.U 10.54 -0.4 Conmed CNMD 147.85 4.3 ForresterRes FORR 53.39 1.1 LiveOakBcshs LOB 78.31 8.5 PAM Transport PTSI 63.87 8.0 SuncorEnergy SU 25.99 13.2 AMTD Intl HKIB 3.69 -2.1 FinanceofAm FOA 4.44 2.4 PNC Fin PfdP PNCpP 25.60 -0.1 WW Intl WW 17.00 1.3
AuriniaPharm AUPH 32.71 0.1 ConnectOneBncp CNOB 35.22 4.9 Gartner IT 327.73 1.9 lululemon LULU 443.60 2.3 PNM Resources PNM 50.11 0.5 SupernovaPtrsII SNII.U 10.95 0.1 ARCAbiopharma ABIO 2.55 0.8 FirstWaveBioPharma FWBI 2.47 -0.4 PTC Therap PTCT 34.85 2.8 WesternUnion WU 18.41 -0.3
AusterlitzI Wt AUS.WS 1.89 0.3 CorePoint CPLG 16.91 7.1 Generac GNRC 510.53 3.0 LutherBurbank LBC 14.64 2.9 PPD PPD 47.34 0.4 SupernovaPtrsII A SNII 10.49 ... ATI PhysTherapy ATIP 2.66 2.2 FrankBSPRealty FBRT 16.40 -0.8 PassageBio PASG 8.38 3.2 WestwaterRscs WWR 3.05 3.2
Avalonbay AVB 241.64 1.1 CustomersBancorp CUBI 51.46 11.9 GinkgoBioworks DNA 15.45 -0.3 Macom Tech MTSI 69.69 5.3 PSBusinessParks PSB 180.27 2.2 SupernovaII Wt SNII.WS 2.19 -0.5 AbeonaTherap ABEO 0.79 -4.7 FrequencyTherap FREQ 6.27 -2.6 Pharming PHAR 8.22 -12.6 WunongNetTech WNW 3.35 -1.7
AvidBioservices CDMO 30.94 3.9 DarlingIngred DAR 84.19 6.0 GinkgoBioworksWt DNA.WS 4.48 ... MBIA MBI 16.20 2.1 PacGE pfI PCGpI 25.69 3.9 Synaptics SYNA 194.00 5.1 AeriePharm AERI 9.55 3.6 GabelliGlSMidPfdA GGZpA 25.29 -0.1 PhathomPharm PHAT 23.78 -2.1 XL Fleet XL 5.18 6.5
AxcelisTechs ACLS 54.20 7.6 DecarbPlusIV Wt DCRDW 0.95 4.5 GladstoneAcqn GLEE 10.92 -0.1 M3-BrigadeIII MBSC.U 10.25 -0.1 PacGE pfH PCGpH 24.93 7.4 TDCX TDCX 27.82 1.5 Agora API 23.32 -2.6 Genfit GNFT 3.48 -0.8 Pinterest PINS 44.54 0.6 Y-mAbsTherap YMAB 24.53 3.6
BankofMontreal BMO 112.34 1.3 dMYTechIV DMYQ.U 11.06 4.8 GladstoneInvt GAIN 15.68 1.8 ManhattanAssoc MANH 183.13 0.9 Paragon28 FNA 21.13 8.3 TFI Intl TFII 120.50 4.1 AileronTherap ALRN 0.85 -2.2 GenieEnergy GNE 5.03 -8.3 PliantTherap PLRX 15.54 4.7 Yalla YALA 6.26 3.9
BannixAcqn BNIXU 10.39 0.9 dMYTechIVWt DMYQ.WS 2.26 10.6 GlobalMedREIT GMRE 16.80 1.6 Marcus&Millichap MMI 48.00 2.3 PatriotTransport PATI 14.99 3.7 TailwindTwo TWNT.U 10.51 3.6 AlgonquinPwr AQN 14.40 0.3 GetnetAdquirencia GET 1.65 -7.7 ProtoLabs PRLB 57.54 -20.5 YatsenHolding YSG 2.83 2.0
Birks BGI 6.47 3.0 DukeRealty DRE 56.77 2.3 GlobalFoundries GFS 48.00 -1.3 Marpai MRAI 5.88 20.0 Paylocity PCTY 305.02 2.0 TailwindTwoA TWNT 10.02 2.0 AlphaProTech APT 5.95 0.8 GlobalPayments GPN 141.74 -0.9 PuhuiWealth PHCF 1.40 22.4 Zovio ZVO 1.77 -15.8
BlackMountain BMAC.U 10.15 -0.2 DutchBros BROS 74.20 1.6 GoGreenInvts GOGN.U 10.13 0.1 Marriott MAR 162.31 0.1 PerceptionCapII PCCTU 10.10 0.7 Tecnoglass TGLS 29.25 1.9 AlticeUSA ATUS 16.46 -0.3 GlobalFoundries GFS 44.48 -1.3 PurpleInnovation PRPL 18.50 -3.2 Zymeworks ZYME 22.05 0.8

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.48 -0.01 NA ContraK 20.08 +0.20 22.2 Guggenheim Funds Tru PIMCO Fds Instl EqIncAdml 94.68 +0.81 21.6 WelltnAdml 87.33 +0.30 15.7 IdxIntl 21.06 +0.16 10.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti CpInc r 11.41 +0.02 10.7 TotRtnBdFdClInst 28.90 -0.05 -0.4 AllAsset NA ... NA ExplrAdml 140.89 +2.44 17.7 WndsrAdml 88.97 +0.86 25.7 MdCpGrAdml109.96 +1.57 20.8
EdgewoodGrInst 64.46 +0.58 24.5 GroCo 40.80 +0.58 24.1 Harbor Funds ShortT 9.79 ... 0.1 ExtndAdml 145.76 +2.40 17.7 VANGUARD FDS MdCpVlAdml 75.90 +0.90 24.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Fidelity GrowCoK 40.93 +0.59 24.2 CapApInst 123.82 +1.35 18.8 TotRt 10.32 -0.02 -1.0 GNMAAdml 10.57 -0.02 -0.9 DivdGro 38.95 +0.06 18.7 SmValAdml 76.29 +1.12 26.4
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
500IdxInstPrem159.58 +1.57 23.8 InvGrBd 11.67 -0.02 -0.4 Harding Loevner PIMCO Funds A GrwthAdml 160.98 +1.67 23.9 INSTTRF2020 28.29 +0.10 7.8 TotBd2 11.10 -0.02 -1.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlEq
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Contrafund K6 23.03 +0.24 22.0 LowP r 54.39 +0.35 21.4 NA ... NA IncomeFd NA ... NA HlthCareAdml r 99.87 +0.46 11.5 INSTTRF2025 30.01 +0.14 9.3 TotIntlInstIdx r140.90 +1.09 10.3
available due to incomplete price, performance or cost data. NE-Not released by Lipper; ExtMktIdxInstPre 92.52 +1.53 17.7 Magin 15.30 +0.17 22.9 Invesco Funds Y PIMCO Funds I2 HYCorAdml r 5.95 ... 3.0 INSTTRF2030 31.17 +0.18 10.8 TotItlInstPlId r140.94 +1.09 10.3
FidSerToMarket 15.77 +0.17 22.6 NASDAQ r 194.80 +2.66 20.4 DevMktY 53.39 -0.05 -0.1 Income NA ... NA InfProAd 28.76 -0.25 4.7 INSTTRF2035 32.26 +0.21 12.3 TotSt 115.11 +1.25 22.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. John Hancock Instl IntlGrAdml 171.50 +2.12
GrowthCompanyK6 23.77 +0.34 23.6 OTC 20.06 +0.20 24.5 PIMCO Funds Instl 7.0 INSTTRF2040 33.41 +0.25 13.8 VANGUARD INSTL FDS
IntlIdxInstPrem 51.09 +0.52 12.3 Puritn 27.14 +0.20 16.8 DispValMCI 28.87 +0.34 23.8 IncomeFd NA ... NA ITBondAdml 12.04 -0.03 -2.5 INSTTRF2045 34.47 +0.28 15.3 BalInst 49.16 +0.29 12.5
Thursday, October 28, 2021 MidCpInxInstPrem 32.85 +0.43 22.1 SrsEmrgMkt 25.07 +0.02 0.4 JPMorgan I Class Price Funds ITIGradeAdml 10.07 -0.03 -1.4 INSTTRF2050 34.64 +0.29 15.6 DevMktsIndInst 16.90 +0.19 12.7
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 22.00 +0.21 23.8 SrsGlobal 15.70 +0.11 9.5 CoreBond 11.95 -0.02 NA BlChip 197.07 +2.09 19.1 LTGradeAdml 11.18 -0.05 -2.3 INSTTRF2055 34.73 +0.29 15.6 DevMktsInxInst 26.42 +0.30 12.7
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SeriesBondFd 10.46 -0.02 -1.7 SrsGroCoRetail 28.46 +0.41 25.0 EqInc 23.79 +0.17 NA DivGro 71.84 +0.51 20.5 MidCpAdml 312.40 +4.10 22.9 IntlVal 44.22 +0.30 9.9 ExtndInst 145.76 +2.41 17.7
SeriesOverseas 14.72 +0.21 18.7 SrsIntlGrw 20.57 +0.23 15.7
JPMorgan R Class
EqInc 37.90 +0.32 22.9 MuHYAdml 11.98 +0.01 2.6 LifeCon 23.70 +0.06 5.6 GrwthInst 160.99 +1.67 23.9
American Century Inv IntlVal Inst 46.42 +0.46 16.5 DivIncom I 30.93 +0.25 21.3 CoreBond 11.96 -0.02 NA MuIntAdml 14.66 +0.01 0.4 InPrSeIn 11.72 -0.10 4.8
Ultra 92.91 +1.15 22.3 Baird Funds Dimensional Fds SmCpIdxInstPrem 29.20 +0.58 17.2 SrsIntlVal 11.73 +0.10 16.3 Growth 117.23 +1.27 20.9 LifeGro 45.37 +0.34 13.5
Lord Abbett A MuLTAdml 12.10 +0.01 1.1 InstIdx 401.82 +3.93 23.8
American Funds Cl A AggBdInst 11.42 -0.02 NA 5GlbFxdInc 10.79 -0.01 -0.9 TMktIdxInstPrem131.95 +1.45 22.6 TotalBond 11.10 -0.02 -0.3 HelSci 113.65 +1.57 15.0 LifeMod 34.42 +0.18 9.5
ShtDurIncmA p 4.17 ... NA MuLtdAdml 11.17 ... 0.3 InstPlus 401.84 +3.93 23.8
AmcpA p 46.43 +0.53 23.1 CorBdInst 11.79 -0.02 NA EmgMktVa 31.79 -0.12 13.2 USBdIdxInstPrem 12.02 -0.02 -1.8 Fidelity SAI LgCapGow I 74.72 +0.66 22.1 PrmcpCor 35.21 +0.34 21.5
Lord Abbett F MuShtAdml 15.89 ... 0.2 InstTStPlus 89.93 +0.98 22.7
AMutlA p 52.83 +0.41 19.9 BlackRock Funds EmMktCorEq 25.37 -0.05 6.3 Fidelity Advisor I TotalBd 10.51 -0.02 -0.1
ShtDurIncm 4.17 MidCap 129.06 +1.24 14.1 STAR 34.22 +0.20 10.6
... NA PrmcpAdml r184.69 +2.07 20.0 MidCpInst 69.01 +0.90 22.9
BalA p 33.58 +0.14 12.8 HiYldBd Inst 7.86 ... 4.9 IntlCoreEq 16.51 +0.18 15.3 GrOppI 182.99 +2.57 17.9 U.S.TreBdIdx 10.05 -0.02 -2.6 Lord Abbett I NHoriz 97.94 +0.69 19.0 TgtRe2015 16.57 +0.02 5.3 MidCpIstPl 340.36 +4.47
RealEstatAdml156.31 +2.19 32.4 22.9
BondA p 13.47 -0.02 -1.0 BlackRock Funds A IntSmCo 23.53 +0.24 16.6 NwInsghtI 45.23 +0.47 22.8 Fidelity Selects ShtDurInc p 4.17 ... NA R2020 25.11 +0.10 10.4 TgtRe2020 36.92 +0.12 7.7 SmCapInst 110.15 +1.89
SmCapAdml 110.15 +1.89 19.1 19.1
CapIBA p 69.44 +0.39 12.2 GlblAlloc p 21.89 +0.11 6.7 IntSmVa 22.39 +0.16 17.8 Fidelity Freedom Softwr r 32.32 +0.06 21.0 Metropolitan West R2025 21.65 +0.11 11.8
SmGthAdml 103.71 +2.11 10.6 TgtRe2025 23.53 +0.11 9.2 STIGradeInst 10.86 -0.01 -0.1
CapWGrA 66.61 +0.53 13.5 BlackRock Funds III TAUSCoreEq2 NA ... NA FF2020 17.89 +0.07 9.2 Tech r 30.44 +0.30 19.9 TotRetBdI 10.94 -0.01 NA R2030 32.30 +0.21 13.5
STBondAdml 10.68 ... -0.8 TgtRe2030 44.90 +0.26 10.7 STIPSIxins 26.12 -0.08 4.8
EupacA p 70.87 +0.60 6.5 iShS&P500IdxK544.05 +5.32 23.7 US CoreEq1 36.21 +0.41 23.2 FF2025 16.41 +0.07 10.3 First Eagle Funds TRBdPlan 10.26 -0.01 NA R2040 35.46 +0.29 16.5 STIGradeAdml 10.86 -0.01 -0.2 TgtRe2035 28.30 +0.18 12.2 TotBdInst 11.24 -0.03 -1.7
FdInvA p 79.83 +0.66 19.5 BlackRock Funds Inst US CoreEq2 33.14 +0.40 24.0 FF2030 20.67 +0.11 11.7 GlbA 68.86 +0.41 12.4 Northern Funds Schwab Funds STIPSIxAdm 26.10 -0.08 4.8 TgtRe2040 50.35 +0.37 13.7 TotBdInst2 11.10 -0.02 -1.7
GwthA p 81.72 +1.11 21.0 StratIncOpptyIns 10.29 -0.01 1.1 US Small 48.41 +0.89 26.9 FF2035 18.18 +0.12 14.7 FPA Funds StkIdx 51.46 +0.50 23.7 1000 Inv r 102.49 +1.06 NA TotBdAdml 11.24 -0.03 -1.7 TgtRe2045 32.49 +0.27 15.3 TotBdInstPl 11.24 -0.03 -1.7
ICAA p 53.00 +0.39 21.4 Bridge Builder Trust US SmCpVal 46.50 +0.73 36.1 FF2040 13.10 +0.11 16.9 NwInc 10.01 -0.01 0.9 Nuveen Cl I S&P Sel 71.06 +0.69 NA TotIntBdIdxAdm 22.72 -0.05 -2.3 TgtRe2050 52.49 +0.44 15.5 TotIntBdIdxInst 34.09 -0.08 -2.3
IncoA p 26.29 +0.14 13.8 CoreBond 10.48 -0.02 -1.2 US TgdVal 31.71 +0.50 35.7 Freedom2025 K 16.39 +0.06 10.4 Franklin A1 HYMunBd 18.31 +0.04 8.0 TSM Sel r 81.50 +0.90 NA TotIntlAdmIdx r 35.24 +0.28 10.3 TgtRet2055 56.98 +0.48 15.5 TotStInst 115.16 +1.25 22.7
N PerA p 71.52 +0.94 18.2 CorePlusBond 10.37 -0.02 -0.6 USLgVa 46.06 +0.49 24.3 Freedom2030 K 20.66 +0.10 11.8 IncomeA1 p 2.53 +0.01 14.3 Old Westbury Fds VANGUARD ADMIRAL TotStAdml 115.14 +1.25 22.7 TgtRetInc 15.49 +0.02 4.9 ValueInst 55.76 +0.51 22.2
NEcoA p 68.05 +0.91 14.4 Intl Eq 15.04 +0.15 12.6 Dodge & Cox Freedom2035 K 18.17 +0.13 14.8 FrankTemp/Frank Adv LrgCpStr 20.07 +0.17 17.1 500Adml 424.60 +4.15 23.8 TxMCapAdml241.08 +2.44 23.0 TotIntBdIxInv 11.36 -0.03 -2.3 WCM Focus Funds
NwWrldA 94.29 +0.58 7.2 LargeCapGrowth 25.31 +0.21 23.0 Balanced 117.96 +0.69 18.7 Freedom2040 K 13.10 +0.10 16.9 IncomeAdv 2.51 +0.01 14.6 Parnassus Fds BalAdml 49.15 +0.29 12.5 TxMIn r 16.88 +0.19 12.7 WellsI 29.90 +0.06 7.5 WCMFocIntlGrwIns 28.97 +0.36 17.1
SmCpA p 91.74 +1.28 15.3 LargeCapValue 17.89 +0.12 23.1 Income 14.24 -0.02 -0.8 Fidelity Invest FrankTemp/Franklin A ParnEqFd 64.95 +0.43 21.4 CAITAdml 12.16 +0.01 0.1 USGroAdml 199.46 +2.64 17.4 Welltn 50.57 +0.17 15.6 Western Asset
TxExA p 13.54 +0.01 1.0 Calamos Funds Intl Stk 49.76 +0.49 13.9 Balanc 30.21 +0.20 16.3 DynaTech A p167.49 +2.22 19.8 PGIM Funds Cl Z CapOpAdml r215.38 +2.72 21.3 ValAdml 55.76 +0.51 22.2 WndsrII 48.53 +0.38 26.1 CoreBondI 13.15 -0.03 NA
WshA p 58.92 +0.39 22.4 MktNeutI 14.46 +0.02 4.5 Stock 247.75 +2.34 30.6 BluCh 186.76 +2.55 23.1 Growth A p 162.01 +1.45 19.6 HighYield 5.57 ... NA DivAppIdxAdm 44.49 +0.29 17.5 WdsrllAdml 86.11 +0.67 26.1 VANGUARD INDEX FDS CorePlusBdI 12.01 -0.03 NA
Artisan Funds Columbia Class I DoubleLine Funds Contra 20.02 +0.19 22.1 RisDv A p 96.96 +0.67 21.5 TotalReturnBond NA ... NA EMAdmr 42.45 -0.12 3.4 WellsIAdml 72.44 +0.16 7.5 ExtndIstPl 359.70 +5.92 17.7 CorePlusBdIS 12.01 -0.03 NA
P2JW302000-6-B01000-1--------XA
B10 | Friday, October 29, 2021
T. Rowe Price Buys Debt Investor
Money manager’s
$4.2 billion purchase of
Oak Hill Advisors is its
first major deal in years
BY DAWN LIM
AND JUSTIN BAER
Money manager T. Rowe
Price Group Inc. agreed to
buy Oak Hill Advisors for as
much as $4.2 billion to enter
the private-debt investing
business.
Oak Hill has been an active
player in distressed-debt deals
for decades, and last year pro-
vided rescue financing to com-
panies whose businesses were
ravaged by the coronavirus
pandemic.
Best known for its stock-
and bond-picking funds, T.
Rowe Price is pushing further
into alternative investments.
DOROTHY HONG FOR THE WALL STREET JOURNAL
CEO Kewsong Lee said company growth is ‘way ahead of schedule.’
Brookfield Unit Hires Former Insurance Regulator
BY LESLIE SCISM
Brookfield Asset Manage-
ment Inc.’s insurance arm has
hired a prominent former reg-
ulator to help the firm grow
its U.S. life-insurance business
through acquisitions and other
transactions.
Michael McRaith has taken
the post of vice chairman of
Brookfield Asset Manage-
ment Reinsurance Partners
Ltd., the firm said. He previ-
ously served as the first direc-
tor of the U.S. Treasury De-
partment’s Federal Insurance
Office following more than six
years as Illinois’s top insur-
ance regulator. Mr. McRaith
most recently had been a man-
aging director at Blackstone
Group Inc., where he worked
in its insurance business.
The Canadian investment
giant Brookfield spun out Re-
insurance Partners in June.
Since last year, Brookfield has
taken a stake in one annuities-
specialty life insurer, Ameri-
can Equity Investment Life
Holding Co., and has a pend-
Chinese Online Brokers’ Shares Drop After Criticism
BY ANNIEK BAO
A senior official at China’s
central bank said cross-border
online brokerages operating in
mainland China were acting il-
legally, knocking shares in
U.S.-listed Futu Holdings Ltd.
and Up Fintech Holding Ltd.
The criticism heaps new
pressure on the two securities
firms after they were called
out earlier this month by Chi-
nese state media, which said
the firms would face chal-
lenges due to the country’s
tough new data-privacy laws.
Chinese regulators have
cracked down on various busi-
ness sectors this year, includ-
ing property development, af-
ter-school tutoring and parts
of the technology industry.
Futu, which is backed by
Tencent Holdings Ltd., and
Up Fintech, which is known in
Asia as Tiger Brokers, have
thrived partly by enabling cus-
tomers in mainland China to
buy and sell U.S. and Hong
Kong-listed stocks.
Sun Tianqi, the head of the
financial stability department
The firm will pay cash and
stock for Oak Hill, which man-
ages $53 billion. This is T.
Rowe Price’s first significant
corporate acquisition in more
than two decades.
The firm announced the
deal after The Wall Street
Journal first reported on the
acquisition. T. Rowe Price
shares rose 5.7%.
Oak Hill executives were
drawn to T. Rowe Price in part
because of the firm’s large dis-
tribution platforms, which sell
funds to both institutional cli-
ents such as pension funds
and financial advisers that
serve wealthy individuals, as
well as a mutual commitment
to fundamental research.
Private-credit investing has
grown over the past decade as
money managers stepped in as
bigger lenders to fill the void
left by banks in the wake of
the 2008 financial crisis.
ing $5 billion deal to acquire
Texas insurance conglomerate
American National Group Inc.
Those deals are adding about
$40 billion of assets to Rein-
surance Partners.
“We are serious about
building a very long-term
business, about having a
strong reputation in the mar-
ketplace and being very trans-
parent and collaborative with
regulators,” Reinsurance Part-
ners Chief Executive Sachin
Shah said in an interview
about Mr. McRaith’s role at
the Bermuda-based insurance
entity.
More asset-management,
private-equity and other in-
vestment firms are acquiring
U.S. life and annuity insurers—
or buying stakes in them. Ul-
tralow interest rates are driv-
ing the action.
Conventional life insurers,
which primarily invest policy-
holders’ premiums in plain-va-
nilla bonds, are retreating
from products most hurt by
low rates, including many
types of annuities.
Share-price performance, year to date
350%
300
250
200
150
100
50
0
–50
J F M A M J
Source: FactSet
of the People’s Bank of China,
told a forum in Shanghai that
offering securities-brokerage
services to mainland Chinese
investors without obtaining
the required licenses was “ille-
gal financial activity.”
“Finance licenses have na-
tional boundaries,” Mr. Sun
said.
His speech was delivered on
Sunday and was picked up by
BANKING & FINANCE
Ultralow interest rates have
dented returns of bond funds
and investors have turned to
the private-debt markets in
search of higher yields. Since
traditional managers have
struggled to keep pace with the
stock market’s rally, investors
have put more money into low-
cost funds that track indexes.
To make up for lower cost
funds eating at their bottom
line and meet investors’
changing preferences, many
large managers, from Black-
Rock Inc. and Pacific Invest-
ment Management Co. to JP-
Morgan Chase & Co.’s asset-
management division, have
acquired specialist managers
to broaden their offerings.
Others, like Invesco Ltd. and
Franklin Resources Inc., have
pursued larger, bolder deals
aimed at scale and cost ad-
vantages.
Baltimore-based T. Rowe
Carlyle Profit Surges From
Big Portfolio Gains, Fees
BY MIRIAM GOTTFRIED
Carlyle Group Inc. reported
a big jump in third-quarter
earnings, and the amount of
cash it could return to share-
holders reached record levels.
The Washington, D.C., firm
reported net income of $532.8
million, or $1.46 a share, in
the three months that ended
Sept. 30. That compares with
net income of $295.5 million,
or 82 cents a share, in the
same period last year.
Helping to drive those gains
was the performance of Car-
lyle’s private-equity portfolio,
which appreciated by 4% dur-
ing the third quarter, exceeding
the 0.2% gain for the S&P 500.
Carlyle’s third-quarter dis-
tributable earnings, or the
portion of profit that could be
returned to shareholders,
came in at a record $730.6
Many of the insurance-in-
dustry newcomers think their
expertise with less-common
investments, such as privately
placed corporate debt and as-
set-backed securities, will give
them an edge over more cau-
tious insurers.
State insurance depart-
ments must approve all deals
to weed out inexperienced
buyers who wouldn’t be able
to weather tough times. Over
the past decade, they have fre-
quently ordered extra con-
sumer protections in approv-
ing transactions with the
newcomers, such as requiring
the buyers to hold higher lev-
els of capital than customary.
Mr. McRaith said in an in-
terview that he would be in-
volved in all aspects of Rein-
surance Partners’ growth in
the U.S. and internationally,
“in terms of identifying oppor-
tunities, executing on them,
and working to exceed regula-
tory expectations.”
Brookfield has told inves-
tors that insurance could
eventually be a $100 billion to
Futu
Up Fintech
J A S O
numerous media outlets on
Thursday, after a transcript
was released by organizers a
day earlier.
The central banker didn’t
name the two companies but
identified them by referring to
recent drops in their share
prices.
Shares in Futu and Up Fin-
tech fell sharply on Thursday.
Futu closed 13% lower at
****** THE WALL STREET JOURNAL.
Price had $1.61 trillion in as- kets have generally been insu-
sets under management, as of lated from the fee wars that
Sept. 30. managers focused on stock
The Oak Hill acquisition is and bonds face.
expected to close at the end of Casey Quirk, a consulting
the year. Oak Hill will be a arm of Deloitte, predicted that
stand-alone business, and the private markets are expected
New York firm’s chief execu- to generate a bigger share of
tive, Glenn August, will remain asset managers’ revenue by
in that role. 2024. Every other business,
In recent years, T. Rowe including stock funds, would
Price has been exploring ac- produce a declining or flat
quisitions more actively. Firm slice of industry revenue be-
executives said that the firm tween 2019 and 2024, the con-
could acquire more businesses sultant said.
to grow its private markets Private market funds, which
lineup over time. lock up client money for years,
“This isn’t a signal we’re also help smooth out revenue
beginning a ‘string-of-pearls’
strategy and going to start an
inexorable march to acquire
swings for asset managers
when markets retreat and in-
vestors suddenly turn more
other companies,” Rob Sharps,
T. Rowe Price’s president, said
in an interview.
cautious. Although T. Rowe
Price’s third-quarter profit
rose from the year-ago period,
Mr. Sharps will become the
firm’s CEO next year.
Firms in the private mar-
the firm reported $6.4 billion
in client net outflows in the
quarter ended Sept. 30.
million, or $1.54 a share. That Chief Executive Kewsong
compares with $151.8 million, Lee has sought to focus Car-
or 40 cents a share, a year lyle’s operations and spur
earlier. growth, pushing the firm—
Fee-related earnings were whose stock and asset growth
$151.4 million in the quarter, a have historically lagged behind
28% increase over the prior- peers’—to close the gap with
year period. competitors. He has also set a
Shares of Carlyle rose 2.1%. goal of raising $130 billion in
Carlyle’s stock has been on fresh capital by 2024.
a tear recently, climbing more “We’re way ahead of sched-
than 80% including dividends ule versus the plan we outlined
since the beginning of this earlier this year,” Mr. Lee told
year as of Wednesday’s close, The Wall Street Journal. “The
according to FactSet. That growth is sustainable, and we
compares with a total return think it will continue.”
of 25% for the S&P 500. Carlyle has raised $40 bil-
Shares of Carlyle and its lion so far this year, including
private-equity peers have been $22 billion in the third quar-
on a tear recently. Including ter. It invested $6.3 billion
dividends, the firm’s stock is during the quarter. The firm’s
up more than 80% since the assets under management
beginning of this year, accord- stood at $293 billion at the
ing to FactSet. That compares end of the quarter, up 6% from
with a total return of 25% for the second quarter and 27%
the S&P 500. from a year earlier.
The new owners’ insurers total
more than $732 billion of as-
sets as of June 30, Best said.
Brookfield Asset Manage-
ment’s big real-estate, infra-
structure and renewable-
power arms—it manages more
than $600 billion in assets al-
together—help the insurance
arm source debt investments
that are ideal for life insurers
ANDREW HARRER/BLOOMBERG NEWS
to hold on their books, be-
cause they are generally long-
term in nature and yield more
than plain-vanilla corporate
bonds.
The Federal Insurance Of-
fice was created under the
2010 Dodd-Frank Wall Street
Reform and Consumer Protec-
Michael McRaith tion Act after the global finan-
cial crisis. The law broadened
$200 billion business for Rein-
surance Partners. Mr. Shah
the federal government’s role
in insurance regulation,
said the goal is achievable in though the industry remains
five years. primarily state regulated.
So far, more than two Mr. McRaith handled both
dozen investment firms own national and global insurance
or control 51 U.S. life-insur- matters as director of the of-
ance companies out of just fice. He was a lawyer in pri-
over 400, according to data vate practice in Chicago before
from rating firm A.M. Best Co. working in government.
$58.47, while Up Fintech tum- rate post on the company’s Fu-
bled 17% to $7.34. Stocks in tubull app.
both companies have swung Mr. Li, a former Tencent
wildly this year. employee who is also known
China operates capital con- as Leaf Li, said Futu had a
trols but Chinese nationals are good record with the Hong
able to open bank accounts in Kong securities regulator, and
Hong Kong, and can move up had sufficient capital.
to $50,000 a year offshore. He said clients’ assets and
Futu makes use of this setup personal information would al-
by directing prospective cli- ways be effectively supervised
ents in mainland China to and protected, and touted the
open trading accounts in Hong city’s “risk-based” approach to
Kong. financial regulation. “Leave
Futu has told investors it the rest to time,” his post was
doesn’t believe it operates a titled.
securities-brokerage business “The top priority of our
onshore, and doesn’t hold any firm is compliance and adher-
permit to do so, but has ence to laws and regulations,”
warned of uncertainty in how Up Fintech said in a state-
Chinese law is implemented ment. “We actively maintain
and interpreted. communication with regula-
In a statement Thursday, tory authorities to satisfy
the company said more than their requests and meet the
80% of new clients came from obligations enumerated to our
outside mainland China and firm.”
that it had obtained licenses in Separately, China’s state-
many countries and regions. owned Securities Times re-
Futu holds a series of li- ported on Oct. 15 that China’s
censes from its main regulator, securities regulator is working
the Hong Kong Securities and on tighter regulation of on-
Futures Commission, company shore securities-brokerage
founder Li Hua said in a sepa- businesses.
Maturing high-yield dollar
bonds from Chinese
developers, by month
$7 billion
6
5
4
3
2
1
0
Jan. 2022 June Dec.
Source: Goldman Sachs
Junk Bond
Issuance
Declines
Continued from page B1
and high-profile example of a
Chinese corporate borrower
defaulting on international
debt. But it later returned to
the bond markets and was able
to sell new debt as recently as
this past July, when it issued
$200 million of one-year notes.
Bankers don’t expect new
junk-bond sales to recover
soon. David Yim, head of
Greater China and north Asia
capital markets at Standard
Chartered Bank, said that Janu-
ary and February were usually
busy months for property-bond
deals, “but given the issues
over the sector, I don’t think
that period will have that much
activity,” he added.
If no more deals are done by
Sunday, that would mark the
slowest month since April 2020,
when global markets were reel-
ing from the pandemic and no
Chinese junk bonds were sold.
In the five years through Sep-
tember, issuance has averaged
$3.4 billion a month, data from
Dealogic show.
Investors have suffered
heavy losses after an unex-
pected default by Fantasia
Holdings Group Co. on Oct. 4
helped trigger a selloff in doz-
ens of dollar-denominated
property bonds. That put fur-
ther pressure on a market al-
ready rattled by Evergrande
missing interest payments in
late September. Modern Land
(China) Co. on Tuesday said it
had failed to repay a maturing
$250 million bond.
On Tuesday, Chinese author-
ities met with corporate bor-
rowers from key industries and
told them they would allow
reasonable requests to raise
new international debt or to
transfer money offshore to re-
pay creditors.
The world bond markets are
still open to Chinese borrowers
with stronger credit ratings.
Evergrande
Again Averts
Defaulting
On Bonds
BY ELAINE YU
AND FRANCES YOON
China Evergrande Group
avoided default for a second
time by making an overdue in-
terest payment on dollar
bonds shortly before the end
of a 30-day grace period, peo-
ple familiar with the matter
said.
Evergrande, one of China’s
largest real-estate developers,
made a coupon payment that
was originally due on Sept. 29,
the people said. Evergrande
was on the hook to pay about
$45 million of interest on $951
million of bonds, which have a
9.5% coupon and mature in
2024, according to Credit-
Sights research.
Last week, Evergrande un-
expectedly made an $83.5 mil-
lion payment on another set of
dollar bonds.
By making these last-min-
ute payments, Evergrande is
buying time to organize its fi-
nances and negotiate with
creditors. If it had let either
grace period run out, that
would likely have spiraled into
the biggest corporate default
in Asia, by enabling creditors
to declare defaults on some of
Evergrande’s other debts.
Evergrande is China’s most
indebted developer, with the
equivalent of more than $300
billion in total liabilities as of
the end of June, including $89
billion in interest-bearing
debt.
P2JW302000-5-B01100-1--------XA

THE WALL STREET JOURNAL. * ** * * Friday, October 29, 2021 | B11

MARKETS

Strong Earnings Power S&P to Record

BY JOE WALLACE 14%
AND AKANE OTANI

Forecast-beating results 12 Share-price and index

have helped ease investors’ performance Thursday
worries that supply-chain diffi-
10
culties would dent profits,
sending stocks higher through-
Ford Motor
out October. 8
THURSDAY’S With nearly
MARKETS half of S&P 500
companies hav- 6
ing posted results this report-
ing season, about 82% of those
have beat analysts’ expecta- 4
Caterpillar
tions for earnings, according to
2 Carlyle Group
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions. S&P 500
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference 0
between that price and the face value.
10 a.m. 11 noon 1 p.m. 2 3 4

DAVID BECKER/REUTERS
EIGHT-WEEK BILLS
Applications $87,890,426,800 Source: FactSet
Accepted bids $26,594,278,800
" noncompetitively $191,395,800
" foreign noncompetitively $100,000,000 FactSet data from Thursday ing its Tuesday record.
Auction price (rate) 99.985222
(0.095%)
morning. Stocks rose broadly, with all
Coupon equivalent 0.096% “Earnings growth has been 11 sectors of the S&P 500 end-
Bids at clearing yield accepted 62.76%
Cusip number 912796P86
very strong,” said Kiran Ga- ing the day higher. Caterpillar shares rose 4.1% after the company reported better-than-expected earnings.
The bills, dated Nov. 2, 2021, mature on Dec. 28, 2021. nesh, multiasset strategist at Shares of Ford Motor
FOUR-WEEK BILLS
UBS Global Wealth Manage- jumped $1.35, or 8.7%, to earnings. slipped 3% after the energy early November.
Applications $210,277,022,600 ment, adding that investors had $16.86. The car maker late Twilio, the acquisitive com- company said it would halve The instruction eased fears
Accepted bids $63,830,397,600 also taken comfort from slow Wednesday restored its divi- munications software firm, slid emissions by 2030. The stock among traders that Europe will
" noncompetitively $710,391,100
" foreign noncompetitively $0 progress in Washington toward dend and raised guidance for $60.73, or 18%, to $284.93 after jumped Wednesday when The run short of gas this winter.
Auction price (rate) 99.995722 legislation that would raise profit in 2021. projecting a wider loss for the Wall Street Journal reported Japan’s Nikkei 225 fell 1% af-
(0.055%)
Coupon equivalent 0.056% taxes on companies and Caterpillar shares added fourth quarter than analysts that Daniel Loeb‘s Third Point ter the Bank of Japan main-
Bids at clearing yield accepted 38.82% wealthy individuals. $7.96, or 4.1%, to $204.09 after had expected. had taken a big stake in Shell tained its target for short-term
Cusip number 912796N88
The S&P 500 rose 44.74 the manufacturer reported bet- Overseas, markets were and urged the company to interest rates at minus 0.1% and
The bills, dated Nov. 2, 2021, mature on Nov. 30, 2021.
points, or 1%, to 4596.42, post- ter-than-expected earnings, as mixed. The Stoxx Europe 600 break up. its target for 10-year govern-
SEVEN-YEAR NOTES
ing its 58th record of the year. well as a jump in sales of con- edged up 0.2%, as gains for The WSJ Dollar Index fell ment bond yields at around
Applications $145,517,544,400
Accepted bids $68,303,284,400 The Nasdaq Composite gained struction machinery and min- food-and-drink stocks offset 0.4%. zero.
" noncompetitively $19,187,900 212.28 points, or 1.4%, to ing and energy-related equip- losses for auto makers. In energy markets, bench- Early Friday, the Nikkei was
" foreign noncompetitively $0
Auction price (rate) 99.429922 15448.12 and posted its first ment. Anheuser-Busch InBev, the mark European gas futures down 0.1%, Hong Kong’s Hang
(1.461%) closing high since September. Shares of Carlyle Group world’s largest brewer, re- slipped after Russian President Seng was down 0.2% and the
Interest rate 1.375%
Bids at clearing yield accepted 49.74% The Dow Jones Industrial rose $1.20, or 2.2%, to $56.32 ported a rise in revenue and Vladimir Putin told state en- Shanghai Composite was up
Cusip number 91282CDF5 Average added 239.79 points, or after the private-equity firm re- profit, boosting shares by 10%. ergy company Gazprom to fill 0.1%. U.S/ stock futures were
The notes, dated Nov. 1, 2021, mature on Oct. 31, 2028. 0.7%, to 35730.48, barely miss- ported a jump in third-quarter Royal Dutch Shell shares its storage sites in Europe from down 0.3%.

Tougher Rules Target Crypto Crime Italy’s Agnelli Family

BY ALEXANDER OSIPOVICH

Cryptocurrency firms could

Near Reinsurer Deal
be forced to take further steps BY ERIC SYLVERS Mr. Elkann continued to in-
to combat money laundering sist on the $9 billion sale price
under guidelines released MILAN—Exor NV said on for PartnerRe, something he
Thursday by the Financial Ac- Thursday it signed a memo- eventually got. Exor bought
tion Task Force, an interna- randum of understanding to PartnerRe in 2015 for $6.9 bil-
tional body that coordinates sell reinsurance company lion, the largest acquisition in
policy on illicit finance. PartnerRe Ltd. to French in- the holding company’s diversi-
The task force called on surer Covéa Coopérations for fication away from its reliance
governments to broaden over- $9 billion, generating a large on the automobile industry.
sight of crypto firms and force cash gain that the Agnelli fam- With its stakes in Stellantis
more of them to take mea- ily holding company can direct and Ferrari, Exor remains
sures such as checking the toward new investments. heavily dependent on the va-
CHRIS MCGRATH/GETTY IMAGES

identities of their customers Exor, which owns large garies of the auto sector, but it
and reporting suspicious stakes in car makers Stellantis has recently invested in the
transactions to regulators. NV and Ferrari NV, and Covéa fashion industry.
The FATF’s guidelines don’t reached a similar deal in The Agnelli family owns
have the force of law and March 2020, but that fell 53% of Exor through a holding
would need to be implemented apart in the wake of the eco- company controlled by more
by national regulators in each nomic distress and uncertainty than 100 descendants of Mr.
country. Still, the Paris-based created by the Covid-19 pan- Elkann’s great-great-grandfa-
group is influential in setting The task force wants platforms to check customer identities and report suspicious transactions. demic. At the time, Exor ther who co-founded Fiat at
standards for government pol- Chairman John Elkann refused the end of the 19th century.
icies against money laundering DeFi has grown rapidly with control or sufficient in- For instance, the final to budge when Covéa argued Exor and Covéa are aiming
and financing of terrorism, since last year, with more than fluence,” the task force wrote. guidelines make it clearer that for a discount on the $9 bil- to have a definitive agreement
and its guidelines could shape $100 billion of assets posted In other parts of the guide- programmers who simply lion price tag because of the signed by the end of the year
new crypto regulations around as collateral in various DeFi lines, the FATF said companies write code for crypto proj- pandemic. and for the transaction to
the world. More than three projects, according to data behind stablecoins should be ects—but don’t operate them The two sides avoided legal close by the middle of next
dozen countries are FATF provider DeBank. required to comply with anti- as a business—shouldn’t be wrangling after the deal fell year. The deal is subject to
members, including the U.S., The guidelines take aim at money-laundering rules. Sta- covered by regulation. apart and instead agreed to consultation with Covéa’s
China and much of Europe. DeFi projects such as decen- blecoins, like tether, are digital In the U.S., crypto ex- cooperate in several areas in worker councils.
Representatives of the tralized exchanges, in which coins that seek to track the changes such as Coinbase the insurance market. That co- PartnerRe’s preferred
crypto industry criticized the crypto traders can swap assets value of a traditional currency Global Inc. and Kraken already operation will continue if a fi- shares listed on the New York
guidelines, saying they would with each other, typically like the dollar. comply with rules against nal deal is reached, though Stock Exchange won’t be in-
undermine privacy, stifle inno- anonymously. The task force The task force also beefed money laundering by verifying with Covéa now as the owner cluded if a final deal is
vation or simply not work in said the people or companies up a rule that requires VASPs customer identities and re- of PartnerRe. reached.
the context of blockchain and that own or operate such de- to track and share information porting suspicious transac- “The cooperation agree-
digital-asset technology. centralized platforms could be about customers making vir- tions to the Financial Crimes ment signed in the summer of
“It would be inappropriate considered virtual asset ser- tual-currency transfers—for Enforcement Network, a unit 2020 with Covéa has been
for anything like these non- vice providers, or VASPs, a instance, if a trader moves bit- of the Treasury Department. positive in many ways and has
specific and confusing stan- designation that would force coin from one crypto exchange But some countries have contributed to a strong level
dards to replace the current them to check users’ identities to another. looser regulatory regimes and of mutual trust between our
law and regulations we have and take other measures The enhanced version of are home to crypto firms that companies,” Mr. Elkann said.
on the books here in the U.S.,” against money laundering. the rule states more explicitly don’t police rigorously for il- In recent years, Mr. Elkann
Peter Van Valkenburgh, re- DeFi developers say their that firms must check that licit activity. has earned a reputation as a
search director at crypto ad- software runs autonomously neither the sender nor the re- The FATF could potentially deal maker and tough negotia-
vocacy group Coin Center, on the Internet, governed by cipient of the fund transfer are crack down on such countries tor. When an agreement to
wrote in a blog post Thursday. decentralized communities of subject to sanctions. by adding them to its list of merge Fiat Chrysler Automo-
Among the targets of the users, and thus shouldn’t be Digital-currency advocates jurisdictions with deficient biles, which was controlled by
FATF’s guidelines is decentral- the subject of regulation, voiced alarm at a draft set of protections against money Exor, with Renault SA fell
ized finance, or DeFi. DeFi is which typically focuses on fi- guidelines that the FATF re- laundering and terrorism fi- apart in 2019, he played a key
MASSIMO PINCA/REUTERS

an umbrella term for various nancial intermediaries. The leased in March and urged the nancing. role in finding a new partner
efforts to implement tradi- FATF cast doubt on such group to make changes. Being added to the FATF’s for the Italian-American car
tional financial activities— claims in its guidelines. “It The nascent industry’s lob- gray list can harm a country maker. Fiat Chrysler later
such as lending or trading— seems quite common for DeFi bying effort paid off with by leading to decreased for- merged with PSA Group to
using software rather than a arrangements to call them- some small victories, accord- eign investment and making create Stellantis, the third-
central intermediary to over- selves decentralized when ing to Mr. Van Valkenburgh of banks reluctant to do business largest car maker in the world
see transactions. they actually include a person Coin Center. there. by sales. Stellantis Chairman John Elkann.

$70
Robinhood currency that started as a joke,
surged this spring and then
fizzled out.
brokerage accounts rise sharply
earlier this year and then grow
at a slower pace in the third
money from other sources, in-
cluding lending out customer
securities and from its Robin-
lows users access to initial
public offerings before a com-
pany’s shares start publicly

Growth
65 Robinhood’s Though Robinhood hasn’t quarter. hood Gold program, for which trading.
share price disclosed specific dogecoin fig- Unlike Schwab and other big customers can pay for ad- Robinhood also highlighted
ures for the third quarter, the brokerages, Robinhood re- vanced trading tools. that it is looking to roll out re-

Slows
60
company said Tuesday it ceives the bulk of its revenue Executives at Robinhood tirement accounts that have
brought in $51 million in reve- from payment for order flow, a emphasized that the company tax advantages.
55 nue during the period from widespread practice in which is working to diversify product Meanwhile, about a quarter
customer trading of all seven online brokerages send cus- selection and focus on safety. of the company’s funded ac-
Continued from page B1 of the cryptocurrencies avail- tomers’ orders to high-speed Asked on a call with report- counts use its cash-manage-
50 said, growth in metrics rang- able on its platform. trading firms. ers Tuesday if the company ment feature that allows cus-
Thursday ing from revenue to active us- The company hasn’t added The practice has faced in- would add more cryptocurren- tomers to earn interest on
$35.47 ers was strong. Shiba Inu, the latest meme creased scrutiny this year, in- cies, such as Shiba Inu, to the their uninvested cash.
45 Financial markets, however, cryptocurrency, to its platform, cluding from Securities and platform, Mr. Warnick said the Many analysts and market
are different from a year ago, missing out on demand for the Exchange Commission Chair- company was “being cautious observers believe that, to com-
with 2021 bringing the arrival digital asset from individual man Gary Gensler. about adding new coins.” pete with entrenched broker-
40 of meme stocks, large inflows traders. In the third quarter, this More than one million cus- ages in the industry, it will be
into speculative cryptocurren- Robinhood is in no way the transaction-based revenue ac- tomers are on its wait list for crucial for Robinhood to ex-
IPO: $38 cies and a U.S. stock market only company to see growth counted for 73% of Robin- cryptocurrency wallets, which pand financial services and of-
35
that seemed only to go up. align with the retail-trading hood’s total revenue. will allow users to move digital ferings.
First trading day’s close: $34.82
In the second quarter, for mania that has gripped mar- Of that, Robinhood earned asset holdings in and out of “Robinhood has proven the
30 example, Robinhood said it kets since the start of the the most from options trans- the app, Robinhood said Tues- naysayers wrong numerous
brought in $144 million in rev- Covid-19 pandemic. actions, followed by crypto and day. times,” said Devin Ryan, direc-
Aug. 2021 Sept. Oct.
enue alone from customers Its larger rival, Charles then stocks. The company also continues tor of financial technology re-
Source: FactSet trading in dogecoin, a crypto- Schwab Corp., also saw new Robinhood also makes to expand its program that al- search at JMP Securities.
P2JW302000-0-B01200-1--------XA

B12 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Google’s New Phone

Needs Old Thinking
Google’s new chips aren’t going
to sell its phones. Its new friends
just might.
The internet giant owned by Al-
phabet has high hopes for its new
Pixel 6 smartphones, which hit
stores on Thursday. The handsets
DAVID PAUL MORRIS/BLOOMBERG NEWS
on the Android phones they sell.
Cliff Maldonado of BayStreet Re-
search says those deals should re-
sult in Google doing “much more
volume” at two carriers where the
handset has been historically
weak. Both AT&T and T-Mobile

are running on new custom chips have put strong promotional

Google designed in-house, which is
a first for the Pixel lineup that has
normally used Qualcomm’s Snap-
dragon processor. Google says its
new Tensor processors will vastly
improve key features such as
image processing and voice
recognition.
Google appears to be putting its
Third Point’s plan involves separating out Shell’s gas, marketing—think service stations—and its renewable assets. money where its mouth is. Nikkei
Asia reported earlier this month
programs in place for the new
Pixel phones.
To be clear, even a wildly suc-
cessful phone will have a limited fi-
nancial impact. Selling seven mil-
lion units of just the most
expensive Pixel 6 Pro would gener-
ate about $6.3 billion—less than 3%
of Google’s total projected revenue
for this year. But higher market
share would give the company a

Splitting Shell Won’t Help

Third Point‘s plan to break it up wouldn’t address value, clean-energy challenge
Third Point is right that Royal
Dutch Shell is undervalued, but
splitting up the company isn’t a
great solution.
The activist investor launched a
campaign to break up the Euro-
pean energy giant into lower-car-
bon and legacy businesses on
Wednesday. It believes a split
would add value by creating sim-
pler investment propositions and
more focused businesses. Shell re-
jected the plan when it reported
third-quarter results on Thursday,
arguing that its businesses can do
more together, even if a breakup
might provide a short-term pop. It
is a classic but fair defense.
Shell trades at a significantly
lower valuation than U.S. peers
Exxon and Chevron, despite having
more advanced plans to cope with
the global push to decarbonize
Shell’s gas, marketing—think ser-
vice stations—and its relatively
few renewable assets. But the pop
there might be muted as the
clean-energy credentials of gas are
already under pressure in Europe,
and service stations aren’t partic-
ularly green.
Decent valuations for smaller
fossil-fuel players in the U.S. hint
that a separate legacy business
could have some upside too. Shell’s
third quarter demonstrated what a
cash machine its oil and gas busi-
ness remains: The company re-
ported a gargantuan $16 billion in
quarterly cash flow from opera-
tions. But a focused fossil-fuel op-
eration in European markets is un-
likely to get the U.S. treatment.
Part of Shell’s discount might
just be because it is European. BP
and TotalEnergies also trail U.S.
that the company has ordered an
initial production run of about
seven million units of the new
Pixel 6 handsets—double the num-
ber of phones Google sold all
of last year.
Selling seven million phones
would still give Google only about
a 1% share of the 1.3 billion smart-
well-known oil and gas business to phones sold globally each year.
an unknown one. The transition to Low market share has been
clean energy will take a long and Google’s problem ever since
uncertain path as fossil fuels are launching its first Pixel in 2016.
deeply embedded in our economy; The devices regularly chalk up
the pandemic lockdowns of 2020 strong reviews, with many consid-
only cut oil demand by 20%. How- ering them the best Android
ever, things will get clearer as we phones available. But they don’t
go along, potentially narrowing the sell—at least not in volume signifi-
discount. Here is where Shell’s cant enough to matter. IDC esti-
“better together” argument can mates that Google’s share of the
be compelling. global market remains below 0.4%.
As one, the company has the Can Pixel 6 change that? De-
heft to influence consumers, shape spite all the marketing that smart-
policy and nudge markets, helping phone makers put behind the tech-
to make a low-carbon economy nical prowess of their devices,
seem possible and credible. Legacy consumers by and large make their
businesses provide the cash to decisions mostly on old-fashioned
build greener ones, and together considerations such as price and
they offer customers the full range network availability. A recent sur-
of energy sources during the tran- vey by Morgan Stanley found only
sition. As one, Shell can also re- 4% of respondents ranked “innova-
purpose old experience and assets: tive technology” as their prime
more effective showcase for its An-
droid mobile operating system,
much the same way Microsoft’s
Surface devices serve its broader
Windows ecosystem while also
commanding only a midsingle-digit
share of the laptop market, accord-
ing to estimates from Gartner.
And Android could use some
more glitz. The mobile operating
system has slowly ceded ground to
Apple’s iOS platform, thanks in
part to the heavy sanctions that
have crippled Chinese phone
giant Huawei. Android currently
powers about 72% of the world’s
smartphones compared with 77%
two years ago, according to Stat-
counter. A better selling Pixel
would help Google chip away at
that trend.
—Dan Gallagher

GOOGLE/AGENCE FRANCE-PRESSE/GETTY IMAGES

economies. Its complex business is
tricky to sell to investors. Combin-
ing clean energy and oil isn’t popu-
lar when the two camps have been
at odds for decades and pressure is
growing to divest all fossil-fuel
companies, regardless of their
clean-energy actions or ambitions.
A spinoff could insulate Shell’s
lower-carbon operations from this
divestment pressure, but drawing
the line is awkward. Third Point’s
plan involves separating out
peers in terms of valuation, as do
European banks and auto makers.
The price to book value of the S&P
500 index is more than double
that of the Stoxx Europe 600. U.S.
companies likely get some advan-
tage from being the home team in
the world’s deepest capital mar-
kets. Breaking up Shell won’t
change that.
The discount could also reflect
Shell’s riskier profile as it takes
the lead on a shift away from the
Upstream skills and depleted oil reason to buy.
reservoirs can be used to store But better distribution could
carbon dioxide; refineries can be make a big difference. This has
converted to biofuels; and service long been a weak point for
stations can recharge EVs along- Google’s phones in the U.S., where
side serving up fuel and food. approximately 70% of handset
Shell’s charted course is filled sales takes place through retail
with uncertainties, but so, too, is a channels controlled by the major
spinoff. There aren’t quick fixes to wireless carriers. Google has long
the energy transition facing oil- had a strong relationship with Ve-
and-gas companies—nor to rizon, and earlier this year it
Shell’s discount. struck deals with AT&T and T-Mo-
—Rochelle Toplensky bile to use Google’s messaging app Google’s Pixel 6 smartphone

Can’t Buy a PS5? Buy Sony Stock Instead

One of the toughest tasks ahead to beat analysts’ expectations, ac- one of the largest television net-
of the holiday season this year is cording to S&P Global Market In- works in India. In its three-year
buying a PlayStation 5 for your telligence. plan announced in May, Sony plans
children. While Sony should be More interesting to investors is to spend 2 trillion yen, the equiva-
happy about strong demand, the that Sony’s content strategy is lent of $17.6 billion, on strategic
chip shortage also means it won’t starting to come together. Sony investments. Intellectual proper-
be able to sell as many as it would owns one of the top three record ties and direct-to-customer ser-
like. labels, but has suffered for years vices are some of its priorities. Its
This could hit revenue in the as people ditched CDs and listened game content could also create
short term, but the Japanese con- to music online free of charge. Mu- synergies with its movie business.
glomerate’s long-term strategy to sic-streaming services such as The “Uncharted” starring Tom
remake itself as a diversified en- Spotify seem to have changed Holland, based on a popular Sony
tertainment giant remains intact. that. Sony’s revenue from music game franchise, is coming to the-
CARLO ALLEGRI/REUTERS

Sony said Thursday that it sold
3.3 million PS5 consoles in the
quarter ended in September,
bringing the total since its launch
in November to 13.4 million. That
is roughly the same pace of sales
as its predecessor at the same
stage, but Sony probably could
have sold many more if not for the
shortage in components. That
shortage will likely last until next
year.
PS5 sales led to a 27% year-
streaming last quarter grew more
than 40% year over year. Its rivals
Universal Music and Warner Mu-
sic both went public in the past
couple of years with strong sup-
port from the market.
The game division accounts for around a quarter of Sony’s overall revenue. Sony is also trying to build up
its content offerings through ac-
over-year increase in revenue last segment accounts for around a quisitions. It has just completed its
quarter for Sony’s game division, quarter of Sony’s overall revenue purchase of animation streaming
though operating profit there and operating profit. service Crunchyroll. Its Indian
dropped 22% because the hard- Overall operating profit grew 1% movie unit proposed last month to
ware is sold at a slim margin. The from last year, but still managed merge with Zee Entertainment,
aters next year.
Sony’s share price has gained
25% this year to reach its highest
level since the dot-com boom. But
the company has a more solid base
this time with its broad entertain-
ment offerings from games to mu-
sic.
The chip shortage is a tempo-
rary problem. Long term, Sony’s
burgeoning entertainment empire
could be music to investors’ ears.
—Jacky Wong

Volkswagen Faces an Even Bumpier Road to EVs Than Detroit

Volkswagen has a way of making
investors feel every jolt on its path
to electric vehicles.
The German automotive giant re-
ported third-quarter profit Thurs-
day that included losses for what it
calls its “volume” brands, notably
the VW badge itself. Like General
Motors, it was more affected by
chip shortages during the latest
quarter than in the first half, but
unlike GM and other big peers, it
doesn’t have high enough margins
or flexible enough costs to cope well
with a drop-off in car production.
The numbers were better includ-
ing more-profitable premium brands
such as Audi and Porsche, and par-
ticularly the financing business,
which like its U.S. peers has bene-
fited massively from skyrocketing
used-car valuations. But the weak-
ness of the core automotive busi-
ness still disappointed investors.
The preferred shares favored by in-
stitutional investors fell more than
4% in European trading. The Ameri-
can depository receipts, ticker sym-
bol VWAGY, that are more widely
traded in the U.S. and track VW’s
ordinary shares, also plunged at the
open but later made up the losses.
The relative profitability of the
group’s various brands last quarter
should be taken with a grain of salt.
Like other car makers, the company
has been giving the limited micro-
chips it can get to higher-margin
products. The fact that all its vol-
ume brands were badly hit, includ-
ing the formerly healthy Czech sub-
sidiary Skoda, suggests that
semiconductor allocations may have
played a big role.
Chief Executive Herbert Diess
also has an incentive to exaggerate
the poor performance of the core
VW brand, which is a stronghold for
the company’s powerful labor union,
to strengthen his case for restruc-
turing. Mr. Diess has won plaudits Volkswagen’s operating profit/loss in 2021, by unit, in billions of euros
for his big investments in EVs, but
the more awkward flip side of this Audi
coin is the need to shrink old en-
Porsche
gine-related infrastructure. Reduc-
ing head count is far more difficult Financial services
for the German company than its
peers because of a government eq- VW
uity stake and voting rights. Skir- China*
mishes between Mr. Diess and VW’s
new union boss, Daniela Cavallo, Skoda
were a noisy feature of the German First half
Scania
press this week. Third quarter
Sentiment toward VW’s chances Bentley
of dominating EVs in the way it
does combustion engines has ebbed Commercial vehicles
and flowed in recent years. Hopes Power engineering
seem to be muted right now, which
suggests it might be a good time to SEAT
buy in. Investors just need to re- MAN
member that the company faces
even more obstacles to success than –€0.5 0 0.5 1.0 1.5 2.0 2.5 €3.0
the likes of GM and Ford. It won’t
*Proportionate share of JV operating income
be a smooth ride. Note: Excludes intercompany eliminations. €1=$1.16
—Stephen Wilmot Source: the company
P2JW302000-0-M00100-1--------XA

MANSION
Play Time $60 Million
A Connecticut A 6,000-square-
lighthouse is now foot house lists
a place for in East Hampton.
sleepovers. M7 M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, October 29, 2021 | M1

Living With the Dead

A Londoner buys and renovates a cemetery caretaker’s cottage for his family home.
His new neighbors are the dearly departed in the Fulham Cemetery.

J
BY RUTH BLOOMFIELD

ustin Maxwell Stuart was once in the

habit of taking his dog for daily walks
around Fulham Cemetery, a Victorian
burial ground close to his West London

VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (4)

home. In 2015, he noticed a For Sale sign
had gone up outside the cemetery’s tum-
bledown, neo-Gothic-style, three-bedroom lodge
house, originally built to house cemetery staff. In-
trigued, he decided to contact the estate agent.
That decision was the first step in an epic three-
year, $3.3 million building project. The lodge has
been renovated, extended and transformed into a
contemporary house with an open-plan living space,
a basement swimming pool complete with waterfall,
and a primary suite that occupies the entire second
floor.
“My ancestral home is an old Scottish house

$2.48 MILLION $3.3 MILLION $8.26 MILLION

Cost to Buy Cost of Renovation Estimated Current Value

which had character,” said Mr. Maxwell Stuart, refer-

ring to Traquair House, in the county of Peebles-
shire, a former royal hunting lodge that is almost
1,000 years old. Although it is owned by a different
branch of his family, he says he spent much time
there. “I was living in a typical London townhouse,
which was probably worth as much as a Scottish cas-
tle, but didn’t have much character. I also loved the
idea of doing a real grand design project.”
The timing was good. Mr. Maxwell Stuart was in
Justin and Hideko Maxwell Stuart and their dog, Lightning, moved into their newly renovated home during Christmas 2020 after a the process of getting divorced and needed a new
three-year renovation of the former caretaker’s cottage. The living room, above, leads out to the backyard. Please turn to page M6

Home Buyers Raise a Glass

To Michigan’s Wine Country
Winemakers are setting up shop on Leelanau and Old Mission peninsulas,
creating a growing market for high-end real estate, with or without vines
BY J.S. MARCUS the couple’s
new venture,
IT IS THE END of October, and Three Trees
TONY DEMIN FOR THE WALL STREET JOURNAL (3); ISTOCK (2, BATS, SPIDERS)

Michigan vineyard owner Phillip Vineyard, on

M. Cifuentes is counting the days. the Leelanau
Bonnie and He is holding out for the right Peninsula in
Allen Modroo, moment to pick his Cabernet Lower Michi-
right, share Franc and Merlot grapes, key com- gan’s north-
wine on a ponents in fine Bordeaux red west corner.
terrace of their blends, letting the fruit mature The couple just
four-bedroom until the beginning of November. purchased the
house that has “Our reds are going to go as long 41-acre vine-
views of Grand as possible,” he says. yard in Febru-
Traverse Bay, Mr. Cifuentes, 47, a Detroit-area ary, splitting
above. Far automotive executive on leave from the $750,000
right, the the industry, and his wife, Lyle purchase price
couple had help Cifuentes, 46, a journalist, live in a For now, they are making do with with business partner Scott
this month Detroit suburb but are weighing local rentals and overnights in an Muschong. They expect their first
harvesting the plans to relocate to the grounds of RV. “Vineyard and winery come effort to hit the market in 2023.
Chardonnay their vineyard, pricing a potential first,” Mr. Cifuentes says. Elsewhere in Leelanau, Allen
grapes. new build in the $600,000 range. This will be the first harvest for Please turn to page M12
P2JW302000-0-M00200-1--------NS

M2 | Friday, October 29, 2021 NY / NE THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Former Victoria’s Secret CEO

Lists New York City Penthouse

She said she made small

Sharen Jester Turney, a
former president and CEO
of Victoria’s Secret, and her
husband, Charles Turney,
are listing their New York
City penthouse for
$18.5 million. FOR SALE
The Turneys bought the condo
New York and Ohio, where
Victoria’s Secret is based.
After Mrs. Turney left the
lingerie maker in 2016, she
founded an advisory busi-
ness and the New
York City apart-
for $16 million in 2014.
bedroom suite. The eat-in
kitchen has three sinks, and
the upper cabinets are elec-
tronically operated.
Mrs. Turney said she was
drawn to the unit’s 12-foot
ceilings and views. She said
changes to the penthouse
over the years, including
adding cashmere wall cov-
erings in the media room to
give it a homey feel. The
apartment already had an
office, she said, which came
in handy when Covid hit.
“Boy, we didn’t realize how
desperately we’d need home
offices,” she said. After
spending the first few
months of the pandemic in
New York, the Turneys have
mostly stayed in their Ohio
home since mid-2020.
Recently, the Turneys de-
cided to consolidate their
real estate. They sold their
house in Ohio and bought a
roughly 4-acre property in
Dallas, where their adult
son lives and where the
couple lived for 12 years
when Mrs. Turney worked
at Neiman Marcus. “We
said, ‘You know what? Let’s
go back,’ ” she said.
New York City’s housing

Previously $8M... Selling Without Reserve!
OUTER FAYETTEVILLE, NC
350 Acres • Premier Equine Amenities
Previously $38M... Selling At or Above $3.25M!
WILLAMETTE VALLEY, OREGON
$18.5
Located on Park ment continued to the home’s expansive walls market is rebounding, with
Avenue South in be a hub for family became a canvas for the more than 4,500 Manhattan
the Flatiron dis- gatherings, board couple’s art collection, in- condo and co-op sales from
trict, the condo is MILLION meetings and fund- cluding pieces by George July to September, the most
roughly 4,000 3 bedrooms, raising events, she Condo and Roy Lichten- in that time period in more
square feet with 4,000 sq. ft., said. stein. The floor-to-ceiling than 30 years, according to
three bedrooms, skyline views, Accessible via a windows have tinted glass a report from appraisal and
floor-to-ceiling cashmere wall keyed elevator, the treated for UV protection consulting firm Miller Sam-
windows and intri- coverings apartment has and designed to maximize uel. Luxury sales more than
cate plaster mold- large entertaining privacy. “From the street, if tripled during the third-
ings on the ceiling, said rooms, a butler’s pantry you look up you can’t see quarter, compared with the
listing agent Michael and a separate entrance straight into the apart- prior year period.
Graves of Compass. The that leads to the primary ment,” Mrs. Turney said. —E.B. Solomont
unit also has views of the
Empire State Building, the
Chrysler Building and Gra-
mercy Park, he said.
Mrs. Turney, 65, grew up
NOV 12
on a farm in Oklahoma. She
was chief executive of Vic-
toria’s Secret from 2006 to
2016, and previously spent
roughly a decade at Neiman
Marcus, where she was CEO
of Neiman Marcus Direct,
the retailer’s print catalog
and online business.
The Turneys bought the
Manhattan condo for $16
million in an off-market
deal in 2014, records show.
OCT 30
The seller was real-estate
DDREPS & EVAN JOSEPH (3)

32 Acres • 2,700 ft of River Frontage

developer Adam Rose, who
retired as vice chairman of
800.262.5132 Rose Associates in 2020.
PlatinumLuxuryAuctions.com At the time, Mrs. Turney
said the couple was split-
Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties. ting their time between

Hilltop Lodge at Preserve Sporting Club

At America’s Finest Four Season Sporting Destination

Only Six Units Left

Priced at $2m to $6m
Ask for Details About Our Special Membership Offer
Nestled amid the natural beauty of 3,500 acres in the heart of Rhode Book your complimentary tour today.
Island, lies the most amenity rich, four-season private sporting club
on the East Coast.
Preserve Sporting Club offers activities for guests of all ages, a
combination of more than 20 amenities including spa, golf, tennis,
hiking, fishing, sporting clays, and access to the Forbes 15-Star
Ocean House.
Other memorable experiences include private dining at the Maker’s
Mark Hobbit House and luxury accommodations in the new Hilltop 87 Kingstown Road, Richmond, Rhode Island 02898
Lodge, including the new OH! Spa at The Preserve. PRESERVESPORTINGCLUB.COM l 888.976.0694 x 5 l CSMITH@OHMCOLLECTION.COM
P2JW302000-0-M00300-1--------XA
THE WALL STREET JOURNAL.
An Art-Filled Hamptons Home
For nearly 30 years, art and an-
tique dealers Barbara and Lloyd
Macklowe filled their East Hamp-
ton home with rare furniture,
sculptures and paintings.
Located on a spit of land be-
tween Georgica Pond and the At-
lantic Ocean, the roughly 6,100-
square-foot house has bedroom
furniture de-
signed by Eu- FOR SALE
$60
gène Gaillard,
upholstered
chairs by Wil-
liam Morris MILLION
and a collec- 1.5 acres,
6,100 sq. ft.,
tion of Ameri-
5 bedrooms,
cana, from
water views
weather vanes
to toys to ad-
vertising signs. Now, the founders
of New York’s Macklowe Gallery
are listing the waterfront prop-
erty for $60 million.
The art isn’t included in the
sale price of the house. Mrs.
Macklowe said she hopes to buy a
smaller place in East Hampton,
but is unsure where their collec-
tion will go. “We hope that we
can bring a lot of our things with
us,” she said, but “I haven’t gone
there yet.”
The Macklowes opened their
eponymous gallery in New York
City in 1971, and over the years
PRIVATE PROPERTIES
became pre-eminent dealers of
French art nouveau furniture, Tif-
fany lamps and antique and estate
jewelry. Ultimately, they turned
the business over to their son and
retired from gallery life. Mr.
Macklowe is the brother of real-
estate developer Harry Macklowe,
who owns a house across the
street in East Hampton, records
show.
Barbara and Lloyd Macklowe
bought their Hamptons property
for $3.45 million in 1992, records
show, and invested four to five
times that amount in renovations,
Mrs. Macklowe estimated. Set on
just over 1.5 acres, the circa 1926
house was originally part of a
larger estate, she said.
For years, the East Hampton
house was the couple’s country
home. Mrs. Macklowe said the de-
cision to sell it came down to
time and age. She is 80; Mr.
Macklowe is 87. “We want some-
thing smaller,” she said. “It’s time
for a change.”
In 2019, they sold their apart-
ment on Fifth Avenue in Manhat-
tan for $5.35 million, records
show. The couple’s primary resi-
dence is in Palm Beach, Fla.,
where they own a waterfront
apartment.
Mrs. Macklowe said the Hamp-
tons house wasn’t in good condi-
tion when they bought it, but they
saw its potential. Unlike other
homes in the area, the property
has an expansive lawn between
the house and the beach, as well
as views of both the pond and the
ocean, said listing agent Kyle
Rosko of Douglas Elliman, who is
marketing the property with col-
league Marcy Braun.
Keeping the footprint of the
house, the Macklowes renovated
the interior, which has five bed-
rooms and four wood-burning
The Macklowes
paid $3.45 million
in 1992.
fireplaces. They also added a sep-
arate three-car garage. “We’re in
the antique business, so we’re
used to old things,” Mrs. Mack-
lowe explained. “We saw it as
something to bring back to life.”
She said they added a large en-
try foyer with an antique fireplace
and views of the water on both
sides. In the living room, they re-
placed a brick wall with bay win-
dows. Elsewhere, they moved
walls and enlarged windows to let
in light. There are doors to the
outside from almost every room.
Friday, October 29, 2021 | M3
DOUGLAS ELLIMAN (2)
“We made the view the most im-
portant thing,” said Mrs. Mack-
lowe.
An avid gardener, Mrs. Mack-
lowe designed the garden herself,
planting Japanese maple, Yoshino
cherry and apple trees. There are
also beds of roses and 10 types of
hydrangeas, as well as purple
irises, peonies and juniper shrubs.
“The gardens are very per-
sonal,” said Mrs. Macklowe, who
as a child in Brooklyn kept potted
plants on her fire escape. She
later took courses at the New
York Botanical Garden and
amassed a library of books on
gardening and landscaping.
In the Hamptons, the market
share of sales above $5 million
during the third quarter was the
highest it has been since 2006,
according to appraisal and con-
sulting firm Miller Samuel, which
said the median sale price for lux-
ury homes jumped 21.3% from the
prior year.
Mr. Rosko said the market over
$50 million has been strong this
fall. A few doors down from the
Macklowe property, designer Cal-
vin Klein recently sold his estate
for $85 million, records show.
“The demand is there,” Mr. Rosko
said.
—E.B. Solomont
P2JW302000-0-M00400-1--------NS

M4 | Friday, October 29, 2021 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

The house cost more

than $20 million to build.

MICHELLE GARDNER/MGPHOTOGRAPHY (4); AARON ONTIVEROZ/DENVER POST/GETTY IMAGES (SHANAHAN)

Former Broncos
Coach Sets Record
Former Denver Broncos
coach Mike Shanahan and
his wife, Peggy Shanahan,
have sold their Denver-area
house for $15.725 million.
Located in Cherry Hills
Village, Colo., an affluent
city bordering Denver, the
property is on roughly 4
acres. It was on and off the
market for several years,
first asking $22 million in
2016, according to Zillow.
The sale is the most expen-
sive for a single-family
home in the metro Denver
area, said listing agent
Sandy Weigand of Kent-
wood Real Estate, an affili-
ate of Berkshire Hatha-
way’s HomeServices of
America. She co-listed the poker room, racquetball cos from 1995 to 2008. He
property with colleague court and golf simulator. later coached the team now
Chuck Gargotto. Ms. There is also a guesthouse known as the Washington

MIAMI’S NEW
Weigand said the buyer is a with two bedrooms and a Football Team.
longtime Colorado resident. 65-foot-long pool, according Like other pandemic-
The Shanahans couldn’t be to a website for the property. fueled markets, Denver’s

CONSTRUCTION EXPERTS reached for comment.

The Shana-
hans bought the SOLD
Ms. Weigand said the
house cost more
than $20 million
housing prices shot up over
the last 18 months due to an
influx of out-of-state buyers,

$15.725
land for approxi- to build. There said Ms. Weigand. In Cherry

20
mately $4 mil- are custom de- Hills Village, the median
MORE NEW CONSTRUCTION lion and com-
pleted MILLION
tails, including a
glass atrium with
sales price in September was
$3.7 million, up 38% from
THAN PROJECTS IN THE AREA construction of 30,000 sq. ft., poker imported glass, the same month of last year,
the house in room, wine grotto, intricate ceiling according to the Denver
2008, Ms. bowling alley moldings and tile Metro Association of Real-
Weigand said. flooring im- tors. However, Ms. Weigand
The main residence is ported from Italy in the said there are still not many
roughly 30,000 square feet great room. In the atrium, buyers for properties in the
with six bedrooms, a music there is a bar with a ham- $20 million range.
room and wine grotto. On mered metal countertop. The prior sales record
the home’s lower level, there Mr. Shanahan was head for a single-family home in
is a two-lane bowling alley, coach of the Denver Bron- the metro Denver area was
$13.95 million in 2008, ac-
cording to the local Realtor
group.
The current sales record
for a residential property in
the Denver metro area is a
penthouse at the Four Sea-
sons Private Residences
Denver that sold for $16
million in March 2020, re-
cords show.
—E.B. Solomont

The childhood home of

Lincoln Chafee lists. M10

TEXT US
(786) 508-6465
P2JW302000-0-M004A0-1--------NS

THE WALL STREET JOURNAL. NY / NE Friday, October 29, 2021 | M4A

New Canaan, Connecticut

87 North Wilton Road | $4,900,000
New Canaan Office | 203.966.3555

Naples, Florida Chatham, Massachusetts

4540 Gordon Drive | $49,500,000 268 Cedar Street | $8,995,000
Naples Office | 239.307.4612 Chatham Office | 508.945.7777

Jupiter, Florida
19300 Loxahatchee River Road | $29,995,000
Palm Beach Office | 561.655.6570

Marblehead, Massachusetts Greenwich, Connecticut

400 Ocean Avenue | $4,995,000 969 North Street | $7,300,000
Marblehead Office | 781.631.1199 Greenwich Office | 203.869.9263

Westport, Connecticut
5 Fraser Road l $6,750,000
Westport Office l 203.227.4343

West Hyannisport, Massachusetts Sarasota, Florida

251 Green Dunes l $18,500,000 5507 Contento Drive | $1,495,000
Osterville Office | 508.428.3320 Siesta Key Office | 941.894.1255

Marco Island, Florida

192 S Beach Drive | $10,088,000
Naples Office | 239.231.3380

Southport, Connecticut Nantucket, Massachusetts

1099 Pequot Avenue l $10,500,000 45 Pleasant Street l $5,495,000
Southport Office l 203.256.3264 Nantucket Office | 508.228.9117

#1 Family-Owned Real Estate Company in the Northeast and Florida

exclusive affiliate of
Recognized as the 130+ Offices
#1 Luxury Brokerage in Collier County, Florida 4,300+ Sales Associates
by Luxury Portfolio International $16 Billion in Annual Sales
(2018)
8 States - CT, FL, MA, ME, NH, NY, RI, VT
P2JW302000-0-M004B0-1--------NS

M4B | Friday, October 29, 2021 NY / NE THE WALL STREET JOURNAL.

Discover the unsearchable

Discover the forest

Find a trail near you at

DiscoverTheForest.org
P2JW302000-0-M00500-1--------NS

THE WALL STREET JOURNAL. NY Friday, October 29, 2021 | M5

MANSION
JUMBO JUNGLE | ROBYN A. FRIEDMAN

Hitting
The Road
What to know before you join the growing ranks
of people who live full time in their RV

C
laudia Rutherford’s their own home might make it dif-
$750,000 home has ficult to successfully claim they
plenty of luxury ap- changed their domicile to a differ-
pointments—a spacious ent town or state since their in-
living area with leather sofas, a tent seems to show a permanent
gourmet kitchen and three-zone connection to their old location.
air conditioning. Those who prefer to travel
It also has four wheels and a without a permanent base of oper-

JON KRAUSE
600-horsepower diesel engine. ations, however, still need a legal
That is because Mrs. Rutherford, domicile in which to register their
67, and her husband, Jack, 73, live vehicles, acquire a driver’s license,
in a 45-foot-long American Eagle vote and, possibly, pay taxes.
Heritage Edition motor coach Because they lack state income
from American Coach. taxes, Florida and Texas are popu- he uses for vacations. “A person return as a state resident in your nancial adviser and an accountant
The couple sold their 39-acre lar states for full-time RVers to who goes out and buys a brand- old state. New York state’s nonres- specializing in state and local tax-
farm in Perkasie, Pa., in November establish domicile. But selecting a new RV can take a 20% hit once ident and part-year resident in- ation. You need to ensure you
2020, downsizing from a five-bed- state based only on taxes can lead they drive it off the lot.” come tax form, for example, has a properly sever domicile with your
room home to pursue full-time RV to problems. Texas, for example, That is why he recommends box for the date you moved out of old jurisdiction and establish a
life. is a community-property state in paying cash for the RV, unless the the state. That is a red flag for new domicile in your new location
There were 11.2 million RV- which all marital assets are jointly buyer gets a low interest rate and state taxing authorities to let them or state. A financial planner may
owning households in the United then invests the money he would know you claim to no longer be a need to adjust your municipal
States, about 400,000 of which have spent on the RV in the hope resident, Mr. Shenkman said. In bond portfolio or re-evaluate your
are considered full-time RVers, ac- of achieving a higher after-tax case you are audited, make sure cost of living, and an attorney can
cording to a March 2021 report by
Full-time RVers need a rate of return. “If the person is you have documentation to sup- determine whether the change of
the RV Industry Association. legal domicile in which risk-averse, it makes more sense port your change of domicile— domicile affects marital rights or
Those who adopt a nomadic to register vehicles, vote to purchase outright,” he said. more than just a new voter’s regis- estate planning.
lifestyle face multiple legal and fi- RV loans are readily available, tration card or driver’s license.
nancial considerations, the most and pay taxes. said Michael Lax, an executive When Mr. Shenkman moved be- DON’T UNDER-BUDGET. Many
important of which is the selec- vice president at Bank of the tween states, he took photos of lo- people think full-time RV living is
tion of a domicile. West, an RV lender. Terms up to cal events and visits with friends cheaper than owning a house. “If
“Domicile can affect a wide owned and split equally in the 20 years are available, and the in his new state to prove he was you go to Florida and stay in a wa-
range of legal rights, from income event of a divorce. Florida, on the principal can range from $10,000 there. He also kept a diary on his terfront RV resort, that’s going to
taxes to estate planning and mat- other hand, follows the rule of eq- to $1 million or more. Interest on laptop, noting where he was and be very expensive compared to vis-
rimonial law.” said Martin M. uitable distribution, which can the loan may be deductible if the what he was doing on a particular iting national parks and doing
Shenkman, a lawyer and certified lead to a very different asset split. RV is a first or second home, has date. That contemporaneous re- primitive camping with a generator
public accountant in Fort Lee, N.J. State laws affect estate planning sleeping, cooking and toilet facili- cord detailing his whereabouts or solar panels,” said Mr. Minear.
Domicile is defined as the place and investment planning as well ties and otherwise meets IRS re- would help support his claim of a Mrs. Rutherford, who is still legally
you intend to permanently live and vary considerably. quirements for qualified home new domicile if he were ever au- domiciled in Pennsylvania, said her
and ultimately return to. A person Paying for the vehicle is an- mortgage interest. dited, he said. expenses average $5,000 per
can have multiple residences but other issue RV purchasers face. Here’s what to consider before month, including the cost of fi-
only one legal domicile. “Houses tend to go up in value pursuing a full-time RV lifestyle: CONSULT THE RIGHT EXPERTS. nancing and gas. She no longer has
Some RVers may opt to hold on over time, whereas RVs go down Mr. Shenkman suggests that if you to pay property tax or homeowners
to their homes, so a change in do- in value,” said Todd Minear, a cer- PREPARE TO BE CHALLENGED. If are considering becoming full-time insurance on her former farm, so
micile may not be necessary. Mr. tified financial planner in Liberty, you plan to change your legal state RVers and wish to change domi- she and her husband are living
Shenkman noted that keeping Mo., who has a 32-foot Class C RV of domicile, you’ll file a final tax cile, consult with an attorney, a fi- more cheaply as full-time RVers.

Timeless Elegance

200 East 69th Street, GRANDPH Noble Black Belinda Brackenridge

$5,500,000 | 3 BR, 3.5 BA Lic. Assoc. R.E. Broker Lic. R. E. Salesperson
Grace and sophistication define this classic penthouse O 212.909.8460 O 212.891.7062
M 347.526.3308 M 917.331.6889
in one of the tallest buildings on the Upper East Side. noble.black@elliman.com bbrackenridge@elliman.com
The south-facing great room measures approx. 55ft long,
o#ering full 360-degree views of the New York City skyline.

elliman.com | Web# 21128462

575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2021 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT
LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.
P2JW302000-0-M00600-1--------XA
M6 | Friday, October 29, 2021
The basement pool
Living With
The Dead
Continued from page M1
home in the Fulham neighborhood
of West London to remain close to
his son, George, now 10.
“It represented a chance for me
to completely turn my life upside
down and take on this great proj-
ect,” he said.
Shortly after seeing that For
Sale sign, Mr. Maxwell Stuart, 47,
paid $2.48 million for the lodge,
which was built in 1865, according
to Hammersmith and Fulham
Council. The lodge came with a
backyard containing a series of
storage sheds built in the 1960s
and a public lavatory block.
“The lodge was a wreck,” he
said. “It hadn’t been lived in for
more than five years, and al-
though it wasn’t falling down it
was getting pretty close. The cost
was extremely high, but to me the
uniqueness of this building put it
outside any property valuation in
the area.”
To get started, Mr. Maxwell
Stuart did an internet search for
local architects and found Simon
Gill, principal of the award-win-
ning Simon Gill Architects. Mr.
Gill’s plans included designs to
renovate the lodge, build an L-
shaped addition in the backyard
to replace the old outbuildings,
and dig out a new basement level.
In the process, the size of the
lodge, which was 1,334 square
feet, was more than quadrupled to
5,358 square feet.
It took almost two years to get
building permits in place and hire
a building contractor, but work fi-
nally started in November 2017. At
that stage, the initial estimates
were between $1.65 million and
$2.48 million. It eventually cost
$3.3 million. Once the project was
under way, Mr. Maxwell Stuart de-
cided to increase the size of the
new basement level so that it ex-
tended beneath the lodge as well
as the addition.
Painstakingly propping up the
house while digging out the
ground beneath added signifi-
cantly to the costs but allowed
Mr. Maxwell Stuart to install a
wine cellar, a 56-foot swimming
pool, a sauna and two guest suites
in the new basement level.
Despite the lodge’s proximity to
the cemetery, no bones were dug
up during the excavation. Dealing
with the reburial of human re-
mains would have further delayed
the project. As it was, Mr. Max-
View from the cemetery
to the lodge
THE WALL STREET JOURNAL.
MANSION
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (9)
Mr. Maxwell Stuart’s office leads out to the backyard via a wooden bridge well Stuart had to wait until
over a water feature. The stairs leading to the basement are made of Christmas 2020 to move into the
Bath stone, which was also used throughout the property’s renovation. house with his then fiancée, now
wife, Hideko Maxwell Stuart, a
pastry chef who has worked with
chefs such as Gordon Ramsay and
Heston Blumenthal. The couple
share their home with their dog,
Lightning.
The project has totally trans-
formed the original lodge. Its fa-
cade has been restored and the L-
shaped addition that sits beside it
is built in the same cream-colored
Bath stone.
Inside, a series of skylights
punctuates the main open-plan
living space, with its sleek dark
timber kitchen, airy living room,
and dining table lighted with two
metal chandeliers designed to re-
semble seed pods. Floor-to-ceiling
sliding doors lead out onto the
yard.
The first floor also has a televi-
sion room, with sliding doors for
optional privacy, and a contempo-
rary two-way fireplace is set into
the wall between it and the main
The kitchen
living room.
There is also a bedroom and
bathroom for George, and an of-
fice for Mr. Maxwell Stuart, a for-
mer army officer who now runs a
travel company, Where Wise Men
Fish, organizing fishing vacations.
This office also opens out onto
the backyard, which is accessed
by stepping through french doors
and walking across a timber
bridge across a linear water fea-
ture.
The second floor of the lodge,
which originally contained three
bedrooms, is now a spacious pri-
mary suite with a large dressing
room, bathroom with a dramatic,
silvered, free-standing bath, and a
bedroom with a pitched ceiling
and exposed whitewashed tim-
bers.
Downstairs, via a hefty, curved
The second floor of the home was staircase also made from Bath
converted into a primary suite and stone, is the basement, where
The dining room and
a new basement level was created there is a wine cellar, a second
its metal chandeliers
to house a wine cellar, sauna, a full living room with a full bar, a
bar, and a pool with a waterfall. sauna and a 56-foot swimming
pool with a waterfall spilling
down the wall into it. The base-
ment also contains two en-suite
guest bedrooms and an office for
Mrs. Maxwell Stuart.
Right now, the newlyweds are
simply enjoying life in their new
home. But, out of curiosity, Mr.
Maxwell Stuart did ask an estate
agent to value the house once it
was finished. He suggested that it
be listed for $8.26 million.
“Although it was not a great
experience going to the bank and
asking for another £1 million, I
was always certain that it would
become a valuable investment,”
he said. “I put my faith in London
property. I was not just burning
money for the sake of it.”
People often ask Mr. Maxwell
Stuart whether he has any qualms
about living cheek-by-jowl with a
burial ground containing hun-
dreds of bodies. The short answer
is no. “Not even remotely,” he
said.
“In cities, cemeteries are green
spaces, full of people walking
their dogs, not something out of a
horror movie,” he said.
“My family house has 1,000
years of history, and I reckon if I
was going to come across any
ghouls and ghosts and headless
The primary bathroom
horsemen, I would have done so
by now.”
P2JW302000-0-M00700-1--------XA
THE WALL STREET JOURNAL.
A Lighthouse
Becomes a Playroom
New York builder Frank Sciame has spent hundreds of
thousands of dollars turning a historic Connecticut lighthouse
into a place for sleepovers with his grandkids and a tool for
teaching them historic preservation
BY CANDACE TAYLOR
H
alf a mile off the Con-
necticut shore, a pow-
erboat cuts through the
choppy surf as it nears
a 135-year-old lighthouse. “Imag-
ine doing this in a 12-foot row-
boat,” says 70-year-old Frank Sci-
ame, one of the boat’s passengers,
noting that lighthouse-keepers
once rowed to shore.
The boat pulls up to a pile of
seaweed-covered rocks, where a
small, temporary dock bobs amid
the waves. In Top-Siders and a
button-down shirt, Mr. Sciame
steps onto the dock and grabs a
rope to help tie up the boat. Then
he nimbly ascends a rickety steel
ladder to the lighthouse.
After years of summering in
the beachfront enclave of Fen-
wick, Mr. Sciame in 2015 bought
the Saybrook Breakwater Light-
house—a working lighthouse fea-
tured on Connecticut license
plates. He has since spent hun-
dreds of thousands of dollars to
restore the weather-beaten struc-
ture, taking pains to make it look
much as it did when it was built.
A New York City builder and his-
tory buff, Mr. Sciame says he did
the project—completed last year—
for his 11 grandchildren, to “make
it a three-dimensional tool to
teach them about historic preser-
vation, about how things were
built in the late 1800s.”
Where the Connecticut River
meets the Long Island Sound, the
JULIE BIDWELL FOR THE WALL STREET JOURNAL (7)
Mr. Sciame first spotted the ‘sparkplug-style’ lighthouse in the late ‘90s. Today, he can look straight at it from his house and can walk to it via the jetty.
INSIDE STORY
Saybrook Breakwater Lighthouse
sits at the end of a long jetty.
Standing at the base of the
roughly 48-foot-high tower, Mr.
Sciame has a clear view of the
shingled mansions lining the
shore. One of them, with a widow’s
walk and green trim, is his own.
He discovered Fenwick, a bor-
ough within the town of Old Say-
brook, 25 years ago on a boating
trip with his wife and four chil-
dren. They liked the tiny water-
front community, best known as
the longtime summer residence of
actress Katharine Hepburn. They
live primarily on Long Island—Mr.
Sciame’s company, Sciame Con-
struction, is based in Manhattan—
but they built a small house in
Fenwick for weekends and family
vacations. From the first visit, Mr.
Sciame says he was intrigued by
the “sparkplug”-style lighthouse
half a mile off Fenwick’s coast.
In 2004, Mr. Sciame paid $6
million for the waterfront Hep-
burn house, restoring it and mov-
ing in with his family. The 3½-
acre property looks directly at the
lighthouse.
In 2015 when the Coast Guard
put the lighthouse up for auction,
he had to have it. He and his
neighbors, Sherman Financial
Group founder Ben Navarro and his
wife Kelly Navarro, paid $290,000
for it. Two years later Mr. Sciame
spent about $9 million to gain full
control of the lighthouse plus the
Navarros’ home, which has direct
access to the jetty. Around the
The kitchen, like much of
the lighthouse, is furnished
with antiques.
MANSION
same time, he sold the Hepburn
house for $11.5 million.
Now he can look straight at the
lighthouse from his kitchen and
center hall. He can also walk to it
via the jetty.
Just inside, Mr. Sciame stands
in a circular room about 21 feet in
diameter, with 12-inch-thick brick
walls. The cast-iron ceiling re-
mains rusted and discolored, just
$290,000
Cost to buy the lighthouse
with his neighbors in 2015
$9
MILLION
Cost to gain full control
of lighthouse plus his
neighbors’ home in 2017
as he found it. On this level in
particular, he wanted to avoid
whitewashing the building’s his-
tory. “If there was a crack and it
wasn’t structural, it remained,” he
says. “I wanted the ghosts of con-
struction past to be visible.”
Small sections of the ceiling
have been cut away, the openings
covered with clear plexiglass, so
his grandchildren can see how the
pieces are bolted together.
Mr. Sciame has a thing for old
buildings. Growing up in Brooklyn
One of two bunkrooms
for his 11 grandkids
as the son of a union painter—“a
true craftsman” who taught him
construction skills—Mr. Sciame
says he caught the bug from his
father. “His excitement for historic
buildings was contagious,” he re-
calls. Sciame Construction has
worked on restoration projects for
clients such as Trinity Church and
the Morgan Library & Museum.
The lighthouse was in severe
disrepair when he bought it, Mr.
Sciame says, with graffiti
scrawled on the inside. He did a
3-D scan of the building to assess
its condition. He set about stabi-
lizing and restoring the structure,
adding a generator, running water
and two bathrooms. But he went
to great lengths to maintain its
19th-century appearance. The win-
dows, for example, were replaced
with new, insulated glass, custom-
made to replicate the originals.
From the entry level, Mr. Sci-
ame climbs a set of curved metal
stairs to another round room, the
kitchen. Like a wedding cake, the
lighthouse contains circular rooms
stacked on top of each other, each
slightly smaller than the last.
The kitchen has freshly painted
wooden floors, an ornate antique
wooden writing desk and a pot-
bellied propane stove for cooking.
A circular dining table with four
chairs sits by one of the arched
windows. The room’s piece-de-re-
sistance is an antique crank Vic-
trola, which has been passed
down in his wife’s family. Mr. Sci-
ame turns the crank and a tinny,
Friday, October 29, 2021 | M7
The Fenwick home is
9,500 sq. ft. with 8 bedrooms
Mr. Sciame, a history buff whose
company has restored New York
City buildings, including Trinity
Church, spends much of his time in
the lighthouse’s bar, above.
old-timey tune emerges; a record-
ing of “When My Baby Smiles” by
the 1910s star Henry Burr.
A glass-front hutch is stocked
with treats for the grandkids—
Oreos, Cheez-Its, candy bars. In
preparation for future sleepovers, a
row of kerosene lanterns sit at the
ready on a shelf above the sink.
His grandchildren now range in age
from newborn to 8, but when they
are older Mr. Sciame envisions eve-
nings with no smartphones, TV or
electric lights, “a real-life lesson of
how folks lived in the late 1800s.”
Mr. Sciame climbs another set of
stairs to the main bedroom, where
a claw-foot bathtub is wedged in
next to an antique wooden bed
frame. He was intent on furnishing
with period pieces. Many of the an-
tiques came from storage in the
barn at his home on Long Island.
Everything used in the renova-
tion—from furniture to cement and
batteries—had to be transported to
the lighthouse by boat.
The next floor contains two
bunkrooms. The small porthole
windows here are encircled by life
preservers, and on each bunk sits
a sleeping bag monogrammed
with a grandchild’s name. The
older children have visited the
lighthouse, Mr. Sciame says, but
they are too young to spend the
night safely.
For now, Mr. Sciame is largely
the lighthouse’s only visitor,
sometimes with friends or his
son-in-law in tow. When there he
spends most of his time on the
next level up: the bar. Reaching it
requires Mr. Sciame to clamber up
a narrow, bolted-in-place steel
ladder, emerging into a circular
space just large enough for two
shiny chrome tables, a liquor cabi-
net stocked with Coronas, and a
record player.
He steps outside onto the open-
air deck that rings the lighthouse.
Mr. Sciame spent much of the
pandemic here in a white cap-
tain’s chair. In between Zoom calls
and emails, he worked on the car-
pentry and wood trim, hanging
pictures, assembling bunk beds.
He sawed the kitchen counter in
half to fit it up the stairs, then re-
assembled it.
Finally, he climbs another steel
ladder reaching the structure’s rai-
son d’etre: the light. Now auto-
mated, the solar-powered light is
maintained by the Coast Guard,
which has an easement to the
property for that purpose, Mr. Sci-
ame says. The lighthouse also has a
foghorn: “When you’re out on the
lighthouse when the foghorn goes
off,” he says, “that’s kind of cool.”
P2JW302000-0-M00800-1--------XA

M8 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | ROBBY KRIEGER

How the Doors Guitarist Became Cool

Sent to boarding school during his troubled teens, the musician and memoirist was saved by flamenco music

L
ike all good rock ’n’ roll
childhoods, I was sent
away to boarding school
in my midteens. My
grades in high school were crash-
ing and I was getting into trouble
with friends.
We’d go on these destructive
sprees, like busting water pipes in
a new housing development. One
day, Dad sat me down and told me
where I’d be going to school, along
with my twin brother, Ron.
I objected, but deep down I knew
I wasn’t in a good place. Back in
grade school, Ron and I had been
considered cool. In junior high, we
were nerds and hazed terribly.
I grew up in Pacific Palisades, Ca-
lif., an affluent area of Los Angeles.
We lived in a comfortable one-story,
light-blue house. My father, Stu, was
an airplane-wing designer for the
Northrop Corp. My mother, Marilyn,
was a homemaker. She also was
wonderfully curious. When I was 8,
she discovered Elvis Presley on the
radio. I loved “Hound Dog” and
“Don’t Be Cruel,” especially Scotty
Moore’s guitar.
I also had access to Dad’s eclectic
record collection. He had boogie-
woogie 78s, classical recordings and
even marches. Best of all, he let me
play them on his phonograph.
ROBBY’S ROAD
What do you think of José Fe-
liciano’s version of “Light My
Fire”? I love it. Last time we
met, I suggested he try my
Doors song “Touch Me.” He
grabbed his guitar and
played it perfectly.
First Doors gig? In
a hangar at
Hughes Aircraft,
where Doors key-
boardist Ray Man-
zarek’s dad worked.
There were about 400
middle-aged people there.
Thoughts on  Jim Morrison?
Jim could turn anything I came
up with on my guitar into a song.
ers. Billy and I then decided to
transfer to UCLA. So much more
was happening in L.A.
By the fall, John was in a group
called the Doors. I auditioned on
my red Gibson SG Special and got
picked. I left UCLA. We knew the
The private prep school where got a traditional flamenco-style band had something different.
my parents sent my brother and acoustic model. It was the key to Today, my wife, Lynn, and I live
me, was 350 miles north in Ather- coolness at Menlo. in West Los Angeles. We moved in
ton, Calif. Their mission was to get On a summer break, Bill and I 50 years ago.

FROM LEFT: JILL JARRETT; KRIEGER FAMILY; MARY EVANS/ZUMA PRESS

The first time I held a guitar, I
was 13. I was over at the house of
my friend Bob, who let me strum
his. I was hooked. My friend Billy
Wolff then showed me some fin-
gering positions, and I started
playing flamenco at 14.
One of my father’s records capti-
vated me: “Dos Flamencos,” a 1960
classical-guitar album by Jaime
Grifo and Niño Marvino.
A couple of older guys who lived
in the neighborhood were good fla-
menco players. One was a surfer,
Arnold, who I’d met on the beach.
He played at a local Spanish restau-
rant and gave me lessons.
us far from the bad influences in
our neighborhood, like my friend
Billy Wolff. But Billy’s parents had
the same idea a year earlier and
had sent him to the same place—
Menlo School. Unknown to my par-
ents or me, he not only was there
but in the same dorm.
Many kids at Menlo were the
children of wealthy families. Most
brought folk albums and portable
phonographs to the dorm, which
exposed me to new music.
Across the hall was a guy who
had an old Martin acoustic guitar.
He didn’t play it much, so he lent it
to me. I played every night until I
Robby Krieger in his recording
studio, top, and, above at right, at
about age 10 with twin, Ron, and
parents, Stu and Marilyn.
split the cost of guitar lessons.
When we returned to Menlo, the
talk was about Bob Weir’s Mother
McCree’s Uptown Jug Champions.
He had been a student there a year
before I arrived and was expelled.
His band had local success before
they renamed themselves the War-
locks and then the Grateful Dead.
So Billy and I started a jug band.
Then we went to the University of
California at Santa Barbara in 1964.
Back home over the summer, we
ran into drummer John Densmore,
who I had been friendly with before
leaving for Menlo. We formed a
band called the Psychedelic Rang-
My parents came to many of the
band’s gigs and even followed us
around Europe on our first tour
there. Dad had our albums on 8-
track tapes for the car as well as
all the vinyl, which he insisted we
sign. My mom and dad were the
Doors’ biggest fans.
—As told to Marc Myers
Robby Krieger, 75, is a guitarist
and singer-songwriter who was a
member of the Doors. He is the au-
thor, with Jeff Alulis, of the mem-
oir, “Set the Night on Fire: Living,
Dying and Playing Guitar With the
Doors” (Little, Brown).

ADVERTISEMENT

%%# /0(0.! 0. % !,$)* "/-,0&) /-')*0-.+ SOUTHERN COLORADO MARTHA’S VINEYARD, MASSACHUSETTS
(<% *851:-" 8:#%0/)8% 5# )5,1 -1%"70 ;"6 =% )5,10 "/ $"8%6;:"9 %?G0G This unique ranch consists of close to 50,000 contiguous acres. Live New waterfront with sweeping views, spectacular sunrises and private
@40@G4') 5G% ?46G)+ %407*>,7.)) .6G59(9G)+ .5* .5 G$,9(95@ 79DG)("7G .%.9(E creeks, lakes, springs and irrigated fields add to the property’s appeal. The 143 feet sandy beach anchor this move-in ready beach house. 900 square
3584" . 6.@59C,G5( ,7'-?4')G+ 0G)40(>)("7G 2447+ (G559)+ .5* )4 6',? 640G1 ranch has been highly managed for wildlife, with Elk scoring North of 400 feet of water view outdoor living space which include covered porches on
:977. .5* )95@7G>D.697" ?46G) 95,7'*G 7'$'0" )(.5*.0* DG.('0G)1 A .6.!95@ B&C and Mule Deer over 200. Elevations ranging from 8000’ to 10,800’, both levels. Amenities include 2 master suites, air, gourmet kitchen plus
74,.(945) F /4"5(45 /G.,?+ H.27G)+ /459(. <2095@)+ ;.62. .5* =40( <(1 #',9G1 premium improvements complete the ranch. enjoy watching all boat activity and best swimming on the island!
3$2G09G5,G (?G -G)( (4*."E B.77 40 &9)9( D40 640G1
*157 /<% '.&&0 /5 '3 7:88:56 $"8%6;:"4:+:6!2;57 Price Available Upon Request $5,450,000 viewpointsrealestate.com
Colorado Land Men Viewpoints
'% &"#$! Kevin Meier, Broker Bobbi Flake Reed
%*')!& -""$+(,$#+"# phone: 830.755.5205 phone: 508.693.0222 email: info@viewpointsmv.com

SANTA FE, NEW MEXICO RED LEDGES - PARK CITY, UTAH VERGENNES, VERMONT
New contemporary home, designed and built by award winning Mountain View Village is Red Ledges’ newest neighborhood located steps Escape to your own Private Estate. The Cedars at Button Bay offers an
architect and builder, with stunning views in gated, premier golf, tennis and away from the award-winning Village Center, which features a resort-style unparalleled lifestyle in today’s hectic world. Located on the shores of the
equestrian community. pool and a full service restaurant and bar. With five models to choose from, cleanest, deepest waters of Lake Champlain, this unique property has it all.
this opportunity allows you to customize a new home. Red Ledges is the ideal Experience the privacy and peacefulness of this unspoiled part of the world
base for skiing, biking, hiking and more, only 10 minutes from Deer Valley while enjoying all the best that Vermont has to offer.
Resort and 45 minutes from SLC International Airport.
$2,475,000 ungercorporation.com Price Upon Request. RedLedges.com $3,300,000 fsbo.com/listings/listings/show/id/527030/
JKLM Developers LLC Red Ledges Realty
Kim Unger Joe Carter Rick Carr
phone: 505.984.1095 ungercorporation@gmail.com phone: 435.657.4090 email: Sales@RedLedges.com phone: 203.627.3819 thecedars05491@gmail.com

To Advertise email sales.realestate@wsj.com or visit classifieds.wsj.com

P2JW302000-0-M00900-1--------XE

THE WALL STREET JOURNAL. Friday, October 29, 2021 | M9

%511 "+--5#,5!0&'
1*)*.(2+.,4+13+0#+/

A29NOL, )I5N:L6 . C%W,''',''' &5/ DO47:/L5, ?$ . 8%',U'',''' =OJJ5I:I/, )I5N:L6 . CG,U'',''' <:ON <:NN5/, BV . 8H,U'','''
]GF&^U?`bL< 7&5?*&bF& F_a_SZ _ LF7& ;LCb?f?F&bU +&E T?5FLEb& ,5<Lb* F`b*`0 ^7?MLU& &<&MLU`70 !OU5ULb*?bC 4&`7C?Lb %Lb5?`b ?b &GF&<<&bU XUObb?bC B`;& IW M?&I5 `b _/d LF7&5 b&L7 UB&
CL7*&b5Z g7&;?&7 7&5?*&bU?L< 7`L*Z `F&Lb 5Ob7?5& J F?UE 5Ob5&UZ d0a//5fZ F`b*?U?`b `b L^^7`G?;LU&<E S// LF7&5Z RL?< \]4][ L?7^`7U0 T&LM&7 (7&&= J RL?<Z
<?))+430 A,!)+B <43F43# &4#) >0.#.4 <?))+430 A,!)+B %)+143 %D+.- " ;3#D9.?B &4#) >0.#.4
%Z %LCb?&7W(Z !8(`bb`7 " Y/__ SdS _ 1SSS2// .<H&7U` (`7*`HL " Y_ S/d S/Q /QS1 (L<<O; TL?b " Y/__ SdS _ 1SSS2// ]Z XI?bf`7*WTZ c?;&< " Y_ a2/ S21 /2D1
/'1 "(* )370 /'1 "(* %&36 /'1 "(* .'1$ /'1 "(* 7,#0

&OL4:N5, )I5N:L6 . CW,F'',''' A29NOL, )I5N:L6 . CW,HU',''' BP:IN543KL, >B . 8W,WU',''' E243OL, =; . 8W,%U','''
,F`b?F ILU&7f7`bU _$UB (&bUO7E 4&`7C?Lb 7&5?*&bF&Z g&7?`* 7&5?*&bF& F_$1/ ^<O5 ;`*&7b Q H&* 4LU& VB?5 C`7C&`O5 B`;&0 F?7FL _2D/0 BL5 C7LF?`O5 (<L55?F Lb* F`bU&;^`7L7E b&I HO?<* ?b *&5?7LH<&
,bF<O*?bC H`LUB`O5& Lb* CL7*&b5Z '`*C&Z X&F<O*&* _ LF7& ;LUO7& C7`Ob*5Z 7``;5 I?UB 5`L7?bC F&?<?bC5h VL77EU`Ib0 ;?bOU&5 U` *`IbU`IbZ
<?))+430 A,!)+B <?))+430 A,!)+B <#33+#/4 '3?943.+40 (?34)#B7 '3?943.+40
(L<<O; TL?b " Y/__ SdS _ 1SSS2// %Z %LCb?&7W(Z !8(`bb`7 " Y/__ SdS _ 1SSS2// 'LO7?& VL7<&U`b " Y_ $DS SQD dQ2Q gL?C& XB`H&7C " Y_ d_Q d$a 1/dQ
/'1 "(* 4,&! /'1 "(* %+04 /'1 "(* ,3'/ /'1 "(* .!54

XKI3P T:NM D5:7P, ?$ . 8W,%U',''' -:OL541ONN5, ?$ . 8!,S%F,H'' +KN65IL544, X+ . 8!,S'',''' ?:I +ONN4 DKIK, X( . 8!,U'','''
c?FBL7* +?;H7`OCB *&5?Cb&* B`;& ?b &G9O?5?U& .b ]GU7L`7*?bL7E ]5ULU& IB&7& 'OGO7E X9OL; 'L=& 5&L5`bL< B`;& `b D LF7&5Z g`5U J !M&7<&?CB0 5^&FULFO<L7 7&5?*&bF& `b _/: LF7&5Z
'`5U V7&& R?<<LC&Z ;&&U5 #LUO7&h T&L;0 Q1Q fUZ `f 5Lb*E H&LFB ILU&7f7`bUZ 2Tc0 1ZQT.0 dA7``; L^U `b S7* f<``7Z
5)),0.3#.47 '3?943.+40 &4#) >0.#.4= 5B@6 :?00-#37. &4#).C %43F+@40= 22< '4#!?7C " %D+.- &4#).C= 5B@6 $,39+B &4#) >0.#.4= 5B@6
'Ebb V&<<?bC " Y_ d1_ S_/ QQD2 K&LUB&7 @`OCBU`b " Y_ SdQ d_D 2dd2 g&LH`*E J X;?UB c&L<UE0 ,bFZ " Y_ 1/S a1$ 21_d 4&77EA)` (7Lb;&7 " Y_ a/$ D// QSD1
/'1 "(* 8.$$ /'1 "(* 1(54 /'1 "(* 2236 /'1 "(* 2-,!

>2L453, >B . 8!,#U',''' DK7: -I:L65, ?$ . 8!,%U',''' D5:2RKI3, >B . 8#,U'',''' >3K05, <= . 8#,W'','''
T&LOU?fO< ?;^&FFLH<& d0d2_5f <L=&f7`bU B`;& ?b UB& P?*& HLE M?&I50 Q022a5f F`b*` I?UB (<OH L;&b?U?&5Z X`OUB fLF?bC *&&^ILU&70 ^7?MLU& F`;;Ob?UE0 (`ObU7E <?M?bC LU ?U5 f?b&5UZ XUObb?bC B`;& I?UB ;UbZ
7&b`Ib&* c&5&7M& LU 'L=& +&`I&&Z !b& <&M&< I?UB &<&MLU`7 J CL7LC&Z &<&MLU`70 dTc0 5&^ CL7LC& IWCO&5U 9U75Z M?&I50 ^`b*0 M?b&EL7*0 `7FBL7*Z
*))4B $#.4 (+@-#4) %#,B7430 " <?D9#BC 2?E@?,B.3C &4#) >0.#.4 '#)) %943# <?D9#BC &4#).?30 22<
%?FB&<<& T7LOb5FBI&?C " Y_ D_D DQa a1// (L7`< XU&IL7U " Y_ aD_ Q21 __1Q ]*IL7* @O=&5 " Y_ $DS $_Q d/// XBL7`b TLU&;Lb " Y_ $/Q S2_ $222
/'1 "(* '72$ /'1 "(* 514% /'1 "(* #0&0 /'1 "(* 1+86

f/&&S$&dA$dH*ADD1SALFf_A/L*__H_QQFQ*Z>^C
@LQN50KK6, ?$ . 8#,!U',''' A:3:0 )4N:L6, >B . 8#,''',''' D56MOL435I =0J*, X( . 8%,FFF,'''
"K2L3 "KIIO4, TE . 8#,!HU,''' . <OGO7E HLE f7`bU0U7`^?FL< `L5?50D0D//5f0 H`LU @&&^ILU&70 CLU&* 5^`7U?bC F`;;Ob?UE0 dTc0 VB& c?M&7 K`O5&0 7?M&7 f7`bULC&0 1Zd:.F0 dTc0 dZST.0
eO?bU&55&bU?L< ^7`^&7UE IB&7& 5`^B?5U?FLU?`b LFF&550 ^7?MLU& C`<f F`O75&0CLU&*Z &<&MLU`70 ^7?MLU& *`F=0 SAFL7 CL7LC&Z F`UULC&0 #N( L^^7`GZ d/ ;?<&5Z
;&&U5 ;`*&7b *LE <?f&5UE<&Z (+@-#4) %#,B7430 " <?D9#BC 2?E@?,B.3C &4#) >0.#.4 $,39+B &4#) >0.#.4= 5B@6
8?E#37 8#BB# &4#) >0.#.4 %43F+@40 )`Bb KL7;5 " Y_ aD_ QSQ dSa2 #LbFE TOU<&7 " Y_ $DS S$D dDDd 4&77EA)` (7Lb;&7 " Y_ a/$ D// QSD1
XO5?& gL^^L5 " Y_ S/D Q$Q QD1S /'1 "(* 0$-0 /'1 "(* &6+% /'1 "(* 77-.
/'1 "(* &-)6

&" * " !) ' #% +$ (!#%

$1*)*.(2+.,4+13+
-Q/Q_ 'OGO7E g`7Uf`<?` ,bU&7bLU?`bL<6 ]9OL< K`O5?bC !^^`7UOb?UEZ !ff&7?bC ?5 5OH>&FU U` &77`750 `;?55?`b50 FBLbC& `f ^7?F&0 `7 I?UB*7LIL< I?UB`OU b`U?F&Z
.<< ?bf`7;LU?`b F`b5?*&7&* 7&<?LH<&3 B`I&M&70 ?U BL5 H&&b 5O^^<?&* HE UB?7* ^L7U?&5 Lb* 5B`O<* b`U H& 7&<?&* `b L5 LFFO7LU& `7 F`;^<&U&Z
P2JW302000-0-M01000-1--------XE

M10 | Friday, October 29, 2021 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

The Chafees of R.I. Politics List Home

The longtime homestead of a built on a slope, creating an up-
Rhode Island political dynasty is per and lower level. Inside, there
going up for sale. The Chafees finished building is a double-height living area
A roughly 20-acre farm in War- the house in 1960. with a Palladian window and a
wick that was home to the late fireplace, and a study with an-
Sen. John Chafee and his son Sen. other fireplace. The kitchen and
Lincoln Chafee is listing for $5.95 formal dining areas are located
million. In addition to serving as on the second level, where the
senators from Rhode Island, both main entry is, and open to indi-
men were also governors of the vidual balconies.
state. The younger Sen. Chafee, Once the Chafee children were
who was mayor of Warwick in the grown, the property became a
1990s, was a place where the family gathered
candidate in for holidays and “all kinds of fam-

ELLERY YAHIA/MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY

FOR SALE

$5.95
the 2016 pres- ily events,” Ms. Nassikas said.
idential race. Mrs. Chafee maintained gar-
The elder dens alongside the house and next
Sen. Chafee is MILLION to the barn, her daughter said.
buried in a 20 acres, Sen. John Chafee died in 1999
cemetery on 2,000 sq. ft., and his wife in 2020, and Ms.
the property, 6 bedrooms, barn, Nassikas said she and her siblings
along with his chicken coop feel this is the right time to sell.
wife, Virginia The elder Sen. Chafee served as
Chafee, and their daughter Tribbie a Republican senator from Rhode
Chafee, who died in 1968 at age Island from 1977 to 1999 and as
14, according to another daughter, governor from 1963 to 1969. His
Georgia Nassikas. The cemetery is son was senator from 1999 to 2007
located on conservation land, Ms. River, according to Ms. Nassikas. Mediterranean-style house spans rolling fields, the property con- and governor from 2011 to 2015.
Nassikas said. John and Virginia Chafee bought about 2,000 square feet, accord- tains a barn and a chicken coop. —Libertina Brandt
Located across from Goddard the land from a neighbor and ing to Amy I. Doorley-Lucas of Ms. Nassikas said she and her
Memorial State Park, the farm is commissioned the construction of Mott & Chace Sotheby’s Interna- siblings grew up riding horses on  See more photos of notable
about 17 miles from Providence the residence, completing it in tional Realty, who has the listing the farm, which also had chick- homes at WSJ.com/RealEstate.
and overlooks the Potowomut 1960, she said. The six-bedroom, with colleague Judy Chace. Set on ens and geese. The house was Email: privateproperties@wsj.com

ADVERTISEMENT

Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

WASHINGTON TEXAS

#1,0-
20),'&)+/ ,D QO . % 4 Q P 9 . % 6 J ! J % 6 J % O B S # * J S ,0 J
/*) ,$.0/)*+' " ,&%&)# !$-0(
><-/"<(/ "&% %$&1!3/$# : 0= 5<>><&', <' 3*$//$ #*>/#
9#.4$/*>"$/'1#8 *(/$<3*2# 5/#" *+/'"#
':R+()@T8S;2&<;R=;7=:T > 6@H;R8:3M S@R=)
Y@,CQ& 8: Y7 5A "F?Q/F. 8" ,(( D _ K+ D ]2V3J KF D )9-99_-NNN
TZH( #^ZT%,!= _Y3@]$N@N$]]

,R+;"GF"<;63&H;7=:T > 0:3+;:I2 C&;G2

=&P?[:&Q >&/&; 8: _ FCQ&P D ^""&Q&+ "1;;. "1Q:?PA&+
7B*=; ,%?:,(;$' _Y3@]Y4@9]N6

N999/I<2:RB;R<7=:T > '@$; O3@H&2 CSB# #88:3MIR&MF

%F<& OQF0?P /F5&Q"Q8:5 D )Y-69_-NNN
*,! #^ZT%,!= _Y3@69]@N]9]

!;@3"QM3;;M,I2M&R7=:T > 6:GRM:GR ,I2M&R

393F :-//@"D4"BD *?@ ($ C,0 393F :-//@"D4"BD *?@ ($ C03 #F?: A81P&B 4 K+ D 3 KF D L1&P5 ,X5B Y K+ D Y KF D )Y-$99-NNN
'77@)@! #D 23E3,9E999 ,!=ZTI I,ZT _Y3@]$]@4]N9
'77@)@! #D 23E,FFE999
. =& > 3A, =* .5, =& > 0A, =*
0E6,9 %< ;+@) 71--) +1#/8 0E399 %< ;+@) 71--) +1#/8

':+@R2'@R;A;2M"@$;7=:T > B3;@M)M@$&R+ C&;G2

LQF:+ I&P5;F<& TP5F5& D 6 K+ D 7W_ KF D )4-799-NNN
"1)*- #1,0- . !$(%*1 20),'&)+/ TZH( #^ZT%,!= _Y3@]$N@N$]]

(*$<' )*+/' #7>;<* 5/$+#"$&(

L0LFKH/FJLJI L0LFKH/FJL/I
9#(=-.Q!(M#:$NFQ+9 &N:R=#.Q!(M#:$NFQ+9 S:?&R2:RE@T&"F':M27=:T > K7-1 ,=3;2
TS1&P5Q?F: !&?[AE8QA88+ D KQ?:[ G81Q K1?;+&Q D )7_N-NNN
*,! #^ZT%,!= _Y3@69]@N]9]
)*+/'5/$+#"$&(63&(

'N:R=# BM(?&$(+9 >#& !MM- # $+) )(+O"Q=-? #?M-$ &=-QM &$#($=-?

(M#: M&$#$M =- 5123G #-O *#(=- 7#?M- <+=-MO >M( 9+$>M(D& &"QQM&&@":
(M#: M&$#$M )(#Q$=QM =- 4662F %>M=( !"&=-M&& =& -M#(:N 566C (M)M#$ '@$;,I2M&R(@?&R7=:T > B:@M 6:=$ 5 QIR 6;=$
#-O (M@M((#:G # $M&$#9M-$ $+ $>M=( >=?> M$>=Q#: &$#-O#(O&G &$(+-? _NRU %F<& ,1P5?: IF5&Q"Q8:5 D 3 K+ D 3 KF D )3-4_N-NNN
TZH( #^ZT%,!= _Y3@]$N@N$]]
-M?+$=#$=-? &;=::&G M-M(?N #-O O=&Q(M$=+-F 'N:R=# #-O *#(=-
Q+-&=&$M-$:N (#-; #9+-? $>M $+) 3 A+:OPM:: B#-;M( $M#9& =- $>M
*=OE,$:#-$=QG #9+-? +RM( 4G666 #&&+Q=#$M& =- 36 +8QM&F

*)N :+N@+A@A M" M ")8:I:NMN:)+ := 4)L$ ($)(@$N4 :" M8$@MA4 8:"N@A K4 M+)N;@$ K$)9@$F C.0./
>)8A6@88 ?M+9@$ %@M8N4F ,88 %:<;N" %@"@$7@AF >)8A6@88 ?M+9@$ %@M8N4 =L884 "L(()$N" N;@ 99LL0&"";28&;7=:T > O3@H&2 /;&+)M2
($:+I:(8@" )= N;@ 3M:$ 1)L":+< ,IN M+A N;@ J&LM8 '(()$NL+:N4 ,INF '(@$MN@A K4 M #88Q&@OF5& P51::&Q D _ K+ D _W_ KF D \88; D 3@(FQ LFQ D )4-$7_-NNN
"LK":A:M$4 )= %@M8)<4 1)8A:+<" >)$(F E*!#JH %B2!DF >)8A6@88 ?M+9@$G N;@ >)8A6@88 (%,GO^! KM%%^(' _Y3@797@6]]6
?M+9@$ 8)<)G >)8A6@88 ?M+9@$ 28)KM8 BL5L$4 M+A N;@ >)8A6@88 ?M+9@$ 28)KM8 BL5L$4
8)<) M$@ "@$7:I@ -M$9" $@<:"N@$@A )$ (@+A:+< $@<:"N$MN:)+ )6+@A K4 >)8A6@88 ?M+9@$
%@M8 J"NMN@ BB>F T : 3 ; "@ R < 7 =: T
*2@83/ 9-4+5<.+.<5< " A#1! &)#03@ 9-4+4>6+64<4

MASSACHUSETTS CALIFORNIA

,1 <>OLJ2>? )R #-> QO$$ %L2>>L
DNJ2RO$6 C,.%E*. 1>BL)NR =/K=/8PA
5-4+)'!%+ 928%2<4%., 1#-!%
7-,+ 6-:: (; *)":&"4$ /#%". 3<4
*-.,0
CO9R);B>RL NR>+N<+O+&)R? 72N7>2LF
I)L- >G5J)1)L> 9O2?>R1A BJ1LN"
9NJ2">L &)LB->R <N2 L-> B->< )R
FNJ2 <O")$FA M>OJL)<J$ )R+92NJR?
7NN$ OR? 4R9$)1- 'JM / 17N2L1 MO2
I)L- : #!31 1N FNJ ?NR3L ")11 O
7$OF6 0 M>?2NN"1A : <J$$ OR? K -O$<
MOL-1A >GL2O $O29> NJL?NN2 ?>B&1
OR? NJL?NN2 92)$$)R9 1LOL)NR <N2 L->
BN"7$>L> >RL>2LO)R)R9 >G7>2)>RB>6
QO$&)R9 ?)1LORB> LN LNIRA ()1BN
@2>I>2FA @O2L$>LL31 HO2" OR? "JB-
"N2>6
7B8@B>B' $ 9*
DISTINCTIVE PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION
0+)/ "(."%&"! "#*'$*
%"%$#!&'$ LIST YOUR PROPERTY TODAY
(800) 366-3975 | sales.realestate@wsj.com
For more information visit: wsj.com/classifieds
, &%)' "!' -.07/*%( +
./ 6;% ?49%6 <3-(5 -" -# 83@=%1-/6 *2%'
6;9: ;-1% 9: (3-:% 6- @33 -# 6;% 7%=5%3%0 @/&
,-(5=9&!% @1%/969%:) A;% 3%2%3 3-6 +=-29&%:
@ :4//0 !@=&%/ > 6;% 4+&@6%& 596(;%/ @/&
<@6;: 1@5%: 6;9: ;-1% =%@&0 6- 1-2% 9/$
)58 2%$(77 & 1+*,/ .0,9","!
-58'8%%(773#-46%58 031$ 8 /1# 8 4-652*6***
7"%" ;#8&"
*1".36 (5A/<6A-
2/,-103-)1/0
9*>C8B),,!4=?=+2),?!:+004 © 202& Dow Jones & Company, Inc. All Rights %#!#"(#$'
P2JW302000-0-M01100-1--------XE

THE WALL STREET JOURNAL. Friday, October 29, 2021 | M11

ADVERTISEMENT

Distinctive Properties
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

+*,458(57
,+5-6-1
#"#!

N + # & . 8 6 > + HL

76)8,&5* 0'#'*! ,3 " 76335*5-( 26-7

F$. )$7> 2:#& >/>7 86 2:> 28)> 2$ +$$- <$7.#7@L
(&27$@0K8&; *> 3#2:>7 8& BH6$&6A '87;8&8#=
# <$7.#7@92:8&-8&; @>628&#28$& <$7 2:$6> 41 #&@ M>22>7L
?$7;>2 .:#2 H$0 2:$0;:2 H$0 -&>. #M$02 6>&8$7 +8/8&;L
(&J087> 2$@#HL

;/8+9 +'.5.()) 4 -&0#6-&03-<1!"152!#

%!$#% (" &')

36(-5))
:%3-=6$ 85-(5* $ 5#5*86)5
*",!3#6-%!" 70#%"63)('76, $ 6-7,,* +,,0
%>@&>6@#HA $ )+" "5A
?>M70#7H $ *5)("'*"-() 5&5-(
"GIGG #L)L $,BL 0"%-#2 $2:>)#2:>72H6$&6LK$)
DC'E %"026-1 +"(/) $ 8,-865*15 $ *,,3(,+
$7 >)#8+ 80'9 *,,. $ 7,1 +"*2
8&<$!2:>)#2:>72H6$&6LK$)L

AUCTIONS TENNESSEE

. H 6 # 3 * ( 3 "!*! 3 ! 3* ' I & !J 3 & *! I % &

%!"& !$#"#!
"#!$(&'% * '% & 0"! 3 >3 #5 ; # % G 3 # *0 3
&!# :$I6L +L$1 "B )/2F1L 40 G5L @/F0GIB I$03LN "B 8L$2+IL0NH +5L +5/FH$0N' $H $NELIG4HLN 40 +5L ($22 -GILLG ;/FI0$2 O#O!

I& L%@" (!FFJ

')?-79? D!J!,6!>
D%@/)@/ 8,7C H.E+ ?7 A:.E+ %#

;,FN#X!VI- #C
$ <4152.E+ *# G@ K%#=79/%FF D"
'%.4,/4254 )14
NDNINV- #C

!%&&'#'$"'
$ (?%?! B)/-3%0 <A

V.(/%!#;F.''N- #C
$ <5H ;!%,"J B7FF73 D7%"

T,#1!V;- #C + 05 " + 4 % . 4 , ) * & / ) 1 3 + 0 !" + 5 0 22 4 5 )/ 0 2 *

$ : L%3,!@#! D7%"
) 1 ,0 ( 31 ) 1 4 #$ ! ,0 - 4 ," 3 4 / 2 ) 1 4 2 " ) / 02
GW+ !=?W=) !=?3 #:5 9$ Y 9P
BL %9#?)7@=)L4:SU7@:>

&227&297&22K
4W??WB>R%9#?)7@7@:>M'B=+
I& X/.'.X V7 /N.'.0NV VN '.( 92K99J2POO9Q E.''.,%T
A E.''.,%T %V*I0 TVF(T- .#(7 VN '.(
92<<99"J&7 $8 GHCNV6T XVN%.H%7

FLORIDA FLORIDA

*!/$ -)"%" )0 ) +., .!#& '#/( %'$ C<03, /=G4 @9=ID* )=DB 84=7,

3E=4 04@<.'5# ; ,<

8/54# (E+$E 6F#=/EE25+A
(>*-C5E+:>5C GE/" (E.=:#@ +96FF1F7 CF= ?C?: 2F()D3F #"8-&#"'!8; 5<9C9: 3194 "A$%*&(
6""#=#$ *4 17)%!?? 8.=E: DF 94: 2F9?C@DC<9C, EC9:?3C0 1F B?1G: /C,G 8:C@4 ,D@C91DF'
(E+4*'4& 3=#"#==#$ 3=EC#=4B 2H7D06IK4 -4J +1149I?. ( :A#*>''*''' *BC4E9 ;2:D) - >:+<,D:2 =42D7E@$29<,1 - *D)E4 '+GE112
9#4DE=2% <<( 5,9I63I=? ;?.D4 E4=D 263=34 F "!&(!%>($'&"
*%"$() ..+ &-' #,+! 333';F7,:-:C,5<9C9:'@DG H @.CF7,:>CF7,:?:C,:<9C9:'@DG *+0-+.,-+44+
8 8 8F ? *8 & ' = G 3 & & * 0 # % A $F = % '
/ ! J 3 ? *8 & ' = G 3 & & * 0 # % A $

NOTABLECOMMERCIAL 9 $ 7 " ( 3 6 2 % # 2 $ & 8 6 % # 9 3 )$ " ( 6 " $ ! ( ' 8 5 ( 3 1 6 / # 9 9 ( 1 ! $

PROPERTIES
EVERY WEDNESDAY (800) 366-3975 8L$2 LHG$GL $6L0GH $77424$GLN D4G5 @/2NDL22 A$03LI 8L$2GB $IL 40NL.L0NL0G P/0GI$PG/I H$2LH $HH/P4$GLH' 0/G L1.2/BLLH% ,O#O! @/2NDL22 A$03LI 8L$2GB% K22
8465GH 8LHLIELN% @/2NDL22 A$03LI 8L$2GB 7F22B HF../IGH G5L .I40P4.2LH /7 G5L >$4I </FH406 KPG $0N G5L ?JF$2 9../IGF04GB KPG% 9D0LN "B $ HF"H4N4$IB /7 8L$2/6B
For more information visit: wsj.com/classifieds AI/3LI$6L =I/F. ::@% @/2NDL22 A$03LI' G5L @/2NDL22 A$03LI 2/6/' @/2NDL22 A$03LI =2/"$2 :FCFIB $0N G5L @/2NDL22 A$03LI =2/"$2 :FCFIB 2/6/ $IL IL64HGLILN
HLIE4PL 1$I3H /D0LN "B @/2NDL22 A$03LI 8L$2 ?HG$GL ::@% *-/FIPLM &!# :$I6L +L$1 "B )/2F1L 40 G5L @/F0GIB I$03LN "B 8L$2+IL0NH +5L +5/FH$0N' $H $NELIG4HLN
40 +5L ($22 -GILLG ;/FI0$2 O#O!
© 2021 Dow Jones & Company, Inc. All Rights Reserved.
P2JW302000-0-M01200-1--------XA
M12 | Friday, October 29, 2021
Michigan’s
Wine Country
Continued from page M1
Modroo already has put the finish-
ing touches on what may be his last
harvest. In 1998, Mr. Modroo, an en-
ergy-company executive, and his
wife, teacher Bonnie Modroo, relo-
cated to Michigan from Montana af-
ter buying a 5-acre cherry orchard
on the west arm of Grand Traverse
Bay. They paid $500,000 for the
property, which came with a modest
two-bedroom ranch house. They re-
placed the house a few years later,
spending $800,000 to build a 3,800-
square-foot, four-bedroom home
with multiple terraces and lavish
bay views. In 2014, they tore out
the aging fruit trees and replaced
them with 1.5 acres of white Char-
donnay grapes, at a cost of about
$200,000.
Today, the couple, in their late
60s, aim to downsize to an area
condo or live-in boat, while con-
tinuing to divide their time be-
tween Leelanau, Florida and Mon-
tana. They put their vineyard,
which supplies grapes to local
winemaker Brengman Brothers, on
the market for $2.5 million.
Thanks to people like the Cifuen-
teses and the Modroos, Leelanau
County, once a summer-cottage en-
clave best known for midsummer
cherry crops and midwinter snow-
storms, is being transformed into a
year-round destination and cutting-
edge wine region. Premium-wine-
making in the area dates to the
1970s but has expanded rapidly over
the past few years, with vineyards
starting to outnumber the area’s
signature cherry orchards.
New vineyard buyers, including
California wine experts from Napa
Valley, are putting down roots in
the sandy soil and hilly terrain
around Michigan’s Grand Traverse
Bay. At the same time, luxury
house hunters from as far away as
Texas and New York are buying
into the area’s four distinct sea-
sons, private beaches and expand-
ing wine-tasting scene.
Home prices are up all over the
U.S., but luxury sales are setting
local records in Leelanau County
and its Grand Traverse Bay neigh-
bor, Old Mission Peninsula.
Ted Schweitzer, a real-estate
agent based in Traverse City, the
area’s hub, says sales above $1
million in Leelanau County more
than doubled over the past five
years, from 22 in 2016 to 48 in
2020. There already have been 49
such sales recorded in 2021, with
three months to go.
On Old Mission Peninsula,
which juts out from Traverse City
into Grand Traverse Bay, sales
over $1 million that averaged
about 12 a year between 2016 and
2020, have surged to 23 so far in
2021, says Mr. Schweitzer.
Waterfront homes get top dol-
lar, with buyers choosing between
the coast of Lake Michigan proper,
the east and west arms of Grand
Traverse Bay, and a number of in-
land lakes.
Peter Fisher, a Leelanau-area
real-estate agent with Coldwell
Banker Schmidt, says the commu-
nities of Glen Arbor and Leland
maintain their status as the most
exclusive corner of the market.
This summer in Leland, a five-
bedroom, six-bathroom home on a
2/3-acre lot between Lake Michigan
and inland Lake Leelanau had mul-
tiple cash offers and sold within 48-
hours, says Kimberly Bork, of Ven-
ture Properties, the agency that
handled the sale. The property sold
for $3.8 million, $310,000 over the
asking price.
Although waterfront access is
still the most prized amenity for
luxury buyers, says Mr. Fisher, wine
FOR SALE ON OLD MISSION AND LEELANAU PENINSULAS
$2.095 million
Old Mission Peninsula
4 bedrooms, 4 bathrooms
A refurbishment inspired by Prairie-style architecture,
marks this 4,360-square-foot house, located on a 1.37-
acre lot with a private shoreline and its own dock.
Agent: Ted Schweitzer, Real Estate One
$500,000 for the $800,000 to build
property in 1998 a new house
Mari Vineyards, Old Mission Peninsula
is a growing factor in home sales.
He says there are now high-end
buyers who discover the area
through wine tourism, so even
those who have no intention of
growing their own grapes want to
be near the wineries and their tast-
ing rooms.
23
Local winemakers may
source grapes with off-
site, small-scale vine- Number of sales
yards, and Mr. Fisher di- of properties above
vides wine-related $1 million on Old
buyers into hobby grow- Mission Peninsula
ers, who opt for an acre in 2021, to date
or so of vines, to people
interested in starting their
own wineries on 24 acres or
more.
Recent Leelanau buyer Andrew
$5.65 million
Leelanau County
5 bedrooms, 5.5 bathrooms
The 7,061-square-foot home on 1.09 acres features
fieldstone fireplaces in the living room and kitchen. It
has 153 feet of private Lake Michigan shoreline.
Agent: Peter Fisher, Coldwell Banker Schmidt Realtors
MANSION
$200,000 to plant 1.5 acres
of Chardonnay grapes
Brengman Brothers winemaking facilities
McCarthy, 36, a New
York City real-estate de-
veloper, says he has wit-
nessed the impact that wineries
have had on the area, where he
The Modroo home has a living room with a brick-lined
fireplace, left, and a terrace off the kitchen, above.
Asking price:
49
Number of sales
$2.5 million of properties above
$1 million in Leelanau
County in 2021,
to date
Mari Vineyards, above, grows its
own grapes and holds events in its
upscale tasting room, left.
spent summers with his Grand Rap-
ids family. “I think the vineyards
are fun and a huge value-add to the
area,” he says, adding that vine-
yard-hopping by bike between Sut-
tons Bay and Traverse City has be-
come a favorite activity of his.
In June, Mr. McCarthy and his
wife, Kelley McCarthy, 33, a mar-
keting executive, together with an-
other couple, paid $1.975 million
for a 7¼-acre compound overlook-
ing Lake Michigan near Northport,
at the top of Leelanau County.
Purchase price in 2021
$750,000
Lyle Cifuentes, left, and her husband bought a Leelanau vineyard with
partner Scott Muschong, right, and relaunched it as Three Trees Vineyard.
THE WALL STREET JOURNAL.
They plan to spend upward of
$550,000 on a renovation of
the main house, a 3,600-
square-foot, decade-old
three-bedroom.
The compound’s cottage,
a seasonal, knotty-pine
structure dating to the
1940s, will get only minor up-
grades, says Mr. McCarthy, “to
keep the charm.” The property also
comes with 426 feet of private
sandy beach.
Leelanau and Old Mission are
on the 45th Parallel, the wine
world’s magic number in the
Northern Hemisphere, uniting ar-
eas such as Bordeaux, France; It-
aly’s Piedmont region, home to
Barolo reds; and Oregon’s Willam-
ette Valley. Latitude suggests the
amount and quality of available
sunlight, but this corner of Michi-
gan also is snowy. As it turns out,
the snow helps to protect the
vines, says Sean O’Keefe, wine-
maker for Old Mission Peninsula’s
Mari Vineyards. “The snow covers
the vines like a blanket,” he says,
FROM TOP: TONY DEMIN FOR THE WALL STREET JOURNAL (2); MARTIN HAAKE (MAP); TWO TWISTED TREES PHOTOGRAPHY LLC (2, MARI VINEYARDS); JERRY STUTZMAN (BRENGMAN BROTHERS); KRISTEN TURICK PHOTOGRAPHY (OLD MISSION PENINSULA); ERIN ATTWOOD/DUNE LIFE PHOTOGRAPHY (LEELANAU COUNTY); THREE TREES VINEYARD INC. (2, CIFUENTES)
“which keeps the ground and vine
roots from freezing.”
Later, Lake Michigan and its
Grand Traverse Bay offshoot help to
keep temperatures moderate until
early November.
Mari uses everything from ex-
otic Italian grape varietals to Ries-
ling, the Central European grape
that has helped to give area wines
a national following.
Douglas Olson, a recent Califor-
nia wine-country transplant, says
the relatively short growing season
makes the Leelanau-Old Mission re-
gion ideal for sparkling wines. Mr.
Olson, armed with French graduate
degrees in
winemaking, is
shopping for
vineyard prop-
erties in the 10-
to 20-acre
range.
The
Modroos credit
the quality of
their grapes to
their lot’s mi-
croclimate.
“We have flow-
ers on our
porch until
Thanksgiving,”
says Mr. Modroo.
Many high-end homeowners
prefer facing west to enjoy sun-
sets over water, but the Modroos,
self-taught winegrowers who con-
sulted YouTube in their early
years, save their westernmost ex-
posure for their grapes.
The couple’s winemaker, Robert
Brengman, also grows grapes in
the county on his own three vine-
yards. Offseason, they become sce-
nic signposts on the area’s cross-
country ski trails.
“Ten years ago, there was noth-
ing to do in winter here because
everything was closed,” says Mr.
McCarthy. “Now it’s a great time.”
Mr. Brengman keeps his vine-
yard tasting room open through-
out the winter, and Farm Club—a
new restaurant that bottles house
wines with local vineyards and
owns its own farm—has a popular
midwinter fire-pit restaurant pop-
ular with year-round residents and
owners of second homes, who
sometimes arrive on skis or by
snowshoe.
In April, a 2,600-square-foot,
three-bedroom home not far from
Farm Club sold for $1.725 million.
It is on a 1.14-acre lot, with sunset
views over Lake Leelanau.