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DJIA 33629.56 À 254.07 0.8%
What’s
News
Business & Finance
icrosoft said it is mak-
M ing a multiyear, multi-
billion-dollar investment in
OpenAI, substantially bol-
stering its relationship with
the startup behind the vi-
ral ChatGPT chatbot. A1
 Big banks are teaming up
to launch a digital wallet that
people can use to shop on-
line. It would be managed by
EWS, the bank-owned com-
pany that operates the money-
transfer service Zelle. A1
 U.S. stocks climbed,
with the S&P 500, Nasdaq
and Dow industrials post-
ing gains of 1.2%, 2% and
0.8%, respectively. B1
 Musk said he had fund-
ing to take Tesla private
when he floated the idea
in 2018, as he testified in a
case brought by investors
who say they lost money
by acting on his tweets. B1
 Ritchie Bros. agreed to
amend the terms of its pro-
posed acquisition of IAA
with the backing of Star-
board, a move that won
over a major investor that
had challenged the deal. B1
 Spotify is laying off about
600 employees, or roughly
6% of its workforce, as part
of broader cost-cutting
measures after the company
went on a spending spree
during the pandemic. B1
 Citadel made $16 billion
for its investors last year,
the largest annual gain
ever made by a hedge-fund
firm, according to research
from LCH Investments. B11
 Elevance Health said it
agreed to acquire nonprofit
health insurer Blue Cross and
Blue Shield of Louisiana. B3
World-Wide
 Four members of the
Oath Keepers were found
guilty of seditious conspir-
acy in connection with the
Jan. 6, 2021, attack on the
U.S. Capitol, in the latest
criminal convictions against
the far-right group. A4
 A jury convicted an Ar-
kansas man who posed
for photographs with his
feet on a desk in then-
House Speaker Pelosi’s of-
fice during the riot. A4
 The White House didn’t
commit to providing infor-
mation to House Republicans
investigating how classified
material wound up in Biden’s
private home and former of-
fice, as Biden’s team continued
to face sharp questions. A4
 A former high-level FBI
agent was indicted on
charges he violated U.S.
sanctions by accepting se-
cret payments from Russian
businessman Oleg Deri-
paska for work he did inves-
tigating a rival oligarch. A3
 Most people would get
one Covid-19 shot annually,
as they do with the flu
shot, under FDA proposals
for simplifying the nation’s
Covid vaccine procedures. A3
 Fighting intensified in
Ukraine’s strategically im-
portant south, where Mos-
cow claims it is making
advances, while Kyiv waits
on heavier weapons from
its Western allies. A6
 Turkey’s Erdogan issued
a new threat to block Swe-
den’s entrance to NATO af-
ter a far-right politician
publicly burned a copy of
the Quran in Stockholm
over the weekend. A6
CONTENTS
Arts in Review.... A11
Business & Finance B2
Business News.. B3,6
Crossword............... A11
Equities....................... B8
Heard on Street. B12
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * TUESDAY, JANUARY 24, 2023 ~ VOL. CCLXXXI NO. 18 WSJ.com HHHH $5.00
NASDAQ 11364.41 À 2.0% STOXX 600 454.49 À 0.5% 10-YR. TREAS. g 11/32 , yield 3.522% OIL $81.62 g $0.02 GOLD $1,927.10 À $0.70 EURO $1.0874 YEN 130.67
At Least Seven Are Killed in Second California Rampage Microsoft
To Invest
Billions
In AI
Startup
Software giant builds
on relationship with
NHAT V. MEYER/BAY AREA NEWS GROUP/ASSOCIATED PRESS
ChatGPT developer
with multiyear push
BY BERBER JIN
AND MILES KRUPPA
Microsoft Corp. said it is
making a multiyear, multibil-
lion-dollar investment in
OpenAI, substantially bolster-
ing its relationship with the
startup behind the viral Chat-
GPT chatbot as the software
giant looks to expand the use
TRAGIC: First responders were at the scene of one of the two related shootings Monday where at least seven people were of artificial intelligence in its
killed in Half Moon Bay, Calif., authorities said, two days after a separate mass shooting in the state killed 11 people. A3 products.
Microsoft said Monday that
the latest partnership builds
Hopes for a Markets Recovery
upon the company’s 2019 and
.
2021 investments in OpenAI.
The companies didn’t dis-
ly
close financial terms of the
partnership. Microsoft had
Hinge on Big Drop in Inflation
been discussing investing as
on much as $10 billion in OpenAI,
according to people familiar
with the matter. A representa-
tive for Microsoft declined to
comment on the final number.
us ,
BY MATT GROSSMAN Hopes for a quick return to rose 1.2%, led by advances in companies are laying off work- OpenAI was in talks this
l
2% inflation have encouraged the tech sector. The tech-heavy ers and reducing earnings esti- month to sell existing shares
e
al a
Behind this year’s improved bets that the Fed will pause Nasdaq Composite gained 2%, mates. Meanwhile, China’s eco- in a tender offer that would
start for markets lies a broad and even reverse its interest- adding to the recovery among nomic reopening and a still- value the company at around
wager that inflation will soon rate increases this year. Rate shares that suffered most as tight labor market both add $29 billion, The Wall Street
ci on
post a once-in-a-generation rises pummeled stocks and rates increased last year. inflationary pressure that could Journal reported, making it
decline. bonds in 2022, and a possible Many Wall Street strategists, prompt Fed rate increases be- one of the most valuable U.S.
Market-based gauges of in- respite has sent both higher in however, are warning that a yond those currently expected. startups on paper despite gen-
flation expectations project the January. The rally has ex- painless end to elevated infla- Avoiding a serious down- erating little revenue.
annual pace of rising prices tended to some of the riskier tion will be difficult to achieve. turn while inflation falls The investment shows the
er s
will drop in the months ahead assets that had stung investors Previous episodes of inflation quickly would be a “Goldilocks tremendous resources Micro-
roughly as rapidly as during hardest last year, such as bit- suggest that it rarely falls as scenario,” said Liz Ann soft is devoting toward incor-
m er
the recession that followed the coin and the ARK Innovation quickly as markets are now Please turn to page A2 porating artificial-intelligence
2008 financial crisis—or when exchange-traded fund, known forecasting that it will in the software into its suite of prod-
Federal Reserve Chairman Paul for its focus on fast-growing absence of a serious recession.  Stocks rise as investors bet ucts, ranging from its design
Volcker used double-digit in- tech companies. Economic data released last on shift by the Fed................. B1 app Microsoft Designer to
terest rates to crush the soar- Stock gains continued on week showed signs of weaken-  Heard on the Street: Is a search app Bing. It also will
m rp
ing inflation of the late 1970s. Monday, when the S&P 500 ing consumer demand. More recession looming?................B12 Please turn to page A7
Banks Look Into
Brazil, Argentina Eye a Common Currency
co Fo
Rival Digital Wallet
BY ANNAMARIA ANDRIOTIS include Capital One Financial
Corp., PNC Financial Services
Big banks are teaming up Group Inc., U.S. Bancorp and
to launch a digital wallet that Truist Financial Corp.—plans
people can use to shop online. to begin rolling out the new
LUIS ROBAYO/AGENCE FRANCE-PRESSE/GETTY IMAGES
Wells Fargo & Co., Bank of offering in the second half of
America Corp., JPMorgan the year.
n-
Chase & Co. and four other One goal of the new service
banks are working on a new is to compete with third-party
product that would allow wallet operators such as Pay-
shoppers to pay at merchants’ Pal Holdings Inc. and Apple
no
online checkout with a wallet Inc.’s Apple Pay, according to
that would be linked to their people familiar with the mat-
debit and credit cards. ter. Banks are worried about
The digital wallet would be losing control of their cus-
managed by Early Warning tomer relationships. Apple, in
Services LLC, the bank-owned particular, poses a big threat.
company that operates money- The tech giant has moved fur-
transfer service Zelle. The wal- ther into financial services and
Brazil’s President Luiz Inácio Lula da Silva, left, and Argentina’s President Alberto Fernández let, which doesn’t have a name is working on a savings ac-
met Monday for talks on creating a common currency to reduce reliance on the U.S. dollar. A16 yet, would operate separately count with Goldman Sachs
from Zelle, EWS said. Group Inc. and a buy-now,
EWS—whose owners also Please turn to page A7
Juvenile Crime Surges,
Wetsuit Shaming Divides INSIDE
San Francisco Bay Swimmers
Reversing Decline
i i i
The rift, between those who suit up
and those who don’t, is legendary Rise in violence brings growing toll of
young victims; ‘It’s just kids killing kids’
BY ROBERT MCMILLAN Ms. Gower recalls the
swimmer saying: “You can just BY DAN FROSCH bullet struck the pavement JASON GAY
SAN FRANCISCO—A year let the ocean take that. Let it AND ZUSHA ELINSON in front of her, authorities Don’t disrespect the
ago, Adele Gower used to float away.” say. Another pierced her
cherish daily 90-minute swims Cold-water immersion is A 13-year-old boy ran stomach. She was rushed in
Eagles and Bengals,
each a win away from
in the frigid Bay here. Now she having a moment these days, through the Bronx streets critical condition to Lincoln
can only stand it for 30 min- with growing numbers of fans one May afternoon last year, Hospital 2 miles away, where the Super Bowl. A12
utes. plunging into low-tempera- chased by two teens on a she died that night.
She abandoned her wetsuit tures to try to feel better. But scooter. Surveillance video Violence among children
after being shamed by fellow in San Francisco, the chatter showed him frantically try- has soared across the coun-
Markets..................... B11 San Francisco Bay about chilly wa- ing to open the doors of an try since 2020, a stark rever-
Opinion.............. A13-15
Personal Journal A9-10 swimmers—a pecu- ter goes much assisted-living facility. The sal of a decadeslong decline
Sports........................ A12 liar, zealous breed, deeper than in scooter peeled onto the side- in juvenile crime.
Technology............... B4 who jump off boats most places. walk and sped toward him. A In the U.S., homicides
U.S. News............. A2-4
World News. A6-7,16
near Alcatraz Island Cold shoulder It is home to the 15-year-old boy riding on the committed by juveniles act-
and swim with seals great wetsuit divide. back pointed a handgun and ing alone rose 30% in 2020
in the city’s Aquatic Park. The wetsuit has a long his- fired multiple times, police from a year earlier, while
> One day while struggling to tory in San Francisco, popular- say. those committed by multiple BUSINESS & FINANCE
take her wetsuit off, a swim- ized by Jack O’Neill in 1952 to Nearby, 11-year-old Kyhara juveniles increased 66%. The Musk testifies he had
mer friend—a burly former ward off hypothermia in surf- Tay stood outside a beauty number of killings commit-
Marine—came in to help her. ers. With the water hovering salon after school, eating ted by children under 14 was
funding backed by
“He wades into the water and just above 50 degrees this chicken wings and waiting the highest in two decades, Saudi Arabia to take
grabs my wetsuit and he just month—and air temperature for her friends to finish get- according to the most recent Tesla private in 2018. B1
yanks it right off,” she says. Please turn to page A8 ting their nails done. A stray Please turn to page A8
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Tuesday, January 24, 2023
Some Groups’ Wages Far Outpace Prices
Median earnings rose Weekly earnings, change from a year earlier
by 7.4% in 2022, with By earnings level*
biggest gains for Black
and younger workers 10%
BY GABRIEL T. RUBIN
Black workers, young work-
ers and people on the bottom
of the income scale were
among those who saw the larg-
est pay increases last year,
when employers were readily
handing out raises in a tight
labor market and high inflation
environment.
Median weekly earnings for
all workers were 7.4% higher,
year over year, at the end of
2022, according to an analysis
of newly released Labor De-
partment data. That outpaced
the consumer inflation rate of
7.1% in the fourth quarter, from
a year earlier.
For some workers, the gains
were larger. The median raise
for Black Americans employed
full time was 11.3%, compared
with the prior year. Weekly
pay for workers aged 16 to 24
rose more than 10%. The bot-
tom 10th of wage earners—
those that make about $570 a
week—saw their pay increase
by nearly 10%.
The pay increases were wel-
come relief for those groups
who have experienced “de-
cades of pain” in the labor
market, said Aaron Sojourner,
Recovery
Hinges on
Inflation
Continued from Page One
Sonders, chief investment
strategist at Charles Schwab.
“Pretty much everything
would have to go right.”
For now, markets are hold-
ing relatively steady. Despite
wavering last week, the S&P
500 has gained 4.7% so far in
2023. Bonds have rallied. Trea-
sury yields and derivatives
markets are both reflecting
bets that the consumer-price
index will rise by about 2%
through January 2024.
At Monday’s close, U.S.
Treasury notes set to mature
in January 2024 were yielding
around 4.7%, while inflation-
protected Treasurys that come
due the same month were
yielding about 2.7%, according
to Tradeweb. The difference
between those figures, called
the break-even inflation rate,
suggests that Treasury traders
are betting the consumer-price
index will rise by about 2%
over the next 12 months.
Wagers on contracts known
as CPI swaps, another way of
betting on future inflation
rates, show traders forecasting
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By race* By age group*
Bottom 10% Black
5 high school saw outsize gains.
0 growth for workers with less
–5 Overall, all workers 16+
2018 '22
Top 10%
10%
5 lor’s degree or higher.
0 median worker without a high-
–5
*Reflects earnings of full-time
wage and salary workers
†Reflects earnings of full-time
wage and salary workers
age 25 and older
Note: The data reflect median
earnings for the listed group,
with the exception of the 10th
and 90th percentile groups.
Source: Labor Department
an economist at the Upjohn In-
stitute for Employment Re-
search.
“It’s been a struggle for
inflation of about 2.2% in the
next year.
Those figures, if realized,
would represent a historically
rapid decline.
In June, the year-over-year
increase in the CPI hit 9.1%, the
highest since the early 1980s. If
inflation falls to 2% by next
January, that roughly 7-per-
centage-point decline would
closely compare to a similar-
size drop that played out be-
tween August 2008 and July
2009, when inflation declined
to minus 2.1% from 5.6%—in the
er s
midst of a historic recession.
Before that, inflation hadn’t
m er
fallen so fast within 20 months
since Mr. Volcker’s early-1980s
rate-increase campaign. The
previous episode came as the
economy normalized after the
m rp
start of the Korean War.
Bob Michele, chief invest-
ment officer for J.P. Morgan
Asset Management, cautioned
that it is premature to assume
co Fo
that inflation will continue an
orderly drop through the rest
of 2023. If it flares up again,
the Fed could resume raising
rates, he believes. Mr. Michele
is telling clients to avoid vul-
nerable debt investments.
“There are a lot of reasons
for the Fed to pause and see
what happens, but there are
also a lot of reasons they may
have to go and keep hiking,”
Mr. Michele said.
n-
Monica Defend, head of as-
set manager Amundi’s research
no
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* **** THE WALL STREET JOURNAL.
U.S. NEWS
Wages by education
time Asian workers was
Better pay raises late last $1,496, and white workers
By education† year went to workers who at- earned $1,111.
16-24 Bachelor's degree tended college, a reversal from
and higher earlier in the pandemic when Wages by age group
those who hadn’t completed The rate of raises between
workers ages 16 to 24 and
The annual rate of wage other age groups widened in
2022.
than a high school diploma It isn’t unusual for young
touched a recent peak in the workers to experience faster
2018 ’22 2018 ’22 2018 ’22 second quarter of 2022, when wage growth in percentage
it was up 11.1% over the prior terms, largely because they
year, higher than the 7.6% typically start from the lowest
Asian 25-54 Some college
wage growth during that pe- base.
riod for workers with a bache- That youngest cohort, earn-
ing a median of $716 a week,
But by the end of 2022, the ended the year with 10.8% an-
nual wage growth, compared
school diploma was making with 7.2% for the next-stron-
$675 a week, or 3.7% more gest group, aged 25 to 54.
than during the last quarter of Older workers, those in the
White 55-64 High school diploma 2021. The median worker with 55-64 bracket and those over
10%
at least a bachelor’s degree 65, who often start from
5 saw 5.5% wage growth from a higher bases, saw the slowest
year earlier to $1,547 a week. wage growth last year, at 2.8%
0 and 3.9%, respectively.
Wages by race
–5 The median Black worker’s Wages by earnings level
weekly pay increased at the The lowest-paid workers
Hispanic 65+ Less than high school fastest rate among those mea- saw larger raises last year than
10%
sured, growing to $896 from the top 10% of wage earners.
5
$805 a year earlier. The me- Those in the bottom 10%
dian Hispanic or Latino worker saw weekly pay grow 9.8%
0 saw a 4.8% raise to $837 a from a year earlier at the end
week. White and Asian work- of 2022, to $571 a week. The
–5 ers saw wage growth slightly top 10% received a raise of
2018 ’22 2018 ’22 2018 ’22 higher than the overall work- 5.7%, to $2,584 a week.
force. Gains for low-income and
those folks to find a produc- and success.” Still, white and Asian work- low-skilled workers drove
tive place in the community Here is a look at which ers continued to earn far more broader wage growth through-
.
where they can contribute Americans saw the largest, and than other racial groups. Me- out the post-reopening period
and earn and build families smallest, raises in 2022. dian weekly earnings for full- of the pandemic.
ly
on Annual CPI inflation
15%
sistently underestimated how
rapidly prices have actually
risen. Last year’s unexpected
year, rate increases hit the
housing market hard by mak-
ing mortgages more expensive.
Periods when inflation fell by seven inflation surge sent the Fed Analysts who expect CPI in-
percentage points or more in the
rushing to tame rising prices, flation to rapidly cool this year
course of 20 months or less
prompting rate increases that point to a big fall in energy
us ,
10
helped send the Nasdaq down prices since last summer, as
l
33% in 2022. well as easing price increases
e
al a
The past three months, how- for food and some commodi-
5 ever, have brought renewed op- ties in recent months.
timism for cooling inflation and But even if inflation de-
ci on
an end to the Fed’s increases as clines as sharply as traders
soon as March. December’s 6.5% now predict, stocks might
0
inflation rate was the lowest struggle anyway if the econ-
since late 2021. The Fed slowed omy lists into a recession as
the pace of its rate increases in inflation falls.
-5 that month and is widely ex- One classic recession warn-
1955 '60 '65 '70 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 pected to do so again on Feb. 1. ing light has been flashing since
Rosy assumptions have this past summer: For months,
Total returns* helped assets that were badly yields on short-term Treasurys
bruised last year get off to a have held above those on lon-
2023 year to date† brisk start in 2023. The ARK ger-term debt, a reversal of the
S&P 500 2022 Innovation ETF, a fund that norm and a signal investors ex-
bets heavily on growing tech- pect slowing growth and rate
nology companies, has gained cuts in the future.
Nasdaq Composite
more than 21% this year. The That provides a strong rea-
tech-heavy Nasdaq Composite, son to doubt the sustainability
ARK
Innovation
which slumped worse than of the current stock rally, said
ETF other indexes last year, is now Chris Verrone, head of techni-
outgaining them. Even bitcoin cal and macro research at
Bitcoin has rallied after a calamitous Strategas. “We can’t be blindly
2022, rising 39% versus the long risk assets when the yield
–60% –40 –20 0 20 40 dollar so far this year. curve does not yet suggest
More-sedate sectors also that we’re on the other side of
*Include price changes and dividend payments. †As of Jan. 20
Sources: WSJ analysis of Labor Department data (inflation); have been boosted by assump- this,” Mr. Verrone said.
FactSet (S&P, Nasdaq, ARKK); Coindesk (bitcoin) tions of a painless end to soar-
ing inflation. Home-building
institute, also is concerned the approach to equities. “We stocks have climbed since mid- Watch a Video
inflation consensus is too opti- don’t believe that 2% is a feasi- October, even though Wall Scan this code
mistic. She projects that the ble target right now,” Ms. De- Street analysts have slashed for a video on
annual rate will fall no lower fend said. estimates for the industry’s fu- whether the Fed
than 4% in the next 12 months. Since 2021, traders’ year- ture profits, Ms. Sonders of is pushing too
Amundi is advising a cautious ahead inflation bets have per- Schwab has observed. Last hard on rates.
U.S. WATCH
IOWA firing at them just before 1 p.m. Parizek. The students were Santos, who has admitted to ly-
local time, authorities said. brought to a local hospital but ing about his education and
Shooting at Youth The gunfire broke out inside couldn’t be saved, he said. work experience, should resign,
Center Kills Two a common area used by the Mr. Holmes, 49, is hospital- according to new poll figures.
Starts Right Here education pro- ized in serious conditio.n. The Nearly 6 out of 10 New York
Two students at an Iowa ed- gram in Des Moines founded by surviving victim was in serious voters said Mr. Santos should
ucation center for at-risk youth local activist William Holmes, condition and expected to have step down, according to a poll re-
died Monday in what authorities police said. surgery, he said. leased Monday by the Siena Col-
said was a targeted shooting Mr. Holmes, an advocate for —Talal Ansari lege Research Institute. More than
that also left the organization’s youth programs and a rapper 60% of Democrats said the New
president seriously wounded. who performs under the name NEW YORK York congressman, who repre-
Two male students, 18 years Will Keeps, was wounded in the sents parts of Nassau County and
old and 16 years old, were fa- incident, according to Des Poll Shows Majority Queens, should resign, according
tally shot when a suspect iden- Moines police. Want Santos to Quit to the poll. Nearly half of Republi-
tified by Des Moines, Iowa, po- First responders performed cans said he should leave office.
lice as Preston Walls, 18, pulled CPR on the victims found at the Most New Yorkers say Long Mr. Santos, 34, has admitted
out a 9 mm handgun and began scene, according to Sgt. Paul Island Republican Rep. George to lying about working at Gold-
man Sachs Group Inc. and Citi-
group Inc. but has repeatedly
THE WALL STREET JOURNAL
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
FDA
Proposes
Annual
Covid-19
Vaccine
BY LIZ ESSLEY WHYTE
Most people would get one
Covid-19 shot annually—as they
do with the flu shot—under
Food and Drug Administration
proposals for simplifying the
nation’s Covid-19 vaccine pro-
cedures.
The drug regulator also pro-
posed that people getting vac-
cinated for the first time re-
ceive vaccines that target
Omicron and the original strain
of the coronavirus.
The proposals, outlined in
materials the FDA released Mon-
day, would mark the biggest
changes to Covid-19 vaccinations
since boosters rolled out and are
a sign of the nation’s shift to a
more endemiclike approach to
the coronavirus.
Vaccine experts who advise
the FDA are scheduled to meet
Thursday to discuss the pro-
posals. The advisers are sched-
uled to vote on whether to give
the bivalent shot as the initial
inoculation, as is already al-
lowed in Europe.
If adopted by the FDA, the
changes would streamline a
complicated regimen of initial
vaccinations and subsequent
boostings, which has different
recommendations for different
ages and different shots.
Some health experts blame
the confusion created by the
complicated scheme for deter-
ring some people from getting
the latest boosters, though ex-
perts also attribute the rela-
tively low uptake to other fac-
tors including lack of awareness.
Under current rules, people
receive the initial Covid-19 vac-
cines, targeting the original
strain of the virus, followed by
the new bivalent boosters.
Recommendations for when
and how people should get a
booster has varied by age
group.
A stream of new and up-
dated booster authorizations
every few months has made
the recommendations hard to
follow. The FDA’s proposals
would help Covid-19 vaccine
administration for doctors and
nurses giving out the shots be-
cause they wouldn’t need to
worry about confusing vials of
dual-target and single-target
shots, FDA staff said. The
changes would also make it
easier for public-health officials
to communicate about who
needs to get shots, staff said.
Murder
Trial of
no
Ex-Lawyer
Begins
BY VALERIE BAUERLEIN
WALTERBORO, S.C.—The
double-murder trial of the dis-
barred lawyer Alex Murdaugh
began Monday with the scion
of one of this state’s most pow-
erful families facing charges of
fatally shooting his wife, Mag-
gie, and son Paul at the family
hunting estate.
The 54-year-old Mr.
Murdaugh is accused of shoot-
ing his wife and son at the fam-
ily property’s dog kennels on
June 7, 2021. Prosecutors al-
leged that Mr. Murdaugh was
under pressure from mounting
questions about his finances.
The motive for the killings,
prosecutors said, was to garner
sympathy and buy time to
cover his tracks.
Mr. Murdaugh has been
jailed for over a year on a total
of 99 felony counts, primarily
related to allegedly swindling
his clients out of $8.8 million
but also related to alleged
drug-trafficking, money-laun-
dering and insurance fraud in a
failed assisted-suicide attempt
over Labor Day weekend in
2021. Mr. Murdaugh has
pleaded not guilty to the mur-
der charges and to most of the
other counts against him,
though he has signed a confes-
sion of judgment admitting lia-
bility for the theft of a $4.3
million insurance settlement in
the 2018 death of Gloria Satter-
field, the family housekeeper.
* * * * * *
Seven Killed in California Shooting
Agricultural sites were
targeted in Bay Area
attacks, officials say;
suspect, 67, arrested
BY SURYATAPA BHATTACHARYA
At least seven people were
killed in two related shootings
in California on Monday, au-
thorities said, two days after a
separate mass shooting in the
state killed 11 people.
The shootings Monday oc-
curred at two agricultural
Deaths in Weekend Rampage Rise to 11
MONTEREY PARK, Calif.—
An 11th person shot during
this weekend’s massacre at a
dance ballroom in Monterey
Park, Calif., died Monday, offi-
cials said, as investigators
continued their efforts to de-
termine why a 72-year-old
man carried out the attack on
a roomful of people celebrat-
ing the Lunar New Year.
By Alyssa Lupkat,
Dan Frosch
and Christine Mai-Duc
Law enforcement named
Huu Can Tran as the man who
carried out the attack. Tran
took his own life Sunday morn-
ing after police surrounded his
vehicle in a shopping-plaza
parking lot in Torrance, Calif.,
about 30 miles from where the
shooting took place.
Investigators are looking
into an allegedly troubled rela-
on
tionship between Tran and a
us ,
woman he knew as a possible
l
motive for the shooting, ac-
e
al a
cording to law-enforcement of-
ficials briefed on the matter.
The officials said investiga-
ci on
tors are also examining
whether the gunman targeted
the ballroom, and another
dance hall in the nearby city
of Alhambra where he was
er s
later disarmed, because of the
woman’s connection to both
m er
establishments.
Public records show Tran
got divorced in 2005, but the
officials weren’t certain
whether the woman involved
m rp
was his ex-wife or someone
else. Tran’s ex-wife didn’t re-
spond to requests for comment.
Los Angeles County Sheriff
Robert Luna said Monday that
co Fo
investigators are looking at
Tran’s relationship as a possi-
ble reason for the shooting,
but they have yet to reach a
conclusion about the motive.
Police in Hemet, Calif.,
where Tran had a home, said
he showed up at their offices
twice earlier this month and
made allegations against
members of his family, includ-
ing that they had tried to poi-
son him and commit fraud and
n-
theft. Tran told officers he
would return to the station
with documentation regarding
his allegations but never did,
Hemet police said.
Law enforcement searched
Tran’s home in Hemet Sunday
night, where they found a rifle,
hundreds of rounds of ammuni-
Former FBI Agent Charged With Aiding Oligarch
BY DYLAN TOKAR
AND C. RYAN BARBER
A former high-level FBI
agent was indicted on charges
he violated U.S. sanctions by
accepting secret payments
from Russian businessman
Oleg Deripaska for work he
did investigating a rival oli-
garch.
Charles McGonigal, who re-
tired from the Federal Bureau
of Investigation in 2018 after
serving as special agent in
charge of counterintelligence
in its New York field office,
was arrested Saturday at John
F. Kennedy International Air-
port, federal prosecutors said.
The arrest, which occurred
alongside that of a former
Russian diplomat, represents
an about-turn for Mr. McGoni-
gal, who previously supervised
investigations into Mr. Deri-
paska and other Russian oli-
garchs. He also had been in-
volved in a multiyear
investigation into Russia’s in-
terference in the 2016 presi-
dential election.
The indictment of Mr.
McGonigal is a rare such legal
action against a former senior
law-enforcement official. His
prosecution comes as the Jus-
tice Department seeks to step
Tuesday, January 24, 2023 | A3
U.S. NEWS
nurseries near Half Moon Bay, was taken to the Stanford Med- ings, was found in his car. identify the victims.
a coastal city south of San ical Center with life-threatening “We’ve got the only weapon Monday’s shootings come
Francisco, San Mateo County
Sheriff Christina Corpus said.
Officials said a suspect was
injuries. in critical condition.
Soon afterward, three more vic-
tims were found dead at a sep-
that we believe to be involved,”
Sheriff Corpus said.
Mr. Zhao, a farmworker, is
after a separate mass shooting
in California over the weekend.
Eleven people were killed when
in custody and there was no
ongoing threat.
The shootings were a tar-
arate nursery about a mile
away, in the area, she said.
A suspect, Zhao Chunli, 67
believed to have acted alone,
authorities said, adding that a
motive is currently unknown.
a 72-year-old man attacked a
dance hall in Monterey Park.
California Gov. Gavin
geted attack in which the gun-
man intended to kill specific
people, according to a law-en-
forcement official with knowl-
years old and a resident of Half
Moon Bay, was arrested Mon-
day evening after he was found
in his car in the parking lot of a
Sheriff Corpus described the
area where the shootings took
place as a rural location where
people work and live in the
Newsom said he was at a hos-
pital meeting with victims of
the Monterey Park rampage
when he was briefed about the
edge of the investigation. police station, authorities said. same place. “It was in the after- shootings in Half Moon
Four victims were found He was arrested without inci- noon when kids were out of Bay. “Tragedy upon tragedy,”
dead Monday afternoon along dent and a semiautomatic school, and for children to wit- he wrote on Twitter.
the Cabrillo Highway, Sheriff weapon, which authorities be- ness is unspeakable,” she said. —Zusha Elinson
Corpus said. Another victim lieved was used in the shoot- Officials were still trying to contributed to this article.
.
ly
ADOLFO FLORES/THE WALL STREET JOURNAL
Mourners attend a vigil Monday night outside Monterey Park City Hall for victims of the shooting at the Star Ballroom Dance Studio.
Suspected gunman, identified as 72-year-old Huu Can Tran, Park. According to people who
killed at least 11 and injured nine others near Los Angeles were present and discussed the
incident in a WeChat group, the
1. Star Ballroom ALHAMBRA
gunman paused during the
Dance Studio 10 massacre to get more ammuni-
A gunman carried out tion from his car. He returned
a mass shooting in MONTEREY PARK and continued firing before
ASHLEY LANDIS/ASSOCIATED PRESS
Monterey Park, Calif., leaving for the Lai Lai Ballroom
late Saturday. 2. Lai Lai Ballroom & Studio
and Studio in Alhambra.
About 20 minutes later,
the gunman was disarmed.
There, the gunman was dis-
He then fled in what armed by 26-year-old Brandon
Tsay, according to Mr. Luna,
LOS ANGELES witnesses said was a white
cargo van. Police recovered who called Mr. Tsay a hero.
110 a semiautomatic pistol at the “All he knew was there was
scene.
105 a man with a gun,” Mr. Tsay’s
COMPTON 105 NORWALK sister Brenda said. “And a lot
Brandon Tsay disarmed the 405 of people would have died if
gunman at a second dance hall. 3. Sepulveda and 5 he didn’t take it away.”
Hawthorne Blvds. As of Monday, the county
tion, and items that led them to strip mall coroner had released the names
TORRANCE
T
TO O RRANCE
OR RRA
RRANC
RANCE
R A CE
C Santa Barbara
believe he was manufacturing Redondo
Reddond
Reddooonnnd
ndo
do
do
On Sunday morning, of four of the victims: three
homemade firearm suppres- Beach
Bea
Be
B
Beac
eaach chh officers pulled over a Los Angeles CALIF. women, My Nhan, 65; Lilan Li,
sors, according to Sheriff Luna. van matching the 63; and Xiujuan Yu, 57; and a
description. The driver Area of detail
Tran used an unusual type of 2 miles San Diego man, Valentino Alvero, 68.
took his own life with
gun popular four decades ago 2 km a single gunshot. MEX. Ms. Nhan, an immigrant from
that he legally purchased, said Vietnam, was dancing Saturday
law-enforcement officials with night for the first time since her
knowledge of the investigation. weapon prior to the laws going in at least the past half-cen- mother died three weeks earlier,
The semiautomatic weapon
looks somewhat like a subma-
into effect, he would have been
allowed to legally register it
tury, according to the Violence
Project, a nonpartisan research
said her niece, Fonda Quan.
“She was just finishing up
chine gun, the officials said. with the state. Investigators organization. grieving. She hadn’t been danc-
The manufacture and sale of
such guns were first banned in
California in 1989, according
are looking into whether he
did so, said the officials with
knowledge of the investigation
Tran was arrested in 1990
for unlawful possession of a
firearm, Sheriff Luna said.
ing for the past three weeks
and that was the first time re-
suming doing what she en-
to gun-law researchers and ad-
vocates. The state updated the
restrictions in 1999 and again
Tran was born in Vietnam
and became a U.S. citizen after
applying in 1990, according to
The shooting occurred at
around 10:22 p.m. Pacific time
Saturday during a Lunar New
joyed,” said Ms. Quan.
—Alicia A. Caldwell, Zusha
Elinson, Sadie Gurman,
in 2016.
If Tran purchased the
public documents. He was the
oldest mass shooter in the U.S.
Year’s Eve party at Star Ball-
room Dance Studio in Monterey
Adolfo Flores and Jim Carlton
contributed to this article.
source, the U.S. State Depart- paska in 2018, as well as with
ment repeatedly declined to related money-laundering
issue him a visa. charges. Mr. Shestakov, a U.S.
Mr. McGonigal first came citizen who retired from his
into contact with an employee diplomatic post in 1993and
of Mr. Deripaska’s in 2018 worked as an interpreter in
while still at the FBI, accord- U.S. courts, was also charged
ing to an indictment unsealed with making material mis-
Monday. After leaving the statements to the FBI.
agency, he was retained by a A lawyer for Mr. Shestakov
law firm to assist in an unsuc- didn’t respond to a request for
cessful effort to lift sanctions comment. Both men pleaded
placed on Mr. Deripaska that not guilty in Manhattan fed-
ANDREW KELLY/REUTERS
year. eral court during appearances
In 2021, Mr. McGonigal and on Monday.
the former Russian diplomat, In a separate case filed in
Sergey Shestakov, began nego- Washington, a federal grand
tiating with Mr. Deripaska’s jury indicted Mr. McGonigal on
agent about working for the charges he concealed his rela-
Charles McGonigal left Manhattan federal court Monday after being oligarch without the involve- tionship with a former em-
charged with accepting secret payments from a Russian oligarch. ment of the law firm, prosecu- ployee of an Albanian intelli-
tors say. In conversations with gence agency. Prosecutors
up its efforts to investigate has spent lavishly over the the agent, the two men alleged that Mr. McGonigal re-
lawyers and others who assist years to try to burnish his rep- avoided naming Mr. Deripaska, ceived more than $225,000
Russian oligarchs, as part of utation in the West, and to ob- referring to him instead as from that individual and hid
the Biden administration’s tain permission to travel to “the big guy” and “you know aspects of their relationship,
pressure campaign against the U.S., specifically. whom,” according to the in- which they said created a con-
President Vladimir Putin fol- Mr. Deripaska has denied dictment. flict of interest with his duties
lowing the invasion of having links to organized Messrs. McGonigal and as a top FBI official.
Ukraine. crime. In Washington, he hired Shestakov were eventually re- That former Albanian intel-
A lawyer for Mr. McGonigal high-price consultants and in tained to assist in an investi- ligence officer later served as
didn’t respond to a request for the past threw well-attended gation into a rival of Mr. Deri- an FBI source in a criminal in-
comment. parties at the annual World paska’s, prosecutors said. vestigation involving foreign
Mr. Deripaska, a raw-mate- Economic Forum in Davos, The indictment charges political lobbying that Mr.
rials magnate, has been a fo- Switzerland. Messrs. McGonigal and McGonigal supervised, the
cus of prosecutors. Long sus- His efforts ran into head- Shestakov with violating and Justice Department said.
pected by the U.S. of ties to winds. Though courted by conspiring to violate U.S. sanc- —Alan Cullison
Russian organized crime, he some FBI agents as a possible tions imposed on Mr. Deri- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Tuesday, January 24, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Four Oath Keepers Members Guilty Sparring

Over Found
Seditious conspiracy seditious conspiracy, a rarely The jury deliberated for about charged more than 900 people, The Justice Department al-

conviction is latest
for the far-right group
over attack on Capitol
BY JAN WOLFE
AND C. RYAN BARBER
A jury found four Oath
Keepers members guilty of se-
ditious conspiracy in connec-
tion with the Jan. 6, 2021, at-
tack on the Capitol, in the
latest criminal convictions
against the far-right group.
Monday’s verdict from a
Washington federal jury came
nearly two months after Oath
Keepers founder Stewart
Rhodes and another member
of the militia group, Kelly
Meggs, were found guilty of
used charge with a maximum
sentence of 20 years in prison.
In that earlier trial, three
12 hours over three days.
The jury reached its verdict
as five members of the Proud
getting guilty pleas from at
least 450 of them on crimes
ranging from unlawfully parad-
leged that members of the
Oath Keepers entered the
Capitol as a team in “stack
Documents
other members of the Oath
Keepers were found guilty of
lesser charges.
Boys, another far-right group,
are facing trial on seditious
conspiracy charges in Wash-
ing in a Capitol building to as-
sault, obstruction and sedition.
More than 180 rioters have
formation,” a single-file mili-
tary tactic, and that some of
them later clashed with law
Heats Up
In the latest trial, federal ington federal court. been sentenced to jail time. enforcement. BY ANDREW RESTUCCIA
prosecutors secured convic- For the Justice Department, Special counsel Jack Smith Prosecutors accused the
tions against all four defen- the closely watched seditious is examining the role Mr. members of stationing equip- WASHINGTON—The White
dants—Edward Vallejo, Ro- conspiracy trials have carried Trump and his senior circle ment and weapons just out- House didn’t commit Monday
berto Minuta, Joseph Hackett both legal and symbolic signif- played in trying to overturn the side Washington that day and to providing information to
and David Moerschel—on the icance in the wave of hundreds 2020 election results after Mr. planning to ferry them into House Republicans investigat-
seditious conspiracy charge. of criminal prosecutions stem- Trump urged his supporters to the city to support the group’s ing how classified material
The jury also found them ming from the assault on the amass at the Capitol in protest operations, though ultimately wound up in President Biden’s
guilty of conspiring to ob- Capitol. Prosecutors argued in while lawmakers were certify- they didn’t do so. private home and former office
struct an official proceeding both cases that the Capitol as- ing Mr. Biden’s win. Mr. Trump Lawyers for the Oath Keep- as Mr. Biden’s team continued
and of conspiring to destroy sault resulted in part from a has described the investigation ers defendants said their cli- to face sharp questions about
federal property. deliberate plan to prevent the of his actions as an effort by ents were in Washington to the episode.
U.S. District Judge Amit peaceful transfer of power political opponents to under- perform private security for In a letter to House Over-
Mehta ordered home deten- from former President Donald mine him, and he has suggested allies of Mr. Trump and that sight Committee Chairman
tion for the defendants until Trump to President Biden fol- that if he wins the White House there was no coordinated plan James Comer (R., Ky.), White
their sentencing hearings, lowing the 2020 election. again in 2024, he might pardon to halt Congress’s certification House counsel Stuart Delery
which haven’t been scheduled. The Justice Department has some of the rioters charged. of the election. said his office is reviewing Re-
publicans’ requests for copies
of documents found at Mr. Bi-

Rioter in Pelosi’s
den’s properties and internal
communications about the is-
sue. Mr. Delery said it was the
White House’s goal to “accom-

Office Convicted modate legitimate oversight

BY JAN WOLFE
WASHINGTON—A jury con-
victed an Arkansas man who
posed for photographs with
interests,” while also stressing
the need to “protect the integ-
rity and independence of law
opted the nickname “Bigo,” enforcement investigations.”
drove from his home in rural He noted that the White
Gravette, Ark., to attend then- House doesn’t have possession
President Donald Trump’s of the documents, which have
rally on Jan. 6 near the White been collected by the Justice
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

his feet on a desk in then- House. He brought with him to Department and the National
House Speaker Nancy Pelosi’s Washington a “Hike n’ Strike,” Archives.
office during the Jan. 6, 2021, a hiking stick containing a “We’re approaching them in

.
riot at the Capitol. 950,000 Volt stun device with good faith and hoping they ap-
The jurors on Monday con- spike electrodes. proach us in good faith as

victed Richard Barnett on all
eight charges he faced, includ-
ing interfering with a police of-
ficer, obstructing an official
proceeding and remaining in a
restricted building with a dan-
gerous weapon. He is sched-
uled to be sentenced in May.
ly
After the verdict, Joseph well,” Ian Sams, a spokesman
McBride, Mr. Barnett’s defense for the White House Counsel’s
attorney, told reporters that Office, told reporters Monday.
Mr. Barnett has multiple is-
sues for an appeal, including
an argument that prosecutors
unfairly added a new charge of
on Oversight panel spokes-
woman Jessica Collins criti-
cized Mr. Delery’s letter and its
suggestion the White House
interfering with police shortly would determine whether Mr.
us ,

Mr. Barnett, who has ad- before trial. Videos showed Richard Barnett with his feet on then-House Speaker Nancy Pelosi’s desk. Comer’s requests were legiti-
l

mate oversight efforts. “This is

e
al a

not ‘legitimate’ transparency

Study Shows Shortfall in U.S. Weapons Supply from President Biden, who
once claimed he’d have the
ci on

most transparent administra-

BY GORDON LUBOLD
WASHINGTON—The war in
tion in history,” she said.
But the protracted conflict gressional, industry and other istan and elsewhere, a troop- tracting procedures and a Mr. Sams declined to answer
has exposed the strategic peril government officials, showed intensive strategy, but the sluggish bureaucracy, are now a series of questions about the
facing the U.S. as weapons in- how quickly the U.S. military Ukraine conflict is a largely affecting the ability to create a classified documents incident,
er s

Ukraine has exposed wide- ventories fall to a low level would run out of munitions in conventional war that relies credible deterrent in the Indo-
spread problems in the Ameri- and defense companies aren’t a potential conflict with China more on heavy weaponry. A Pacific region or face-off
m er

can armaments industry that

may hobble the U.S. military’s
ability to fight a protracted
war against China, according
to a new study.
equipped to replenish them
rapidly, according to the study,
in the Indo-Pacific.
“How do you effectively de-
potential conflict with China
in the Indo-Pacific would be
against China in a military
conflict, according to the
The White House
written by Seth Jones, a se- ter if you don’t have sufficient different from the largely land study. “These shortfalls would Counsel’s Office is
nior vice president at the Cen-
ter for Strategic and Interna-
stockpiles of the kinds of mu-
nitions you’re going to need
war taking place in Ukraine,
but would nonetheless need to
make it extremely difficult for
the United States to sustain a
reviewing the GOP’s
m rp

The U.S. has committed to
sending Ukraine more than
$27 billion in military equip-
ment and supplies since Rus-
sia’s invasion of the country.
tional Studies, a Washington, for a China-Taiwan Strait kind draw deeply from U.S. arms protracted conflict,” the re- requests for copies.
D.C.-based think tank. of scenario?” Mr. Jones said. stockpiles. port said. “They also highlight
Mr. Jones said the study, For more than the last 20 The problems with the in- that the U.S. defense industrial
which reflected input from se- years, the U.S. fought insur- dustrial base, in part the re- base lacks adequate surge ca-
nior military, defense, con- gency warfare in Iraq, Afghan- sult of outdated military con- pacity for a major war.” referring the bulk of the inqui-
co Fo

ries to the Justice Department

or Mr. Biden’s personal attor-

Can your team Red States Benefit the Most ney, Bob Bauer. Among the
questions he didn’t or said he
couldn’t answer: whether the
president will invite investiga-

do better... From Clean-Energy Subsidies tors to search his Rehoboth

Beach, Del., home; whether the
FBI or Mr. Biden’s lawyers will
BY PHRED DVORAK Top congressional districts tend to be nonpolitical. Every- review the president’s collec-

somewhere else Republican-leaning states

are attracting most of the
for clean power capacity in
the pipeline
one supports manufacturing in
the United States,” said Scott
Moskowitz, head of market
tion of Senate papers held at
the University of Delaware;
who is paying Mr. Biden’s per-
n-

Republican Democratic
clean-energy investments strategy for Hanwha’s Qcells sonal lawyer; whether the
Those who execute on opportunities spurred by the Biden adminis- Texas-19 U.S. unit, which earlier this White House has briefed law-
tration’s signature Inflation Re- month announced it would makers on the incident; how
are called lucky (by those who don’t) duction Act, a bill that passed Wyoming-00 spend $2.5 billion to expand its many total pages of classified
no

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Congress without any Republi- Arizona-02 Georgia-based solar-panel fac- documents have been found
can votes. tory and build a new set of fa- and what subjects they cover.
The act, signed into law in Indiana-04 cilities to produce components Mr. Comer separately on
mid-August, offers beefy tax California-20 as well. Monday requested from the
credits and other support for Qcells’ factory is in a district Secret Service the visitor logs
clean-energy projects ranging Texas-17 held by Rep. Marjorie Taylor from Mr. Biden’s home, where
from wind farms to factories Texas-22 Greene, a Republican who has classified documents have
that make batteries, solar com- been skeptical about the dan- been found. Mr. Comer said it
ponents or hydrogen. The in- Nevada-04 gers of climate change and was relevant to know who had
centives have improved the Colorado-03 tweeted that the Inflation Re- access to the home from Jan.
economics of those projects duction Act “forces Americans 20, 2017, to the present. The
and helped spark a flood of in- California-23 on the energy disaster Green White House has said it
vestment announcements from 0 1 2 3 4 New Deal.” doesn’t keep visitor logs for
companies including the solar gigawatts Qcells hasn’t spoken to Ms. Mr. Biden’s private homes.
manufacturing unit of South Note: Includes utility-scale solar, wind and Greene, but overall the elected Mr. Biden’s advisers hoped
Korean conglomerate Hanwha battery-storage projects. officials of both parties welcome their decision to cooperate
Group and Norwegian startup Source: American Clean Power its investment, said Mr. with the investigation would
Freyr Battery. Moskowitz. Ms. Greene’s office limit its political and legal fall-
Those announcements have congressional districts harbor didn’t respond to requests for out, but a steady drip of un-
so far clustered heavily in red 82% by capacity of all utility- comment. folding developments has kept
states, where makers of compo- scale wind or solar farms and Wind and solar-power devel- the issue in the news, provid-
nents for electric vehicles, bat- battery-storage projects that are opment has been strong in red- ing fodder for the president’s
teries, wind and solar equip- currently in late-stage develop- leaning Sun Belt states because critics as he prepares to launch
ment have proposed tens of ment, according to an analysis many of them get larger his re-election bid.
billions of dollars of new invest- by business lobby American amounts of sun and wind, and On Saturday, Mr. Bauer an-
ments in locations such as Geor- Clean Power. have more land available than nounced that a Justice Depart-
gia, Arizona and Texas, accord- Many politicians in those dis- more densely populated, blue- ment search of the president’s
ing to an analysis by The Wall tricts have opposed the Biden leaning areas such as the North- home in Wilmington, Del.,
Street Journal. administration’s renewable-en- east, industry experts say. prompted authorities to take
The Journal monitored large ergy and climate push, and none “Development follows the re- possession of six additional
manufacturing investments in of their congressional represen- source,” said JC Sandberg, items with classified markings.
batteries, solar and wind com- tatives voted for the law. Still, American Clean Power’s chief Mr. Sams said on Monday
ponents announced after the local lawmakers and communi- advocacy officer. that the search was the result
law was passed. Of nearly 30 ties in those districts are wel- Many of the recently an- of an “unprecedented offer” by
such announcements where lo- coming an inflow of green proj- nounced manufacturing deals Mr. Biden’s team to search his
cations were given, all but three ects, company executives and were likely planned before the home. “It reveals how seriously
had chosen to set up facilities in
Republican-leaning states, as
industry experts say.
In many cases, red-leaning
Inflation Reduction Act became
law, and their locations reflect
the president is taking this is-
sue and how actively he is co-
defined by the Cook Political Re-
port based on voting during the
states and districts have at-
tracted companies with condi-
economic and investment trends
that have been years in the mak-
operating with the ongoing in-
vestigation,” he said.
TM
past two presidential elections.
Together, they represent more
tions and policies seen as busi-
ness friendly, industry experts
ing, industry experts say.
The availability of skilled la-
The most recent search,
which took place on Friday, is
than $35 billion in potential in- say. Those include lower costs bor was the top reason battery- the latest that has turned up
vestments, the Journal found. for everything from labor and maker Freyr decided to put its classified material in Mr. Bi-
Red-leaning areas are also electricity to taxes, as well as factory in Georgia, said Jeremy den’s home or office.
hosting the bulk of clean-power looser controls on permitting Bezdek, the company’s executive —Catherine Lucey,
generation projects currently and the use of land, they say. vice president of global corpo- Natalie Andrews, Siobhan
TM
poised to benefit from the new
law’s subsidies. Republican-held
“When it comes to these in-
vestments themselves, they
rate development and president
of the U.S. battery unit.
Hughes and Sadie Gurman
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | A5

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A6 | Tuesday, January 24, 2023
Fighting Intensifies in Southern Ukraine
Zaporizhzhia region is
gaining in importance
as both sides suffer
heavy casualties
BY THOMAS GROVE
AND ISABEL COLES
Fighting intensified in
Ukraine’s strategically impor-
tant south, where Moscow
claims it is making advances,
while Kyiv waits on heavier
weapons from its Western allies.
Russian forces pushed
Ukrainian troops back from the
front line in the southern re-
gion of Zaporizhzhia in a series
of attacks east of the Dnipro
River, said Russian-installed re-
Quran Burning Further Threatens Sweden NATO Bid
BY JARED MALSIN
AND SUNE ENGEL RASMUSSEN
ISTANBUL—Turkey’s Presi-
dent Recep Tayyip Erdogan is-
sued a new threat to block
Sweden’s entrance to the
North Atlantic Treaty Organi-
zation on Monday after a far-
right politician publicly
burned a copy of the Quran in
Stockholm over the weekend.
“If you speak about freedoms
and rights, then first things first,
you should show respect to the
religious belief of Muslims and
Turkish people,” Mr. Erdogan
said after a cabinet meeting. “If
you do not show such respect,
then you cannot see any kind of
support from us on NATO.”
The dispute over the Quran
burning Saturday is a setback
in a standoff between Turkey
and Sweden and Finland after
Mr. Erdogan threatened to veto
the two countries’ accession to
the alliance over their ties to
Kurdish militant groups. The
Nordic countries applied to
join NATO last year in a shift
in security policy in response
to Russia’s invasion of Ukraine.
The demonstration near the
Turkish Embassy in Stock-
holm, which according to
no
Thank you to our Journal House sponsors during
the World Economic Forum 2023.
gional official Vladimir Rogov.
The General Staff of
Ukraine’s armed forces said
Russian forces shelled 20
towns and villages along the
front line in Zaporizhzhia over
the past day. It didn’t confirm
any Russian advances there.
Russia’s recent momentum
coincides with the emergence
of a rift between Kyiv’s Western
allies about whether to supply
Ukraine with German-made
tanks. Germany refrained from
pledging Leopard 2 tanks at a
meeting of defense officials last
week, putting it at odds with
many of its North Atlantic
Treaty Organization allies, in-
cluding the U.S. Ukraine says it
needs heavier weapons to re-
claim more territory and thwart
Swedish media drew about 50
people, was organized by Dan-
ish-Swedish politician Rasmus
Paludan, leader of a fringe
party called Hard Line Swe-
den. Mr. Paludan in the past
has made public spectacles out
of burning copies of the Quran
in neighborhoods with many
Muslim residents in Sweden as
well as his native Denmark.
Ahead of the protest, Mr.
Paludan said he wanted to
“demonstrate some freedom of
speech” to Turkey.
Before the burning of the
Quran, Turkey summoned the
Swedish ambassador in An-
kara, warning the Swedish gov-
ernment against allowing the
demonstration. It also canceled
a planned visit by the Swedish
on
defense minister this week in
us ,
which officials were supposed
l
to discuss the NATO dispute.
e
al a
Swedish Foreign Minister To-
bias Billström also condemned
the Quran burning, calling it an
ci on
“Islamophobic provocation”
that the government didn’t sup-
port. In Sweden, protesters can
apply for a permit for demon-
strations from the police in a
er s
process that doesn’t involve
high government officials, leav-
m er
ing the government little room
m rp
co Fo
n-
WORLD NEWS
an anticipated fresh offensive.
While Russia has tele-
graphed its intentions to at-
tempt another push to capture
battlefield momentum, Western
and Ukrainian military analysts
have underscored the increas-
ing importance of the Zapori-
zhzhia region for Ukraine.
A Ukrainian offensive in the
south could sever the territory
occupied by Russia’s invasion
forces, splitting the eastern
and southern areas of Ukraine
that Russian troops hold. It
also could cut off Moscow’s
prized land bridge between
Russia and occupied Crimea.
For Moscow, advances in
Zaporizhzhia could boost their
logistical capabilities in the
south and help Moscow’s forces
Protesters demonstrated outside the Swedish consulate in Istanbul, Turkey, on Monday.
to take action in a country that
has strong protections on free-
dom of expression, analysts say.
An array of other Muslim-
majority nations, including
Egypt, Saudi Arabia, Qatar,
Iraq and the United Arab
Emirates, also condemned the
stunt as a disgrace and an act
press deeper into Ukraine.
Analysts say Kyiv’s goal in
inflicting casualties on Russian
forces in eastern Ukraine is also
to draw troops away from Rus-
sian lines in other regions, in-
cluding Zaporizhzhia. But
nearly a year of fighting also
has exacted a heavy toll on
Ukrainian ranks. President Vo-
lodymyr Zelensky said Sunday
that the country’s military lead-
ership has been tasked with
mustering reserves to allow sol-
diers. He didn’t disclose details
of the mobilization process.
Both Russia and Ukraine have
suffered heavy casualties around
the eastern city of Bakhmut. Af-
ter months of failed attempts to
seize the city, Russian forces re-
cently broke through Ukrainian
of incitement against Muslims.
Turkey, Sweden and Finland
signed a pact in June 2022 in
which Finland and Sweden
agreed to address Turkish re-
quests for extradition of alleged
terrorist suspects. Sweden also
amended its constitution to al-
low the strengthening of coun-
THE WALL STREET JOURNAL.
defenses in the nearby town of “Since he took command, of-
Soledar in a sign that Moscow’s ficers have been attempting to
mobilization of 300,000 reserv- clamp down on non-regulation
ists may be shifting the war of uniform, travel in civilian vehi-
attrition in its favor. cles, the use of mobile phones,
Military analysts say the and non-standard haircuts,”
Kremlin likely will try to use the the ministry said on Twitter.
newly mobilized troops to make Russian Deputy Foreign
advances, although some believe Minister Sergei Ryabkov said
Russia’s falling munition stocks there is a growing risk of an
could compromise its offensives. escalation in the war given
The U.K. Ministry of Defense Western pledges of new weap-
said Russia’s top general, Va- ons for Ukraine.
lery Gerasimov, recently ap- “Escalation is a very dan-
pointed to head Moscow’s gerous path and its conse-
forces in Ukraine, likely has quences can be unpredictable,”
taken measures to improve dis- state news agency RIA re-
cipline among troops, whose ported Mr. Ryabkov as saying.
morale has been hit by prob- “Our signals are not being
lems with equipment, logistics taken into consideration and
and training, Russian soldiers the enemies of Russia are con-
and military analysts say. tinuing to raise the stakes.”
demnation from Ankara.
Hundreds of protesters
gathered in central Stockholm
on Saturday to demonstrate
against Sweden’s NATO appli-
cation. The rally was organized
by the Kurdish Democratic So-
ciety Center. The protesters
chanted pro-Kurdish slogans
and called for Sweden to stay
out of NATO. The country’s bid
to join the alliance reversed de-
cades of nonaligned foreign
.
policy, which some Swedes
think should have been done
ly
only through a referendum.
ERDEM SAHIN/EPA/SHUTTERSTOCK
Twenty-eight of NATO’s 30
members have approved Fin-
land and Sweden’s application
for membership, with only Tur-
key and Hungary remaining.
Hungarian officials have said
they would send the matter to
Parliament for ratification
early this year. Turkish presi-
dential spokesman Ibrahim Ka-
lin recently said the govern-
terterrorism laws. ment was unlikely to send the
Turkish leaders say they NATO issue to Parliament be-
won’t approve either country’s fore Turkey’s election in May.
application to join NATO until Turkey has fought a slow-
Sweden specifically takes more burning war with a militant
concrete action against Kurd- group, the Kurdistan Workers’
ish separatists. Recent demon- Party, for decades in a conflict
strations by Kurdish groups in that has left tens of thousands
Sweden have provoked con- dead.
©2023 Dow Jones & Co. Inc. All rights reserved. 6DJ9273
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Tuesday, January 24, 2023 | A6A

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6B | Tuesday, January 24, 2023 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | A7

WORLD NEWS

Israel’s Court Plan Deepens Divisions Iraq’s Top

Central
BY DOV LIEBER

TEL AVIV—For three week-

ends now, tens of thousands of
Banker Is
Israelis have taken to the streets
to protest Prime Minister Benja-
min Netanyahu’s plans to
Dismissed
weaken the Supreme Court, BY GHASSAN ADNAN
which would allow his conserva-
tive government to strengthen BAGHDAD—Iraqi Prime Min-
the role of religion in public life. ister Mohammed al-Sudani dis-
Banners across the city cen- missed the country’s central-
ter on Saturday called for the bank governor amid growing
end of Mr. Netanyahu’s care- anger over the weakening of
fully assembled coalition, the the local currency in recent
most right-wing and religious weeks that has caused the price
government in Israel’s history, of food and imports to rise.
over the planned overhaul. Mr. Sudani said Monday he
Some 100,000 people turned decided to replace the gover-
out, making it one of the big- nor, Mustafa Ghaleb Mukheef,
gest protests in years. who requested to be relieved of
MATAN GOLAN/SIPA/ASSOCIATED PRESS

The judicial overhaul is a key the post he has held since

issue for the veteran deal 2020. The prime minister
maker’s latest administration, named Muhsen al-Allaq as the
his sixth since his first stint as new central-bank governor, ac-
premier in 1996, and would al- cording to the state-backed
low his conservative allies to Iraqi News Agency. Mr. Allaq
pass laws they have long hoped previously served in that role
to enact but that have been between 2014 and 2020.
struck down by the high court or Iraq’s dinar has dropped
would likely be challenged by it. sharply against the U.S. dollar
Among them are laws that More than 100,000 people protest in Tel Aviv against Prime Minister Netanyahu’s far-right government and judicial overhaul. in unofficial currency markets
would grant ultra-Orthodox since mid-November, raising
Jews a legal exemption from Is- Their cause dovetails with lawmaker in the United Torah full time in religious seminar- ability to overrule the Supreme the cost of living in the coun-
rael’s mandatory military draft, that of many on the Israeli Judaism party, said the ultra- ies and live off government Court, another draft-exemption try’s dollar-dependent econ-
permit gender segregation in right, even those who are secu- orthodox are joining the push subsidies as part of an unoffi- law likely wouldn’t stand. omy. The dinar last traded at
public spaces and discrimina- lar, who believe the Supreme for judicial reform because cial agreement that has existed Coalition pacts with ultra- around 1,600 to the dollar on
tion against LGBT people, and Court is controlled by left- they feel the court has pursued since Israel’s founding in 1948. orthodox parties also call for Monday, compared with the of-
provide religious leaders wing justices despite the grow- an antireligious agenda. “The Many in Israel say it is unfair rolling back Supreme Court ficial exchange rate of 1,460.
greater control over Jewish ing political power of the right. court is supposed to protect that non-ultra-Orthodox citi- decisions that guaranteed cer- A weaker dinar has led to
conversions and holy sites. Some current and former minorities. But our minority zens must carry the nation’s tain rights to non-Orthodox higher prices for imported
The result is a growing cul- justice officials, including the wasn’t protected….We were security and economic burden. Jews including decisions that goods, including staples such

.
ture clash pitting metropolitan current attorney general and greatly harmed by it,” he said. Since 1999, the Supreme the state recognize conver- as eggs, flour and cooking oil,
secularists and liberal Jews Supreme Court chief justice, Coalition agreements with Court has struck down all at- sions to Judaism inside Israel hurting Iraqis whose support

against the religious right, have joined the political oppo-
which has seen its political in- sition in saying the proposed
fluence grow in the past de- judicial reforms could under-
cade. Religious conservatives
control half of the coalition’s
64 seats, with the other half
controlled by Mr. Netanyahu’s
mine the country’s limited sys-
tem of checks and balances, in
which the Supreme Court is
the only completely indepen-
onovercoming previous or ex-
right-wing Likud party. dent branch of government.
us ,
Mr. Netanyahu and statements
by conservative lawmakers lay
out an agenda that relies on
pected challenges by the Su-
preme Court. For the ultra-
orthodox, a top political priority
has long been to enshrine in
tempts to pass laws legalizing
the exemption, on grounds that
it would give unequal treatment
to the community.
The ultraorthodox have se-
cured an deal with Mr. Ne-
tanayhu to pass a law that
would make Torah study a fun-
ly
that aren’t through official ul- Mr. Sudani has been courting.
traorthodox channels. Many Iraqis are blaming the
The deals call for the re- U.S. for the dinar’s weakness.
moval of the court-sanctioned
right of other Jewish denomi-
nations to pray according to
their traditions, including
The New York Fed and Central
Bank of Iraq began enforcing
tighter controls on interna-
tional dollar transactions by
without gender segregation, at commercial Iraqi banks in No-

“The Supreme Court has Supporters of judicial reform law an exemption from the damental national value, putting holy sites. vember in a move to curtail
l

been their enemy on issues of say it isn’t being pushed to fa- mandatory military service re- it on par with military service Some fear that without the money laundering and the ille-
e
al a

religion and state,” said Israel cilitate specific legislation, but quired of all Jewish Israelis. and paving the way for a formal Supreme Court’s intervention, gal siphoning of dollars to Iran
Cohen, a political commenta- is meant to correct what they Most ultra-Orthodox Israe- exemption. But ultraorthodox the ultraorthodox would be and other heavily sanctioned
tor for the ultraorthodox radio say is rampant judicial activism. lis don’t serve in the military lawmakers worry that without able to monopolize the role Middle East countries, The
ci on

station Kol Barama. Uri Maklev, an ultraorthodox and instead study the Torah the judicial overhaul and the Judaism plays in public life. Wall Street Journal reported
last week.
Since the procedures went

Germany, France Back EU Push to Counter U.S. Subsidies into effect, 80% or more of
Iraq’s daily dollar wire trans-
er s

fers, which previously totaled

BY SAM SCHECHNER their positions ahead of an ex- with simple, fast, clear tools for that “Buy American” provisions ing business in the U.S. over $250 million some days,
m er

pected plan by the bloc’s exec-
PARIS—Germany and utive body to counter what it
France expressed joint support sees see as the unfair advan-
for a European Union effort to tage the U.S.’s legislation gives
push back against tax breaks American companies.
m rp
our companies,” Mr. Macron
said, adding that the two lead-
ers agreed on “a common posi-
tion to move toward ambitious
and speedy European action.”
attached to the U.S. subsidies
would lure European compa-
nies away from the EU and
hurt the continent’s clean-tech
and manufacturing industries.
“The EU shouldn’t be have been blocked because of
treated worse than Canada or insufficient information about
Mexico,” Mr. Scholz said. the funds’ destinations or other
When it comes to subsidies, errors, according to U.S. and
the EU plan aims to simplify the Iraqi officials and official Iraqi

in the U.S. Inflation Reduction The EU has lobbied the U.S.
Act, increasing the likelihood to rewrite its rules so that Eu-
that the bloc can agree on ropean companies can benefit
simpler European subsidy from the tax breaks. If that
rules and additional aid for fails, the bloc’s response could
co Fo
Mr. Scholz said the leaders
want the bloc’s executive arm
to compare the available aid in
the U.S. under the new law
with what already exists in
The U.S. said last month
that it would adjust its rules
to allow some vehicles assem-
bled overseas—rather than in
North America only—to qual-
bloc’s regulatory environment government data.
and provide more money for the Iraqi banks had operated un-
production of clean technology, der less stringent rules since
European Commission Presi- shortly after the 2003 U.S.-led
dent Ursula Von der Leyen has invasion. Years of weak govern-

specific sectors next month. range from making it easier for Europe to determine what new ify for the new incentives. said. German officials have ex- ments and crises led successive
At a meeting in the French European governments to sub- aid might be needed. Messrs. Scholz and Macron pressed skepticism about intro- administrations to put off
capital on Sunday, German sidize their own companies to “I believe that depending on both said they are optimistic ducing the EU’s own version of bringing Iraq’s banking system
Chancellor Olaf Scholz and earmarking EU funding for such the area, a differentiated ap- further negotiations with the the U.S.’s IRA, because it could into compliance with global
French President Emmanuel investments. “We want to move proach will be needed,” he said. U.S. can create exemptions to distort markets and burden money-transfer practices until
Macron said they had aligned forward a European response, Officials in Europe worry help European companies do- highly indebted EU countries. now, officials said.

FROM PAGE ONE

Microsoft known as LaMDA. Google,

though, hasn’t made that tech-
its AI algorithms and led to a
series of breakthroughs.
n-

nology widely available like OpenAI has released new

Bolsters OpenAI did with ChatGPT,

whose ability to churn out hu-
manlike, sophisticated re-
products in recent months
that industry observers said
could pave the way for new

Its AI Push
no

sponses to all manner of lin- AI-driven consumer applica-

guistic prompts has captured tions. In the fall, it launched
public attention. Dall-E 2, a project that allowed
Microsoft Chief Executive users to generate art from
Continued from Page One Satya Nadella said last week strings of text, and then made
help bankroll the computing his company plans to incorpo- ChatGPT public on Nov. 30.
power OpenAI needs to run its rate AI tools into all of its ChatGPT has become some-
various products on Micro- products and make them avail- thing of a sensation among the
soft’s Azure cloud platform. able as platforms for other tech community given its abil-
The strengthening relation- businesses to build on. Mr. Na- ity to deliver immediate an-
ship with OpenAI has bol- della said that his company swers to questions ranging
stered Microsoft’s standing in would move quickly to com- from “Who was George Wash-
BRENDAN MCDERMID/REUTERS

a race with other big tech mercialize tools from OpenAI. ington Carver?” to “Write a
companies that also have been Analysts have said OpenAI’s movie script of a taco fighting
pouring resources into artifi- technology could one day a hot dog on the beach.”
cial intelligence to enhance ex- threaten Google’s stranglehold Mr. Altman said the com-
isting products and develop on internet search, by providing pany’s tools could transform
new uses for businesses and quick, direct responses to que- technology similar to the in-
consumers. Alphabet Inc.’s ries rather than lists of links. vention of the smartphone and
Google has invested heavily in Others have said the chatbot tackle broader scientific chal-
AI and infused the technology technology isn’t well-suited to OpenAI is led by technology investor Sam Altman, shown in July 2022 in Sun Valley, Idaho. lenges. “They are incredibly
into its operations in various certain types of queries. embryonic right now, but as
ways, from improving naviga- “The viral launch of Chat- near-term risk is limited—we OpenAI, led by technology Microsoft first invested in they develop, the creativity
tion in its maps tools to en- GPT has caused some inves- believe the use case of search investor Sam Altman, began as OpenAI in 2019, giving the boost and new superpowers
hancing image recognition for tors to question whether this (and paid search) is different a nonprofit in 2015 with $1 bil- company $1 billion to enhance we get—none of us will want
photos to enabling wording poses a new disruption threat than AI-driven content cre- lion in pledges from Tesla Inc. its Azure cloud-computing to go back,” Mr. Altman said
suggestions in Gmail. to Google Search,” Morgan ation—we are not dismissive CEO Elon Musk, LinkedIn co- platform. That gave OpenAI in an interview in December.
Google has its own sophisti- Stanley analysts wrote last of threats from new, unique founder Reid Hoffman and the computing resources it —Will Feuer
cated chatbot technology, month. “While we believe the consumer offerings.” other backers. needed to train and improve contributed to this article.

Banks Plan payments that result in lost

sales.
Digital wallets enable peo-
The banks are still ironing
out the details of the customer
experience. It likely would in-
number would be eligible.
The banks expect to enable
150 million debit and credit
to use Zelle for online pur-
chases, The Wall Street Jour-
nal previously reported. Con-
merchants enable the wallet
and consumers adopt it, EWS
banks could explore adding

New Digital ple to pay for products with-

out having to type in their
card numbers each time they
volve consumers’ typing their
email on a merchant’s check-
out page. The merchant would
cerns around fraud and the
treatment of disputed transac-
tions, which have caught the
other payment options, EWS
said. That could include en-
abling payments directly from

Wallet shop. ping EWS, which would use its

Many wallets require con-
sumers to type in their card
credentials one time before
Continued from Page One they can be loaded onto the
pay-later offering. wallet and ready for use. EWS
EWS’s owner banks are also says that the onboarding pro-
trying to cut down on fraud. cess for consumers would be
Customers using their wallet even easier with its wallet. For
wouldn’t have to type in their example, people wouldn’t have
card numbers, which can raise to type in their card numbers
the risk of fraud and rejected to load them on the wallet.
back-end connections to banks
to identify which of the con-
sumer’s cards can be loaded
onto the wallet. Consumers
would then choose which card
to use or could opt out.
U.S. consumers who are up-
to-date on payments, have
used their card online in re-
cent years and have provided
an email address and phone
The banks’ service
aims to compete
with PayPal and
Apple Pay.
cards for use within the wallet
when it rolls out.
EWS’s owners last year de-
bated a plan to allow shoppers
eye of lawmakers, contributed bank accounts.
to the decision to not move The wallet will be launched
forward. with Visa Inc. and Mastercard
The wallet is being de- Inc. debit and credit cards,
signed to roll out linked to EWS said.
credit and debit cards because EWS has also reached out
that is how U.S. consumers are about the initiative to other
used to shopping. The banks card networks, including Dis-
figured it would increase the cover Financial Services, to
chances that more people gauge their interest in en-
would use the wallet. abling their cards to be loaded
Should a sizable number of onto the wallet.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Tuesday, January 24, 2023
Kyhara Tay, above, was killed last year by a stray bullet, allegedly
shot by a 15-year-old gunman. Right, Sokpini Tay, Kyhara’s father,
at her gravesite in Yonkers, N.Y., on Dec. 17, 2022—what would
have been her 12th birthday.
Crimes by
Children
Surge
Continued from Page One
federal data.
One consequence is a
mounting toll of young victims.
The number of juveniles killing
other juveniles was the highest
it has been in more than two
decades, the 2020 federal data
show.
Kyhara was one of 153 vic-
tims in New York City under the
age of 18 shot in 2022, the most
in at least six years and more
than the 127 total minors shot
in 2018 and 2019 combined, ac-
cording to police data. The 13-
year-old boy being pursued was
unharmed, authorities say.
In New York City, police said
124 juveniles committed shoot-
ings during 2022, up from 62 in
2020 and 48 in 2019.
“The tragedy here is that
we’re talking about a gunman
who is too young to be called a
gunman because he’s 15 years
old,” said Bronx District Attor-
ney Darcel D. Clark after
Kyhara’s death. “These ages
make you weep.”
The jump comes amid an
overall wave of violent crime in
the first two years of the pan-
demic—particularly homicides
and shootings—that swept
through urban and rural areas
alike.
Lockdowns
Police, prosecutors and com-
munity groups attribute much
of the youth violence to broad
disruptions that started with
the pandemic and lockdowns.
Schools shut down, depriving
students of structure in daily
life, as did services for troubled
children. Increased stress com-
pounded a swelling mental-
health crisis. Social-media con-
flicts increasingly turned
deadly.
Easier access to firearms for
juveniles has also played a role,
including the rise of homemade
ghost guns and a surge in ille-
gal firearms trafficking. Height-
ened gang activity was a factor
no
too in some places such as New
York City, authorities say.
The nationwide wave began
to ebb in 2022, but in some
communities, shootings involv-
ing minors have continued to
surge. In Washington, D.C.,
there were 214 firearm-related
arrests of children in 2022, a
higher count than each of the
prior three years. Sixteen juve-
niles were shot to death last
year in the district, compared
with nine in 2021.
Dora Villarreal, the top
prosecutor in Rock Island
County, Ill., said she has never
seen such young teens so fre-
quently involved in shootings
Swimmers
Spar Over
Wetsuits
Continued from Page One
in the 50s too—that is just one
of many hazards Bay swim-
mers face: they could exhaust
themselves fighting strong
currents, be bitten by aggres-
sive sea lions, or even cross
paths with the occasional
ocean tanker. And yet, some
Bay swimmers refuse to wear
these potentially lifesaving de-
vices because they consider
them a form of cheating. Or,
even if they like them, as did
Ms. Gower, they don’t want
the hassle of wetsuit shaming.
The wetsuit split is legend-
ary in Bay aquatics. Some lo-
and firearms cases in her
county of about 143,000. “Dur-
ing Covid, without school being
a constant kind of stabilizing
structure for many of our kids,
that has helped lead unfortu-
nately to this rise in violent
crime,” she said.
Since schools reopened, the
arrests have continued to rise.
Ms. Villarreal said residual im-
pacts of the pandemic—includ-
ing mental-health issues, drug
abuse and the breakdown of
routines—have all contributed.
In 2020, 36 juveniles were ar-
rested for gun-related cases in
her county. As of late December
2022, the number was 64.
Lashing out
Fourteen-year-old K’Mya
Marshall could see the changes
among the young people she
knew in her West Philadelphia
neighborhood over the past
two years. After months of iso-
lation, teens became less able
on
to cope with conflict and more
us ,
frequently lashed out over
l
small disputes, she said. With
e
al a
less to do, many also drifted
deeper into social-media circles
where guns and crime were
ci on
glamorized.
Firearms were seemingly ev-
erywhere, as gun sales skyrock-
eted during the pandemic. Kids
got them from family members,
er s
purchased them on Instagram
for a few hundred dollars, or
m er
bought homemade ghost guns
from other teens.
“They think it’s cool,” said
K’Mya, a team leader at the
Young Chances Foundation, a
m rp
community organization that
seeks to prevent violence.
“They want that gun to define
themselves and for people to be
scared of them.”
co Fo
Late last year, a teenage
friend of hers was shot to death
walking in their neighborhood.
Their school held a 10-second
moment of silence a few days
later. Such mourning has be-
come increasingly routine in
Philadelphia as the number of
juveniles murdered jumped to
81 over the past two years,
from 52 in all of 2019 and 2020.
“My friend got caught in the
crossfire just trying to enjoy
n-
her day,” she said.
Last year, a total of 117 juve-
niles were arrested for shoot-
ings in Philadelphia, up from 43
in 2019, according to police.
They include a 14-year-old
boy and a 17-year-old boy both
charged with murder after they
were allegedly involved in a
September gun battle outside a
West Philadelphia recreation
center in the middle of the day.
Tiffany Fletcher, a 41-year-old
employee of the center and a
mother of three, was outside
when she was fatally struck by
a stray bullet.
The city council recently
made permanent a 10 p.m.
summertime curfew for teens
from ages 14 to 17. “The new
curfew law is meant to protect
young people from being vic-
cal triathlete pages call wet-
suits “wuss suits.” Over the
years, in actual cold cases,
wetsuits have mysteriously
vanished from the changing
room at the South End Rowing
Club, a 150-year-old home to
many Bay swimmers.
Later, the suits turned up
in garbage cans or, in one
case, hanging outdoors from a
nail on the second floor of the
building, according to Bill
Wygant, a member and past
club president. He denies in-
volvement in the disappear-
ances, but adds: “They knew
the risk.”
Tom Linthicum, a swimmer
called “Reptile,” has made the
mile-and-a-quarter water trek
from Alcatraz to San Francisco
more than 200 times, but
never in a wetsuit. With a wet-
suit, he says, “you’re not really
enjoying the cold.” For swim-
mers such as Reptile, the
bone-numbing cold of the wa-
FROM PAGE ONE
tims of crime while the City
works towards other measures
that reduce gun violence,” said
City Councilor Katherine
Gilmore Richardson, who pro-
posed the measure, in a written
statement.
The rise in juvenile shoot-
ings hasn’t been limited to the
biggest cities. Peoria, Ill., popu-
lation 112,000, saw eight juve-
nile homicide victims in 2021,
according to police data. In
2020, there were none.
Edmund Mallqui-Burgos,
chief juvenile prosecutor in At-
lantic County, N.J., which in-
cludes Atlantic City, said he
was struck by several recent
cases where young teens who
seemed to be on the right track
committed shootings.
One involved a 13-year-old
boy who shot and wounded two
men, ages 30 and 34, on a busy
Atlantic City street before get-
ting into an hourlong standoff
with the city’s SWAT team this
past July.
Mr. Mallqui-Burgos was set
to charge him as a juvenile for
attempted murder—in New Jer-
sey, prosecutors can try juve-
niles as adults only if they’re 15
or older. But he found out that
the boy had never been in-
volved in criminal activity be-
fore, was working a job to earn
money for his family and feared
for his safety during the en-
counter with the older men.
“This was a kid who seemed
like he was doing the right
thing,” Mr. Mallqui-Burgos said.
“This was not a gangbanger
‘These ages make you weep,’ said Bronx District Attorney Darcel
D. Clark, pictured in her office.
ter is the whole point, and
never something to be
avoided.
“It’s an amazing feeling to
be in that water and to let
your body react,” Mr. Linthi-
cum explains. “There’s nothing
like it. I have no desire to ever
wear a wetsuit.” He says he
harbors no ill will toward
those who do. Mr. Linthicum’s
wetsuit-less code has led to
tough moments. On some
days, he concedes, he stares
into the dark cold water of an
early-morning swim, and a
part of his mind he calls his
“land brain” begins whisper-
ing.
“The land brain wants to go
home, take a nap, forget about
it,” he says. During times like
this, he instead channels his
“reptile brain,” which he be-
lieves to be an evolutionary
vestige. “The reptile brain just
comes out and says, ‘enjoy the
water; enjoy the cold,’ ” he
type of situation.”
The teen, now 14, said in an
interview that he’d been work-
ing for the building’s manager
helping paint and clean apart-
ments last summer. There were
often drug addicts and home-
less people loitering in the
building, the teen said, and that
day he’d asked a man to leave
who didn’t live there. The man
returned with two others and
threatened the teen and his
brother. The teen, who said he
had been traumatized after see-
ing a shooting in the neighbor-
hood in the summer of 2021,
recounted running upstairs to
Washington, D.C.,
had 214 firearm-
related arrests of
children in 2022.
his family’s apartment to get a
gun. After the men struck his
brother in the face and attacked
him, he fired in their direction
toward the ground, he said.
“I kept having flashbacks of
what happened last summer
and what could happen to us.
I’m thinking about protecting
me, and protecting my brother.
I didn’t know these guys,” he
said.
He pleaded guilty to fourth-
degree aggravated assault and
second-degree unlawful posses-
sion of a handgun, and was
says. “Our ancestors may
never have had a warm
shower in their entire life.”
Swimmers have been
known to drop in the South
End Club’s showers due to the
effects of cold and Mr. Linthi-
cum has seen more than one
sent to the hospital. From
time to time he can’t feel his
feet when he emerges from
frigid water. But that is nei-
ther here nor there. “What-
ever happens to you after the
swim—as long as you got the
swim in—it doesn’t matter,”
he says.
The South End Club’s presi-
dent, Fran Hegeler, says while
hypothermia is serious, Bay
regulars learn to identify early
signs and get out of the water,
and to swim with a buddy.
In 50-degree water, the first
stages of hypothermia can kick
in after just 10 minutes, ac-
cording to John A. Downing, a
professor of biology with the
THE WALL STREET JOURNAL.
placed in an intensive proba-
tion program.
Some prosecutors and law
enforcement leaders argue that
the shift away from a more pu-
nitive approach for juveniles
toward intervention programs
and rehabilitation has gone too
far and corrections are needed.
Ms. Clark, the Bronx district
attorney and a Democrat, sup-
ly
ported a 2017 New York law
that ended the automatic pros-
ecution of 16- and 17-year-olds
as adults, raising the age to 18.
Most states had already passed
similar “Raise the Age” laws.
Now, Ms. Clark said, she
wants to be able to try more
gun possession cases in crimi-
nal court, which would allow
her office more authority over
what sentences to seek. She
said under the Raise the Age
law, too many juveniles ar-
rested on gun possession
charges are being released
quickly because such cases are
typically sent to family court—
and some of those minors are
going on to commit more seri-
ous crimes or are being mur-
dered themselves.
Her office cited the case of a
17-year-old who was arrested
three separate times on gun
possession charges and sent to
family court each time, before
being arrested for murder, all
within 12 months.
“I don’t want to lock them
up and throw away the key be-
cause they’re young. But at the
same time, they have to know
the consequences for their ac-
tions,” said Ms. Clark.
Last March, New York Dem-
ocratic Gov. Kathy Hochul sent
lawmakers a list of priorities to
help reduce crime, including
changing the Raise the Age law
to allow juveniles arrested on
gun possession charges to be
tried in criminal court. The
proposal was never taken up by
the Democratic-controlled leg-
islature.
A coalition of children’s ad-
vocacy groups in New York
have fought such proposals,
saying that there’s no data
showing a link between the law
and rising juvenile shootings in
New York.
“We believe that the in-
crease was related to the mas-
sive disruptions and the trauma
of the pandemic,” said Kate Ru-
bin, director of policy and stra-
tegic initiatives at Youth Repre-
sent, a New York group that
works with young people who
have been incarcerated. “The
year before the pandemic
started, Raise the Age was al-
ready in effect and shootings
were actually the lowest level
University of Minnesota’s
Large Lakes Observatory.
“Wetsuit shaming. I find that
hysterical,” he says. “Why
would you shame someone for
trying to stay alive?”
The U.K.-based Channel
Swimming Association, which
keeps official count of English
Channel crossings has set the
gold standard on what is and
what isn’t permitted in com-
petitive open-water swims.
For a channel journey, swim-
mers may wear goggles, one
cap, a nose clip, ear plugs and
one swimsuit. Wetsuits and
any material offering “thermal
protection or buoyancy” are
forbidden. Body grease is OK,
according to the organization’s
website.
The South End Club, which
currently has about 1,700
members, including this re-
porter, has likewise main-
tained a minimalist attitude
toward swim gear. “In the old
JOSÉ A. ALVARADO JR. FOR THE WALL STREET JOURNAL (3)
that they had been in years.”
She and other advocacy
groups said that early interven-
tion programs for juvenile gun
offenders remain a more effec-
tive means of heading off future
violence than incarceration.
Several days after Kyhara
Tay’s killing, police arrested the
.
15-year-old alleged shooter at a
Bronx hotel, where he was
found with his mother. Soon af-
ter, the 18-year-old driving the
scooter turned himself in. Both
had been victims of gun vio-
lence themselves, according to
police. The 15-year-old was
shot last January, while the 18-
year-old, an alleged gang mem-
ber, had been shot on two dif-
ferent occasions in 2020.
Both have pleaded not guilty.
Walter Fields, the lawyer for
the 15-year-old, wouldn’t com-
ment specifically on the case,
but he blamed the growing
youth violence on what he de-
scribed as easy access to guns.
“I’ve never seen it this bad.
I’ve never seen the amount of
weapons that have flooded the
streets of New York,” said Mr.
Fields, who specializes in juve-
nile legal defense.
A lawyer for the 18-year-old
declined to comment.
Broken
Before their daughter died,
Yahisha Gomez and her hus-
band, Sokpini Tay, had mulled
moving out of their Bronx
neighborhood with their five
children for somewhere safer.
But Ms. Gomez, a bank clerk,
and Mr. Tay, a maintenance
worker, were waiting to save
enough money. They kept a
close eye on their children, not
letting them spend more than
an hour outside after school.
Ms. Gomez got word that
Kyhara had been shot that
spring afternoon from her
niece. She ran the 10 blocks
from their apartment to the
nail salon, the city blurring by
her until she heard the sirens.
“I was praying to God that it
wasn’t her. And if it was her,
that she’d be OK. Just praying,
‘Please let me see her.’ That it
wasn’t that bad. Just praying to
God.”
Ms. Gomez and Mr. Tay said
their lives have been broken.
She sees a therapist to cope
with the grief. He refuses to
leave his 3-year-old daughter’s
side and has been unable to go
back to work.
The age of the boy who al-
legedly shot their daughter
didn’t surprise them.
“It’s just kids killing kids,”
Ms. Gomez said.
South End, people used to
think you were a sissy if you
swam with goggles,” Mr.
Wygant says.
Around 25 years ago, the
South End’s anti-wetsuit cul-
ture sparked a rubber rebel-
lion. Protesters, angry with a
club policy that bumped wet-
suit-free members to the front
of the line for certain swims,
protested the rule in the only
way they knew how. “They all
dressed up in wetsuits,” Mr.
Wygant says. They were
chanting, ‘We’re here, we wear
gear. Get used to it!”
The South End Club still
doesn’t allow wetsuits in its
changing room. Ms. Hegeler,
the president, says she isn’t
entirely sure of the reason for
the rule.
“It’s an old club,” says Ms.
Hegeler, a former wetsuit-
wearer herself. “There are cer-
tain traditions that are up-
held.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved.
T
BY JULIA CARPENTER
he person you marry
will often change your
relationship to money.
We tend to choose
our partners based on
shared values, in-com-
mon traits and other similarities,
marriage researchers say. But
money-management styles are one
case in which opposites do attract,
said Jenny Olson, an assistant pro-
fessor of marketing at Indiana Uni-
versity who studies couples’ finan-
cial decision-making.
We are drawn to people who
can check and balance our own
rigid rules about money, Prof. Ol-
son said. Someone who feels they
are too focused on saving and not
focused enough on using money to
enjoy life might look for a partner
who can help them feel more com-
fortable with an occasional
splurge.
Over the decades, however,
spouses often grow more alike.
The spendthrifts married to the
tightwads manage to find some
middle ground, learning from one
another in the process, said Scott
Rick, a marketing professor at the
University of Michigan whose
studies marital finances.
“The spouses who don’t con-
verge have a harder time and those
marriages are probably more frag-
ile and could end in divorce,” Prof.
Rick said, referencing his analysis
of 1,303 couples, which will be pub-
lished in a forthcoming book.
no
MY RIDE | BY A.J. BAIME
A Rare BMW Model
Fit for James Bond
C. Daniel Smith, 67, a recently
retired orthopedic surgeon living in
St. Joseph, Mo., on his 2002 BMW
Z8, as told to A.J. Baime.
O
rthopedic surgeons have
quite a bit of time between
cases, and sometimes, to
take the edge off, we would talk in
the surgeon’s lounge about any-
thing but work. I have a good sur-
geon friend named Steve Long who
is, like me, nuts about cars, and of-
tentimes we would talk about our
favorites. One day, we happened
CHRISTOPHER SMITH FOR THE WALL STREET JOURNAL (2)
With Marriage
And Money,
Opposites Attract
on
This mutual influence along
with the built-in financial account- making such a huge life change.
ability couples get when they pool
their assets are partly why mar-
ried couples have a financial ad-
us ,
vantage over their single counter-
l
parts, researchers say. The median
e
al a
net worth of married cou-
ples 25 to 34 years old was
nearly nine times as much
ci on
as the median net worth of
single households in 2019,
Over time, spendthrifts
up from four times as wed to tightwads can
much in 2010, according to
research from the Federal find middle ground.
er s
Reserve Bank of St. Louis.
When Kristen James, a
m er
33-year-old product man-
ager in Austin, Texas, first
started dating her now-
husband, Ben, a 35-year-
old startup co-founder, she
m rp
noticed they came to the
relationship with different
approaches to their fi-
nances. Mr. James consid-
ered himself much more of
co Fo
a financial risk-taker; Ms.
James preferred to man-
age her money more con-
servatively.
Instead of their differ-
ences erupting in conflict,
Ms. James said her hus-
band’s approach had a pos-
itive influence. After talking it
over as a couple, Ms. James made
the leap to change her career,
moving into the technology indus-
try and ultimately earning a
n-
higher salary as a result. Without
her husband’s encouragement, she
on the BMW Z8.
We had both seen the James
Bond movie “The World Is Not
Enough,” where the BMW Z8 de-
buted. One of them gets sawed in
half in the movie. The more I read
about the car, the more excited I
got. It was hand-built in Munich. A
guy named Henrik Fisker designed
the exterior. [Mr. Fisker is a for-
mer BMW designer who later
started the Fisker car company.] I
really liked the retro look.
There probably had not been a
car made since 1967 that really ap-
pealed to me. I love the
first and second genera-
tions of the Corvette and
the old Jaguar XK-120s.
Those cars have clean
lines, and that design
characteristic, I felt, had
disappeared. But here it
was on the BMW Z8. I
think cars can be a work
of art. You start with a
basic palette. Some peo-
ple can produce a mas-
terpiece, while others
will make a machine that
will get you from point A
to point B. I have a pas-
sion for perfection, and I
felt like this car was it.
BMW ended up pro-
ducing 5,703 Z8s and
THE WALL STREET JOURNAL.
said, she wouldn’t have felt secure
“He said, ‘You’re worth far
more than what you’re making,’
and he pushed me to take on more
risk and challenge myself in differ-
ent ways,” she said.
Couples who communicate
about the differences in their fi-
nancial beliefs are better able to
make decisions together, as te-
dious as that practice may ini-
tially feel, said Matt Lundquist, a
psychotherapist and the clinical
C. Daniel Smith, below left, fell for the Z8 when he saw the model in the 007 film ‘The World Is Not Enough.’
only about 2,500 came to the U.S.
I looked into buying one, but
ended up at a dead end. A year
passed and one day, in the fall of
2001, my surgeon buddy Steve
called me. He said, “Dan, I found
your car.” I said, “What are you
talking about?” He said, “I was
just at a BMW dealership, and
somebody ordered this Z8, then
backed out of it. It’s sitting on the
showroom floor.”
I immediately got my two sons
and my wife, and jumped in the
car to drive down there. I am
pretty fiscally conservative. I don’t
do things impulsively. But I looked
at this car and bought it on the
spot. I felt sheepish with my sons,
Tuesday, January 24, 2023 | A9
ly
director of Tribeca Therapy, a
psychotherapy practice based in
New York.
He points to clients who take a
regular weekend trip and have
made it a habit to use the driving
time to discuss their finances.
While the children snooze
in the back of the car, the
parents review the state
of their budgets and check
in on progress toward lon-
ger-term goals.
Talking as a pair also
prevents an imbalance of
power in which one part-
ner appoints themselves
money manager, said
Adrian Ward, a marketing
professor at the Univer-
sity of Texas at Austin.
In his own research
looking at how couples
manage their money,
Prof. Ward found that
one partner often takes
charge of the finances,
not because they’re bet-
ter equipped to do so,
but because they have
more time for the job.
The in-house money
manager—whom Prof.
Ward calls “the house-
hold CFO”—often shuts
the other partner out of the deci-
sion-making. Sometimes, the
other person is relieved, but over
time, that partner’s financial
literacy suffers.
“Even though it’s hard to make
decisions together and we’re both
who were 12 and 15. I thought, OK,
I needed to teach them fiscal re-
sponsibility. So I agreed to the
purchase price—I was able to get
the car at MSRP—and I was able
to persuade the dealer to let me
have the title change on Jan. 1, for
tax reasons. (That way I wouldn’t
have to pay a full year of personal
property tax on a car that I had
for just two months.)
At least once a week, we would
drive down to the dealership to
look at the car and take pictures.
When I took possession, it had 11
miles on it. The first day I drove
it, I got stopped by the police. I
think the guy liked the car because
he let me off. The car has been
PHOTO ILLUSTRATION GABRIEL ZIMMER/THE WALL STREET JOURNAL (2), ISTOCK (9)
.
busy, and it would be way easier
for one of us to just do it, it’s the
best long-term way to care for
each other,” he said.
Marcella Mollon-Williams, a be-
havioral financial adviser based in
Bowie, Md., runs a premarital fi-
nancial counseling session for
couples.
The main issue she sees early
on in relationships: Couples too
often talk about the things one
partner wants the other to avoid
doing with their money, as op-
posed to the things they want to
do together.
“Talk about the desires money
brings, the things you want to ac-
complish,” she said. “When you
start dreaming together, identify-
ing the things money can buy,
it’ll become easier. It’s sort of
looking ahead and then working
backwards.”
To stay on the same page finan-
cially, Kristen and Ben James set a
monthly family finance meeting.
Talking about their goals, review-
ing financial allocations and hav-
ing time to connect on those top-
ics helps them keep their sights
trained on the bigger picture, Ms.
James said.
When she’s tempted to scroll
through Redfin real-estate listings,
she relies on her husband to hold
her accountable.
“We have each other to say
‘We’re not buying a new house right
now’ or ‘We’re not buying a new car
right now’—you have that other
person to ground you,” she said.
with us ever since. It is a true
roadster—solid, nimble and quick.
It’s got a roughly 400-horsepower
engine in it—the same engine
BMW was using in the much big-
ger and heavier M5. The town
where I live has a 26-mile parkway
system. It’s this wonderful, twisty
road—a real source of pride for
our community and the perfect
place to get out in this vehicle.
Now, 20 years later, the car still
feels brand new. I have four grand-
sons and a fifth grandson coming.
I am looking forward to the day
when the oldest grandkid is old
enough to ride in the car without a
car seat, and my daughter-in-law
will let me take him for a ride.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Tuesday, January 24, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Don’t Let Your Phone

the phones themselves.
FAMILY You can turn on Do Not Disturb
& TECH on an iPhone or an Android phone
JULIE during the hours you choose, dur-

Keep You Up at Night

JARGON ing which time you can allow calls
or notifications only from certain

W
people or apps. In the iPhone’s
e’ve all reached for Sleep Focus setting, you can set a
our phones in the sleep goal and create bedtime re-
middle of the night, minders as well as enable Sleep
only to be pulled into Screen, which dims your lock
some kind of rabbit screen at bedtime.
hole that keeps us awake. (If you iPhones also have a Wind Down
haven’t, please share your secrets feature while Android phones have
for self-control.) Bedtime Mode, both of which si-
A good night’s sleep is impor-
tant for your health. Chronic sleep
troubles can lead to cognitive im-
pairments and increase the risk of
stroke and heart attack. And get-
ting enough rest is a huge problem
for teens, who are facing a sleep
crisis due to factors including
nighttime technology use, busy
schedules and heavy homework
loads. American adults also have
trouble sleeping, with 70% of
adults reporting they get insuffi-
cient sleep at least one night a
month, according to the American
Sleep Apnea Association.
Much ado has been made about
the blue light our devices emit,
but the ways in which tech hijacks
our sleep go far deeper than that.
It’s the content we see that has
the biggest impact on our slumber, TikTok is testing a feature that
sleep experts say. reminds users when it’s time to go
So what should we do about it? to sleep and mutes notifications.
Sure, you could leave your phone in
another room at night, but that
might not be feasible for adults who lence your phones at a time of
want to be reached in an emergency. your choosing.
The simplest fix is to eliminate the  Only glance at the time.
temptation to scroll altogether. information-relay center—and dis- sleep doctors say adults need  Use tech to combat tech. You Many of us tap our phone screens
Tools from tech companies can help, rupt the brain-wave oscillations (teens need eight to 10 hours). might soon be able to curb late- to check the time in the middle of
including new features from TikTok needed for sleep.  Reconfigure your habits. night TikTok scrolling. The video- the night. That can tempt us to un-

.
and Instagram, two oft-cited sources Fretting about not sleeping can Once you identify which screen-re- sharing app, owned by ByteDance lock our phones and scroll. If you’ve
of nighttime distraction. make things even worse. When we lated activities rile you up, shift Ltd., is testing a new sleep-re- followed the other steps listed here,

If we come across alarming
news, a scary movie or an annoy-
ing work email right before bed or
in the middle of the night, the
stress hormone cortisol can rise. A
spike in cortisol provides an en-
ergy boost by moving glucose
from a stored state in the body to
worry about not being able to go
back to sleep, Dr. Zeitzer explains,
we actually can’t go back to sleep
on
because that worry is causing
more cortisol to be released.
If any of this sounds familiar,
don’t despair. Sleep and digital-
media experts suggest trying these
us ,
ly
those activities earlier in the eve- minders feature. When you desig- you should be able to resist.
ning and do more relaxing activi- nate a bedtime in TikTok, the app  Create a family tech plan.
ties closer to bedtime, says Nitun will mute push notifications for Leaving your phone outside the
Verma, a spokesman for the Amer-
ican Academy of Sleep Medicine.
Telling patients not to use screens
an hour or two before bed is too
the next seven hours and nudge
you to close it. TikTok in 2021 be-
gan disabling notifications during
nighttime hours for teens.
bedroom might not be practical for
many adults, but I advise parents to
keep all devices out of kids’ bed-
rooms. Andrea Davis, founder of
jarring for some people, he says, Instagram users have the abil- Better Screen Time, a company that

an active state. “It’s like eating a things: and ends up being unsustainable. ity to set times in the app when educates families about healthy dig-
l

candy bar,” says Jamie Zeitzer, co-  Know your triggers. Not all Instead, he advises people to taper they don’t want to be bothered. ital habits, suggests parents create
e
al a

director of the Stanford Center for screen activities are bad for sleep. their level of screen-induced emo- When Quiet Mode is enabled, you a tech plan with their kids, which
Sleep and Circadian Sciences. Start by assessing what stresses tion and excitement over the won’t receive notifications, and spells out when, where and how de-
FROM LEFT: ISTOCK; WATCHFUL.AI

Coming down from that energy you out or excites you when you course of an evening so it’s “like the app owned by Meta Platforms vices can be used. She says parents
ci on

rush can be difficult.
Positive content can be just as
disruptive because it can increase
the amount of dopamine or nor-
epinephrine in the brain, two neu-
look at your phone—and what
helps you calm down. You should
also be more aware of the time
you’re spending on your device. We
tend to lose track of time when
er s
landing a plane.” Inc. will send an auto-reply to any- should follow the rules, too. She
 Make a list. If you’re one to one who DMs you to let them didn’t trust herself not to look at
worry at night about what lies know you’re offline. The app will her phone while in bed, so she
ahead the next day, some sleep ex- prompt teens to turn on Quiet agreed to charge her phone in an-
perts suggest making a to-do list Mode when they’re on Instagram other room at night. Her husband

rotransmitters Dr. Zeitzer says can we’re on our phones, which can eat before bed, so you don’t keep your- between midnight and 4 a.m. keeps his phone in the bedroom in
excite the thalamus—the brain’s into the seven hours of nightly self awake making mental lists. There are even more choices on case of an emergency.
m er

Gas Stoves Spark Home Sales

m rp

Many buyers consider them a premium offering

BY VERONICA DAGHER The debate doesn’t seem Proponents of electric
co Fo

O
n the question of
which type of stove is
best for your open
house, real-estate agents
say there is a clear winner:
Gas fuels home sales.
Home buyers prefer gas
ranges because they say
food cooked over flames
heats more evenly and
tastes better than when
done on a traditional electric
n-
to have moved the needle
for home buyers: Fifty-one
percent of home buyers pre-
fer gas for cooking, com-
pared with 39% who prefer
electric, according to a 2021
survey by the National Asso-
ciation of Home Builders.
The rest said they had no
preference or didn’t know.
Carolyn Meyer, 37, is cur-
rently searching for a new
home in Omaha, Neb., and
stoves say tastes in appli-
ances are likely to change as
more Americans get to cook
on modern electric induction
stoves. Unlike the older elec-
tric coil or flat-top stoves,
induction isn’t slow to heat
and cool, terrible to clean
and dangerous because of
the hot surface area as its
predecessors were, said Ra-
chelle Boucher, a profes-
sional chef and senior lead

stove, said Damien Rance, a said she would never buy a at Building Decarbonization
Realtor in Weehawken, N.J. home with an electric cook- Coalition, a nonprofit seek-
A gas range may slightly
boost a home’s value, espe-
no

cially if the stove’s overhead

exhaust vents, said Realtors
from across the country.
“Gas is still seen as a pre-
mium offering in homes,”
said Mark Barnes, a Realtor
in Charleston, S.C.
The gas versus electric
stove debate reignited this
month after federal regula-
tors said they were consider-
ing restrictions on gas ranges.
“Products that can’t be made
safe can be banned,” Richard
Trumka Jr., a commissioner
with the U.S. Consumer Prod-
uct Safety Commission, told
Bloomberg News on Jan. 9. A
White House spokesman later A gas range may slightly boost a home’s value, Realtors say.
said President Biden didn’t
support a ban on gas stoves. ing to eliminate the use of
A 2022 Stanford study fossil fuels in buildings.
published in Environmental
Science & Technology esti-
mated that methane leaking
from stoves inside U.S.
51%
Of home buyers prefer gas
Induction stovetops are
significantly more expensive,
averaging $3,000 and up, ac-
cording to Angi. Rebates up
homes has the same climate over electric for cooking to $840 may be available to
impact as about 500,000 some home chefs who con-
gasoline-powered cars. The vert to electric under the In-
PHOTO ILLUSTRATION BY SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (2)

same study found that flation Reduction Act later

stoves can expose house-
holds to respiratory disease-
triggering pollutants.
Cities including San Fran-
cisco, Seattle and Denver
have either enacted or pro-
posed measures to ban or
discourage the use of fossil
fuel in new homes and build-
ings, with the goal of reducing
carbon emissions. New York
Gov. Kathy Hochul recently
proposed to ban the use of
fossil fuels for heating and in
appliances for certain new
buildings by 2025. Numerous
states have passed legislation
to prevent cities from impos-
ing bans on natural gas.
top that couldn’t be con-
verted to gas. “Not being
able to have a gas stove is a
deal breaker,” she said.
Even without any new
regulations, most Americans
own electric stoves. Sixty-
eight percent of U.S. house-
holds have electric stoves,
according to the Energy In-
formation Administration.
Traditional electric ranges
are generally slightly
cheaper, according to home-
services company Angi Inc.
Once installed, however, gas
stoves are a bit cheaper to
run, said Angie Hicks, chief
customer officer at Angi.
this year.
Many home shoppers will
have to give up their desire
for a gas stove, said Cindy
Scholz, a Realtor in New
York City and East Hampton,
N.Y. Developers building from
the ground up tend to use
induction cooktops, she said.
Not all buyers are set on
gas. Anna Leigh Peek, 31,
isn’t happy about the gas
stove in her new home in
Atlanta. Ms. Peek isn’t ac-
customed to cooking with
gas and is worried about a
possible gas leak.
“A gas stove scares me,”
she said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | A11

ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON

Straining for Self-Acceptance

Sam Smith returns with an uneven new album about learning to feel good about the person staring back in the mirror

S
am Smith made
an unforgettable
early impression
on 2012’s “Latch,”
a Top 10 single by
production duo
Disclosure. The English
singer sounded like three
vocalists in one on the
track, sliding effortlessly
from the low croon of the
verses to the yearning shout
of the chorus, and “Latch”
became an important dance
track during a moment
when once-underground
U.K. club sounds were find-
ing their way to the masses.
But Smith was destined
for much more than guest
vocals. The artist’s 2014
gospel-flavored single, “Stay
With Me,” from Smith’s de-
but album, “In the Lonely
Hour,” hit No. 2 in 2014, and
the singer’s 2017 album,
“The Thrill of It All,” pro-
duced another Top 10 single.
While Smith has been a
streaming juggernaut almost

FROM TOP: MICHAEL BAILEY-GATES; TASOS KATOPODIS/GETTY IMAGES

since the beginning, the art-
ist’s albums have been
patchy—their vocal range is
always impressive, but the
emotional range is rather
narrow. Smith sings mostly

.
about love and romance,
and in the 30-year-old’s

ly
songs every gesture is
weighted with significance.
Every love is the first or the
last, every relationship is
forever or it’s gone up in
flames, and there’s little in
the way of levity, humor or English singer
on
simple musical pleasure to Sam Smith
us ,

be had. “Gloria” (Capitol),

l

Smith’s fourth album, out

e
al a

Friday, seems partly an at-

tempt to expand the emo-
tional palette, with limited come via Smith’s usual sta- number, Smith sings partic- rain and footprints in the neat and tidy conclusion to frustratingly short of being
ci on

success.
The new LP’s overriding
theme is self-acceptance.
(Smith identifies as nonbi-
nary and uses they/them
ble of collaborators, includ-
ing Ilya Salmanzadeh (Ari-
ana Grande, Jennifer
Lopez), Jimmy Napes (Ali-
cia Keys, Mary J. Blige) and
er s
ularly well, showing re-
markable control while
moving through octaves.
“Gimme,” with a winning
cameo from Jamaican
sand abound—but the point
of the song is that queer
people like Smith were only
recently allowed access to
such common depictions of
another flawed and inter-
mittently entertaining al-
bum from the singer, one
that branches out slightly
from what Smith has done
start-to-finish great.
Mr. Richardson is the Jour-
nal’s rock and pop music
critic. Follow him on Twitter

pronouns.) On several of the duo Stargate (Rihanna, Katy singer Koffee and back- romance. The song offers a in the past while falling @MarkRichardson.
record’s better songs, Smith Perry). Massed voices re- ground vocals from Ms.
m er

sings of overcoming self-
loathing and learning to feel
good about the person star-
ing back in the mirror. Al-
bum opener “Love Me
calling both black American Reyez, adds welcome rhyth-
gospel and classical music mic variety with its stutter-
appear throughout the re- step Caribbean shuffle. “I’m
cord, as they have through- Not Here to Make Friends” The WSJ Daily Crossword | Edited by Mike Shenk
out the singer’s oeuvre, and is a breezy, uptempo pop 1 2 3 4 5 6 7 8 9 10 11 12 28 Have a
m rp

More,” an airy ballad that a handful of dance numbers song with disco strings, common
unfolds with an appealing are sprinkled in with the more effervescent than 13 14 15 16 border with
mid-tempo lilt, establishes much of what’s found here,
29 Yes, in
this thematic template. The but it never quite takes off. 17 18
Yokohama
line “Every day I’m trying
The new release The lyric is banal—I need a
co Fo

not to hate myself” in the lover and not a friend is the 19 20 30 “Your point
first stanza is followed by branches out from general gist—and the word- being?”
21 22 23 24 25
“But lately it’s not hurting
like it did before,” and we
the singer’s focus on less hook that extends the
word “lover” feels forced. 32 Start of a
get a hint that Smith has love songs. And “Unholy,” which topped 26 27 28 29 30 gridiron play
turned some kind of corner. the Billboard Hot 100 this 34 [See other
The melody on the chorus is past fall, a song about se- 31 32 33 34 side]
constructed like a breath—a cret lust and unapologetic
long inhalation while Smith ballads that have become sin, pulls out all the stops 35 36 37 38 39 36 Most PSAT
describes the past, then a Smith’s calling card. An ar- with its clanging industrial takers
clarifying exhale signifying gument serves as the sub- rhythm and epic choir-like 40 41 42 43
37 “Now go!”
a new peace—and its warm ject of “No God,” as Smith vocals. But the guest vocal
vibes are contagious. “Per- reminds a partner that no from German singer Kim Pe- 44 45 46 47 48 49 38 Skinny
n-

fect,” the fifth track, featur- individual has a monopoly tras, in which luxury brands
50 51 52 53 39 Military band
ing Canadian singer Jessie on the truth, and zigzag- are held up as symbols of
Reyez, extends the theme ging tempo changes and decadent pleasure, is trite.
member
with less success, with a constantly shifting back- The album ends with 54 55 56 57 43 Don’t just
no

cloying chorus—“I’m not ground vocals keep things “Who We Love,” a warm stand there
perfect, but I’m worth it”— interesting. and sweet ballad on which 58 59 60 61 62
and a melodramatic string Here and there Smith Smith duets with superstar 44 Weisz of
coda that aims for profun- aims for the dance floor, singer-songwriter Ed 63 64 “Black
dity but in this context feels providing a welcome break Sheeran. There’s nothing Widow”
unearned. from slower numbers fix- novel about the song’s con- 65 66 67
45 Oxycodone,
Production and song- ated on personal growth. On ception of falling in love— e.g.
writing help on “Gloria” “Lose You,” a slinky house clichéd images of summer
BRIEF RÉSUMÉS | By Bill Thompson 46 Catchphrase
Across 33 Word with 63 Brokerage 8 “Put ___in it” 47 Dallas cager
salad or company (“Hold that
1 Resort 48 Some
candy with talking thought”)
amenity bellybuttons
baby ads 9 Sign for
4 Audio file 34 Wine
barrel 64 Ironic way to removal 51 Transmitted
extension a document,
material be crazy 10 Buds
7 Admirably old-style
impressive 35 Inmate’s perk 65 Listed 11 Cosine’s 53 Second letter
40 Works in a 66 Brief reciprocal
13 Like 55 Member of
bergamot studio afterthoughts 12 Traps
Meir’s cabinet
and bay leaves 41 Ball-bearing 67 Brief 14 Comfy shoes,
item résumés, 56 Counterpart
16 Evolutionary familiarly of mean and
figures and an apt
42 Burden median, in
description of 15 What might
17 Home of 44 Effortless this puzzle’s be pierced in statistics
Pikes Peak victories four longest a commercial 57 Rubs the
answers legal case wrong way
18 Quartz 47 Paris
compound underground Down 20 Airport 60 Chiefs’ org.
shuttle, often
19 Pantry 49 Division of 1 ___fly (RBI 61 Good, in
staple the DOJ producer) 21 “Feels good!” Hebrew
21 Swear at, say 50 “Riverdale” 2 Debate side 22 Coalition
62 Elle King’s
24 Iridescent star KJ 23 Until “___& Oh’s”
3 Co. that used
stone 51 Top pick to mail out Previous Puzzle’s Solution
25 Bill in a till CDs T R A M L A S S O W E A R
52 Destroyer A U R A U S H E R H E R A
26 Dolomite target 4 More S P U N C H O C O H O L I C
peak cautious K E B A B E D U A S S A Y
54 Documentary- S E A G O D S R O S A
27 Betray like 5 Slightly E R A S I T T I N G S
filmmaking S A C R E D I T S A D E A L
29 Prey for 6 Aid in A M A P R Y A L A
style G O F I G U R E P O R T L Y
parasites organizing
58 Round digital movies S K E L E T O N A P E
31 Intense L E E S G R U M B L E
container A R S O N P O E S O L E S
desire, with 7 Pesto
H O T M A G E N T A R O T S
“the” 59 Bug ingredient A M I E A R E A S S O M E
Sam Smith performing in Washington in 2022; the artist’s new record is ‘Gloria’ ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. B A R N P O S T S E D E N
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Tuesday, January 24, 2023
The Philadelphia Ea-
gles and Cincinnati
Bengals have very low
expectations for this
sports column you’re
about to read.
YOU: Join the club, fellas!
The Eagles, I don’t blame them
for being pessimistic about the
media. All last week, they had to
listen to hack columnists and TV
blowhards rant and rave about
how the NFC East third-place New
York Giants were suddenly the
scariest team in football, how Dan-
iel Jones and Saquon Barkley were
a dynamite combo and the late-
blooming G-Men were actually
putting off underdog vibes similar
to those Eli Manning Super Bowl
seasons.
These were things that were ac-
tually said going into Saturday’s
Eagles-Giants game in Philadel-
phia. These were things that were
actually said in this sports col-
umn!
I’ll say it for you, good people
of Philadelphia: WHO WRITES
THIS STUFF?
Because the Eagles went out
and drove a steamroller over the
allegedly mighty, mighty Giants.
Actually, they drove a series of
steamrollers over the allegedly
mighty, mighty Giants. This game
was over by the second quarter. I
watched this game at a Giants
fan’s house. He confidently threw a
watch party! At halftime, he
wanted to send everyone home
and curl up on the couch alone.
Eagles fans are used to this
blithering nonsense. Disrespect is
baked into the product. Philly has
gone wire-to-wire with the NFL’s
best record, taking on all comers,
overcoming injuries and finishing
as the conference’s No. 1 seed—
and they’re still fending off skep-
tics who aren’t convinced it’s 100%
for real.
Let me be clear: I’m not saying
everyone disrespects the Eagles. I
also acknowledge the maddening
habit in sports media to lecture
the public about their alleged
skepticisms toward teams and ath-
letes. Baseball people yell at you
to respect the greatness of Mike
Trout, even if everyone respects
Mike Trout. Basketball people do
this about Nikola Jokic, as if the
guy hasn’t won two consecutive
NBA MVPs. It’s like hearing a rock
critic claim no one appreciates
JOEL CARRETT/EPA/SHUTTERSTOCK
Ben Shelton beat J.J. Wolf to advance to the Australian Open quarterfinals.
A U.S. College Tennis Star
Breaks Out in Australia
no
BY JOSHUA ROBINSON
Melbourne, Australia
UNTIL HE BOARDED A FLIGHT for
the other side of the world earlier
this month, Ben Shelton had never
left the U.S. He was 20 years old
and already a champion in college
tennis, but while other players his
age crisscrossed the globe chasing
tournaments, he chose to build up
experience at home.
Then came the prospect of play-
ing in the Australian Open this year.
Shelton knew it was time to rack up
some airline miles. Over a matter of
weeks, he launched himself to
events in Adelaide, Australia, in
Auckland, New Zealand, and finally
here in Melbourne to play just the
second major tournament of his
young career.
On Monday, the trip took Shelton
into even less familiar territory: a
Grand Slam quarterfinal, by beating
fellow American J.J. Wolf in a five-
set slugfest that lasted nearly four
hours.
“I got on the plane with no ex-
pectations,” Shelton said.
The only thing the vast time dif-
ference means now is that people
back home are sleeping through one
of the most surprising perfor-
mances by a young American man
in recent memory. At this time last
year, Shelton hadn’t yet turned pro
and was ranked No. 569 in the
world, collecting rating points as an
amateur.
The next 12 months were life-
changing. In the spring, he won the
NCAA singles title as a sophomore
at the University of Florida, where
his father, an ex-pro named Bryan
Shelton, is the coach. Then in Cin-
cinnati over the summer, Shelton
Don’t Disrespect the Eagles—or Bengals
They’re clearly two of the best teams in football, each one victory away from the Super Bowl
Bengals quarterback Joe Burrow, left, and Eagles quarterback Jalen Hurts were both selected in the 2020 NFL draft.
“Exile on Main St.” Sports media
loves to manufacture disrespect, to
the point we’re not far from a talk-
show host holding up a glass of
H20 on the air and saying, “You
know what nobody respects? WA-
TER.”
on
But I’m quite certain the Eagles
will hear whispers of doubt this
week. Next Sunday in the NFC
Championship, Philadelphia hosts
San Francisco, a Super Bowl bid on
us ,
the line. It’s a great matchup, the
l
No. 1 and No. 2 seeds, but the No.
e
al a
2 Niners will be treated as the
clever darlings, with that leftover
sheen from those old Montana-
ci on
Young rings, the wizard head
coach (Kyle Shanahan) and the
Hollywood saga of rookie quarter-
back Brock Purdy, a last-pick third
stringer now looking like the rein-
er s
m er
m rp
co Fo
n-
took down world No. 5 Casper Ruud
of Norway, becoming the youngest
American to beat a top-5 opponent
since Andy Roddick in 2001. A week
later, Shelton was making his Grand
Slam debut as a U.S. Open wild
card. Though his run at the tourna-
ment lasted just one five-set match,
the big-hitting kid from Atlanta felt
he belonged.
Shelton isn’t alone in his rise
through men’s tennis.
Though no American man seems
quite ready to break a Grand Slam
dry spell that dates back to Rod-
dick’s U.S. Open in 2003, he’s part
of a building wave of young talent.
When the next ATP rankings are
published, 10 Americans including
Shelton are expected to be in the
top 50—nine of them are 25 or
younger.
“Having a lot of Americans
seeded and a lot of rivalries like
that I think will be really good to
push each other, especially for the
American fans,” Wolf said after los-
ing to Shelton on Monday.
Of the 10, Shelton might look like
the one who was always destined to
be there. Shelton had all the tennis
instruction he could dream of right
at home. His father once reached
the fourth round at Wimbledon as a
player and coached college teams to
national championships. His mother
was also a high-level junior player.
Yet Shelton didn’t always care
much about tennis. For one, he
didn’t feel all that gifted in his fam-
ily’s favorite sport.
“I wasn’t an amazing tennis
player growing up,” he said here. “I
focused on a lot of other sports,
and I wasn’t at the level that a lot
of these guys were at 13, 14, 15,
even all the way to 18.”
SPORTS
JASON GAY
carnation of 2001 Tom Brady.
The Eagles, meanwhile, are
just…very, very good, and, impor-
tantly, the favorite to win. They
have their own wizard, second-
year head coach Nick Sirianni.
They have an outstanding defense
and a young quarterback, Jalen
Hurts, who is an underdog saga in
his own right. Jalen Hurts has won
big games his whole life, but every
so often he’ll hear: Hmmm…What
do we think about Jalen Hurts?
Jalen Hurts may be lifting the
Super Bowl MVP trophy over his
head next month and he’ll still get
this claptrap: Hmmm…What do we
think about Jalen Hurts?
Fine, says Philadelphia. Let
there be skeptics. We’ll burn it like
fuel.
The Cincinnati Bengals also wel-
The NFL’s Ultimate Underdog Story
BY ANDREW BEATON
B
rock Purdy was never sup-
posed to be at the center of
the NFL playoffs. Just a few
months ago, he was a rookie third-
stringer who had been taken with
the very last pick in the draft. He
didn’t even have a guaranteed spot
on the San Francisco 49ers’ roster.
What has happened since over
the course of this season is one of
the most spectacular out-of-no-
where stories ever in football.
After both quarterbacks ahead of
him got hurt, Purdy got the job.
And he hasn’t lost since. Purdy’s
streak of seven straight wins as a
starter—including two in the play-
offs—now has him playing in the
NFC Championship against the Phil-
adelphia Eagles.
Purdy has authored some phe-
nomenal games himself, and others
in which his mistake-free play al-
lowed the Niners’ other-wordly de-
fense to decide the outcomes. The
latter is how San Francisco won its
divisional round game Sunday night
19-12 over the Dallas Cowboys.
How has he done it? Purdy has
the enormous benefit of playing for
coach Kyle Shanahan, perhaps the
most innovative offensive schemer
in the league. The 49ers have argu-
ably the best collection of offensive
talent around. And even though he
was selected with the 262nd pick,
there may not have been another
rookie quarterback more prepared
to be thrown in the fire than Purdy.
The 49ers only got the last pick
of the 2022 NFL draft through an
arcane system that awards
teams compensatory se-
262
lections for losing
more qualifying play-
ers in free agency
The pick the 49ers
than it brings in. No
team received more used to select Iowa
compensatory picks State quarterback Brock
in the last draft than Purdy in the 2022 NFL
San Francisco. Some draft
were as early as the
third round. The final
one was the very last pick.
The Niners originally planned
to target Purdy in undrafted free
agency, but that extra seventh-
round selection—which bestows the
title “Mr. Irrelevant” upon one
player every year—was the perfect
opportunity to splurge on a player
that intrigued the coaching staff
even though the team didn’t need a
quarterback.
“We got the last pick,” Shanahan
said in April. “We thought it was
perfect,”
There were a few things about
come any disrespect. They made
the Super Bowl last season and
they’re also encountering people
who aren’t quite sure they have
ly
got what it takes. The Bengals
weren’t a consensus pick to return
to the Super Bowl. People won-
dered if last year’s run was, you
know, a fluke.
The Chiefs and the Bills were
the sexier picks to make the Super
Bowl. How do we know this? Be-
cause the NFL was already selling
Chiefs-Bills AFC Championship
tickets!
Chiefs-Bills was going to be held
in Atlanta due to the end-of-sea-
son schedule rearrangement after
Cincinnati’s regular-season game
with Buffalo was canceled after
Damar Hamlin’s collapse.
Not anymore.
Brock Purdy remains undefeated as a starting quarterback in the NFL.
Purdy that had piqued the interest
of the 49ers. They thought he was
tough. They viewed him as a player
who excelled in the pocket. But the
one quality that the team’s brass re-
peatedly emphasized was that
Purdy had a level of experience that
most college quarterbacks lack.
At Iowa State, Purdy became the
team’s starter as a freshman and
held on to the job through his se-
nior year. By the time his college
career was over, he had thrown a
whopping 1,467 passes—and com-
pleted 67.7% of them. Due to the
length of his tenure and his sheer
productivity, the Iowa State record
books are now littered with the
name Purdy.
That happened to be
valuable to the 49ers. Shanahan’s schemes reduce the
They touted his expe- pressure on the team’s quarterback.
rience as soon as
they selected him as ten, mere competence suffices be-
proof he might not cause the play designs and play-
be some sort of de- making ability elsewhere take care
velopmental proj-
ect.
“He’s got a ton of ing how much all of that helps the
reps,” Shanahan said af- Niners’ quarterbacks. Over the last
ter the draft. “You’re not
looking [at] what you can develop
him into, you’re looking at, this guy
knows how to play the position.”
Still, it was no guarantee Purdy
would even make the roster. Shana-
han also described him as someone
who could “give himself a chance to
make a team.”
The 49ers were long on quarter-
backs entering the season. In 2021,
they traded three first-round picks
to move up and take Trey Lance
third overall in the draft. They still next season as the Niners’ starting
had Jimmy Garoppolo, the quarter-
THE WALL STREET JOURNAL.
BILLS-CHIEFS TICKETS! GET
YOUR RED-HOT, DEEPLY WORTH-
LESS BILLS-CHIEFS TICKETS!
“Better send those refunds,”
said a smirking Cincinnati quarter-
back Joe Burrow after the Bengals
prevailed 27-10 in snowy Buffalo.
(Love Joe Burrow. Love.)
Did you listen to Excitable Tony
Romo during Cincinnati’s romp?
Basically, he was gushing that a
victory over the Bills would really
show that the Bengals were for
real. As if last year’s run to the Su-
per Bowl was an event that hap-
pened to some other team. As if
the Bengals learned to play foot-
ball three hours before kicking off
against the Bills.
Like the Eagles, the Bengals will
happily take that skepticism and
chug it like Gatorade. They’ll bring
it to Kansas City on Sunday, where
they’ll face a Chiefs outfit they
have beaten three straight times,
including on the road at last year’s
AFC Championship, which may or
may not have Patrick Mahomes
(ankle sprain) at full strength, and
they’re still…the underdog.
Fine, says Cincinnati. Actually:
GOOD.
After all, the perceived insult is
known throughout sports as an op-
timal performance enhancer. Every
team, every athlete has rabbit ears
.
for mild criticisms and omissions,
which they blow up into a motiva-
tional tool. Even Usain Bolt stood
at the start of an Olympic 100-
meter dash and said to himself:
Nobody thinks you can run fast,
Usain Bolt. They all think you’re
coming in dead last. It’s a trick the
great ones do to hype themselves
up.
Disrespect is a cherished part of
CHRIS SZAGOLA/ASSOCIATED PRESS
the game, real or imagined. Espe-
cially when it’s for the Philadel-
phia Eagles and Cincinnati Ben-
gals, two fabulous teams on the
verge of the Super Bowl. The
headline for this column says don’t
dare disrespect them, but you and
I know they like it. Give ’em all
you got.
TONY AVELAR/ASSOCIATED PRESS
back who three years ago led them
to a Super Bowl appearance. Which
meant there wasn’t even a clear
path for Purdy as a backup.
San Francisco, though, was
quickly happy that it kept Purdy
around. Lance suffered a season-
ending ankle injury in the second
week of the season. A month and a
half later, Garoppolo got hurt. Sud-
denly, it was Purdy time.
The situation Purdy stepped into
was undeniably enviable. Shana-
han’s offensive system, which relies
on a heavy dose of pre-snap motion
and drives opposing defenses crazy
with how it deploys skill-position
players at multiple positions, is at
the NFL’s cutting edge.
The combination of talent and
Brilliance isn’t always required. Of-
of the rest.
There’s even a way of quantify-
five seasons, San Francisco has led
the league in average yards after
the catch—ranking no worse than
second in any individual year over
the last half decade. In other words:
if the team’s quarterback can just
get the ball in a receiver’s hands,
big things happen.
Now, Purdy is just one win away
from playing in a Super Bowl. He
has already completely altered his
career trajectory. Nobody would be
surprised if Mr. Irrelevant begins
quarterback.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Are There ‘Too Many Asians’?
Doubleday
once pub-
lished a book
with a title—
“Too Many
Asians”—that
would never
MAIN
STREET fly today. Au-
thor John
By William
Robbins ar-
McGurn
gued that “if
humanity is
to have a future,” the West
would have to see to it that
fewer Asians were born in the
years ahead. That was 1959.
Robbins was but one voice
in a chorus of think tanks,
government aid organiza-
tions, international develop-
ment specialists, environ-
mentalists, zero-growthers,
doom mongers and do-good-
ers who all saw population
control as the cure for pov-
erty. China’s recent an-
nouncement that its popula-
tion fell by 850,000 last year,
the first recorded drop since
the Mao-induced famines of
the early 1960s, provoked
much comment on the social
and economic challenges de-
cline brings. Yet conspicu-
ously absent was any recog-
nition that the whole idea
that Chinese moms having
children threatened the coun-
try’s prosperity was, much
like Marxism itself, a noxious
Western import.
That’s no overstatement. In
1977, World Bank President
Robert McNamara spoke in Al
Gore-ish tones of apocalypse.
Population growth, he said,
was the gravest issue the
world faced “short of thermo-
nuclear war.” It might even be
more dangerous, because
The Frailty Behind Europe’s Triumphalism
Davos,
Switzerland
The tempera-
ture was in
the single dig-
its as your
Global View
GLOBAL
columnist
VIEW
struggled to
By Walter
drag his suit-
Russell Mead
case across
the icy streets
of Davos to catch the 6 a.m.
shuttle bus to Zurich on Satur-
day. The first winter meeting
of the World Economic Forum
since 2020 had been a success.
While few Chinese and no Rus-
sians were present, India and
the Gulf states more than took
up the slack, and participation
from the private sector
reached an all-time high.
For Klaus Schwab, the 84-
year-old founder and chief im-
presario of the World Eco-
nomic Forum, the 53rd annual
meeting was a triumph.
French President Emmanuel
Macron, pushing unpopular
reforms to his country’s re-
tirement system, prudently
gave Davos a miss. But Ursula
von der Leyen, president of
the European Commission,
and Roberta Metsola, presi-
no
dent of the European Parlia-
ment, joined German Chancel-
lor Olaf Scholz in delivering
major addresses. A closing
panel on the global economic
outlook featured the president
of the International Monetary
Fund, the heads of the Euro-
pean and Japanese central
banks, and luminaries like
Larry Summers.
No other event brings to-
gether this mix of power and
Crypto’s New Bankruptcy Racket
By Gregg Opelka
K
yle Davies and Su Zhu
are back. They’re the
co-founders of the col-
lapsed Singapore-based hedge
fund Three Arrows Capital,
which was ordered to liquidate
last June after defaulting on a
$2.4 billion loan from Genesis
Global Capital—and have they
got a deal for you. Mr. Haney,
the oleaginous peddler from
the 1960s sitcom “Green
Acres,” would be proud to have
dreamed up such an inge-
niously circuitous operation.
Their latest venture was re-
vealed in a presentation leaked
on Jan. 16. Messrs. Davies and
Zhu are peddling a new ex-
change for trading stocks,
crypto and—wait for it—
claims on crypto companies
that went bankrupt. Just as
theirs did last summer. Joining
them are Mark Lamb and
Sudhu Arumugam, co-founders
of the crypto exchange Coin-
FLEX. Their stated goal is to
raise $25 million for the new
population growth was “not
in the exclusive control of a
few governments but rather
in the hands of literally hun-
dreds of millions of individual
parents.”
Mao himself was con-
flicted, given Marx’s view of
overpopulation as a problem
of capitalism and his own ten-
dency to see China’s popula-
tion as a sign of its strength.
The irony is that China today,
like so many of its Asian
neighbors that once tried to
reduce their populations, is
offering financial incentives
to have more babies. But once
the decline starts it’s all but
impossible to reverse.
In 1974, the New York
Times summed up the re-
ceived wisdom in a piece re-
porting on the United Nations
World Population Conference
in Bucharest. “The consensus
of the affluent industrialized
Western nations,” the Times
said, was based on the under-
standing that overpopulation
“threatens to overstrain world
resources, particularly food.”
This orthodoxy was echoed
by almost all the experts of
the day: the U.N. Fund for
Population Activities, Interna-
tional Planned Parenthood
Federation, the Club of Rome
(publisher of “Limits to
Growth”), the Population In-
stitute, Paul Ehrlich, Lester
Brown and the Worldwatch
Institute, etc. When members
of the Reagan administration
pushed back—arguing that
population growth wasn’t the
cause of poverty—they were
attacked as yahoos. Herblock
published a cartoon of a well-
fed Ronald Reagan holding a
us ,
l
e
al a
prominence. With all its flaws,
the World Economic Forum re-
ci on
mains an essential destination
for the global power elite. And
when CEOs and world leaders
flock to Davos, journalists and
commentators can hardly stay
er s
away.
While much of the real busi-
m er
ness of Davos takes place
among CEOs and investors in
private meetings, the gather-
ing’s public agenda was domi-
nated by two topics: climate
m rp
change and the war in Ukraine.
The enthusiasm for Ukraine
was vivid. Europeans wore yel-
low and blue to show their sol-
idarity. President Volodymyr
co Fo
Zelensky addressed the confer-
ence by video while Ukraine’s
first lady visited in person.
Both drew rapturous recep-
tions—though non-European,
non-American participants
from places like India and the
Gulf were less enthusiastic.
European enthusiasm for
Ukraine is driven partly by re-
lief. The combination of a
warm winter and efforts by
European governments foiled
n-
Vladimir Putin’s plan to bring
the Continent to its knees by
an energy embargo. And de-
spite qualms in countries like
Hungary, Greece and Slovakia,
the European Union has been
able to unite around economic
sanctions against Russia and
aid for Ukraine. Speaker after
speaker returned to these
themes: Europe is strong, Eu-
rope is united, Europe has be-
come a major geopolitical ac-
tor like China and the U.S.
This latest bout of Euro
triumphalism was unconvinc-
ing, and not only because of
exchange, which currently
bears the placeholder name
GTX, a mocking reference to
FTX, Sam Bankman-Fried’s no-
torious failed exchange. They
intend to make it operational
as soon as possible.
When I first saw this on
Twitter, I thought someone had
to be trolling the crypto world.
But as the Journal reported Jan.
Do these failed
hedge-fund founders
have a deal for you!
16, crypto truth is stranger—
and more brazen—than fiction:
The GTX exchange is indeed in
the works. Mr. Bankman-Fried
is no doubt asking himself: Now
why didn’t I think of that?
A little more background on
Messrs. Zhu and Davies: In Oc-
tober 2022, Bloomberg re-
ported that the Securities and
Exchange Commission and the
Commodity Futures Trading
“world population policy”
banner above a sea bursting
with impoverished people.
Western groups that
pushed population control on
the Chinese typically denied
that they supported the coer-
cion that often resulted. But
they never got too worked up
about it, either. If you accept
Like Marxism itself,
population control
was imported to
China from the West.
the idea that population
growth uncontrolled by gov-
ernment is an existential
threat, and if people don’t
willingly stop having babies,
then coercion is the obvious
next step—and it’s far easier
in nondemocratic countries
such as China.
One example: In 1983, Stan-
ford dismissed student Steven
Mosher from its doctoral pro-
gram after Beijing threatened
to close its doors to the uni-
versity’s scholars. Mr. Mosher,
who now heads the Population
Research Institute, was doing
research in a rural Chinese
village when he published
photos of pregnant Chinese
women, some in their seventh
or eighth months, being led
off for forced abortions. As a
Journal editorial noted about
Stanford’s decision, “no one
has ever raised significant ob-
jections to the veracity of Mr.
on
Mosher’s revelations on this
subject.”
Against this there were a
policy battles over issues like
Germany’s reluctance to send
Leopard tanks to Ukraine. Eu-
rope’s weakness matters even
more than its divisions. If
Ukraine had depended on Eu-
rope alone for help, the Rus-
sian flag would be flying over
the ruins of Kharkiv, Kyiv and
Odessa. More than 30 years
after the end of the Cold War,
The Continent’s
hopes in the Ukraine
war rely on GOP
votes in Congress.
Europe can’t act in its own
backyard without depending
on the U.S. But Washington is
increasingly preoccupied by
challenges in the Indo-Pacific.
With many European leaders
sheltering under the Ameri-
can security umbrella even as
they double down on close
economic relations with
China, it isn’t clear how long
the U.S. will be willing or able
to protect the EU from the
consequences of its geopoliti-
cal incapacity.
This isn’t an idle concern.
Mr. Putin hasn’t yet lost his
war. Fears that Russian mobili-
zation could bring hundreds of
thousands of fresh if poorly
trained troops into the con-
flict, along with a sober as-
sessment of the effectiveness
of the Russian air campaign,
are leading some in Kyiv and
elsewhere to warn of a mas-
sive Russian offensive in the
spring.
Commission were investigat-
ing Three Arrows Capital for
misleading investors. Mr. Da-
vies said in an interview with
CNBC’s “Squawk Box” in No-
vember, “We’ve been cooperat-
ing the whole way.”
Despite that assertion, ac-
cording to Cointelegraph, the
founders have been refusing
subpoena service by tradi-
tional means and, in an un-
usual move, were subpoenaed
on Jan. 5 via Twitter by the
court-appointed liquidators,
Teneo, and ordered to provide
all documents pertaining to
the company’s collapse. Good
old Mr. Haney also had a knack
for making himself scarce
when the questioning became
a little too inconvenient.
If upon reading this you feel
like Oliver Douglas, the perpet-
ually befuddled lone voice of
sanity in “Green Acres,” I don’t
blame you. I’m equally per-
plexed. The whole situation is
like an arsonist torching your
house, then offering to take the
incinerated remains off your
handful of lonely voices—in-
cluding this page—which ob-
jected to the outrages against
Chinese women and main-
tained that what was inhibiting
China’s development was Chi-
nese communism, not Chinese
babies. Among the most elo-
quent was University of Illinois
economist Julian Simon, who
argued that human beings were
not just mouths but minds, and
that a mind was “the ultimate
resource.” He laid out his argu-
ment in a seminal book with
that title in 1981, at just about
the same time Beijing was
cranking up its one-child policy.
Simon pointed out that by
almost every material mea-
sure—life expectancy, daily
caloric intake, food produc-
tion—human life was getting
better, not worse. In 1985, he
added a prediction: If China
embraced the free market, it
would likely experience labor
shortages. Look where we are
today.
Last week the New York
Times ran a story headlined
“Why China’s Shrinking Popu-
lation Is Cause for Alarm.”
The piece hits on some of the
casualties of China’s popula-
tion decline: fewer workers
supporting an aging society,
the “hundreds of millions of
Chinese women” who were
forced to abort their babies,
the shortage of girls and large
surplus of single men with no
prospect of marriage, higher
costs for the global economy,
etc. And no easy fix.
All sound points. If only
that were the message being
sent 50 years ago—when it
might have made a difference.
Write to mcgurn@wsj.com.
If Germany relents and
sends tanks to Ukraine, Rus-
sian hopes for a successful of-
fensive will take a hit. Yet even
then, without American money,
equipment and ammunition,
Ukraine can’t continue the un-
equal struggle indefinitely.
In my last column, I noted
that European hopes for con-
certed global action on climate
change can’t succeed without
support from American Repub-
licans. Europe’s hopes for
Ukraine likewise depend on
GOP votes in Congress. The be-
lief that the EU can achieve its
core objectives without engag-
ing seriously with American
conservatives is magical think-
ing. Mr. Putin’s invasion of
Ukraine should have alerted
Europeans to the danger of
erecting foreign policy on
wishes and dreams. That
doesn’t seem to have happened.
Europe is walking on thin
ice. Russia, China and Iran
challenge the existing world
order. Much of the Global
South increasingly resents the
status quo. And in the U.S., the
political consensus behind two
generations of global American
engagement is badly frayed.
European diplomats pride
themselves on bridge building
and dialogue, though they
sometimes seem more willing
to engage with Tehran and
Beijing than with Ohio and
Florida. Let’s hope that 2023
will begin an era of engage-
ment, facilitated perhaps by
the WEF, between European
leaders and the increasingly
disgruntled American conser-
vatives whose support they
desperately need.
hands for pennies on the dollar
in the hope of brokering a prof-
itable sale later. If Pat Buttram,
the actor who played Mr. Haney,
were still alive, he’d made a
great GTX spokesman.
There’s nothing illegal
about the new GTX exchange.
Xclaim Inc. already runs such a
marketplace for defrauded
crypto investors embroiled in
U.S. bankruptcy claims. GTX
would be a direct competitor.
Still, it takes a special kind
of hubris for the founders of a
hedge fund that lost billions to
offer to help its former cus-
tomers (among others) recoup
fractions of the losses those
same founders caused. Then
again, a year after the spectac-
ular 1998 implosion of his first
hedge fund, John Meriwether
launched a second hedge fund
and, after that one shuttered, a
third in 2010.
As the saying goes, a pig al-
ways finds the mud.
Mr. Opelka is a musical-the-
ater composer-lyricist.
Tuesday, January 24, 2023 | A13
BOOKSHELF | By Meghan Cox Gurdon
A Harrowing
Winter’s Tale
Northeaster
By Cathie Pelletier
(Pegasus, 270 pages, $28.95)
O
n Feb. 17, 1952, two men set off from Maine’s Mon-
hegan Island in a 30-foot vessel loaded down with
5,000 pounds of crated lobsters. The old salts on
the island had tried to dissuade Harland Davis and James
Haigh from making the trip; the weather was iffy and a
storm seemed likely. But the two men were eager to get the
live lobsters to market and get themselves back to their
wives and daughters on the mainland, and anyway the Sea
Breeze had made the 11-mile crossing many times before
without incident. This time, however, not halfway to its
destination of Port Clyde, the vessel was engulfed by blinding
snow and heaving seas and bludgeoned to the bottom.
Davis and Haigh thus became the first victims in Maine
of the two-day tempest that Cathie Pelletier anatomizes
in “Northeaster,” a historical
re-creation of personal
experiences so dramatic that
they have lingered for decades
in local and family lore. The
1952 storm wreaked havoc in
New England, destroying
wharfs, smashing boats,
trapping tens of thousands of
travelers and producing seas
off Cape Cod so massive that
two gargantuan tankers split
in half. The daring Coast Guard
rescue of the survivors aboard
those sundered vessels, and the
famous heroism of coxswain
.
Bernard Webber, are detailed in
“The Finest Hours,” a 2009 bestseller that was made into a
ly
movie of the same name a few years later.
Ms. Pelletier doesn’t depict scenes of exceptional valor;
nor does she write of people who became household names.
Her characters are ordinary people. Explaining her narra-
tive choices, she twice evokes Will Durant’s description of
civilization as a stream with banks: “The stream is some-
times filled with blood from people killing, stealing, shout-
ing and doing the things historians usually record,” while
on the banks, unheralded, “people build homes, make love,
raise children, sing songs, write poetry.” There’s no love-
making in “Northeaster,” but there is a smattering of
poetry, along with descriptions of homes and children and
men and women whose lives were altered—and in some
cases ended—when the storm picked up power off North
Carolina’s Outer Banks.
Ms. Pelletier, a novelist and nonfiction writer from
northern Maine, has drawn on contemporaneous testimonies
and the remembrances of adult children, friends and rela-
tives to draw detailed portraits of 10 people who were
caught in the storm. To add texture and drama to these
stories, she puts what must surely be speculative words
(and foods) into the mouths of her subjects—to which we
might say, well, fair enough, since “Northeaster” is not a
work of academic exactitude but a kind of oral history.
We meet Hazel Tardiff, a heavily pregnant housewife in
the coastal shipbuilding town of Bath, who, as the weather
shifts, places a dish of homemade pickle relish on the table
and tells her daughter to call her husband and son to
supper. We’re introduced to Sonny Pomelow, a 15-year-old
Boy Scout from a hardscrabble family in the inland town
of Brownville, who catches a ride with an ill-fated vehicle.
We follow Paul Delaney, a 19-year-old Navy radio operator
who borrows a car to take a girl to the movies in Bar
Harbor and winds up marooned for three days under
almost 12 feet of snow. We also get to know the doomed
men on the Sea Breeze and see the anguish of their families
and friends after the Coast Guard hauls their corpses from
the frigid waters of Muscongus Bay.
Lives are altered, and in some cases ended,
when a storm hammers New England. One man
is marooned for three days under 12 feet of snow.
Ms. Pelletier interleaves short chapters about her
principal characters with dashes of historical bricolage
and running accounts of what was unfolding elsewhere in
Maine during the storm. In towns “famous for grievances,”
residents had complaints: “Why wasn’t the daily newspaper
on the front steps? Why weren’t the streets cleared? One
man, in the first evening of the storm, called his town office
to complain that he was not just starving, he was also out
of cigarettes.” Eventually the snowfall was so intense that
plows broke down and the highways had to be closed,
sealing the Pine Tree State off from the rest of the country
and stranding thousands of people at the Howard Johnson’s
in Kennebunk, the only eatery on the Maine Turnpike.
There’s a problem, though, with the Durantist “river
bank” approach to a disaster story like the one that is
presented in “Northeaster.” It produces a mismatch for the
reader. In life, each of us has an interior life that’s informed
by our tastes and experiences; each of us has peculiar attri-
butes that make us dear to the people who love us. But if
we perish in a calamity, what’s interesting to strangers is
the manner of our deaths.
So while Ms. Pelletier has taken great trouble to bring
vibrancy to her subjects, her efforts do not always pay off.
For instance, she tells how Sonny Pomelow liked to hang
out with his friends in the red Naugahyde booths at the
local Rexall drugstore, poring over hot-rod magazines and
fantasizing about driving to California. Unfortunately, this
kind of granular information can feel extraneous to the
callous, thrill-seeking reader, for whom the teenager matters
primarily because in the maelstrom of snow a plow train
hit the car he was riding in and killed him.
Still, it’s touching to see the faces of real people who
went through the ordeal, as we do in the family and
archival pictures that Ms. Pelletier includes here. There’s a
snapshot of a smiling James Haigh next to one of Harland
Davis, neither man suspecting what cold and watery fate
lay in store for him. There’s a tinted glamour-shot of the
old Howard Johnson’s, with its distinctive orange walls and
white cupola, near a photo of a fellow trying to dig his car
out of the snow-locked Maine Turnpike. Best of all is an
informal tableau in black-and-white that shows Hazel
Tardiff being taken off to the hospital on a toboggan pulled
by smiling neighbors. As funeral homes were getting busy
across New England and Hazel’s fellow Mainers were
digging out from the brutal Northeaster, the Bath
housewife gave birth to a bonny, 91/2 -pound baby boy.
Mrs. Gurdon, a Journal contributor, is the author of
“The Enchanted Hour: The Miraculous Power of Reading
Aloud in the Age of Distraction.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Tuesday, January 24, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The West’s Drug Self-Sabotage SEC, FTX and the Future of Crypto Regulation

D
emocrats and even some Republicans in Germany, 59% in the U.K. and 52% in France Hal Scott and John Gulliver are when it comes to crypto regulation.
want to import Europe’s drug price con- and Italy. Bluebird bio in 2021 said it was un- correct to call out the SEC for failing But “late” doesn’t capture what
to police FTX before its implosion (“A transpired here. The problem is the
trols. So it’s worth observing how Eu- winding operations in Europe and withdrawing
Question for Congress: Why Didn’t Securities and Exchange Commis-
rope’s raid on drug makers to gene therapies for rare dis- the SEC Stop FTX?” op-ed, Jan. 19), sion’s one-dimensional approach of
bolster its ailing national A lesson from Europe eases, citing the challenges of but wrong to say that the SEC needed regulation by enforcement.
health systems is reducing on how price controls “achieving appropriate value to directly regulate cryptocurrency The SEC should certainly try to
pharmaceutical investment recognition and market ac- exchanges to do so. eliminate bad actors, but that
and access to treatments. reduce access to cures. cess.” The SEC could have acted on pub- shouldn’t come at the expense of ef-
The latest alarm came last Generic drug firms also say lic warnings against FTX in the same forts to develop appropriate regula-
week when AbbVie and Eli Lilly Europe’s price controls, oner- way it deals with all companies that tion. We are suing the SEC on these
said they’re pulling out of a “voluntary” agree- ous regulation and rising energy costs are con- allegedly deceive investors. It doesn’t very grounds. In June 2022, the SEC
ment with the U.K. government aimed at reduc- tributing to shortages of medicines and driving need authority over cryptocurrency arbitrarily denied Grayscale’s applica-
ing drug spending. An AbbVie executive said the more production to China and India. Germany as “securities” to make a finding that tion to convert our flagship bitcoin
a crypto company is defrauding its fund into a spot-based bitcoin ETF. In
government’s policies are harming “our ability in December eased price controls on pediatric
shareholders. The SEC could have rejecting the application, the SEC
to operate sustainably in the UK.” drugs in short supply because manufacturers opened an investigation of FTX for flouted the precedent set by its ap-
The British National Health Service (NHS) im- were prioritizing countries with higher reim- fraud against its shareholders. It then proval of multiple ETFs that hold bit-
poses price controls on drugs that reduce their bursements. could have referred its customer- coin futures.
cost on average by 60% versus America. U.K. law According to a European Public Health Alli- fraud findings to government entities The SEC’s inaction has prevented
also requires drug makers to pay a 24.4% rebate ance survey in 2019, nearly half of patients re- that have jurisdiction over general bitcoin’s advancement into the U.S.
on revenue from branded drugs. This levy on top ported that they or a family member couldn’t get fraud, like the Justice Department. regulatory perimeter, often forcing
of the NHS price controls discourages drug mak- a drug they needed. In France, 2,446 drug short- After FTX’s implosion, this is close U.S investors offshore with less pro-
ers from selling treatments in the U.K. ages were reported in 2020, up from 868 in 2018 to what happened. The SEC’s civil tection and oversight. We are seeing
The government and companies struck a deal and 44 in 2008. Two in three French oncologists lawsuit against Sam Bankman-Fried the consequences of the SEC’s priori-
in 2019 aimed at increasing access to innovative say shortages of anti-cancer medicines can re- is purely about shareholder fraud, ties play out in real time—at the ex-
while the Justice Department indict- pense of U.S. investors.
treatments, but this has turned out to be even duce survival odds. ment made general-fraud charges MICHAEL SONNENSHEIN
more punitive. The agreement capped the gov- But European governments refuse to pay that include fraud against FTX cus- CEO, Grayscale Investments
ernment’s annual drug spending growth at 2%. more to ensure their citizens have access to tomers. This coordination of agencies New York
Drug makers must pay the government rebate treatments. Bureaucrats in Brussels are there- acting within their respective spheres
equal to their revenue above the cap. fore now considering legislation that would re- is the best way for government to Instead of putting the focus on
Government spending on drugs has nonethe- duce intellectual property protection for drugs stop fraud without harming legiti- people like Mr. Bankman-Fried, the
less continued to rise at a faster rate owing to that don’t launch in nearly all European Union mate entrepreneurs and raising costs SEC under Chairman Gary Gensler de-
Covid and delayed care for diseases such as can- markets. Such a deal: Accept price controls, or for investors and consumers. cided that there were more pressing
cer. As a result, companies this year must pay Europe will hand IP to the Chinese. Dealing with JOHN BERLAU issues, such as ESG, corporate board
the government 26.5% of their brand drug reve- the Italian mob is easier. Competitive Enterprise Institute diversity, climate-change disclosure
Washington and reduction of “tick sizes” in stock
nue (about $4 billion), up from 15% last year and i i i
trades.
5% in 2021. In short, drug companies are dunned The U.S. has drawn more pharmaceutical in- Messrs. Scott and Gulliver argue RONALD VARLEY
more because more Brits are sick. vestment amid Europe’s war on drug makers,

.
that “the SEC is late to the game” Denison, Texas
Eli Lilly and AbbVie last week withdrew from but this may not continue as progressives pound

ly
the 2019 agreement, and Bristol Myers Squibb has the industry. Democrats last year limited the
warned that the U.K. levies might cause it to di- price growth for drugs in Medicare to the rate
vert investment. An executive at Germany’s Bayer of inflation and required the feds to dictate
on
last week said it is reducing its U.K. footprint and lower prices for dozens of drugs to finance cli-
California Dreaming and the Price of Water
“deprioritising Europe to some degree.” mate spending. Regarding your editorial “Water Is Californians who like water, electric-
i i i Democrats also want the Health and Human a Terrible Thing to Waste” (Jan. 18): ity, affordable gas, a reduced threat
Governments across the continent are mak- Services Department to abrogate patents for California’s progressives talk a good of wildfires, imprisonment of danger-
game when it comes to responsible ous criminals, no income taxes and
us ,

ing it difficult for drug makers to earn a return higher-cost drugs such as prostate cancer treat-
stewardship of the environment, but personal freedom are welcome to
l

on investment. Germany last fall increased man- ment Xtandi that benefitted in part from govern- their actual game plan for victory keep flooding into Florida. Just leave
e
datory drug discounts to 12% from 7% and ex- ment research. This would discourage coopera-
al a

over climate change is woefully short your politics behind.

tended a 2010 price freeze through 2026 that tion between private industry and government, on practical steps to keep humans out GENE BRADY
was supposed to expire in 2022. which helped produce life-saving Covid vaccines of harm’s way on the journey to a Jacksonville, Fla.
ci on

Hard to believe, the U.K. and Germany are and therapies. pristine planet.
also still trying to attract pharmaceutical invest- Pfizer CEO Albert Bourla warned last week In their haste to restore natural Your editorial is half-right that Cali-
ment. But as Bayer’s pharmaceutical head Stefan that attacks on drug makers would leave the West habitats for nonhuman animals and fornia wastes water due to inadequate
Oelrich recently explained, “European govern- more vulnerable to the next pandemic. “What was plants, they block investments in pub- storage. The other half of the story is
ments are trying to create incentives for re- the big lesson from Covid? It was that thank god lic works that could ease human pain that water is underpriced. Basic eco-
er s

search investments, but they are making our there was a thriving life-sciences industry that and suffering caused by droughts and nomics tells us that an underpriced
floods. Their laissez-faire forest-man- commodity will be used excessively
lives miserable on the commercial side.” While was predominantly fueled privately, but also sup-
m er

agement policies expose California to and result in “shortages.” The price of

Europe boasts a handful of pharmaceutical pow- plemented by academia,” he said. wildfire risks, while undermining water needs to be higher. While more
erhouses, venture capital is flowing into biotech The novel mRNA vaccines didn’t turn out to electric-grid reliability. Their incen- storage capacity is needed, the re-
startups in the U.S. and China. protect as well against Covid infection as hoped, tives for electric vehicles and ven- quired amount would be much less if
The result for Europe will be less investment but they did save lives and helped the world re- detta against fossil fuels mean that water were priced at-market. The
m rp

and access to life-saving treatments. About 85% turn to normal. It makes no sense for govern- the power grid will be under greater shortages would disappear.
of new medicines launched between 2012 and ments to try to kill companies that came to their stress in coming years. ROBERT O’DONNELL
2021 were available in the U.S., compared to 61% rescue. There is an escape hatch, however. Atherton, Calif.

Eric Adams Fails a Charter-School Test U.S. Tanks Should Go to Taiwan Over Ukraine
co Fo

M
In urging Washington to send case study in the failure of deter-
ayor Eric Adams had a big test this standards. Success points out one added irony Ukraine M1 Abrams tanks (“Tanks for rence, and Taiwan is much more im-
week of his commitment to excellent for those who say co-location hurts existing Ukraine Are a No-Brainer,” Politics & portant to our security and prosper-
public schools for New York City school public schools: “with few exceptions, scores in Ideas, Jan. 18), William Galston ity. Any tanks we can spare should go
children. He flunked. math and [English Language writes that “it is hard to see a more to Taipei.
On Tuesday and Wednes- A vote on three new sites Arts] at the Queens and Bronx important and urgent use for them.” Though some Republicans leery of
day the city’s Panel for Educa- district schools co-located He forgets Taiwan. It is under the Ukraine aid are isolationist, far from
tional Policy was scheduled to
for charters has been with SA increased, in some constant threat of a Chinese invasion all are. Much of the GOP worries that
vote on proposals to co-locate canceled. cases significantly.” and needs advanced weapons to deter the U.S. isn’t doing enough to take on
three new Success Academy Not that this stopped the Beijing. That is why the Trump ad- China. This means shifting the bulk of
ministration agreed to sell Taiwan our attention and resources to the
charter schools—two in union. It claimed a lack of
n-

108 Abrams tanks, but most won’t ar- Indo-Pacific, where the geopolitical
Queens and one in the Bronx—in unused space space, but the city’s “blue book” shows there are rive until 2024 and 2025. Ukraine is a center of gravity and most U.S. inter-
in existing public schools. Since the mayor ap- 700 empty seats in each location. Unions also ests are. In turn, our European allies
points 13 of the panel’s 23 voting members, Mr. say parents don’t want charters, but last year in should do much more in their own
Adams should have been able to get the “yea” Queens, Success had 3,047 applications for 487 Moving to Ohio? Plumbing
no

neighborhood to support Ukraine and

votes for a majority. But on Monday schools open seats in four elementary schools. What the
chancellor David Banks cited feedback from unions and their allies really resent is that Suc-
Isn’t the Same in the Cold
“community members” that co-location would cess Academy proves children of all races and Haley Holik and Michael Greibrok
create “significant challenges.” He means the family incomes can achieve if they are held to make one good point in “Moving to
teachers union objected. high standards with proper discipline. Ohio Doesn’t Make You a Bad
Plumber” (Cross Country, Jan. 14):
There is no good argument for depriving At least rhetorically, Mr. Adams has made a
269 days to obtain a plumber’s license
families of this choice. The new schools would sharp break from his predecessor’s war on is unreasonable. But the authors’ en-
have had majority black and Latino student achievement and harassment of charter thusiasm to argue against state li-
bodies, and Success Academy has a record of schools. But when it counted for these three censing overwhelms good logic.
helping children achieve by insisting on high charters, he folded. Plumbers in tropical climates gen-
erally ignore freezing hazards. Plumb-
ers from Florida, for example, may be
NATO’s Willing Members vs. Germany unfamiliar with the steps required to
prevent pipe freezing in Ohio’s
confront Russia. This isn’t so much
“shortsighted” as pragmatic.
Mr. Galston is right that Ukraine
needs tanks to repel Russia. He’s
wrong that America should be the
one to provide them.
DANIEL J. SAMET
University of Texas at Austin
Maryland After Gov. Hogan
I am afraid I don’t share the enthu-
siasm former Gov. Larry Hogan has
for the future of Maryland (“Mary-

G
land’s Bipartisan Success Story,” op-
erman Chancellor Olaf Scholz declared some of its stock of German-made Leopard 2s ground, exterior walls, crawl spaces
ed, Jan. 18). Our state will now have
last year his commitment to bolstering with or without Berlin’s permission. This or attics. Plumbing in tropical cli-
Democrats in all top executive offices
mates typically enters the structure
the North Atlantic Treaty Organization would constitute a breach of Warsaw’s com- and veto-proof majorities in both
above the soil line; in Ohio, it must
in the wake of Russia’s inva- mitment to abide by German be below the soil line to prevent
houses. There are few checks and
sion of Ukraine. Mr. Scholz Olaf Scholz’s dithering export restrictions, and freezing. Preventing water and insect
there is no balance. How long will it
last week demonstrated that would deepen a split with take for businesses and wealthy resi-
he’s now one of the main im-
on Ukraine prompts Berlin that has developed
ingress at points of entry requires
dents to leave the state due to higher
knowledge. The citizens of Ohio have
pediments to NATO unity as new coalitions to form. owing to Mr. Scholz’s dither- taxes and worse services?
an interest in ensuring their plumb-
COLLEEN LIGIBEL
his vacillations over military ing on Ukraine aid. But in the ers and other tradesmen know how
Annapolis, Md.
aid to Ukraine force Ger- context of NATO members’ to practice safely in Ohio.
many’s allies to create their own coalitions of efforts to support Ukraine, Germany is the DAVID KASHDAN
the willing. outlier here, not Poland. Kingsport, Tenn.
The main event was Friday’s summit at Ram- More specifically, Mr. Scholz is the outlier. Pepper ...
stein Air Base in Germany, which failed to dis- Many other leading German politicians, some
Jenkins Makes Readers Work And Salt
lodge Mr. Scholz’s opposition to new tank deliv- from within Mr. Scholz’s Social Democratic THE WALL STREET JOURNAL
eries to Ukraine. Mr. Scholz’s refusal to provide party (SPD), support sending Leopards and Admire Holman Jenkins I do
Leopard 2 tanks or to allow anyone else to send other military aid directly to Ukraine. Foreign (“‘Hipster’ Antitrust Goes Beltway,”
them has exasperated Washington, as we noted Minister Annalena Baerbock of the Green Party Business World, Jan. 18), but back-
ward run many a sentence Mr. Jen-
over the weekend, and is damaging Germany’s on Sunday said Poland could soon secure Ger-
kins penned. Editors are there not?
reputation. man permission to send its tanks. Nit-picky not wish to be I, yet labored
It has also prompted other NATO members But a final decision, on approving Polish tank is sometimes my reading.
to form their own coalitions of the willing. The shipments or anything else, rests with Mr. G.D. GEARINO
United Kingdom, Estonia and seven other Eu- Scholz. His party, with a pro-Russia wing that Raleigh, N.C.
ropean countries last week issued the Tallinn persists even after Russia’s depredations, re-
Pledge deepening their support for Ukraine. mains divided on aid for Ukraine and Mr. Scholz
Letters intended for publication should
Their offer extends from maintenance for mil- is governing as if he thinks this is his biggest be emailed to wsj.ltrs@wsj.com. Please
itary equipment (Czech Republic) to anti-air- problem. But while he leads Germany from be- include your city, state and telephone
craft guns (Lithuania) to Challenger 2 tanks hind, Germany risks getting left behind by number. All letters are subject to “A journey of a thousand miles
(the U.K.). NATO allies who know Ukraine can’t wait for- editing, and unpublished letters cannot begins with wondering
be acknowledged.
Poland, meanwhile, says it might send ever for Berlin to get its act together. if you forgot something . . .”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Tuesday, January 24, 2023 | A15

OPINION

Congress Once Constrained Government Debt

By John F. Cogan Part B with Ways and powerful spending incen-

T
Means). tives created by the cur-
he U.S. Treasury began In this system, no com- rent system.
taking steps last week to mittee is accountable for Many other ideas have
avoid default on the na- total spending. Each com- been floated by individual
tion’s $31.4 trillion na- mittee has a reason to ex- lawmakers. In June 1979,
tional debt. The govern- pand its programs and re- Sen. Joe Biden urged that
ment has been here before, and it sist attempts to restrain almost all spending be
will keep arriving here until Con- them, but none have an subject to annual approval
gress finds a way to control its vora- incentive to keep overall by the Appropriations
cious appetite for spending. The po- spending down. Committee. Mr. Biden said
litical will to cut spending is hard to It’s analogous to the in a floor speech that his
muster. Congressional history shows classic tragedy of the bill would make “new and
that the budget process itself creates commons. Imagine a situ- existing entitlements sub-
incentives for excessive spending ation in which many fish- ject to the appropriation
and budget deficits. ermen have access to a of funds, thus effectively
Entitlement programs have ac- commonly owned body of ending their entitlement
counted for all the growth in federal water. Each fisherman has status,” with exceptions

spending relative to gross domestic
product in the past 60 years, causing
the persistent budget deficits during
that period. Entitlement expendi-
tures are determined differently
from so-called discretionary pro-
In 1920, lawmakers curbed
spending by putting a
single committee in charge
of the overall budget.
grams. Spending on the latter pro-
grams is set by fixed appropriations
of money. Entitlement expenditures
aren’t fixed in advance but deter-
mined by the program’s level of ben-
efits, its eligibility rules and eco-
nomic factors.
Jurisdiction for entitlement leg-
GETTY IMAGES
an incentive to catch as only for then-existing So-
many fish as possible, and cial Security and Medicare
no fisherman has a reason benefits.
to restrain his catch. The In the current arrange-
area is eventually depleted House Speaker Samuel Jackson Randall (1876-81) and Appropriations Committee Chairman James ment, the House and Sen-
of fish. But there’s one no- Garfield (1871-75). ate Budget Committees
table difference: Unlike may appear to provide ac-
the fisherman, once Congress has of the country bankrupt.” appropriations in 1920. Two years countability, but they have no inde-
exhausted its supply of tax revenue, The House dismissed these warn- later, the Senate changed its rules to pendent authority to change entitle-
it can borrow from the future. ings and dispersed appropriations match. ments. Similarly, the omnibus
Earlier Congresses saw the con- jurisdiction to eight committees. The That restored budget accountabil- appropriations laws of recent years
sequences of dispersed spending Senate later followed suit. The new ity and eliminated the pre-existing may give the appearance that the
authority and used expert commit- incentives caused expenditures to system’s incentives for higher congressional leadership is in
tees with specialized knowledge grow rapidly. From the 1890s to spending. From 1921 to 1930, when charge. But these bloated bills fund
(called authorizing committees) to World War I, budget deficits were the Great Depression hit, federal only discretionary spending and rep-
create programs and their rules of more frequent and larger than ever spending was restrained and the an- resent a failure of the appropriations
operation. For most of the 19th cen- before in U.S. peacetime history. nual budget was balanced. process.
tury, a single committee in each After World War I, Congress rec- Starting in the 1930s, however, In 1917, President Woodrow Wil-
chamber determined the total an- ognized the source of its budget Congress began creating entitlement son advised Congress that “it will be
nual budget. The use of a single problem and solved it. A House se- programs for people other than impossible to deal in any but a very
committee provided accountability lect committee, established to create those who had performed some gov- wasteful and extravagant fashion
and made possible the necessary a new process in which the presi- ernment service related to defense. with the enormous appropriation of
funding trade-offs among programs. dent would submit his own compre- (The only previous entitlements public moneys . . . unless the House
Except during wars and recessions, hensive budget request to Congress, were pensions for servicemen.) The will consent to return to its former

.
islation is dispersed among more annual budgets were balanced with recommended that the chamber con- consequence is the return of dis- practice of initiating and preparing
than a dozen committees in each a suitable allowance. solidate all appropriation authority persed committee jurisdiction in all appropriations bills through a

congressional chamber. In the
House, the Agriculture Committee
has jurisdiction over farm-support
payments and food stamps, the Edu-
cation and Workforce Committee
over student loans and grants, the
Ways and Means Committee over
Social Security, Medicare hospital
ly
But in the late 1870s to the into a single committee. The remark- which entitlements now account for single committee.” The same is true
mid-1880s, the House began dis- able resolution stripped seven House two-thirds of federal program more than a century later. Consoli-
persing spending authority. Former committees of their spending au- spending. dating appropriations will be diffi-
on
Speaker Samuel Randall delivered thority. Citing past support from Since the 1970s, Congress has cult for Congress, but no more diffi-
a prophetic warning in 1885: “If some of its most respected former made several failed attempts to cult than it was in 1920. Lawmakers
you undertake to divide all these members, including Appropriations change the budget process, most no- should again “submerge personal
appropriations and have many Committee Chairman James Garfield tably the 1974 Budget and Impound- ambition for the public good.”
committees where there ought to (1871-75) and Speaker Joseph Can- ment Control Act and discretionary
us ,

insurance and welfare programs, the be but one, you will enter upon a non (1903-11), the select committee appropriations caps and pay-go rules Mr. Cogan is author of “The High
l

Energy and Commerce Committee path of extravagance that you can- urged members to “submerge per- under the 1990 Budget Enforcement Cost of Good Intentions” and a se-
e
al a

over Medicaid (sharing responsibil- not foresee the length of or the sonal ambition for the public good.” Act and subsequent laws. None of nior fellow at Stanford University’s
ity for ObamaCare and Medicare depth of, until we find the treasury The House did so and consolidated these reforms have overcome the Hoover Institution.
ci on

The Davos Crowd Sees a New Dawn, but It May Be a False One
his all-seeing global wisdom was of hope over experience. and pushing up costs. economic liberalism may not last
er s

“extraterrestrial,” and the usual pro- Inflation may be down, but with Then there’s Ukraine, where de- longer than his own term—which
cession of tech, financial and other real wages flagging and labor mar- spite the West’s optimism, the like- ends this year.
FREE
m er

CEOs wagging their expensively kets still tight, getting the inflation liest outcome still seems a pro- The deeper reality is the continu-
EXPRESSION manicured fingers at the rest of us rate from the current 6.5% year over longed and volatile stalemate. ing reversal of the globalization the
By Gerard Baker and our sinful ways. year to the Federal Reserve’s 2% The Germans’ last great tank bat- Davos crowd helped create and

T
The curious story of how the target looks as daunting as ever. tle was at Kursk, near the Russia- whose excesses they promoted.
rying to forecast the state of world’s business leadership became The odds are still high that some Ukraine border, in 1943. They lost to The nearest thing to a genuine
m rp

the world each year by gaug-
ing the mood of participants
at the annual meeting of the World
Economic Forum in Davos is as
valuable an exercise as flipping a
married to progressive ideology is
one for another time. The challenge
for now is to assess whether 2023 is
a year when the mood is predictive
or a contraindication. If I were a
co Fo
time this year the Fed is going to
Populists have lost some
elections, but free trade
the Red Army. The current German
tank battle is mercifully only diplo-
matic, but Berlin has learned its his-
tory. Its reluctance to send Ukraine
their Leopard 2 tank stems from
rift last week was over U.S. trade
policy. Sen. Joe Manchin found that
he is about as unpopular in Western
Europe as he is in West Virginia. He
spent the week defending last

coin.
That long-held suspicion was
confirmed by an analysis in the Fi-
nancial Times last week. Scouring
data from a half-century of Davos
conferences, it found that the con-
sensus of the elites who gather
there every January is almost ex-
actly as likely to be wrong as right.
This will come as no surprise to
Davos skeptics. It is explained in
part by the increasingly monolithic
ideology of the talks—a range of
betting man, my money would be on
the latter.
Almost everyone agreed that
across a broad range of risks,
things were looking up this year
compared with a few months ago:
There was rising optimism about a
soft landing for the economy, or at
least that any recession would be
short and shallow; expectation that
China’s economy will re-emerge
with benign force, helping bolster
growth and reduce inflation; a
n-
and the global order are
still under attack all over.
have to choose between settling in
for a long Volcker-like squeeze or
accepting an inflation rate higher
than it wants in the face of mount-
ing layoffs and broadening pain.
This Stagflation Revisited pic-
ture is made only more vivid by the
fears of the image of armored vehi-
cles bearing the iron cross of Ger-
many rolling across the Ukrainian
steppe toward Russia. This isn’t
mere historical German self-loath-
ing. It underscores the continuing
ambivalence about the North Atlan-
tic Treaty Organization’s support for
Ukraine. The alliance wants to help
Kyiv expel the Russians but it wants
to do so without getting into a war
with Moscow. The Germans may be
right that pouring more NATO mate-
year’s so-called Inflation Reduction
Act, which has enraged Europeans
for favoring American-made green
energy.
The Biden Democrats seem to be
continuing the policies they derided
under Donald Trump in other ways
as well, including the Chips Act and
restrictive measures against tech-
nology trade with China.
Whatever happens in 2023, the
longer-term story is this: the U.S. is
pursuing a bipartisan America-first

views equivalent to the range be-
tween the 45-yard lines on a foot-
ball field. This year there was less
dissent than ever from the plutoc-
no
growing belief in the possibility of great China reopening everyone is riel into the fight isn’t the best way approach to global economics; in
a Ukrainian military victory over celebrating. The optimism focuses to avoid escalation. Europe, a new Iron Curtain has de-
Russia; self-satisfaction that the on the idea that an open China will The largest flaw in the thinking scended a few hundred miles east of
scary tide of populism is terminally further ease supply-chain pressures of the Davos globalists is that the the old one; in Asia, a demographi-

racy’s orthodoxies, and the loudest
voices were those of the self-ador-
ing establishment left.
These included a ludicrously per-
formative rant on climate change by
Al Gore, a claim by John Kerry that
receding, with Donald Trump down
and Brexit discredited.
There’s room for skepticism on
every point.
The soft-landing story looks like
a continuing example of the triumph
and cool inflation while adding to
growth. But there’s an alternative
view—that China’s reopening will
be like America’s after the pan-
demic, with pent-up consumer de-
mand flooding still-tight supply
world belongs to them again.
Much was made of the spectacle
of Liu He, the Chinese vice premier,
promising a new era of cooperation
with the West. But the olive branch
was familiar, and Mr. Liu’s own
cally challenged China looks inward
and threatens outward.
They still don’t see it, but for the
globalists, it’s the glimmer of twi-
light: “Never glad confident morn-
ing again!”

The Numbers Show That MIT Has a Free-Speech Problem

By Daryl Morey on climate change in October 2021 MIT faculty said they were more helped me develop skills that have propose policy changes.

T
wenty-one years as an execu-
tive in the National Basket-
ball Association has taught
me to start with the data when con-
fronted with a problem. Now, I am
asking my alma mater to do the
same on the important issue of free
expression.
The Massachusetts Institute of
Technology has suffered several em-
barrassing incidents regarding free
speech in recent years. These in-
clude the cancellation of Prof.
Dorian Abbot’s John Carlson Lecture
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
Karen Miller Pensiero, Managing Editor
Jason Anders, Deputy Editor in Chief
Neal Lipschutz, Deputy Editor in Chief
Thorold Barker, Europe; Elena Cherney, News;
Andrew Dowell, Asia; 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; Amanda Wills, Video
Paul A. Gigot
Editor of the Editorial Page
Gerard Baker, Editor at Large
and the institution of a March 2022
policy that students may not ask
others to wear masks.
The data point to a growing prob-
lem: According to the Foundation
for Individual Rights and Expression,
MIT ranks an abysmal 181st out of
203 universities when it comes to
students’ belief that the administra-
tion will protect their speech rights.
FIRE reports that the mistrust ex-
tends to MIT faculty: 38% say they
don’t believe the administration
would defend a speaker’s rights dur-
ing a controversy. Forty percent of
Robert Thomson
Chief Executive Officer, News Corp
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likely to self-censor as of summer
2022 than they had been before
2020. Among students, 41% aren’t
confident in the administration’s
ability to protect controversial
speech. Those are disheartening sta-
tistics for one of the world’s best re-
search institutions.
If MIT faculty, who are at the
cutting edge of science and technol-
ogy, can’t count on their employer
to defend open inquiry, it might
prevent them from taking innova-
tive risks. This, in turn, would sty-
mie technological progress and the
education of the next generation of
innovators.
To use an analogy from my pro-
fession, MIT’s refusal to protect the
free speech of faculty and students
is like asking players to shoot long
2-point shots despite the benefit of
taking riskier but more valuable 3-
point shots. Protecting free speech
inherently involves risk. If faculty
and students are free to speak their
minds at MIT, there will be times
when people are offended. But by
coupling free speech with a culture
that encourages perseverance, empa-
thy and a willingness to discuss con-
troversial ideas, those apparent of-
fenses can become valuable lessons.
I was a student at the MIT Sloan
School of Management from 1998 to
2000. A culture of open inquiry ex-
isted during my time there. It
been critical to success in my ca-
reer and life. Among other things, I
learned to question long-held as-
sumptions, to use data to address
problems with novel solutions, and
to speak the truth—even if it some-
times gives offense. Given the re-
ported state of speech at MIT to-
At this world-leading
research institution, 40%
of faculty say they self-
censor more than in 2020.
day, I question whether students
are experiencing the discomfort
and risk necessary to navigate the
real world or developing the cour-
age to speak their minds when it
matters.
To ensure continued innovation
and global leadership, MIT Presi-
dent Sally Kornbluth should en-
dorse the MIT Statement on Free-
dom of Expression and Academic
Freedom. The statement, released
in June and adopted by the faculty
on Dec. 21, is the culmination of
MIT’s Ad Hoc Working Group on
Free Expression. The group was
commissioned in January 2022 by
then President Leo Rafael Reif to
review free-speech policies and
The statement calls on MIT to
embrace its tradition of “provoca-
tive thinking, controversial views,
and nonconformity.” While commu-
nity has the right to expect “a colle-
gial and respectful learning and
working environment,” the institu-
tion “cannot prohibit speech that
some experience as offensive or in-
jurious.” The statement affirms that
debate and “deliberation of contro-
versial ideas are hallmarks of the
Institute’s educational and research
missions and are essential to the
pursuit of truth, knowledge, equity,
and justice.”
A resounding public endorsement
of the statement from Ms. Korn-
bluth would make it clear to cur-
rent and future faculty and students
that speech will be protected by the
university.
To maintain its status as one of
the finest research and educa-
tional institutions in the world,
MIT must make a strong public
commitment to free expression.
This will ensure the institution’s
continued dedication to the pur-
suit of knowledge, innovation and
science.
Mr. Morey is president of basket-
ball operations for the Philadelphia
76ers and a co-founder of the an-
nual MIT Sloan Sports Analytics
Conference.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A16 | Tuesday, January 24, 2023
Brazil, Argentina Discuss Currency Burkina
Faso Tells
Leaders revive idea
of a common currency
aimed at reducing
reliance on U.S. dollar
BY SAMANTHA PEARSON
AND RYAN DUBE
SÃO PAULO—Brazil and Ar-
gentina started preliminary
talks to create a common cur-
rency, as their leftist leaders
revive a proposal that econo-
mists and central bankers have
long criticized.
Brazil’s President Luiz Iná-
cio Lula da Silva wants to
boost trade with Argentina,
his country’s third-largest
trading partner, while improv-
ing economic cooperation, he
said in a joint op-ed with his
Argentine counterpart.
“We decided to advance
discussions on a common
South American currency that
can be used for both financial
and commercial flows, reduc-
ing operational costs and our
external vulnerability,” Mr. da
Silva and Argentine Presi-
dent Alberto Fernández wrote
in the op-ed, which appeared
in Argentina’s Perfil newspa-
per Saturday, ahead of the
Brazilian leader’s arrival in
Buenos Aires on Sunday.
The leaders emphasized the
importance of maintaining
Yellen Presses China on Zambia Debt Relief
BY ANDREW DUEHREN
AND GABRIELE STEINHAUSER
LUSAKA, Zambia—Treasury
Secretary Janet Yellen called
on China to forgive debts
owed by Zambia, whose two-
year struggle to restructure a
$17.49 billion pile of foreign-
currency loans and bonds has
become a cautionary tale for
other developing countries.
Zambia defaulted on its dol-
lar-denominated bonds and
loans from Chinese banks in No-
vember 2020, just hours after fi-
nance ministers from the Group
of 20 major economies said they
had come up with a new process
for restructuring the debts of
the world’s poorest countries.
Under that process, dubbed
the Common Framework for
Debt Treatments, China, which
is by far the biggest government
lender to the developing world,
for the first time agreed to join
debt-relief talks with more es-
tablished creditor nations such
as the U.S. and European gov-
ernments. The framework also
calls on indebted governments
to seek comparable relief from
their private creditors, including
Western banks and bondholders
that also have poured billions
PAKISTAN
Energy-Saving Move
no
Causes Blackout
Most of Pakistan was left
without power Monday as an
energy-saving measure by the
government backfired. The out-
age spread panic and raised
questions about the cash-
strapped government’s handling
of the country’s economic crisis.
It started when electricity was
turned off during low usage
hours overnight to conserve fuel
across the country, officials said,
leaving technicians unable to boot
up the system all at once after
daybreak. Many major cities, in-
cluding the capital of Islamabad,
and remote towns and villages
across Pakistan were without
electricity for more than 12 hours.
Authorities deployed additional
police at markets around the
AKHTAR SOOMRO/REUTERS
country to provide security.
Officials announced late Mon-
day that power was restored in
many cities, 15 hours after the
outage was reported.
Earlier, the nationwide elec-
tricity breakdown left many in
this country of some 220 million
people without drinking water
as pumps powered by electricity
failed to work. Schools, hospi-
tals, factories and shops were
without power amid the harsh
winter weather.
—Associated Press
EUROPE
Russia and Estonia
Expel Ambassadors
Russia and Estonia on Mon-
day were expelling the ambassa-
dors from each other’s countries
in a tit-for-tat move, saying that
their diplomatic missions will be
Brazilian President Luiz Inácio Lula da Silva, left, and Argentina’s President Alberto Fernández
signed agreements in Buenos Aires on Monday. Economic cooperation is a priority for both leaders.
each country’s currencies, im-
plying that any new currency
would operate in parallel to the
Brazilian real and Argentine
peso. “We intend to overcome
the barriers to our exchanges,
simplify and modernize the
rules and encourage the use of
local currencies,” they wrote.
Mr. da Silva said their objec-
tive was to reduce the region’s
reliance on the U.S. dollar,
which is commonly used in bi-
lateral trade in Latin America.
into developing countries over
the past decade.
During a visit to the capital
on
Lusaka, Ms. Yellen said the U.S.
is concerned that Zambia is
us ,
still waiting for its creditors to
l
agree on terms of its debt re-
e
al a
structuring, but that recent
talks with her Chinese coun-
terparts gave her hope that a
ci on
solution could be found soon.
“It’s taken far too long al-
ready to resolve this matter,”
Ms. Yellen said during a visit
to the Zambia National Public
er s
Health Institute and ahead of
meetings with President
m er
Hakainde Hichilema and other
officials in the southern Afri-
can copper producer. “I am en-
couraged that progress may
become possible shortly.”
m rp
The U.S. and China have re-
cently taken steps to try to re-
new their engagement and co-
operation on the world stage
after their relationship reached
co Fo
its lowest point in years.
Zambia, like other poor coun-
tries, borrowed heavily from
Beijing and Western fund man-
agers that snapped up its dollar-
denominated bonds to build in-
frastructure and finance other
government projects. About
one-third of Zambia’s foreign
n-
A man sits outside his shop in Karachi, Pakistan, during a countrywide blackout on Monday, which left many of the nation’s
220 million people without electricity. Power was restored later in the day in many cities, 15 hours after the outage was reported.
headed by charges d’affaires as
relations between the countries
sank to a new low over Ukraine.
In a show of solidarity with
its Baltic neighbor, Latvia an-
nounced that it would also
downgrade diplomatic relations
with Moscow as of Feb. 24.
The Russian Foreign Ministry
summoned Estonian Ambassador
Margus Laidre and ordered him
to leave the country by Feb. 7.
The statement issued by the
ministry said that Estonia’s dip-
lomatic representation from now
on will be downgraded to a
WORLD NEWS
“If it were up to me, we
would always trade in the cur-
rency of the other country so
we wouldn’t have to depend
on the dollar,” Mr. da Silva
said Monday. Mr. Fernández’s
office didn’t respond to re-
quests for further comment.
Mr. da Silva’s openness to
coordinating currencies
sparked criticism from business
leaders and opposition politi-
cians in Brazil who said they
saw the move as an ominous
President Hakainde Hichilema, right, welcomed U.S. Treasury
Secretary Janet Yellen to Zambia on Monday in the capital Lusaka.
debt is owed to Chinese lenders.
Ahead of his meeting with
Ms. Yellen on Monday, Zambia’s
finance minister, Situmbeko
Musokotwane, said weaknesses
in the Common Framework
debt-restructuring process left
his country stuck and unable to
develop its economy.
“I can only on behalf of
Zambia request that the global
leaders of the world, including
yourself, who designed this
process…do everything possible
to move us forward,” he said.
Now, faced with a strong
WORLD WATCH
chargé d’affaires that heads the
European Union country’s mis-
sion in Moscow.
The ministry said that the
move was made in retaliation
for Estonia’s “new unfriendly
step to radically reduce the size
of the Russian Embassy in Tal-
linn.”
In response, Estonian Foreign
Minister Urmas Reinsalu said
that the Russian ambassador
will leave on Feb. 7 too, in accor-
dance with “the principle of par-
ity.”
—Associated Press
THE WALL STREET JOURNAL.
common currency between
Brazil and Argentina—it’s like
opening a joint bank account
with that unemployed dead-
beat friend who owes everyone
money,” Fábio Ostermann, a
state deputy for the business-
friendly New Party, said on
Twitter. “It makes NO sense.”
A spokesman for Argentina’s
Economy Ministry didn’t re-
spond to a request to comment.
Brazil’s Finance Ministry sent
Mr. da Silva’s statement and de-
GUSTAVO GARELLO/ASSOCIATED PRESS
clined to comment further.
Mr. da Silva will attend a
summit of Latin American and
Caribbean countries in Buenos
Aires on Tuesday. He is look-
ing to use his return to power
to forge ties with neighboring
countries, most of which now
are governed by fellow leftists.
Mr. Fernández, who polls
show to be one of the most
unpopular leaders in Latin
America, is under pressure to
start to his economic policy just offer quick fixes for Argen-
three weeks into his presidency. tina’s economy before he runs
Mr. da Silva has promised to for re-election in October. In-
increase spending and handouts flation hit 95% in 2022—the
to poor Brazilians, while ending highest in three decades.
the privatization of state firms. “It is about creating expec-
Argentina’s central bank tations,” Sergio Berensztein, a
prints money to fund the coun- political analyst in Buenos Ai-
try’s public spending, increas- res, said of the announcement.
ing in recent years as officials “There is not much that the
have been unable to tap global Fernández administration can
markets amid frequent defaults. show to the electorate, and
“It’s unbelievable that Lula this is a way to create some
is even considering creating a expectations for the future.”
ly
plans to restructure his coun-
try’s foreign-currency debt, he
said he wasn’t planning to use
SALIM DAWOOD/AGENCE FRANCE-PRESSE/GETTY IMAGES
the structures of the Common
Framework to deal with credi-
tors, citing the long delays
faced by Zambia. More re-
cently, however, the Ghanaian
officials said they would give
the process a chance, provided
it can produce speedier results.
In an interview, Ms. Yellen
said the U.S., which was a sig-
nificant driver behind the G-20
debt initiative, was seeking to
show other poor countries that
the Common Framework pro-
cess could function. “We’re
very focused on trying to get
this Common Framework
dollar, rising borrowing costs agreement to work,” she said.
because of the Federal Re- Before traveling to Lusaka,
serve’s interest-rate increases Ms. Yellen raised Zambia’s
and high inflation driven in debt restructuring with Liu
part by Russia’s war in He, the economic adviser of
Ukraine, other governments Chinese President Xi Jinping.
are looking at Zambia as a test Ms. Yellen said she left the
for how they can ease the bur- meeting in Zurich encouraged
den of some of these debts. about progress in the talks.
Kristalina Georgieva, the man- Mr. Liu told the World Eco-
aging director of the Interna- nomic Forum in Davos, Swit-
tional Monetary Fund, was also zerland, last week that China
in Lusaka on Monday to urge agreed to “work with all par-
faster progress on debt relief. ties to promote the resolution
When Ghana’s finance min- of the debt problems of some
ister last month announced developing countries.”
KUWAIT The government, which is ap-
pointed by the ruling family, has
Government Resigns been in a prolonged power strug-
Amid Assembly Clash gle with the elected assembly.
They had recently clashed over
Kuwait’s government resigned the assembly’s advancement of
amid a power struggle with the populist measures that the gov-
Arab Gulf country’s assembly ernment deems too costly, as
less than four months after par- well as requests to grill two min-
liamentary elections delivered a isters over alleged economic mis-
mandate for change. management, local media re-
The state-run KUNA news ported. The ruling Al Sabah family
agency confirmed the resigna- appoints the prime minister and
tion on Monday. It’s the fifth cabinet, and can dissolve the as-
time a Kuwaiti government has sembly at any time.
resigned in just over two years. —Associated Press
French
Troops
To Leave
French troops who have
been fighting Islamist mili-
tants in Burkina Faso will have
to leave the West African na-
tion, the country’s communi-
cations minister said Monday,
dealing another blow to Eu-
rope’s presence in a region
where Russia’s influence is
growing.
By Benoit Faucon,
Gabriele Steinhauser
and Laurence Norman
The decision by the govern-
ment in Ouagadougou to aban-
don its military alliance with
its former colonial power
comes five months after
France completed its with-
drawal from neighboring Mali,
which in 2021 hired the Rus-
sian paramilitary Wagner
Group to support its war
against jihadists affiliated with
al Qaeda and Islamic State.
Speaking on Burkina Faso’s
state broadcaster RTB, Com-
munication Minister Rimtalba
Ouedraogo said the country’s
armed forces would lead the
.
fight against extremists them-
selves and made no mention
of Russian support.
“It’s the Burkinabe them-
selves who will make the sac-
rifice to liberate our territory,”
Mr. Ouedraogo said. France
has about 400 troops sta-
tioned in Burkina Faso.
But the government of Cap-
tain Ibrahim Traoré, who came
to power in a September coup,
has been pursuing closer ties
with Russia. In December,
Burkina Faso’s prime minister,
Apollinaire Kyélem de Tam-
bèla, traveled to Moscow on
what he said was a private
visit to discuss how the two
countries could cooperate.
“We want Russia to be an
ally in the fight against terror-
ism, like all our partners,” Mr.
Kyélem de Tambèla said in an
interview with Russian broad-
caster RT. “We know that Rus-
sia is a great power and if
Russia wants, it can really help
us in this area.”
Later that month, Ghanaian
President Nana Akufo-Addo
told U.S. Secretary of State
Antony Blinken on the side-
lines of the U.S.-Africa summit
that Ouagadougou had hired
Wagner mercenaries and of-
fered the exploration of a mine
as payment. Burkina Faso’s
government denied such a
deal was made.
In response to a question
on his Telegram channel in
December, Yevgeny Prigozhin,
Wagner’s owner and a close
ally of Russian President
Vladimir Putin, at the time
didn’t directly comment on
the alleged deal with Burkina
Faso, but denied that the com-
pany would get a mining con-
cession in exchange for any
military assistance.
Both the U.S. and the Euro-
pean Union have placed sanc-
tions on Wagner for its activi-
ties in Africa.
A spokeswoman for the
French foreign ministry said
Monday that Paris was still
waiting for clarifications from
Mr. Traoré.
“France is readjusting, in
consultation with its partners,
its presence in the Sahel re-
gion to continue to stand by
the countries engaged in the
fight against terrorism,” she
said.
The escalating violence in-
flicted by Islamist militants in
the Sahel region and other
parts of West and Central Af-
rica has provided an opening
for Russia to project its power
and erode European influence
on the continent. Wagner
forces also have deployed in
the Central African Republic,
another former French colony,
where, like in Mali, they have
been accused of committing
atrocities against civilians.
Western officials say Wag-
ner’s presence in the region
has fanned violence and would
further worsen the security
situation.
Last week, Islamist mili-
tants in Burkina Faso kid-
napped and later released
more than 60 women, girls
and several babies who were
foraging for food after jihad-
ists blocked access for human-
itarian aid. In June 2021, mili-
tants massacred more than
130 civilians in the country’s
northeast in a single day.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

TECHNOLOGY: SALESFORCE BUSINESS MODEL FACES TEST B4

BUSINESS & FINANCE

© 2023 Dow Jones & Company. All Rights Reserved.

S&P 4019.81 À 1.19% S&P FIN À 1.12% S&P IT À 2.28%

* * * *

DJ TRANS À 1.49%
THE WALL STREET JOURNAL.

WSJ $ IDX À 0.05% 2–YR. TREAS. yield 4.238%

Tuesday, January 24, 2023 | B1

NIKKEI (Midday) 27339.61 À 1.61% See more at WSJ.com/Markets

Stocks Rise With Earnings on Way Starboard

Backing
Information-tech points, or 1.2%, to 4019.81. The ing, The Wall Street Journal CFRA Research. forming sector in the index.

shares are S&P 500’s

top performer, led by
Dow Jones Industrial Average
gained 254.07 points, or 0.8%,
to 33629.56. The Nasdaq Com-
Nvidia and AMD
posite rose 223.98 points, or
2%, to 11364.41.
The stock market has re-
BY JOE WALLACE
AND HANNAH MIAO
bounded to start 2023 as in-
vestors predict moderating in-
flation will encourage the Fed
Stocks rose Monday as in- to ease its interest-rate lifts
vestors bet the Federal Reserve and potentially cut rates later
will dial back its interest-rate this year.
increases and braced for a busy The central bank is prepar-
week of earnings reports. ing to slow its rate increases
The S&P 500 added 47.20 for a second consecutive meet-
reported Sunday. Officials are
set to consider a smaller, quar-
ter-percentage-point lift at its
policy meeting next week,
while deliberating what eco-
nomic signals they would need
to see before pausing rate rises
this spring.
“Investors are under the im-
pression that the Fed will likely
raise rates by a lesser amount
at the upcoming meeting.
That’s an encouragement to in-
vestors,” said Sam Stovall,
chief investment strategist at
Areas of the market hardest
hit in last year’s selloff have
led the rally in the new year as
the prospect of slowing rates
has given investors confidence
to pick up shares of companies
promising growth in the fu-
ture. Technology stocks have
climbed, with the Nasdaq Com-
posite up more than 8% in
2023.
Growth-oriented assets con-
tinued to shine on Monday. The
S&P 500’s information-technol-
ogy segment was the best-per-
Chip stocks moved higher. Ad-
vanced Micro Devices added
$6.46, or 9.2%, to $76.53 and
Persuades
Nvidia rose $13.54, or 7.6% to
$191.93.
“Today is a continuation of
Investor on
what we’ve seen on a year-to-
day basis, which is people real-
locating to the losers from last
IAA Deal
year,” said Michael Green, BY LAUREN THOMAS
portfolio manager and chief
strategist at Simplify Asset Canada’s Ritchie Bros.
Management. Auctioneers Inc. agreed to
Salesforce gained $4.62, or amend the terms of its pro-
Please turn to page B11 posed acquisition of U.S.
auto retailer IAA Inc. with
the backing of activist inves-

Music Service Spotify Pares Workforce 6%

tor Starboard Value LP, a
move that won over a major
investor that had challenged
the deal.
BY ALYSSA LUKPAT Under the terms of the
amended agreement, IAA
Spotify Technology SA is stockholders would receive
laying off about 600 employ- $12.80 in cash, up from $10,
ees, or roughly 6%, of its and 0.5252 Ritchie Bros.
workforce as part of cost-cut- share for each IAA share, the
ting measures after the companies announced Mon-
streaming company went on a day.

.
spending spree during the That implies a combined
pandemic. value to IAA stockholders of

ly
The move is among a wave $44.40 based on Ritchie
of technology layoffs, as the Bros.’ closing price of $60.17
industry recalibrates after on Friday. Previously, the
growing rapidly over the past
few years and ahead of a po-
tential recession.
on stock component was 0.5804.
Starboard plans to make a
$500 million investment in
J’RG CARSTENSEN/DPA/ZUMA PRESS

“Over the last few months Ritchie Bros. and the heavy-
we’ve made a considerable ef- equipment and truck auc-
us ,

fort to rein in costs, but it tioneer agreed to add the in-

l

simply hasn’t been enough,” vestment firm’s chief

e
al a

Spotify Chief Executive Daniel executive, Jeffrey Smith, to

Ek said in a letter to employ- its board.
ees on Monday. “So while it is The investment and Mr.
ci on

clear this path is the right one Smith’s appointment are con-
for Spotify, it doesn’t make it tingent on Ritchie Bros. re-
any easier.” Spotify, with almost 10,000 full-time employees, is one of the most popular music-streaming services in the world. ceiving investor approval for
A Spotify spokeswoman the IAA deal, which had re-
said about 600 of the com- Spotify’s employee count Share and index performance over the past year Quarterly net profit/loss ceived pushback from share-
er s

pany’s 9,808 full-time employ- holders on both sides.

10,000 10% €100 million
ees are being laid off. Ancora Holdings Group,
m er

They work across the com- which owns about 4% of IAA,

pany and not in any one par- 0 said Monday that it has
ticular department. 8,000 0 agreed to vote its shares in
S&P 500
Mr. Ek had said last year –10 favor of the transaction.
that the Stockholm-based com- As part of an agreement
m rp

pany would slow hiring but 6,000 –100 struck between IAA and An-
–20
didn’t plan to lay off anyone. cora, Tim O’Day, president
On Monday, he said, “In and CEO of Canada’s Boyd
–30
hindsight, I was too ambitious 4,000 –200 Group Services Inc., is ex-
in investing ahead of our reve- pected to be appointed to
–40
co Fo

nue growth,” adding, “I take Ritchie Bros.’ board upon

full accountability for the 2,000 –300 closing of the IAA deal, one
moves that got us here today.” –50
Spotify of four IAA director desig-
Technology companies are nees.
grappling with economic turbu- 0 –60 –400 IAA shares climbed $2.40,
lence after increasing their or 5.9%, to $43.05, while
2016 ’18 ’20 ’22 Feb. 2022 2023 2020 ’21 ’22
head counts over the past few Ritchie Bros.’ U.S.-traded
Please turn to page B4 Note: €1 = $ 1.09 Sources: the company (employees); FactSet (performance); S&P Capital IQ (net profit/loss) Please turn to page B2

New Chips INSIDE Musk Says Tesla Buyout Plan Was Real
Muscle In
n-

BY REBECCA ELLIOTT An attorney for the group of

On Intel Turf Elon Musk said he had fund-

investors bringing the suit
against Mr. Musk, Tesla and
no

ing to take Tesla Inc. private the company’s board at the

BY ASA FITCH when he floated the idea in time said Mr. Musk lied in say-
2018, saying that financing ing he had secured funding to
A new generation of chips from Saudi Arabia’s sovereign- take Tesla private. Those lies
using Arm Ltd. technology is wealth fund and his own stake caused investors who relied on
heaping pressure on Intel BUSINESS NEWS in rocket-company SpaceX that and other untrue state-
Corp. as the British chip-de- Regional parcel would have provided sufficient ments to lose money, the at-
VICKI BEHRINGER/REUTERS

sign specialist prepares for capital. torney, Nicholas Porritt, said.

what could be one of the
carriers look to grow at “With the SpaceX stock In questioning Mr. Musk on
year’s highest-profile public the expense of UPS alone, I felt funding was se- Monday, Mr. Porritt raised
listings. and FedEx. B3 cured,” Mr. Musk said Monday questions about the firmness
Arm-based chips have been in his second day on the stand of the financing, pointing to
winning market share in PCs in a case brought by investors minutes from an Aug. 3, 2018,
and have become a more for- who say they lost money be- Tesla board meeting that
midable rival in the increas- cause of his tweets proposing Elon Musk being questioned Monday by lawyer Nicholas Porritt. stated, “A detailed proposal re-
ingly important data-center to take the car company pri- garding a going private trans-
market where Intel has long vate. less, Mr. Musk said he walked than four years ago floating action had not yet been made.”
been the undisputed leader. Mr. Musk met with repre- away from the meeting think- the possibility of taking the He also sought to sow doubt
Amazon.com Inc. has em- sentatives of Saudi Arabia’s ing it was a “done deal.” company private and the effect about Mr. Musk’s testimony
braced the technology for its sovereign-wealth fund, the “The thing that was really, they had on individual inves- that he was contemplating re-
self-made server chips, and Public Investment Fund, in late absolutely unequivocal was tors’ decision-making. “Am lying on SpaceX shares to take
Microsoft Corp. and Google HEARD ON July 2018, a week before float- that they were absolutely sup- considering taking Tesla pri- Tesla private, a move that pre-
are working on processors us- THE STREET ing the possibility of taking portive of taking Tesla pri- vate at $420. Funding se- sumably would have increased
ing building blocks licensed Tesla private. A specific price vate,” he said. cured,” Mr. Musk, then serving his stake in the electric-car
from Arm, according to people
A court order means for taking Tesla private wasn’t The class-action case being as both Tesla’s chairman and Please turn to page B2
familiar with their efforts. big changes for Google discussed at that meeting, nor tried in federal court in San CEO, tweeted on Aug. 7, 2018.
The Cambridge, England, in India’s market. B12 was there a signed document, Francisco centers on the Tesla He later added, “Investor sup-  Tesla remains a Wall Street
Please turn to page B6 Mr. Musk testified. Neverthe- chief executive’s tweets more port is confirmed.” favorite.......................................... B2

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WAREHOUSE
PRODUCTIVITY
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Tuesday, January 24, 2023
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
Advanced Micro Devices
.....................................B1
Airbnb........................B12
Alphabet.........A7,B4,B12
Amazon.com..........B1,B4
Ancora.........................B1
Apple .............. A1,B6,B12
Arm..............................B1
B Goldman Sachs...........A1
Bank of America.........A1
Boeing ....................... B11
Booking ..................... B12
Bridgewater Associates
...................................B11
C Stanley Black & Decker
Capital One Financial
.....................................A1
Chevron ..................... B11
Citadel.......................B11
CNH Industrial............B6
Comcast.....................B11
D Truist Financial...........A1
Deere...........................B6
Digital Currency........B11
Discover Financial
Services .................... A7
E .....................................B3
Early Warning Services
.....................................A1
Elevance Health .. B3,B12
Elliott Management
............................. B4,B11
Expedia......................B12
INDEX TO PEOPLE
A Gelsinger, Pat ............. B6
Allan Jr., Donald.........B6
Altman, Sam...............A7
Andrea, Andreas.........B3
B Hallinan, Patrick.........B6
Barry, David................B6
Benioff, Marc..............B4
Bezdek, Jeremy..........A4
Blaber, Geoff.............B12
Boudreaux, Gail .......... B3
Butterfield, Stewart...B4
C Smith, Jeffrey.............B1
Chadwick, James........B2
Chen, Jim....................B3
Cohn, Jesse.................B4
Curry, Sam .................. B4
D Kett, John ................... B2
Defend, Monica...........A2
Difucci, John...............B4
DiSanto, Fred..............B2
Dunham, Carla............B6
E-G
Ek, Daniel....................B1
Fandozzi, Ann ............. B2
Musk Says
Buyout
Plan Real
Continued from page B1
maker. Mr. Porritt referenced
an Aug. 7, 2018, email in which
Mr. Musk told Tesla employees
that he didn’t expect his stake
in Tesla to change substan-
tially after the completion of a
deal.
Mr. Musk said he sold Tesla
stock to buy Twitter Inc., the
social-media company he re-
cently acquired, illustrating his
willingness to sell shares in
one company to finance an-
other transaction.
Tesla’s stock closed up 11%
the day Mr. Musk tweeted
about potentially taking Tesla
private, then gave back those
gains and fell further as ques-
tions emerged about the deal,
which never came to pass.
Alex Spiro, an attorney rep-
resenting Mr. Musk and Tesla,
[Note: add comma] said last
week that Mr. Musk’s “funding
secured” tweet was an inartful
shorthand for what was going
on at the time.
Mr. Musk, in court Friday,
pointed to the limitations of
Twitter, which imposes a char-
acter limitation on tweets. “I
think you can absolutely be
truthful. But can you be com-
prehensive? Of course not,”
Mr. Musk told jurors.
Jurors last week also heard
from two investors who lost
Starboard
Backs

F
FedEx...........................B3
Ford Motor..................B2
PNC Financial Services
.....................................A1
R
Fortune Brands...........B6 Ritchie Bros.
Freyr Battery..............A4
Auctioneers...............B1
G Rivian Automotive ..... B3
General Motors...........B2 S Wall Street analysts are lov-
Genesis Global Capital
Salesforce..............B1,B4
...................................B11
SAP..............................B4
ServiceNow.................B4
H Signature Bank...........A2
Hanwha.......................A4 Silvergate Capital.......A2
Siris Capital .............. B11
Humana.....................B12
Hyundai Motor............B2 SoftBank.....................B6
I Spotify.................B1,B11
IAA .............................. B1 .....................................B6
Intel.............................B1
Starboard Value .... B1,B4
International Business
T
Machines.................B11
J Tesla..........A7,B1,B2,B11
T-Mobile......................B4
JPMorgan Chase.........A1 Travelport Worldwide
L ...................................B11
Luxor Capital...............B2
U
M “overweight” ratings on its
Mastercard..................A7 U.S. Bancorp...............A1
Microsoft UnitedHealth.............B12
........... A1,B1,B4,B11,B12 United Parcel Service
N Weekly
V the data provider.
Netflix.........................B6
Nvidia..........................B1 Visa............................. A7
O-P W target price of $194 for Tesla.
Oracle .......................... B4 Wells Fargo.................A1
PayPal ......................... A1 Workday......................B4
O quarter results.
Green, Michael............B1 O'Day, Tim .................. B1
Griffin, Ken ............... B11 Ostroff, Dawn.............B4
H optimistic about Tesla’s pros-
P pects?
Payton, Theresa..........B4
Haas, Rene..................B6
R
Hayes, Tom.................B6
Hoffman, Reid ............ A7 Rubio, Jen...................B6
I S
Ives, Daniel.................B2 Scaringe, RJ................B3
Silbert, Barry............B11
Iyer, Krish....................B3
J
Spelman, Lisa ............. B6
Jackson, Kendra..........B3 Stovall, Sam................B1
K
T cording to market-research firm
Kallo, Ben....................B2 Taylor, Bret ................. B4
Katsingris, John..........B2 Taylor, Joshua.............B3
V-W
M-N
Michele, Bob...............A2
Millham, Brian............B4
Morris, Daniel...........B11
Weiss, Melissa............B6
on
Verrone, Chris.............A2
Walburger, Corbin.......B6
Wine, Scott.................B6
Moskowitz, Scott.......A4 Winklevoss, Cameron
us ,
Musk, Elon.......A7,B1,B2 ...................................B11
Nadella, Satya............A7 Wood, Cathie .............. B2
l
e
al a
ci on
er s
m er
m rp
BRANDON BELL/GETTY IMAGES
co Fo
Mr. Musk testified that he had backing from Saudi Arabia to take Tesla private in 2018.
money in the wake of Mr.
Musk’s tweets, including the
lead plaintiff, investor Glen Lit-
tleton, who is seeking damages
for those losses. Mr. Littleton
n-
testified that after seeing Mr.
Musk’s tweets, he moved
quickly to liquidate certain po-
sitions, adding, “This repre-
no
sented a threat to my liveli-
hood.”
Timothy Fries, a member of
the class who testified Friday,
said he lost $5,000 after buy-
ing 50 shares of Tesla stock
following Mr. Musk’s tweets.
Those shares cost $370 apiece,
an investment report showed.
He sold those shares at a loss
in early September 2018, he
said, after it had become clear
Tesla wouldn’t go private.
cently that it filed a prelimi-
nary proxy statement with
the Securities and Exchange
Commission in connection
with its opposition to the
proposed deal.
Tesla Is Still Loved by Wall Street
BY AKANE OTANI
ing Tesla Inc.
The electric-car maker has
had a tough year, between pro-
duction delays in China, back-
lash over Chief Executive Elon
Musk’s acquisition of Twitter
Inc. and his unloading of tens of
billions of dollars of his own
Tesla shares. Investors have
soured on the stock, which had
its worst year in 2022.
None of that has deterred
analysts who follow the com-
pany. In fact, 64% of analysts
covering Tesla have “buy” or
stock, according to FactSet.
That is the highest share since
the end of 2014, according to
The analysts have a median
Tesla shares closed at $143.75
Monday, 26% below that level.
Investors and analysts will
get a closer look at how Tesla
did in the final three months of
the year on Wednesday when
the company reports its fourth-
What is making analysts so
The short answer is that
many believe Tesla, for all its
controversy, remains the most
dominant player in the electric-
car industry.
Sales of electric cars in the
U.S. jumped last year, even as
total U.S. auto sales fell 8%, ac-
Motor Intelligence. Although
legacy car companies such as
Ford Motor Co., General Mo-
tors Co. and Hyundai Motor
Co. have rolled out more of
their own electric models in re-
cent years, they have continued
to trail behind Tesla. Mr. Musk’s
Mr. Fries said he under-
stood when he bought Tesla
stock that a deal hadn’t been
completed. But he added, “I
had felt that the funding had
already been vetted, because
the tweet said, ‘funding se-
cured.’”
Mr. Spiro has said his team
had chosen not to enforce sub-
poenas calling on representa-
tives of Saudi Arabia’s PIF to
testify.
After Mr. Musk tweeted that
he had funding secured to take
Tesla private, a top representa-
tive for the fund texted the
Tesla CEO, court records show.
“PIF remains interested in
potential investment opportu-
nities that are consistent with
its investment strategy and the
increased earnings power.”
Starboard’s Mr. Smith said
Sunday that he was sur-
prised that the market ini-
tially soured on the deal.
He said, however, that
BUSINESS & FINANCE
Analyst recommendations for Tesla shares
100%
Sell or underweight
80
60
Hold
40
20
Buy or overweight
0 Quarterly
2011 ’13 ’15 ’17
Tesla’s share price
2011 ’12 ’13 ’14 ’15 ’16
Source: FactSet
company accounted for 65% of
electric cars sold in the U.S. last
year, according to Motor Intelli-
gence. “Despite lowering esti-
mates and reported production
cuts, we continue to believe
[Tesla] is the best positioned
EV maker in both the near and
long term,” Ben Kallo, senior re-
search analyst at Baird, said in
a December note on the com-
pany.
Other analysts believe the
stock has fallen too much, given
its potential for further growth.
Tesla is “way oversold,”
Wedbush Securities analysts
Daniel Ives and John Katsingris
wrote in a January note.
Tesla’s recent price cuts may
help boost demand for its vehi-
cles in key markets such as
China, Mr. Ives said in a sepa-
rate note. The analyst, who con-
ducted a survey of 500 electric-
car buyers in China, said he
found that nearly 70% of re-
EV space is one of interest,” the
PIF representative said on Aug.
10, 2018. The PIF representative
added two days later, “Let’s see
the numbers and get our peo-
ple to meet and discuss.”
Mr. Musk, on the stand
Monday, characterized a mes-
sage sent by a PIF executive as
“ass covering” by someone
worried about future litigation
and said the person was back-
pedaling on earlier commit-
ments.
Watch a Video
Scan this code
for a video on
what was
behind Tesla’s
stock slide.
She said that combining
the companies and their
real-estate portfolios should
yield revenue growth and
opportunities for savings.
Ritchie Bros. expects
* *** THE WALL STREET JOURNAL.
$400 proves to be more persistent
than expected and the Fed
keeps monetary policy tight
longer.
Many economists also be-
lieve the U.S. is likely to enter a
300
recession sometime this year.
Rising interest rates, combined
with an economic downturn,
will likely damp consumer
spending, Mizuho Securities
200 USA LLC analysts said in a Jan-
uary note. (The team kept its
“buy” rating on the stock any-
way, citing its belief that Tesla
will continue to be a global
leader in the electric-car indus-
100
’19 ’21 ’23 try over the long term.)
Tesla also faces the risk that
controversy over Mr. Musk’s
handling of Twitter continues
to be a major overhang for its
0
stock, said Oppenheimer & Co.
’17 ’18 ’19 ’20 ’21 ’22 ’23 analysts in a December note.
The analysts, who lowered
their rating for Tesla to “per-
spondents said they were more form” from “outperform,” cited
likely to purchase a Tesla Model backlash from advertisers and
Y because of lower prices. users on Twitter following Mr.
Still, even those who believe
in Tesla’s dominance in the
Musk’s takeover of the social-
media platform. The company’s
electric-car industry caution technological prowess may be
that its stock isn’t in the clear. “outweighed by negative public-
As with many other growth ity leading to additional volatil-
stocks, Tesla soared during the ity,” the analysts warned.
pandemic, only to tumble last The cautionary notes have
year after the Federal Reserve done little to dull enthusiasm
raised interest rates. In the past among longtime Tesla inves-
few weeks, though, investors tors.
have grown more hopeful that “We are as bullish about
the Fed will pivot from raising Tesla as we have ever been,”
rates to cutting them by the ARK Investment Management
.
second half of the year. That founder Cathie Wood said
has fueled a comeback among Thursday on a webinar. Tesla is
ly
many growth stocks—Tesla in- the third-biggest holding in Ms.
cluded. Shares, while still down Wood’s flagship ARK Innovation
substantially from their 2021 Fund, which is invested in com-
high, are up 8.3% this year,
compared with the S&P 500’s
3.5% gain.
Skeptical investors have
panies that she believes are at
the forefront of “disruptive in-
novation” in their industries.
She added that she believes
warned that the market is at Tesla shares could rise fivefold
risk of a reversal if inflation over the next five years.
ADVERTISEMENT
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NOTICE OF SALE
Mr. Claudio Sforza, in his capacity of Attorney of the segregated perimeter (patrimonio destinato) set up pursuant
to articles 2447bis et seq. of Italian Civil code by virtue of Astaris S.p.A. (formerly Astaldi S.p.A.) Board of Directors’
resolution dated 2020, May 24th by deed of notary in Rome, Salvatore Mariconda, registered in the Commercial
Register on 2020, May 27th, and in his capacity of Sole Representative of Gestione Concessioni S.p.A., having the
necessary powers
INFORMS
That he intends to proceed to the sale of entire interest of the segregated perimeter of Astaris S.p.A. and Gestione
Concessioni S.p.A. in Ankara Etlik Hastane Saglik Hizmetleri Isletme Yatirim A.S. Ankara Etlik Hospital Management
and Investmen Inc. (“Etlik”) concessionaire of the Ankara Etlik Integrated Health Campus in Ankara (Turkey).
Those wishing to acquire more information about the project and the access to this procedure for the selection of a
potential buyer are invited to make a request to the following email address no later than the peremptory deadline
of 6:00 p.m. (CET time) on January 31 st , 2023; upon receipt of such request the project teaser will be sent to the
applicant, along with the confidentiality agreement and the appropriate format to be used for any expression of
interest. Upon receipt of the teaser, the confidentiality agreement and the expression of interest, duly signed, no
later than the peremptory deadline of 6:00 p.m. (CET time) on February 8 th , 2023, an information memorandum
will be provided. Anyone who intends to access the virtual data room and initiate due diligence is invited to submit
a non-binding offer no later than the peremptory deadline of 6:00 p.m. (CET time) on March 9 th , 2023. Bidders who
will be selected to participate in this further phase will be provided with an appropriate process letter. The end of this
procedure by receipt of a binding offer is expected approximately at the end of April 2023.
Each of the aforementioned documents should be sent by the relevant deadlines to the following email address:
etlikproject@astaldi.com.
Mr. Claudio Sforza
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES
PUBLIC AUCTION
HOT AIR Notice of Public UCC Article 9 Sale
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INCLUDES PRIME Assets Comprising an Operational Business to be Offered
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IAA Deal Among its concerns, Luxor provided a chance for him to roughly $350 million to $900 y 


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require Ritchie Bros. to shift pot for everyone involved. justed earnings before inter-    g
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$61.49. a letter to the company’s we’re very excited about the hasn’t previously disclosed. t q fy 
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wdn
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m
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“better answer” for both sets
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of the feedback she has re-
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In November, Ritchie Bros.
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Luxor Capital Group LP,
which holds about 3.6% of
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Elevance
To Acquire
Louisiana
Blue Cross
BY ANNA WILDE MATHEWS
Elevance Health Inc. said it
agreed to acquire the nonprofit
health insurer Blue Cross and
Blue Shield of Louisiana, ex-
panding its Blue business into a
new state.
Elevance, the parent of a
major health insurer that offers
other health services as well,
didn’t disclose terms of the
deal in its Monday announce-
ment.
The combination may be
complicated by the Louisiana
insurer’s status as a nonprofit
mutual. The Louisiana company
has about 1.9 million members,
which it says is approximately a
third of the state’s population.
The companies said they ex-
pected the deal to close this
year.
Analysts from S&P Global
Ratings said the Louisiana in-
surer had revenue of approxi-
mately $4.5 billion and net in-
come of about $101 million in
2021, figures a Blue Cross and
Blue Shield of Louisiana
spokeswoman confirmed in an
email.
In a March report, the rat-
ings firm gave the nonprofit an
“A” rating and estimated that
the 2022 revenue figure would
be approximately $4.5 billion to
$4.7 billion. The Louisiana in-
surer had a dominant position
in the state’s commercial mar-
ket and has been adding to its
government business, partly
through a partnership with Ele-
vance, the report said.
In a statement, Elevance
Chief Executive Gail Boudreaux
said the companies “will com-
bine strengths to provide ser-
vices unique to the needs of
Louisiana to better serve mem-
bers through a whole health
personalized approach.” Ele-
vance is the parent of Blue
Cross Blue Shield plans in 14
states, and it had about 47.3
million members at the close of
the third quarter of 2022.
Rivian’s Chief Lobbyist Is
Latest to Depart EV Startup
BY SEAN MCLAIN
Rivian Automotive Inc.’s
chief lobbyist, Jim Chen, is de-
parting the company, the lat-
est high-level exit as the elec-
tric-vehicle startup works to
scale up operations.
Mr. Chen, a former Tesla
Inc. executive who joined Riv-
ian in 2018, spearheaded the
company’s state-by-state fight
to allow direct-to-consumer
sales, a core business strategy
for EV-only makers such as
Rivian and Tesla that don’t
use traditional dealerships to
sell cars. He is expected to
leave Rivian at the end of Feb-
ruary, the company said.
His departure comes in the
wake of a number of other se-
nior leaders leaving the com-
pany in recent months, includ-
ing its general counsel and
head of supply chain, and as
Rivian seeks to trim costs to
preserve cash.
A Rivian spokeswoman said
Mr. Chen is leaving the com-
pany by mutual agreement
and that he expressed a desire
to spend more time with his
family and to travel.
“I am proud of the work we
have done, the influence we
have had, and the team that
we have built,” Mr. Chen said
in an emailed statement.
At Rivian, Mr. Chen was
tasked with lobbying states to
amend laws that force car
companies to sell vehicles
Share and index performance
over the past year
0%
–20
S&P 500
–40
–60
Rivian Automotive
–80
Feb. 2022
Source: FactSet
* * * *
Smaller Rivals Nip at UPS, FedEx
Regional companies
seek to capitalize on
merchants’ reluctance
to rely on one carrier
BY ESTHER FUNG
Smaller parcel carriers
made big gains during the
pandemic handling packages
that the larger players
couldn’t deliver. Some want to
get bigger.
Regional shipping compa-
nies across the U.S. are ex-
panding their operations to
pick up business from bigger
rivals, seeking to capitalize on
labor uncertainty at United
Parcel Service Inc., higher
rates charged by UPS and
FedEx Corp. and growing re-
luctance among merchants to
rely on a single carrier.
The push comes as the e-
commerce boom that fueled
carriers’ growth has faded and
inflation-weary shoppers be-
gin to pull back on purchases.
Some small carriers say that
despite the slowdown, they
see an opportunity to build on
the gains they made during
the height of the Covid-19
pandemic.
LaserShip/OnTrac, the larg-
est regional carrier, is expand-
ing its delivery network into
Texas this year. Lone Star
Overnight, a carrier based in
Plano, Texas, with a network
in Texas, Arkansas, Oklahoma,
Kansas and Missouri, plans to
open a major sorting facility
in Chicago next year. LSO is
also working with local deliv-
ery companies in cities such as
Minneapolis, Milwaukee and
Atlanta this year, following re-
on In the past, retailers typi-
quests by its customers to ex-
us ,
pand its delivery network.
l
Kendra Jackson, vice presi-
e
al a
dent of sales and marketing at
LSO, said the company is get-
ting more business from ship-
ci on
pers that are trying to avoid
possible disruptions at UPS
over labor contract negotia-
tions that could lead to a
strike as early as August.
er s
Some UPS customers have
reached out to FedEx for dis-
m er
cussions about business conti-
m rp
co Fo
through franchise dealers. Mr.
Chen fought similar legislative
battles during his tenure at
Tesla and has said that the
fight had grown more difficult
at Rivian.
Mr. Chen also was in charge
of Rivian’s federal lobbying ef-
forts and regulatory affairs,
running a small team that
would frequently travel to
statehouses around the coun-
n-
try, as well as meet with law-
makers on Capitol Hill.
The move comes at a criti-
cal time for the startup’s rela-
no
tions with Washington, which
has thrown its support behind
EVs but also put new restric-
tions in place that make it
harder for some models to
qualify for government tax
credits.
Under new rules adopted as
part of last year’s Inflation Re-
duction Act, only electric
trucks and SUVs that cost less
than $80,000 qualify for fed-
eral tax credits, a change that
the Irvine, Calif.-based startup
has said puts it at a disadvan-
tage. While both Rivian’s R1T
pickup and R1S SUV have a
starting price below $80,000,
the company has said most of
its vehicles sell for more than
that amount when features
and other options are added
on.
Rivian, which went public
in November 2021 with a valu-
ation of roughly $86 billion in
its first day of trading, has
STEPHEN VOSS FOR THE WALL STREET JOURNAL
’23
Jim Chen championed direct-to-consumer auto sales for Rivian.
BUSINESS NEWS
LaserShip/OnTrac, the largest regional carrier, is expanding into Texas this year. A LaserShip deliveryman in New York City.
nuity if there are interrup-
tions, and FedEx is trying to
get these customers to commit
to longer contracts, said peo-
ple familiar with the matter.
“It is normal and expected
that our competitors make ex-
aggerated claims to try to
scare our customers, espe-
cially during our contract ne-
gotiations,” said Glenn Zac-
cara, a spokesman for UPS. He
added that UPS is working to
reach an agreement on a new
labor contract.
cally gave all their packages to
one carrier to maximize vol-
ume and reap bigger dis-
counts.
“The new normal is to use a
multi-carrier strategy for dif-
ferent types of packages for
different locations,” said Krish
Iyer, vice president of strate-
gic partnerships at Auctane, a
shipping and software solu-
tions company.
Before the pandemic, re-
gional and other carriers that
sometimes rely on the Postal
Service for last-mile deliveries
made up 6% to 7% of the par-
struggled with a number of
growing pains lately, including
narrowly missing its produc-
tion targets last year at its
sole plant in Normal, Ill.
The company’s share price
has fallen 77% since its
splashy debut, and its cash
pile has steadily decreased to
$13.8 billion at the end of Sep-
tember, the latest period for
which information is available.
Rivian recently postponed
the launch of a cheaper model,
dubbed the R2, by a year to
2026. Rivian’s Chief Executive
RJ Scaringe said that the de-
lay was to give a planned
plant in Georgia enough time
to prepare for the start of pro-
duction.
The EV maker also has had
some notable turnover in its
upper ranks, including replac-
ing its head of manufacturing
and chief operating officer
within the past year. In July,
Rivian revealed plans to lay off
6% of its 14,000-employee
workforce, a cash-saving move
aimed at responding to infla-
tionary pressures and tighten-
ing capital markets.
Mr. Chen became one of the
foremost advocates for legal
changes to allow direct-to-
consumer sales by car makers.
He was a regular visitor to
statehouses around the coun-
try and fought some of the
earliest legislative battles over
direct vehicle sales while at
Tesla.
Tuesday, January 24, 2023 | B3
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
cel market, according to data some retailers have set up dis- FedEx said it has competi-
from ShipMatrix Inc., a parcel tribution centers in multiple tive advantages over other
analytics firm. Now it is cities to shorten the distances carriers including strong on-
around 8% to 9%, according to parcels have to travel, said time performance rates and
ShipMatrix, as carriers say Joshua Taylor, senior director services such as Picture Proof
they picked up substantial vol- of professional services at of Delivery and in some areas,
umes from shippers who told Shipware, a parcel consultant. seven-day operations.
them UPS and FedEx had in- As a result, these shippers UPS has said it is focused
sufficient capacity during the now have access to more local less on volume and more on
pandemic. Each percentage carriers too. delivering parcels that gener-
.
“You will always need ate more profit.
someone like FedEx and UPS, Some companies could still
ly
‘The new normal is no one can ship in the United
States without having a rela-
be resistant to using multiple
carriers. One reason is it can
to use a multi- tionship with one of them, but be complicated for a business
carrier strategy’ for
packages, locations.
the question is how much do
you depend on them? And how
much ability do you have mov-
ing volume around?” said An-
to keep track of which pack-
ages go with which carrier,
said Mr. Taylor, the consul-
tant.
dreas Andrea, former director Using multiple carriers also
of logistics at FabFitFun, an e- could make customers more
point gain in market share for commerce company that deliv- vulnerable to inconsistent
a smaller carrier equates to a ers subscription boxes of life- performance.
more than 15% jump in vol- style and beauty products. “At peak of the pandemic, it
umes, ShipMatrix says. During the early days of the was either the person in a
Many shippers say they pandemic, Mr. Andrea said he tank top and flip-flops in a
don’t want to be beholden to was pressed to find alterna- 1985 car, or no one,” said Mr.
an individual carrier, even as tives when his national carrier Andrea, adding that he ig-
capacity constraints have said it would take only 50% of nored such complaints at that
eased. his company’s parcels. By time. Businesses need to as-
To reduce the burden of early 2022, FabFitFun engaged sess the sensitivity of their
higher shipping rates and sur- six carriers, up from just one own brand to such risks, he
charges from FedEx and UPS, at the start of 2020. said.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Tuesday, January 24, 2023
Salesforce’s Business Model Faces Test
Software company
grapples with activist
investors as growth
slows with economy
BY TOM DOTAN
Salesforce Inc., which pio-
neered cloud software to be-
come one of the largest com-
panies in technology, has hit a
rough patch in recent months
as slowing growth and em-
ployee turmoil damp enthusi-
asm about its business.
On Sunday, The Wall Street
Journal reported that Elliott
Management Corp. had made
a multibillion-dollar invest-
ment in the company. In Octo-
ber Starboard Value LP said it
had taken a stake in Sales-
force.
Elliott didn’t publicly out-
line its specific hopes for
Salesforce. Elliott Managing
Partner Jesse Cohn said it is
looking to “realize the value
befitting a company of its
stature.” Starboard suggested
in a presentation that it
thought the software company
needed to do more to boost its
growth and profit margins.
In November, Salesforce
said Co-Chief Executive Bret
Taylor was leaving—a depar-
ture that occurred after grow-
ing tension with co-founder
and Co-CEO Marc Benioff over
their responsibilities and how
the business was run, the
Journal reported. Then Sales-
force announced the departure
of Stewart Butterfield, CEO of
Slack, the workplace commu-
Spotify
Reduces
Workforce
Continued from page B1
years.
Now, many are cutting
some of their recent additions
no
Follow Every
Smart Move
and Wrong Turn
Explore today’s smash hits and colossal failures
in WSJ’s column Science of Success. Each week,
columnist and author Ben Cohen examines business,
management and culture, aiming to answer one
big question: Why do people, companies and ideas
succeed or fail?
S U B S C R I B E N O W AT
WSJ.com/ScienceOfSuccess
© 2023 Dow Jones & Co., Inc. All rights reserved. 3DJ9206
nications tool that Salesforce
acquired in 2021.
This month, Salesforce said
it would cut 10% of its work-
force of about 80,000 people—
its biggest round of layoffs to
date.
Mr. Benioff for years has
tried to build a corporate cul-
ture around the Hawaiian con-
cept of ohana, or family.
Lately, he and other executives
have emphasized that the
company needs to be more ef-
ficient.
“I’ve been thinking a lot
about how we came to this
moment,” Mr. Benioff wrote in
a letter to employees announc-
ing the layoffs. “As our reve-
nue accelerated through the
pandemic, we hired too many
people leading into this eco-
nomic downturn we’re now
facing.”
While tech companies have
struggled with slowdowns in
recent quarters, Salesforce has
been hit harder than many of
its business-software peers. Its
stock has lost close to 30%
over the past year, worse than
rivals such as Oracle Corp.,
SAP SE and Microsoft Corp.
Salesforce shares climbed
more than 3% in Monday’s
trading.
In its fiscal third-quarter
earnings report for the three
months through Oct. 31, Sales-
force missed analysts’ expecta-
tions for billings—a measure
of business actually transacted
during the period—by roughly
8%.
The company’s new activist
investor will further focus at-
tention on what the company
and abandoning long-shot
projects.
Spotify joins Amazon.com
al a
Inc., Google parent Alphabet
Inc. and Microsoft Corp. and
others that have cut back on
ci on
staff in recent weeks.
Mr. Ek said Spotify’s oper-
ating expenses last year were
double its revenue.
He called the layoffs a diffi-
er s
cult but necessary decision.
“Like many other leaders,”
m er
he said, “I hoped to sustain
m rp
co Fo
n-
TECHNOLOGY
The company has been hit harder by the tech slowdown than many of its business-software peers.
can do to better streamline in
these tougher times, analysts
said.
Salesforce, which primarily
sells subscription-based, cus-
tomer-relations-management
software to midsize-to-large
companies, has always run at
a high cost compared with its
peers, analysts and investors
say. The company spends more
than 30% more than other
companies in its cohort, such
as Workday Inc. and Service-
Now Inc., to generate new re-
curring revenue, according to
Guggenheim Partners analyst
on
John DiFucci.
“Investors have been fine
the strong tailwinds from the
us ,
pandemic and believed that
l
our broad global business and
e
lower risk to the impact of a
slowdown in ads would insu-
late us.”
Spotify is one of the most
popular music-streaming ser-
vices in the world.
The company reported in
October that it had about 456
million monthly active users.
Mr. Ek said laid-off employ-
ees will get five months of
with [higher spending] for a
long time because they were
growing. But what’s happened
is they stopped growing so
much,” he said.
In the past, Salesforce exec-
utives have said that acquisi-
tions and bigger marketing
costs have been an important
part of its growth strategy.
They have said they are com-
mitted to taking a more bal-
anced approach in recent
quarters as the company
pushes to improve its margins.
The company’s costs have
ballooned with its employee
ranks. It added close to 30,000
employees from the start of
severance pay.
He also announced a few C-
suite changes, including that
Spotify’s chief content officer,
Dawn Ostroff, is leaving the
company.
Ms. Ostroff helped position
the company as a major player
in the podcast space, signing
deals with high-profile figures
such as Michelle Obama, Kim
Kardashian and Joe Rogan.
In 2020, she helped strike
one of the podcast industry’s
T-Mobile Breach Highlights
Security Achilles’ Heel of API
BY CATHERINE STUPP
The data breach of about 37
million T-Mobile US Inc. cus-
tomers occurred through an
attack on an API, or applica-
tion programming interface,
highlighting a risk facing
many businesses.
APIs connect applications
and share information in many
settings, like mobile applica-
tions that connect to a social-
media platform, cars that driv-
ers can unlock via an app, or
backroom technology that
moves data across different
information systems.
Companies rely on APIs as
they expand technology proj-
ects, often without proper se-
curity measures, cybersecurity
analysts and researchers say.
“Every API you add is a
new addition to your overall
attack surface,” said Theresa
Payton, chief executive of For-
talice Solutions LLC, a cyber-
security consulting firm.
T-Mobile disclosed the data
breach on Thursday to the Se-
curities and Exchange Com-
mission. The company’s filing
said the API that was breached
allowed hackers to access
some forms of customer data,
including names, billing ad-
dresses, emails, phone num-
bers and dates of birth. The
company said it may “incur
significant expenses” as a re-
sult of the incident.
T-Mobile was previously
hacked in 2021 in a breach
that exposed the data of more
than 50 million customers.
Last year, the company offered
to pay $350 million to settle a
class-action suit, and pledged
to spend $150 million on secu-
rity in 2022 and 2023.
Other APIs have proven vul-
nerable recently. Early this
month, security researcher Sam
Curry showed he could re-
motely control vehicles, includ-
ing starting and stopping them,
after discovering security flaws
in APIs in cars from manufac-
turers including Mercedes-Benz
Group AG, Porsche Automobil
Holding SE and Bayerische Mo-
toren Werke AG. Mr. Curry said
he notified the companies of
the vulnerabilities before dis-
THE WALL STREET JOURNAL.
WSJ.com/Tech
adding training and having
employees do more “stand and
deliver” meetings where they
practice and hone sales
pitches, said people familiar
with its training. It also is em-
bracing a new message to cus-
tomers about efficiency and
productivity, rather than
growth.
In a tighter financial envi-
ronment, customers have be-
come more circumspect with
their spending, taking longer
and requiring additional ap-
provals before they agree to
purchase Salesforce’s soft-
JOHN G MABANGLO/EPA/SHUTTERSTOCK
ware, Mr. Millham said at the
conference.
The company’s culture—one
Mr. Benioff takes pride in—
might also be up for question-
ing in this environment. He
speaks frequently about ohana
at Salesforce, under which em-
ployees and customers are
supposed to collectively care
for one another.
Last year, the company
2020 until late last year, a signed a multiyear booking
roughly 60% increase. agreement for a 75-acre re-
Salesforce Chief Operating treat in Scotts Valley, Calif., to
Officer Brian Millham told an create an employee work-and-
analyst conference in Decem- wellness center.
ber that the company was de- While these missions of to-
manding more from its sales- getherness have long played a
people. part in how Mr. Benioff has
“This is the way we should pitched the company to the
be running our business all public, it could become a tar-
the time, which is you’re con- get for investors who say the
stantly looking at underper- company could be more effi-
.
forming people,” he said. cient.
“Treat them with grace and “It’s [Mr. Benioff’s] choice
ly
dignity, but you have to move to say, ‘I don’t care. You need
them out if they’re not per- to spend like crazy to grow.’
forming.” That’s something that has to
The company has been try-
ing to address the issue by
change,” Guggenheim’s Mr. Di-
Fucci said.
biggest ever licensing deals, Spotify also said last year
bringing Mr. Rogan’s podcast that it expects to raise prices
exclusively to Spotify for more in 2023.
than $100 million.
The company last year out-
lined its plans for growth even
The premium service in the
U.S. has cost $9.99 a month
since 2011, when Spotify was
though investors had been
concerned that audio-market
opportunities were limited.
launched in the U.S.
Spotify shares rose $2.03,
or 2.1%, to $99.94 on Monday.
Mr. Ek said at the time that News Corp’s Dow Jones &
Spotify was making aggressive Co., publisher of The Wall
investments to expand its Street Journal, has a content
business to 10 times its cur- partnership with Spotify’s
rent size. Gimlet Media unit.
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
The data breach at T-Mobile US followed a larger one in 2021.
closing them publicly. The man- pandemic, which often leads
ufacturers didn’t respond to re- companies to skip some secu-
quests to comment. rity steps, she added.
In December, the U.S. Cy- By 2025, less than half of
bersecurity and Infrastructure companies’ APIs will be man-
Security Agency circulated an aged properly because their
advisory warning companies growth will eclipse the ability
about an API-related vulnera- of management tools, Gartner
bility in a product from tech Inc. forecast in 2021.
company provider Veeam Soft- Common practices to se-
ware. The company issued a cure APIs include using user
security patch. authentication and authoriza-
“API security is an area
that’s largely been overlooked,”
said Errol Weiss, chief security
tion and encrypting their com-
munications. Many companies
use these security protections,
officer of the Health Informa- but there is so much develop-
ment in APIs that some may
be outdated or no longer
37
maintained, said Altaf Shaik, a
senior researcher at the Tech-
nische Universität Berlin,
which specializes in technol-
Millions of customers affected ogy research.
by the T-Mobile US breach APIs are particularly crucial
for 5G products, and some
telecom carriers are likely to
overlook security because they
tion Sharing and Analysis Cen- are rushing to bring those
ter, a nonprofit group that en- products to market, he said.
ables healthcare organizations Mr. Shaik and another re-
to share information about cy- searcher tested the API secu-
ber threats. rity of 10 unnamed mobile car-
There is a lack of under- riers in August. Only one
standing on how to secure detected the researchers’ sim-
APIs outside of cybersecurity ulated attacks, while others
teams, and there may be dif- appeared not to watch their
ferent business units within APIs for suspicious activity, he
companies involved in creat- said. T-Mobile wasn’t among
ing an API, Ms. Payton said. the carriers tested, he added.
Plus, there has been a rapid “Real-time monitoring is
expansion of tech projects something that’s missing,” he
since the start of the Covid-19 said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Tuesday, January 24, 2023 | B5

Bounce back—not
backward—with
a digital HQ

.
ly
The problem on
Employees are still feeling the
43% 15%
us ,

impacts of the pandemic’s forced

l
e
al a

changes on work, which means top of desk workers drop in executive

ci on

report feeling experience scores for

talent and institutional knowledge burned-out overall satisfaction
are more at risk than ever before.
er s
m er

The fix
m rp

Embrace new ways to work,

not policies of the past. Support
flexibility with a digital HQ in
53% 29%
co Fo

greater ability to higher productivity

Slack—and see gains for both focus for workers with for workers with
schedule flexibility schedule flexibility
business and employees.
n-

“ We’re still in the middle of the biggest workplace

no

paradigm shift we’re apt to see in our lifetimes. You

can no longer rely on the old leadership playbooks. ”
Sheela Subramanian
Vice President, and Co-founder
Future Forum

Connect people, information and apps in one space across schedules, time
zones and locations with Slack, your digital HQ.

Learn more at slack.com/dhq

Data from the Fall 2022 Future Forum Pulse, Wave 8 conducted August 3-21, 2022. Number of completed responses = 10,766.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Tuesday, January 24, 2023
Stanley Black & Decker
Names New Finance Chief
Stanley Black & Decker Inc.
appointed the chief financial
officer of Fortune Brands In-
novations Inc. to lead its fi-
nances as the tool maker
works on substantial cost cuts.
The New Britain, Conn.-
By Jennifer Williams-
Alvarez, Will Feuer
and Chris Wack
based company on Monday
said Patrick Hallinan will be-
come CFO, effective April 6.
Mr. Hallinan will join Stanley
Black & Decker after a 17-year
career at home- and security-
products maker Fortune
Brands.
Fortune Brands, meanwhile,
named David Barry as its fi-
nance chief, effective March 2.
Mr. Barry has served as For-
tune Brands’ senior vice presi-
dent of finance and investor
relations for nearly two years.
Mr. Hallinan will remain CFO at
Fortune Brands until March 2.
At Stanley Black & Decker,
Mr. Hallinan will succeed
Corbin Walburger, who
stepped in as interim finance
chief last July when Donald Al-
lan Jr., the previous CFO, was
elevated to chief executive of-
ficer. Mr. Walburger will re-
sume his prior role as vice
president of business develop-
ment, the company said.
“Patrick is a seasoned exec-
utive who has led global, high-
performing finance functions
across top consumer brands,”
Mr. Allan said in a statement,
referring to the incoming
CFO.
As CFO, Mr. Hallinan is set
to receive a base salary of
Travel Brand Away Picks New Head M&M’s Revamps Ads
Of Marketing Amid Promotional Push Following Backlash
BY PATRICK COFFEE
Away hired Carla Dunham
as chief marketing officer as
the luggage and travel acces-
sories company tries to make
the most of the industry’s pan-
demic recovery.
Ms. Dunham had most re-
cently been chief marketing
and merchandising officer at
e-commerce delivery startup
Foxtrot and previously held
high-level marketing roles at
retail and fashion businesses
including Kate Spade and Am-
azon Fashion.
She succeeds Melissa
Weiss, who joined Away in late
2021 and left last summer, the
company said.
Away previously said its
sales totaled $150 million in
2018, and the startup secured
$100 million in funding in
2019 at a $1.4 billion valua-
tion.
no
But the pandemic severely
hurt business for Away and
other travel brands. The New
York-based company, for-
New Chips
Muscle In
On Intel
Continued from page B1
company demonstrated some
of its popularity this past
week when Apple Inc. ex-
panded its bet on Arm-based
chips. On Tuesday, Apple, an
early adopter of Arm, intro-
duced two new versions of its
in-house-designed Arm chips
for MacBooks, leaving Intel—
long Apple’s preferred supplier
for core processors—furnish-
ing only those for its highest-
end desktop computers.
Intel, which reports quar-
terly results Thursday, is ex-
pected to post a 23% decline
in revenue in its PC-focused
business, according to analysts
surveyed by FactSet. Intel’s
server business sales are fore-
cast to retreat 40% from the
year-prior, reflecting a weak-
ening economy and loss of
market share to its rival Ad-
vanced Micro Devices Inc. and
to Arm-based chips.
The inroads Arm-based
chips have made recently with
cloud-computing operators
have become particularly
meaningful because the data
centers operated by Amazon,
The appointment of Patrick Hallinan comes as the tool maker is
planning to cut costs. A Black & Decker wireless cocktail maker.
$800,000 and a one-time sign-
ing bonus of $350,000, the
company said in a filing with
regulators. He will also be eli-
gible for an annual bonus with
a target this fiscal year of
100% of base pay as well as a
one-time restricted stock
grant with an aggregate grant
date value of $2.65 million.
Mr. Hallinan’s appointment
follows Stanley Black &
Decker’s announcement last
July of ambitious cost-cutting
er s
m er
m rp
co Fo
Carla Dunham was previously at
e-commerce company Foxtrot.
mally called JRSK Inc., either
n-
furloughed or laid off a ma-
jority of its staff in early
2020 after sales dropped by
more than 90%, according to
a company post on Medium
at the time.
Business has picked up
again as travelers around the
Market share of
Arm-based chips for
personal computer
10.6*
CPUs
7.4
2.2
1.5%
2019 ’20 ’21
*First three quarters
Source: Mercury Research
Microsoft, Google and others
consume a vast number of
chips. Arm earns royalty pay-
ments on every chip made or
sold using its design.
“It’s a massive opportunity
for us,” Arm Chief Executive
Rene Haas said.
Arm, which is owned by
Japan’s SoftBank Group
Corp., is gearing up for an ini-
tial public offering this year.
The company’s IPO plans have
shifted to later in the year be-
cause of market turmoil that
has depressed appetite for
new listings, an Arm official
said last year. Arm also is still
deciding where to list its
shares, with political pressure
in the U.K. to pick London.
THE WALL STREET JOURNAL.
BUSINESS NEWS
Union Backs Pact
lysts in October.
And Ends Strike
At CNH Plants
During the quarter that
ended Oct. 1, the company’s BY BOB TITA The company had urged the
revenue rose 9% from the union to reconsider the offer.
prior-year period, to $4.1 bil- Union workers at two Union negotiators asked the
lion, with profits rising to plants for CNH Industrial NV company to continue bargain-
$845 million from $414 million ratified a new contract with ing sessions. CNH said U.S. La-
a year earlier. the farm and construction bor Secretary Martin Walsh
Stanley Black & Decker, equipment maker, ending a conducted a mediation session
which was able to carry out a strike that began in early with company and union nego-
$290 million inventory reduc- May. tiators before the latest vote
tion in the quarter, cut its an- About 1,100 members of the on the offer.
nual guidance for diluted earn- United Auto Workers union at CNH Chief Executive Scott
ings per share under generally plants in Racine, Wis., and Wine credited Mr. Walsh with
accepted accounting principles Burlington, Iowa, will start re- helping “us navigate the com-
to between 10 cents and 80 turning to work Jan. 30, the plexities of the negotiation
cents per share from a range company said. The workers process and end the strike.”
of 80 cents to $2.05 per share. walked off their jobs May 2, CNH workers had com-
The company plans to re- after rejecting an offer from plained throughout the strike
port on its fourth quarter next the company that union lead- that nonunion production
week. ers said provided insufficient
Demand for Stanley Black & wage increases and higher em-
Decker products surged during
the pandemic as consumers
ployee expenses for health in-
surance coverage.
A return to work at
JOHN LOCHER/ASSOCIATED PRESS
spent on home improvement CNH shares closed up 0.6%. the farm-equipment
and yard work, but waned last
year as high inflation and a
London-based CNH, whose
brands include Case IH and
manufacturer is set
murky economic outlook took New Holland, is the second- for Jan. 30.
their toll. largest farm equipment manu-
A key task for Mr. Hallinan facturer in the U.S. behind
will be addressing the com- Deere & Co. The company said
pany’s supply chain and infla- the new contract would pro- workers at CNH were being
tion difficulties, said Tom vide wage increases of 25% to paid more than union-repre-
Hayes, a senior equity re- 38% over the life of the four- sented workers had been. The
search analyst at Northcoast year deal. CNH workers’ push for bigger
plans, including $1 billion in Research Partners LLC. He will The union said in a state- pay increases drew momentum
reductions by the end of this also likely focus on restoring ment the new contract pro- after members of the UAW
.
year and $2 billion by 2025. investor confidence, Mr. Hayes vides wage increases, work- union received a new contract
The company, whose brands said, noting that Stanley Black shift premium pay increases from Deere last fall, after work-
ly
include DeWalt and Craftsman & Decker’s stock price has and job classification up- ers at that company struck for
tools as well as Cub Cadet rid- dropped significantly from grades. The union described the first time in 35 years.
ing lawn mowers, said it is roughly $175 a year earlier. On the ratified contract as an im- CNH, like other equipment
on simplifying its structures and
processes, reducing certain
spending and streamlining op-
erations. The cost-cutting ef-
Monday, it closed at $88.47.
“I think certainly Stanley
continues to face on the finan-
cial side a number of chal-
provement over a proposal the
workers voted down earlier
this month, which the com-
pany had described as its
manufacturers, has struggled
to obtain key components in
short supply during the past
18 months. Some dealers said
forts have included head count lenges” that the incoming CFO “last, best and final offer” and the strike further lengthened
us ,
reductions, which are “largely will grapple with, Mr. Hayes included the wage increases of wait times for new machinery
l
complete,” Mr. Allan told ana- said. 25% to 38% over four years. and components.
e
al a
ci on
BY JENNIFER CALFAS decision to swap the green
M&M’s heeled boots for sneak-
world return to prepandemic streaming TV commercials by The M&M characters are ers. At the time, the brand mar-
activities, according to Ms. approximately 50% in 2022 taking a break a year after their keted these changes as part of
Dunham. and expects to double that to- new looks sparked contro- their commitment to inclusion,
Away’s sales during the pe- tal in 2023 while also spend- versy. saying the green M&M’s new
riod from Thanksgiving to Cy- ing more on social-media The Mars Inc. brand said look gave the character a more
ber Monday last year nearly platforms like TikTok, she Monday that its candy charac- laid-back style. The decision
doubled the total during the said. ters—known as “spokescan- drew jokes and criticism online.
same period in 2021 and were The company also plans dies”—will begin an “indefinite A Change.org petition to “keep
60% higher than in the same further investment in its retail pause” from their duties. Co- the Green M&M sexy” gathered
period in 2019, Ms. Dunham locations, which Ms. Dunham median Maya Rudolph will take more than 20,000 signatures.
said. She declined to disclose described as “three-dimen- their place as the brand’s “In the last year, we’ve made
total sales for 2022. sional billboards for the spokesperson and will star in some changes to our beloved
Away attempted to capital- brand.” the candy’s upcoming adver- spokescandies. We weren’t sure
ize on the industry’s recovery Away attracted attention in tisement at Super Bowl LVII in if anyone would even notice.
in the last half of 2022 by re- the past for unconventional February, the brand said. And we definitely didn’t think
leasing a new line of outdoor- marketing moves such as the “We are confident Ms. Ru- it would break the internet,”
focused travel accessories and launch of a branded podcast dolph will champion the power the brand said Monday. “But
a new broadcast ad campaign and print magazine called of fun to create a world where now we get it—even a candy’s
AWAY
with the tagline “Let Travel Here. The podcast stopped everyone feels they belong,” shoes can be polarizing. Which
Happen.” airing new episodes in 2017, the brand said. was the last thing M&M’s
Away this year will con- and the magazine became a Representatives for Ms. Ru- wanted since we’re all about
tinue to lean heavily on influ- web-only property in 2020 af- dolph, the comedian and ac- bringing people together.”
encers and self-produced con- ter publishing 14 quarterly tress who is known for her A spokeswoman for the
tent while increasing its print editions. work on “Saturday Night Live,” brand said Ms. Rudolph’s new
investment in highly targeted Ms. Dunham reports to Netflix Inc.’s “Big Mouth” and role allows the “spokescandies
or performance-based market- Away co-founder and Chief Ex- the film “Bridesmaids,” didn’t to step away and embrace a
ing that can be more directly ecutive Jen Rubio. Away late respond to requests for com- new path to pursue other pas-
tied to sales, according to Ms. last year promoted its chief fi- ment. sions.” M&M’s will share more
Dunham. nancial officer, Catherine Dun- Changes to the candy car- on the future roles of these
The company increased its leavy, to become its first presi- toon appearances stirred up de- candy cartoons in the coming
spending on traditional and dent. bate last year—particularly the weeks, the spokeswoman said.
research firm. Estimates of
Arm-based chips’ market
share vary widely, however,
body,” said Amazon’s Dave
Brown, a vice president at Am-
azon who handles the com-
because in-house applications
like those developed by Ama-
zon aren’t easy to track. Arm
pany’s cloud-computing server
farms and represents one of
the single largest chip custom-
chips are now also found in
virtual-reality headsets and
autonomous vehicles.
ers. Amazon’s latest Graviton
chips—based on Arm and re-
leased late last year—are up to
Intel is fighting back. This 60% more efficient than its
month, it released a long-de- other CPUs, he said. Those
CHRIS RATCLIFFE/BLOOMBERG NEWS
layed new generation of its consist of Intel and AMD
server chips promising high chips.
performance and power-saving Intel wouldn’t respond di-
capabilities. “We know what rectly to Amazon’s perfor-
we need to do in order to be mance claims, but CEO Pat
the preferred supplier for Gelsinger suggested last year
these products, and we’ve that a generation of its server
’22 been working hard to put that chips set to debut in 2024
foundation back together and would outclass Arm alterna-
STMicroelectronics integrated circuit microchips designed by Arm. ensure that we do win,” said tives on key efficiency and
Lisa Spelman, an Intel vice performance metrics.
Arm made its name devis- smartphone success into other president in charge of its Arm’s success made it the
ing the basic building blocks markets. Processors using its server processor products. target of multiple high-value
of circuits at the heart of chip format now feature in Arm-based server chips are deals. SoftBank in 2016
smartphones, aiming to mini- more than 10% of all PCs sold benefiting from a focus at splashed out $32 billion,
mize power consumption to as of the third quarter of last cloud companies on environ- which, Arm executives have
extend battery life. Arm-based year, according to Mercury Re- mental stewardship. The three said, freed them to boost re-
chips are the digital brains in search. While global ship- biggest American cloud pro- search spending by 10% to 15%
more than 95% of smart- ments in laptops are expected viders are pledging to cut and sharpen the company’s at-
phones, including all Apple to decline this year by a high their carbon footprints by tack on rivals.
iPhones. single-digit percentage, those 2030 or earlier. Then Nvidia Corp., Amer-
Because Arm makes money for Arm-based laptops could Each data center can house ica’s largest chip company by
largely by licensing chip build- grow, according to Counter- hundreds of thousands of serv- value, tried to acquire Arm
ing blocks rather than making point Research. ers and require as much power from SoftBank in 2020 for $40
the devices, it generates rela- The share of processors to run a day as about 30,000 billion. Many customers ob-
tively modest sales figures shipped to cloud-computing residential households. Having jected that Arm, which has a
given its reach. It generated companies that aren’t based server farms that consume less reputation as the Switzerland
$2.7 billion in revenue in on Intel’s chip architecture— power is critical to meeting of tech, would be owned by a
2021—up by more than a third largely reflecting Arm’s use— those targets, officials from the rival and pressured regulators
from the prior year, but still reached 16% last year and is cloud providers have said. to block the transaction.
only about 3% the size of Intel. predicted to rise to 53% in “Power is going to be a Nvidia and SoftBank called off
It has transplanted its 2026, according to Canalys, a problem for us and for every- the deal a year ago.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
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B8 | Tuesday, January 24, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33629.56 s 254.07, or 0.76% Trailing P/E ratio 22.30 20.90 4019.81 s 47.20, or 1.19% Trailing P/E ratio * 18.92 27.24 11364.41 s 223.98, or 2.01% Trailing P/E ratio *† 24.69 35.52
High, low, open and close for each P/E estimate * 17.95 19.14 High, low, open and close for each P/E estimate * 17.54 20.10 High, low, open and close for each P/E estimate *† 21.47 22.91
trading day of the past three months. Dividend yield 2.05 2.01 trading day of the past three months. Dividend yield * 1.74 1.38 trading day of the past three months. Dividend yield *† 0.98 0.70
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21
65-day moving average
Current divisor 0.15172752595384
35000 4100 11650

34000 4000 11400

33000 3900 11150

Session high 32000 3800 10900

DOWN UP 65-day
moving average
t

Session open Close

31000 3700 10650
65-day moving average Close Open
t

Session low 30000 3600 10400

Bars measure the point change from session's open

29000 3500 10150
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
*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* 807,901,585 14,427,904
Industrial Average 33782.88 33316.25 33629.56 254.07 0.76 35768.06 28725.51 -2.1 1.5 4.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 593,455,869 11,409,968
Transportation Avg 14670.52 14353.96 14570.03 213.60 1.49 16718.54 11999.40 -5.6 8.8 9.3 Most-active issues in late trading Decl. volume* 205,998,262 2,809,912
Utility Average 970.17 952.85 960.51 -0.09 -0.01 1071.75 838.99 3.0 -0.7 1.1 Volume After Hours Issues traded 3,232 308
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40712.74 40035.21 40534.80 502.09 1.25 46941.20 36056.21 -9.3 5.2 6.0 Advances 2,241 186
iSh Core Dividend Growth DGRO 22,250.0 50.97 0.16 0.31 51.78 50.81
Barron's 400 988.34 971.77 984.95 13.18 1.36 1051.05 825.73 -3.1 7.0 9.9 Declines 849 112
Invesco S&P 500 Quality SPHQ 12,400.0 45.97 0.13 0.28 45.97 44.50
Unchanged 142 10
Nasdaq Stock Market Nokia ADR NOK 9,316.3 4.63 … unch. 4.65 4.62 New highs 86 4
Nasdaq Composite 11405.50 11144.03 11364.41 223.98 2.01 14619.64 10213.29 -18.0 8.6 6.5 Itau Unibanco ADR ITUB 7,504.1 4.95 0.09 1.85 4.95 4.85 New lows 8 4
Nasdaq-100 11918.86 11617.83 11872.54 253.51 2.18 15239.32 10679.34 -18.2 8.5 8.8 SPDR S&P 500 ETF Trust SPY 6,682.5 400.72 0.09 0.02 411.24 400.11 Closing Arms† 0.90 0.36
Aramark ARMK 3,917.7 44.78 -0.21 -0.47 44.99 44.78 Block trades* 3,991 121
S&P

.
Teva Pharmaceutical ADR TEVA 3,789.7 10.39 0.01 0.10 10.42 10.38
500 Index 4039.31 3971.64 4019.81 47.20 1.19 4631.60 3577.03 -8.9 4.7 6.5 Nasdaq NYSE Arca

ly
Carnival CCL 2,971.6 10.65 -0.07 -0.65 10.74 10.65
MidCap 400 2598.25 2560.10 2590.53 32.07 1.25 2773.72 2200.75 -1.9 6.6 7.5 Total volume*5,997,817,139 311,910,216
SmallCap 600 1240.65 1222.48 1236.88 13.49 1.10 1357.33 1064.45 -5.7 6.9 6.2 Percentage gainers… Adv. volume*5,028,577,057 217,073,898
CymaBay Therapeutics CBAY 125.3 7.05 0.44 6.66 7.20 5.18 Decl. volume* 927,059,381 88,472,384
Other Indexes
Russell 2000
NYSE Composite
Value Line
1896.20 1867.49 1890.77
15940.90 15756.78 15880.09 102.54
579.69 570.61 578.09
23.43

7.48
on
1.25
0.65
1.31
2133.10 1649.84
17069.66 13472.18
653.15 491.56
-7.0
-3.3
-8.2
7.4
4.6
7.8
3.9
4.0
1.3
Nurix Therapeutics
Global X Video Games HERO
Veracyte
NRIX

VCYT
59.9
80.0
154.1
13.28
21.00
27.30
0.63
0.81
0.98
4.98
4.01
3.72
13.28
21.00
27.30
12.35
19.58
25.34
Issues traded
Advances
Declines
Unchanged
4,930
2,966
1,716
248
1,773
1,345
400
28
NYSE Arca Biotech 5565.14 5509.71 5554.95 26.54 0.48 5554.95 4208.43 11.1 5.2 3.2
Ionis Pharmaceuticals IONS 123.6 40.87 1.45 3.68 40.87 39.35
New highs 115 29
us ,

NYSE Arca Pharma 854.12 846.95 849.26 -3.19 -0.37 887.27 737.84 9.7 -2.1 8.5 ...And losers New lows 35 12
l

KBW Bank 109.87 107.23 109.32 2.25 2.10 143.90 94.66 -18.2 8.4 -0.1 80.2 11.07 -0.74 11.86 10.82 Closing Arms† 0.32 1.58
e
PennantPark FR Cap PFLT -6.27
al a

PHLX§ Gold/Silver 135.57 132.82 135.50 -0.17 -0.13 167.76 91.40 5.5 12.1 9.6 Inhibrx INBX 83.0 24.18 -1.27 -4.99 25.45 24.18 Block trades* 53,209 1,455
PHLX§ Oil Service 91.79 90.51 91.03 -0.03 -0.03 92.43 56.08 46.9 8.6 8.9 Verve Therapeutics VERV 128.6 21.55 -1.05 -4.65 22.60 21.52 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2943.71 2818.44 2934.83 140.14 5.01 3653.72 2162.32 -15.7 15.9 14.7 Vanda Pharmaceuticals VNDA 56.2 7.31 -0.35 -4.57 7.70 7.31 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 20.33 19.55 19.81 -0.04 -0.20 36.45 18.35 -33.7 -8.6 15.1 R1 RCM RCM 55.6 12.81 -0.51 -3.81 13.32 12.81 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

er s

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
m er

World MSCI ACWI 642.68 6.28 0.99 6.2 Genius Group GNS 4.71 1.47 45.37 36.75 0.30 ... Catalyst Pharmaceuticals CPRX 14.76 -6.04 -29.04 22.11 5.24 161.2
MSCI ACWI ex-USA 303.88 1.83 0.61 8.0 Pliant Therapeutics PLRX 30.28 7.77 34.52 36.50 3.97 165.8 Atlis Motor Vehicles AMV 3.40 -1.14 -25.11 243.99 2.26 ...
MSCI World 2754.96 29.56 1.08 5.9 Sumo Logic SUMO 9.87 2.20 28.68 12.67 6.43 -16.8 Avalo Therapeutics AVTX 3.87 -1.03 -21.02 12.60 2.42 -66.0
MSCI Emerging Markets 1038.68 2.44 0.24 8.6 Wayfair Cl A W 59.33 12.54 26.80 163.99 28.11 -61.2 RenovoRx RNXT 2.63 -0.62 -19.08 5.00 1.50 -21.7
m rp

Americas MSCI AC Americas 1531.70 18.51 1.22 5.1 Presto Automation PRST 3.18 0.66 26.19 10.70 1.61 -68.4 AnPac Bio-Medical ADR ANPC 7.80 -1.83 -19.00 21.40 2.60 -51.3
Canada S&P/TSX Comp 20631.58 128.37 0.63 6.4 Envirotech Vehicles EVTV 3.26 0.67 25.87 9.00 1.78 -9.5 PLBY Group PLBY 3.04 -0.66 -17.75 17.38 2.46 -82.0
Latin Amer. MSCI EM Latin America 2290.69 17.14 0.75 7.6 ZyVersa Therapeutics ZVSA 2.70 0.54 25.00 25.00 1.38 ... Eargo EAR 12.07 -2.49 -17.10 116.80 9.60 -87.7
Brazil BOVESPA 111737.28 –303.36 –0.27 1.8 DermTech DMTK 5.59 1.07 23.67 16.33 1.55 -54.8 Vigil Neuroscience VIGL 10.64 -2.06 -16.22 18.27 2.18 -21.8
Chile S&P IPSA 3200.63 43.70 1.38 0.9 AGBA Group Holding AGBA 3.07 0.57 22.80 11.81 1.40 -72.2 Neonode NEON 10.68 -2.05 -16.10 14.75 3.30 77.1
co Fo

Mexico S&P/BMV IPC 54341.25 394.21 0.73 12.1 ThermoGenesis Holdings THMO 3.93 0.65 19.82 42.75 2.67 -90.7 Scilex Holding SCLX 9.52 -1.80 -15.90 11.69 2.87 -5.8
EMEA STOXX Europe 600 454.49 2.37 0.52 7.0 Laser Photonics LASE 4.81 0.75 18.47 5.50 1.50 ... Noble Absolute Return ETF NOPE 15.18 -2.82 -15.67 28.00 14.71 ...
Eurozone Euro STOXX 445.78 3.02 0.68 8.7 EVgo Cl A EVGO 6.24 0.92 17.29 14.23 3.64 -25.0 Dolphin Entertainment DLPN 2.27 -0.40 -14.98 6.50 1.67 -60.8
Belgium Bel-20 3889.84 28.39 0.74 5.1 CVD Equipment CVV 9.10 1.32 16.97 9.10 3.68 100.0 Direxion Dly Semi 3 Bear SOXS 24.05 -4.23 -14.96 89.59 23.73 -49.2
Denmark OMX Copenhagen 20 1871.48 3.30 0.18 2.0 Silvergate Capital SI 16.03 2.30 16.75 162.65 10.81 -83.9 Clearmind Medicine CMND 3.99 -0.69 -14.67 17.10 1.50 -62.2
0.52 8.6 Digital Brands Group DBGI 2.99 0.42 16.34 208.00 2.38 -97.7 Jaguar Health JAGX 5.43 -0.92 -14.52 66.75 5.26 -90.7
France CAC 40 7032.02 36.03
Germany DAX 15102.95 69.39 0.46 8.5
Israel Tel Aviv 1831.95 0.57 0.03 1.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 25821.45 45.93 0.18 8.9 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 747.87 9.23 1.25 8.5
Norway Oslo Bors All-Share 1369.35 10.28 0.76 0.5 Helbiz HLBZ 668,760 2215.6 0.43 109.13 4.42 0.11 Overlay Shares LC OVL 2,548 9109 32.23 1.48 39.15 28.14
South Africa FTSE/JSE All-Share 80128.63 858.86 1.08 9.7 Exela Technologies XELA 210,020 348.1 0.08 5.24 19.11 0.07 Franklin FTSE Japan Hdg FLJH 446 8705 25.49 0.66 32.07 24.00
n-

0.29 Tesla TSLA 201,391 63.3 143.75 7.74 384.29 101.81 Orion Biotech Opps Cl A ORIA 1,163 6988 10.11 0.10 10.30 9.60
Spain IBEX 35 8944.10 25.90 8.7
1.51 ProShares UltraPro QQQ TQQQ 193,062 -8.4 21.73 6.57 65.37 16.10 RF Industries RFIL 289 3432 5.23 -2.79 7.79 4.88
Sweden OMX Stockholm 853.01 12.71 9.1
Mullen Automotive MULN 182,707 -21.9 0.30 2.27 4.18 0.18 SPDR Portfolio MSCI GSM SPGM 2,252 3417 49.78 1.10 56.59 41.67
Switzerland Swiss Market 11406.27 111.25 0.98 6.3
Turkey BIST 100 5404.43 –85.91 –1.56 –1.9 Genius Group GNS 162,823 1850.7 4.71 45.37 36.75 0.30 TG Venture Acquisition TGVC 559 3314 10.25 0.00 10.42 9.78
no

U.K. FTSE 100 7784.67 14.08 0.18 4.5 Intelligent Bio Solutions INBS 146,210 276038.2 1.03 293.13 1.60 0.17 Pliant Therapeutics PLRX 13,445 3247 30.28 34.52 36.50 3.97
U.K. FTSE 250 19801.69 99.06 0.50 5.0 Faraday Future FFIE 140,503 318.7 0.92 50.64 7.85 0.25 Alset Capital Acqn Cl A ACAX 350 3058 10.13 0.20 10.40 9.80
Verb Technology VERB 138,809 6356.2 0.39 69.65 1.69 0.11 Evoqua Water Tech AQUA 18,463 2917 47.28 15.23 48.05 30.44
Asia-Pacific MSCI AC Asia Pacific 167.49 0.51 0.30 7.5
WiSA Technologies WISA 124,582 527.2 0.16 13.72 1.49 0.08 Jaguar Gl Growth I Cl A JGGC 816 2784 10.29 0.19 11.09 9.82
Australia S&P/ASX 200 7457.30 5.15 0.07 5.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3264.81 … Closed 5.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22044.65 … Closed 11.4
0.53 0.2
Scan this code
India S&P BSE Sensex 60941.67 319.91
Japan NIKKEI 225 26906.04 352.51 1.33 3.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3293.71 … Closed 1.3 and track most-active stocks,
South Korea KOSPI 2395.26 … Closed 7.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14932.93 … Closed 5.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1684.04 6.79 0.40 0.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004264 23450 –0.8
CREDIT MARKETS Argentina peso .0054184.3810 4.3 Europe
Brazil real .1920 5.2081 –1.5 Czech Rep. koruna .04555 21.954 –2.7
Canada dollar .7481 1.3368 –1.4 Denmark krone .1461 6.8423 –1.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001230 813.28 –4.1 Euro area euro 1.0874 .9197 –1.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000220 4546.50 –6.23 Hungary forint .002750 363.61 –2.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007019 142.47 0.6
A consumer rate against its New car loan Mexico peso .0532 18.8080 –3.5 Norway krone .1019 9.8177 0.1
benchmark over the past year 5.00% Uruguay peso .02552 39.1908 –2.0 Poland zloty .2310 4.3289 –1.1
Bankrate.com avg†: 6.56% 28% Asia-Pacific Russia ruble .01450 68.980 –6.5
t
First Savings Bank of Hegewisch 3.80% 4.00 WSJ Dollar Index Sweden krona .0977 10.2360 –1.9
s Australiadollar .7028 1.4229 –3.0
7.00% Chicago, IL 773-646-4200 Tradeweb ICE 14 Switzerland franc 1.0848 .9218 –0.4
China yuan .1474 6.7845 –1.6
Prime rate Monday Close 3.00 Turkey lira .0532 18.8102 0.6
.1277 7.8321
t

Frost Bank 5.24% Hong Kong dollar 0.3

6.00 0 Ukraine hryvnia .0271 36.9500 0.3
2.00 India rupee .01227 81.483 –1.5
Houston, TX 800-513-7678 UK pound 1.2379 .8078 –2.3
Euro
s Indonesia rupiah .0000663 15075 –3.2
5.49% One year ago
t

5.00 Colonial Savings, FA –14 Japan yen .007653 130.67 –0.3 Middle East/Africa
t 1.00
New car loan Garland, TX 972-495-4032 s Kazakhstan tenge .002164 462.05 –0.2 Bahrain dinar 2.6529 .3770 –0.03
4.00 First Command Bank 5.49% 0.00 –28 Yen Macau pataca .1239 8.0690 0.3 Egypt pound .0335 29.8689 20.7
Malaysia ringgit .2334 4.2845 –2.7 Israel shekel .2971 3.3661 –4.5
Fort Worth, TX 888-763-7600 1 3 6 1 2 3 5 7 10 20 30 2022
3.00 New Zealand dollar .6490 1.5408 –2.2 Kuwait dinar 3.2735 .3055 –0.2
Third Coast Bank, SSB 5.50% month(s) years
FMAM J J A S ON D J Pakistan rupee .00432 231.375 2.1 Oman sul rial 2.5973 .3850 ...
Humble, TX 281-446-7000 maturity Philippines peso .0183 54.590 –2.0 Qatar rial .2747 3.641 –0.7
2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7586 1.3182 –1.7 Saudi Arabia riyal .2663 3.7551 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008128 1230.38 –2.5 South Africa rand .0582 17.1820 0.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027454 364.25 –0.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 4.25-4.50 4.25-4.50 0.00 l 4.50 2.75 Taiwan dollar .03299 30.312 –1.1
Yield (%) 52-Week Total Return (%) Thailand baht .03056 32.720 –5.5 WSJ Dollar Index 95.14 0.05 0.05 –1.47
Prime rate* 7.50 7.50 3.25 l 7.50 2.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 4.82 4.79 0.27 l 4.83 3.02 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2134.930 3.900 3.860 4.560 1.500 –9.198 –2.311
Money market, annual yield 0.35 0.35 0.07 l 0.35 -0.15
Five-year CD, annual yield 2.78 2.78 0.43 l 2.78 1.38 U.S. Treasury Long, Bloomberg 3322.410 3.780 3.730 4.570 2.120 –22.986 –6.950 Commodities
30-year mortgage, fixed† 6.56 6.49 3.68 l 7.41 2.71 Aggregate, Bloomberg 2003.240 4.320 4.320 5.210 2.030 –9.082 –2.196 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.63 5.74 3.01 l 6.53 2.34 Fixed-Rate MBS, Bloomberg 1994.810 4.250 4.290 5.380 2.230 –7.783 –2.420
Jumbo mortgages, $726,200-plus† 6.60 6.50 3.70 l 7.44 2.51 DJ Commodity 1058.44 2.70 0.26 1264.48 990.27 6.44 0.93
High Yield 100, ICE BofA 3234.529 7.434 7.367 8.753 4.485 –4.914 0.331 Refinitiv/CC CRB Index 280.25 1.79 0.64 329.59 245.59 14.11 0.90
Five-year adj mortgage (ARM)† 5.33 5.45 2.85 l 5.60 1.91
Muni Master, ICE BofA 571.334 2.830 2.908 3.936 1.237 –3.744 –0.089 Crude oil, $ per barrel 81.62 -0.02 -0.02 123.70 71.02 -2.03 1.69
New-car loan, 48-month 6.56 6.56 3.51 l 6.69 2.08
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 794.341 7.349 7.462 9.159 5.284 –11.004 –3.744 Natural gas, $/MMBtu 3.447 0.273 8.60 9.680 3.174 -14.40 -22.97
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1927.10 0.70 0.04 2040.10 1623.30 4.64 5.90
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Tuesday, January 24, 2023 | B9

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 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1.2416 1.2462 s 1.2337 1.2378 –.0032 192,185 Mini S&P 500 (CME)-$50 x index
Jan 178.075 179.525 178.075 179.175 1.250 2,433 Swiss Franc (CME)-CHF 125,000; $ per CHF March 3987.00 4056.75 s 3980.25 4036.50 48.00 1,989,147
Contract Open 1.0932 1.0975 1.0876 1.0895 –.0027 35,552
March 181.525 183.650 181.400 183.275 2.300 29,053 March June 4020.75 4091.75 s 4015.00 4071.50 48.50 14,160
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.1000 1.1085 1.0993 1.1006 –.0029 448 Mini S&P Midcap 400 (CME)-$100 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 156.600 157.600 156.200 157.475 .850 55,386 Australian Dollar (CME)-AUD 100,000; $ per AUD March 2568.60 2610.20 2562.00 2601.40 31.50 42,881
Jan 4.2795 4.2795 4.2420 4.2540 0.0055 380 April 159.950 160.975 159.500 160.550 .625 124,455 Feb .6988 .7046 .6969 .7026 .0050 217 June 2621.20 32.20 n.a.
March 4.2795 4.3025 4.2260 4.2565 0.0050 128,212 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .6986 .7054 .6976 .7034 .0050 126,889 Mini Nasdaq 100 (CME)-$20 x index
Gold (CMX)-100 troy oz.; $ per troy oz. Feb 77.850 78.200 77.075 77.575 –.250 31,326 Mexican Peso (CME)-MXN 500,000; $ per MXN March 11676.75 11983.00 s 11650.50 11934.00 257.00 270,690
Jan 1926.50 1926.60 1915.00 1927.10 0.70 1,450 April 86.050 86.525 84.625 85.450 –.275 86,310 Feb .05294 .00016 64 June 11789.50 12106.50 s 11774.25 12058.50 260.50 2,453
Feb 1928.40 1936.70 1912.50 1928.60 0.40 195,449 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March .05255 .05273 .05244 .05267 .00017 267,203
March 426.70 437.70 422.00 434.90 4.10 2,146
Mini Russell 2000 (CME)-$50 x index
March 1936.10 1943.70 1920.10 1936.20 0.40 1,124 Euro (CME)-€125,000; $ per €
Milk (CME)-200,000 lbs., cents per lb. March 1875.90 1906.40 1869.90 1899.00 23.00 422,668
April 1948.00 1953.40 1929.20 1945.40 0.50 243,757 Feb 1.0887 1.0942 s 1.0863 1.0874 .0003 1,851
Jan 19.47 19.49 19.44 19.48 –.01 3,713 Mini Russell 1000 (CME)-$50 x index
June 1961.70 1969.20 1946.70 1962.40 0.70 31,646 March 1.0901 1.0963 s 1.0882 1.0894 .0003 756,335
March 18.01 18.56 t 17.87 18.28 .29 5,373 March 2206.10 2231.40 s 2194.00 2221.70 27.90 12,678
Aug 1977.40 1986.80 1963.50 1979.20 1.00 9,849
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2,573 2,626 2,564 2,608 39 110,455 Index Futures March 101.72 102.04 101.35 101.92 .13 38,751
Jan 1692.90 –20.80
May 2,594 2,645 2,590 2,633 39 63,170 Mini DJ Industrial Average (CBT)-$5 x index June 101.34 101.69 101.10 101.57 .13 789
March 1734.50 1748.50 1690.50 1701.40 –21.80 8,711 Coffee (ICE-US)-37,500 lbs.; cents per lb. March 33471 33885 33402 33727 253 76,628
Platinum (NYM)-50 troy oz.; $ per troy oz. March 154.75 159.95 154.50 158.55 3.75 102,163 June 33674 34132 33668 33984 254 600 Source: FactSet
Jan 1046.00 1046.00 1046.00 1046.70 8.60 46 May 155.25 160.45 155.25 159.15 3.40 58,797
April 1055.50 1059.50 1035.90 1056.30 8.50 69,083 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 19.63 19.92 19.60 19.70 –.02 331,154
Jan
March
23.080
24.055
23.385
24.295
t 22.850
t 22.845
23.452 –0.378
23.554 –0.381
11
109,560
May 18.39 18.57 18.32 18.44
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.03 219,266 Bonds | wsj.com/market-data/bonds/benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 36.75 … 2,018
March 81.79 82.64 81.05 81.62 –0.02 315,523 May
Cotton (ICE-US)-50,000 lbs.; cents per lb.
36.80 … 2,837 Tracking Bond Benchmarks
April 82.12 82.89 s 81.32 81.93 0.04 133,440
May 82.16 83.04 s 81.45 82.13 0.13 97,417 March 86.70 88.68 s 85.80 87.39 .69 88,016 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
May 87.01 88.90 s 86.21 87.79 .73 46,807 highs and lows for different types of bonds
June 81.97 82.98 s 81.40 82.14 0.22 200,206
Sept 80.70 81.75 s 80.37 81.11 0.42 85,442
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 204.00 207.00 202.80 204.40 .90 9,533
Total Total
Dec 78.93 79.99 s 78.57 79.51 0.51 184,298 return YTD total Yield (%) return YTD total Yield (%)
May 200.55 202.10 199.65 200.00 .70 1,588
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High
Feb 3.4731 3.5727 s 3.4615 3.5509 .0841 40,845
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
March 3.3602 3.4507 s 3.3433 3.4374 .0791 72,225
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1994.81 3.0 Mortgage-Backed 4.250 2.230 5.380
March 141-270 142-070 140-180 141-050 –26.0 1,427,647 2003.24 2.7 U.S. Aggregate 4.320 2.030 5.210
Feb 2.6528 2.7090 s 2.6285 2.6965 .0511 39,546
March 2.6574 2.7135 s 2.6324 2.7001 .0501 99,678 June 142-100 142-230 141-060 141-220 –26.0 31 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1962.94 3.0 Ginnie Mae (GNMA) 4.290 2.260 5.370
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 130-170 130-240 129-180 129-270 –20.0 1,251,391 2968.68 3.4 U.S. Corporate 5.030 2.680 6.130 1174.81 3.0 Fannie mae (FNMA) 4.240 2.210 5.390
Feb 3.450 3.564 3.243 3.447 .273 36,708
June 131-290 132-040 130-300 131-060 –21.0 2,169
March 3.216 3.243 2.992 3.222 .186 256,996
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2843.94 2.1 Intermediate 4.950 2.190 6.050 1793.30 2.6 Freddie Mac (FHLMC) 4.230 2.220 5.370
April 3.180 3.218 t 2.983 3.195 .165 98,470
March 115-010 115-070 114-190 114-220 –12.0 4,122,991
May 3.231 3.286 t 3.063 3.263 .151 105,867 4020.31 5.8 Long term 5.190 3.450 6.370 571.33 2.7 Muni Master 2.830 1.237 3.936
June 115-250 115-255 115-065 115-085 –12.5 10,117
Sept 3.515 3.571 t 3.365 3.546 .133 59,423 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 408.85 2.7 7-12 year 2.489 1.275 3.794
576.25 3.3 Double-A-rated 4.480 2.350 5.320
Oct 3.600 3.647 t 3.440 3.619 .126 72,115 March 109-217 109-250 109-112 109-120 –9.2 4,181,488
June 110-067 110-092 109-275 109-280 –9.2 7,501 788.99 3.6 Triple-B-rated 5.290 2.910 6.440 457.42 3.3 12-22 year 3.345 1.510 4.428
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 103-005 103-013 102-280 102-281 –3.7 2,389,320
High Yield Bonds ICE BofA 431.92 4.8 22-plus year 4.075 2.006 5.131
Corn (CBT)-5,000 bu.; cents per bu. June 103-152 103-157 103-098 103-098 –4.4 651
March 674.00 674.75 661.25 666.25 –10.00 500,919 480.83 3.8 High Yield Constrained 8.159 4.874 9.623 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 672.50 672.50 660.25 665.00 –9.50 244,631 532.82 2.1 Global Government 2.840 1.110 3.250
Jan 95.6700 95.6700 t 95.6675 95.6700 .0025 378,430 443.34 5.5 Triple-C-rated 14.092 8.401 16.916
Oats (CBT)-5,000 bu.; cents per bu. Feb 95.4250 95.4250 s 95.4150 95.4150 –.0050 532,632
March 369.75 372.00 360.75 370.75 –.25 2,692 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3234.53 3.9 High Yield 100 7.434 4.485 8.753 782.04 2.4 Canada 3.040 1.740 3.780
May 361.00 366.75 359.75 364.25 –1.50 514 March 104-125 104-235 104-090 104-170 –7.5 16,616
Soybeans (CBT)-5,000 bu.; cents per bu. 420.32 3.6 Global High Yield Constrained 8.178 5.058 9.945 343.07 3.0 EMU§ 2.915 0.535 3.308
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 1500.00 1503.00 1479.75 1490.25 –16.25 310,001 Dec 95.5350 95.5350 95.5325 95.5350 .0025 766,316 637.88 2.9 France 2.740 0.420 3.110
317.88 2.9 Europe High Yield Constrained 6.972 3.129 8.508
May 1495.75 1497.75 1476.50 1487.25 –14.50 142,857 June'23 95.1000 95.1200 95.0800 95.0800 –.0300 1,411,689
Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% U.S Agency Bloomberg Fixed Income Indices 454.66 2.5 Germany 2.200 -0.140 2.540
March 462.00 t 452.80
463.50 461.90 –1.80 190,463 Feb 95.0750 95.0800 95.0675 95.0700 –.0100 84,639
May 449.20 t 441.40
450.50 447.40 –3.60 123,809 March 94.9650 94.9750 94.9600 94.9600 –.0150 830,970 1713.11 1.3 U.S Agency 4.340 1.390 4.910 279.41 0.6 Japan 0.930 0.380 1.060
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 94.8900 94.9050 94.8700 94.8700 –.0300 740,417
1513.31 1.1 10-20 years 4.340 1.300 4.890 494.76 3.2 Netherlands 2.430 0.060 2.800
March 61.88 62.36 t 61.21 62.04 .07 132,553 Dec 95.3950 95.4100 95.3200 95.3200 –.0750 690,167

.
May 61.90 62.30 t 61.21 62.05 .07 101,620 3342.29 4.7 20-plus years 4.450 2.400 5.240 802.70 2.6 U.K. 3.580 1.170 4.690

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures
March 18.09 18.25 18.01 18.23 .12 5,850 2598.95 2.6 Yankee 4.860 2.310 5.840 794.34 3.4 Emerging Markets ** 7.349 5.284 9.159
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Sept 17.06 17.09 s 17.01 17.03 –.04 1,205 Feb .7760 .7770 .7662 .7673 –.0068 545 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. March .7768 .7801 .7690 .7702 –.0069 172,593 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 738.00 740.50 t 712.50 720.00 –21.50 157,317 Canadian Dollar (CME)-CAD 100,000; $ per CAD
July

March
May
748.75

842.00
835.75
750.50

844.50
837.50
t 723.00
Wheat (KC)-5,000 bu.; cents per bu.
811.00
806.75
730.50 –21.00 71,166

819.00 –29.00
814.00 –27.25
86,841
35,362
Feb
March
on.7466
.7477
.7495
.7498
British Pound (CME)-£62,500; $ per £
Feb 1.2412 1.2453 s
.7455
.7456

1.2331
.7469 –.0002

1.2370 –.0033
108
.7471 –.0002 130,949

1,601
Global Government Bonds: Mapping Yields
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
us ,

Country/ Spread Under/Over U.S. Treasurys, in basis points

Cash Prices | Yield (%)
l

wsj.com/market-data/commodities Monday, January 23, 2023 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
e
4.250 U.S. 2 4.238 s 4.181 4.321 0.993
al a

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— l

separate from the futures price on an exchange, which reflects what the commodity might be worth in future 4.125 10 3.522 s l 3.483 3.746 1.747
months. 0.250 Australia 2 3.024 s l 2.994 3.277 0.857 -120.8 -120.0 -15.9
ci on

Monday Monday Monday 1.750 10 3.461 s l 3.407 3.844 1.907 -7.3 14.4
-6.3
Iron Ore, 62% Fe CFR China-s 126.7 Wheat,Spring14%-pro Mnpls-u 10.7775
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.3000 0.000 France 2 2.705 s l 2.702 2.625 -0.634 -152.7 -149.2 -165.0
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 142.250 Steel, HRC USA, FOB Midwest Mill-s 750 Wheat - Hard - KC (USDA) $ per bu-u 8.7900 2.000 10 2.656 s l 2.614 2.929 0.338 -86.8 -86.6 -142.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.450 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.2850
BMI Lithium Carbonate, EXW China, =99.2%-v,w 72450 2.200 Germany 2 2.598 s l 2.579 2.615 -0.614 -163.5 -161.5 -163.0
Metals Food
2.205 s
er s

BMI Lithium Hydroxide, EXW China, =56.5% -v,w 74000 2.300 10 l 2.175 2.386 -0.064 -132.0 -130.5 -182.7
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 7488 Beef,carcass equiv. index
Engelhard industrial 1917.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5688 choice 1-3,600-900 lbs.-u 246.06 2.500 Italy 2 2.999 s l 2.954 3.104 -0.092 -123.3 -124.0 -110.8
1914.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 select 1-3,600-900 lbs.-u 227.63 2.500 10 4.017 s 3.978 4.506 1.295 49.8 -46.8
l 49.2
m er

Handy & Harman base

Handy & Harman fabricated 2125.48 Broilers, National comp wtd. avg.-u,w 1.2120
LBMA Gold Price AM *1928.75
Fibers and Textiles Butter,AA Chicago-d 2.2825 0.005 Japan 2 -0.019 t l -0.010 0.017 -0.067 -425.1 -420.3 -108.3
*1924.90 Cheddar cheese,bbl,Chicago-d 167.00
LBMA Gold Price PM Burlap,10-oz,40-inch NY yd-n,w 0.7300
Cheddar cheese,blk,Chicago-d 199.00
0.500 10 0.378 t l 0.404 0.383 0.137 -314.7 -307.5 -162.6
Krugerrand,wholesale-e 2014.24 Cotton,1 1/16 std lw-mdMphs-u 0.8789
Maple Leaf-e 2062.43
Milk,Nonfat dry,Chicago lb.-d 117.25 0.000 Spain 2 2.775 s l 2.744 2.792 -0.564 -145.7 -145.0 -158.0
Cotlook 'A' Index-t *99.10 1.7000
m rp

Coffee,Brazilian,Comp-y
American Eagle-e 2062.43 Hides,hvy native steers piece fob-u n.a. 2.550 10 3.149 s l 3.122 3.456 0.632 -37.5 -35.7 -113.0
Coffee,Colombian, NY-y 2.1625
Mexican peso-e 2486.67 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.2850 0.125 U.K. 2 3.439 t l 3.480 3.563 0.872 -79.3 -71.4 -14.4
Austria crown-e 1892.34
Grains and Feeds Flour,hard winter KC-p 20.85
Austria phil-e 2023.88 4.250 10 3.360 t l 3.378 3.624 1.171 -10.1 -59.2
Hams,17-20 lbs,Mid-US fob-u 0.74 -16.5
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 77.46
Engelhard industrial 23.1000 Bran,wheat middlings, KC-u,w 243 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Pork bellies,12-14 lb MidUS-u 1.1570
Handy & Harman base 23.2650 Corn,No. 2 yellow,Cent IL-bp,u 6.5600 Pork loins,13-19 lb MidUS-u 1.1176
Corporate Debt
co Fo

Handy & Harman fabricated 29.0810 Corn gluten feed,Midwest-u,w 212.6 Steers,Tex.-Okla. Choice-u 155.00
LBMA spot price *£19.3200 Corn gluten meal,Midwest-u,w 667.8 Steers,feeder,Okla. City-u,w 200.00
(U.S.$ equivalent) *23.8700 Cottonseed meal-u,w 383 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Coins,wholesale $1,000 face-a 21001 Hominy feed,Cent IL-u,w 218 Fats and Oils expectations
Other metals Meat-bonemeal,50% pro Mnpls-u,w 385 Degummed corn oil, crude wtd. avg.-u,w 61.0000
LBMA Platinum Price PM *1024.0 Oats,No.2 milling,Mnpls-u 4.1075 Grease,choice white,Chicago-h 0.6400 Investment-grade spreads that tightened the most…
Platinum,Engelhard industrial 1045.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a. Spread*, in basis points
Palladium,Engelhard industrial 1725.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6597 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Aluminum, LME, $ per metric ton *2585.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 466.70 Tallow,bleach;Chicago-h 0.6750
Copper,Comex spot 4.2540 Soybeans,No.1 yllw IL-bp,u 14.7000 Tallow,edible,Chicago-u n.a. ABN AMRO Bank ABNANV 4.750 5.41 July 28, ’25 120 –19 145
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Ally Financial ALLY 8.000 6.67 Nov. 1, ’31 315 –16 339
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 1/22 Credit Agricole ACAFP 4.375 5.28 March 17, ’25 105 –15 n.a.
Source: Dow Jones Market Data
EDP Finance EDPPL 1.710 5.16 Jan. 24, ’28 154 –12 n.a.
n-

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Coca–Cola KO 3.375 3.92 March 25, ’27 30 –12 42
–12
Money Rates January 23, 2023 J.M. Smucker SJM 3.500 4.97 March 15, ’25 74 74
Lloyds Banking LLOYDS 4.582 5.52 Dec. 10, ’25 131 –11 131
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
no

guide to general levels but don’t always represent actual transactions. Morgan Stanley MS 4.375 4.88 Jan. 22, ’47 117 –11 123
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low …And spreads that widened the most
Dec. index Chg From (%)
level Nov. '22 Dec. '21 Policy Rates High 4.6500 4.6500 4.6500 0.1000 19
Low 4.3100 4.3100 4.3200 0.0500
National Rural Utilities Cooperative Finance NRUC 5.450 4.66 Oct. 30, ’25 43 48
Euro zone 2.50 2.50 2.50 0.00
U.S. consumer price index Bid 4.3200 4.3200 4.3300 0.0700 9
Switzerland 1.50 1.50 1.50 0.00 General Motors GM 4.000 5.29 April 1, ’25 105 n.a.
Offer 4.3700 4.3400 4.3700 0.0800
All items 296.797 –0.31 6.5 Britain 3.50 3.50 3.50 0.25
Core 300.113 0.17 5.7 Australia 3.10 3.10 3.10 0.10 Pfizer PFE 2.750 4.18 June 3, ’26 29 9 23
Treasury bill auction
Overnight repurchase 4 weeks 4.480 4.370 4.480 0.020 5
International rates HP HPQ 6.000 5.87 Sept. 15, ’41 206 210
13 weeks 4.575 4.560 4.575 0.190
U.S. 4.30 4.33 4.36 0.01
26 weeks 4.685 4.710 4.710 0.380 5
Week 52-Week New York Life Global Funding NYLIFE 4.850 4.46 Jan. 9, ’28 85 90
Latest ago High Low U.S. government rates Secondary market
Volkswagen Group of America Finance VW 4.750 4.97 Nov. 13, ’28 135 5 n.a.
Discount Fannie Mae
Prime rates
4.50 4.50 4.50 0.25 Verizon Communications 4.862 5.20 Aug. 21, ’46 140 5
U.S. 7.50 7.50 7.50 3.25 30-year mortgage yields VZ 123
Canada 6.45 6.45 6.45 2.45 Federal funds 30 days 5.560 5.446 6.812 3.037 4
Bank of Nova Scotia BNS 1.300 4.80 Sept. 15, ’26 90 83
Japan 1.475 1.475 1.475 1.475 Effective rate 4.3400 4.3400 4.3400 0.0800 60 days 5.577 5.460 6.988 3.084

Other short-term rates High-yield issues with the biggest price increases…
Key Interest Rates Week
Latest ago
52-Week
high low Issuer Symbol Coupon (%) Yield (%) Maturity
Bond Price as % of face value
Current One-day change Last week
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are Call money WeWork WEWORK 7.875 41.34 May 1, ’25 53.500 3.50 41.500
adjusted to constant maturities. Data are from weekly Federal Reserve 6.25 6.25 6.25 2.00
Lumen Technologies LUMN 6.875 11.46 Jan. 15, ’28 82.973 1.41 85.150
release H.15. Commercial paper (AA financial)
Week Ended 52-Week Week Ended 52-Week 90 days 4.60 4.67 4.71 0.22 OneMain Finance OMF 6.875 7.19 March 15, ’25 99.375 0.83 100.124
Jan 20 Jan 13 High Low Jan 20 Jan 13 High Low
6-month 4.80 4.81 4.81 0.36 Libor Ford Motor F 6.625 5.89 Oct. 1, ’28 103.521 0.77 104.095
Federal funds (effective) 1-year 4.66 4.70 4.76 0.58 One month 4.50586 4.46486 4.51314 0.10500
4.33 4.33 4.33 0.08 2-year 4.12 4.19 4.61 1.05 Three month 4.81771 4.79471 4.82971 0.26714 United States Steel X 6.650 7.06 June 1, ’37 96.320 0.77 n.a.
Commercial paper 3-year 3.79 3.89 4.54 1.33 Six month 5.09843 5.11543 5.22529 0.44857
5-year 3.52 3.63 4.32 1.60 5.34229 5.39271 5.66643 0.78986 0.75
Nonfinancial One year American Airlines AAL 3.750 7.68 March 1, ’25 92.500 90.500
7-year 3.48 3.58 4.23 1.75
1-month 4.36 4.32 4.36 0.07 10-year 3.44
2-month n.a. n.a. n.a. n.a.
3.52 4.12 1.79 Secured Overnight Financing Rate Teva Pharmaceutical Finance Netherlands … 3.150 6.39 Oct. 1, ’26 89.500 0.71 88.603
20-year 3.73 3.82 4.44 2.17 4.30 4.30 4.32 0.04
3-month 4.57 4.59 4.59 0.15
Sealed Air SEE 6.875 6.28 July 15, ’33 104.495 0.69 105.746
Financial Treasury yields (secondary market) Value 52-Week
1-month n.a. n.a. n.a. n.a. Latest Traded High Low
n.a.
1-month 4.44 4.26 4.44 0.03
2-month
3-month 4.54
n.a.
4.67
n.a.
4.67
n.a.
0.23 3-month 4.56 4.54 4.56 0.17 DTCC GCF Repo Index
…And with the biggest price decreases
6-month 4.66 4.67 4.67 0.36
Discount window primary credit Treasury 4.300 43.180 4.365 0.026 Transocean 6.800 10.97 March 15, ’38 69.500 –0.75
TIPS
RIG 71.563
4.50 MBS 4.372 43.100 4.403 0.035
4.50 4.50 0.25
5-year 1.34 1.43 1.81 -1.55 Teva Pharmaceutical Finance Netherlands … 4.100 6.74 Oct. 1, ’46 69.000 –0.45
7-year 1.29 1.36 1.70 -1.24
Notes on data: 66.750
Treasury yields at constant U.S. prime rate is the base rate on corporate
maturities 10-year 1.26 1.30 1.66 -0.95 Sprint Capital 6.875 5.47 Nov. 15, ’28 106.875 –0.38
20-year 1.34 1.35 1.70 -0.48
loans posted by at least 70% of the 10 largest … 107.250
1-month 4.64 4.47 4.64 0.03 U.S. banks, and is effective December 15, 2022.
3-month 4.71 4.70 4.71 0.17 Long-term avg 1.50 1.51 1.94 -0.30 Other prime rates aren’t directly comparable; –0.26
Nokia NOKIA 4.375 5.25 June 12, ’27 96.620 96.920
lending practices vary widely by location;
Notes on data: Discount rate is effective December 15, 2022.
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Ford Motor F 7.450 6.45 July 16, ’31 106.472 –0.19 105.750
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by January 20, 2023. DTCC GCF Repo Index is
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted Occidental Petroleum OXY 7.500 5.83 May 1, ’31 110.843 –0.16 110.726
average for overnight trades in applicable
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars.
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Intelsat Jackson Holdings INTEL 6.500 8.29 March 15, ’30 90.500 –0.13 92.000
Federal-funds rates are Tullett Prebon rates as
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Tuesday, January 24, 2023 * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. EssentialUtil WTRG 46.46 -0.08 Illumina ILMN 216.38 11.99 Microsoft MSFT 242.58 2.36 QuestDiag DGX 147.01 1.58 -0.37 UnionPacific UNP 210.13 1.47
SouthwestAir LUV 36.69
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EssexProp ESS 216.87 0.68 ImperialOil IMO 51.47 0.44 MidAmApt MAA 157.22 1.76 Splunk 2.49 UnitedAirlines UAL 49.28 -0.18
SPLK 93.10
listed securities. Prices are composite quotations
that include primary market trades as well as
dd-Indicates loss in the most recent four
quarters.
EsteeLauder EL 274.49 6.93 Incyte INCY 83.48 0.28 Middleby MIDD 149.91 3.33 R S Spotify 2.03 UnitedMicro UMC
SPOT 99.94 7.98 0.30
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Etsy ETSY 139.12 7.30 Infosys INFY 19.05 0.27 MitsubishiUFJ MUFG 7.25 -0.07 2.64 UPS B
StanleyBlackDck SWK 88.47 UPS 180.48 2.35
RBC Bearings RBC 235.36 1.37
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EverestRe RE 338.91 0.59 IngersollRand IR 55.89 0.54 MizuhoFin MFG 3.09 -0.05 Starbucks 1.17 UnitedRentals URI 392.03 8.36
SBUX 106.21
RELX RELX 29.46 0.08
Nasdaq ISE. standards Evergy EVRG 60.14 0.50 Ingredion INGR 101.21 -0.94 Mobileye MBLY 35.23 0.87 StateStreet STT 86.22 1.94 US Bancorp USB 47.67 1.21
RH RH 311.22 12.05
The list comprises the 1,000 largest companies lf-Late filing EversourceEner ES 79.89 0.15 InspireMedical INSP 251.88 -1.30 Moderna MRNA 196.94 2.96 -0.33 US Steel
SteelDynamics STLD 107.69 X 28.20 -0.01
RPM RPM 87.14 0.30
based on market capitalization. q-Temporary exemption from Nasdaq ExactSciences EXAS 67.82 -0.41 Insulet PODD 294.82 0.51 MohawkInds MHK 116.01 1.41 Stellantis 0.08 UnitedTherap UTHR 258.84 -2.86
STLA 15.28
RalphLauren RL 126.87 5.82
Underlined quotations are those stocks with requirements. Exelon EXC 41.82 -0.52 Intel INTC 30.27 1.05 MolinaHealthcare MOH 297.27 -0.18 Steris 1.74 UnitedHealth UNH 485.81 -0.91
STE 206.85
large changes in volume compared with the t-NYSE bankruptcy RaymondJames RJF 116.21 2.53
Expedia EXPE 115.73 4.43 InteractiveBrkrs IBKR 79.98 1.06 MolsonCoorsA TAP.A 70.11 -0.29 STMicroelec STM 42.99 1.20 UnitySoftware U 35.14 3.83
issue’s average trading volume. v-Trading halted on primary market. RaytheonTech RTX 96.25 1.89
ExpeditorsIntl EXPD 108.83 2.10 ICE ICE 108.67 0.19 MolsonCoorsB TAP 50.09 0.11 Stryker SYK 257.49
1.27 UniversalHealthB UHS 148.41 -1.06
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being RealtyIncome O 66.93 0.55
ExtraSpaceSt EXR 151.28 0.37 InterContinentl IHG 70.77 -0.90 Mondelez MDLZ 64.36 0.32 SumitomoMits SMFG 8.54
-0.04 UnumGroup UNM 40.68 0.38
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, MongoDB MDB 207.05
RegalRexnord RRX 136.83 2.10
ExxonMobil XOM 112.76 -0.59 IBM IBM 141.86 0.66 9.19 SunComms SUI 147.95 0.08 VF VFC 30.49 1.15
previous closing price was $2 or higher. or securities assumed by such companies. RegencyCtrs REG 65.44 1.09
F5 FFIV 147.77 3.12 IntlFlavors IFF 112.70 0.34 MonolithicPower MPWR 428.51 30.73 SunLifeFinancial SLF 48.99
-0.02 VICI Prop VICI 33.64 0.06
RegenPharm REGN 729.91 7.91
FMC FMC 127.48 -0.72 IntlPaper IP 37.47 -0.06 MonsterBev MNST 100.11 0.11 SuncorEnergy SU 0.65 VailResorts MTN 253.58 2.28
33.68
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and RegionsFin RF 22.96 0.27
FactSet FDS 424.17 0.41 Interpublic IPG 36.51 0.26 Moody's MCO 320.19 -0.28 Suzano SUZ -0.02 Vale
9.09 VALE 18.13 0.01
changes in the closing prices from 4 p.m. the previous day. ReinsGrp RGA 143.35 0.27
s FairIsaac FICO 649.95 0.77 Intuit INTU 410.00 11.93 MorganStanley MS 97.13 0.89 -0.85 s ValeroEnergy VLO 143.08 0.35
SynchronyFin SYF 34.56
RelianceSteel RS 216.31 0.64
Fastenal FAST 48.99 -0.01 IntuitiveSurgical ISRG 255.98 -0.79 Morningstar MORN 243.12 2.35 Synopsys SNPS 350.33
7.91 ValmontInds VMI 322.91 -3.18
Monday, January 23, 2023 Net Net FederalRealty FRT 109.40 RenaissanceRe RNR 190.29 -1.01
1.75 InvitatHomes INVH 31.46 -0.07 Mosaic MOS 48.35 0.34 Sysco SYY 79.25
1.42 VeevaSystems VEEV 168.70 6.26
Stock Sym Close Chg Stock Sym Close Chg FedEx RentokilInit RTO 31.40 -0.04
Net FDX 191.15 4.27 IridiumComm IRDM 59.85 -0.16 MotorolaSol MSI 256.82 1.51
Repligen RGEN 190.81 4.51
Ventas VTR 50.69 1.41
Stock Sym Close Chg
BanColombia CIB 30.35 0.32 Citigroup C 51.98 0.89
Ferguson FERG 138.64 0.64 IronMountain IRM 52.24 0.42 NICE NICE 209.89 4.29
RepublicSvcs RSG 123.32 0.17
T U V VeriSign VRSN 215.51 0.60
s Ferrari RACE 243.64 1.26 ItauUnibanco ITUB 4.86 -0.10 NIO NIO 12.06 0.99 VeriskAnalytics VRSK 185.36 3.75
BankofAmerica BAC 34.32 0.47 CitizensFin CFG 42.42 1.16 ResMed RMD 236.53 1.80 TC Energy TRP 43.51 0.09
A B C BankofMontreal BMO 99.61 0.76 Clarivate CLVT 10.92 0.05
FidNatlFin FNF 42.58 0.58 NOV NOV 22.81 -0.30
RestaurantBrands QSR 66.89 0.02 TD Synnex SNX 110.39 1.34
Verizon VZ 39.63 -0.37
49.34 0.10 s CleanHarbors CLH 128.20 3.39
FidNatlInfo FIS 74.48 0.56 J K L NRG Energy NRG 32.42 0.21
RexfordIndlRealty REXR 61.62 1.40 TE Connectivity TEL 124.77 2.55
VertexPharm VRTX 311.81 1.97
ABB ABB 34.17 0.21 BankNY Mellon BK FifthThirdBncp FITB 35.51 0.90 NVR NVR 5020.29 -3.78 Viatris VTRS 11.82 0.22
ADT ADT 8.65 -0.13 BankNovaScotia BNS 52.04 0.37 ClearwayEnergyC CWEN 33.13 -0.13 FirstCitizBcshA FCNCA JD.com JD 61.06 0.63
NXP Semi NXPI 173.03
RioTinto RIO 78.76 0.38 Telus TU 21.28 0.02
816.69 19.47 4.53 Vipshop VIPS 14.86 -0.32
AECOM ACM 86.11 -0.64 Barclays BCS 9.08 0.12 ClearwayEnergyA CWEN.A 31.43 0.01 JPMorganChase JPM 137.27 2.19 RitchieBros RBA 61.49 1.32 Ternium TX 38.78 1.08
FirstHorizon FHN 24.63 -0.03 Nasdaq NDAQ 62.32 0.26 Visa V 224.18 -0.13
AES AES 26.91 -0.02 BarrickGold GOLD 19.23 0.26 Cleveland-Cliffs CLF 20.61 -0.36 FirstIndRlty FR s Jabil JBL 81.04 1.62 Rivian RIVN 18.10 1.87 TFI Intl TFII 109.18 1.29
52.77 0.92 NationalGrid NGG 63.88 -0.50 Vistra VST 22.50 0.65
Aflac AFL 71.54 0.49 Bath&BodyWks BBWI 45.69 0.68 Clorox CLX 142.86 0.30 JackHenry JKHY 180.46 1.60
NatlInstruments NATI 53.83
RobertHalf RHI 79.75 1.48 TJX TJX 79.17 -0.37
NET 47.62 2.02 FirstRepBank FRC 137.80 VMware
1.62 -0.42 VMW 125.08 1.06
AGCO AGCO 135.98 -1.11 BaxterIntl BAX 45.14 1.26 Cloudflare JacobsSolns J 120.71 0.65 Robinhood HOOD 9.71 0.19 T-MobileUS TMUS 144.37 -0.75
FirstSolar FSLR 176.21 8.34 NatlRetailProp NNN 47.11 ... Vodafone VOD 11.36 -0.09
Ansys ANSS 260.79 4.37 BectonDicknsn BDX 249.58 -4.23 Coca-Cola KO 60.23 0.15
FirstEnergy FE 41.14 -1.06
JamesHardie JHX 21.07 0.52
NatWest NWG 7.47 0.02
Roblox RBLX 36.51 1.13 TPG TPG 32.88 0.36
VulcanMatls VMC 179.45 0.56
APA APA 45.36 0.27 BeiGene BGNE 269.00 2.58 Coca-ColaEuro CCEP 55.37 -0.36 JazzPharm JAZZ 155.54 -1.70 RocketCos. RKT 9.14 0.33 TRowePrice TROW 118.67 0.86
Cognex CGNX Fiserv FISV 105.55 1.50 NetApp NTAP 67.01 1.54
ASE Tech ASX 7.44 0.20 BentleySystems BSY 38.89 0.59 53.45 1.87 JefferiesFin JEF 38.58 0.51 Rockwell ROK 275.62 5.62 TaiwanSemi TSM 95.66 4.63 W X Y Z
FiveBelow FIVE 191.67 4.45 NetEase NTES 90.28 1.19
ASML ASML 676.03 27.18 Berkley WRB 70.33 0.41 CognizantTech CTSH 64.24 1.50 J&J JNJ 168.31 -0.43 RogersComm B RCI 48.36 -0.54 TakeTwoSoftware TTWO 110.67 4.08
FleetCorTech FLT 200.41 1.70 Netflix NFLX 357.42 14.92
AT&T T 19.10 -0.13 BerkHathwy A BRK.A 469600 -45.00 CoinbaseGlbl COIN 55.96 0.80 JohnsonControls JCI 66.73 0.68 Roku ROKU 54.64 2.25 TakedaPharm TAK 16.19 -0.08 WEC Energy WEC 92.83 -0.25
Flex FLEX 24.42 0.18 Neurocrine NBIX 108.75 -2.61
AbbottLabs ABT 114.01 1.19 BerkHathwy B BRK.B 310.42 0.55 ColgatePalm CL 75.50 0.06 JonesLang JLL 180.07 3.40 Rollins ROL 36.15 0.04 s Tapestry TPR 44.22 0.51 WEX WEX 180.45 3.37
Floor&Decor FND 87.32 3.63 NewFortressEner NFE 36.33 0.95
AbbVie ABBV 148.55 -1.04 BerryGlobal BERY 59.87 0.47 Comcast A CMCSA 40.26 0.89 FomentoEconMex FMX 85.58 1.45
JuniperNetworks JNPR 31.85 0.39
NewOrientalEduc EDU 44.15 -0.04
RoperTech ROP 443.03 1.44 TargaResources TRGP 75.60 -0.06 W.P.Carey WPC 84.13 0.16
AcadiaHealthcare ACHC 84.52 -0.10 BestBuy BBY 84.24 1.57 Comerica CMA 71.96 2.83 KB Financial KB 47.27 0.75 RossStores ROST 115.78 0.05 Target TGT 164.63 2.42 WPP WPP 57.19 0.26
FordMotor F 12.80 0.40 Newmont NEM 53.63 0.29
Accenture ACN 279.34 -1.13 Bilibili BILI 26.18 0.79 CommerceBcshrs CBSH 65.83 0.26 KBR KBR 48.79 -0.27 RoyalBkCanada RY 100.75 0.07 TataMotors TTM 25.14 0.26 Wabtec WAB 103.83 1.98
SBS 10.10 -0.21 Fortinet FTNT 50.51 1.24 NewsCorp B NWS 19.93 0.29
ActivisionBliz ATVI 75.22 1.38 Bill.com BILL 109.93 5.88 SABESP KE Holdings BEKE 18.83 -0.30 RoyalCaribbean RCL 63.38 0.39 TeckResourcesB TECK 42.37 0.11 WalgreensBoots WBA 36.67 0.79
Fortis FTS 41.53 -0.23 NewsCorp A NWSA 19.55 0.29
Adobe ADBE 364.98 8.60 Bio-Techne TECH 82.29 0.83 ConagraBrands CAG 37.43 -0.55 Fortive FTV 66.87 1.42
KKR KKR 53.89 0.71
NexstarMedia NXST 187.40 1.49
RoyalGold RGLD 126.34 0.27 TeledyneTech TDY 407.78 3.55 Walmart WMT 142.64 2.10
AdvanceAuto AAP 148.62 1.13 Bio-RadLab A BIO 467.04 9.75 Concentrix CNXC 139.91 -2.08
FortuneBrandsInnov FBIN 63.07 1.08
s KLA KLAC 425.58 11.73
NextEraEnergy NEE 82.67 0.85
RoyaltyPharma RPRX 38.35 0.02 Teleflex TFX 238.28 2.59 WarnerBrosA WBD 13.51 0.49
AdvDrainageSys WMS 90.31 1.18 Biogen BIIB 291.93 6.16 ConocoPhillips COP 120.13 -1.67 KT KT 14.88 0.08 RyanSpecialty RYAN 42.20 0.33 Ericsson ERIC 5.84 0.16 WarnerMusic WMG 35.55 -0.02
93.55 -0.24 FoxA FOXA 32.67 1.11 Nike NKE 128.29 1.67
AdvMicroDevices AMD 76.53 6.46 BioMarinPharm BMRN 111.45 0.70 ConEd ED
FoxB FOX 30.69 0.98
Kanzhun BZ 25.21 1.19
NiSource NI 27.09 -0.12
Ryanair RYAAY 94.74 1.08 TelefonicaBras VIV 7.76 0.18 WasteConnections WCN 129.18 0.56
Aegon AEG 5.37 -0.03 BioNTech BNTX 143.73 0.94 ConstBrands A STZ 224.00 3.12 KarunaTherap KRTX 196.50 2.61 SAP SAP 116.71 -0.41 Telefonica TEF 3.92 0.01 WasteMgt WM 152.67 0.61
Franco-Nevada FNV 145.81 -1.32 Nokia NOK 4.63 0.02
AerCap AER 63.50 0.64 BlackKnight BKI 61.71 1.10 ConstellationEner CEG 84.14 1.14 Kellogg K 67.29 -0.21 NomuraHoldings NMR 3.96 S&P Global SPGI 370.76 2.71 TelekmIndonesia TLK 26.19 0.16 Waters WAT 343.70 4.95
FranklinRscs BEN 30.35 0.31 -0.03
AgilentTechs A 159.06 3.14 BlackRock BLK 748.02 6.31 Cooper COO 346.14 2.41 KeurigDrPepper KDP 34.69 -0.02 Nordson SBA Comm SBAC 286.27 -10.54 Tenaris TS 34.87 -0.75 Watsco WSO 274.00 3.05
CPRT 64.86 1.38 FreeportMcM FCX 44.95 -0.46 NDSN 238.10 4.28
agilon health AGL 20.50 0.09 Blackstone BX 87.83 2.82 Copart KeyCorp KEY 18.07 0.63 NorfolkSouthern NSC 256.44 SEI Investments SEIC 62.76 0.69 TencentMusic TME 8.48 0.11 Watsco B WSOB 272.77 2.66
FreseniusMed FMS 18.37 0.05 2.78
AgnicoEagleMines AEM 56.39 0.15 Block SQ 81.66 5.50 CorebridgeFin CRBG 21.19 0.45 KeysightTechs KEYS 180.55 1.63 NorthernTrust NTRS 94.55 SK Telecom SKM 21.59 0.07 Teradyne TER 103.50 5.97 WebsterFin WBS 47.46 0.93
GLW 36.11 0.27 FrontierComms FYBR 29.42 0.66 1.19
AirProducts APD 308.72 4.32 BlueOwlCapital OWL 12.52 0.03 Corning KimberlyClark KMB 134.23 -0.90 NorthropGrum NOC 450.87 0.11
SS&C Tech SSNC 58.55 2.28 Tesla TSLA 143.75 10.33 WellsFargo WFC 45.03 1.11
Airbnb ABNB 105.22 3.94 Boeing BA 209.97 3.21 Corteva CTVA 61.90 -0.46 FullTruck YMM 9.25 -0.19
KimcoRealty KIM 21.86 0.42 Novartis StoreCapital STOR 32.17 0.01 TetraTech TTEK 154.00 2.09 Welltower WELL 74.28 1.45
NVS 92.21 0.14
AkamaiTech AKAM 89.19 1.06 BookingHldgs BKNG 2401.58 57.29 CoStar CSGP 78.75 0.23
G H I KinderMorgan KMI 18.76 0.12 s NovoNordisk NVO 141.08 -0.02
SVB Fin SIVB 298.69 7.25 TevaPharm TEVA 10.38 -0.03 WescoIntl WCC 138.00 1.94
Albemarle ALB 260.64 12.15 BoozAllen BAH 94.33 0.59 Costco COST 492.61 12.50 Knight-Swift KNX 57.35 0.89 Novocure Salesforce CRM 155.87 4.62 TexasInstruments TXN 178.17 5.17 WestPharmSvcs WST 264.11 4.56
NVCR 88.01 -0.48
Albertsons ACI 21.03 0.02 BorgWarner BWA 44.67 0.27 CoterraEnergy CTRA 25.78 0.16 s GE HealthCare GEHC 69.52 2.75 Philips PHG 17.26 0.74 NuHoldings NU 3.92 0.11
Sanofi SNY 48.63 -0.45 TexasPacLand TPL 2062.01 -32.48 WestAllianceBcp WAL 67.79 1.53
Alcoa AA 51.75 0.75 BostonProps BXP 71.17 -0.03 Coty COTY 9.57 0.05 GFLEnvironmental GFL 31.67 0.44 KoreaElcPwr KEP 8.34 -0.04 Nucor NUE 153.85 0.38
SareptaTherap SRPT 128.33 -1.89 TexasRoadhouse TXRH 100.02 1.26 WesternDigital WDC 41.79 3.33
Alcon ALC 75.72 0.43 BostonSci BSX 45.85 0.23 Coupang CPNG 16.69 ... GSK GSK 35.36 -0.02 KraftHeinz KHC 40.26 0.38 Nutrien Sasol SSL 17.56 -0.03 Textron TXT 68.98 1.13 WesternMidstrm WES 28.38 0.50
Credicorp BAP 140.63 0.36 Gallagher NTR 79.10 0.28
AlexandriaRlEst ARE 159.04 2.00 BristolMyers BMY 73.26 -0.89 AJG 195.88 1.98 Kroger KR 44.70 0.25 NVIDIA Schlumberger SLB 55.86 -1.49 ThermoFisher TMO 604.82 11.16 Westlake WLK 114.79 0.88
NVDA 191.93 13.54
Alibaba BABA 119.53 -0.33 BritishAmTob BTI 38.57 -0.24 CreditSuisse CS 3.54 0.08 Gaming&Leisure GLPI 51.78 -0.42 LKQ LKQ 57.24 1.28 SchwabC SCHW 77.73 0.70 ThomsonReuters TRI 117.40 -0.57 WestRock WRK 36.99 -0.15
Crocs CROX 125.59 3.19
AlignTech ALGN 251.38 8.37 BrixmorProp BRX 22.68 0.12
AVGO 581.63 10.85 CrowdStrike CRWD 106.30 2.89 Gartner
Garmin GRMN 98.51
IT 332.95
1.66 LPL Financial LPLA 226.95
-0.01 L3HarrisTech LHX 194.25
2.65 O P Q Sea SE 66.73 0.87 3M MMM 122.62 1.97 Weyerhaeuser WY 32.36 0.33
Allegion ALLE 112.09 0.79 Broadcom 1.74 Seagate STX 63.23 3.89 Toast TOST 22.34 1.57 WheatonPrecMet WPM 45.39 0.17
AlliantEnergy LNT 53.88 -0.01 BroadridgeFinl BR 150.14 3.85 CrownCastle CCI 144.78 -3.34 GenDigital GEN 22.81 0.38 LabCorp.ofAmerica LH 257.83 2.24 OGE Energy OGE 38.37 0.01 Seagen SGEN 133.49 2.00 Toro TTC 108.70 -0.78 Whirlpool WHR 152.12 1.30
Allstate ALL 125.24 -0.41 Brookfield BN 36.97 0.70 CrownHoldings CCK 89.25 1.85 Generac GNRC 116.05 7.56 LamResearch LRCX 490.78 18.28 ONEOK OKE 69.73 0.02 SealedAir SEE 53.79 -0.08 TorontoDomBk TD 67.04 0.39 Williams WMB 31.68 0.22
AllyFinancial ALLY 32.30 0.87 BrookfieldInfr BIP 36.03 0.69 CubeSmart CUBE 43.34 0.71 GeneralDynamics GD 232.45 -0.34 LamarAdv LAMR 102.39 2.27 OReillyAuto ORLY 794.40 1.02 Sempra SRE 158.74 0.75 TotalEnergies TTE 64.12 0.32 Williams-Sonoma WSM 123.75 0.05
AlnylamPharm ALNY 230.59 0.94 BrookfieldRenew BEPC 31.38 0.62 Cullen/Frost CFR 136.40 2.61 GeneralElec GE 79.77 2.09 LambWeston LW 96.13 -0.43 OakStreetHealth OSH 29.11 0.10 SensataTechs ST 46.34 1.49 ToyotaMotor TM 146.03 -0.08 WillisTowers WTW 253.60 0.55
Alphabet C GOOG 101.21 1.93 Brown&Brown BRO 61.96 0.24 Cummins CMI 242.87 7.32 GeneralMills GIS 77.40 -0.06 s LasVegasSands LVS 55.39 0.82 OccidentalPetrol OXY 66.50 -0.41 ServiceCorp SCI 71.00 0.76 TractorSupply TSCO 215.48 3.41 WillScotMobile WSC 46.15 0.12
Alphabet A GOOGL 99.79 1.77 Brown-Forman A BF.A 66.49 0.41 GeneralMotors GM 36.44 1.09 LatticeSemi LSCC 75.22 2.74 Okta OKTA 69.83 1.13 ServiceNow NOW 442.44 0.61 TradeDesk TTD 47.19 1.62 Wipro WIT 4.99 -0.01
MO 44.81 -0.13 Brown-Forman B BF.B 66.51 0.26
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Amcor AMCR 12.00 0.12 Bunge BG 95.65 -1.78 DTE Energy DTE 113.77 -0.20 GenuineParts GPC 162.70 0.96 Lennar B LEN.B 81.30 0.70 Omnicom OMC 84.54 0.76 s ShinhanFin SHG 35.36 0.28 TransUnion TRU 69.78 1.93 Workday WDAY 176.43 3.03
Amdocs DOX 90.38 -0.27 BurlingtonStrs BURL 226.17 4.33 Danaher DHR 277.00 2.60 Gerdau GGB 6.29 -0.13 Lennar A LEN 97.53 0.84 OnHolding ONON 22.27 1.11 Shopify SHOP 44.04 3.56 Travelers TRV 186.36 1.03 WyndhamHtls WH 76.34 1.01
Ameren AEE 85.98 -0.70 CACI Intl CACI 285.98 -0.01 Darden DRI 148.10 0.72 GileadSciences GILD 83.23 0.22 LennoxIntl LII 244.68 5.02 ON Semi ON 70.80 4.54 Sibanye-Stillwater SBSW 11.45 -0.16 Trimble TRMB 56.84 1.05 s WynnResorts WYNN 100.29 1.02
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AmericaMovil A AMOV 20.96 0.20 s CDW CDW 199.97 1.21 Datadog DDOG 75.29 4.24 GlobalPayments GPN 113.43 1.49 LibertyBroadbandC LBRDK 91.60 0.39 Oracle ORCL 88.97 1.72 SignifyHealth SGFY 28.72 -0.04 TruistFinl TFC 48.84 0.92 XcelEnergy XEL 68.01 -0.54
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DELL 41.04 0.78 GlobusMedical
DAL 39.08 0.05 GoDaddy
GLOB 170.38
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GMED 74.50
GDDY 81.84
2.21 LibertyBroadbandA LBRDA 91.46
6.22 LibertyGlobal C LBTYK 22.19
0.23 LibertyGlobal A LBTYA 21.53
0.45 LibertyFormOne A FWONA 63.25
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AmerisourceBrgn ABC 161.72 -0.49 CadenceDesign CDNS 183.41 5.15 DiamondbkEner FANG 149.35 1.80 GraphicPkg GPK 22.70 0.14 LifeStorage LSI 101.82 0.22 PPL PPL 29.32 ... SOQUIMICH SQM 90.31 4.33 Uber UBER 30.53 0.17 ZionsBancorp ZION 52.65 1.17
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Amgen AMGN 260.97 -2.27 CaesarsEnt CZR 50.34 2.82 DigitalRealty DLR 107.22 0.48 s GpoAeroportuar PAC 182.60 2.57 LincolnElectric LECO 157.95 1.22 Paccar PCAR 102.25 3.06 Sony SONY 88.91 -0.38 UiPath PATH 14.64 0.41 ZoomVideo ZM 70.97 1.47
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Amphenol APH 78.91 0.84 Cameco CCJ 26.87 0.57 Disney DIS 105.69 2.21 HCA Healthcare HCA 263.81 2.41 LiveNationEnt LYV 75.94 0.83 PalantirTech PLTR 7.38 0.36 SoCopper SCCO 74.23 -0.82 Unilever UL 50.90 -0.11 Zscaler ZS 123.76 6.64
AnalogDevices ADI 169.66 4.49 CampbellSoup CPB 51.58 -0.46 DocuSign DOCU 58.69 2.18 s HDFC Bank HDB 70.75 0.26 LloydsBanking LYG 2.45 0.01 PaloAltoNtwks PANW 149.34 3.24
AngloGoldAsh AU 22.56 -0.05 CIBC CM 43.88 0.34 DolbyLab DLB 79.09 0.80 HF Sinclair DINO 57.83 0.90 LockheedMartin LMT 441.28 -2.00 ParamountB PARA 21.16 0.86
AB InBev BUD 59.30 -0.50 CanNtlRlwy CNI 123.64 0.33 DollarGeneral DG 231.07 0.46 HP HPQ 28.60 0.69 Loews L 59.58 0.62 ParamountA PARAA 24.58 0.94
AnnalyCap NLY 22.61 -0.13 CanNaturalRes CNQ 61.08 0.73 DollarTree
AnteroResources AR 30.52 1.12 CanPacRlwy CP 79.72 0.51 DominionEner D
DLTR 150.99 3.20 HSBC
62.97 0.55 H World
HSBC 36.82
HTHT 48.72
-0.02 LogitechIntl LOGI 57.54
0.24 Lowe's LOW 205.11
1.70 ParkerHannifin PH 311.71
0.58 Paychex PAYX 119.99
6.39
2.06 Dividend Changes
Aon AON 325.99 0.59 Canon CAJ 22.23 -0.10 Domino's DPZ 345.45 -2.59 Haleon HLN 7.88 -0.14 Lucid LCID 8.82 1.00 PaycomSoftware PAYC 322.07 8.61
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ApolloGlbMgmt APO 68.84 1.77 CapitalOne COF 107.12 2.94 Donaldson DCI 60.27 0.63 Halliburton HAL 40.57 -0.12 lululemon LULU 316.08 3.28 Paylocity PCTY 202.10 1.53 Amount Payable /
Apple AAPL 141.11 3.24 Capri CPRI 64.41 1.24 DoorDash DASH 60.59 2.57 HalozymeTherap HALO 51.42 -0.04 LyondellBasell LYB 92.94 0.64 PayPal PYPL 79.50 0.41 Company Symbol Yld % New/Old Frq Record
ApplMaterials AMAT 114.16 4.51 CardinalHealth CAH 75.48 -0.34 Dover DOV 141.72 2.38 HartfordFinl HIG 76.12 1.07 Pearson PSO 11.41 0.01
Aptargroup ATR 113.36 0.07 Carlisle CSL 240.29 4.39 Dow DOW 58.04 0.60 Hasbro HAS 65.01 1.69 M N PembinaPipeline PBA 35.95 -0.19 Increased
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Aptiv APTV 107.35 3.27 Carlyle CG 34.59 0.73 DrReddy'sLab RDY 53.18 -0.47 HealthcareRealty HR 21.60 0.47 PenskeAuto PAG 117.73 0.04 Banner BANR 3.0 .48 /.44 Q Feb13 /Feb02
Aramark ARMK 44.99 -0.21 CarMax KMX 67.33 1.25 DraftKings DKNG 14.56 0.68 HealthpeakProp PEAK 27.31 0.46 M&T Bank MTB 154.76 1.07 Pentair PNR 50.44 1.28
Consolidated Edison ED 3.5 .81 /.79 Q Mar15 /Feb15
ArcelorMittal MT 31.00 0.09 Carnival CCL 10.72 0.25 Dropbox DBX 23.39 0.59 Heico A HEI.A 131.44 1.71 MGM Resorts MGM 39.90 0.85 s Penumbra PEN 250.63 2.29
MKS Instrum MKSI 105.42 5.79 PepsiCo Cross Timbers Royalty Tr CRT 8.0 .3127 /.15033 M Feb14 /Jan31
ArchCapital ACGL 63.13 0.67 Carnival CUK 9.67 0.21 DukeEnergy DUK 100.99 -0.83 Heico HEI 167.12 2.42 PEP 169.12 -0.76
ArcherDaniels ADM 84.35 -0.40 CarrierGlobal CARR 43.28 0.71 DuPont DD 75.30 1.33 HenrySchein HSIC 81.28 0.42 MPLX MPLX 34.87 0.40 PerformanceFood PFGC 59.61 0.30 Graham Holdings GHC 1.1 1.65 /1.58 Q Feb16 /Feb02
AresMgmt ARES 79.64 1.01 CaseysGenStores CASY 227.72 0.26 Dynatrace 38.02 0.99 Hershey HSY 217.04 2.52 MSCI MSCI 514.98 3.22 PerkinElmer PKI 140.75 2.93 JB Hunt Transport JBHT 0.9 .42 /.40 Q Feb24 /Feb10
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AristaNetworks ANET 119.16 4.03 Caterpillar CAT 252.70 2.99 ENI E 31.36 -0.35 HessMidstream HESM 31.82 0.71 MagnaIntl MGA 65.46 1.58 PetroleoBrasilA PBR.A 10.35 0.20 RBB Bancorp RBB 3.1 .16 /.14 Q Feb10 /Jan30
ArrowElec ARW 116.78 1.88 Celanese CE 122.95 1.36 EOG Rscs EOG 134.18 1.43 HewlettPackard HPE 16.17 0.22 ManhattanAssoc MANH 125.13 2.48 Pfizer PFE 44.98 -0.13
Schlumberger SLB 1.8 .25 /.175 Q Apr06 /Feb08
AscendisPharma ASND 123.79 0.77 CelsiusHldg CELH 103.40 3.52 EPAM Systems EPAM 348.70 3.68 Hilton HLT 140.00 1.28 ManulifeFin MFC 19.12 0.06 PhilipMorris PM 101.15 -0.67
AspenTech AZPN 199.17 2.62 Cemex CX 4.99 ... EQT EQT 35.24 1.29 Hologic HOLX 81.63 1.97 MarathonOil MRO 28.10 0.22 Phillips66 PSX 106.94 -0.02 South Plains Financial SPFI 1.8 .13 /.12 Q Feb13 /Jan30
Assurant AIZ 129.84 0.93 CenovusEnergy CVE 19.20 0.16 EastWestBncp EWBC 69.76 1.67 HomeDepot HD 315.48 0.48 s MarathonPetrol MPC 126.88 1.16 Pinduoduo PDD 95.30 2.46
AstraZeneca AZN 67.61 -1.54 Centene 0.21 Markel MKL 1391.35 10.79 PinnacleWest PNW 73.76 -1.60
Reduced
CNC 75.79 -0.36 EastGroup EGP 168.23 3.26 HondaMotor HMC 24.16
Atlassian TEAM 154.58 -3.17 CenterPointEner CNP 30.00 -0.11 EastmanChem EMN 90.87 1.05 Honeywell HON 204.46 2.43 MarketAxess MKTX 334.04 -1.94 Pinterest PINS 26.69 0.09 Dorchester Minerals DMLP 11.2 .8843 /.96901 Q Feb09 /Jan30
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AtmosEnergy ATO 113.52 0.52 CentraisElBras EBR 7.89 0.04 Eaton ETN 158.92 3.41 HorizonTherap HZNP 112.81 -0.21 Marriott MAR 169.02 2.11 PioneerNatRscs PXD 241.45 2.05 Mesa Royalty Trust MTR 10.2 .1581 /.2012 M Apr28 /Jan31
Autodesk ADSK 211.29 5.39 CeridianHCM CDAY 72.79 3.04 eBay EBAY 47.66 1.00 HormelFoods HRL 44.65 0.07 Marsh&McLen MMC 173.51 0.39 PlainsAllAmPipe PAA 12.31 0.17 Permian Basin Royalty Tr PBT 4.6 .0368 /.03764 M Feb14 /Jan31
Autoliv ALV 84.85 3.01 CharlesRiverLabs CRL 252.55 9.38 Ecolab ECL 154.29 1.41 DR Horton DHI 95.68 1.20 MartinMarietta MLM 348.93 1.24 PlainsGP PAGP 13.21 0.17 PermRock Royalty Trust PRT 12.9 .0706 /.08072 M Feb14 /Jan31
ADP ADP 240.96 3.79 CharterComms CHTR 396.01 -0.10 Ecopetrol EC 12.05 -0.04 HostHotels HST 17.96 0.35 MarvellTech MRVL 42.75 3.27 PlanetFitness PLNT 80.87 1.65
San Juan Basin Royalty SJT 15.2 .1123 /.17197 M Feb14 /Jan31
AutoZone AZO 2318.96 -7.65 CheckPoint CHKP 129.03 -2.69 EdisonIntl EIX 67.03 0.30 HoulihanLokey HLI 98.00 0.99 Masco MAS 51.13 0.99 PlugPower PLUG 17.44 1.54
Avalonbay AVB 170.36 0.01 Chemed CHE 503.64 5.78 EdwardsLife EW 80.06 0.77 HowmetAerospace HWM 39.43 0.73 Masimo MASI 172.76 4.28 PolestarAuto PSNY 5.78 0.18 VOC Energy Trust VOC 11.6 .23 /.365 Q Feb14 /Jan30
Avangrid AGR 42.63 0.06 CheniereEnergy LNG 154.91 3.18 ElbitSystems ESLT 173.85 3.43 Hubbell HUBB 224.64 -0.09 MasTec MTZ 97.08 1.87 Pool POOL 359.28 6.54
Avantor AVTR 23.65 0.63 CheniereEnerPtrs CQP 56.07 0.60 ElectronicArts EA 127.41 1.42 HubSpot HUBS 345.93 15.99 Mastercard MA 378.57 2.29 PrincipalFin PFG 89.34 1.38
Stocks
AveryDennison AVY 191.90 1.41 ChesapeakeEner CHK 92.23 1.36 ElevanceHealth ELV 477.94 -1.55 Humana HUM 494.55 -2.75 MatadorRscs MTDR 62.40 0.73 ProcoreTech PCOR 55.14 1.83 Aptorum Group APM 1:10 /Jan23
AvisBudget CAR 194.20 2.27 Chevron CVX 180.66 -0.24 EmersonElec EMR 89.00 1.65 JBHunt JBHT 193.62 4.52 MatchGroup MTCH 52.07 1.65 Procter&Gamble PG 141.05 -1.92 Jaguar Health JAGX 1:75 /Jan23
s AxonEnterprise AXON 188.95 3.93 ChewyA CHWY 43.42 2.09 Enbridge ENB 41.88 0.02 HuntingtonBcshs HBAN 14.74 0.63 Mattel MAT 20.08 0.24 Progressive PGR 127.12 -0.51 Oaktree Spec Lending OCSL 1:3 /Jan23
BCE BCE 46.22 -0.48 ChinaEastrnAir CEA 20.74 -0.22 Endeavor EDR 21.49 0.21 HuntingIngalls HII 217.94 -0.16 McCormick MKC 78.65 1.21 Prologis PLD 126.07 3.25 Sientra SIEN 1:10 /Jan23
BHP Group BHP 69.38 -0.08 ChinaSoAirlines ZNH 34.72 -0.03 s EnergyTransfer ET 13.01 0.25 s HyattHotels H 110.62 1.52 McDonald's MCD 269.29 0.71 ProsperityBcshs PB 74.73 1.06
BJ'sWholesale BJ 69.24 1.31 Chipotle CMG 1597.35 42.16 EnphaseEnergy ENPH 228.44 5.90 ICICI Bank IBN 21.77 0.25 McKesson MCK 375.03 -3.01 PrudentialFin PRU 99.99 1.36 Foreign
BP BP 35.58 0.08 ChoiceHotels CHH 125.89 1.98 Entegris ENTG 84.33 5.83 ICL Group ICL 8.24 0.07 MedicalProp MPW 13.78 0.06 Prudential PUK 32.43 -0.14 Banco Sant Brasil ADR BSBR 7.4 .08811 Mar13 /Jan30
Baidu BIDU 136.34 0.59 Chubb CB 223.59 3.16 Entergy ETR 106.75 -0.69 IdexxLab IDXX 496.14 7.26 s Medpace MEDP 239.52 10.38 PublicServiceEnt PEG 60.89 0.46
1.46 PublicStorage PSA 290.85
Wipro ADR WIT 1.4 .12248 SA /Jan25
BakerHughes BKR 30.59 -0.48 ChunghwaTel CHT 38.39 0.23 EnterpriseProd EPD 26.10 0.36 ING Groep ING 13.69 0.31 Medtronic MDT 82.37 1.75
Ball BALL 59.02 0.79 Church&Dwight CHD 83.42 0.22 Equifax EFX 222.14 -0.55 Invesco IVZ 18.90 -0.07 MercadoLibre MELI 1095.00 -3.09 PulteGroup PHM 51.06 0.35
Special
BancoBilbaoViz BBVA 6.98 0.07 ChurchillDowns CHDN 242.30 -0.82 Equinix EQIX 716.32 -3.74 IQVIA IQV 228.75 5.14 Merck MRK 109.88 -0.06 PureStorage PSTG 27.05 1.04
n-

BancoBradesco BBDO 2.42 -0.08 Ciena CIEN 51.26 0.97 Equinor EQNR 31.08 -0.23 ITT ITT 88.75 2.66 MetaPlatforms META 143.27 3.90 Qiagen QGEN 50.60 0.18 Peoples Bancorp of NC PEBK 2.2 .15 Feb15 /Feb03
BancodeChile BCH 21.12 0.46 Cigna CI 308.17 -0.19 Equitable EQH 30.51 0.23 IcahnEnterprises IEP 52.80 0.22 MetLife MET 70.69 0.50 Qorvo QRVO 109.43 7.04 Sources: FactSet; Dow Jones Market Data
BancSanBrasil BSBR 5.39 -0.23 CincinnatiFin CINF 105.19 2.46 EquityLife ELS 68.37 0.35 Icon ICLR 234.87 3.45 s MettlerToledo MTD 1576.68 15.15 Qualcomm QCOM 131.03 8.13
BcoSantChile BSAC 15.51 -0.12 Cintas CTAS 437.77 1.22 EquityResdntl EQR 61.60 0.27 IDEX IEX 230.86 -0.34 MicrochipTech MCHP 76.31 2.71 QualtricsIntl XM 11.59 0.35 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BancoSantander SAN 3.35 ... CiscoSystems CSCO 47.50 0.72 ErieIndemnity A ERIE 249.79 6.23 IllinoisToolWks ITW 229.01 2.73 MicronTech MU 61.82 3.36 QuantaServices PWR 149.55 3.31 spin-off.
no

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FTACZeusAcqnUn ZINGU 10.23 0.2 HDFC Bank HDB 70.89 0.4 Moog B MOG.B 90.30 1.6 PowellIndustries POWL 40.41 2.8 TrineIIAcqnA TRAQ 10.35 0.2 GlbSysUn GSDWU 9.90 -3.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American FairIsaac FICO 658.21 0.1 HVBancorp HVBC 29.00 2.4 NVE NVEC 77.35 3.3 PrimeImpactI A PIAI 10.41 ... uCloudlink UCL 5.25 3.6 GraniteRidge GRNT 7.53 -2.6
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest FarPeakAcqnA FPAC 10.17 0.1 Haemonetics HAE 90.91 0.6 Nathan's NATH 72.12 -0.4 ProfoundMed PROF 13.14 9.6 VahannaTechI A VHNA 10.86 ... HeartTestLabs HSCS 0.71 -1.9
session. % CHG-Daily percentage change from the previous trading session. FederalSignal FSS 51.86 1.3 HawksAcqn HWKZ.U 11.31 7.0 NewVistaAcqnA NVSA 10.15 -0.2 QuiptHomeMed QIPT 6.35 2.6 ValeroEnergy VLO 146.91 0.2 IMV IMV 2.02 -8.2
Ferrari RACE 245.28 0.5 HeritageCrystal HCCI 38.46 2.0 NovoNordisk NVO 141.50 ... Rambus RMBS 42.88 2.0 VillageBank&Tr VBFC 62.33 7.2 InnovativeIndProp IIPR 87.17 -0.7
FirstReserveA FRSG 10.11 -0.2 HyattHotels H 110.65 1.4 NubiaBrandA NUBI 10.30 0.2 RevanceTherap RVNC 34.22 5.7 ViscogliosiBros VBOC 10.21 0.1 Inpixon INPX 1.39 -5.2
Monday, January 23, 2023 Impinj PI 137.54 3.4 RigelResource RRAC.U 10.54 -0.9
FluenceEnergy FLNC 24.93 10.5 NuSTAR PfdB NSpB 22.70 1.3 VishayPrecision VPG 44.29 3.1 JackCreekInvt JCICU 8.98 13.1
52-Wk % 52-Wk % 52-Wk % Fluor FLR 36.90 0.1 InsightAcqn INAQ.U 10.12 0.2 OPYAcqnI OHAAU 10.67 0.9 ShuaaPtrsI A SHUA 10.37 ... WabashNational WNC 26.52 1.7 JaguarHealth JAGX 5.26 -14.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FortuneRise FRLAU 10.47 0.1 Intapp INTA 30.00 0.3 O2MicroIntl OIIM 4.69 4.0 ST Ener I A STET 10.28 0.4 WhiteMtnIns WTM 1508.97 1.2 JupiterWellnessWt JUPWW 0.11 -0.2
ForumMergerIV A FMIV 10.11 -0.1 IntelligentBio INBS 1.60 293.1 OakValleyBncp OVLY 25.74 2.3 SaratogaInv8.125Nt SAY 25.35 -0.2 Winmark WINA 269.66 -0.5 KKRIncomeOppsRt KIOrw 0.11 3.4
AtourLifestyle ATAT 27.43 -2.0 CleanHarbors CLH 128.94 2.7 IntelligentMedA IQMD 10.33 ... Savara SVRA 2.19 4.3 WorldQuantumA WQGA 10.27 0.1 KnotOffshore
Highs AxcelisTechs
AxonEnterprise
ACLS 109.50 4.8 Coca-Cola Femsa
AXON 194.80 2.1 CodaOctopus
KOF
CODA
75.17 3.6
7.96 1.9
FrontierAcqnA
FrontierInvtA
FRON
FICV
10.15
10.09
...
0.1 InterParfums IPAR 116.09 0.7
Oppenheimer A OPY
OverseasShip OSG
48.05
3.81
1.7
-1.9 ScilexWt SCLXW 1.92 -12.6 WynnResorts WYNN 100.93 1.0 KubientWt
KNOP
KBNTW
5.37
0.05
2.4
-39.1
InvestcorpIndiaA IVCA 10.40 0.3 SeaportCalibre SCMAU 10.64 -0.2 YirenDigital YRD 3.29 2.3 LDH Growth I Wt LDHAW
AryaSciencesIV ARYD 10.15 ... ByteAcqn BYTSU 10.30 ... ColombierAcqnA CLBR 10.03 ... GE HealthCare GEHC 69.91 4.1 POSCO PKX 63.31 0.2 0.02 1.5
Jabil JBL 81.45 2.0 ShinhanFin SHG 35.46 0.8 YottaAcqn YOTA 10.14 0.3 MGO Global
ATI ATI 35.92 0.9 Biohaven BHVN 20.00 4.1 ConcordAcqnIIA CNDA 10.30 -0.2 GSquaredIIA GSQB 10.20 0.1 PROOFAcqnIUn PACI.U 10.23 0.5 MGOL 3.25 -4.7
JawsMustangA JWSM 10.16 0.2 SilverSpikeII A SPKB 10.15 0.1 YumChina YUMC 61.13 3.0 MVB Financial
AcropolisInfrA ACRO 10.31 -2.3 BioXcelTherap BTAI 32.05 2.2 CoreMoldingTech CMT 14.37 4.1 GaotuTechedu GOTU 4.38 9.5 PTC PTC 135.09 3.9 MVBF 21.28 -0.1
JupiterAcqn JAQC 10.50 0.2 StarGroup SGU 12.96 -0.3 YunhongCTI CTIB 2.07 12.8 MedicusSciWt
AehrTestSys AEHR 34.98 8.0 BlackSpadeA BSAQ 10.12 0.4 CresceraCapAcqnUn CRECU 10.44 0.8 GenieEnergyPfd GNEpA 11.23 -0.3 ParPacific PARR 27.82 4.1 MSACW 0.01 -29.2
KLA KLAC 428.56 2.8 StrategicEd STRA 89.96 0.8
AetheriumAcqnA GMFI 10.26 0.1 GenworthFin GNW 5.47 0.4 Paya PAYA 9.73 0.2 MidatechPharma MTP 0.60 -1.5
AfterNextHealth AFTR.U 10.20 1.0
BowmanConsult
BridgetownUn
BWMN 23.81 -0.6 DakotaGoldWt
BTWNU 10.14 0.4 DataKnightsA
DC.WS 2.05 19.2
DKDCA 10.59 0.3 GesherIAcqn GIACU 11.20 -3.4
KhoslaVenturesIII
LandcadiaIV
KVSC
LCAHU
10.09
10.58 0.1
...
Paysign PAYS 3.55 4.3
SupernusPharms SUPN
SustDevtAcqnI SDACU
41.25
10.38
2.2
2.4
Lows MobivAcqnWt MOBVW 0.01 -52.5
AltEnergyA AEAE 10.27 -0.1 BridgetownA BTWN 10.09 0.5 DecarbPlusIV DCRDU 10.75 -1.8 GesherIAcqnA GIAC 11.36 5.1 LasVegasSands LVS 55.90 1.5 PennsWoodsBncp PWOD 28.00 -0.1 TPGPaceBenII YTPG 9.91 ... AcriCapitalUn ACACU 9.44 -0.6 MountRainierAcqn RNERU 8.22 -1.4
AltraIndlMotion AIMC 61.04 0.1 CDW CDW 201.78 0.6 DeckersOutdoor DECK 428.13 1.0 GettyRealty GTY 35.78 -0.4 LibertyRscsA LIBY 10.35 0.1 Penumbra PEN 250.85 0.9 TailwindIntlA TWNI 10.15 0.1 AlphaTimeWt ATMCW 0.05 -0.2 NetcapitalWt NCPLW 0.20 -20.7
AmericaMovil AMX 21.27 0.7 CTS CTS 47.04 2.5 DirectSellingA DSAQ 10.39 ... GlblBlockchain GBBK 10.17 -0.1 LifeTime LTH 18.07 2.7 PeoplesBncpNC PEBK 34.00 0.8 Talon1AcqnA TOAC 11.37 0.3 Amesite AMST 0.13 -12.3 OpGen OPGN 2.20 -0.4
AmShrHosp AMS 3.42 2.2 CVD Equipment CVV 9.10 17.0 EG Acqn A EGGF 10.08 ... GoalAcqns PUCK 10.12 0.1 LionElectricWt LEV.WS.A 1.02 -8.2 PeridotAcqnIIA PDOT 10.17 -0.1 Tapestry TPR 44.23 1.2 BruushOralCare BRSH 0.32 -12.1 PaciraBioSci PCRX 35.35 5.0
Ameriprise AMP 339.72 1.6 CapitalworksEM CMCAU 10.83 1.8 EM Horizon A HORI 10.34 ... GraniteConstr GVA 40.25 0.6 LiveOakMobilityA LOKM 10.09 0.1 PerionNetwork PERI 31.88 6.7 TechnipFMC FTI 13.41 0.8 CadrenalTherap CVKD 3.64 -4.9 PerformShipping PSHG 2.85 -3.3
ArcosDorados ARCO 8.86 ... CascadiaAcqnA CCAI 10.10 0.2 EncompassHealth EHC 63.27 -0.6 GreenVisorI GVCIU 10.50 0.3 MinisoGroup MNSO 15.26 0.8 PermianBasin PBT 25.99 -0.6 Tidewater TDW 43.38 0.2 D&ZMediaWt DNZ.WS 0.00 -98.2 PlutonianAcqnWt PLTNW 0.04 -19.6
Arhaus ARHS 14.10 7.7 CascadiaAcqn CCAIU 10.08 0.1 EnelChile ENIC 2.31 6.5 GreenlightCapRe GLRE 9.57 -4.3 MarathonPetrol MPC 128.82 0.9 PineTech PTOCU 10.11 0.1 TidewaterWtA TDW.WS.A 2.02 16.9 DataStorageWt DTSTW 0.11 -44.5 RiverNorthCapRt RSFr 0.05 -2.7
AssetMarkFin AMK 26.70 3.6 CECO Env CECO 14.81 1.5 EnergyTransfer ET 13.07 2.0 GrAeroportuario OMAB 75.50 2.1 MarblegateAcqn GATEU 10.52 0.9 Plexus PLXS 114.97 1.8 TidewaterWtB TDW.WS.B 1.04 3.1 Daxor DXR 8.84 0.6 TailwindAcqn TWND.U 6.71 -13.2
Astronics ATRO 15.04 -0.4 ChengheAcqn CHEAU 10.40 0.1 Espey ESP 16.30 3.3 GpoAeroportuar PAC 183.95 1.4 MasterCraftBoat MCFT 29.77 0.7 PliantTherap PLRX 36.50 34.5 Timken TKR 78.97 1.1 DecarbPlusIV DCRDU 9.90 -1.8 TailwindAcqnA TWND 6.22 -8.6
AtlCoastalAcqn ACAHU 10.10 0.2 ChurchillCapVII CVII.U 10.05 ... EVeMobilityA EVE 10.32 0.1 GpoAeroportSur ASR 291.24 1.1 Medpace MEDP 241.48 4.5 PlutonianAcqn PLTNU 10.48 1.4 TioTechA A TIOA 10.14 ... DigitalWorldA DWAC 14.72 -3.7 Tricida TCDA 0.09 -10.0
AtlCoastal II Wt ACABW 0.33 10.3 ChurchillVII A CVII 10.05 ... FNB PfdE FNBpE 27.83 4.0 H&E Equipment HEES 49.51 2.3 MettlerToledo MTD 1583.40 1.0 PoseidaTherap PSTX 7.64 -2.9 TransMedics TMDX 67.00 2.7 FutureHealthESG FHLT 9.75 -1.3 VerticalAerospace EVTL 2.17 -2.7
AtlasAir AAWW 102.27 ... CirrusLogic CRUS 90.67 3.5 FtacHeraAcqn HERAU 10.15 0.1 HCM Acqn HCMAU 10.42 0.8 MicroCloudWt HOLOW 0.47 23.5 Potbelly PBPB 7.89 4.0 Transocean RIG 6.31 3.7 GesherIAcqn GIACU 9.66 -3.4 VistraWt VST.WS.A 0.11 -11.2

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
GblStock 13.66 +0.10 8.3 Idx2040InsPre 20.15 +0.15 6.3 CapApInst 68.15 +0.99 8.6 LrgCpStr 15.39 +0.13 5.6 IntlEqIdxInst 20.63 +0.05 8.0 TotIntBdIdxAdm NA ... NA IdxIntl NA ... NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Income 12.59 -0.01 3.3 Fidelity Invest Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r NA ... NA MdCpGrAdml NA ... NA
Intl Stk 46.71 +0.10 8.4 Balanc 24.03 +0.17 4.8 IntlEq 25.57 +0.18 NA ParnEqFd 49.20 +0.53 4.9 500Adml 371.02 +4.35 NA TotStAdml NA ... NA MdCpVlAdml NA ... NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
Stock 226.19 +2.35 4.9 BluCh 123.98 +2.83 10.2 Invesco Funds A PGIM Funds Cl Z BalAdml 41.34 +0.27 NA TxMCapAdml NA ... NA SmValAdml NA ... NA
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, EqIncA
DoubleLine Funds Contra 12.74 +0.14 5.4 10.19 +0.07 3.8 TotalReturnBond 12.08 -0.03 NA CAITAdml 11.38 -0.01 2.4 TxMIn r 14.61 +0.05 NA TotBd2 9.61 -0.02 NA
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 9.04 -0.02 3.1 CpInc 9.34 +0.03 3.9 Invesco Funds Y CapOpAdml r157.74 +1.96 NA TotIntlInstIdx r NA ... NA
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not PIMCO Fds Instl USGroAdml 110.34 +2.12 NA
Edgewood Growth Instituti GroCo 24.53 +0.49 9.0 DevMktY 38.54 +0.32 10.2 AllAsset 10.99 +0.02 NA DivAppIdxAdm 41.99 +0.34 NA ValAdml 55.65 +0.39 NA TotItlInstPlId r NA ... NA
available due to incomplete price, performance or cost data. NE-Not released by Lipper; EdgewoodGrInst 34.69 +0.73 10.8 InvGrBd
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
10.13 -0.02 3.1 JHF III DispVal TotRt 8.69 -0.02 2.9 EMAdmr NA ... NA WdsrllAdml 69.57 +0.81 NA TotSt NA ... NA
Fidelity LowP 47.97 +0.31 3.9 DispValMCI 25.75 +0.32 5.4 PIMCO Funds A EqIncAdml 86.26 +0.53 NA WellsIAdml 60.84 +0.08 NA VANGUARD INSTL FDS
500IdxInstPrem139.48 +1.64 4.8 Magin 11.39 +0.14 6.5 John Hancock IncomeFd 10.62 +0.01 2.9 ExplrAdml 93.82 +1.51 NA WelltnAdml 68.17 +0.27 NA BalInst 41.35 +0.28 NA
Monday, January 23, 2023 Contrafund K6 17.73 +0.20 5.3 NASDAQ 143.23 +2.83 8.6 BondR6 13.74 -0.02 3.3 PIMCO Funds I2 ExtndAdml NA ... NA WndsrAdml 72.18 +0.68 NA DevMktsIndInst 14.63 +0.05 NA
Net YTD Net YTD Net YTD ExtMktIdxInstPre 68.23 +1.08 8.3 OTC 13.89 +0.23 8.3 JPMorgan I Class Income 10.62 +0.01 2.9 GNMAAdml 9.42 -0.03 NA VANGUARD FDS DevMktsInxInst 22.86 +0.08 NA
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret FidSerToMarket 13.30 +0.16 5.3 Puritn 21.44 +0.14 4.6 CoreBond 10.38 -0.03 NA PIMCO Funds Instl GrwthAdml 118.99 +2.09 NA DivdGro 35.15 +0.17 NA ExtndInst NA ... NA
GrowthCompanyK6 16.73 +0.34 8.7 SAIUSQtyIdx 15.89 +0.15 3.8 EqInc 22.86 +0.15 NA IncomeFd 10.62 +0.01 2.9 HlthCareAdml r 90.42 +0.20 NA IntlVal 39.30 +0.14 NA GrwthInst 118.99 +2.08 NA
American Century Inv WshA 52.95 +0.38 1.8 MunicipalBond 9.92 -0.01 2.4 InflPrBdIndInsPr 9.20 ... 2.0 SrsEmrgMkt 17.46 +0.17 11.8 LgCpGwth 46.66 +0.57 NA Price Funds HYCorAdml r 5.30 +0.01 NA InPrSeIn 9.63 ... NA
Ultra 59.41 +1.09 7.7 Artisan Funds Calamos Funds LifeCon NA ... NA
IntlIdxInstPrem 44.50 +0.14 8.0 SrsGlobal 13.42 +0.06 8.7 JPMorgan R Class
BlChip 111.63 +1.88 7.8 InfProAd 23.64 -0.01 NA InstIdx 336.99 +3.96 NA
American Funds Cl A IntlVal Inst NA ... NA MktNeutI 14.01 +0.04 1.8 LifeGro NA ... NA
LgCpGwId InstPre 22.16 +0.34 6.4 SrsGroCoRetail 14.94 +0.28 8.5 CoreBond 10.40 -0.02 NA IntlGrAdml 101.88 +1.22 NA InstPlus 336.98 +3.95 NA
AmcpA 32.37 +0.50 7.6 Baird Funds Columbia Class I DivGro 65.71 +0.48 2.5 LifeMod NA ... NA
MidCpInxInstPrem 27.54 +0.37 6.3 SrsIntlGrw 15.69 +0.11 10.0 CorePlusBd 7.34 -0.02 NA ITBondAdml NA ... NA InstTStPlus 70.55 +0.87 NA
AMutlA 49.16 +0.28 1.5 AggBdInst 9.87 -0.02 2.8 DivIncom I 29.21 +0.20 1.0 Growth 66.54 +1.11 8.0 PrmcpCor 28.92 +0.29 NA
SAIUSLgCpIndxFd 17.61 +0.21 4.8 SrsIntlVal 10.77 ... 7.4 Lord Abbett A ITIGradeAdml 8.59 -0.01 NA MidCpInst NA ... NA
BalA 29.69 +0.14 3.2 CorBdInst 10.15 -0.02 2.8 Dimensional Fds HelSci 90.54 +0.39 0.8 STAR NA ... NA
SeriesBondFd 9.10 -0.02 2.8 TotalBond 9.61 -0.01 3.2 ShtDurIncmA p 3.87 ... 1.0 LarCapAd 92.28 +1.12 NA MidCpIstPl NA ... NA
BondA 11.67 -0.03 2.7 BlackRock Funds 5GlbFxdInc 9.91 ... 0.8 LgCapGow I 48.87 +0.70 6.4 TgtRe2020 NA ... NA
SeriesOverseas 11.83 +0.06 8.9 Fidelity SAI Lord Abbett I LTGradeAdml 8.25 -0.02 NA RealEstaInstl NA ... NA
CapIBA 64.86 +0.14 3.0 HiYldBd Inst 6.87 +0.01 3.8 EmgMktVa 28.53 +0.13 7.9 SerLTTreBdIdx 6.18 -0.03 5.6 TotalBd ShtDurInc p 3.86 -0.01 1.0 MidCap 94.85 +1.43 6.9 TgtRe2025 NA ... NA
9.09 -0.01 3.2 MidCpAdml NA ... NA SmCapInst NA ... NA
CapWGrA 54.74 +0.40 6.1 BlackRock Funds A EmMktCorEq 22.04 +0.16 9.4 SmCpIdxInstPrem 23.32 +0.29 7.5 U.S.TreBdIdx 8.85 -0.02 2.4 Metropolitan West NHoriz 50.11 +1.07 8.2
MuHYAdml 10.61 -0.03 3.7 TgtRe2030 NA ... NA SmCapIstPl NA ... NA
EupacA 53.45 +0.31 9.0 GlblAlloc 17.18 ... 4.4 IntlCoreEq 14.57 +0.05 7.8 TMktIdxInstPrem111.61 +1.38 5.3 First Eagle Funds TotRetBdI NA ... NA R2020 17.44 +0.07 4.2 MuIntAdml 13.66 -0.02 2.4 TgtRe2035 NA ... NA STIGradeInst 10.06 -0.01 NA
FdInvA 63.54 +0.59 5.5 BlackRock Funds III IntSmCo 18.73 +0.07 7.5 TotalMarketIndex 14.06 +0.18 5.3 GlbA 61.47 +0.30 6.0 TRBdPlan NA ... NA R2025 15.28 +0.08 4.5 MuLTAdml 10.90 -0.02 3.4 TgtRe2040 NA ... NA STIPSIxins 23.60 ... 0.7
GwthA 53.44 +0.80 8.0 iShS&P500IdxK471.45 +5.54 4.8 IntSmVa 20.17 +0.06 7.2 USBdIdxInstPrem 10.44 -0.03 2.7 Franklin A1 MFS Funds R2030 22.95 +0.14 5.0 MuLtdAdml 10.80 ... 1.3 TgtRe2045 NA ... NA TotBdInst NA ... NA
HI TrA 9.31 +0.01 3.1 BlackRock Funds Inst LgCo 27.40 +0.32 4.8 Fidelity Freedom IncomeA1 2.34 ... 3.6 IIE 30.50 +0.11 8.4 R2040 25.83 +0.22 5.8 MuShtAdml 15.66 ... 0.7 TgtRe2050 NA ... NA TotBdInst2 9.61 -0.02 NA
ICAA 43.16 +0.39 4.6 EqtyDivd 19.09 +0.18 4.4 US CoreEq1 31.34 +0.36 5.2 FF2020 13.44 +0.05 5.3 FrankTemp/Frank Adv MFS Funds Class I Putnam Funds Class A PrmcpAdml r140.11 +1.62 NA TgtRe2060 NA ... NA TotBdInstPl NA ... NA
IncoA 23.15 +0.04 2.3 StratIncOpptyIns 9.35 -0.01 1.9 US CoreEq2 28.55 +0.32 5.2 FF2025 12.39 +0.05 5.7 IncomeAdv 2.32 ... 3.6 GrowthI 141.78 +1.75 6.9 PutLargCap p 29.08 +0.22 3.1 RealEstatAdml NA ... NA TgtRet2055 NA ... NA TotIntBdIdxInst NA ... NA
IntBdA 12.61 -0.02 1.6 Bridge Builder Trust US Small 41.13 +0.44 6.3 FF2030 15.51 +0.07 6.0 FrankTemp/Franklin A ValueI 48.98 +0.36 2.5 Schwab Funds SmCapAdml NA ... NA TgtRetInc NA ... NA TotStInst NA ... NA
N PerA 50.75 +0.46 7.3 CoreBond 9.06 -0.02 2.7 US SmCpVal 41.61 +0.34 5.9 FF2035 13.41 +0.08 6.6 Growth A 107.78 +1.50 5.5 Neuberger Berman Fds 1000 Inv r NA ... NA SmGthAdml NA ... NA WellsI 25.12 +0.04 NA ValueInst 55.64 +0.38 NA
NEcoA 46.67 +0.70 7.3 CorePlusBond 8.95 -0.02 2.9 US TgdVal 29.16 +0.28 6.5 FF2040 9.54 +0.08 7.3 RisDv A 83.77 +0.62 1.4 LCVal Inst 43.95 +0.30 2.1 S&P Sel NA ... NA STBondAdml NA ... NA Welltn 39.48 +0.16 NA WCM Focus Funds
NwWrldA 71.57 +0.50 7.7 Intl Eq 11.68 +0.04 9.0 USLgVa 43.32 +0.42 4.4 Freedom2030 K 15.51 +0.08 6.1 Guggenheim Funds Tru Northern Funds TSM Sel r NA ... NA STIGradeAdml 10.06 -0.01 NA WndsrII 39.22 +0.45 NA WCMFocIntlGrwIns 21.59 +0.17 9.8
SmCpA 61.02 +0.72 8.8 LargeCapGrowth 18.19 +0.22 6.4 Dodge & Cox Idx2030InsPre 17.69 +0.08 5.3 TotRtnBdFdClInst 23.99 -0.04 3.7 StkIdx 42.77 +0.50 4.8 TIAA/CREF Funds STIPSIxAdm 23.58 ... 0.7 VANGUARD INDEX FDS Western Asset
TxExA 12.37 -0.02 2.9 LargeCapValue 15.58 +0.13 3.8 Balanced 97.68 +0.51 4.6 Idx2035InsPre 19.81 +0.12 5.8 Harbor Funds Old Westbury Fds EqIdxInst 28.57 +0.35 5.2 TotBdAdml NA ... NA ExtndIstPl NA ... NA CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Tuesday, January 24, 2023 | B11

MARKETS

Genesis Sees Quick Creditor Deal Travelport

Ditches
Bankrupt crypto
lender to explore
a restructuring settlement be-
fore filing chapter 11 last week.
“We are quite close,” said
options such as an
asset sale or a restart
Sean O’Neal, a lawyer for Gene-
sis, at Monday’s hearing in the
U.S. Bankruptcy Court in New
BY AKIKO MATSUDA
York.
Absent a resolution “within
the next few days,” Genesis will
Bankrupt crypto lender Gen- return to bankruptcy court to
esis Global Capital LLC expects seek the appointment of a me-
a deal with major creditors to diator, Mr. O’Neal said. A reso-
come together within days to lution with institutions that put
provide a framework for a pos- their clients’ money with Gene-
sible sale of the lending busi- sis is important to jump-start
ness or a restart of operations. other parts of its chapter 11 exit
Lawyers for Genesis said in framework, including the mar-
a court hearing that Genesis keting of its assets for sale and
has been in round-the-clock ne- a possible capital raise, he said.
gotiations with its parent com- Genesis Global Holdco and
pany and largest borrower, Dig- its subsidiaries Genesis Global
ital Currency Group Inc., as Capital LLC and Genesis Asia
well as creditors and other Pacific Pte. Ltd. filed for chap-
stakeholders, but couldn’t seal ter 11 largely because of their
entanglements with failed
crypto exchange FTX and hedge
fund Three Arrows Capital.
utive of DCG, and Gemini co-
founder Cameron Winklevoss
have traded barbs on Twitter
A special committee of the
Genesis holding company’s
board has been investigating
Proposal
Genesis took deposits from
institutional customers and
lent those assets out, often to
about who is responsible for
the repayment of the assets
owed to Gemini users. Gemini
intercompany transactions, in-
cluding the $1.65 billion lent to
DCG, which has said it intends
To Defer
hedge funds for speculation on
crypto markets. The company’s
chapter 11 filing doesn’t cover
in November foreclosed on
nearly 31 million shares of
Grayscale Bitcoin Trust to pay
to address its obligations to
Genesis in the course of a re-
structuring.
Interest
its derivatives, spot trading, down $284 million owed by Genesis listed roughly $5.1
custody and brokerage arms, Genesis, which disputes the le- billion of total liability as of BY ANDREW SCURRIA
which continue business as gality of that foreclosure, court Nov. 30, but has more than AND ALEXANDER GLADSTONE
usual. papers show. $150 million in unencumbered
The largest borrower from Another major creditor, cash to fund the chapter 11 Travelport Worldwide
Genesis is its parent DCG, Mirana Corp., has claims case. Under a proposed restruc- Ltd. scrapped a proposal ask-
which owes at least $1.65 bil- against Genesis Asia Pacific and turing filed by Genesis, the ing certain senior lenders to
lion in intercompany obliga- has “some serious concerns” company would have 90 days defer cash interest payments,
tions, including a $1.1 billion about certain transactions that to identify an acceptable buyer people familiar with the mat-
promissory note due in 2032. occurred before the bankruptcy for its assets. Otherwise, cus- ter said.
Genesis also did business with filing, Mirana lawyer Eric tomers would receive a combi- Facing liquidity pressure
crypto exchange Gemini, which Daucher said in Monday’s hear- nation of cash, other assets and and a hefty debt load,
lent its retail customers’ funds ing. The size of Mirana’s claim 100% ownership of the busi- the travel-booking platform
to Genesis. is listed as $151.6 million, ac- ness, including its claims had asked lenders to receive
Barry Silbert, the chief exec- cording to court papers. against FTX and Three Arrows. interest payments in-kind,
meaning that instead of re-
ceiving cash, the interest

Stocks Index performance Monday

2.5%
would be added on to the
principal amount and repaid
later.

Move 2.0 Nasdaq

The debt proposal didn’t
gain traction with senior
lenders that were uncomfort-

Higher 1.5
Composite able that other, junior credi-
tors weren’t asked to do the
same, people familiar with
the matter said.
Continued from page B1 Debt discussions are ex-
3.1%, to $155.87 after The Wall S&P 500 pected to continue between
Street Journal reported that 1.0 creditors and Travelport,
Elliott Management had taken backed by private-equity
MARIO TAMA/GETTY IMAGES

a big stake in the software Dow Jones owners Elliott Management

Industrial

.
company. Spotify Technology Average Corp. and Siris Capital
shares advanced $2.03, or 2.1%, 0.5

ly
Group.
to $99.94 after The company’s owners
MONDAY’S the music- didn’t respond to a request to
MARKETS streaming 0 comment Monday.
company said
it was laying off 6% of its staff.
Investors also await a busy
week of earnings reports, with
on
Investors await a busy week of earnings reports, with Chevron,
Boeing, Comcast and IBM among the reporters.
10 a.m.
Source: FactSet
11 noon 1 p.m. 2 3 4
Travelport has had a tense
relationship with its lenders
before.
In 2020, it received $1 bil-
nearly a fifth of S&P 500 com- inflation. pects,” Mr. Morris said. ing a rally driven by expecta- AUCTION RESULTS lion of financing from its eq-
us ,

Here are the results of Monday's Treasury auctions.

panies due to announce quar- Daniel Morris, chief market Treasury prices fell Monday, tions of rising Chinese demand. All bids are awarded at a single price at the market- uity owners to help it ride out
l

clearing yield. Rates are determined by the difference

terly results. Among the bell- strategist at BNP Paribas Asset pushing the yield on 10-year Global markets were broadly the Covid-19 pandemic, but
e
between that price and the face value.
al a

wethers on deck to report this Management, said that is one Treasury notes up to 3.522% higher. Technology and basic- lenders claimed the deal im-
week are Boeing, Comcast, reason why the firm is taking a from 3.483% Friday. The yield resource stocks led the ad- 13-Week 26-Week properly stripped assets away
cautious stance on stocks. It is on the interest rate-sensitive vance in Europe, where the $167,134,014,000 $137,452,697,800 from them and wasn’t al-
ci on

Chevron, International Busi- Applications

Accepted bids $66,418,057,500 $53,134,495,300
ness Machines, Microsoft and also betting that two-year two-year note rose to 4.238% Stoxx Europe 600 added 0.5%. " noncomp $1,657,437,300 $1,694,877,000
lowed under their debt docu-
Tesla. Treasury yields will rise rela- from 4.181%. Yields fell for a Mainland Chinese markets are " foreign noncomp $1,000,000,000 $1,000,000,000 ments.
Although traders are betting tive to yields on six-month third-straight week last week closed all week for Lunar New Auction price (rate) 98.843542 97.631472 Tensions cooled under a
(4.575%) (4.685%)
the Fed will cut rates later this bills, which could happen if on signs of slowing economic Year. In Hong Kong, markets 4.693% 4.865% settlement in 2020 between
year, some money managers market forecasts for interest growth. are closed through Wednesday. Bids at clearing yield accepted 81.65% 90.93% Elliott, Siris and the lenders
er s

predict rates could stay higher rates pick up again.
for longer as the central bank “Inflation isn’t going to slow
m er
912796YV5 912796Y29
Oil prices rose. Front-month Early Tuesday, Japan’s Nikkei that provided the company
Both issues are dated Jan. 26, 2023. The 13-week bills
Brent crude futures climbed 225 was up 1.6%. S&P 500 fu- mature on April 27, 2023; the 26-week bills mature on with $500 million in financ-

has more work in store to tame down as fast as the market ex- 0.6% to $88.19 a barrel, extend- tures rose 1.3%. July 27, 2023. ing.

Citadel’s 2022 Gain Was Highest

m rp

Ever Made by a Hedge-Fund Firm Stop the flood

of misinformation
co Fo

BY JULIE STEINBERG

Hedge-fund giant Citadel LLC

made $16 billion for its investors
last year, the largest annual gain It’s harder than ever to separate what’s trustworthy
ever made by a hedge-fund firm, from what’s not. But we all have the power to find
according to research from LCH
Investments.
reliable sources and elevate credible information.
Citadel’s gain, which was
calculated after fees, is larger Learn how at NewsLiteracyWeek.org
than John Paulson’s 2007 gain
Jan. 23–27, 2023
BRYAN VAN DER BEEK/BLOOMBERG NEWS

made during the subprime

mortgage crisis, according to
n-

LCH Investments, part of the

Edmond de Rothschild Group.
The figures aren’t adjusted for
inflation.
no

Ken Griffin’s hedge-fund

manager had $53 billion in as-
sets under management as of
Jan. 1., according to its website.
Citadel also surpassed
Bridgewater Associates to Ken Griffin’s Citadel surpassed Bridgewater Associates at the top
take 2022’s crown of top alter- of alternative money managers by net gains since inception.
native money managers by net
gains since inception, LCH said. firms have benefited from re- around $22 billion made by the
Also on this list are D.E. Shaw cent market volatility and ag- top 20 firms.
& Co., Millennium Management gressive bets juiced by plenty The Wall Street Journal has
LLC, Soros Fund Management of leverage. previously reported that reve-
LLC and Elliott Investment It was a tough year for the nue at Citadel’s hedge-fund op-
Management LP. industry, however. The re- erations hit a record in 2022,
LCH Investments cited Cita- search estimates that hedge and the group’s flagship multi-
del’s myriad profit streams and funds broadly lost more than strategy fund, Wellington,
risk management, and said it $200 billion for their investors made a return of more than
and other large multistrategy last year, compared with 38%.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Closing Chg YTD SPDR S&PMdCpTr MDY 472.20 1.29 6.6

Monday, January 23, 2023
ETF Symbol Price (%) (%) SPDR S&P Div SDY 127.53 0.73 1.9
Closing Chg YTD TechSelectSector XLK 134.33 2.28 7.9
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 107.73 –0.22 2.1
UtilitiesSelSector XLU 69.25 0.03 –1.8
CnsStapleSelSector XLP 72.85 0.32 –2.3 iSh1-5YIGCorpBd IGSB 50.50 –0.16 1.4
VangdInfoTech VGT 346.23 2.37 8.4
DimenUSCoreEq2 DFAC 25.54 1.11 5.2 iSh1-3YTreaBd SHY 81.70 –0.10 0.7
VangdSC Val VBR 168.62 1.01 6.2
EnSelSectorSPDR XLE 90.60 0.13 3.6 iShRussell1000Gwth IWF 227.99 1.60 6.4
VangdExtMkt VXF 143.82 1.57 8.2
FinSelSectorSPDR XLF 35.76 1.16 4.6 iShRussell1000Val IWD 157.57 0.98 3.9
VangdDivApp VIG 154.73 0.81 1.9
HealthCareSelSect XLV 134.37 0.34 –1.1 iShRussell2000 IWM 187.33 1.24 7.4
VangdFTSEDevMk VEA 45.55 0.42 8.5
IndSelSectorSPDR XLI 100.07 1.09 1.9 iShRussMC IWR 71.65 1.37 6.2
VangdFTSE EM VWO 42.80 0.73 9.8
InvscQQQI QQQ 288.96 2.22 8.5 iShRussell1000 IWB 221.13 1.25 5.0
VangdFTSE Europe VGK 60.74 0.46 9.6
InvscS&P500EW RSP 149.33 1.27 5.7 iShS&P500Growth IVW 60.97 1.25 4.2
VangdFTSEAWxUS VEU 54.58 0.42 8.9
iSh0-5YTIPSBd STIP 97.66 ... 0.7 iShS&P500Value IVE 152.78 1.17 5.3
VangdGrowth VUG 231.11 1.80 8.4
iShCoreDivGrowth DGRO 50.81 0.75 1.6 iShSelectDiv DVY 123.50 0.57 2.4
VangdHlthCr VHT 247.52 0.40 –0.2
iShCoreHiDiv HDV 105.10 0.29 0.8 iSh7-10YTreaBd IEF 98.85 –0.32 3.2
VangdHiDiv VYM 109.61 0.67 1.3
iShCoreMSCIEAFE IEFA 66.86 0.38 8.5 iShShortTreaBd SHV 110.17 ... 0.2
108.55 2.0
VangdIntrCorpBd VCIT 80.33 –0.17 3.6
iShCoreMSCIEM IEMG 51.59 0.74 10.5 iShTIPSBondETF TIP –0.09
iSh20+YTreaBd TLT 105.70 –0.47 6.2 VangdIntermTrea VGIT 59.75 –0.25 2.2
iShCoreMSCITotInt IXUS 63.02 0.53 8.9
iShUSTreasuryBd GOVT 23.24 –0.24 2.3 VangdLC VV 182.72 1.27 4.9
iShCoreS&P500 IVV 402.42 1.19 4.7
JPMEquityPrem JEPI 55.12 0.20 1.2 VangdMC VO 215.95 1.32 6.0
iShCoreS&P MC IJH 257.99 1.25 6.7
JPM UltShIncm JPST 50.32 0.02 0.4 VangdMC Val VOE 141.75 0.98 4.8
iShCoreS&P SC IJR 101.19 1.10 6.9
89.28 5.3 SPDRBlm1-3MTB BIL 91.64 ... 0.2 VangdMBS VMBS 46.88 –0.36 3.0
iShCoreS&PTotUS ITOT 1.30
iShCoreTotalUSDBd IUSB 46.25 –0.15 2.9 SPDR Gold GLD 179.63 0.19 5.9 VangdRealEst VNQ 88.09 0.46 6.8
iShCoreUSAggBd AGG 99.84 –0.25 2.9 SPDRPtfDevxUS SPDW 32.25 0.44 8.6 VangdS&P500ETF VOO 368.14 1.22 4.8
iShESGAwareUSA ESGU 88.91 1.25 4.9 SPDRS&P500Value SPYV 40.97 1.19 5.3 VangdST Bond BSV 76.08 –0.17 1.1
iShEdgeMSCIMinUSA USMV 72.71 0.48 0.8 SPDRPtfS&P500 SPLG 47.10 1.16 4.7 VangdSTCpBd VCSH 76.22 –0.13 1.4
iShEdgeMSCIUSAQual QUAL 120.39 1.33 5.6 SPDRS&P500Growth SPYG 52.83 1.28 4.3 VangdShtTmInfltn VTIP 47.03 –0.02 0.7
iShGoldTr IAU 36.62 0.19 5.9 SPDR S&P 500 SPY 400.63 1.20 4.8 VangdShortTrea VGSH 58.20 –0.10 0.7
iShiBoxx$HYCpBd HYG 76.16 –0.01 3.4 SchwabIntEquity SCHF 34.98 0.40 8.6 VangdSC VB 197.46 1.41 7.6
iShiBoxx$InvGrCpBd LQD 110.23 –0.29 4.6 SchwabUS BrdMkt SCHB 47.16 1.27 5.2 VangdTaxExemptBd VTEB 50.70 –0.12 2.4
iShJPMUSDEmgBd EMB 88.45 –0.06 4.6 SchwabUS Div SCHD 76.54 0.79 1.3 VangdTotalBd BND 73.89 –0.24 2.9
iShMBS MBB 95.50 –0.33 3.0 SchwabUS LC SCHX 47.41 1.26 5.0 VangdTotIntlBd BNDX 48.59 –0.25 2.4
iShMSCIACWI ACWI 90.46 0.88 6.6 SchwabUS LC Grw SCHG 59.84 1.73 7.7 VangdTotIntlStk VXUS 56.21 0.48 8.7
iShMSCI EAFE EFA 71.30 0.41 8.6 SchwabUS SC SCHA 43.74 1.44 8.0 VangdTotalStk VTI 201.28 1.27 5.3
iSh MSCI EM EEM 42.03 0.72 10.9 Schwab US TIPs SCHP 52.80 –0.08 2.0 VangdTotWrldStk VT 91.93 0.94 6.7
iShMSCIEAFEValue EFV 49.29 0.18 7.4 SPDR DJIA Tr DIA 336.17 0.75 1.5 VangdValue VTV 142.61 0.70 1.6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Tuesday, January 24, 2023 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Google Faces Challenge in India Medicare

Scrutiny
Ruling by nation’s Supreme Court will force tech giant to make changes to Android in its largest market
India wants to tame big tech’s
Threatens
dominance and it has its antitrust
sights on Alphabet Inc.’s Google.
The giant company will be a tough
Insurers
nut to crack.
Last week, Google lost an appeal
in India’s Supreme Court to block Year is shaping up to be
an antitrust order that requires it more difficult for sector
to make significant changes to the
way its Android operating system
does business with smartphone Health insurers had the best of
makers, app developers and users. both worlds last year. Their stocks
It strikes at the company’s core benefited from a rotation into value
business model for Android and and their profits weathered the in-
may force the technology giant to flationary environment as health-
alter its approach in Android’s larg- care utilization remained low.
ANINDITO MUKHERJEE/BLOOMBERG NEWS

est market. But as managed-care companies

In October, the country’s anti- kick off earnings season, sentiment
trust watchdog fined Google the has shifted. That isn’t because of
equivalent of $162 million for alleg- what the most recent earnings will
edly abusing its dominance of the show. In fact, industry behemoth
Android ecosystem and ruled in fa- UnitedHealth Group Inc. earlier
vor of unbundling its apps from its this month reported a 12% increase
open-source operating system. In- in revenue to $82.79 billion, topping
dia’s antitrust remedies, influenced analyst expectations. Yet that did
by a similar case in Europe in 2018, nothing for the stock, which is
are far more stringent and the scale down 8.2% for the year.
of change required is much larger. India has 600 million Android operating system users, with another 200 million to 300 million expected by 2027. The trouble brewing for insurers
Google said it is reviewing the de- centers on potential government
tails of the Supreme Court’s deci- change in regulatory temperature is marketing spending and invest- source. It might have to do some- action on Medicare Advantage, the
sion and will cooperate with the an- arguably 10 years too late. He be- ments in product development. thing similar in India. private plans that have grown in-

.
titrust agency on the way forward, lieves that Google has built such a For years, Google subsidized An- Neil Shah, vice president of re- creasingly popular with seniors.
in parallel with its appeal. strong position and demand for its droid’s development costs by pre- search at Counterpoint Research, The plans also are very profitable

India has 600 million Android services is such that the impact has
users, the most in the world, with been far more limited than it would
an additional 200 million to 300 have been were it introduced much
million expected by 2027, according
to Counterpoint Research, making
the government’s push pivotal.
However, Europe’s precedent shows
on
earlier. According to Statcounter, a
website analytics company, Google’s
search-engine market share has
stayed pretty much the same glob-
the difficulty of inflicting any seri- ally since the beginning of 2018.
us ,
ly
installing Google Chrome and its believes that if Google implements for insurers. A recent Kaiser Family
search app. It funneled 96% of all the required changes in India, Foundation analysis showed that
smartphone users in India to its the Android ecosystem will either average gross margins for Medi-
own browser and search engine
that fuel its advertising machine.
Until now, Android has been dis-
tributed practically free of charge
begin to look a lot more like Micro-
soft’s license-based Windows eco-
system, or much like Apple, if it de-
cides to become vertically
care Advantage plans were double
those of plans in the marketplace
and commercial group markets.
But as more seniors switch to
to smartphone makers. In 2018, integrated with a closed ecosystem. Medicare Advantage, questionable

ous harm to Google’s dominant po- Some Indian app developers Google said it would introduce a India’s huge and growing market practices that drive up their profit-
l

sition and turbocharging vibrant have rejoiced at the court’s deci- new paid licensing agreement for might seem like the natural place to ability have come under increasing
e
al a

competition, at least in the near sion, but the task ahead is daunting its apps on Android smartphones rein in Google’s dominance, but scrutiny and the federal govern-
term. if they want to compete with and tablets shipped into the Euro- don’t expect the latest ruling to be ment seems intent on making
According to Geoff Blaber, chief Google’s formidable apps. For one, pean Economic Area while keeping a magic bullet for digital competi- changes that could affect their bot-
ci on

executive at CCS Insights, the it will involve millions of dollars in the operating system free and open tion. —Megha Mandavia tom line.
For starters, the government on
Feb. 1 will announce a revision to
Medicare’s auditing system, known

Homestay Travelers Develop Sticker Shock

as risk adjustment data validation,
er s

or RADV. A seemingly humdrum

tweak, it is keeping insurance exec-
m er

utives up at night. Medicare in 2018

proposed several changes to the au-
Planning a vacation on a bud- Change from the previous year diting process. Among them could
get? You’re in good company. in revenue per available room be the exclusion of something called
Americans’ demand for whole the fee-for-service adjuster, which
m rp

for U.S. short-term rentals

home rentals, especially outside ur- allows for a permissible level of
ban areas, boomed when the pan- 30% payment errors. Medicare also pro-
demic took hold. But that social posed applying the new policies ret-
distancing came at a premium, 25 roactively. If the government goes
benefiting the bottom lines of ahead with the adjuster change,
co Fo

middlemen. 20 some industry chiefs have threat-

Now travelers appear to be ach- ened legal action.
ing for community just as their 15 The government could publish a
wallets are aching for a break. In a watered-down rule—in fact, many
survey of more than 4,000 Ameri- 10 analysts think that will be the
can travelers last month, tourism case. But, as Lance Wilkes from
SEAN GALLUP/GETTY IMAGES

market research firm Destination 5 Sanford Bernstein warns, there is

Analysts found respondents were Estimate a persistent risk to Medicare Ad-
most excited to visit cities this 0 vantage because the Centers for
year—but only at the right price. Medicare and Medicaid Services
Nearly half of Americans polled –5 Forecast ultimately believes it is overpay-
said travel’s high costs kept them ing. And the government has
from taking as many trips as they 2019 ’20 ’21 ’22 ’23 other ways to target Medicare Ad-
n-

would have liked in recent months. Airbnb’s shares trade at a premium to Booking Holdings’ and Expedia’s. Source: AirDNA vantage, including through the
Of those Americans who claimed to 2024 rates it pays plans, which
be recession conscious, more than fetching more than 17 times enter- daily rates had moved even higher also differentiated from its online will be announced one day after
three-quarters said their reduced prise value to forward earnings be- on an absolute basis. travel agent peers in that, in addi- RADV. Regulators also could con-
no

spending habits applied to travel. fore interest, taxes, depreciation
Perhaps it is no surprise, then, and amortization, significantly
that lofty homestay rates are be- higher than those of Booking and
ginning to fall. Data from AirDNA Expedia, which trade at an average
show revenue per available room of just over 10 times.
for U.S. short-term rentals is fore- That kind of premium might not
cast to decline this year from a be warranted. While Airbnb’s reve-
year earlier after many years of nue rose 25% in 2021 from two
growth. years earlier, its nights and experi-
This could be a problem for ences booked fell 8%. Revenue was
companies whose multiples had boosted in large part by average
been buoyed lately by Americans’ daily rates for the homestay giant,
once-seemingly insatiable demand which rose 36% in the fourth quar-
for privacy. Outside of experiences ter of 2021 from the same period
one can book on its platform, of 2019. Airbnb attributed much of
Airbnb’s core business is homestay that rise to a shift toward whole
bookings, while traditional online homes and nonurban destinations,
travel agents such as Booking where lower supply and larger
Holdings and Expedia Group also properties equate to higher prices.
offer the ability to book everything As of the third quarter of last year,
from hotels to flights to cruises. the most recent Airbnb has re-
Yet shares of Airbnb are currently ported, the platform’s average
Could a Recession Start Next Month?
Spread between the three-month Will there be a U.S. recession
and 10-year U.S. Treasury yields and, if so, when will it begin? Ac-
6 pct. pts. cording to a disturbingly accurate
barometer, the answer is yes and
RECESSION
(gulp) next month.
Unlike payrolls or inflation, the
4 $1,608
release of the Conference Board’s
Leading Economic Index isn’t one
of those red-letter days for market
2 watchers because it is composed
largely of data points in the public
domain. But, unlike those mea-
0 sures, it has a perfect record of
signaling U.S. recessions. Stocks
shrugged it off Monday, rising
-2
sharply when the LEI showed a
larger-than-expected 1% drop in
1985 '90 '95 2000 '05 '10 '15 '20
December. Traders are fixated on a
Source: Federal Reserve Bank of St. Louis decline in inflation that will allow
A change in travelers’ prefer- tion to private homes and apart-
ence toward smaller, cheaper rent- ments, it also offers shared vaca-
als, therefore, would pressure tion rentals, such as a private room
Airbnb’s revenue growth, even if in someone’s apartment. Airbnb’s
demand for the platform stays sta- messaging is all about making hu-
ble. For whole homes and apart- man connections in sharing one’s
ments industrywide, AirDNA data home and culture; but mostly, trav-
show growth in average daily rates elers share to save money. That
slowed across every type of loca- might attract more travelers than
tion in December. the competing parts of Booking
RBC’s latest property manager and Expedia in the current envi-
checks suggest “pricing may be the ronment, but it might not make
next shoe to drop.” Across the in- Airbnb that much more money.
dustry, the firm notes that some “Why would you ever share your
hosts have already started cutting vacation home with someone you
prices as business this year has wouldn’t share your vacation
started out slow. And Goldman with?” Vrbo asks viewers in a re-
Sachs’s fourth-quarter online-travel cent commercial.
preview predicts average daily Because suddenly we’re more
rates are “likely to begin normal- worried about our budgets than
ization” this year. about Covid-19.
It is worth noting that Airbnb is —Laura Forman
the Federal Reserve to ease up on cession for the US economy in the
its rate-increasing cycle soon. near term,” he noted. Another ee-
The Fed has never been raising rily reliable recession indicator, the
rates this late into a LEI contrac- spread between the yield on three-
tion, though. The index peaked last year Treasury bills and the bench-
February and has been in steady de- mark 10-year note, recently hit its
cline since. Strategist Ed Yardeni widest spread since at least 1982.
pointed out before Monday’s release The suggestion that a contraction
that it hit a cyclical high on average in the economy could begin so soon
before each of the last eight peaks seems implausible, but one should
in the business cycle. He wrote that remember that recessions are de-
“the LEI’s recession alarm is sound- clared in hindsight by the National
ing loud and clear and is signaling Bureau of Economic Research. When
an imminent recession.” the sharp recession that coincided
The Conference Board’s Ataman with the financial crisis began, 38%
Ozyildirim, senior director, eco- of economists surveyed by The Wall
nomics, was equally downbeat. Street Journal saw one coming in
“The US LEI fell sharply again in the next 12 months. Today that
December—continuing to signal re- number is 61%. —Spencer Jakab
sider other policy changes to
things such as in-home assess-
ments and Medicare marketing
pitches, says Chris Meekins of
Raymond James.
The biggest factor for the sec-
tor’s stocks in the near term might
be the Federal Reserve, though,
not government regulators. Ana-
lyst Gary Taylor at Cowen recently
examined what the three past
monetary cycles did to insurers:
During the tightening cy-
cles—2004 to 2006, 2015 to 2018
and March 2022 to the present—
insurers were big outperformers.
Conversely, the group tended to
underperform as the tightening
cycle ended.
With the market expecting the
Fed’s hiking cycle to end sometime
this year, we are approaching the
time frame when, from a historical
standpoint, companies such as Unit-
edHealth, Elevance Health (for-
merly known as Anthem) and Hu-
mana tend to lag behind the
market. An adverse decision on
Medicare Advantage could hasten
that trend. —David Wainer
Average gross margin
per covered person
Medicare Advantage
Commercial group market
855
Individual market
779
Note: Data are for 2016-2018
Source: Kaiser Family Foundation