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DJIA 30316.32 À 825.43 2.8%
What’s
News
Business & Finance
M usk offered to close his
acquisition of Twitter
on the terms he originally
agreed to, a sudden and un-
expected comedown for the
billionaire entrepreneur that
could end a monthslong bat-
tle he waged to get out of
the $44 billion deal. A1, A6
 U.S. stocks jumped, ex-
tending a strong start to
the fourth quarter and giv-
ing relief to investors after
weeks of punishing losses.
The S&P 500, Nasdaq and
Dow advanced 3.1%, 3.3%
and 2.8%, respectively. A1
 Bayer AG is on a winning
streak as it battles the re-
maining cases targeting its
Roundup weedkiller, a
change after several juries
held the herbicide respon-
sible for causing cancer. B1
 Micron Technology agreed
to invest as much as $100
billion to build a semicon-
ductor-manufacturing cam-
pus in upstate New York. B1
 Bridgewater founder
Ray Dalio stepped down as
co-investment chief of the
largest U.S. hedge fund
firm nearly five decades
after he started it. B1
 Juul is expected as soon
as this week to begin dis-
cussions with lenders for
financing that would carry
the company through a po-
tential chapter 11 filing. B1
 Ford’s U.S. sales in Sep-
tember fell about 9% from a
year earlier, as a steep drop in
truck sales offset a surge in
sales of its electric vehicles. B1
 Amazon.com is halting
hiring in the company’s
core retail division through
the end of the year. B4
World-Wide
 Russia’s defense minister
said 200,000 men had en-
tered the army as part of a
mobilization drive that began
in September, as the rapid ad-
vance of Ukrainian forces into
Russian-occupied territories
outpaces Moscow’s ability to
pour in reinforcements. A1
 Ukrainian forces acceler-
ated their push into Rus-
sian-held areas of the south-
ern Kherson region. A7
 The EU advanced work on
a price cap for Russian oil un-
der an approach that keeps
the U.S.-led effort on track, but
holds off on final approval. A8
 Trump’s lawyers urged
the Supreme Court to weigh
in on the FBI’s search of his
Mar-a-Lago home, opening
the door for the top U.S. court
to address the unprece-
dented investigation. A4
 The Supreme Court heard
Alabama’s plea to stop cre-
ation of a second Black-ma-
jority congressional district,
in arguments that could re-
shape federal protections
for minority voters. A4
 Biden’s student-debt
forgiveness plan is likely to
widen the federal budget
deficit for the just-ended
fiscal year, when compared
with the White House’s
previous estimates. A3
 Less than a month into her
tenure, U.K. leader Truss is
seeing her political authority
rapidly erode as her experi-
ment in British Reaganomics
spins out of her control. A9
 The Nobel in physics was
awarded to Alain Aspect,
John F. Clauser and Anton
Zeilinger for their work in
quantum computing. A3
CONTENTS
Arts in Review.... A13
Business News...... B3
Crossword.............. A14
Heard on Street. B14
Markets.................... B13
Opinion.............. A15-17
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * * WEDNESDAY, OCTOBER 5, 2022 ~ VOL. CCLXXX NO. 81
NASDAQ 11176.41 À 3.3% STOXX 600 403.03 À 3.1%
Musk Reverses, Offers to Buy Twitter
Billionaire had tried to
scuttle deal, but ahead
of trial, he says he will
accept original terms
BY CARA LOMBARDO
AND DANA CIMILLUCA
Elon Musk has offered to
close his acquisition of Twitter
Inc. on the terms he originally
agreed to, a sudden and unex-
Loretta Lynn, Country-Music Hitmaker, Dies at Age 90
ALAN MESSER/SHUTTERSTOCK
us ,
al a
COAL MINER’S DAUGHTER: The singer-songwriter’s path from a one-room cabin to superstardom was one of her genre’s
ci on
most potent origin stories. She earned three Grammy awards, had 51 top-10 country hits and put out 50 studio albums. A6
Retail Real Estate Regains Footing
er s
m er
BY KATE KING
Bricks-and-mortar store
owners are emerging from the
m rp
pandemic with surprising
strength, posting some of
their best numbers in years
and plotting expansions as
more Americans venture out
co Fo
to buy things again.
U.S. retail vacancy fell to
6.1% in the second quarter, the
lowest level in at least 15
Judge Sets AL Home Run Mark
n-
TONY GUTIERREZ/ASSOCIATED PRESS
no
Yankees slugger Aaron Judge hit his 62nd homer of the season,
passing Roger Maris for a new American League record. A14
Historic
Bridge: 42
Trucks: Zero
i i i Ranked #1 for CRM Applications based on
Covered span eats
too-tall trucks
by the dozens
BY JOE BARRETT
LONG GROVE, Ill.—June
Neumann was in the backroom
of her Scandinavian gift shop
in this historic village outside
Chicago on a recent day when
Personal Journal. A11-12 she said she heard an all-too-
Property Report... B8
Sports....................... A14 familiar “woompf-boom-clap”
Technology............... B4 echo through the quiet streets.
U.S. News......... A2-4,6 “You know what that sound
Weather................... A14
World News........ A7-9
is,” said Ms. Neumann, whose
shop, Viking Treasures, is a
few doors down from a one-
> lane covered bridge that is a
symbol for the town—and a
magnet for inattentive drivers.
“I grabbed my phone, ran out
and called the sheriff.”
Defying numerous signs
Please turn to page A10
10-YR. TREAS. À 9/32 , yield 3.616%
pected comedown for the bil-
lionaire entrepreneur that
could end a monthslong battle
he waged to get out of the
$44 billion deal.
A lawyer for Mr. Musk com-
municated the proposal to
Twitter’s lawyers on Monday,
according to a copy of a two-
sentence letter that was filed
with the Securities and Ex-
change Commission Tuesday
afternoon.
Twitter confirmed receipt of
on
l
e
years, while asking rents for
U.S. shopping centers in the
quarter were 16% higher than
five years ago, according to
real-estate services firm Cush-
man & Wakefield.
More stores opened than
closed in the U.S. last year for
the first time since 1995, ac-
cording to an analysis by Mor-
gan Stanley, and some analysts
said they expect that trend to
continue this year even with
Economic Woes Fuel
Iranian Protests
As poverty spreads, battered middle class
adds its voice to unrest over detainee death
BY BENOIT FAUCON
TEHRAN—The protests
that have gripped Iran for
three weeks started over a
headscarf, but are morphing
into a broader movement
fueled by middle-class anger
over the country’s collapsing
economy.
Iran’s large urban middle
class has mostly driven the
demonstrations in dozens of
cities since the death of
Mahsa Amini on Sept. 16, a
22-year-old woman detained
for allegedly violating the
country’s strict dress code.
Organized by word-of-mouth
and amplified on social me-
dia, their complaints have
quickly turned from women’s
rights to demands for an end
to the country’s Islamic sys-
OIL $86.52 À $2.89
the letter and said it intends to
close the transaction at the
original price of $54.20 a share.
Should the parties agree to
do so, the proposal would en-
able them to avert a high-
stakes trial set to begin soon
and potentially finalize the
deal within days. It would rep-
resent a major victory for the
social-media company.
There are no guarantees that
the unpredictable Mr. Musk will
follow through with his pro-
recession fears rising.
The retail real-estate indus-
try’s turnaround reflects a
wrenching, decadeslong ad-
justment that included hun-
dreds of retailer bankruptcies,
widespread vacant storefronts
and plummeting demand for
enclosed malls. Over the past
dozen years, construction of
new retail has slowed signifi-
cantly after many years of
overbuilding.
Russians Mobilize
While Losses Mount
Russia’s defense minister
said 200,000 men had entered
the army as part of a mobili-
zation drive that began in Sep-
By Stephen Fidler,
Matthew Luxmoore
and Thomas Grove
tember as the rapid advance of
Ukrainian forces into Russian-
occupied territories outpaces
Moscow’s ability to pour in re-
inforcements.
The suggestion that Russia
tem of governance, which
controls all aspects of soci-
ety.
“The triangle of women,
technology and poverty is
the fuel behind the demon-
strations,” said Mostafa Pak-
zad, a Tehran businessman,
who advises foreign compa-
nies on their Iran business
strategy. “Young people feel
their lives are being literally
wasted by the heavy re-
straints they are facing,” he
said.
The middle class kept Iran
stable after its 1979 Islamic
revolution and was its eco-
nomic engine amid sanctions
from the U.S. and others
over its nuclear technology,
ballistic missiles and support
for terrorism and militias in
Please turn to page A10
WSJ.com HHHH $5.00
GOLD $1,721.10 À $28.20 EURO $0.9987 YEN 144.14
posal and close the transaction.
The five-day trial, set to be-
gin Oct. 17, could still go for-
learned what prompted Mr.
Musk to abandon his battle
with the company. Chancellor
ward as planned. Mr. Musk Kathaleen McCormick, who is
was scheduled to be deposed overseeing the case in Delaware
later this week as part of the Chancery Court, has at times
preparations for the trial. appeared impatient with Mr.
Twitter shares, which were
halted for much of Tuesday,
closed up 22% at $52. That
Musk’s lawyers at hearings. It is
Please turn to page A6
brings them closer to the price  Icahn is among investors
Mr. Musk agreed to pay when standing to reap windfall... A6
the deal was sealed in April.  Heard on the Street: Musk
It couldn’t immediately be buys the walking dead....... B14
Blue Chips
Log Best
Two-Day
Gain Since
April 2020
BY ALEXANDER OSIPOVICH
AND WILL HORNER
.
U.S. stocks jumped again on
Tuesday, extending a strong
ly
start to the fourth quarter and
giving relief to investors after
weeks of punishing losses.
The Dow Jones Industrial
Average advanced 825.43
points, or 2.8%, to close at
30316.32. Combined with Mon-
day’s rally, it was the best two-
day performance for the blue-
chip index since April 2020,
early in the pandemic.
The S&P 500 surged 112.50,
or 3.1%, to 3790.93, its best day
in more than four months. The
technology-heavy Nasdaq Com-
posite climbed 360.97, or 3.3%,
to 11176.41. The gains were
broad-based, spanning differ-
ent sectors, and encouraged
market optimists hoping for a
more enduring recovery.
Instead, most developers are Major stock indexes fell in
opting to renovate outdated August and September as in-
properties rather than build Please turn to page A2
new ones. Those that embark
on new projects are more cau-  James Mackintosh: Markets
tious, usually securing leases are in overreact mode............. B1
from tenants before breaking
ground. More and more com-
panies that started as online
Job Openings
only retailers, like Warby
Please turn to page A4 Fall Sharply
 The Property Report.............. B8 Data indicate the labor
market cooled in August. A2
U.S. employment market
12 million Job openings
10
8
is two-thirds of the way to-
Hires
ward the target the minister,
6
Sergei Shoigu, announced in
September follows criticism of Quits
4
the call-up process—including
from President Vladimir Putin Layoffs,
of Russia. But it raises ques- 2 discharges
tions as to whether the de-
pleted Russian military will be 0
able to cope with the sheer 2019 '20 '21 '22
numbers of new recruits and
Note: Seasonally adjusted.
Please turn to page A7 August 2022 data are preliminary.
Source: Labor Department
 Kyiv’s push threatens Russian
positions ...................................... A7
Salesforce.
#1 CRM.
IDC 2021 Revenue Market Share Worldwide.
Source: IDC, Worldwide Semiannual Software Tracker, April 2022.
salesforce.com/number1CRM
CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2022 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of
salesforce.com, inc., as are other names and marks.
 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 | Wednesday, October 5, 2022
Labor Market Cooled in August
BY AUSTEN HUFFORD
U.S. employers pulled back
sharply on job openings, and
layoffs rose in August, adding
to signs the labor market
cooled at the end of the sum-
mer.
The Labor Department said
Tuesday that total job open-
ings fell 10% in August to a
seasonally adjusted 10.1 mil-
lion from 11.2 million the
month before. The 1.1 million
drop in openings is the larg-
est decline since the early
months of the Covid-19 pan-
demic, and job openings are
at their lowest level in a year.
Openings dropped the most
in healthcare, retail and other
services industries. The de-
cline in openings coincided
with an August easing of job
growth. Employers added
315,000 jobs that month, com-
pared with 526,000 jobs in
July. While the pace of gains
and level of openings remain
strong, the weaker figures
point to a deceleration in
what was a red-hot labor mar-
ket as the economy bounced
back from the pandemic.
The Federal Reserve is ag-
gressively raising interest
rates to reduce inflation,
which is running near a four-
decade high, with officials
looking to cool the labor mar-
ket and growth to help bring
the economy into better bal-
ance.
Electric-Vehicle Tax Breaks Rile U.S. Allies
BY YUKA HAYASHI
WASHINGTON—The U.S.’s
new tax-break scheme for
electric vehicles has drawn an-
gry responses from key allies
in Asia and Europe, highlight-
ing a tension between govern-
ment support for the domestic
automobile industry and
courting allies to counter
China’s influence.
The European Union, Japan
and South Korea say provi-
sions in the U.S. legislation to
promote clean energy, signed
by President Biden in August,
discriminate against their auto
makers and might violate
World Trade Organization
rules that bar treating im-
ported products differently
from domestic ones.
Foreign officials warn that
the change, which they say
was introduced with little con-
sultation with the U.S.’s trad-
ing partners, undermines Mr.
Biden’s effort to improve eco-
nomic ties with allies by shar-
ing technology and building
supply chains to better com-
pete with China’s manufactur-
ing clout.
“Friendly nations are work-
ing together to strengthen
supply chains as we speak,”
Japan Trade and Industry
Minister Yasutoshi Nishimura
told reporters recently. “This
goes against that broad strat-
no
egy.”
Mr. Nishimura raised
Japan’s concern with U.S.
Trade Representative Kather-
Stock Rally
Builds
Momentum
Continued from Page One
vestors came to terms with
stubbornly high inflation and
the Federal Reserve’s commit-
ment to rein it in by lifting in-
terest rates, even at the risk of
tipping the economy into re-
cession. Last week, the Dow
joined the S&P 500 in entering
a bear market, defined as a
drop of 20% or more from a
recent high.
New data from the Labor
Department showed that U.S.
job openings fell by 10% in Au-
gust and layoffs rose slightly,
signs that the labor market is
starting to cool. While bad
news for workers, such a slow-
down could help reduce infla-
tion and ease pressure on the
Fed to keep raising rates. On
Monday, another closely
watched report showed that
growth in U.S. manufacturing
weakened to its lowest level in
more than two years.
“If that trend continues,
then the Fed will maybe start
to pull off a little bit, in terms
of the last few hikes that are
priced into the market between
now and early next year,” said
“This is not a cold labor
market by any means, but it
appears to be one that is be-
ginning to come off the boil,”
Stephen Stanley, chief econo-
mist at broker dealer Am-
herst Pierpont, wrote in a
Tuesday note. He added the
decline was one of the first
signs that the labor market is
cooling.
On Friday, the Labor De-
partment is to release how
many jobs the economy added
or lost in September and the
unemployment rate for that
month.
This year several compa-
nies, including Stanley Black
& Decker Inc., Corteva Inc.
and Goldman Sachs Group
Inc., have started to lay off
employees or leave jobs un-
filled to reduce their costs in
an uncertain economy. Wal-
mart Inc. said it would hire
about 40,000 mostly seasonal
workers to serve holiday
shoppers, down from the
150,000 permanent employees
it was looking for a year ago.
The drop in job openings
could mean that companies
are becoming less optimistic
about the near-term pros-
pects for the U.S. economy.
Yet the number of layoffs
rose only slightly and remains
below prepandemic levels.
Executives say that cutting
open positions and not post-
ing new ones is easier than
laying off current employees.
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
U.S. Trade Representative Katherine Tai and other officials are speaking to allies to address concerns.
ine Tai on the sidelines of the
first ministerial meeting of
the Indo-Pacific Economic
Framework, the core of Mr. Bi-
den’s economic security strat-
egy to engage with friendly
nations in the region.
Biden administration offi-
cials say they continue to
speak with the allies to ad-
dress their concerns, while
n-
working on details of the im-
plementation of the new law.
The European Union’s trade
chief, Executive Vice President
Valdis Dombrovskis, has com-
plained to Ms. Tai that the
new tax credit was detrimen-
tal to trans-Atlantic trade,
Jack Janasiewicz, a portfolio
manager at Natixis Investment
Managers Solutions.
Stocks also got a boost
Tuesday from a surprise deci-
sion by the Reserve Bank of
Australia to raise interest rates
less than expected. The move
fueled hopes that other central
banks worldwide might curb
their plans to tighten mone-
tary policy in response to signs
of financial stress.
Still, the S&P 500’s down-
ward trajectory this year has
been punctuated by fleeting
rallies—which often faltered
after Fed officials made clear
that they were determined to
keep pursuing aggressive rate
increases. This time isn’t nec-
essarily any different, some in-
vestors warned.
“Bear markets don’t go in
straight lines, and we are not
done yet on the way down,”
said Hani Redha, a portfolio
manager at PineBridge Invest-
ments.
Some of the headwinds fac-
ing the stock market have
eased. Government-bond yields
and the U.S. dollar have re-
treated in recent days after
both rose to multiyear highs.
Oil prices have failed to recoup
recent losses, easing concerns
about inflation.
U.S. 10-year Treasury yields
have retreated after touching
4% last week. The yield on the
benchmark note slipped to
3.616% on Tuesday, its lowest
U.S. NEWS
Job openings rate for select industries
Healthcare and
social assistance
9%
6
7.7%
3
Jan. Aug.
Retail trade
9%
4.8%
6 ploys about 800 drivers and
3 nois, Minnesota and other
Jan. Aug.
Note: Seasonally adjusted. The job openings rate is the number of job openings on the last business
day of the month as a percent of total employment plus job openings.
Source: Labor Department
Economists said that the la-
bor shortages over the past
year could leave companies
more hesitant to lay off work-
ers if the economy falls into a
mild recession.
Even with August’s decline,
job openings continue to ex-
ceed the number of unem-
ployed people seeking work
and are above prepandemic
levels. The 10.1 million job
openings compares with the
six million unemployed peo-
ple looking for work in Au-
gust. There was an average of
7.2 million job openings in
2019.
Total quits remained ele-
contrary to international trade
rules and harming European
auto makers that have in-
vested in the U.S.
The complex new rules are
aimed at promoting EVs to
help reduce greenhouse gases
and shift EV and battery sup-
ply chains to the U.S. and
friendly nations and away
from China, currently the
dominant player.
Sen. Joe Manchin (D.,
W.Va.), who helped push
through the legislation, said
the measure aims to “increase
energy and national security
while also creating more jobs
here at home.”
Index performance,
past two days
S&P 500
Nasdaq Composite
Dow Jones
Industrial Average
Five-minute intervals
Mon.
Source: FactSet
level in almost two weeks,
from 3.650% on Monday.
The dollar also weakened
further. The WSJ Dollar In-
dex—which tracks the green-
back against a basket of other
currencies—fell 0.9%, continu-
ing its slide after hitting a 20-
year high last month. The
strong dollar has raised wor-
ries because it fuels inflation
and financial distress in other
countries by raising the cost of
their imports and weakening
their currencies.
The British pound strength-
ened again on Tuesday, climb-
ing 1.4% against the dollar to
$1.1475, a day after the U.K.
Real estate and
rental and leasing
Construction
7.0%
Jan. Aug. Jan.
Other services Education
4.5%
Jan. Aug. Jan.
vated at a seasonally adjusted
4.2 million in August, which
is a sign that workers are
confident enough to leave
their current postings. The
number of workers seeking
unemployment assistance is
also below prepandemic lev-
els.
Aaron Terrazas, chief econ-
omist at the jobs website
Glassdoor, said the labor
market has been surprisingly
resilient this year.
“It’s still going hot,” he
said. “It’s an extended sum-
mer, but everyone is waiting
for winter to come.”
Alan Handley, chief execu-
To qualify for up to $7,500
in tax credit, vehicles must go
through their final assembly
in North America, a require-
ment that disqualifies most
electric vehicles from non-U.S.
car makers. That is because
they are currently mostly as-
sembled overseas, unlike many
of their popular gasoline-pow-
ered models built at their
North American plants.
The new rules also require
EVs to have at least 40% of
their critical minerals for bat-
teries sourced in the U.S., or
countries that have free-trade
agreements with the U.S.
starting in 2023. That thresh-
Tues.
government led by new Prime
Minister Liz Truss scrapped a
key part of its plans to cut
taxes and increase spending.
The reversal reassured inves-
tors following a bout of tur-
moil last week and helped fuel
this week’s rebound.
A swath of the market took
part in Tuesday’s rally, with
only half a dozen stocks in the
S&P 500 ending the day in
negative territory. Shares of
travel and leisure companies
were among the index’s best
performers. Cruise operators
Royal Caribbean and Norwe-
gian Cruise Line Holdings both
jumped 17%. American Airlines,
* ****
tive of waste- and recycling-
collection company LRS, said
it has become a little easier
to find and retain garbage-
5.0%
truck drivers in recent
months. Mr. Handley said his
company is offering higher
wages. Workers are also more
concerned about the economy
and so want to keep the jobs
Aug. they have, he said. LRS has
raised pay over the past year
to about $25 an hour from
roughly $19 an hour previ-
4.1% ously.
The company, which em-
400 recycling sorters in Illi-
Aug. states, has been upgrading to
garbage trucks that can be
operated by a single worker
instead of older models that
need a driver in the front and
a second employee in the
back.
Mr. Handley recently spoke
to managers in Wisconsin as
part of his monthly trips to
recycling sorting sites.
“Labor didn’t come up in
conversation as much,” he
said, referring to the Wiscon-
sin managers. “Between the
sign-on bonuses, retention
bonus, increasing pay, it’s
quieter today than it was
three months ago.”
—Danny Dougherty
contributed to this article.
 Heard on the Street: The Fed
ly
gets an opening..................... B14
old is set to rise to 80% by
2026.
Vehicles also must have
batteries that are least 50%
North American content by
2024 and 100% by 2028.
An earlier proposal to
award the tax credits only to
vehicles built by American
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES
union workers was dropped.
Foreign officials and trade
analysts say that the legisla-
tion likely violates a WTO rule
that prohibits nations from
treating imports from some
countries worse than domestic
products or those manufac-
tured in certain countries
(Mexico and Canada in this
case). It could also infringe on
subsidies rules because the
tax benefit is given only to ve-
hicles assembled in North
America.
The law also denies tax
credits to vehicles and batter-
ies with components or criti-
cal minerals sourced from a
“foreign entity of concern,”
such as China, Russia and
Iran.
China is home to more than
half of the global processing
and refining capacities for
lithium, cobalt and graphite,
key EV battery minerals. It ac-
counts for about 75% of lith-
ium-ion battery production
and 70% of cathode produc-
tion capacity, according to
Jane Nakano, senior fellow in
the Energy Security and Cli-
mate Change Program at the
Center for Strategic and Inter-
national Studies.
6%
Delta Air Lines and Las Vegas
Sands all rose more than 8%.
Twitter shares soared $9.46,
or 22%, to $52 on reports that
5
Elon Musk offered to close his
$44 billion acquisition of the
4 social-media company on the
original terms, potentially
averting a trial in the billion-
aire’s legal battle with Twitter
3 Readers can alert The Wall Street
management.
In commodity markets, oil
prices climbed as investors
2 awaited a meeting Wednesday
of the Organization of the Pe-
troleum Exporting Countries
1 and its Russia-led allies. Fu-
tures on benchmark Brent
crude oil rose 3.3% to settle at
0 $91.80 a barrel. Still, oil prices
remain far from the highs they
hit earlier this year in the wake
of Russia’s invasion of Ukraine.
Overseas markets rallied.
The pan-continental Stoxx Eu-
rope 600 surged 3.1%. Zurich-
listed shares of Credit Suisse
jumped 8.9%, bouncing back af-
ter the bank was battered in re-
cent days by social-media chat-
ter over its financial health.
In Australia, the S&P/ASX
200 index climbed 3.8%, its
biggest one-day gain since
2020, after the central bank’s
dovish move. At midday
Wednesday it was up 1.5%
At midday in the Asia-Pacific
region, the Nikkei 225 in Japan
was up 0.4% and Hong Kong’s
Hang Seng had shot up 5.1%.
South Korea’s Kospi index was
down less than 0.1%.
THE WALL STREET JOURNAL.
Inflation
Fight Will
Take Time,
Fed Official
Cautions
BY NICK TIMIRAOS
Bringing inflation down
from 40-year highs is likely to
take time and will require a
slowdown in economic growth
and reduced demand for work-
ers by employers, a Federal Re-
serve official said Tuesday.
Those efforts are showing
tentative signs of progress,
said Fed governor Philip Jeffer-
son, in his first public remarks
since taking office in May.
But Mr. Jefferson said he re-
mains concerned that higher
prices could change consumer
expectations around inflation
in a way that makes further
price increases self-fulfilling.
“While oil and gasoline
prices have come down in re-
cent months, I am concerned
that fluctuations in prices of
the goods to which people pay
the most attention, like food
and housing, will affect expec-
tations of future inflation,”
said Mr. Jefferson in remarks
prepared for delivery at a Fed
conference in Atlanta.
.
Mr. Jefferson, who previ-
ously served as a professor of
economics and an administra-
tor at Davidson College in
North Carolina, described the
labor market as very tight. He
highlighted the risk that an in-
crease in job turnover could
lead to upward pressure on
wages, which could keep infla-
tion elevated.
Data released earlier Tues-
day by the Labor Department
showed that the number of
open jobs in the U.S. economy
dropped by 10% and layoffs
rose slightly in August, signs
that the labor market is start-
ing to cool. Fed officials have
been cautiously optimistic that
they can slow demand for
workers and moderate the pace
of wage growth without large
increases in unemployment.
CORRECTIONS 
AMPLIFICATIONS
The Organization of the Pe-
troleum Exporting Countries
and Moscow-led allies, collec-
tively known as OPEC+, acceler-
ated some production increases
over the summer before Presi-
dent Biden’s visit to Saudi Ara-
bia. A Page One article on Mon-
day about OPEC+ incorrectly
said the group accelerated pro-
duction cuts over the summer.
The name of Nexstar Media
Group Inc. was misspelled as
Nextar in some editions Tues-
day in a Page One What’s News
summary about the appoint-
ment of a new leader at the CW
Network.
Carsten Brzeski of ING
Groep said: “There are so many
tensions and crises currently
coming together. That’s leading
to enormous volatility and un-
certainty in markets.” In some
editions Tuesday, a Business &
Finance article about Monday’s
market activity incorrectly con-
tained the quote twice, attribut-
ing it in one instance to Andrew
Slimmon of Morgan Stanley In-
vestment Management.
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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THE WALL STREET JOURNAL.
Nobel Awarded Search for Hurricane Victims Grinds On in Florida
For Quantum
Computing
BY BENJAMIN KATZ
AND ERIC NIILER
The Nobel Prize in physics
was awarded to Alain Aspect,
John F. Clauser and Anton
Zeilinger as joint winners for
their work in quantum com-
puting, an emerging field that
promises to solve problems
too complex for existing su-
percomputers.
The trio’s work was cited
by the Nobel committee as
having laid the foundation for
a “new era of quantum tech-
nology,” enabling the con-
struction of quantum comput-
ers and networks, the
improvement of measure-
ments and the development of
secure quantum-encrypted
communication.
“This prize reflects the im-
portance of the awardees’ ex-
periments to our fundamental
understanding of quantum me-
chanics as well as to emerging
technologies such as quantum
computers and quantum com-
munication,” said Frances
Hellman, president of the
American Physical Society,
which works to advance the
field of physics. “The work is a
great example of the best of
physics—exploring the truth
and beauty of the universe
while also laying the founda-
tion for technologies that im-
prove life on Earth.”
The 10 million Swedish kro-
nor award, equivalent to
$918,000, will be split evenly
between Dr. Aspect of the Uni-
versité Paris-Saclay and École
Polytechnique in France, Dr.
Clauser, whose research was
done when he was at Columbia
University, and Dr. Zeilinger of
the University of Vienna in
Austria.
Each of the physicists has
conducted what the Royal
Swedish Academy of Sciences
referred to as “groundbreaking
experiments” using entangled
quantum states, where two or
more particles are affected by
what happens to others even if
they are separated by long dis-
tances.
Dr. Clauser said in an inter-
view Tuesday with the Associ-
MICHEL EULER/ASSOCIATED PRESS
TERRY CHEA/ASSOCIATED PRESS
The Nobel in physics was awarded to, from left, Alain Aspect,
John F. Clauser and Anton Zeilinger for work that the committee
said laid the foundation for a ‘new era of quantum technology.’
Student Debt Forgiveness Hits 2022 Budget
BY AMARA OMEOKWE
President Biden’s student-
debt forgiveness plan is likely
to widen the federal budget
deficit for the just-ended fiscal
year, when compared to the
White House’s previous esti-
mates.
Providing up to $20,000 in
student-loan cancellations to
millions of Americans will cost
$379 billion over roughly
three decades, the Education
Department estimated. That
entire cost will be reflected as
a one-time item in the budget
results for fiscal 2022, which
ended Sept. 30, a senior ad-
ministration official said.
That accounting could result
in a higher deficit than other-
Man Accused of Staging Campus Explosion
BY MELISSA KORN
Federal authorities arrested
and charged a former North-
eastern University staff mem-
ber Tuesday in Texas, accusing
him of lying to law enforce-
ment and staging an explosion
last month that led to a cam-
pus evacuation and major po-
lice response.
Jason Duhaime, 45 years
old, was scheduled to appear
before a federal magistrate
judge in San Antonio. It wasn’t
known who was representing
Mr. Duhaime.
At the time of the incident,
* *
ated Press that his work on
quantum mechanics shows
that you can’t confine infor-
mation to a closed volume,
“like a little box that sits on
your desk,” though even he
can’t say why.
“Most people would assume
that nature is made out of
stuff distributed throughout
space and time,” Dr. Clauser
said. “And that appears not to
be the case.”
For decades, physicists
were faced with the question
of whether these entangled
particles reacted that way be-
cause of unknown characteris-
tics that could affect the out-
come of experiments. In the
1960s, John Stewart Bell de-
veloped a theorem that could
be used to show whether these
hypothetical characteristics
determined the connection be-
tween the particles.
Dr. Clauser, 79, built on
Bell’s theories, in particular by
developing a practical experi-
ment that proved that “hidden
variable” theories couldn’t re-
place that of quantum me-
chanics. Dr. Aspect is credited
with closing an important
loophole in Dr. Clauser’s work.
A research group led by Dr.
Zeilinger conducted experi-
ments that helped establish a
phenomenon called “quantum
teleportation,” which allows a
quantum state to transfer
from one particle to another
even at a distance. Together,
the trio’s work has set the
stage for practical applications
of quantum and entanglement
theories.
Quantum computing prom-
ises to solve complex prob-
lems that existing supercom-
puters are unable to handle,
such as understanding pat-
terns in the folding of human
er s
proteins to discover new
drugs, how the Earth’s climate
m er
is changing, or maximizing
shipping routes for several
hundred tankers.
Existing quantum comput-
ers are smaller and require
m rp
less energy than supercomput-
ers. An IBM quantum proces-
sor chip is slightly larger than
ones found in laptops.
co Fo
THERESA WEY/ASSOCIATED PRESS
n-
no
wise would have occurred. The
White House has touted a siz-
able narrowing of the federal
deficit as a significant economic
achievement. The debt forgive-
ness costs falling in the 2022
fiscal year means they won’t be
reflected in 2023 figures. In-
cluding the entire cost of stu-
dent-loan forgiveness in a sin-
gle year is required under
federal budget accounting rules.
In the current fiscal year, a
slowing economy could result
in lower tax receipts and
higher government borrowing
costs as the Federal Reserve
lifts interest rates to combat
inflation. Total U.S. public
debt outstanding crossed the
$31 trillion mark as of Oct. 3,
according to Treasury Depart-
he was director of the Immer-
sive Media Lab at Northeast-
ern, but a university spokes-
woman said Tuesday that he
was no longer employed there.
Mr. Duhaime said Sept. 13
that he was injured when sharp
objects blew out of a hard-
sided plastic case as he opened
it, but the next day officials
said they were investigating
whether he staged the incident
and questioned whether there
was any explosion at all.
The package had been ac-
companied by a rambling
printed note that railed against
virtual reality, the metaverse
U.S. NEWS
IAN’S WAKE: A search-and-rescue official from Virginia combed through the wreckage Tuesday in Fort Myers Beach, Fla., looking for
victims of Hurricane Ian, which struck the Gulf Coast community last week as a category 4 storm.
Endowment Tax Costs Colleges Little
BY MELISSA KORN
AND RICHARD RUBIN
Wealthy colleges argued for
years that a federal tax on their
endowment income would limit
on
their ability to provide finan-
cial aid—and represent a dan-
gerous government overreach.
Internal Revenue Service fig-
ures show the actual impact of
us ,
such a tax has so far been mini-
l
mal: Last year, 33 schools paid
e
al a
a total of $68 million, far short
of the schools’ dire projections
and the government’s official
ci on
estimate, according to data re-
cently published by the agency.
This is the first year the IRS
broke out any details on pay-
ments of the tax, which was
created in 2017 as politicians
criticized wealthy schools for
raising tuition while their en-
dowments ballooned. It gener-
ally went into effect for the
2018-19 school year.
The figures represent tax
returns processed in calendar
2021 for schools including
Princeton University, the Uni-
versity of Notre Dame, Duke
University and Grinnell Col-
lege. They are mainly based on
schools’ tax returns for fiscal
years that ended in mid-2020,
which included poor market
performance during the first
few months of the pandemic
that may have lowered collec-
tions.
“It’s a rounding error for
the schools, a rounding error
for the government, and really
just a thumb in the eye more
than anything,” Alex Reid, a
tax lawyer and partner at Bak-
erHostetler who represents
The $379 billion cost
over about 30 years
will be reflected in
one fiscal year.
ment data released Tuesday.
The Treasury will release
figures showing budget results
for the 2022 fiscal year later
this month.
The White House in August
projected the federal govern-
ment would run a $1.03 trillion
deficit in fiscal 2022. Based on
that estimate and the cost of
student-loan forgiveness, all
else equal, the federal budget
and Meta Platforms Inc. CEO
Mark Zuckerberg.
Forensic experts found a
draft of that same letter on a
computer in Mr. Duhaime’s
Northeastern office, created
just hours before the alleged
explosion, according to a Fed-
eral Bureau of Investigation
agent’s affidavit included in a
court filing unsealed Tuesday.
The agent said Mr. Du-
haime’s statements to a 911 op-
erator member, Boston police
and the FBI’s Joint Terrorism
Task Force about an explosion
didn’t match the physical evi-
dence, including that the case
Wednesday, October 5, 2022 | A3
WIN MCNAMEE/GETTY IMAGES
who has written about the en-
.
dowment levy.
Even if universities can’t or
ly
don’t want to spend down
more of their endowments, the
TIM TAI FOR THE WALL STREET JOURNAL
tax can prompt them to think
about guiding new donations
toward immediate spending to
benefit students rather than
increasing the endowment,
where income is subject to the
tax, she said.
Some critics of the levy say
it isn’t big enough to force be-
havioral changes, at least not
Yale is among the schools with the highest per-student endowments. regarding how schools set tu-
ition. Schools say the tax hurts
nonprofit groups, said of the Technology, Stanford Univer- their ability to benefit students,
amount of taxes collected. sity and Harvard University, siphoning off funds that could
When Congress created the which have among the highest otherwise be used for scholar-
tax, the Joint Committee on per-student endowments based ships or academic programs.
Taxation estimated it would on data from the National As- The excise tax is “a direct
generate about $200 million sociation of College and Uni- penalty on both the gratitude
annually, but subsequent IRS versity Business Officers (NA- of our donors and a tax on our
guidance allowed for signifi- CUBO), all declined to detail students,” a Claremont
cant carve-outs. Schools are their excise-tax payments. McKenna College spokes-
subject to the 1.4% levy on net Williams College said it paid woman said. “Our endowment
investment income if they $1.1 million based on its fiscal is not a hedge fund for private
have at least 500 tuition-pay- 2021 return and $550,000 the gain; our returns are invested
ing students, more than half of prior year, while Swarthmore in the future of our students.”
whom are in the U.S., and College made a $2 million pay- The California school didn’t
their endowment is at least ment in 2021, based on that disclose the size of its excise
$500,000 per student. fiscal year’s tax statement, and tax payments, just that it
The IRS data doesn’t iden- $1.4 million the prior year. Rice made such payments in its two
tify which schools paid the tax. University paid $2.5 million most recent tax years.
Most colleges that paid the ex- and $2.6 million for fiscal 2021 NACUBO, a lobbying group
cise tax in the past few years and 2020, respectively. for school finance chiefs, op-
didn’t disclose specific dollar Excise taxes are generally poses the tax and would like
figures in their audited finan- used to create behavioral to see it repealed or rewritten
cial statements or publicly changes, like adding taxes on to allow schools to make lower
available federal tax returns. cigarettes to lower smoking payments if they address tu-
Nor did they share such details rates, Mr. Reid said. ition costs, said Liz Clark, the
when asked by The Wall Street “It forces universities to organization’s vice president
Journal, though many pro- think about why they have the for policy and research.
vided statements expressing endowment and what their Some lawmakers have tried
their opposition to the tax. end goal is,” said Jennifer to repeal the tax, but thus far
Princeton, Yale University, Bird-Pollan, a law professor at their efforts have made little
the Massachusetts Institute of the University of Kentucky headway in Washington.
would instead show a roughly
$1.4 trillion shortfall.
The White House previously
estimated a drop of nearly $1.8
trillion in the deficit between
fiscal years 2021 and 2022.
The decrease was spurred by a
sharp pullback in federal pan-
demic spending and strong tax
receipts.
The administration has said
the expected narrower deficit
provided room to offer student-
loan relief. The White House es-
timated a smaller deficit in Au-
gust than it did in March.
Republicans and some out-
side observers have argued the
student-debt forgiveness plan
will worsen the run-up in con-
sumer prices and reflects fiscal
irresponsibility.
was empty and undamaged.
The agent also said a stu-
dent who had been present saw
Mr. Duhaime go into a closet to
open the case, yell and exit
quickly, and that the student
didn’t hear any other noises.
“Making false threats is not
some harmless prank. It’s self-
ish, shortsighted and a federal
crime,” said Joseph Bonavo-
lonta, special agent in charge
of the FBI’s Boston division,
adding that significant law en-
forcement resources were di-
rected to the investigation. He
said an investigation into the
motive was continuing.
 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 | Wednesday, October 5, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.

U.S. NEWS

Trump Seeks High-Court Ruling Justices

Hear Case
Classified documents The U.S. 11th Circuit Court place in the meantime. roughly 100 documents bear- After securing the narrow

seized at Mar-a-Lago
need to go to special
of Appeals in Atlanta last
month sided with the Justice
Department and took those
master, lawyers say
classified documents out of
the purview of the court-ap-
pointed arbiter, or “special
BY JAN WOLFE
AND ALEX LEARY
master,” allowing prosecutors
to resume access to them.
Mr. Trump’s lawyers didn’t
WASHINGTON—Former seek to halt the Justice Depart-
President Donald Trump’s law- ment’s investigation into the
yers urged the Supreme Court roughly 100 documents. They
to weigh in on the FBI’s search said they were only proposing
of his Mar-a-Lago home, open- that the documents be part of
ing the door for the top U.S. the special master’s review to
court to address the unprece- ensure fairness and instill pub-
dented investigation. lic confidence in the investiga-
In a filing Tuesday, Mr. tion. They also argued that the
Trump’s legal team said an ap- 11th Circuit lacked jurisdiction
peals court had improperly to issue its order.
limited a third-party arbiter’s The application was filed
review of the materials the FBI with Justice Clarence Thomas,
seized during its August who oversees emergency mat-
search—in which agents re- ters from the 11th Circuit.
moved some 11,000 documents Justice Thomas gave the
from the Florida resort, in- Justice Department a week to
cluding about 100 marked as file a brief in response. He left
classified. the 11th Circuit’s order in
Siding with Mr. Trump, U.S.
District Judge Aileen Cannon
in Florida last month ordered
ing classification markings. A
unanimous three-judge panel
agreed, saying those records
ruling from the 11th Circuit,
styled as a “partial stay,” the
Justice Department made clear
On Voting
the appointment of a special
master to review all of the
11,000 documents, including
are government property so
the Justice Department can’t
be blocked from using them.
on Friday that it would more
broadly appeal Judge Cannon’s
decision to appoint a special
Districts in
those marked as classified.
A special master reviews
evidence seized by the govern-
“An injunction delaying (or
perhaps preventing) the
United States’s criminal inves-
master in the first place.
Internally, Mr. Trump’s de-
fense team has dealt with dis-
Alabama
ment to determine whether tigation from using classified putes over the best approach to BY JESS BRAVIN
any materials are protected by materials risks imposing real take, according to several peo-
attorney-client privilege or and significant harm on the ple familiar with the discus- WASHINGTON—The Su-
should be shielded from prose- United States and the public,” sions. Attorney Chris Kise, a preme Court heard Alabama’s
cutors on other grounds. the panel said. member of Trump’s legal team, plea to stop creation of a sec-
Judge Cannon installed a The three-judge panel in- has sought a more conciliatory ond Black-majority congressio-
semiretired judge, Senior U.S. cluded two judges appointed approach, hoping to ward off a nal district, in arguments Tues-
District Judge Raymond Dea- by Mr. Trump. criminal prosecution given the day that could reshape federal
rie, in the role and tasked him Some observers said Tues- government has retrieved re- protections for minority voters.
with mediating disputes about day’s application to the Su- cords from Mar-a-Lago. Black voters and organiza-
the Mar-a-Lago documents. preme Court faced steep odds. In a statement Tuesday af- tions challenged the state’s
The Justice Department op- “Many legal cases are close ternoon, as the Supreme Court House map under the Voting
posed the appointment of a calls. This is not one of them,” filing was made, the former Rights Act of 1965. In January a
special master, concerned with said Jessica Levinson, a pro- president said the National Ar- special three-judge court in Bir-
delay of an urgent criminal fessor at Loyola Law School in chives and Records Adminis- mingham, Ala., ordered the
investigation. On appeal to the Los Angeles. “The 11th Circuit tration, the agency responsible new Black majority district to
11th Circuit, the Justice De- followed the law and corrected for presidential records, had be drawn.
partment argued that it should a portion of Judge Cannon’s treated him unfairly, adding, “I On Tuesday, the Alabama so-
have immediate access to the ruling.” want my documents back!” licitor general, Edmund LaCour
Jr., told the Supreme Court
that absent evidence of inten-

Accusations Scramble Walker Senate Campaign tional discrimination, “tradi-

BY LINDSAY WISE his dirty laundry in public,
while simultaneously lying
Georgia Republican Senate about it,” the younger Mr.
candidate Herschel Walker is Walker tweeted. “I’m done.”
facing allegations of violence “I stayed silent as the
and hypocrisy leveled by his atrocities committed against
adult son on social media, my mom were downplayed,”
tional redistricting criteria,”
such as following topographical
features and maintaining previ-
ous political lines, should take
precedence over creating a sec-
ond Black majority district.
The only way to draw such a
new Black district, he said, was
to make race the top criterion,
something he suggested could

.
scrambling a high-profile cam- the son said, apparently refer- disadvantage white Alabamians
paign weeks before Election ring to allegations by his and conflict with the 14th

ly
Day. mother, Cindy Grossman, that Amendment’s equal-protection
“You’re not a ‘family man’ Mr. Walker was physically guarantee. “If you have a neu-
when you left us to bang a abusive and had threatened to tral plan and someone comes in
bunch of women, threatened
to kill us, and had us move
on kill her. Mr. Walker has said he
was suffering from mental ill-
and upsets it to racially gerry-
mander it in favor of one racial
ERIK S LESSER/EPA/SHUTTERSTOCK

over 6 times in 6 months run- ness at the time and had no group, well, necessarily you’re
ning from your violence,” memory of the events de- going to be harming some
Christian Walker, a conserva- scribed by Ms. Grossman. other group on account of
us ,

tive social-media influencer, A pair of runoffs in Georgia race,” Mr. LaCour said.
l

said on Twitter Monday night. decided control of the Senate That drew a response from
e
al a

The elder Mr. Walker re- in 2021, handing Democrats a the newest justice, Ketanji
sponded later Monday with his razor-thin majority, thanks to Brown Jackson, who said that
own tweet: “I LOVE my son no Vice President Kamala Harris’s even if the latest maps were
ci on

matter what.” tiebreaking vote. Now, with drawn without explicit racial
In two videos Tuesday, the Georgia Republican Senate hopeful Herschel Walker faces allegations of violence and hypocrisy by his son. Georgia once more an election prejudice, discrimination re-
younger Mr. Walker accused battleground, leading Republi-
his father of lying and playing to a mother’s life—reimbursed calling it a “flat-out lie.” On tions will affect a very close can groups said they would
down the violence against his a woman for an abortion he Fox News Channel’s “Hannity” race. Polls have shown Mr. War- stick by Mr. Walker.
Justice Jackson said
er s

family. His campaign didn’t re- urged her to get when they Monday, Mr. Walker again de- nock ahead by about 2 percent- “We are full speed ahead in
spond to a request for com- were dating in 2009. nied paying for an abortion age points for several weeks, Georgia,” said Steven Law, there was no reason
m er

ment on the videos. The woman, who the Daily but didn’t deny sending the according to FiveThirtyEight’s president of the Senate Lead-
Mr. Walker, an ex-football Beast said had asked to re- check and card. average of public polls, even as ership Fund, a super PAC run
that redistricting
star endorsed by former Presi- main anonymous, backed up “I send out so many ‘get Republican Gov. Brian Kemp by allies of Senate Minority had to be colorblind.
dent Donald Trump, faces her allegations with receipts well,’ send out so much of any- holds a 6 percentage point lead, Leader Mitch McConnell (R.,
Democratic Sen. Raphael War- from the abortion clinic, a thing,” Mr. Walker told host on average, in his re-election Ky.).
m rp

nock in a contest that could copy of a personal check
determine control of the signed by Mr. Walker for $700
evenly divided Senate. and a get-well card she said
The public family drama fol- Mr. Walker sent with the
lowed a Daily Beast report ear- check. The Wall Street Journal
co Fo
Sean Hannity. “But I can tell race against Democratic chal- Mr. Law said the election is
you right now, I never asked lenger Stacey Abrams. about the future of the coun- sulting from housing segrega-
anyone to get an abortion. I In a series of tweets Mon- try. “Herschel Walker will tion and similar historical prac-
never paid for an abortion and day and videos posted to social make things better. Raphael tices infected the process.
it’s a lie.” The Daily Beast said media on Tuesday, Christian Warnock is making things “We’re talking about a situa-

lier Monday that Mr. Walker— hasn’t verified the reporting it stood by its story. Walker said family members worse. Anything else is a dis- tion in which race has already
who has said on the campaign by the Daily Beast. Privately, Republican strate- had asked his father not to run traction.” SLF has invested infused the voting system,”
trail that he opposes abortion In a statement Monday gists working to win back con- for office, knowing his past. $37.1 million in ads opposing said Justice Jackson, the first
without exceptions, even in night, Mr. Walker denied that trol of the Senate say it is too “He decided to give us the Mr. Warnock from Sept. 6 Black woman to sit on the
cases of rape, incest or danger he had paid for an abortion, early to know how the revela- middle finger and air out all of through Election Day. court. She said there was no
reason to require redistricting
to be colorblind when the Con-

Real Estate After decades of overbuilding, the amount of U.S. retail space per capita has plateaued since the 2008 financial crisis.
Online sales, which jumped at the start of the pandemic, have since moderated as people return to shopping in person.
stitution’s post-Civil War
amendments were ratified spe-
cifically to protect Black Ameri-

For Retail
U.S. retail space per capita* U.S. e-commerce cans newly freed from slavery.
25 square feet per person retail sales as a 16% “The framers themselves ad-
percentage of total opted the equal-protection

Rebalances
RECESSION
n-

20 sales, quarterly clause [of] the 14th Amend-

14 ment, the 15th Amendment, in
15 a race-conscious way,” she said.
RECESSION
ES The 15th Amendment protects
no

Continued from Page One 10 12 the right to vote regardless of

Parker Inc., are also turning to “race, color or previous condi-
real estate to attract customers 5 tion of servitude.”
and boost growth. The eye- 10 Mr. LaCour responded that
glasses retailer opened nine “the 14th Amendment is a pro-
new locations in the second 1980 '85 '90 '95 2000 '05 '10 '15 '20 hibition on discriminatory state
quarter, bringing its total at 8 action. It is not an obligation to
the time to 178 stores, accord- Change from a year earlier engage in affirmative discrimi-
ing to financial filings. 5% nation in favor of some groups
And after being forced to 6 vis-à-vis others.”
U.S. population
buy more things online at the 4 Just over 27% of Alabama’s
start of the pandemic, many U.S. retail space population is Black, according
square footage* 4
people have decided they like 3 to the 2020 census. The Bir-
shopping in stores. mingham court’s January deci-
Other real-estate sectors 2 sion found the House map
still suffer from oversupply. 2 drawn by the Republican-con-
Most notably, the office mar- 1 trolled state Legislature in 2021
ket is struggling with a glut of violated the Voting Rights Act
Seasonally adjusted
workspace that has been ag- 0 0 by providing just one of Ala-
gravated by the pandemic and 1980 '85 '90 '95 2000 '05 '10 '15 '20 2000 ’10 ’20 bama’s seven congressional dis-
the rise of remote work. It will *Retail square footage data includes all buildings sold or refinanced since 2000 priced $2.5 million or higher. 2022 figures as of the second quarter. tricts with a Black majority, de-
likely take years for supply to Sources: MSCI Real Assets (retail space per capita, change); U.S. Census Bureau via St. Louis Fed (retail sales) priving Black people of an
shrink to fit office demand, equal opportunity to partici-
some property analysts said. gling, operators of high-end, mercial real-estate research at popularity of online shopping. lenges. Some major tenants, in- pate in the political process
After its own painful rein- Class A malls—such as Brook- Morgan Stanley. But after peaking at 16.4% of cluding Bed Bath & Beyond and elect representatives of
vention, retail real estate is field, Simon Property Group “For the most part we just total sales in the second quar- Inc., are facing significant fi- their choice. White voters, who
now benefiting from years of Inc. and Macerich Co.—have continued to build and build ter of 2020, the proportion of nancial pressure. Retail in of- comprise 64% of the state’s
minimal construction as com- seen occupancy rates recover and build right up until the online retail sales fell, the fice-dependent neighborhoods population, hold control of 86%
panies that survived the chal- from pandemic dips to more Great Financial Crisis,” said Census Bureau said. In the continues to struggle. of the congressional delegation.
lenges of online shopping and than 90%, according to the Brandon Svec, national direc- first quarter of this year, 14.3% And the U.S. is still over-re- The Birmingham court, cit-
the pandemic look to expand. companies and Morgan Stanley. tor of U.S. retail analytics for of retail sales occurred online. tailed. About a third of the ing “Alabama’s extensive his-
“For the first time in al- “Coming out of Covid, our data firm CoStar. “Retail sales growth in 1,100 existing malls and more tory of repugnant racial and
most five years now, we’ll foot traffic and sales across all E-commerce had just physical bricks-and-mortar than 10% of 115,000 shopping voting-related discrimination,”
have…more new stores open- of our properties have in- started taking off among mid- stores is actually growing centers will likely fail in the ordered the state to create a
ing in the U.S. than closures,’’ creased, even above pre-Covid dle-class shoppers when the faster than e-commerce this coming years and should be second Black majority district,
Brian Kingston, managing levels,” said Chad Cress, chief recession hit in 2008. More year,” Brookfield’s Mr. King- demolished, Mr. Kamdem of but in February a 5-4 Supreme
partner at Brookfield Asset creative officer for California- than 850 retailers entered ston said. Morgan Stanley said. Court blocked that decision
Management Inc., said on a based DJM, a real-estate in- bankruptcy in 2008 and 2009, Analysts and retail execu- Even so, he added, the in- while Alabama appealed.
call with investors. “And these vestment, development and according to Morgan Stanley. tives say the pandemic forced dustry is better positioned for In a 1980 case, the Supreme
net new 2,600 stores will re- management firm. Retail construction also companies to accelerate their any economic turbulence than Court required a showing of
quire an estimated 23 million The retail industry’s prob- dropped. Developers have de- integration of online and in- it has been in decades. Retail “purposeful discrimination” to
square feet of space.” lems started long before Ama- livered less than 150 million person services. More compa- bankruptcies ticked up during bring a voting rights claim of
The real-estate firm, which zon.com. Until the 2008 finan- square feet of new retail space nies are allowing customers to the pandemic, but not nearly this kind. Two years later, Con-
is one of the biggest mall own- cial crisis, retail construction annually since 2010, half the pick up or return online pur- to the degree seen during the gress amended the Voting
ers, said that spending at its had been growing at four to level in both 2008 and 2009, chases in stores. Owners of 2008 financial crisis. Rights Act to clarify that elec-
132 U.S. malls is 31% above six times the rate of U.S. popu- according to CoStar. shopping centers are designat- “It will certainly be a head- tion measures that result in
prepandemic levels. lation growth since the 1970s, By the time the pandemic ing more parking spaces for wind, but you will not have discrimination are unlawful,
While many middle- and according to Ronald Kamdem, hit, retailers had been grap- curbside pickup. the same level of losses,” Mr. even without proof of discrimi-
lower-quality malls are strug- head of U.S. REIT and com- pling for years with the rising Retail real estate has chal- Kamdem said. natory intent.
 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. Wednesday, October 5, 2022 | A5

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A6 | Wednesday, October 5, 2022
Country Star
Gave Voice
To Women
BY JOHN JURGENSEN
Loretta Lynn, the “Coal
Miner’s Daughter” singer and
songwriter, has died at age 90.
Her songs mixed vulnerabil-
ity and toughness, and their
success shifted the power bal-
ance for women in country
music. Her
OBITUARY path from one-
LORETTA room cabin to
LYNN superstardom
1932-2022 was one of her
genre’s most
potent origin stories, spawning
a hit Hollywood film and giv-
ing the singer a permanent
halo of authenticity.
Ms. Lynn died in her sleep at
her home in Hurricane Mills,
Tenn., on Tuesday, according to
a family statement.
Ms. Lynn was a teen bride
who had four of her six chil-
dren before she went public
with her singing. She barn-
stormed her way to Nashville
alongside husband and man-
ager Oliver Vanetta “Doolittle”
Lynn. She learned poise and
professional grit from mentor
Patsy Cline, and found hit-
making duet partners in Ernest
Tubb and Conway Twitty. She
set herself apart with songs
that were confrontational—
“Fist City,” “You Ain’t Woman
Enough (To Take My Man)”—
and sometimes controversial.
Her song “The Pill,” released in
1975, lauded birth control as a
liberator of “incubator” wives,
and was banned from some ra-
dio stations.
She earned three Grammy
awards, had 51 top 10 country
hits, and put out 50 studio al-
bums. Her most recent, “Still
Woman Enough,” came out in
March 2021, three years after
she had suffered a stroke.
The singer was born Loretta
Webb, on April 14, 1932, ac-
cording to birth records cited
in a 2012 report by the Associ-
ated Press. That contradicted
Icahn Among Investors Standing to Reap Windfall
BY CARA LOMBARDO
Elon Musk’s decision to end
his war with Twitter Inc. isn’t
just a big win for the social-
media company, but also for
some big-name investors like
Carl Icahn.
Mr. Icahn quietly amassed a
Twitter stake of well over
$500 million in the past few
months and made a sizable
profit Tuesday after the shares
shot up on news that Mr.
Musk offered to close his $44
no
the timeline laid out in Ms.
Lynn’s 1976 memoir, “Coal
Miner’s Daughter.” In the book
she offered a reason for being
vague about her age: “I’m try-
ing to make a living singing
songs. I don’t need nobody out
there saying, ‘She don’t look
bad considering she’s such-
and-such years old.’ ”
Ms. Lynn was raised in the
eastern Kentucky hamlet of
Butcher Hollow, which she
would memorialize as “Butcher
Holler” in the lyrics to “Coal
Miner’s Daughter.” She was
one of eight children raised in
the Depression by her mother,
Clara Marie Webb, who made
Loretta’s dresses out of flour
sacks. Her father, Melvin Theo-
dore Webb, took jobs with the
Works Progress Administration
and in local mines, which ru-
ined his health. He died before
his daughter had a singing ca-
reer.
Ms. Lynn was trained in
music through osmosis—learn-
ing songs from family mem-
MIKE BLAKE/REUTERS
bers, listening to Grand Ole
Opry broadcasts on a battery-
operated Philco radio, singing
to the younger siblings she
helped care for.
Other family members also
went into the music business,
including Ms. Lynn’s youngest
sister, Brenda Gail Webb, bet-
ter known as Crystal Gayle.
Loretta married Mr. Lynn, a
on
World War II veteran who had
us ,
worked in mining and moon-
l
shining, not long after meeting
e
al a
him at a pie social. For work
they moved to Washington
state. There Mr. Lynn became
ci on
fixated on the potential star
power in his wife’s voice. He
bought a $17 guitar, urged her
to learn how to play it, then put
her out on stage with a band.
er s
With funding from a local
businessman, Ms. Lynn made
m er
her first recordings in 1960, in-
cluding her original song “I’m
a Honky Tonk Girl,” the lament
m rp
co Fo
billion purchase of the social-
media giant on the original
terms, according to people fa-
miliar with the matter.
Twitter shares jumped 22%
to $52 Tuesday. Mr. Icahn paid
in the mid-$30s a share for
the stake, the people said,
meaning the estimated profit
for his Icahn Enterprises LP
could exceed $250 million.
Other big-name investors
including D.E. Shaw Group
n-
and Daniel Loeb’s Third Point
LLC also placed bets on Twit-
U.S. NEWS
Loretta Lynn backstage at the 47th annual Grammy Awards in Los Angeles in 2005.
of a heartbroken barcrawler.
The song featured the pedal
steel guitar playing of pro-
ducer Speedy West, and the
seeds of Ms. Lynn’s signature
style: crystalline vocals with
twangy flutters and melan-
choly dips.
The Lynns mailed the record
to radio stations, then visited
those stations by car. “I’m a
Honky Tonk Girl” climbed the
country chart, prompting the
Lynns’ move to Nashville in
1960. She made her Grand Ole
Opry debut the same year, and
soon signed to Decca Records.
Ms. Lynn’s husband—
“Mooney” or “Doo,” as she
called him—was her manager,
ter shares in recent months
and could notch sizable gains
of their own, other people fa-
miliar with the matter said.
Mr. Musk offered overnight
Monday to close his acquisi-
tion of Twitter on the terms
he originally agreed to this
spring, as a trial to settle the
matter approached. It was an
abrupt and surprising about-
face after he waged a months-
long campaign to get out of
the deal.
Mr. Icahn made the invest-
Musk Seeks
Original
Twitter Pact
Continued from Page One
possible he rated his chances of
succeeding at trial as too low.
Twitter sued Mr. Musk to
follow through with his agree-
ment to buy the company after
he tried to back out of the deal
in July. He accused Twitter of
fraud, saying the company mis-
represented the condition of
its business, including the
number of bots on its platform.
Twitter countered that he was
looking for a way out after the
share price dropped along with
the rest of the market.
Eric Talley, a law professor
at Columbia University, said
several factors were piling up
against Mr. Musk that might
have pushed him to offer a set-
tlement. He pointed to recent
rulings from the court denying
broad discovery, Mr. Musk’s im-
pending deposition and a new
development in which the judge
asked for more information
about his legal team’s commu-
nication with potential whistle-
blowers. “He has spent months
with various attempts to figure
out ways out of this deal,” Mr.
Talley said. “All those windows
had started to close and some
of them closed completely.”
Mr. Musk had sought to
amend his case to incorporate
complaints from a former
head of security at Twitter
her biggest booster, and a
source of material in her mu-
sic. His drinking and dalliances
with other women fueled Ms.
Lynn’s lyrics as her songwrit-
ing took on more attitude and
specificity. “Don’t Come Home
a-Drinkin’ (With Lovin’ On
Your Mind)” was her first song
to reach No. 1 on the country
chart, in 1967. She took female
rivals to task in songs such as
“You Ain’t Woman Enough (To
Take My Man),” one of her big-
gest hits, released in 1966.
In the 1970s, she was
dogged by health problems, in-
cluding breast tumors, high
blood pressure, migraines and
exhaustion.
ment on the belief the billion-
aire Tesla Inc. chief wouldn’t
go through a trial that he
looked likely to lose, some of
the people said. Mr. Icahn also
believed that the stock was
worth close to the mid-$30s
anyway in the long term,
meaning the downside would
be limited even if Mr. Musk
prevailed at trial.
Twitter is the latest in a list
of canny investments the octo-
genarian activist investor has
made in recent years, such as
who came forward as a whis-
tleblower in August, alleging
problems with the platform’s
data security and in other ar-
eas. The court allowed it, but
there are no indications it
would meaningfully
strengthen Mr. Musk’s case.
Twitter has been adamant
that Mr. Musk was obligated to
close the deal on its original
terms, and legal experts from
the beginning expected the
company would prevail at trial.
Mr. Musk had the challenging
task of proving that Twitter
misled him to such an extent
that the value of the company
is drastically below what he
agreed to pay for it. Still, even
the small risk of Mr. Musk pre-
vailing would weigh heavily on
a public company like Twitter,
and many analysts and inves-
tors expected the two sides to
strike a settlement agreement
ahead of or during the trial.
The majority of such cases
do, often with a slight price
Elon Musk taunted Twitter and its executives on its platform.
* * THE WALL STREET JOURNAL.
U.S. WATCH
MICHIGAN
Indictments Over
Flint Water Tossed
A Michigan judge dismissed
indictments against several for-
mer state officials related to their
handling of the Flint water crisis.
The decision followed an ear-
lier opinion from the state Su-
preme Court that canceled a
lower court’s ruling due to con-
cerns over how the indictments
were handled.
Genesee Circuit Court Judge
Elizabeth Kelly issued an order
Tuesday dismissing criminal in-
dictments for seven former offi-
cials, saying the indictments were
invalid. “Anything arising out of
the invalid indictments are irrec-
oncilably tainted from inception,”
the order read.
The prosecution team, which
includes Wayne County Prosecu-
tor Kym Worthy and state Solici-
tor General Fadwa Hammoud, said
it will follow its pledge to “ex-
haust all available legal options.”
The water crisis in Flint is one
of the worst lead contaminations
of a municipal water system in
U.S. history. In 2014, officials ap-
pointed by the state switched the
water source for the city of nearly
100,000 as a cost-saving mea-
sure and failed to treat the water
properly, causing old pipes to leak
lead into the tap water. Tests
later showed many children in the
city had elevated levels of lead.
—Jennifer Calfas
U.S.
Sandberg Donates
.
$3 Million to ACLU
ly
Sheryl Sandberg, the former
chief operating officer of Meta
Platforms Inc., is donating $3 mil-
Her husband suffered from
alcoholism that contributed to
heart disease and diabetes. He
died in 1996 at age 69.
lion to the American Civil Liber-
ties Union to help the organiza-
tion advocate for abortion rights.
The ACLU said it would use
At age 72, she experienced the funds over a three-year pe-
a career resurgence by way of riod to defend access to abortion
rocker Jack White. The White in courts, state legislatures and at
Stripes singer produced her the ballot box following the Su-
2004 album, “Van Lear Rose,” preme Court’s decision to over-
and performed on it, giving a turn Roe v. Wade, the landmark
jolt to her sound and intro- 1973 case that established the
ducing Ms. Lynn to a new au- constitutional right to an abortion.
dience. Few things are more impor-
She was inducted into the tant to women’s equality than
Country Music Hall of Fame in abortion access, Ms. Sandberg
1988. She received the Presi- said. “We’ve only just begun to
dential Medal of Freedom in see the devastating impact that
2013. Ms. Lynn’s touring career state abortion bans will have on
effectively ended after her women’s health,” she said.
stroke in 2017. —Joseph De Avila
in Netflix Inc. and Apple Inc.
Mr. Musk’s move to follow
HEIDI GUTMAN/NBCUNIVERSAL/GETTY IMAGES
through with the transaction
after all vindicated the belief
of many so-called merger-arbi-
trage investors that it would
close at the $54.20-a-share
price he had agreed to pay.
The shares for much of the
spring and summer traded for
less than $40, before rallying
somewhat recently, providing
a tantalizing opportunity for
those willing to bet against
the world’s richest person. Carl Icahn
cut. But it is exceedingly un- offer without a clear way to
usual for a buyer to offer to pay for it, then caught Twitter
close a deal on its original off guard again by unveiling a
terms ahead of such a trial.
Mr. Musk eschewed typical
deal-making norms from the
$46.5 billion financing pack-
age a week later.
He agreed to skip due dili-
beginning. He made a single
best-and-final offer, avoiding
the typical back-and-forth of
gence, the deep-dive into a
company’s health that most
buyers insist on. That could
corporate acquisitions, argu- have given him more insight
ing that civilization was at into the prevalence of bots on
the platform, an issue that has
since appeared to consume
him. In the final merger agree-
The billionaire ment, he gave Twitter the
eschewed typical right to sue him to follow
through with the deal should
deal-making norms he attempt to back out of it.
from the beginning. All the while, he taunted
Twitter and its executives on
its own platform, criticizing
the business and posting cryp-
stake. He originally took Wall tic tweets suggesting he could
Street and Silicon Valley by take his offer directly to
surprise when he revealed he shareholders in the form of a
owned a big stake in Twitter tender offer should the com-
and agreed to join its board pany not accept his proposal.
before quickly backing out. He Twitter is now arguably in
followed that up by making his worse shape than it was when
Mr. Musk said he was walking
away, buffeted by a worsening
outlook for digital advertising,
the emergence of the whistle-
blower and by uncertainty
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
over the company’s future
stoked by Mr. Musk himself.
Mr. Musk tweeted Tuesday
that “Buying Twitter is an acce-
lerant to creating X, the every-
thing app.” He previously indi-
cated the name X.com applies
to a social-media company he
might create if the Twitter deal
didn’t happen. Buying Twitter,
Mr. Musk tweeted Tuesday,
could expedite the endeavor
three to five years.
—Erin Mulvaney
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.
Ukraine Push Threatens Russian Positions
As forces advance in the
south, Western officials
say they haven’t seen
unusual nuclear activity
BY MATTHEW LUXMOORE
Ukrainian forces acceler-
ated their advance into Rus-
sian-held areas of the south-
ern Kherson region as
Western officials played down
the likelihood of Russia using
nuclear weapons in retaliation
for its military defeats.
Ukrainian troops an-
nounced the liberation of sev-
eral towns, while Moscow
sought to prevent an encircle-
ment of its forces in the east
and south of the country.
Soldiers posted footage of
themselves unfurling the
Ukrainian flag over Davydiv
Brid and claimed the libera-
tion of Starosillya, Arkhangel-
skoye and Velyka Oleksan-
drivka.
Ukraine’s push eastward
from the strategic town of Ly-
man, which its forces liberated
over the weekend, is threaten-
ing Russian positions in the
Donetsk region.
On Tuesday, the Ukrainian
governor-in-exile of Russian-
occupied Luhansk in eastern
Ukraine, Serhiy Haidai, said
Kyiv’s forces reached the bor-
ders of his region, which is al-
most entirely controlled by
Russia.
In the south, Ukraine is
pushing deep into the Kherson
region, where Russia holds the
capital. Moscow has had major
issues supplying its forces
there because of Ukrainian at-
tacks on infrastructure needed
to ship equipment to troops.
Kirill Stremousov, a Rus-
sian-installed official in Kher-
son, denied reports of a major
Ukrainian advance there.
“We can hear explosions
somewhere far away, but not
often,” he said in a video
posted from the region’s capi-
tal. “Anyone who comes here
with their sword will be sent
back in zinc or wood coffins.”
Russia last week declared
Kremlin
Mobilizes
Troops
Continued from Page One
SERGEY PIVOVAROV/REUTERS
use them effectively.
Ukrainian forces acceler-
ated on Tuesday their advance
into Russian-held areas of the
southern Kherson region, an-
nouncing the liberation of sev-
eral towns, while Moscow
sought to prevent an encircle-
ment of its forces in the east
and south of the country.
Western officials played down
the likelihood of Russia using
nuclear weapons in retaliation
no
for its military defeats.
Western military analysts
said Moscow faces a dilemma.
It could rush ill-prepared
troops to the front line to try
to stem the losses—with likely
little effect on the war’s mo-
mentum. Or it could wait until
next year and send in better
trained and equipped troops
that could potentially make a
difference on the battlefield.
But by that time, Ukrainian
forces could have secured sig-
nificant further gains.
“It’s not going to help the
Russians, at least not this win-
ter, and they may well lose
ground before that,” said Law-
rence Freedman, professor
emeritus of war studies at
Kings College London.
Oleksiy Danilov, secretary
of Ukraine’s National Security
and Defense Council, said in
an interview that Russia had
mobilized 200,000 people so
far. “Some of them are already
on the front, some have al-
ready been captured and some
have already been destroyed,”
he said. “Mobilized people are
already being sent to the front
before being outfitted.”
Henry Boyd, a research fel-
low at the International Insti-
tute for Strategic Studies in
London, said rushing poorly
motivated, trained and equipped
forces into combat “is about the
worst of all possible worlds.”
In the comments, released
by Russia’s Defense Ministry,
Mr. Shoigu said the new re-
cruits would be instructed at
80 training grounds and six
training centers.
The Defense Ministry also
published videos showing mobi-
* * * *
Ukrainian soldiers attend a flag-
raising ceremony in the
recaptured city of Lyman. Right,
Ukrainians seen after attacking
Russian forces in Kharkiv area.
the annexation of all three re-
gions, together with Zaporizh-
zhia in the south, following
sham referendums aimed at
legitimizing the land-grab.
Russian President Vladimir
Putin threatened to use all
means at Russia’s disposal, in-
cluding nuclear weapons, if
Russian-claimed territory is
threatened, but the warnings
on
haven’t slowed the Ukrainian
us ,
push.
l
Western officials said Tues-
e
al a
day they hadn’t seen any indi-
cations or activities out of the
norm or causing concern from
ci on
Russia’s nuclear forces.
Speaking at the Warsaw Se-
curity Forum on Tuesday, for-
mer Central Intelligence
Agency Director David Petra-
er s
eus said Ukraine did a better
job equipping and training its
m er
forces from the start of Rus-
m rp
co Fo
Newly mobilized reservists train at a range in Russia’s Rostov region.
n-
lized soldiers arriving in Rus-
sian-controlled areas of Lu-
hansk to join the fight and
being greeted by gleeful locals
urging the men to “liberate” the
region and ensure their safety.
On the face of it, 300,000
new soldiers could make a ma-
jor difference in the war in
Ukraine. Russia sent 150,000
troops into Ukraine at the be-
ginning of the war and tens of
thousands of troops as rein-
forcements since then, accord-
ing to Western estimates.
U.S. estimates suggest as
many as 80,000 of the invading
‘It’s not going to
help the Russians, at
least not this winter,’
an analyst said.
force have been killed, injured
or captured—though this likely
includes non-Russian army
groups such as proxy militias of
eastern Ukraine and private mil-
itary companies. Mr. Shoigu in
September said close to 6,000
Russian troops had been killed.
Though evidence from
Ukrainian and Russian social-
media accounts show that
some new recruits have been
rushed to the front lines, it
isn’t clear on what scale that
is happening or whether it is
being done systematically. A
senior U.S. military official
said Monday that the newly
mobilized forces hadn’t moved
into Ukraine on a large scale.
Mr. Danilov said he under-
stood new battalions would be
formed “but for these forces
you need time to train them,
equip them and they need moti-
WORLD NEWS
sia’s invasion in February, and
dismissed the notion that even
a nuclear strike of the kind
hinted at by Mr. Putin could
change the battlefield balance
in Russia’s favor.
“There is virtually nothing
that Russia can do that can
vation,” which they don’t have.
He cited how new units were
formed from volunteers in Rus-
sia’s Third Army Corps this year
and how they retreated during
Ukrainian forces’ advance in the
Kharkiv region. “They don’t
have a chance,” he said.
Mr. Boyd of the IISS said
Russian efforts since 2008 to
modernize the military put
greater emphasis on a profes-
sional army with contract sol-
diers rather than draftees.
“What you’ve got now is the
logical consequence of a largely
ignored and underfunded mobi-
lization system suddenly being
asked to do a lot of very com-
plicated administrative things
with a load of local officials
who are not necessarily trained
or appointed for their capacity
to deliver this,” he said.
Some analysts said basic
training in the Russian military
would usually take three to
four months, long enough only
to obtain rudimentary skills.
But many would-be trainers
would either have been killed
or injured in Ukraine or are
still fighting there.
Mr. Putin last week ac-
knowledged mistakes in the
recruitment process that
needed to be corrected, re-
flecting criticism that non-re-
servists were being rushed
into service in places.
In public comments on
Monday, British defense intel-
ligence said Mr. Putin’s “un-
usually rapid acknowledgment
of problems highlights the
dysfunction of the mobiliza-
tion over its first week,” say-
ing local officials are likely un-
clear on the scope and legal
rationale of the campaign.
—Ann M. Simmons
and Nancy A. Youssef
contributed to this article.
make a difference,” he said,
noting that Mr. Putin is in a
difficult situation.
“The Russians do not ap-
pear to be all that prepared
for some kind of nuclear activ-
ity. There are preparations
you take before you do this.
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Wednesday, October 5, 2022 | A7
powerful advance in the south
of our country as part of the
current defense operation.
Dozens of settlements have al-
ready been liberated from the
Russian sham referendum this
week alone.’’
President Biden said in a
call with Mr. Zelensky that the
U.S. would provide Ukraine
with a new $625 million secu-
rity-assistance package that
includes High Mobility Artil-
lery Rocket Systems, said the
White House.
Mr. Biden also pledged to
continue supporting Ukraine
for as long as it takes.
Ukraine, meanwhile, has
continued to restore basic ser-
vices in liberated areas, such
YEVGEN HONCHARENKO/EPA/SHUTTERSTOCK
as pension payments, electric-
ity and police patrols.
On Monday, Mr. Zelensky
said that 450 settlements
were freed in the northeastern
Kharkiv region alone. Ord-
nance-disposal teams are
working in areas mined by
Russian forces, he said.
Ukraine also is seeking resi-
dents suspected of collaborat-
ing with the Russians. Mr. Zel-
ensky said such people
constitute a small minority of
those living in newly liberated
territories, and other resi-
dents have little to fear.
“If a person did not serve
the occupiers and did not be-
YASUYOSHI CHIBA/AGENCE FRANCE-PRESSE/GETTY IMAGES
tray Ukraine, then there is no
.
basis to deem such a person a
collaborator,” Mr. Zelensky
ly
said.
On Monday, Ukrainian
fighters who spent weeks in
Russian captivity after Mos-
cow’s capture of Mariupol in
May met with relatives in Tur-
key, where they are recuperat-
ing following their release in a
prisoner swap brokered by
Ankara.
“They haven’t seen each
other for many months,” Mr.
Zelensky said in his speech.
Their own soldiers would be “We will do everything so that
vulnerable,” Mr. Petraeus families of all Ukrainians still
added. in Russian captivity will be
In a late-night video ad- able to have such a meeting—
dress Tuesday, Ukrainian Pres- a meeting with their loved
ident Volodymyr Zelensky ones.”
said: “The Ukrainian army is —Drew Hinshaw
carrying out a pretty fast and contributed to this article.
MUDFLAPS
Auto. Home. Pet. Find Your Fit.
1-800-441-6287 or 1-630-769-1500
 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 | Wednesday, October 5, 2022
EU Slows Approval of Oil-Price Cap
BY LAURENCE NORMAN
BERLIN—The European
Union has advanced work on a
price cap for Russian oil under
an approach that keeps the
U.S.-led effort on track, but
holds off on final approval.
EU member states are set
to agree on a two-stage ap-
proach to the international
price cap on Russian oil, which
is being developed within the
Group of Seven industrial
economies. EU officials are
preparing legislation needed
to implement the measure, but
will hold off approving it until
the rest of the G-7 is ready,
diplomats and officials said.
The EU approach reflects
concern among some member
states about the proposal,
which would place a maximum
price on what can be paid for
Russian seaborne oil. Hesitation
is greatest in EU members with
large shipping sectors, includ-
ing Greece, Cyprus and Malta.
The emerging EU approach
Israel-Lebanon Deal Would Boost Gas Exports
BY DOV LIEBER
AND AARON BOXERMAN
Israel and Lebanon are close
to striking a U.S.-brokered deal
on maritime borders that would
allow Israel to export gas to Eu-
rope and mark a rare instance of
economic cooperation between
the neighboring countries.
The current draft of the deal
gives Israel full control of the
disputed Karish gas field in the
Mediterranean Sea, according
to Israeli and Lebanese offi-
cials. The Qana gas field farther
north would be in Lebanon’s
control, but Israel would main-
tain a stake in the gas located
in its territory, the officials
said. Both countries have sig-
naled they would accept the
draft agreement delivered to
them last week after some final
negotiations and due diligence.
The deal, which has been in
the works for a decade, would
allow Israel to quickly follow
through on its commitment to
sell gas to the European
Union, which is searching for
new energy sources following
Russia’s invasion of Ukraine.
The State Department’s en-
ergy envoy Amos Hochstein has
been shuttling back and forth
between Beirut and Jerusalem
in recent months to close the
deal, which became more time
sensitive after a gas rig arrived
at the Karish field in the spring.
The deal marks a diplomatic
achievement for Israel by se-
curing international recogni-
tion of its maritime security
Ukrainians Forcibly Taken to Russia Haven’t Made It Home
BY MATTHEW LUXMOORE
VILKHIVKA, Ukraine—As
Ukrainian forces closed in on
no
this village in northeastern
Ukraine in the spring, Russian
soldiers rounded up dozens of
locals and told them to march
along a dirt track toward the
Russian border about 20 miles
away.
More than half a year later,
only a few have returned. Af-
ter being taken to Russia with-
out prior warning, they spent
weeks traversing the country
and making their way west-
ward into Europe, where most
still live as refugees. With
Vilkhivka liberated but in ru-
ins, they don’t know when
they will make it home.
Russia’s invasion of Ukraine
has killed thousands of civilians
and left behind evidence of
widespread torture and execu-
tions. What happened in Vilkh-
ivka, recounted by a dozen vil-
lagers, is a less visible but still
devastating consequence. Mil-
lions have been uprooted by
the war, including hundreds of
thousands who Ukrainian offi-
cials say have been coerced
into going to Russia.
As Ukraine pushes Mos-
cow’s troops out of its territo-
ries, the trauma of these peo-
ple’s dislocation and the
destruction of their homes un-
derscore how hard it will be
for many to rebuild their lives.
“I traveled thousands of
miles to leave a place I never
wanted to go to,” said Serhiy
Holovin, who now lives with
16 other Vilkhivka residents in
a shelter for refugees in Ger-
many. “But what choice do you
have when a soldier with a
gun tells you to leave?”
Evidence of the practice of
forced transfers to Russia is
means the price-cap proposal
remains on track to enter into
force, but raises fresh ques-
tions about how quickly it can
be implemented.
Washington has pushed the
international oil-price cap as a
way of minimizing the Krem-
lin’s revenue from foreign oil
sales without inflating oil
prices by preventing oil sales to
Asia and Africa. The idea is to
set a maximum price at which
shippers from G-7 countries
may legally transport Russian
oil to countries in Asia and Af-
rica. The plan would also per-
mit those companies to buy in-
surance for Russian oil cargoes,
a critical aspect of the shipping
industry. The G-7 hopes other
countries will join the system.
The G-7 still must agree on
the details of the price cap, in-
cluding the price at which to
set the cap, its precise imple-
mentation methods and how
many other countries they
need to join the G-7 in launch-
ing the cap. U.S. lawmakers are
on
us ,
l
e
al a
ci on
An Energean storage and offloading ship in the Karish gas field in the Mediterranean Sea.
border with Lebanon, and
could act as deterrence against
er s
another war, Israeli officials
say. Israel and Lebanon have
m er
fought two major wars and
don’t have diplomatic relations.
London-based Energean PLC
says it is ready to start operat-
ing a rig at the Karish field as
m rp
early as this month. Israel has
said it won’t wait for an ac-
cord with Lebanon to start ex-
tracting the gas from Karish, a
move Iran-allied Lebanese mil-
co Fo
itant group Hezbollah said it
would forcefully oppose.
Hezbollah has tens of thou-
sands of rockets aimed at Is-
rael. In July, Hezbollah sent
drones toward the Karish gas
field twice, and Israel’s military
n-
Residents returned to Vilkhivka for the weekend. The village, which was captured by the Russians, has been liberated but it is in ruins.
mounting. A report by interna-
tional nonprofit Human Rights
Watch, based on more than 50
interviews with people affected
by it, called such transfers a
war crime and documented
treatment at so-called filtra-
tion camps where Russia ex-
amines Ukrainians for evidence
of pro-Kyiv sympathies or ties
to the military, and sometimes
holds them for weeks.
Moscow has denied forcibly
transferring Ukrainians and
claims that some four million
have voluntarily arrived in
Russia since February. Many
Ukrainians have relatives in
Russia and choose to go there
WORLD NEWS
advocating increasing penalties
for foreign buyers who don’t
abide by the price cap. U.S. of-
ficials have been flexible about
how the other G-7 nations de-
cide to implement the cap.
The EU formally backed the
measure at the G-7, but Euro-
pean officials have raised con-
cerns about how the mecha-
The U.S. has pushed
for the global limit
in an effort to curb
revenue to Moscow.
nism would function and its
effectiveness in crimping Rus-
sia’s oil revenues.
Greece, Malta and Cyprus
have raised concerns that ban-
ning EU companies from carry-
ing Russian oil that is sold at
rates above the price cap could
hurt their economies. They fear
said it shot them down. Since
the Energean rig arrived, Hez-
bollah has threatened to attack
it if Israel extracts gas from
the site before a deal is struck.
On Saturday, in a change of
tone, Hezbollah leader Hassan
Nasrallah said: “If a good re-
sult is reached, [the deal] will
open great economic and
promising prospects for the
people of Lebanon.” The coun-
try has been suffering from a
severe economic crisis.
“This deal strengthens Is-
rael’s security and Israel’s
economy,” said Prime Minister
Yair Lapid on Sunday.
The agreement comes
ahead of an Israeli election in
November. Opposition leader
instead of fleeing west.
Russian invading forces took
over Vilkhivka so swiftly that
the 1,500 residents didn’t have
time to flee. Russian troops set
up base in the school and used it
as a supply hub, warning locals
to stay away. But by late March,
Ukrainian forces had pushed
Russia away from the regional
capital, Kharkiv, and were mov-
ing to recapture surrounding
villages. Vilkhivka was under
heavy bombardment, and most
residents were hiding in base-
ments with no cellphone service.
It was shortly after 10 a.m.
on March 28 when two Rus-
sian soldiers, clad in tattered
THE WALL STREET JOURNAL.
OPEC+
Girds for
losing business to countries To assuage the concerns of
that stay outside the mecha-
nism, and raised concerns that
some G-7 countries might not
Malta, the ambassadors
agreed Tuesday to carry out
an impact assessment of the
Debate
enforce the price cap as rigor-
ously as the EU, diplomats said.
At a meeting Tuesday eve-
oil price cap mechanism when
it enters into force. That will
now take into account the
Over Cuts
ning, EU ambassadors ap- price cap’s “expected results, BY SUMMER SAID
proved a proposal under international adherence to and AND BENOIT FAUCON
which they could agree on the informal alignment with the
legislation, but only formally price cap scheme” of non-G-7 VIENNA—The Organization
approve the mechanism at a countries, according to diplo- of the Petroleum Exporting
later date if the other G-7 mats. It would also assess its Countries and its Russia-led al-
countries have cleared the way potential impact on the EU. lies are preparing for a poten-
to implement the cap system. The European Commission, tially contentious meeting on
That means the 27 EU mem- the EU’s executive body, last Wednesday, when they gather
ber states would need to re- week proposed to lay the legal in person for the first time in
visit the three central elements basis for the price-cap mecha- years to discuss a production
of the price cap proposal. First nism as part of a new package cut of up to 1.5 million barrels
they would need to sign off on of sanctions it was placing on a day that not all players sup-
an exemption into the June Russia in response to the port, OPEC officials said.
sanctions package that banned Kremlin’s claim that it was an- Russia and Saudi Arabia, the
EU companies from providing nexing four regions of Ukraine. two biggest producers in the
insurance on Russian oil trans- Those sanctions also were group collectively known as
port after Dec. 5. They would signed off on by member state OPEC+, are pushing for a pro-
need to implement a ban on ambassadors although they duction cut meant to stop oil
EU shippers transporting Rus- won’t be formally implemented prices from falling further,
sian oil priced above the cap, until Wednesday or Thursday. OPEC delegates said. Saudi offi-
and then they would need to —Andrew Duehren cials have told other countries
sign off on the G-7’s price cap. contributed to this article. they want to cut 1.5 million bar-
rels a day, the biggest reduction
since 2020, delegates said.
After surging above $100 a
barrel in the first six months
of the year over Russia’s inva-
sion of Ukraine, oil prices fell
Egypt has much to spare after 32% over the past four months
meeting current obligations. on global economic worries,
Also, there isn’t an available with international benchmark
route from the Eastern Medi- Brent crude falling below $83
terranean to Europe that could a barrel for the first time
carry large amounts of gas. since January. Brent traded at
.
Energy analysts estimate $91.56 a barrel on Tuesday af-
that a small surplus of gas ternoon, having risen on ex-
ly
ENERGEAN PLC/AGENCE FRANCE-PRESSE/GETTY IMAGES
from Israel could make its way pectation of a production cut.
to Europe by next winter via Lining up against a large
Egypt’s liquefied-natural gas production cut are the United
facilities, reducing gas prices
for some Southern European
countries. Energy analysts es-
timate that number could be
Arab Emirates and Kuwait, big
Persian Gulf producers that are
worried long-term curbs would
damage their plans to increase
2-3 billion cubic meters. In output capacity, the delegates
2021, the EU purchased 155 said. The U.A.E., in particular,
bcm of gas from Russia. has invested tens of billions of
Large natural-gas finds in Is- dollars in recent years in ex-
raeli, Cypriot and Egyptian wa- panding its capacity, they said.
ters in the past decade have There is also concern that
turned the region into a global the pain from any production
energy source, and studies show cut wouldn’t be shared across
there are still large resources the board. With much of the
Benjamin Netanyahu charac- that remain undiscovered. A West shunning its oil, Russia
terized the deal as a win for deal between Israel and Leba- has curbed production invol-
Lebanon and a loss for Israel. non could promote confidence untarily by about 1 million
“We will win the elections and among private and public inves- barrels a day or almost 10% of
cancel this shameful agree- tors, and help inject the capital its peak output, and it faces
ment,” he tweeted Monday. needed to discover and export further uncertainty on Dec. 5,
Israel’s cabinet is set to dis- gas in the Mediterranean basin. when a European Union oil
cuss the final offer Thursday, For Israel, which has al- embargo and price-cap pro-
but it isn’t clear whether the ready developed a few gas gram goes into effect.
government will seek parlia- fields over the past decade, an In a sign of the tension,
ment’s approval, which could agreement with Lebanon OPEC+ called off a meeting of
delay its final authorization. would strengthen its hand as a its technocrats scheduled for
The Lebanese government rising energy powerhouse in Tuesday, delegates said, be-
said Monday that it would ask the region and ensure its abil- cause the disagreements were
for several technical amend- ity to provide gas to Europe. such that only a gathering of oil
ments, but could sign an But until this dispute is re- ministers could work things out.
agreement within days. solved, cash-strapped Lebanon Saudi Energy Minister
The deal won’t lead to a will be unable to find private Prince Abdulaziz bin Salman
large influx of gas into Europe companies willing to develop and his Emirati counterpart, Su-
immediately, say energy ana- any gas fields in the area, ana- hail Al Mazrouei, declined to
lysts, because neither Israel nor lysts say. comment on the talks in Vienna.
of Belgorod the morning after
they left Vilkhivka, Vita
Kravchenko, a retiree, was fi-
nally able to speak with her
children. Her daughter cried
on the phone when she heard
her mother’s voice. “We were
afraid. We didn’t know why
they had brought us to Russia,
with what aim or goal,” Ms.
Kravchenko said. “We just had
one thought: to get home.”
With Russia’s officially rec-
ognized border with Ukraine’s
Kharkiv region not operating,
the only options for Ukraini-
ans taken there against their
ANASTASIA TAYLOR-LIND FOR THE WALL STREET JOURNAL
will is to remain in Russia or
leave for a third country. In
Russia, they receive help from
an informal network of volun-
teers who assist them with
finding temporary homes, ap-
plying for residence permits
or arranging travel abroad.
Many are housed at accom-
modation centers that process
arrivals and offer expedited
Russian passport applications.
Others are transported to va-
cant resorts and schools
across the country.
From Belgorod, some of the
Vilkhivka evacuees took a free
uniforms, began visiting hanka, some with pets in tow, shuttle bus to the neighboring
homes and ordering people to the elderly and infirm strug- Voronezh region, where they
leave. They walked from house gling to keep up. were housed in a school. Oth-
to house, knocking on doors, “We were covered in dust, ers turned to Russia-based rel-
the villagers said. the children wailing, and some atives, staying with them be-
People crowded into the of us limping the whole way,” fore leaving for Europe by train
street. One carried an infant said Olha Volynkina, 49, who via the Baltic states. Mr. Ho-
and a spare set of diapers. An- ran Vilkhivka’s grocery store. lovin went to Moscow to stay
other was tending to his cows “It was a horrible sight.” with a cousin, then boarded a
when the soldiers came. When they reached Verkhnya train to St. Petersburg and was
“We didn’t know what Rohanka, they were told to wait later driven by volunteers to
awaited us on the road, or in the center of town. About 20 the border with Estonia.
where we were going,” said people managed to slip away. “How can you stay as guests
Marina Sabada, who left that The rest were driven to the in the home of people who de-
day with her husband, Viktor, highway in military trucks and stroyed your life and destroyed
and 14-year-old son, Danil. then boarded three yellow your house? This is not hospi-
Watched over by Russian buses waiting by the roadside. tality,” he said. “I couldn’t re-
soldiers, they marched 4 miles When they reached a refu- main in Russia and pretend
to the village of Verkhnya Ro- gee center in the Russian city nothing had happened.”
 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.
North Korea Stirs Tension
With New Missile Launch
Kim is returning to a
cycle of provocation
not seen in years,
security experts say
BY DASL YOON
AND TIMOTHY W. MARTIN
SEOUL—North Korea’s lat-
est missile launch over Japan
represents a major escalation
that returns Pyongyang to a
pattern of provocation it hasn’t
used in years, testing how
much international resolve can
be summoned to thwart it.
A particularly strong reaction
came from Japan, where in two
northern prefectures and is-
lands that stretch south of To-
kyo, citizens started their Tues-
day mornings with emergency
alerts about Pyongyang’s inter-
mediate-range missile flying
over their country. The incident
likely will energize Japan’s plans
to increase military spending—a
policy shift aimed largely at de-
terring North Korea and China.
President Biden spoke on
Tuesday with Japanese Prime
Minister Fumio Kishida. The
leaders agreed to coordinate on
their response, while condemn-
ing North Korea’s missile test
as destabilizing to the region,
the White House said. National
WORLD WATCH
UGANDA
Vaccine-Resistant
Ebola Strain Spreads
Uganda’s health system, al-
ready weakened by the coronavi-
rus pandemic and budget cuts, is
struggling to contain an Ebola out-
break caused by a strain for which
there are no proven vaccines or
antiviral treatments and which
can’t be detected by rapid tests.
Two weeks after Ugandan au-
thorities first announced that a
man had died of the relatively rare
Sudan strain of Ebola, there are
now 43 confirmed cases, including
nine deaths. Nineteen other people
who either lived in or had visited
the young man’s village are also
believed to have died from the vi-
rus as far back as early August,
but were never tested.
This means the outbreak has
now spread across five farming
districts in central Uganda. The
center of the outbreak lies along
a major highway connecting
Uganda’s capital, Kampala, with
the Democratic Republic of Congo.
Congo, Kenya, Rwanda and
South Sudan have started
screening travelers crossing their
borders with Uganda for Ebola
symptoms, which include fever,
vomiting, headaches and fatigue.
—Nicholas Bariyo
LEBANON
Depositors Storm
Cash-Strapped Banks
no
Lebanese depositors stormed
at least four banks in the cash-
strapped country Tuesday after
they ended a weeklong closure
and partially reopened.
As an economic crisis wors-
ens, more depositors have
forcefully withdrawn their
trapped savings. Ailing banks
have imposed informal limits on
cash withdrawals. The break-ins
reflect growing anger toward the
banks and the authorities who
have struggled to reform the na-
tion’s corrupt economy. The
banks have urged the govern-
ment to provide security.
—Associated Press
INDONESIA
Gates Were Locked
In Crush, Group Says
Delays in unlocking the gates
at an Indonesian soccer stadium
after violence broke out at the
end of a match contributed to a
disaster in which at least 131
people died, the national soccer
association said Tuesday.
The Football Association of In-
donesia said it has permanently
banned the chief executive and
security coordinator of the team
that hosted Saturday’s match,
Arema FC, for failing to secure
the field and promptly issue a
command to unlock the gates.
Because of a lack of workers,
only a few people were ordered to
open the gates, and they hadn’t
yet reached some doors when
spectators began rushing to es-
cape tear gas fired by police in an
attempt to control fans who had
entered the field, association
spokesman Ahmad Riyadh said.
—Associated Press
* *
security adviser Jake Sullivan,
in separate calls, spoke with his
Japanese and South Korean
counterparts, reaffirming U.S.
commitments to both countries.
“Our goal remains the com-
plete denuclearization of the
Korean Peninsula,” White
House press secretary Karine
Jean-Pierre said Tuesday.
Meanwhile, South Korea,
whose new conservative leader
Yoon Suk-yeol has taken a
more confrontational stance
with the regime of Kim Jong
Un than his predecessor, or-
dered jet fighters to fire preci-
sion bombs hours after the lat-
est test. North Korea didn’t
respond to calls via the inter-
Korean liaison line, normally
held twice a day, for the first
time since June, South Korea’s
Unification Ministry said.
The Kim regime appears to
be back on a similar provoca-
tion trajectory as in 2016 and
2017, when a series of major
weapons tests—including lob-
bing missiles over Japan—
eventually drew the ire of its
allies in Beijing and Moscow.
Pyongyang hasn’t faced much
resistance this year despite
unleashing nearly two dozen
ballistic-missile launches in
2022, the most it has ever
conducted in a single year.
The launches violate United
Truss’s Reversal Sparks U.K. Political Backlash
on
BY MAX COLCHESTER
LONDON—Less than a
month into her tenure as U.K.
us ,
prime minister, Liz Truss is
l
seeing her political authority
e
al a
rapidly erode as her bold ex-
periment in British Reaganom-
ics spins out of her control.
ci on
After presenting the biggest
tax cuts in a generation to try
to jolt the U.K. economy into
higher growth, Ms. Truss is
locked in a battle on three
er s
fronts as she tries to win over
skeptical investors, the British
m er
people and her own lawmakers.
Some in her party are privately
describing her as a lame-duck
leader, with up to two years be-
fore the next general election.
m rp
On Tuesday, a day after her
government dropped a key part
of its plan by reversing a plan
to cut the top rate of income
tax to 40% from 45%, Ms. Truss
co Fo
was facing another fight with
members of her own party over
how to pay for the remaining
£43 billion, the equivalent of
$48.7 billion, in tax cuts the
government has proposed.
Ms. Truss and her team
have suggested freezing social-
welfare benefits below the rate
of inflation, an idea that drew
immediate criticism from other
members of the party who said
it would be a difficult step
n-
while high inflation and weak
growth are generating eco-
nomic pain for many voters.
Penny Mordaunt, the leader
of the House of Commons and
a member of Ms. Truss’s cabi-
net, on Tuesday said she sup-
ported benefits rising in line
with inflation, contrary to Ms.
Truss. Several others agreed.
“I think colleagues are going
to struggle with it, and this
could be one of those areas
where the government is going
to have to think again,” said Mel
Stride, the chair of Parliament’s
Treasury Select Committee.
It is a sharp reality check for
a leader who came to office in
early September after wooing
party members with the prom-
ise of a Margaret Thatcher-
esque revival of the British
Blinken Works to Court South America’s Leftist Leaders
BY VIVIAN SALAMA
BOGOTÁ, Colombia—Secre-
tary of State Antony Blinken
arrived in South America as
part of an effort to engage
some of the continent’s new
leftist leaders who are shaking
up traditional alliances at a
time when China is increas-
ingly offering itself as an al-
ternative to Washington.
Mr. Blinken made his first
stop in the Colombian capital
on Monday and met with
newly elected President Gus-
tavo Petro, a former guerrilla
who has pledged to end the
drug war and redesign other
hallmarks of his country’s
close relationship with the
U.S. Mr. Blinken is also sched-
uled to visit Chile and Peru
this week, where some miners
put investments on hold after
WORLD NEWS
Nations Security Council reso-
lutions. But U.S.-led efforts to
heap additional penalties on the
rogue nation have been blocked
by Russia and China, which ad-
vocate a relaxing of sanctions.
“There is no question Kim
Jong Un is trying to drum up
the same tension he did in
2017,” said Jean H. Lee, a senior
fellow at the Korea program at
the Wilson Center, a nonparti-
san think tank in Washington.
“The tension gives him the pre-
text to continue testing.”
In the coming weeks, North
Korea could conduct its first
nuclear test in five years,
South Korea’s spy agency said
last week. The geopolitical dy-
namics have changed since
Pyongyang’s latest test, with
Moscow and Beijing engaged
in a deepening standoff with
the West. North Korea has
drawn closer to Russia this
year, publicly supporting the
Kremlin’s invasion of Ukraine.
While Beijing has called for a
cease-fire and negotiations,
China has backed Russia eco-
nomically during the war.
Separately, Chinese leader Xi
Jinping in September exchanged
letters with Mr. Kim pledging to
strengthen ties further.
In March, Pyongyang’s first
intercontinental-ballistic mis-
sile test in more than four
British Prime Minister Liz Truss, center, attended the Conservative Party conference in Birmingham, England, this week.
economy. Within days of taking
office and unveiling her plan,
her government was embroiled
in chaos as the pound plunged
and the Bank of England had to
intervene to stop U.K. pension
funds from collapsing amid in-
vestor fears over the health of
the country’s finances.
A lone bright spot for the
British leader this week has
been U.K. financial markets,
which have stabilized after she
and Chancellor of the Exche-
quer Kwasi Kwarteng dropped
the top-tax-rate cut, vowed to
ensure fiscal responsibility
and agreed to have a prompt
independent budget appraisal
of their plans. On Tuesday, the
pound strengthened again, up
0.64% to 1.14 a dollar. Govern-
ment borrowing costs also fell
again, with the yield on the
benchmark 10-year govern-
ment bond, or gilt, down 0.13
percentage point to 3.835%.
The upheaval, however, has
come at a cost, damaging the
Tories’ image as a steady pair
of hands for the economy. Polls
leftist politicians won power
in elections last year.
Western governments have
struggled to constructively
connect with a new crop of
leaders in Mexico, Central
America and South America
who are more receptive to en-
gagement with China and Rus-
sia and less prone to align
with American policies, includ-
ing counternarcotics strate-
gies, the fight against corrup-
tion and migration.
Mr. Blinken’s five-day trip
began a day after a leftist icon
in Latin America, Luiz Inácio
Lula da Silva, earned the most
votes in the first round of Bra-
zil’s presidential election. If
Mr. da Silva wins the runoff on
Oct. 30 against right-wing
President Jair Bolsonaro, ev-
ery major country in Latin
America would have a leftist
An image of Kim Jong Un on a screen in Tokyo during a broadcast about North Korea’s missile launch
years—once considered a step
too far for Beijing and Mos-
cow—concluded without any
major reprimands.
The Tuesday morning mis-
sile test was the first to fly over
Japan in five years. It halted
trains, disrupted airports and
spooked citizens en route to of-
fices and schools. Tokyo offi-
cials called the launch an immi-
nent threat to the region.
The North Korean test could
give momentum to proposals
from Mr. Kishida’s ruling Lib-
eral Democratic Party to raise
Japan’s defense budget, which
has long hovered around 1% of
gross domestic product, to
about 2% within five years.
show the Conservatives have
slumped to record lows against
the opposition Labour Party in
the wake of the economic plan.
At the Conservative Party
conference under way in Bir-
mingham, normally an event
that lauds the conservative
leader of the day, many law-
The prime minister
faces a fight about
how to pay for the rest
of her tax-cut plan.
makers privately expressed
amazement at the chaos that
has engulfed Downing Street.
They either criticized the tax
policy or criticized Ms. Truss
for ditching it. Most of all, they
criticized how she communi-
cated the plan.
“I think the prime minister
made a major blunder by say-
ing ‘No U-turn’ on something
government, some of which
are openly antagonistic toward
Washington.
Relations between Latin
America and the U.S. have
grown increasingly fraught in
recent years. Mexico and Cen-
tral American countries have
diverged from the U.S. on cor-
ruption issues. Some Latin
American countries have bris-
tled at U.S. policy toward Cuba
and Venezuela. The U.S. has
clashed with Mexico over Pres-
ident Andrés Manuel López
Obrador’s nationalist policies
on energy. The pandemic, the
ensuing global economic crisis
and now, the war in Ukraine,
have led to falling currencies,
inflation and hunger.
In June, President Biden
hosted a Summit of the Ameri-
cas, aimed at reinforcing his
administration’s commitment
Wednesday, October 5, 2022 | A9
Mr. Kishida has pledged to
sharply raise Japan’s spending
on missiles and other weapons
to deter China and North Ko-
rea. On Friday, a Japanese
government panel began dis-
cussions on how to fund a big-
ger defense budget.
North Korea has given no
public indication it wants a
swift return to formal talks
with the U.S. after a three-year
hiatus for negotiations. The
Kim regime has spurned nu-
merous offers from the Biden
administration to meet with-
out preconditions, including
outreach as recently as July.
North Korea is likely wait-
ing for the U.S. to make a first
ly
that she subsequently had to
do,” said Roger King, a former
Tory lawmaker who served
under Margaret Thatcher.
“One has to think in terms of
Margaret Thatcher—she said
no U-turns but she meant it.”
One cabinet member, Home
Secretary Suella Braverman,
accused colleagues who
pressed Ms. Truss to backtrack
of having staged a coup.
When asked on Tuesday if
the Conservative Party was
united behind Ms. Truss, one
of her cabinet ministers sim-
ply grimaced. Ms. Truss was
pressed in an interview on
television on whether she
trusted Mr. Kwarteng. She de-
clined to say she did. Conser-
vative party elders warned Ms.
Truss this week to scrap her
cut to the 45% tax rate, which
kicks in at earnings over
£150,000 a year, because her
lawmakers wouldn’t vote it
through Parliament.
Without the support of law-
makers or the broader British
public, Ms. Truss faces an up-
to the Western Hemisphere.
But the gathering prompted
boycotts by a handful of Latin
American and Caribbean lead-
ers—including Mexico’s presi-
dent—who admonished the
administration’s decision not
to invite three left-wing au-
thoritarian countries: Venezu-
ela, Nicaragua and Cuba.
Several Latin American
leaders are rewriting the rules
on taxes and international in-
vestment, particularly in the
extraction of natural re-
sources, driven by popular re-
jection of market overhauls
and antipathy toward the elite
political class that is blamed
for social inequities. Those are
all concerns to the U.S., offi-
cials said, though the focus is
to find common ground with
democratically elected govern-
ments.
RICHARD A. BROOKS/AGENCE FRANCE-PRESSE/GETTY IMAGES
move, expressing firmer com-
mitments to sanctions relief
before choosing to re-engage,
or even floating the prospect
of a summit with Mr. Biden,
security experts say. But that
moment hasn’t arrived, with
the U.S. focused on Russia’s in-
vasion of Ukraine, rising Chi-
nese aggression, plus a packed
domestic agenda ahead of No-
vember’s midterm elections.
Watch a Video
Scan this code
to see a video
on the missile
launch, and
Seoul’s response.
.
TOLGA AKMEN/EPA/SHUTTERSTOCK
hill battle selling big changes
to the Conservative manifesto
that was voted for in 2019—in-
cluding more spending to help
poorer areas of the country
left behind by globalization.
Nadine Dorries, a former
Tory cabinet member who sup-
ported Ms. Truss’s campaign to
be leader, turned on the prime
minister this week, saying Ms.
Truss had no mandate to force
through the changes she wanted
and should call an election.
Ms. Truss stacked her cabi-
net with loyalists rather than
reach out to rival Tory groups
of lawmakers, and she caught
many in her ranks by surprise
when the chancellor an-
nounced the cut to the 45%
rate. Senior party officials ex-
pect her to shuffle her leader-
ship team in the medium term.
On Tuesday, she said her gov-
ernment listened to the criticism
and changed course. “We do re-
spond when there are concerns
and we act quickly,” Ms. Truss
said, wearing a hard hat at a
construction site in Birmingham.
“We are not judging coun-
tries based on where they fall
on the political spectrum, but
rather their commitment to
democracy, the rule of law and
human rights,” Assistant Sec-
retary Brian Nichols, the State
Department’s top diplomat on
the Western Hemisphere, told
reporters ahead of the trip.
“We are…visiting three
countries that have been long-
time vital trade partners of
the United States, countries
with free-trade agreements
with the United States, coun-
tries with long histories of ex-
change with the United
States,” he said.
Mr. Blinken’s trip came
amid concerns that the U.S.
has largely focused on other
geopolitical priorities in re-
cent years, to the detriment of
the Western Hemisphere.
 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 | Wednesday, October 5, 2022
Economic
Woes Fuel
Iran Unrest
Continued from Page One
the region. Iran’s middle class
kept growing over the past
four decades to 60% of the
population, with a strong edu-
cation system churning out
doctors, lawyers, engineers
and traders despite a devas-
tating war and several oil-
price crashes.
Now, the middle class is un-
der pressure from 50% infla-
tion and a currency, the rial,
that fell to its lowest levels
ever this year. Today, more
than a third of Iran lives in
poverty, compared with 20%
in 2015, and the middle class
has shrunk to comprise less
than half the country.
Anger has been building for
years over the economy and
the failure to revive the inter-
national agreement that lifted
sanctions on Iran in exchange
for tight but temporary limits
on its nuclear program.
“The root of these protests
is the economic problems and
you now see the eruption,”
said a 52-year-old homemaker
who has been protesting on
the affluent streets of north
Tehran, taking off her hijab
and waving it with crowds of
other women.
She and her husband, a
small food-business owner,
have run out of savings and
inflation threatens their mid-
dle-class lifestyle. They once
owned several properties but
have sold some to raise cash.
She said she used to buy a
new car every two years, trad-
ing in the old model for a new
one, but she recently sold her
car for cash to pay off loans.
‘Not afraid’
The homemaker was pro-
testing on Friday when some
plainclothes police officers
shouted at her for not wearing
her headscarf and attacked
two female protesters near her,
she said. Some officers opened
fire, she said, and she was hit
by a rubber pellet from the
shotgun-like weapon Iranian
police use to disperse crowds.
“The shot has a horrible,
real-gun sound,” she said. But
now that she’s been shot, she
said, “I am not afraid of pel-
lets. I would go to protest
again.”
At least 50 people have
been killed in the Iran pro-
tests, with thousands more in-
jured or arrested, according to
estimates from human-rights
groups.
U.S. sanctions that target
Iran’s oil industry and finan-
cial sector are the main factor
crippling the Iranian economy,
cutting the country off from
the dollar, most economists
agree.
Even so, about 63% of Irani-
ans blame domestic economic
mismanagement and corrup-
tion, rather than sanctions, for
the country’s financial woes,
no
according to a poll of 1,000 re-
spondents carried out a year
ago by the University of Mary-
land’s Center for International
and Security Studies at Mary-
land and IranPoll, a Canada-
based opinion-research and
polling firm focused on Iran.
Once one of the world’s big-
gest oil producers, Iran now
pumps about 2.5 million bar-
rels a day, down from more
than 6 million in the 1970s and
4 million as recently as 2016.
Economists say the benefits of
Bridge
Beats Too-
Tall Trucks
Continued from Page One
and warnings, the driver of a
15-foot box truck had tried to
squeeze under the bridge’s
metal-and-wood cover with a
posted height of 8’6”.
It was the 41st such acci-
dent since the bridge reopened
in 2020, after the original all-
wood covering was demol-
ished by another too-tall box
truck that tried to go under
two years earlier, according to
Christopher Covelli, deputy
chief of the Lake County Sher-
iff’s Office. A rental truck that
got stuck on the bridge Mon-
day, and drove away after hav-
ing air let out of its tires, was
the 42nd. None of the drivers
have been injured, Mr. Covelli
said.
Demonstrators gathered last month in Tehran to protest the death of a young woman detained by the morality police over an alleged dress-code violation.
any postpandemic growth are
partly offset by runaway infla-
tion. Employment for college
graduates dropped by 7% in
the aftermath of sanctions and
wages of male skilled workers
by almost 20%, according to
an International Monetary
Fund study.
A first wave of demonstra-
tions began earlier this year,
led by trade unions represent-
ing oil-industry workers and
teachers who saw their wages
fall below the poverty line.
Workers say they have trouble
affording Iranians staples like
spaghetti or hamburger meat.
The unions have called on
their members to join the
us ,
movement to end the enforced
l
headscarf law that Ms. Amini
e
al a
was accused of violating.
In recent days, students at
Allameh Tabatabai University
ci on
in Tehran have picked up the
theme, chanting: “Poverty,
corruption, tyranny. Death to
this dictatorship.”
er s
Resurgent poverty
m er
Farshad Momeni, head of
the Institute for Islamic Stud-
ies in Humanities, an indepen-
dent Iranian research center,
told the semiofficial ILNA
m rp
news agency that the scale of
Iran’s resurgent poverty is
“unprecedented in the last 100
years” and could destabilize
the country.
co Fo
Some Iranian leaders have
urged the government to hear
the protesters out. Ayatollah
Hossein Noori-Hamedani, a
cleric known to be close to Su-
preme Leader Ayatollah Ali
Khamenei, said on his website
last month that “it is neces-
sary that the authorities listen
to the people’s demands and
solve their problems.”
But in calling for the gov-
ernment’s downfall and an end
n-
to the Islamic system, protest-
ers have little room to maneu-
ver with Tehran authorities.
Mr. Khamenei this week de-
nounced the protests as riots
inspired by foreign enemies
such as the U.S. and Israel and
praised the crackdown.
“This is not about the hijab
in Iran,” Mr. Khamenei
tweeted on Monday. “It is
about Islamic Iran’s indepen-
dence & resistance.”
For many middle-class Ira-
nians after 1979, the relative
freedom to do business and
make money helped take the
edge off their discontent over
political repression and the
Ms. Neumann says the
number of vehicles that hit the
covering is actually higher in-
cluding ones that don’t get re-
ported. “We should have a lit-
tle tick board,” she said. “Tick,
tick, tick, tick, tick. Tons more
than that have hit the bridge.”
Village officials say they
have no plans to get rid of the
handsome, green cover or the
one-lane iron bridge. Support-
ers say it offers a kind of por-
tal to enter a downtown boast-
ing one of the oldest
continuously running taverns
in Illinois, a picturesque water
wheel and numerous shops.
The bridge appears on the
village seal and signs welcom-
ing visitors. Shops such as
Covered Bridge Creamery and
Broken Bridge Treats salute its
appeal. Buffalo Creek Brewing
has named brews after the
bridge and the mayhem. Bus
Wedgie, a dark German lager,
celebrated a school bus that
got stuck under the bridge the
day after it reopened and Bad
Move, a honey nut brown ale,
hails a rash of jammed-up
FROM PAGE ONE
How many Iranian rials* $1 buys
0 middle class Iranians have
100,000
200,000
300,000
400,000
2015 ’16
Gini coefficients of household-
income inequality
on 0.44
MORE INEQUALITY
U.S.
0.40
China
0.36
2013 ’14 ’15 ’16 ’17 ’18 ’19
*Scale inverted to show the weakness of the rial; seven-day average
Sources: Bonbast (rial rate); World Bank (Gini index); International Monetary Fund (inflation)
Ming Li/THE WALL STREET JOURNAL
imposition of conservative Is-
lamic values on a secular soci-
ety. The government also re-
distributed oil wealth that had
been concentrated among an
elite under the shah, offering
free healthcare, schools and
family-planning programs.
Iran’s strong educational
system gave the country’s ru-
ral poor a path to social mo-
bility and homeownership,
with a university degree un-
locking access to professions
such as medicine and law.
By 2015, Iran’s Human De-
velopment Index—a United
Nations measurement that in-
cludes social equality, educa-
tion levels and life expec-
tancy—ranked above those of
Mexico, Ukraine, Brazil and
Iranian women shop at a traditional bazaar in Tehran, where high inflation is pinching budgets.
moving vans.
City leaders say the cover is
doing what it was designed to
do: keep heavy trucks off the
underlying iron bridge that is
on the National Register of
Historic Places.
“It’s doing its job,” said Bill
Jacob, village president, of the
cover, which is longer than the
bridge itself and rests on steel
pilings driven 20 feet into the
ground. “We’re just surprised
at the number of trucks that
continue to try to get over it.”
Mr. Jacob says the route to
the bridge is well-marked with
the height restriction, 5-ton
weight limit and signs saying
“NO TRUCKS OR BUSES.” He,
like most in town, blames
drivers staring at GPS for the
wave of kabooms.
The original iron bridge
opened in 1906, said Aaron
Underwood, a historian with
the Long Grove Historical So-
ciety. It is one of few iron
bridges of its style still in use
that came with a pedestrian
lane on the side.
In the early 1970s, state of-
Aug. 6, 2018
U.S. reimposed
sanctions
’17 ’18 ’19 ’20 ’21 ’22
Iran’s annual inflation rate
40%
Iran
20
0 trade with Russia and China,
2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
Turkey.
That year, Iranians hoped
that an agreement with the
U.S., European powers, Russia
and China would end years of
international isolation over
their country’s nuclear pro-
gram. In exchange for tight
but temporary limits on the
nuclear work, Iran was freed
from most international sanc-
tions and able to do business
again with much of the West.
The impact was limited.
Many Western companies
shied away from deals with
the Islamic Republic after the
election of President Donald
Trump in 2016.
Since 2018, when Mr.
Trump pulled out of the nu-
clear deal and reimposed
ficials wanted to tear down
the aging structure over Buf-
falo Creek and replace it with
a culvert and a two-lane road.
“The locals were as attached
to the bridge then as they are
today,” he said. “They wanted
to keep the bridge because it’s
cool.”
Village officials, who had
also successfully fought off ef-
forts to turn the area into a
subdivision, came up with the
idea of putting a wooden
cover over the bridge to pro-
tect it from weather and dis-
courage truck traffic, he said.
That arrangement worked
until 2018, when a box truck
took out the entire wooden
cover. The town had debated
whether to replace the bridge
before the accident, Mr. Un-
derwood said. But with insur-
ance money and other funds
coming in, officials decided to
rebuild the cover with a new
steel structure that would stop
trucks, not just discourage
them.
“It’s a can-opener bridge
now,” said Mike Marr, owner
THE WALL STREET JOURNAL.
GETTY IMAGES
American sanctions, more protests flared up across Iran
that were rooted in economic
slipped back into poverty. discontent. The Iranian au-
Middle-class Iranians once thorities violently suppressed
put their faith in reformist po- both movements, with more
litical candidates such as Has- than 100 dead in 2019, accord-
san Rouhani, who led the ing to Amnesty International,
country from 2013 to 2021. a nonprofit human-rights or-
Polls suggest the voting bloc ganization.
has lost hope in political
.
change through the ballot box.
Last year, turnout hit a record Concentrated wealth
ly
low after it became clear Mr. A 2019 report prepared for
Khamenei wouldn’t allow even the U.S. Department of De-
a token reformist candidate to fense by Boston-based social-
run for president. sciences consulting firm Na-
Mr. Rouhani’s successor, tional Security Innovations
Ebrahim Raisi, who previously said Iranian protesters now
headed Iran’s repressive judi- “largely come from higher in-
ciary, has emphasized eco- come professions such as
nomic self-sufficiency and trade and transportation” and
“are being formed by well-ed-
rather than with the West. ucated and elite Iranians.” The
“In Iran, there is no release rising role of the Iranian mid-
valve—no economic opportu- dle class in protests would
nities, no social opportunities, bring more instability and
no political opportunities, just would be met by mounting re-
a cloud of repression,” said pression from the government,
Sanam Vakil, the deputy direc- the study predicted.
tor of the Middle East North Wealth is now concentrated
Africa program at the U.K.’s in fewer hands, fueling resent-
Royal Institute of Interna- ment against members of the
tional Affairs. Iranian elite widely suspected
A 40-year-old businessman of profiteering from sanctions
in Tehran said inflation and an evasion.
unstable business environment Businessmen in Tehran say
ruined his plans to open a cof- the economy has increasingly
fee shop. He also had plans to been taken over by state-
sell foreign perfume in Tehran, aligned groups, from public
but those talks are over. He pension funds to religious
has canceled wedding plans, foundations to entities owned
as they are too expensive. The by the Islamic Revolutionary
pricey shirts and holidays in Guard Corps, leaving little
Istanbul and Dubai he once breathing space for a genuine
could afford are gone. private sector.
“My dreams have just evap- The top 10% of Iranian
orated,” he said. “People are households now receives 31%
tired and hopeless.” of the total gross national in-
In 2017, and then in 2019, come while the bottom 10%
gets about 2%, according to
Iran’s welfare ministry.
That means the Islamic Re-
public has economic inequali-
ties as pronounced as in the
U.S. and much higher than in
other countries in the region
such as the United Arab Emir-
ates, Iraq or Israel, according
to the World Bank.
ATTA KENARE/AGENCE FRANCE-PRESSE/GETTY IMAGES
As many Iranians cut meat
from their diets, luxury car
showrooms are full. Alireza
Ghasemi, 33, a salesman for
German luxury brand Mer-
cedes-Benz, said he has a
waiting list of 160 buyers
ready to scoop the vehicles af-
ter the government said the
imports would be allowed
again after a five-year hiatus.
The cars go for up to
$97,000—half a century of
earnings by an Iranian taxi
driver.
of Buffalo Creek Brewing, who the opening, “takes the brunt
named his Too Tall IPA after
the truck that destroyed the
of the force—and the vehicles
pay the price instead of the
original wooden cover. “It’s bridge.”
designed to rip off the tops of
vehicles that come through
“I haven’t seen a truck win
yet,” said Jeff Taylor, owner of
there.”
In a recent incident, a truck
slammed into the bridge with
Ma and Pa’s Candy. He and a
friend were building a snow
fort in February 2021 when
such force that a deputy’s re- they noticed a truck heading
port speculated the driver toward the bridge with its
might have ignored the stop windows rolled down.
signs at the foot of the bridge. In a video shot by Mr. Tay-
The impact crumpled the roof lor, his friend can be seen
of the cab and smashed the waving and yelling, “Stop!
windshield, according to pho- Stop! Pull Up!”
tographs taken by Ms. Neu- Then Mr. Taylor hollers,
mann. “Say bye to your truck!” just
But the bridge cover lost before it rams the bridge.
only a few boards and re- “Bye Bye Truck,” an impe-
opened to traffic the next rial cream ale, was soon on
morning. The following day, tap at Buffalo Creek Brewing.
workers replaced the damaged Randy Towner, who owns a
boards. gas station in town, says the
“It’s not too bad. We come bridge has become an embar-
out here, we fix a couple rassment.
boards, nothing structural,” But Mr. Marr at the brew-
said Lee Chessman, a carpen- ery said the bridge is good for
ter, as he finished up repairs. laughs. He’s working on a new
“That piece of steel you see brew and hasn’t come up with
there,” he said, pointing to a a name for it yet. “Maybe we’ll
metal plate stretching across just call it Darwinism.”
 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.
© 2022 Dow Jones & Company. All Rights Reserved.
ENERGY
DRINKS
Are
Taking Off
BY RACHEL WOLFE
T
he whole country is
chugging a drink once
associated with college
students pulling all-
nighters.
Energy-drink sales in
the U.S. were 17% higher in August
compared with a year ago, and up
56% since summer 2019, according
to analytics firm NielsenIQ.
People now sip energy drinks
on the way to the gym, at the of-
fice or to start the day. Many are
clamoring for the caffeine boost as
they return to more in-person
work and resume busier social
lives as Covid-19 restrictions fade.
An array of options that claim
to be healthier is boosting growth
in the energy-drinks market, ana-
lysts say. Shoppers are gravitating
to drinks that tout
vitamins, electro-
lytes, better taste
56%
and less sugar than
older varieties, de-
spite doctors’ warn-
ings that they often Rise in energy-
still have too much
drink sales since
sugar or caffeine.
During college, summer 2019
Nicole LoRusso
chastised friends
who relied on Red
Bull to get through finals. “I was
like, ‘That stuff is going to kill
you!’ ” says Ms. LoRusso, 23 years
old, a public relations coordinator
in Holmdel, N.J.
Now, she gets two cases of Cel-
sius delivered every month and
no
Tapping Into 401(k) Plans
More people seek emergency withdrawals after natural disasters
BY ANNE TERGESEN
F
lorida residents who suffered fi-
nancial losses from Hurricane
Ian might be able to tap their
retirement accounts to cover emer-
gency expenses, a last-resort more
victims of natural disasters are using.
Though 401(k) plans are set up
to keep Americans’ nest eggs out of
reach until retirement age, the In-
ternal Revenue Service allows sav-
ers to pull money out for certain
economic hardships, including buy-
ing a first home, preventing foreclo-
sure and covering high medical bills.
Since the IRS added natural disas-
ters to the list of sanctioned rea-
sons for hardship withdrawals in
2020, thousands of workers have
tapped their retirement savings for
that purpose.
Due to the frequency and severity
of hurricanes, wildfires and other
natural disasters, retirement industry
analysts expect such emergencies to
account for a greater share of with-
drawals in coming years, though em-
ployers ultimately decide which of
the accepted reasons for withdraw-
MARTA LAVANDIER/ASSOCIATED PRESS
als are permitted in their plans.
According to Fidelity Invest-
ments, the nation’s largest 401(k)
plan administrator, about 1% of plan
participants, or roughly 250,000
workers, tapped their retirement
savings because of natural disasters
since January 2021. For comparison,
1.6 million people, or 6.3% of eligible
participants in Fidelity plans, took
PERSONAL JOURNAL.
THE WALL STREET JOURNAL. Wednesday, October 5, 2022 | A11
A new wave of
beverages promises
better taste and
less sugar than
older varieties,
though doctors still
warn against
drinking too much
FROM TOP: PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL, ISTOCK; GATORADE
.
ly
says she can’t start her workday ety of flavors go out of stock just Fast Twitch, exclusively with the it can be hard to shift gears into
without it. She feels the stigma of due to demand,” Mr. Fieldly says. National Football League last teacher mode,” she says.
her desk. She says her view
changed this summer, when
on
consuming an energy drink is wan-
ing and drinks Celsius openly at
Popular varieties include raspberry
açai green tea and sparkling straw-
berry guava.
People who had never bought
month, with a broader consumer
rollout coming in February. Even
Starbucks is getting into the
game: The coffee chain launched
For decades, the energy-drink
market was a two-horse race be-
tween Red Bull and Monster, says
Duane Stanford, publisher of Bever-
friends from the gym turned her an energy drink before are respon- its first lineup of energy drinks, age Digest, who has been tracking
us ,
on to the drink they relied on for a sible for almost a quarter of the in partnership with PepsiCo, the industry for the past 16 years.
l
pre-workout boost. She says she company’s sales, says Mr. Fieldly, in January. The more recent players, including
e
al a
was also tired of paying $7 for a citing data from consumer insights Celsius, Bang and C4, have suc-
Starbucks iced latte when a can of company Numerator. ceeded in marketing themselves as
Celsius costs about $2. He says the beverage doesn’t healthier options in a more health-
ci on
(Red Bull didn’t respond to re- pose health risks for the average conscious environment following
quests for comment about its adult, pointing to its lack of sugar. the pandemic, he says.
health effects.) (The beverage is sweetened with “It’s debatable, but at the end
Ms. LoRusso tries to limit her- stevia and erythritol.) of the day, it’s resonating with
self to one a day. Still, she feels Doctors aren’t convinced. Frank consumers,” he says. “They are a
er s
Celsius is less harmful than some Hu, chairman of the department of very affordable luxury.”
other varieties. “At the very least nutrition at Harvard’s T.H. Chan The B vitamins and amino acids
m er
it has a picture of a fruit on it,” School of Public Health, says he Bang adds to its cans appeal to TJ
she jokes. worries about the beverages’ high Quigley, 44, a marketing director
While established energy drinks caffeine and sugar content. (Sugar- for a medical device company liv-
Red Bull and Monster still account less alternatives aren’t necessarily ing in Lake Forest, Calif.
for more better, he says, due to uncertain He drank enormous quantities
m rp
than half long-term effects of artificial sweet- of Red Bull when he was a brand
Gatorade introduced its first
of the mar- eners.) Too much of the drinks can ambassador for the company at
energy drink, Fast Twitch.
ket, accord- lead to high blood pressure, irregu- the University of Washington in
ing to data lar heartbeat, anxiety and insomnia, 1999. He says he cut back after
compiled by he says, and are especially danger- The ready-to-drink coffee mar- graduation because of health con-
co Fo
trade publication ous for adolescents. A 12-ounce Cel- ket is only a fifth as large as en- cerns and the metallic flavor of
Beverage Digest, sius includes 200 milligrams of caf- ergy drinks in the U.S. and grew the original Red Bull and Monster.
other options are feine, the same as about two 2% year-over-year as of August, (The distinctive, bitter taste is
seeing some of the standard cups of coffee. according to NielsenIQ. largely from the supplement tau-
biggest growth. “The large increase in consump- Taylor Brooks, 30, a Merck phar- rine, Mr. Stanford says.)
Celsius went on tion over the past couple of years is maceutical scientist and yoga in- Twenty years later, Mr. Quigley
the market in 2005, really concerning,” Dr. Hu says. structor in Dallas, frequently sips a drinks a can a day of Bang, Red
but business only took off over the Beverage companies are fol- Celsius before teaching a class. She Bull or Celsius. He says he likes to
past three years. The company saw lowing the shift in consumer be- says the drink doesn’t leave her have one during the work-from-
sales nearly triple in the first six havior. Pepsi-Cola took a $550 feeling as jittery as a cup of cold home lull each afternoon.
months of 2022 compared with the million stake in Celsius this sum- brew would, and defogs her brain “I don’t have time to step away
six months prior, from $93 million mer and began selling Mountain before 6:30 a.m. workouts. for half an hour and go to Star-
to $269 million, according to Presi- Dew Energy in 2021. Gatorade in- “I work a corporate job and bucks,” Mr. Quigley says. “In fact,
n-
dent John Fieldly. “We had a vari- troduced its first energy drink, teach yoga for fun, so sometimes I’m going to go grab one right now.”
avoid paying the 10% penalty on a pay income tax on their withdraw-
hardship withdrawal, workers have
the option of taking a loan. They
can generally borrow up to half of
als plus often a 10% penalty, if un-
der age 59½.
With a Roth IRA, individuals can
their 401(k) balance or $50,000, withdraw their contributions tax-
whichever is less, without having to free any time. But they must hold
state a reason. More than 80% of the money in the IRA at least five
some money out in 2020 in re- or Ian, which recently battered the 401(k) plans Vanguard Group years and be at least 59½ before
sponse to Covid-19 relief measures Puerto Rico and Florida. administers offer loans. the earnings can be tapped tax-free.
enacted by Congress. Individuals seeking disaster-relief Borrowers must repay their And the 10% early withdrawal pen-
“There’s always been a notion in hardship withdrawals from a 401(k) 401(k) loans with interest. A study alty still applies under age 59½.
Congress that people should be al- account must live or work in an by Olivia Mitchell, an economist at Some hardship or early with-
lowed to use retirement funds for area the Federal Emergency Man- the University of Pennsylvania’s drawals from 401(k)s and IRAs can
emergency reasons,” said Rob Austin, agement Agency declared eligible Wharton School, indicates about 10% be taken penalty-free. But the rules
director of research differ. For example, in cases of dis-
at Alight Solutions ability, both types of accounts
LLC, which adminis- waive the 10% penalty. But while
ters large 401(k) IRAs also waive the penalty for first
plans. About half of home purchases and higher educa-
the 222 plans Alight tion expenses, 401(k)s don’t.
manages have Withdrawals for natural disasters
amended their plans are allowed but subject to the 10%
to allow withdraw- penalty.
als for natural disas- Since Hurricane Katrina in 2005,
ters, he said. Some lawmakers have passed legislation
2,000 savers took waiving the 10% penalty in response
advantage of the to several major natural disasters.
provision since early Congress has typically also allowed
2021. account owners to spread the in-
Financial advis- come-tax bill on the withdrawals
ers say withdrawals over three years, with the option to
from retirement ac- repay the money within three years,
counts should be a said Sarah Brenner, an IRA analyst
last resort. Those with Ed Slott and Co. LLC.
who feel they have In 2020, Congress allowed those
no choice need to affected by the coronavirus and
be aware of the economic downturn to take up to
rules, including the Floridians affected by Hurricane Ian might be able to withdraw from retirement accounts. $100,000 penalty-free from retire-
income-tax conse- ment accounts. A bill the Senate Fi-
quences and a 10% penalty that is for disaster relief, said Mike Sham- default, often triggering income tax nance Committee recently approved
often imposed on account owners rell, a vice president at Fidelity. Par- on the balance plus the 10% penalty. would allow people affected by a
younger than age 59½. ticipants are restricted to taking In contrast to the rules governing federally declared disaster to with-
Congress has waived the 10% only what they need to cover their 401(k)s, those with individual retire- draw up to $22,000 from retire-
penalty in response to some major losses and must generally present ment accounts can tap their funds ment accounts penalty-free. The
disasters, and did so for Covid-19. evidence of a loss to the 401(k) ad- any time, and without a reason. measure might be folded into a
But it is unclear whether it will do ministrator, Mr. Austin said. As with a traditional 401(k), broader retirement bill Congress
so for victims of Hurricanes Fiona To tap retirement savings and those with a traditional IRA must could vote on later this year.
 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 | Wednesday, October 5, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY JACOB PASSY

A
irlines are forging new

Airline Partnerships
partnerships with each
other to help recover
financially from the
pandemic, leaving trav-

Come With Pitfalls

elers with more hur-
dles to navigate.
SkyTeam announced last week
that Virgin Atlantic will be joining
the airline alliance next year. The Fliers get more options but also face headaches
move will make Virgin Atlantic the
first U.K.-based airline to join the
alliance led by Delta Air Lines, Air
France and KLM.
Several other efforts are also
under way, including a joint ven-
ture between Delta and LATAM
Airlines Group and a “code-shar-
ing” agreement between United
Airlines and Emirates that allows
each airline to sell seats on the
same aircraft. Meanwhile, JetBlue
and American Airlines face a Jus-

CAMILO FREEDMAN/LIGHTROCKET/GETTY IMAGES

tice Department lawsuit over an
alliance they formed for their op-
erations in Boston and New York.
This flurry of airline partner-
ships comes after Covid-19
prompted many airlines to retire
aging aircraft. The global shortage
of pilots has limited carriers’ abil-
ity to reinstate routes or add new
ones. Airlines are embracing part- The SkyTeam alliance
nerships to address both issues, includes several airlines.
says Helane Becker, an airline ana-
lyst with investment bank Cowen.
For frequent fliers, partner-
ships can offer more options for miles or airport lounges. Airlines in for the same flight by booking trip to Scotland with some friends. A spokesman for Delta said the
collecting and cashing in on airline an alliance can also form code-shar- through a partner airline rather Though their flights to Scotland company apologized to Ms. Kice
miles. However, they may also lead ing partnerships with carriers in- than the carrier that is operating were operated by Air France, she “about the very unusual experi-
to higher prices when booking side or outside of the alliance. the route. purchased the tickets at a better ence she had for her recent trip
flights and bigger headaches when Three alliances—Oneworld, Consumer advocates argue that price through Delta. Both airlines in addition to making sure addi-
trying to resolve customer-service SkyTeam and Star Alliance—ac- agreements between airlines could are members of SkyTeam. tional expenses were reimbursed,”
issues. Here’s what to know. count for nearly half of the world’s drive fares up. The Justice Depart- On the day of departure, an Air noting that Delta’s customers have
capacity for air travel, says John ment has claimed that the alliance France desk agent informed Ms. indicated they value the additional

.
What is code-sharing? Grant, senior analyst at travel-data between JetBlue and American Kice that her ticket had been choices offered by the airline’s
A code-sharing agreement is an ar- firm OAG. could lead to higher costs to trav- voided. She says she was shuffled code-share partners.

rangement between multiple air-
lines that allows them to market
and sell tickets on the same flight
under their own name and flight
number. The flight is then oper-
ated by just one of the airlines.
Airlines are required to disclose
whether a flight they are selling
Airlines tout the benefits of al-
liances and partnerships for trav-
elers. American Airlines has nearly
on
30 code-share agreements, a com-
pany spokeswoman said, many of
which include agreements around
frequent-flier programs.
“These arrangements help us
us ,
elers in its lawsuit against the air-
lines. The companies have dis-
puted the claims.
If you notice a flight is being
operated by another airline when
booking, be sure to compare prices
with that carrier directly before-
hand.
ly
back and forth between Delta and
Air France while attempting to re-
solve the issue, and ended up buy-
ing multiple tickets to ensure she
could make the trip.
At one point, Ms. Kice was out
nearly $9,000 due to the cost of
the multiple tickets, though she ul-
Communication issues among
airlines aren’t uncommon, says
Charles Leocha, president and co-
founder of Travelers United, a con-
sumer-advocacy organization.
“If you get into where there’s
no communication system between
the two partners in the airline alli-

will be operated by another carrier deliver a global network to our timately was refunded for the ex- ance, then you’re really stuck in no
l

at the time of booking. customers to regions around the I have a problem with my ticket. tra expenses she incurred and re- man’s land,” Mr. Leocha says.
e
al a

“The way that agreement is set world where we can’t or don’t fly, Who can resolve it? ceived a credit from Delta for her Travelers who don’t book with
up, the customer shouldn’t on the delivering the best possible net- A big downside for passengers fly- trouble. Nevertheless, the experi- airlines in the same alliance can
day of travel see any difference,” work with the most options to our ing code-shares can be resolving ence has given her pause about find it more challenging to get
ci on

says Adam Gordon, a managing di-
rector and partner at Boston Con-
sulting Group.
Airline alliances are networks
that allow for benefits to carry over
customers in terms of frequency,
destinations and connectivity,” she
said. American is a founding mem-
ber of the Oneworld alliance.
er s
customer-service issues.
Virginia Kice, a 64-year-old re-
tiree from Seal Beach, Calif., expe-
rienced this firsthand during a re-
cent international trip. In January,
booking future code-shared flights.
A spokeswoman for Air France-
KLM Group said in an email that a
customer must contact the cus-
tomer-service department of the
from point A to point B, Mr. Leo-
cha says. When making an interna-
tional layover, a passenger might
need to recheck bags if their con-
necting flight doesn’t have a busi-

from one carrier to another, such as Do the agreements affect prices? Ms. Kice bought tickets for her airline that issued a ticket to re- ness arrangement with the first
the ability to use frequent-flier It is possible to find cheaper fares and her husband for an August ceive assistance. airline they flew with.
m er

More Say No to Business School

m rp

Applications fall amid strong job market, high cost

BY LINDSAY ELLIS time program, once living plications dwindled at some
co Fo

H
arvard Business
School and other top
business programs are
reporting steep drops in ap-
plications as the hot labor
market and the cost of the
degrees kept would-be
M.B.A.s on the job and out
of their applicant pools.
At Harvard, widely re-
garded as the nation’s top
business school, M.B.A. ap-
n-
costs are added.
School recruiters have
said they are increasingly
competing not against other
M.B.A. programs, but against
job offers and pay raises as
they try to convince stu-
dents to enroll.
Interest in business de-
grees is still high from can-
didates abroad, schools say,
with U.S.-based prospective
students fueling most of
programs as the booming fi-
nance and technology sectors
paid up to retain staff, a
trend that continued this
year, college staff said.
The Massachusetts Insti-
tute of Technology’s Sloan
School of Management,
Northwestern’s Kellogg
School of Management,
Dartmouth’s Tuck School of
Business, the University of
Virginia’s Darden School of

plications fell by more than the declines. Business and the University
15%. The Wharton School of
the University of Pennsylva-
nia recorded more than a
no

13% drop. At other elite U.S.

programs—including Yale
University’s School of Man-
agement, as well as the
business schools at the Uni-
versity of Chicago and New
York University—applications
dropped by 10% or more for
the class of 2024.
CHARLES MOSTOLLER/REUTERS

For those who did apply,

the numbers were in their
favor. Yale drew 3,237 M.B.A.
applicants for the class of
2024, down more than 16%
from the prior class, said
Laurel Grodman, assistant
dean for admissions. She
cited the competitive labor
market and interest in
shorter master’s programs
as reasons for the drop.
With a smaller applicant
pool vying for the school’s
347 spots, some students
who would have been wait-
listed in a higher-demand
year got an acceptance let-
ter, she added.
Chicago’s Booth, NYU’s
Stern and HBS declined to
comment.
M.B.A. applications are of-
ten countercyclical, which
means that when the job
market is good, people stay
at work. In economic down-
turns, workers seek out busi-
ness school for a safe harbor
and a degree that will make
them more marketable.
Many young professionals
received large pay raises this
year, making the cost of tak-
ing two years out of their
careers to attend less at-
tractive. The sticker price for
highly ranked business
schools can reach $200,000
or more for a two-year, full-
Wharton School applications dropped by more than 13%.
15%
Drop in applications to
Harvard Business School
“If the job market is hot,
you do not want to leave
your job to get an M.B.A.,”
said Blair Mannix, director of
M.B.A. admissions at Whar-
ton, which drew 6,319 appli-
cants for this fall, down
from 7,338 last year but still
higher than the 5,905 who
applied to start in 2019,
when business-school appli-
cations were falling.
Applications rose sharply
in 2020 as the pandemic
struck. At the time, schools
extended deadlines and
waived standardized test re-
quirements to accommodate
more students. Last year, ap-
of Michigan’s Ross School of
Business also indicated their
applicant pools shrank.
Sloan’s 25% decline to
5,349 applications followed a
record year for applica-
tions—7,112—last year. A
spokesperson characterized
this year’s figures as in line
with prior years.
Cost was the biggest fac-
tor blunting demand, accord-
ing to a survey of more than
1,500 people who considered
applying for an M.B.A. but
decided against it. The sur-
vey was conducted by Clear
Admit, which advises pro-
spective students on apply-
ing to business school. More
than half—52.6%—said cost
was a concern.
“It doesn’t seem as easy
to convince this generation
of applicants as it used to
be,” said Graham Richmond,
Clear Admit’s co-founder.
“They’re a bit more wary of
debt, period, for anything.”
 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.
ALAMY
CULTURAL COMMENTARY
More Than Just a Program
As the theater season gets underway one of our critics reminisces about Playbill magazine
BY JOANNE KAUFMAN
T
heatergoing for my
daughter, Karen, is a
rule-driven activity. In
the case of a musical, for
example, she refuses to
listen to the cast album
before seeing the show. She ar-
rives precisely seven minutes—not
six, not eight—before curtain time,
thus avoiding the crush of the neu-
rotically early and the extrava-
gantly tardy. Most particularly, if
ushers know what’s good for them,
they’ll hand my kid a Playbill be-
fore they even think of pointing
the way to her seat.
Karen has held on to the pro-
gram (and the ticket) to every
Broadway show she’s ever seen,
starting at age 5 with a revival of
TELEVISION REVIEW | JOHN ANDERSON
‘Mr. Harrigan’s Phone’:
Dialing Into Dread
STEPHEN KING FANS will respond
immediately to the atmosphere
writer-director John Lee Hancock
creates at the outset of “Mr. Harri-
gan’s Phone”—a world of perpet-
no
ual autumn and incipient unease, a
white-clapboard Maine where the
chill gets into the bones and the
soul. It will generate such a famil-
iar sensation among fans of Mr.
King’s fiction and its various adap-
tations that the effect may well be
a Pavlovian dread.
Mr. King’s status as a master of
horror, and of fiction generally, is
unquestioned, but had he written
“Mr. Harrigan’s Phone” in the year
in which it is set—2003—he’d be
considered a prophet as well.
Based on one of the four novellas
that make up the 2020 collection
“If It Bleeds,” the story presents a
title character so prescient about
the woes of social media you’d
think he was supernatural. Which
he may well be.
The casually eerie is standard-
issue stuff for a King tale, as is the
young hero who narrates his own
story: Here, Craig (played as a
child by Colin O’Brien and as a
teen by Jaeden Martell) is a young
motherless boy when we first
meet him who is enlisted after
church one Sunday by the forbid-
ding Mr. Harrigan (a pitch-perfect
Donald Sutherland). Harrigan
needs someone to come to his
vaulted mansion once a week and
read to him: The former business
mogul’s eyesight is failing and he’d
like to revisit novels that he has,
no doubt, already read—“Dombey
and Son,” “Crime and Punish-
ment,” “Heart of Darkness.” Even
in 2003, the $5 a week he pays
Craig is a pittance, but the boy is
getting an education in literature,
economics and even politics.
“I had forgotten how much I
despised that socialist claptrap,”
Harrigan says, cutting Craig off
during his recitation of “The Jun-
gle”; his employer, Craig learns
ARTS IN REVIEW
on
“The Sound of Music.” These keep-
sakes of two decades or so are ar-
ranged chronologically and tucked
us ,
into the plastic sleeves of a series
l
of black binders. Though now in
e
al a
graduate school four states away
from the Great White Way, Karen
just ordered another storage
ci on
folder, acknowledgment that the
new Broadway season has just
launched.
I am in awe of such thorough-
ness—and I am shamed by it.
er s
While I still have the program
from the very first piece of profes-
m er
sional theater I ever saw—a tour-
ing production of “Camelot” that
held court for one brief shining
moment or two at the Fisher The-
ater in Detroit when I was in ele-
m rp
mentary school—I am, in this
sphere at least, neither a collector
co Fo
during a primitive internet search
n-
at the local library, was despised
himself, as a corporate raider who
dismantled companies and in-
spired suicides. That he gifts Craig
regularly with Red Devil lottery
tickets is one of the less subtle as-
pects of the story.
But when one of those tickets
pays off, Craig presents Mr. Harri-
gan with an iPhone—which the man
instinctively rejects, until Craig
shows the retired millionaire inves-
tor how he can track the markets in
real-time. His attitude changes. So
does his regard for books. He’s
trapped in the web just like the
kids at Craig’s high school, where
only the coolest kids have iPhones.
(It certainly seems like product
placement, as does Craig’s reading
of “Lady Chatterley’s Lover,” an ad-
aptation of which will be on Netflix
next month.) When Harrigan dies,
nor a completist. My archive is,
let’s just say, highly idiosyncratic.
(More about this in a minute.)
But this should not be read as
indifference. I admire Playbill mag-
azine for all that it is—ornamental
(the bright yellow banner really
livens up a coffee table) and su-
premely useful. It’s just the ticket
to keep me engaged before the
lights go down, and during slack
moments in the second act if I’m
sitting close to the stage and
there’s enough illumination for
continued perusal.
Truly, there is no better diver-
sion than poring over the list of
donors and their contributions (if
the production is part of a non-
profit theater company); the list of
producers (these days, it seems
that everybody is a producer) and
Craig slips the man’s phone into his
suit jacket at the funeral, and be-
gins getting texts from, he assumes,
the great beyond.
Mr. Hancock (“The Rookie,”
“The Blind Side,” “Saving Mr.
Banks”) gives us a teenager under
stress—early on, Craig is tor-
mented by a Cro-Magnon bully
named Kenny (Cyrus Arnold),
which inspires Craig to ask Harri-
gan if he was ever bullied and how
he dealt with his enemies.
“Harshly,” Harrigan declares with
finality. What he doesn’t say is
that retribution might be delivered
from the hereafter, and that Craig
might have a proxy in hell.
Mr. Harrigan’s Phone
Wednesday, Netflix
Mr. Anderson is the Journal’s TV
critic.
Wednesday, October 5, 2022 | A13
ly
the bios of the performers. I tally
up the number who have appeared
on the “Law & Order” franchise
(generally, the entire cast) and
take note of whom they’re thank-
ing for their success. God was big
for a while in those capsule résu-
més but now seems to have been
displaced by his representatives
here on earth: casting directors.
I also have a weakness for “At
This Theater,” a brisk history of
the notable shows that have
played at a particular house. But
with space at a premium, this is
not a column to count on, accord-
ing to Philip Birsh, the president
and CEO of Playbill. “We’ll do it,”
he said, “if there’s a short list of
producers and a small cast, and
the actors aren’t thanking their
lovers and their cats and mention-
Jaeden Martell and Cyrus Arnold, above; Donald Sutherland, below
ing their astrological signs.”
Ultimately, though, I value my
meager stack of Playbills and other
theater programs for reasons that
really have nothing to do with the
plays they document. They’re re-
cords of a particular era as embod-
ied by the slang in the features,
the ads for perfume, liquor,
clothes, cars and chic boîtes.
Reading the ad copy in Stage, the
Fisher Theater’s “Camelot” program
from nearly five decades ago, was a
window into a world—the adult
world—I so longed to join. Certainly
none of the stores and restaurants I
frequented as an 8- or 9-year-old
seemed nearly as compelling as the
exotically named Topinka’s, or the
“elegantly intimate” and “quietly
exciting new supper club” the Liv-
ing Room Lounge.
If Playbills are mementos
of stage dramas, they’re
also souvenirs of
personal dramas.
If Playbills are mementos of
stage dramas, for me, at least,
they’re also souvenirs of personal
dramas. I cling to the program for
“Da,” Hugh Leonard’s memory
play, because it was the first
Broadway show I was permitted to
attend by myself; the scabrous
“Comedians” because it was the
last play I saw with my mother be-
fore her death in 1980; “The Real
Thing” because it figured promi-
nently in my first serious love af-
.
fair; and the 1992 revival of “Guys
and Dolls” because it was the first
time my husband and I went to
the theater after the birth of our
first child. I need only look at the
cover of that Playbill with its or-
ange and white lettering and its
drawings of dice to conjure the
mad dash to the pay phone at in-
termission—it was the pre-cell
era—to check in with Mrs. Steven-
son, the babysitter.
Ninety percent of theatergoers
leave the theater with their pro-
grams in hand, according to Mr.
Birsh. “But,” he said, “as people
get closer to home, the Playbills
get heavier and heavier, so we
don’t know how many actually
make it there.” Nonetheless, the
company sells 20,000-25,000
branded storage binders a year at
$18 to $45 a pop. “People are very
serious about their collection,” Mr.
Birsh said.
Yes. So am I.
Ms. Kaufman writes on culture
and the arts for the Journal.
NETFLIX (2)
 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 | Wednesday, October 5, 2022 * *** THE WALL STREET JOURNAL.

SPORTS
BY ANDREW BEATON
AND JOSHUA ROBINSON
Report Finds That Chess Grandmaster
W
hen world chess
champion Magnus
Carlsen last month
suggested that
American grand-
‘Likely Cheated’ More Than 100 Times
master Hans Moke Niemann was a
cheater, the 19-year-old Niemann
launched an impassioned defense.
An investigation alleges a pattern of likely widespread cheating by Hans Moke Niemann
Niemann said he had cheated, but
only at two points in his life, de-
scribing them as youthful indiscre- dom games,” and that they were
tions committed when he was 12 the biggest mistakes of his life.
and 16 years old. The Chess.com report contradicts
Now, however, an investigation those statements. It says several
into Niemann’s play—conducted by prize-money events are included in
Chess.com, an online platform the 100-plus suspect games and
where many top players compete— that he was live-streaming the con-
has found the scope of his cheating tests during 25 of them. It adds
to be far wider and longer-lasting that he was 17 years old during the
than he publicly admitted. most recent violations, which sub-
The report, reviewed by The Wall sequently led Chess.com to close his
Street Journal, alleges that Nie- account. A letter sent to Niemann
mann likely received illegal assis- included in the report notes “bla-
tance in more than 100 online tant cheating” to improve his rating
games, as recently as 2020. Those in various games.
matches included contests in which Niemann in 2020 confessed to
prize money was on the line. the allegations in a phone call with
The report states that Niemann the platform’s chief chess officer,
privately confessed to the allega- Danny Rensch, the report says. The
tions, and that he was banned from report also includes screenshots of
the site for a period of time. The subsequent Slack messages between
72-page report also flagged what it the two in which they discuss a
described as irregularities in Nie- possible return to the site, which is
mann’s rise through the elite ranks permitted for players who admit
of competitive, in-person chess. their wrongdoing.
While it says Niemann’s improve- Niemann last month questioned
ment has been “statistically ex- why he was banned from the
traordinary,” Chess.com noted that Chess.com Global Championship, a
it hasn’t historically been involved million-dollar prize event. Shortly
with cheat detection for classical thereafter, Rensch wrote a letter to
over-the-board chess, and it Niemann explaining that “there al-
stopped short of any conclusive ways remained serious concerns
statements about whether he has about how rampant your cheating

.
cheated in person. Still, it pointed Hans Moke Niemann in a screen grab from a video posted by the Saint Louis Chess Club on Sept. 6. was in prize events.”
to several of Niemann’s strongest The report also addresses the re-

ly
events, which it believes “merit fur- lationship during the saga between
ther investigation based on the dressed the controversy last month, time, the chess community inter- and throughout our game in the Carlsen and Chess.com, which is
data.” FIDE, chess’s world govern- he said that he had dedicated him- preted his action as a protest. Sinquefield Cup I had the impres- buying Carlsen’s “Play Magnus” app
ing body, is conducting its own in-
vestigation.
“Outside his online play, Hans is
the fastest rising top player in Clas-
was caught cheating, in order to
prove himself as a player.
The controversy erupted in early
on
self to over-the-board chess after he The pair met again in an online
event weeks later, and Carlsen quit
their game after making just one
move. Days later, the world No. 1
sion that he wasn’t tense or even
fully concentrating on the game in
critical positions, while outplaying
me as black in a way I think only a
for nearly $83 million. The report
says that while Carlsen’s actions at
the Sinquefield Cup prompted them
to reassess Niemann’s behavior,
sical [over-the-board] chess in mod- September at the Sinquefield Cup in confirmed his suspicions of Nie- handful of players can do.” Carlsen “didn’t talk with, ask for, or
us ,

ern history,” the report says. While St. Louis, where Niemann upset mann. “I believe that Niemann has When Niemann addressed the directly influence Chess.com’s deci-
l

we don’t doubt that Hans is a tal- Carlsen while playing with the black cheated more—and more recently— suspicions last month, he said the sions at all.” Rensch had previously
e
al a

ented player, we note that his re- pieces, which is a disadvantage. than he has publicly admitted,” only instance in which he cheated said that Chess.com had never
sults are statistically extraordinary.” Carlsen then quit the tournament. Carlsen wrote in a statement on the in an event with prize money was shared a list of cheaters or the plat-
Niemann didn’t respond to re- Though the Norwegian didn’t ac- matter on Sept. 26. “His over the when he was 12. He said he later form’s cheat detection algorithm
ci on

quests for comment. When he ad- cuse Niemann of impropriety at the board progress has been unusual, cheated as a 16-year-old, in “ran- with Carlsen.

Judge Hits 62nd Home Run to Break Maris’s AL Record

er s
m er

BY TIM BROWN runs, set in 1927. Maris homered on mally stoic Judge. have used performance-enhancing
the season’s final day to pass Ruth. He was met at home plate by drugs during baseball’s steroid era,
Aaron Judge homered for the Mantle finished with a career-high many of his teammates, who leapt raising questions about the legiti-
62nd time this season, establishing 54. The AL record survived 61 from the dugout in celebration for macy of the records they pursued,
m rp

a new American League record, but years. their de facto captain. When he set and, in some cases, still hold.
short of the major league record of Judge reached the record in the reached the dugout, Judge hugged Major League Baseball didn’t in-
73 set by Barry Bonds during one of Yankees’ 161st game and at the end coaches and staff members. The stitute testing until 2004. Since
baseball’s most controversial eras. of a stretch in which he homered smile that had withered in recent then, dozens of major and minor
The 30-year-old New York Yan- just once in 58 plate appearances. days was bright again. Since hitting leaguers have tested positive and
co Fo

kee and pending free agent passed The strain of tying and then passing his record-tying home run last served suspensions. Of Bonds, McG-
TIM HEITMAN/USA TODAY SPORTS

former Yankee Roger Maris with a Maris began to show in the at-bats Wednesday in Toronto, Judge went wire and Sosa, only McGwire has
first-inning home run off Texas that led to a hanging slider that 23 plate appearances without a admitted to using performance-en-
Rangers right-hander Jesus Tinoco landed in the left-field bleachers, home run. hancing drugs, after he retired.
in the second game of a double- 391 feet from home plate. Nearing Judge passed Ruth, passed Maris Judge, who grew up outside
header at Globe Life Field in Arling- first base, as his parents hugged and now looks up at three other Stockton, Calif., played at Fresno
ton, Texas. from their seats in the ballpark, seasons—1998, 1999 and 2001, over State and was a San Francisco Gi-
Maris had held the AL mark of 61 Judge dropped his head, perhaps in which Barry Bonds, Mark McGwire ants fan, told the San Francisco
since 1961, when he dueled with relief. Earlier in the day he had and Sammy Sosa pushed the single- Chronicle he considers Bonds’s 73
teammate Mickey Mantle into that slammed his helmet into the dugout season home run record to a new the true record. “That’s the record.
season’s final days, both chasing rack after he popped out, a rare realm, and possibly out of reach. I saw him do it,” Judge said. “No Aaron Judge hit his 62nd home run
Babe Ruth’s record of 60 home moment of emotion from the nor- All three were later alleged to one can take that from him.” off Rangers pitcher Jesus Tinoco.
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton 40s 30s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 33 Sch. support
no

60s 70s 40s 50s

60s 50s 0s 1 One might be group
Vancouver 14 15 16
Calgary 50s knitted 35 Longing
10s
Winnipeg 17 18 19
Seattle 60s 20s 2 Mandible or 36 Brand with
Portland
60s Montreal 30s 20 21 22 23 maxilla Brownie Brick
Helena
70s Bismarck 60s Ottawa 3 Surrounded by Road and Cookie
Billings Augusta 40s 24 25 26
Eugene 80s Boise 70s Albany Cobblestone
Mpls./St. Paul Toronto Boston 50s 4 Stellar stalker
50s 60s Pierre 50s 27 28 29 30 varieties
Buffalo
60s
Milwaukee Detroit Hartford 60s 5 Notting Hill
70s 38 Colon, in an
Reno
Sioux Falls
Des Moines Chicago Cleveland 70s New York 70s 31 32 33 34 35 36 native
90s Salt Lake City
Cheyenne Omaha analogy
Sacramento Indianapolis Pittsburgh Philadelphia
70s 80s 6 Cry
Denver 37 38 39 40 39 Due to be
60s 70s Topeka Springfield Charleston Washington D.C.
San Francisco 90s 7 Audibly disciplined
70s 70s Las 60s Colorado Kansas St. Louis
60s Richmond
100+
41 42 43
unpleasant
Vegas Louisville
80s 50s Springs City Raleigh 40 Sign of age
Los Angeles 90s
Wichita 44 45 46 47
60s 80s Memphis Nashville 70s Charlotte 8 Academic
Santa Fe 45 Crumb bearer
Phoenix Albuquerque Oklahoma City Columbia institution, in
San Diego 100s Atlanta 48 49 50 51 52
Tucson
Little Rock Warm Rain Aussie slang 46 Makeup of
80s Birmingham
El Paso Ft. Worth Dallas 53 54 55 56 57 9 Freight weight New Jersey’s
60s Jackson 80s Palisades
Mobile Jacksonville Cold T-storms
70s 80s Austin 58 59 60 61 62 10 18th letters
30s Houston
New Orleans Orlando 48 Pet store sound
Stationary Snow 11 New lease on life
40s 80s San Antonio Tampa 63 64 65
49 Candy heart
Miami
Anchorage Honolulu 90s 12 Severe spasm message
50s Showers Flurries 66 67 68
70s
60s 13 Woes on toes 50 Bills quarterback
Ice
HOLDING COMPANIES | By Mike Shenk 18 Top suit Josh
Forecasts and graphics provided by AccuWeather, Inc. ©2022
23 Do something 51 Diviners
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 22 Person with a 43 Get-up-and-go
52 Tic-toe
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Hoops mortarboard 24 Rent
Omaha 78 54 pc 67 37 s Frankfurt 73 52 pc 66 43 pc 44 Sister’s outfit go-between
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 84 63 s 86 62 s Geneva 73 52 s 70 51 s 6 Puts a lid on 24 Group yelling 25 French Open
Today Tomorrow 47 Hotel door surface 55 Largest city
Philadelphia 61 52 r 74 57 s Havana 87 67 s 87 70 s “Work that posting
City Hi Lo W Hi Lo W Phoenix 94 73 s 95 75 pc Hong Kong 89 80 t 88 79 t 11 Org. that brush!” and in the Baltic
Anchorage 53 48 c 56 50 c Pittsburgh 70 45 s 70 48 pc Istanbul 68 60 pc 68 61 pc investigates 26 Pound portion
“Floss!”? 48 Alternative to a States
Atlanta 79 53 s 80 56 s Portland, Maine 62 45 pc 67 48 pc Jakarta 90 77 t 89 78 r telemarketing saucer? 27 Performer with
Austin 90 58 s 90 63 s Portland, Ore. 78 56 pc 83 56 pc Jerusalem 83 60 s 81 57 s fraud 27 Georgia Sports no lines 56 Abacus part
Baltimore 63 48 c 74 52 s Sacramento 90 58 s 93 56 s Johannesburg 86 58 s 90 59 s Hall of Fame site 53 Easter events 57 Archipelago
Boise 83 50 s 84 50 s St. Louis 82 59 pc 84 48 pc London 67 45 pc 64 51 s 14 “I ne’er saw 28 Med. sch. course
Boston 60 53 r 68 55 pc Salt Lake City 78 52 s 80 53 s Madrid 83 56 s 79 54 s true beauty till 30 Commits a 54 Spring unit
Burlington 67 47 s 72 54 pc San Francisco 74 56 pc 74 55 pc Manila 90 77 t 90 77 t 29 Worker’s
this night” deadly sin 55 Stat for a DH post-vacation 60 Foot of the
Charlotte 76 51 s 78 52 s Santa Fe 59 44 t 62 45 pc Melbourne 63 56 r 71 61 c
Chicago 76 54 pc 72 41 sh Seattle 73 55 pc 74 54 pc Mexico City 71 57 sh 70 56 sh speaker 31 How Los Angeles 58 Clutch busyness Himalayans?
Cleveland 69 51 s 73 46 pc Sioux Falls 74 44 c 54 31 pc Milan 74 56 pc 77 58 s 15 Capital within is bigger than component 61 23rd letter
Dallas 89 62 s 90 64 pc Wash., D.C. 64 53 c 76 55 pc Moscow 47 38 r 51 44 c 32 Bit of silly
the Red River New York City behavior 62 A pop
Denver 67 46 s 70 43 s Mumbai 89 79 sh 88 79 pc 59 Knockoff iPads?
Delta
Detroit
Honolulu
75 50 s
86 72 pc 88 73 pc
73 46 pc
International Paris
Rio de Janeiro
72 50 s
75 69 c
65 43 s
84 75 c
33 Character with
63 Fast-running Previous Puzzle’s Solution
Today Tomorrow 16 17th letter pipes and horns
Houston 88 63 s 88 64 pc Riyadh 97 70 s 98 70 s bird A M
P S M U S E S T A D A
Indianapolis 76 50 pc 74 45 pc City Hi Lo W Hi Lo W Rome 76 58 s 76 59 pc 17 Early task in a 34 Third-col. heading B O
O K I N T R O I D O L
Kansas City 82 56 pc 80 44 s Amsterdam 65 51 c 61 48 s San Juan 88 78 t 88 78 c 64 Engraving tool B R
A Y S T E A L A B A S E
recipe for 37 Spouse who E T
C H O P D I M E S
Las Vegas 94 70 s 94 71 s Athens 74 60 s 75 63 c Seoul 68 53 r 64 51 c stuffed Vidalias? 65 Fit for a king
Little Rock 85 56 s 90 59 s Baghdad 108 73 s 109 73 s Shanghai 69 61 c 66 60 c refuses to S
S
A
H
L
A
A R A
S H P
S
R I
AMO
C E S
A
C H I
Los Angeles 85 63 s 85 65 s Bangkok 90 77 t 88 77 t Singapore 86 78 t 85 78 t 19 Overthrow, e.g. witness the 66 Get-up-and-go N A E E N C S O R A L
Miami 84 74 sh 85 71 c Beijing 62 40 pc 62 40 pc Sydney 62 60 r 66 61 r delivery? O P E N A I R O A T M I L K
Milwaukee 73 52 pc 67 39 sh Berlin 70 55 pc 63 44 s Taipei City 85 75 c 82 74 c 20 Take the plunge 67 Target Field R I G A B E S S R AM
Minneapolis 73 50 c 54 35 pc Brussels 68 48 s 62 44 s Tokyo 75 58 r 62 58 c 21 Iuppiter or 41 List-ending abbr. team B E G B E A T T H E H E A T
O U T D O Y E A S T Y
Nashville 79 48 s 85 53 s Buenos Aires 68 58 pc 72 57 pc Toronto 70 53 s 70 46 c S O C K S R A P P O R
New Orleans 85 65 pc 84 64 s Dubai 98 85 s 100 82 s Vancouver 65 52 pc 67 54 pc Saturnus 42 LAX monitors 68 Sportscast topic C H E A T D E A T H I R M A
New York City 60 54 r 72 57 s Dublin 57 44 r 61 51 c Warsaw 62 49 c 67 40 pc A N D Y A L G A E R E I N
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 87 60 pc 85 57 s Edinburgh 56 47 r 59 51 sh Zurich 73 47 s 70 47 s T O E S G L E N N S E C T

 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.
Twitter’s Odd Victory
Congratula-
tions are
due Twitter
for sticking
it out
against the
master con-
BUSINESS
WORLD jurer Elon
Musk, who
By Holman W.
on Tuesday
Jenkins, Jr.
surrendered
and agreed
to proceed with his promised
$44 billion acquisition after
all.
Twitter persisted when
others might have struck a
deal to let Mr. Musk off the
hook, given his social-media
influence and his legion of
stock-trading fans, who pro-
vide ample means for him to
make trouble for a vulnera-
ble public company that an-
noys him.
Then again, maybe con-
gratulations are due Dela-
ware Court of Chancery
Chancellor Kathaleen McCor-
mick, who apparently was
unwowed by Mr. Musk’s aura
and perhaps realized that if
Delaware companies can’t
expect enforcement of sol-
emn legal contracts, they
may be less keen in the fu-
ture to place themselves un-
der jurisdiction of the court
she represents.
Of course, Mr. Musk has
only signed another piece of
paper, a letter to Twitter’s
board saying he wants to
proceed. What is his written
commitment worth? Presum-
ably less than before he
made a global spectacle of
himself by reneging on the
original deal. Perhaps expla-
nation of his reversal will be
What Role Should Race Play in Admissions?
At the end of
the month,
the Supreme
Court will
hear argu-
ments in a
POLITICS case that
tests the use
& IDEAS
of race as a
By William
factor in col-
A. Galston
lege admis-
sions. The
plaintiff, Students for Fair
Admissions, claims that “ho-
listic” policies used by Har-
vard, the University of North
Carolina and many other top
schools have unfairly reduced
the share of high-achieving
Asian students who would
have been admitted other-
wise. The group charges Har-
vard with using evaluations
of attributes such as “positive
personality,” likability, cour-
age, kindness and being
“widely respected” to reject
Asian students and argues
that these evaluations reflect
anti-Asian stereotypes and
bias.
For Jews, this case evokes
painful memories from a cen-
tury ago. As the children of
Jewish immigrants excelled in
public schools, they began
no
knocking at the doors of top
colleges, and their ranks
quickly swelled. At Harvard,
the share of Jews in entering
classes rose from 7% in 1900
to 27.6% in 1925. Although
Harvard’s trustees were re-
luctant to endorse an explic-
itly discriminatory policy,
they did adopt new, highly
subjective criteria of “charac-
Is College Worth It? Not for Everyone
By Larry Hogan
I
will have the pleasure on
Wednesday of speaking to
students at Harvard’s Ken-
nedy School of Government.
What will I tell them? The
best way for the next genera-
tion of public service leaders
to give back is by diminishing
the artificial value of their ex-
pensive college degrees. It’s
time to debunk the fiction
that a prestigious degree is
the only key to the American
dream.
President’s Biden’s move to
cancel federal student-loan
debt showcases the higher-ed-
ucation system’s brokenness.
It will make already crippling
levels of inflation even worse,
raise the cost of college, and
burden future generations
with even more debt.
The outrageous cost of col-
lege is a crisis in its own
right. Years of throwing public
money at the problem has yet
to solve it. But the skyrocket-
ing cost of energy, housing
and healthcare is also a crisis
that disproportionately harms
OPINION
soon forthcoming from Mr.
Musk himself on his favorite
medium—Twitter. For now,
sufficient must be the re-
porting of Bloomberg News,
which broke the story and
attributed Mr. Musk’s white
flag to the realization by his
“legal team . . . that the case
was not going well.”
Duh. Mr. Musk’s case was
far from strong, as pointed
out here in July, and further-
more the dispute threatened
to pop the mystique that up-
holds Tesla’s all-important
share price, a likelihood that
only grew with the prospect
of Mr. Musk being questioned
on the stand about his now-
released antic private text
messages. Mr. Musk might
well have hoped that the
Musk aura that so con-
founded, for instance, the Se-
curities and Exchange Com-
mission when it tried to
make him behave like a nor-
mal CEO, would also work
with the Delaware court and
Twitter. They would shrink
from forcing the mercurial
entrepreneur to proceed with
the purchase of an important
public company that he had
turned to ridiculing and ac-
cusing of fraud.
Which brings up a ques-
tion: If you’re Twitter, what
do you do now? Your share-
holders presumably want you
to hold Mr. Musk to the deal,
which would get them $54.20
a share for a stock that
might be worth single digits
if not for moneybags Musk. A
conscientious management,
though, might balk at deliv-
ering the company to a man
who doesn’t want to own it,
us ,
l
e
al a
ter” and “fitness” to dilute
the impact of high academic
ci on
achievement. Between 1925
and 1935, the number of Jews
at Harvard fell by half.
Other elite schools adopted
similar measures, with simi-
er s
lar results. These policies
persisted into the 1950s (in
m er
the case of Yale, even longer),
until elite institutions turned
to admissions based on
achievement, as measured by
grade-point averages, and ac-
m rp
ademic promise, as measured
by instruments such as the
SAT. Jews took advantage of
this shift. And as the 1965 im-
migration reform began to di-
co Fo
versify America’s population
in unprecedented ways, the
sons and daughters of up-
wardly mobile strivers—many
from East Asia and the Indian
subcontinent—followed Jews
into elite institutions and es-
teemed professions.
The Voting Rights Act, en-
acted the same year as immi-
gration reform, was a land-
mark in the struggle for
political equality and inclu-
n-
sion for blacks. But social and
economic equality depended
on access to selective educa-
tional institutions. For rea-
sons that remain disputed,
admissions policies based on
GPAs and SAT scores disad-
vantaged black and Hispanic
students, and pressure grew
for new policies that would
lean against these outcomes.
Two generations after
these historic reforms, the
beneficiaries of these changes
are clashing.
Americans who didn’t attend
college. It’s unfair and coun-
terproductive to force hard-
working men and women to
pay off other people’s college
debts.
Historically, higher educa-
tion has played a part in de-
veloping civic virtue in public
life. But more and more,
higher-education institutions,
A degree should
signify an education,
not only a credential.
enabled by increasingly
bloated administrations, are
leading the charge to tear
down what makes this nation
great. Some elite academic in-
stitutions are openly hostile
to core American values such
as freedom of speech, which
undergirds our success as a
nation.
We must reorient the edu-
cation system to fit the eco-
nomic and cultural needs of
the 21st century. A patriotic
has bad-mouthed it, and is
plainly surrendering only to
legal force majeure to be-
come its apparently unen-
thused proprietor.
This could be another case
for the Delaware court down
the road. Twitter’s board
right now says it’s keen to go
ahead, as you would expect,
but if you truly doubted Mr.
Musk’s stewardship, you
might prefer an outcome in
which he pays a large sum in
damages and goes away.
The company
succeeds in forcing
itself into the hands
of an unwilling owner.
Once upon a time, in a con-
troversial 1989 case, the very
same Delaware court ruled
that a board could reject
even a top-dollar takeover of-
fer for just such a “strategic”
reason.
Twitter’s share price
soared on the news, to
within $2 of Mr. Musk’s $54-
plus offer, a valuation that
Twitter shareholders might
not expect to see again in
their lifetimes. Tesla’s stock
was down for the reciprocal
reason: Mr. Musk may be
forced to sell more of his
stake to fund his Twitter
purchase. How much more
may be affected by a wrinkle
yet to be seen: So far Mr.
Musk’s once-willing partners
on
and lenders claim to be on
board, but they have lawyers
and every reason to find in
In Fairfax County, Va., the
achievement-based admis-
sions process at Thomas Jef-
ferson High School for Sci-
ence and Technology yielded
an incoming class composed
of 73% Asian students, 18%
white, 3% Hispanic and only
1% black in 2020. Following
the nationwide protests over
George Floyd’s murder, the
school changed its entrance
‘Holistic’ policies put
Asian-Americans at a
disadvantage, and
they’re fighting back.
criteria by adopting a “holis-
tic review” process. The re-
sults were immediate and
striking: The black share of
the new entering class rose
to 7%, Hispanic to 11% and
white to 22%, while Asian-
Americans fell to 54%. In
February 2022, a federal dis-
trict judge ruled against the
new admissions process,
finding that it discriminates
against Asian-American stu-
dents. The case is now on
appeal to the Fourth Circuit.
In 2020 the San Francisco
school board changed the ba-
sis of admissions from grades
and test scores to a lottery
system for Lowell High
School, an elite public school.
Earlier this year, a public re-
volt spearheaded by Asian-
American families led to the
recall of three board mem-
and skilled workforce, unen-
cumbered by unbearable lev-
els of debt, will allow the U.S.
to compete with China and
other adversaries while de-
fending the values of the
American founding.
To begin the hard work of
reconfiguring the broken
higher-education system,
there are three critical steps
we can take immediately.
First, employers should stop
requiring college degrees for
jobs that don’t need them. In
Maryland, we’ve led the
charge by announcing that
thousands of state jobs will no
longer have such require-
ments. If more states follow
our lead, the trend could
spread to the private sector.
The federal government
should also expand Pell grant
subsidies for short-term
skills-based training, not only
expensive four-year degrees.
Second, the federal govern-
ment and states must drasti-
cally ramp up apprenticeship
programs to create alternative
pathways to careers like cy-
bersecurity, healthcare and
Mr. Musk’s behavior grounds
to renege now on such an
unfavorably priced takeover.
Weighing on Tesla as well is
the distraction if Mr. Musk
must start devoting his time
to running Twitter to protect
his forced investment in the
company.
That said, Twitter remains
every bit the important and
widely used “public square”
that Mr. Musk once described
it as, even if it’s no great
shakes as a business. Since
the Musk drama started,
Twitter has demonstrated as
much again by serving as a
clearinghouse for news and
analysis of the war in
Ukraine, making a new class
of worthy thinkers into pub-
lic figures beyond their pre-
vious imaginings. Never
doubt Twitter’s considerable
intellectual value even if, by
simple volume, most of what
crosses the platform is dreck
from no-account attitudiniz-
ers, bots and scam artists.
Interestingly, in 1989, it
was thought the Delaware
court ruled as it did partly
because the deal in question
would have delivered into the
hands of the late corporate
swashbuckler Martin Davis
the then widely read Time
magazine, seen as a national
asset and pillar of democratic
discourse. Mr. Musk may yet
prove the innovative owner
Twitter needs, but it will be
a curious outcome for the
courts to have forced the
controversial kibitzer to be-
come the steward of an im-
portant global institution
that he seems unglad to have
responsibility for.
bers who had voted in favor
of the shift. After new mem-
bers were appointed by
Mayor London Breed, they
created a narrow majority
that voted to reinstate the
merit-based admission pro-
cess.
And last week New York
City’s school chancellor re-
versed a pandemic-era shift
from grades and test scores
to a lottery for admission to
selective public high schools.
As in Virginia and San Fran-
cisco, black and Hispanic par-
ents pushed to reduce the re-
liance on grades and test
scores while Asian-Americans
defended the selective crite-
ria that had rewarded their
children’s achievement.
While each local contro-
versy is distinctive, the com-
monalities are clear. Groups
whose children lose out in
selective admissions pro-
cesses insist that the system
is unfair because it doesn’t
take into account past dis-
crimination and current dis-
advantage. Groups whose
children do well insist with
equal fervor that it is only
fair to reward students’ hard
work and parents’ high ex-
pectations.
One thing is clear: So long
as some parents and advo-
cacy groups tacitly define
fairness as proportional rep-
resentation in selective edu-
cational institutions, this
struggle will continue until
the courts clarify what’s con-
stitutionally permissible in
admissions and what isn’t.
the skilled trades. Maryland’s
innovative EARN program has
successfully created partner-
ships with these kinds of in-
dustries to develop job-train-
ing programs, generating
$17.32 of economic impact for
every $1 of state funding.
Third, Congress should
limit executive power to for-
give student loans unilaterally.
To deal effectively with the af-
termath of Mr. Biden’s reck-
less action, we must make it
clear to the next generation of
leaders that this won’t ever
happen again, whether they
pursue their educations at
Harvard, at another univer-
sity, or through alternative
pathways.
A good education is the
foundation to a successful ca-
reer and a healthy civic soci-
ety. But a good education
doesn’t necessarily require a
four-year degree, especially
when such excessive creden-
tialism falls on the taxpayer’s
dime.
Mr. Hogan, a Republican, is
governor of Maryland.
Wednesday, October 5, 2022 | A15
BOOKSHELF | By D.G. Hart
The Faith
And Its Keepers
Christianity’s American Fate
By David A. Hollinger
(Princeton, 199 pages, $29.95)
W
hatever happened to fundamentalism? When Billy
Graham and Jerry Falwell Sr. were alive, people knew
that the former, a poster boy for evangelicalism, was
winsome, and the latter, a fundamentalist TV preacher and
head of the Moral Majority, was not. That was also a time
when journalists classified Islamic terrorists as fundamen-
talists. Now “evangelical” carries most of the baggage funda-
mentalists packed. In elite academic and media circles, white
evangelicalism is often associated with Christian nationalism,
white supremacy, misogyny and distrust of science.
In “Christianity’s American Fate,” David A. Hollinger, a
distinguished historian at the University of California,
Berkeley (now retired), equates these terms. He begins by
claiming, correctly, that fundamentalism was parent to evan-
gelicalism. He leaves out that evangelicals tried to correct for
fundamentalist cussedness with a kinder, gentler version of
conservative Protestantism. Mr. Hollinger cannot accept that
rebranding because 81% of
white evangelicals voted for
Donald Trump in 2016. For
that reason, evangelicals
threaten the intellectual and
cultural norms of the main-
stream. It’s debatable whether
evangelicalism, interpreted
carefully for 40 years by-
reputable scholars, deserves to
be lumped in with bigoted
Protestantism. In any case, Mr.
Hollinger adds another to the
.
pile of recent books that inter-
pret support for Mr. Trump as
ly
evidence of evangelical toxicity.
This is surprisingly wooden
analysis from a historian with an impressive record of
explaining America’s intellectual elites. Mr. Hollinger does
channel some of his expertise. Rather than merely enumer-
ating evangelical flaws, he offers an alternative. Jewish
Americans and ecumenical Protestants accommodated
diversity, followed the science and advanced equality through-
social reform. In contrast, evangelicals have not risen to
“the challenges of an ethnoracially diverse society and a
scientifically informed culture.”
The book recommends cosmopolitanism and warns readers
about Christians who lack it. Mr. Hollinger shows, for in-
stance, how American Protestant missionaries’ encounters
with non-Western societies yielded an affirmation of the
“humanity of non-Christian and nonwhite peoples.” This
experience was especially formative for children of mission-
aries who became leaders in U.S. foreign policy and related
academic fields. He also includes Jewish-American intellec-
tuals, who ascended the American ladder of success through
higher education, or found refuge from Nazi Germany in
American universities, and rejected the provincialism of their
religious and ethnic past. In both cases, the flight from par-
tiality (ethnic, religious, national) positioned Protestants
and Jews to excel in a “modern, science-centered world.”
Mr. Hollinger exposes the un-cosmopolitan shame of
evangelicals. His litany starts with Ronald Reagan’s use of
states’ rights to appeal to Southerners. The racism allegedly
behind this strategy continued with George H.W. Bush’s use of
coded messaging in the Willie Horton ads of 1988. Only with
the “extreme evangelical,” Sarah Palin, does Mr. Hollinger
write about a real born-again believer. The range of political
views he locates under the rubric “evangelical,” many of
them described in deeply unfair terms, is itself reminiscent
of fundamentalism. For instance, the GOP’s commitment to
the “rule of a minority empowered by the anachronisms of
the Electoral College” is synonymous with Mr. Trump’s
“false claim that he had won the 2020 election.”
In the 1990s liberal intellectuals complained
that evangelicals were moralistic on political
questions. Now the complaint is reversed.
The book relies on recent work from historians who aban-
doned an older understanding of evangelicalism (that differ-
entiated it from fundamentalism) and stressed religion over
politics. These new interpretations paint evangelicals in the
worst possible light. Mr. Hollinger’s reason for using recent
analysis is to avoid the “egregious error” of downplaying
the “strain of tribal authoritarianism in evangelical culture.”
Instead of assuming evangelicals lack the capacity to engage
honestly with “truth about American politics,” Mr. Hollinger
is comfortable concluding that these Americans’ tribalism
stems from “ideas about epistemic authority preached decade
after decade by evangelical preachers.” Meanwhile, the victo-
ries of Barack Obama and Joe Biden vindicate liberal Protes-
tants, Roman Catholics and Jews who accepted “the diversity-
preoccupied public life” of late 20th-century America.
If liberal believers have a weakness, as Mr. Hollinger
observes, it is that they lost their faith altogether and created
a vacuum for evangelicals to fill. Why this deficiency does not
lead him to question the success of liberal theologies is a
mystery. Maybe evangelicals didn’t follow the liberals’ lead
because they like faith better than agnosticism and atheism.
Related to this weakness is a refusal to wrestle with the
mystery of believers supporting a candidate liberal believers
find repulsive. Commentary highlighting white evangelicals’
“hypocrisy” for endorsing a man with Mr. Trump’s record of
infidelity to biblical norms was a constant feature of political
coverage from 2017 to 2020. That line of criticism contrasted
with the critique that hounded evangelicals during Bill
Clinton’s scandals in the late 1990s. Pundits then regularly
singled out the religious right as theocrats for expecting
public officials to conform to Christian norms. But doesn’t
the switch in approach indicate that white evangelicals have
become cosmopolitan? Haven’t these formerly backward
believers come to terms with modern society’s demand that
public and private morality are in many instances distinct?
Not in Mr. Hollinger’s view. For him, overlooking a president’s
immorality counts as fundamentalist intolerance.
The temptation for some readers will be to compare
“Christianity’s American Fate” to President Biden’s speech in
Philadelphia in which he remarked that MAGA Republicans
imperil “the soul of the nation.” Blue-state or red-state
partisans will cheer or recoil from the book’s argument
according to the way they heard the president’s speech.
Presumably, Mr. Hollinger meant to avoid the caricatures
that speech writers sometimes use, but his analysis is as
tendentiously partisan as the faith and politics he fears.
Mr. Hart teaches history at Hillsdale College and is the
author of “From Billy Graham to Sarah Palin: Evangelicals
and the Betrayal of American Conservatism.”
 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 | Wednesday, October 5, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Missiles of North Korea What Is Everyone Suddenly So Anxious About?

A
s if the world didn’t have enough threats, The U.S. has asked for a United Nations Secu- There are several problems with tification of this agent and its elimi-
North Korea is again firing ballistic mis- rity Council meeting on Wednesday, but don’t the recommendation by the medical nation from the environment can ar-
arm of our “science-policy commu- rest the spread of the disease, if not
siles. There isn’t much opening for diplo- expect more than pro forma denunciations.
nity” to screen the population of 8-to necessarily cure all already affected.
macy here, so the best re- North Korea’s patrons in China 65-year-olds for the psychological dis- It is a matter of simple logic that
sponse is to strengthen the Another launch over and Russia, which hold perma- order of anxiety (“The Next Pandemic: rapid increase in rates of a disorder
credibility of the conventional Japan shows the need to nent seats on the council, Life Itself” by Daniel Henninger, Won- (such as the increase in the U.S. of
and military deterrent in would veto any meaningful ef- der Land, Sept. 29). The first of these the rates of functional mental illness,
Northeast Asia. reinforce deterrence. fort to punish the North. The is the absence of the standardized to which anxiety disorder belongs,
Tuesday’s test of an inter- same goes for the resumption screening; i.e., there is no agreed from 1 in 350 in 1919 to 2 in 5 in
mediate-range ballistic missile of the “six-party talks” with upon definition of anxiety disorder. 2020) implies that the cause lies in
over Japan triggered air raid sirens and instruc- the North that have failed many times. The second problem is that, as Mr. the environment. The environment of
tions to take shelter. Think of Cuba sending a The original sin was letting the North get the Henninger puts it, the recommending the mind is cultural; to prevent men-
missile over Florida. bomb, and now the best response is deterrence. agencies make “no attempt to explain tal disorders, we must learn to under-
how we arrived at a state of mass stand culture.
The missile test was the 23rd this year, the As Vladimir Putin’s Ukraine invasion and nuclear
anxiety or what did this to us.” “Sci- PROF. LIAH GREENFELD
highest annual pace ever. It follows a threat to threats show, the U.S. conventional and nuclear ence” has no idea what causes this Boston University
respond to the recent resumption of U.S.-South deterrent isn’t as credible as it once was. Mr. Bi- disorder. We are urged to fight the Ms. Greenfeld is author of “Mind,
Korea military drills. Tuesday’s launch was also den on Tuesday called the U.S. commitment to the enemy without the slightest inkling Modernity, Madness.”
the longest to date at more than 2,800 miles, a region “ironclad,” which is important after Mr. as to who or what it is.
reminder that North Korean missiles have the Trump’s uncertain trumpet. But the words have Why is it, then, still good news? Be- Mr. Henninger notes that the U.S.
range to threaten the U.S. territory of Guam to be backed by credible military deployments cause it focuses attention on the self- Preventive Services Task Force doesn’t
some 2,100 miles away. and clear communication about the response if inflicted and selfish impotence of our explain why anxiety is through the
President Trump suspended the allied military the North stages a pre-emptive attack. That has psychiatric and psychological estab- roof. In addition to the devastation
exercises as he fruitlessly courted Mr. Kim, and to be understood in Pyongyang and Beijing as the lishment and may, at long last, move wrought by Covid lockdowns and so-
President Biden deserves credit for resuming annihilation of the Kim regime. the public to strip it of its undeserved cial distancing, consider what we hear
authority. Owing to vested interest in in our society today: God doesn’t exist,
them as a sign of U.S. resolve. Mr. Kim usually acts The U.S. defense budget needs a major spend- the acquired knowledge, this estab- climate change soon will extinguish
up this way when he wants to frighten Western ing increase from 3% toward 5% or more of GDP, lishment stubbornly refuses to con- humanity, watch out or you will be
countries to return to talks so he can coerce more where it nearly was in 2010. Japan is gradually sider relevant data outside its scope. canceled for what you say, and every-
money from them. The U.S. and Seoul have tried moving to increase its military budget to 2% of It is concerned exclusively with the one on social media has a better life
the bribery route many times, but the North isn’t GDP from the 1% cap rooted in the country’s post body, while these data make it clear than you. Add in media fear monger-
going to give up its nuclear threat, which is the World War II pacifist constitution. South Korea that the agent of the anxiety disor- ing, and you have our society. This is
only reason anybody pays attention. can also do more. der—as in many other mass disor- no way to live.
The North has made strides toward develop- The post-Cold War era is over, and a new axis ders, from plague to malaria—comes DANA R. HERMANSON
ing a missile that could reach U.S. cities. It is also is forming against allied democracies. China from the environment. Only the iden- Marietta, Ga.
developing missiles to carry multiple warheads seems to view Pyongyang’s nuclear posturing as
to be able to evade missile defenses. In Septem- a useful irritant and won’t block the provocation.
ber North Korea reaffirmed its commitment to Russia is happy to have the U.S. worry about a
being a nuclear power, listing five conditions it front other than Ukraine. Mr. Biden and other Is the Inflation Cure Worse Than the Disease?

.
would use for a pre-emptive strike, including if leaders have to explain to the American people Regarding your editorial “The Bad pandemic disruptions to supply.

ly
an attack on military or strategic targets were the reality of this dangerous new world and what Inflation News Continues” (Oct. 1): To choke inflation off quickly with
“imminent.” is required to meet it. Having lived through the inflation of high interest rates will likely mean
the 1970s and Federal Reserve Chair- that the cure is worse than the dis-

Missouri Joins the Tax Cutters
on man Paul Volcker’s response, I think
the hysteria around the current infla-
tion seems out of proportion.
ease. Taking a longer-term, gentler
approach to try to bring inflation
down gradually—as long as the trend

I
t’s been a golden year for state tax cuts, year. The move is more justified in some states The prior inflation lasted for is strong and clear—would seem pref-
around a decade and was thoroughly erable to putting millions out of
us ,

and the Show Me State is the latest to de- than others: Some cut tax rates at the same
ingrained in everyone’s business deci- work, throttling desperately needed
l

liver. The tax saga in this heartland state time they offered checks, and some have laws sions. Today’s inflation is so far only housing construction and trashing fi-
e
captures the good and bad of today’s tax-cut- that require rebates in the event of a surplus.
al a

a year old. It isn’t so bad that Fed nancial markets.

ting trend. Regardless, Mr. Parson is right that one-time Chairman Jerome Powell needs to To its credit, the Federal Reserve
Missouri’s Legislature on Saturday ap- checks produce less long-term economic return channel Volcker. Besides, much of the is trying to reverse its own contribu-
ci on

proved a plan to cut the state’s top income-tax
rate to 4.95% from 5.3%. The bill contains trig-
gers that will reduce the rate further each year
if the state meets certain revenue targets. If
state coffers stay full, Missouri’s top rate will
on the money.
Unfortunately the process was messier from
then on. Republicans in the state House budget
committee approved a version of the plan that
would have halved the corporate-tax rate to 2%
er s
current inflation was caused by
events beyond anyone’s control, espe-
cially the Fed’s, such as the Ukraine
war, bounceback consumer spending
following the Covid pandemic and
tions to inflation. If only it could
stem gross federal deficit spending
and reduce our staggering debt load.
THOMAS W. SCHOENE
La Jolla, Calif.

fall to 4.5% by 2027. That would be a leap from from 4% today and eventually phased it out.
the bottom half to the top quarter of the 50 House leaders were working to secure Senate
A Barrier to Housing Development in Florida
m er

state income-tax ranking. support until the Governor announced he op-

Gov. Mike Parson said Tuesday that he’d posed both changes. The House then rushed “The U.S. Is Running Short of Land licly traded companies, often get pe-
approve the package soon, and last month he to approve the current, Senate version while for Housing” (Page One, Sept. 26) nalized by Wall Street for carrying
convened the special session that brought it Mr. Parson gave little public explanation for his raises an issue that is at the root of too much land for future develop-
m rp

forth. He’s happy with the final product,
which he says would “provide lasting tax re-
lief to every taxpaying Missourian.” Yet as
legislators have worked to pass the most am-
bitious plan possible, Mr. Parson has both
co Fo
opposition.
The pullback is unfortunate because the
abandoned changes would have helped the
state economy. Missouri rests between the
Midwest, South and Southwest, and it com-
the home-affordability crisis: the lim- ment, which is perceived as a liabil-
ited availability of developed, ready- ity. That challenge has discouraged
to-build land near large cities. While home building in areas with large
Florida has an adequate amount of housing deficits near employment
rural land positioned for develop- hubs in Florida.

ment, the lack of infrastructure When we started buying large

given and taken away.
Start with the good. Before he called legisla-
tors back to Jefferson City to write the current
tax plan, Mr. Parson vetoed a previous version
in June that offered one-time rebates instead
of permanent rate cuts. The GOP-controlled
Legislature overwhelmingly approved the plan
to send out $500 checks, which surely would
have been popular. But only rate reductions
lock in the benefits for future years and let
households and businesses plan accordingly.
The Governor demanded “permanent tax cuts
n-
petes with states in all of them.
The state’s coming 4.5% top income-tax rate
may make it a belle compared with Nebraska
and Iowa, but it barely edges out Oklahoma’s
4.75% and pales next to zero-rate Tennessee.
Its 4% corporate rate is highly competitive, but
the state’s $4.9 billion surplus—more than
double the record set last year—provides a
good opportunity to go lower.
Mr. Parson indicated that he’d be open to
the corporate cut in a future session, and busi-
nesses will be watching. Meanwhile, the in-
needed to support new communities
is a big challenge for home builders.
Between securing entitlements and
building the infrastructure, preparing
rural land for development can take
two to four years. Unfortunately,
many home builders, especially pub-
Church Teaching Helped Me
Be a Better Family Physician
tracts of land across Florida a decade
ago, our goal was to develop the land
ourselves. Once we started securing
entitlements and completing the in-
frastructure work, home builders, ex-
periencing a shortage of ready-to-
build sites, approached us to buy the
land. Demand for these sites is so
strong in Florida that our business
model shifted to supplying ready-to-
build land for regional and national
home builders. This evolution high-

that provide real relief.”
The veto bucked a trend in many states. Per-
haps inspired by the Covid “stimulus” checks,
19 states have sent or plan to send rebates this
no
come-tax cut will take its first step downward
in January, keeping Missouri on the same
promising fiscal path that more and more Re-
publican-led states are taking.
Unlike the letter writer who de-
scribes herself as a “cafeteria Catho-
lic” (“The Birth-Control Pill Changed
Catholicism,” Sept. 29), I was not
lights how builders are seeking solu-
tions to the challenges that are fuel-
ing a lack of supply of developed,
ready-to-build land.
NOAH BREAKSTONE

taught by my Catholic grade school to

use my conscience as an excuse to do CEO, BTI Partners
whatever I pleased. My classmates and Miami
Illinois’s Shocking Report Card I were taught to form our consciences
according to the truths of natural law.

N
o one thought Illinois schools were a
shining beacon in the education land-
scape, but we didn’t know how truly
awful so many of them are. A new report by
Wirepoints using the state’s data shows that an
epidemic of indifferent instruction and social
promotion has left children unable to perform
at even the most basic educational level.
Statewide, in 2019, 36% of all third grade stu-
dents could read at grade level. That’s an F, and
that’s the good news. That number drops to 27%
for Hispanic students and 22% for black stu-
dents statewide. In certain public school sys-
tems, the numbers plummet to single digits. In
Decatur, 2% of black third-graders are reading
at grade level and only 1% are doing math at
grade level.
We aren’t often speechless, but the extent to
which that performance is betraying a genera-
tion of schoolchildren is hard to put into words.
Third grade children are eight years old, full of
potential with minds like sponges to absorb
what they are taught. Third grade is the year
that children need to achieve a level of reading
fluency that will prepare them to tackle more
complex tasks in upper elementary grades that
require comprehension.
A child who can’t read in third grade can’t
do word problems in fourth or science experi-
ments in fifth. Promoting Decatur children to
the fourth grade when 99% are below grade
level in math condemns them to future failure.
By 11th grade, 5% of Decatur’s students are
reading at grade level and 4% are on par in
math. Why shouldn’t every single adult presid-
ing over the Decatur schools be fired?
Wirepoints shows that in 2019 7% of black
third-graders in Rockford were reading at grade
level, 11% of Hispanic third-graders in Elgin and
8% of black third-graders in Peoria. Chicago’s
30% of black third-graders reading at grade
level almost seems a triumph by comparison.
Statewide, the system records a 30 percentage-
point achievement gap between black students
and white students. If you want to discuss “sys-
temic racism,” start here, yet black Illinois poli-
ticians protect this indefensible system.
The 2019 numbers are pre-Covid, so pocket
any objections that the failure to educate stu-
dents was a function of pandemic closures.
Covid no doubt made things worse, but the rot
is endemic.
Parents may not grasp how bad things are
when students are promoted from grade to
grade even as their education is left behind. In
Decatur, 97.3% of teachers were rated “excel-
lent” or “proficient” in 2017, according to the
Illinois State Board of Education. In 2018 that
number was 99.7%. This year 100% of Chicago
teachers were evaluated as excellent or profi-
cient. The students are failing but the teachers
are great? That contradiction shows the system
is corrupt as well as incompetent.
Family and social dysfunction play some role
in this scandal. But the overriding problem is
school governance and the monopoly power of
the teachers unions. The Chicago Teachers
Union has walked out four times in the last
seven years (2016, 2019, 2021, 2022), reaping
higher salaries or benefits each time. Wire-
points says Illinois spends $16,660 per student
annually, the eighth-highest state spending per
student in the country.
Teachers get raises, schools get more
money, and children are shuffled through until
its time for the adults to collect a pension. Fam-
ilies that can get their children out are leaving
in droves. Over the past two decades, 120,000
students have left the Chicago Public Schools.
Wouldn’t you?
In my 43 years as a family physi- A Skeptic’s Guide to Climate
cian, I found that Catholic moral
In “Malpass’s Lesson for GOP Can-
teaching helped me and my patients,
including non-Catholics, lead happier
didates” (op-ed, Sept. 27), Steve Mil-
loy suggests several responses to be-
lives. I never prescribed or suggested
ing called a “climate denier.” His are
contraception, and I can count on one
good, but the response I’ve used has
hand the number of people who
been very effective in ending the dis-
asked for it. If any of them needed to
cussion. I say that I’m not a “climate-
avoid pregnancy, I suggested natural
change denier,” I’m a “climate-
family planning.
change-solution denier.”
One young couple preparing for
I then remind the accuser of what’s
marriage asked me if they should
going on in Europe, California and
have children. After a moment of
other locations. It’s clear that the real
thought, I said, “Only if you want to
discussion should be about whether
be happy.”
WILLIAM G. WHITE, M.D.
wind, solar and the rest will be an
adequate solution to climate change,
Lombard, Ill.
not about climate change itself.
JOHN A. DEFALCO
Marlborough, Mass.
Loan Forgiveness vs. Tax Cut
One of your letter writers likens
student loan “forgiveness,” the shift-
ing of one group’s obligations to an-
Pepper ...
other group without the latter’s con- And Salt
sent, to a tax cut (Oct. 1). The
THE WALL STREET JOURNAL
fundamental flaw in the letter’s logic
is its comparison of the end results—
the forgoing of future government re-
ceipts—without acknowledgment of
their different origins. Tax cuts allow
people to keep more of their own
money, which they earned. Loan for-
giveness allows people to keep other
peoples’ money.
ALAN SECHREST
Mission Viejo, Calif.
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “But without my own phone,
be acknowledged.
how can I ignore my friends?”
 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.
Stacey Abrams Loses Again—This Time in Court
By Brian Kemp
S
Atlanta
tacey Abrams lost her bid
to become Georgia’s gover-
nor in 2018. Almost over-
night she devoted herself
to peddling the fiction that
her defeat was the result of voter
suppression. She peddled it in talk-
show appearances, interviews and
magazine articles and on glitzy
book tours. Ms. Abrams created a
false narrative that much of her tar-
get audience was willing to accept
and echo over the past four years.
A federal judge rejects her
fanciful claims of a stolen
2018 election and ‘Jim
Crow 2.0’ suppression.
Ms. Abrams alleged that while I
was secretary of state, my office en-
gaged in rampant voter suppression
and that I was its “chief architect.”
A few days after her defeat she cre-
ated Fair Fight Action Inc., a tax-ex-
empt advocacy organization, for the
primary purpose of using it as a ve-
hicle to sue the state for supposedly
violating the constitutional rights of
thousands of Georgia voters.
After a four-year legal battle
costing Georgia taxpayers more
Racial Preferences Harm Their Beneficiaries, Too
The Supreme Court
hears arguments
this month in cases
involving race-based
admissions policies
at Harvard and the
University of North
UPWARD
MOBILITY Carolina. Cue the
“end is nigh” media
By Jason L.
reporting.
Riley
In anticipation of
a decision this
term, the Chronicle of Higher Edu-
cation published a “diversity” issue
with a cover that reads “After Affir-
mative Action: The imperiled future
of race-conscious admissions.” In
case you were wondering, the issue
includes next to no diversity of
opinion on the merits of affirmative
action. The prevailing view in the
academy is that affirmative action
is an unalloyed good, and the only
question is how much damage will
be done to certain minorities if the
court decides that racial double
standards are unconstitutional.
The choice is simple, according
to the Chronicle. Do we want to
live in a society that “clings to the
ideal of colorblindness at all costs,
or one that recognizes the continu-
ing struggle of integration”?
Doesn’t America’s “long history of
The Best Defense Against the Energy Weapon: Big Oil
By William J. Magnuson
S
ince Vladimir Putin’s invasion
of Ukraine, Europe has feared
that the Russian leader might
use his hold over global energy
supplies to further his war aims.
The sabotage of the Nord Stream
no
gas pipelines in the Baltic Sea last
week only exacerbated those con-
cerns. Though Mr. Putin hasn’t
claimed responsibility for the at-
tack, the bombing represents a dan-
gerous escalation aimed at the
foundation of Western economies.
But the West isn’t helpless in
defending itself against a weap-
onized energy sector. Its greatest
asset will be found in its corpora-
tions, not in conventional armies.
There is no better example than
the Yom Kippur War, the last time
the energy weapon was deployed in
earnest.
On Oct. 6, 1973, the armies of
Egypt and Syria launched a sur-
prise attack against Israel. The
Arab armies greatly outnumbered
Israel’s in both the Sinai and the
Golan Heights, posing an existential
threat to the small nation-state.
The U.S. began airlifting weapons
and supplies to support Israel, and
the Soviet Union supplied both
Egypt and Syria. Though Israeli
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than $6 million, Fair Fight and its
fellow plaintiffs were slapped down
by a federal court last week. In a
Sept. 30 decision, U.S. District
Judge Steve C. Jones rejected all of
Fair Fight’s claims about the 2018
elections. These included accusa-
tions that Georgia’s voter-list main-
tenance, citizenship verification and
absentee-ballot cancellation pro-
cesses were discriminatory. Among
Fair Fight’s allegations were that
the state violated voters’ rights un-
der the First, 14th and 15th amend-
ments and under Section 2 of the
Voting Rights Act of 1965. Judge
Jones, an Obama appointee, had
previously dismissed Fair Fight’s
claims regarding long lines at poll-
ing places and precinct closures, as
well as its unsupported claims that
thousands of voters were unlawfully
“purged” from the voter rolls.
“The Court finds that Georgia’s
system of voting is equally open,”
wrote Judge Jones. “Although Geor-
gia’s election system is not perfect,
the challenged practices violate nei-
ther the Constitution nor the Voting
Rights Act.” In response to Fair
Fight’s claims that Georgia’s exact-
match rules disproportionately af-
fected minority voters, Judge Jones
wrote, “Here, plaintiffs have not
provided direct evidence of a voter
who was unable to vote, experi-
enced longer wait times, [or] was
confused about voter registration
status.”
white supremacy” make “race-
based affirmative action neces-
sary”? And, is the practice any-
on
thing more than “a modest gesture
in the direction of racial justice”?
Whatever you may think of these
rationales with regard to blacks,
it’s worth noting that the cases
us ,
against Harvard and UNC were
l
brought on behalf of applicants
e
al a
who allege that the schools’ admis-
sions policies are racially biased
against Asians. How does discrimi-
ci on
nating against a Chinese or Indian
applicant today because of what
whites did to blacks in the past
amount to “racial justice”?
Like any public policy, affirma-
er s
tive action involves trade-offs, but
supporters are ignoring that reality
m er
because good intentions are what
matter most to them. Nevertheless,
after 50 years of racial preferences
in higher education, we have plenty
of empirical evidence that these
m rp
policies have done more harm than
good to the intended beneficiaries,
even if the media shows little inter-
est in reporting it.
Racial preferences in higher edu-
co Fo
cation were implemented in earnest
beginning around 1970. The objec-
tive was to help the black poor en-
ter the middle class, even though a
forces initially mounted a valiant
defense, leaders in Cairo and Da-
mascus were confident of victory.
Eleven days after the war began,
n-
Middle Eastern oil ministers, in-
cluding representatives from Egypt
and Saudi Arabia, met in Kuwait
and announced that their countries
would impose an oil embargo—first
In the 1973-74 embargo,
corporations stepped up
to coordinate supply and
minimize disruption.
on shipments to the U.S., and later
to European nations. The oil minis-
ters threatened further unspecified
energy restrictions if their demands
for Israel to capitulate and the U.S.
to cease support weren’t met. As
Iran’s Shah Mohammad Reza Pah-
lavi said, “the industrial world will
have to realize that the era of their
terrific progress and even more ter-
rific income and wealth based on
cheap oil is finished.”
The oil embargo remained in
place for the next five months, from
October 1973 to March 1974, and
caused massive disruptions in the
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OPINION
Stacey Abrams
Ms. Abrams’s politically moti-
vated claims about me and the state
of Georgia, which she monetized
and sold to the rest of the country,
have come crashing down. While her
rhetoric never reflected the facts
about voter access here in the Peach
State, that didn’t stop President Bi-
den and Vice President Kamala Har-
ris from repeating and amplifying
her claims, going so far as to de-
scribe Georgia’s Election Integrity
significant black middle class al-
ready existed in the 1960s and was
growing rapidly. Between 1940 and
1960, for example, the black pov-
erty rate fell by 40 percentage
points, and during the 1960s me-
dian black household income dou-
bled. Nevertheless, affirmative ac-
tion continues to receive credit for
black progress that predates it. And
it continues to be promoted by peo-
ple who put politics and ideology
above principle.
Favored minorities
struggle when they might
have thrived at less-
selective schools.
What happened in higher educa-
tion after racial preferences were
introduced is what social scientists
refer to as “mismatching.” Black
students were admitted to schools
with academic credentials far below
those of the average student in at-
tendance. Subsequently, these black
students struggled academically,
dropped out at higher rates, or
were more likely to switch to an
world’s economies—especially in
Western Europe, which had im-
ported around 80% of its oil from
Arab nations. Governments strug-
gled to respond, lacking the neces-
sary expertise, resources and politi-
cal will to confront the crisis.
President Richard Nixon railed
against oil companies over what he
deemed to be profiteering. Secretary
of State Henry Kissinger, who was
tasked with negotiating with Middle
Eastern countries, floundered in the
intricacies of international oil mar-
kets. “Don’t talk to me about barrels
of oil,” he told his aides. “They
might as well be bottles of Coca-
Cola. I don’t understand!”
But while Western governments
flailed, their largest oil companies
got to work. Intensive negotiations
between Exxon and its counter-
parts, including Texaco and Mobil,
led to an agreement on how to co-
ordinate shipments and minimize
disruptions. Oil produced in Arab
It’s All Cake After My Yom Kippur Fast
By Bert Stratton
I
fast on Yom Kippur. My parents
didn’t fast and my wife doesn’t.
Most American Jews don’t fast.
Forty percent of American Jews fast
the whole day, according to a 2016
Pew study.
On Yom Kippur morning, my wife,
Alice, eats cereal for breakfast, and
I put away the dishes from last
night’s big meal. For lunch Alice has
a peanut butter and honey sandwich.
Does the honey have any religious
significance? I doubt it. In the after-
noon, Alice makes a dish for the eve-
ning’s hearty meal, simply known as
“break fast.” She typically prepares
a mushroom and spinach frittata
that smells up the house. She is tor-
turing me. Fine. Yom Kippur is not
supposed to be a picnic. It’s the Day
of Atonement.
Strictly observant Jews fast
from sundown to sundown to tran-
scend the physical and focus on the
Wednesday, October 5, 2022 | A17
turnout for Democrats and Republi-
cans alike—hardly the bastion of
anti-voter policies some have
claimed over the past four years.
Ms. Abrams—who is again my
electoral opponent—has a habit of
sidestepping facts that fail to suit
her chosen narrative. In her telling,
record turnout and Georgia laws
making it easy to vote and hard to
cheat conveniently failed to indicate
a lack of voter suppression. To Ms.
Abrams, higher turnout simply
means her left-wing donors need to
write bigger checks to help her and
her organizations beat the new “Jim
Crow vote suppressors.”
STEVE SCHAEFER/ZUMA PRESS
And write checks they have. As of
the latest filing, Fair Fight reported
raising more than $100 million since
2018 with over 90% of those funds
coming from outside Georgia. Not to
be outdone, Ms. Abrams’s 2022 gu-
bernatorial campaign has taken in
86% of its cash from states other
than the one she’s running to lead.
A federal judge has finally ex-
Act of 2021 as “Jim Crow 2.0.” posed Ms. Abrams’s claims of voter
In Georgia, we have automatic suppression for what they are—
voter registration when you obtain false. Still, I expect her celebrity
a driver’s license. We have 17 mini- status on the left will only grow.
mum days of early in-person vot- Georgians can take heart that the
ing—with the option for counties to rule of law has prevailed again, the
use an additional two Sundays—and truth has won out, and these base-
no-excuse absentee balloting. In ad- less attacks on our state and its
dition to these statutory safeguards elections can finally be put to bed.
to ensure secure, accessible and fair
elections, the 2018 general election Mr. Kemp, a Republican, is gover-
and 2022 primaries saw record nor of Georgia.
.
ly
easier major than they originally in- 25% chance of admission if he’s
tended to study. These same stu- Asian. But if you leave the creden-
dents, in all likelihood, would have tials the same and change his race
prospered at a less selective college
where the same subjects are taught
at a pace that matched their readi-
ness. Instead, they were set up to
to black, the chance of admission
climbs to 95%. For out-of-state ap-
plicants to UNC, the racial dispar-
ity in the chances of admission is
fail at institutions that wanted even starker. Obviously, these
them there to make the campus schools are using race as the deci-
more racially diverse. Today, we sive factor.
have dozens of academic studies, California voters approved a
including by the U.S. Commission ballot initiative in 1996 that
on Civil Rights, that show the mis- banned the use of race in college
matching of students and schools is admissions, and the results are in-
detrimental to learning. structive. Black and Hispanic en-
Supporters of racial preferences rollment at the University of Cali-
worry that the high court will fi- fornia system’s most selective
nally ban the practice, and they schools, UCLA and UC Berkeley,
should worry because the plaintiffs initially fell, as you might expect
have a strong case. In previous de- would happen with racial prefer-
cisions, the Supreme Court has ences no longer in place. But
ruled that racial quotas are uncon- throughout the UC system, overall
stitutional, but that race can be enrollment grew. More important,
used as a factor in admissions pro- the number of black and Hispanic
vided that it isn’t the decisive fac- graduates increased by more than
tor and the objective is to attain a 50% as more students attended
“diverse” student body. It’s long schools that better matched their
been clear that elite universities academic preparation.
are abusing their discretion and vi- This history is worth keeping in
olating those parameters. In a brief mind as the justices deliberate and
for the plaintiffs, Duke economics liberals insist that preferences for
professor Peter Arcidiacono dem- racial and ethnic minorities are es-
onstrates that an applicant to Har- sential to college success and up-
vard with typical credentials has a ward mobility.
countries would be redirected to the construction of supplies was
non-embargoed countries—and oil fairly evenly allocated.” The report
produced elsewhere would be sent concluded: “It is difficult to imag-
to embargoed nations. It was a dev- ine that any allocation plan would
ilishly complex system, requiring have achieved a more equitable al-
the multinational corporations to location of reduced supplies.”
track thousands of tankers and bar- Corporations today earn their
rels of oil moving around the fair share of scorn, some of which
world. is deserved. They’re no more an-
The arrangement, which under gels than humans are. But more im-
the principle of “equal suffering” portant is that they’ve proved
sought to allocate oil roughly pro- themselves uniquely talented ves-
portionate to pre-embargo levels, sels for bringing together talent,
with all nations facing similar cut- industry and technology in the
backs, did a remarkable job at name of peace and progress. Far
smoothing out what could have from mindless avatars of greed,
been a catastrophic shock to world they are indispensable tools for
energy supplies. Oil supply promoting the public good. As win-
dropped some but not nearly as ter in Europe approaches, we need
much as many had predicted. such corporate might more than
When the Federal Energy Adminis- ever.
tration later issued a report on the
crisis, it emphasized that “U.S. Mr. Magnuson is a professor at
companies helped to blunt the Texas A&M Law School and author
edge of the Arab oil weapon by re- of “For Profit: A History of Corpo-
distributing global supplies so that rations,” forthcoming Nov. 8.
spiritual. Jews atone for a year’s drink this on Yom Kippur.”
worth of sins. On Yom Kippur I Yom Kippur ends with Neilah
think mostly about two things: (“Closing of the Gates”) prayers,
what I’ve done wrong and where’s which start around 6:30 p.m. I’ve
my next meal. never been to Neilah at the syna-
gogue; I’m at home eating crackers.
Neilah ends with a shofar blast
Forty percent of U.S. Jews around 7:30 p.m. Finally, it’s dinner-
time for all Jews.
fast all day. I mostly think At the “break fast” that evening—
about two things: my sins usually at a friend’s house—there
are all kinds of bagels and smoked
and where’s my next meal. fish, kugel, lox, Jell-O molds for the
kids, and a mountain of herring,
which usually goes uneaten. At the
At 6 p.m. I break my fast. I know “break fast” table, the High Holy
I’m supposed to fast till sundown, Day fasters report their times (how
but 6 p.m. is my personal accommo- long they fasted) and rate their rab-
dation with Judaism. I usually eat bis’ sermons. I eat the equivalent of
crackers with tomato juice. My fa- three meals and get sick to my
ther-in-law swore by slivovitz to stomach. The rest of the year is
break the fast. That plum brandy cake.
burned all the way down. One par-
ticularly fiery Yom Kippur, I finally Mr. Stratton is author of the
had enough and put a Post-it note blog Klezmer Guy: Real Music &
on my bottle of slivovitz, “Do not Real Estate.
 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.

A18 | Wednesday, October 5, 2022 THE WALL STREET JOURNAL.

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ly
on
us ,
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al a
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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.
BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3790.93 À 3.06% S&P FIN À 3.79%
Bayer Scores Wins on Weedkiller
BY PATRICK THOMAS
Bayer AG is on a winning
streak as it battles the remain-
ing cases targeting its
Roundup weedkiller, a change
after several juries had held it
responsible for causing cancer
and the company set aside
$16 billion for settlements.
A St. Louis jury in Septem-
ber ruled in Bayer’s favor in a
trial involving several plain-
tiffs, delivering the company
its fifth consecutive trial vic-
tory as it seeks to resolve tens
of thousands of unsettled law-
suits alleging that Roundup,
the world’s most widely used
herbicide, caused cancer in
homeowners, landscapers and
farmers.
Bayer maintains that
Juul
Expected
To Seek
Bankruptcy
Financing
BY JENNIFER MALONEY
Juul Labs Inc. is expected
as soon as this week to start
discussions with lenders for
financing that would carry
the company through a po-
tential chapter 11 bankruptcy
filing, according to people fa-
miliar with the matter.
The vaping company has
received inquiries from lend-
ers and will soon formally re-
quest debtor-in-possession fi-
nancing options, one of the
people said.
Such financing allows
companies to pay day-to-day
expenses and remain in pos-
session of their business
while under bankruptcy pro-
tection.
The Wall Street Journal
reported in June that Juul
was working with its legal
advisers on options that in-
cluded a possible bankruptcy
filing amid a dispute with the
Food and Drug Administra-
tion over whether it can keep
its e-cigarettes on the U.S.
market.
“We will continue the
preparation process for both
a restructuring and other
strategic options as we deter-
mine what path is best for
our company,” a Juul spokes-
no
Please turn to page B2
Dollar
Hits Tech
Stocks
BY AKANE OTANI
Technology stocks are hav-
ing their worst year in recent
memory. Upheaval in the cur-
rencies market might make the
rout even worse.
Large technology companies
generate 58% of their revenue
outside of the U.S.—the highest
share of the S&P 500’s 11
groups, according to FactSet.
That makes them particularly
vulnerable to fallout from the
surging dollar. When the dollar
strengthens, sales that compa-
nies earn in nondollar curren-
cies are worth less. That in
turn can shave millions of dol-
TONY AVELAR/ASSOCIATED PRESS
lars off company earnings.
Microsoft Corp., which in
July reported its slowest reve-
nue growth since 2020, warned
that it believes the stronger
dollar will shave five percent-
age points off its revenue
growth for the following quar-
ter. Google parent Alphabet
Inc. and Facebook parent Meta
Platforms Inc. have also said
currency fluctuations will likely
hurt their results in the coming
earnings season. All three com-
panies are expected to post
Please turn to page B4
S&P IT À 3.30%
Roundup is safe to use and has
cited regulatory reviews by
the U.S. Environmental Protec-
tion Agency and other regula-
tors that have determined it
doesn’t pose a cancer risk. The
German company lost three
trials between 2018 and 2019
brought by Roundup users
who said the product caused
their cancer and that the com-
pany had failed to adequately
warn about Roundup’s danger.
Bayer Chief Executive Wer-
ner Baumann said in a recent
interview that the company’s
wins this past year at trials
across a variety of jurisdic-
tions shift momentum in
Bayer’s favor.
“We have adjusted our de-
fense strategy,” Mr. Baumann
said. “It is an adjustment in
Ford’s monthly U.S. vehicle sales over
the past year
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0 30,000
Sept. 2021
Sources: the company (Ford sales); J.D Power (prices, rates)
Ford Sales Fall on Truck Weakness
BY WILL FEUER
Ford Motor Co.’s U.S. sales
in September fell about 9%
m rp
from a year earlier, as a steep
drop in truck sales offset a
surge in sales of its electric
vehicles.
The Dearborn, Mich., auto
co Fo
maker said U.S. sales of trucks,
which made up nearly half of
Ford’s U.S. monthly sales,
dropped more than 18% in
September over the prior-year
month. The company warned
last month that it expected to
have 40,000 to 45,000 vehicles
that wouldn’t be able to be de-
livered to dealerships because
of missing parts as of the end
of the third quarter.
The industry broadly has
n-
been grappling with supply-
chain challenges that are mak-
ing it harder to keep dealer-
ship lots stocked, and rising
interest rates hitting the af-
fordability of new vehicles.
U.S. sales of Ford’s sport-
utility vehicles in September
rose nearly 1%, and sales of
the company’s Bronco model
jumped 221%, the company
said. Ford said its electric-ve-
hicle sales in the U.S. surged
INSIDE
BUSINESS NEWS
Hasbro projects a 15%
drop in quarterly
revenue and cuts its
full-year outlook. B3
PROPERTY REPORT
Meta plans to shrink
some offices as many
employees continue to
work from home. B8
TECHNOLOGY: APPLE SUPPLIERS ADD U.S. SITES B4
* * * **
DJ TRANS À 3.64%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.89% 2–YR. TREAS. yield 4.097%
Wednesday, October 5, 2022 | B1
NIKKEI (Midday) 27085.97 À 0.35% See more at WSJ.com/Markets
Micron
To Build
JEAN-FRANCOIS MONIER/AGENCE FRANCE-PRESSE/GETTY IMAGES
engineered crops designed to
withstand the herbicide. Un-
certainty over the liability and
mounting legal costs have an-
gered investors and weighed
on Bayer’s share price, which
Biggest
has fallen roughly 50% since
the beginning of August 2018.
In June, the U.S. Supreme
U.S. Chip
Court declined to hear an ap-
peal by Bayer that could have
blocked much of the litigation.
Bayer said it has resolved
Factory
around 108,000 of 141,000 to-
tal Roundup claims. Legal ana- BY ASA FITCH
lysts said the company’s string AND DEAN SEAL
of recent trial wins gives
A French farmer sprays glyphosate herbicide Roundup. Bayer a stronger position as it Micron Technology Inc.
tries to resolve the thousands has agreed to invest as much
our line of argumentation.” after the company completed of cases that remain. as $100 billion to build a semi-
Bayer lost the first trial its $63 billion acquisition of Bayer’s recent success in conductor-manufacturing cam-
over Roundup’s alleged cancer Monsanto, which developed trials is a result of focusing on pus in upstate New York, add-
risk in August 2018, shortly Roundup as well as genetically Please turn to page B2 ing to a wave of chip-making
plans in the U.S. as Washing-
ton tries to boost domestic
manufacturing of those critical
Sept. 2022 sales
down 9% from a
year earlier
Average transaction price for
new vehicles sold in the U.S.
Average interest rate for a
new car loan in the U.S. components.
The chip maker said Tues-
day that it intends to build the
$48,000 6.5%
largest semiconductor-fabrica-
.
45,000 6.0 tion facility in the U.S., with
production at the Clay, N.Y.,
ly
Cars
3,458 plant starting later in the de-
42,000 5.5 cade.
+23.5%
on SUVs
70,887
39,000 5.0
Micron’s spending plan un-
derscores how the chip indus-
try is trying to balance near-
+0.9%
36,000 4.5
term belt tightening amid
economic turmoil with a belief
in the long-term demand for
us ,
Trucks
33,000 4.0 semiconductors. Micron re-
l
68,299
cently has been slashing near-
e
–18.3%
al a
term capital spending to deal
3.5 with slumping consumer appe-
’22 2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 tite for personal computers
ci on
and smartphones this year.
That caused the company’s
sales to drop in the most re-
cent quarter, and it said capi-
tal spending for its current fis-
er s
Please turn to page B4
m er
Bridgewater
Founder
Dalio Hands
Over Control
BRITTANY GREESON FOR THE WALL STREET JOURNAL
BY JULIET CHUNG
Bridgewater Associates
founder Ray Dalio stepped
down as co-investment chief
of the largest U.S. hedge fund
firm, nearly five decades after
he started it in his Manhattan
apartment.
The move, finalized Friday
following a tumultuous years-
long succession process,
leaves a handful of Dalio asso-
The Mustang Mach-E and F-150 Lightning helped Ford’s electric-vehicle sales. The Detroit auto show. ciates in charge of the firm,
which has $150 billion under
197%, helped by Mustang ages would weigh on results, consistently posting year- management. Mr. Dalio re-
Mach-E and F-150 Lightning along with about $1 billion in over-year gains in recent mains on the board.
sales. unexpected costs from suppli- months that have outpaced The apparent winners in
Shares of Ford gained 7.8% ers charging more due to in- the overall car market. the succession drama are co-
in Tuesday trading to $12.365.
The stock fell last month after
flation. The stock is down
about 40% so far this year.
In August, Ford’s U.S. sales
rose 27% over the same year-
investment chiefs and Bridge-
water veterans Bob Prince and
it issued a profit warning on For much of the summer, ago period, versus a 5% in- Greg Jensen, who had a public
third-quarter results. The
company said the parts short-
Ford bucked the industry’s
sluggish sales performance,
crease for the broader auto in-
Please turn to page B2
falling out with Mr. Dalio, and
Please turn to page B13
STREETWISE | By James Mackintosh Surprises in the Institute for Supply Management figures on
manufacturing have no reliable link to stock price moves this year.
Markets Are Stuck ISM manufacturing surprise*
January
S&P 500 one-day percentage change
In Overreact Mode February
March
April
Investors data points contain little of May
are behaving lasting nutritional value for June
like sugar- the markets. The markets risk
starved chil- a tantrum if the lollipops are July
dren offered a again confiscated, as has hap- August
lollipop, grasp- pened several times in the
ing for it with delight only to past few months. Worse still,
September
scream when it is taken away the whole bad-news-is-good- October
again. news pattern will shift back –2.0 –1.5 –1.0 –0.5 0 0.5 1.0 1.5 2.0 2.5
On Monday, the sweets to bad news being bad news
came in the form of some mild once it looks like recession is *Difference between ISM figure and FactSet consensus forecast in index points Source: FactSet
bad news on the economy. The on the way.
Institute of Supply Manage- There is a good reason eco- tial to create huge swings and report at the start of July,
ment’s manufacturing index nomic data have gained impor- changes in directions. Overre- which missed the consensus
came in a little weaker than tance over other factors in actions thus become far more forecast by more than on
forecast. This prompted an ex- moving markets. Investors likely. Monday but led Treasury
traordinary rush to buy bonds have a well-founded fear: The Monday’s move was big for yields to drop only half as
and stocks as bets mounted Fed will raise rates much more such a small shift in the ISM. much and stocks to rise 1%.
that the Federal Reserve would to crush inflation, squashing Benchmark 10-year Treasury “The drop in Treasury
raise interest rates less aggres- the economy in the process. yields dropped 0.15 percent- yields is breathtaking,” ob-
sively. The outlook for interest rates age point, taking equal-sec- served Jonathan Golub, chief
The sugar rush lasted into dominates stock-price moves. ond place for biggest fall of U.S. equity strategist at Credit
Tuesday, with bond yields That is reasonable, but the the year behind only last Suisse.
continuing to fall and stocks problem is that economic Wednesday, when the Bank of Just as extreme were the
starting well, boosted by fall- data swing about from month England unexpectedly started moves in the other direction
ing job openings, a sign of a to month, while the market to buy government bonds. in June and September on the
weakening labor market. treats them as gospel truth. The S&P 500 leapt 2.6%. back of slightly-higher-than-
The trouble is that single Any data point has the poten- Compare that with the ISM Please turn to page B13
 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 | Wednesday, October 5, 2022 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A G Q GM Adds Former Tesla, Ford Hurt

Alphabet ................ B1,B4
Apple...........................B4
Amazon.com ............... B4
American Airlines.......A2
ArcelorMittal .............. B2
B Samsung Electronics..B4
Bayer...........................B1
Bed Bath & Beyond....A4
BlackRock..................B13
General Motors...........B2
Goldman Sachs...........A2
H
Hasbro.........................B3
I
Icahn Enterprises ....... A6
Intel.............................B4
J SL Green Realty........B14
Qualcomm...................B4
R
Royal Caribbean..........A2
S
Shell ............................ B3
Simon Property .......... A4
Sony.............................B4
By Drop in
Lyft Executive to Board Truck Sales
BY SABELA OJEA vince Wall Street that GM can
emerge as a leader in the in-
General Motors Co. on dustry’s push toward electric Continued from page B1
Tuesday said it added Jona- and digital cars. She was dustry, the company said. Ford
than McNeill, a former top ex- among the first global car ex- has been benefiting from ris-

CHRISTINNE MUSCHI/BLOOMBERG NEWS

Bridgewater ................ B1 Juul Labs.....................B1
Stanley Black & Decker ecutive at Tesla Inc. and Lyft ecutives to declare a strategic ing inventory levels, after
Brookfield Asset L
Management ............ A4 .....................................A2 Inc., to its board of directors. pivot to electric vehicles, but stock was depleted in 2021
Las Vegas Sands........A2
T Mr. McNeill, 55 years old, has faced questions from inves- due to a factory fire at a key
C
Lyft..............................B2 previously served as operating tors about the speed of the chip maker. The company’s
Corteva........................A2 Taiwan Semiconductor
M Manufacturing..........B4
chief at the ride-hailing com- transition. electric-vehicle sales have also
Credit Suisse .............. A2 pany Lyft and president of Earlier this year, GM sig- been on the upswing as it has
Macerich......................A4 Tapestry ...................... B2
D Tesla’s global sales, delivery naled that it plans to hang onto added new models such as the
Meta Platforms Tesla............................B2
Delta Air Lines...........A2 and service division. He has re- its majority-owned driverless- F-150 Lightning, a factor con-
.................. A3,B1,B8,B14 Texas Instruments ..... B4
D.E. Shaw ................... A6 cently been chief executive of car developer, Cruise, despite tributing to the recent mo-
Micron Technology......B1 Third Point..................A6
E DVx Ventures, a venture-capi- investor pressure to spin off mentum.
Microsoft.....................B1 TPG..............................B2
tal firm he founded in 2019. Jonathan McNeill the business. Ms. Barra has Still, the company has faced
eBay.............................B2 Morgan Stanley..........A1 Twitter......A1,A2,A6,B14
Before his time at Tesla, Mr. said that she hasn’t ruled out challenges, such as its Septem-
Enservio ...................... B2 N W McNeill served as CEO of soft- tor would help GM as it pushes an eventual separation but that ber warning that missing parts
F Nexstar Media............A2 Walmart......................A2 ware company Enservio Inc. toward an all-electric future. Cruise is important to GM’s would reduce the number of
Ford Motor..................B1 Norwegian Cruise Line Warby Parker..............A1 and founded and sold several On Monday, GM posted a strategy to move toward elec- vehicles it would be able to
Foxconn Technology....B4 .....................................A2 Workday......................B2 technology and retail compa- 24% rise in third-quarter U.S. tric, driverless transportation. ship in the third quarter. Ford
nies that operated in the auto- sales on an increased availabil- Mr. McNeill was chief oper- didn’t specify which parts
mobile market. ity of vehicles. ating officer at Lyft when the were unavailable, only that it
INDEX TO PEOPLE His appointment now gives
GM’s board 13 directors.
Those gains came as rising
interest rates and other eco-
ride-share company went pub-
lic in 2019.
expected to obtain them in the
fourth quarter and complete
GM has been diversifying its nomic pressures are making it He was at Tesla during a shipments then.
A Golub, Jonathan....B1,B4 Musk, Elon board with executives from harder for U.S. buyers to afford turbulent time as the company During the quarter, Ford
Agrawal, Parag..........B14 H .................. A1,A2,A6,B14 technology and other nonin- record-high pricing on new ve- struggled to increase produc- ran into challenges getting
Prince, Bob..................B1
B Handley, Alan ............. A2 dustrial sectors. Last year it hicles. tion of the Model X sport-util- enough blue oval badges to
R
Barra, Mary.................B2 I appointed Aneel Bhusri, co- GM shares rose 9% Tuesday. ity vehicle and to bring out the complete some vehicles, in-
Redha, Hani ................ A2
Baumann, Werner.......B1 Icahn, Carl...................A6 founder and co-CEO of cloud- The stock is down 34% this Model 3 sedan. cluding F-series pickup
Bertolini, Mark..........B13 S software company Workday year amid inflationary pres- Before Tesla, the serial en- trucks. It has also had trouble
J
Bhusri, Aneel..............B2 Stanley, Stephen........A2 Inc. Earlier this year, Joanne sures and nagging supply-chain trepreneur had made a name getting nameplates for some
Janasiewicz, Jack.......A2
C T Crevoiserat, CEO of luxury-ac- concerns for auto makers. for himself in the auto industry models.
Jaramillo, Mateo.........B2
Cocks, Chris.................B3 Jassy, Andy.................B4 Terrazas, Aaron .......... A2 cessories company Tapestry Ms. Barra has been under as the co-founder of a chain of The company said in late
Crevoiserat, Joanne....B2 Jensen, Greg...............B1 V Inc., joined GM’s board. Former pressure to lift GM’s shares, collision centers called Sterling September it is building and
D L van Beurden, Ben.......B3 eBay Inc. CEO Devin Wenig has which are little-changed from Collision Centers that used shipping trucks with the insig-
Dalio, Ray....................B1 Loeb, Daniel................A6 W been a GM director since 2018. the 2010 initial-public-offering data to speed up repairs. nia, as well as retrofitting
Dea, Nir Bar..............B13 M-P Wenig, Devin .............. B2 Mary Barra, chief executive price following the company’s —Mike Colias those produced without the

.
F-G McNeill, Jonathan.......B2 Z of GM, said Mr. McNeill’s re- bankruptcy a year earlier. She and Tim Higgins Ford logo for shipment to
cord in the transportation sec- also has been trying to con- contributed to this article. dealers.

ly
Fish, Denny.................B4 Mehrotra, Sanjay........B4 Zuckerberg, Mark..A3,B8

How an Iron-Air Battery Operates

A new battery by Form Energy uses the rusting of iron to produce an electrical charge. on Bayer Share and index performance
over the past five years
100%
plaintiffs’ injuries in the re-
cent cases.
After going through more

Electrons Scores 75
S&P 500
than half a dozen trials, Bayer
has also had more time to de-
pose expert witnesses brought
us ,

form electric
To recharge,
current
Trial Wins by plaintiffs and counter their
l

the process is testimony with the company’s

50
e
al a

Hydroxide reversed own line of experts who have

movement seemed more appealing to a
25
Continued from page B1 jury than prior experts, said
ci on

upon recharge
the scientific question of Majed Nachawati, a Dallas-
Oxygen exits whether Roundup causes can- 0 based lawyer representing
upon recharge cer and providing more robust about 5,000 claimants.
Water-based
as bubbles Current
data to juries, said lawyers for –25 One of those experts is
electrolyte
the plaintiffs and legal ana- Cristian Tomasetti, a mathe-
er s

collector Bayer AG
lysts. The company has also ADRs matician and former associate
been more aggressive in at- –50 professor of oncology and bio-
m er

tacking plaintiffs’ arguments statistics at Johns Hopkins

on their individual use of the –75 University, who said that
product, the analysts said. 2018 ’19 ’20 ’21 ’22 about 96% of the mutations
In six of its eight trials, found in non-Hodgkin lym-
Bayer has attempted to have Source: FactSet phoma are attributable to nat-
m rp

Iron judges approve split trials fo- urally occurring random repli-
pellets cused initially on the science. sands of claimants. cation errors. Mr. Tomasetti
If juries determine that “They are trying to sepa- has testified in three of
Roundup can cause cancer, rate the issues,” said Mr. Orr, Bayer’s five wins, and his re-
they would next weigh allega- whose firm lost a Roundup search was cited by Bayer law-
co Fo

Oxygen tions of the company’s liabil- case in Oregon in June. “It yers in the other two.
enters air ity. Judges have approved the doesn’t matter all the bad “It’s a part of their overall
electrode split in two cases, and Bayer stuff they said in emails and strategy to match their pool of
on discharge won one of those. seemingly callous attitude.” experts with people in the jury
Barrier In the other cases, the com- Bayer’s argument benefits box on who will relate to
pany has argued that employ- from U.S. and European regu- them,” said Mr. Nachawati.
Rusting
ees’ conduct, such as emails lators’ repeated rulings that “He sounds good and is
iron pellets
that plaintiffs’ lawyers argue glyphosate, the active ingredi- smooth, it plays well.”
Fe(OH)₂
hydroxide show the company’s resistance ent in Roundup, doesn’t cause A Bayer spokeswoman said
movement upon to conducting more scientific cancer, he said. Mr. Tomasetti’s testimony bol-
discharge studies, is a red herring be- A Bayer spokeswoman said sters its argument at trial that
Cathode (+) Anode (-) cause the product doesn’t that science is central in all of most non-Hodgkin lymphoma
Cathode Anode cause cancer in the first place, its Roundup trials, and juries cases occur spontaneously,
n-

said Jim Orr, whose firm and have concluded that the com- and that Roundup isn’t re-
Discharge: When the battery discharges, oxygen Discharge: Hydroxide ions from the liquid co-counsel represent thou- pany isn’t responsible for sponsible.
enters the battery through the air electrode, and electrolyte react with the iron pellets to
reacts with water and electrons to create hydroxide produce rust and send electrons into the
ions. Those hydroxide ions then migrate through circuit.
no

the liquid electrolyte to the iron in the anode.

Recharge: The process is reversed, and hydroxide Recharge: The process is reversed, and
Juul JOURNALISTS DON’T
‘JUST WRITE STORIES.’
ions travel from the anode to the cathode, where
they react to form oxygen bubbles, water, and
electrons that flow through the circuit.
electrons from the circuit react with the rust
to convert it back to iron metal and liberate
hydroxide ions into the liquid electrolyte.
Readies
Source: Form Energy Kevin Hand/THE WALL STREET JOURNAL Financing THEY RECORD HISTORY.

Battery Startup Form Energy Continued from page B1

man said Tuesday.
The FDA in June ordered

Raises $450 Million for Plant

Juul’s products off the mar-
ket and then stayed the deci-
sion pending Juul’s appeal.
Thousands of lawsuits
have been filed against Juul
BY AMRITH RAMKUMAR and can only store energy for producing its batteries and get- over the past several years,
hours. New approaches are ting customer and regulatory alleging that the company
A startup developing iron- needed to store and release en- approval for the technology. marketed its e-cigarettes to
air batteries that could store ergy during the long stretches Form Energy can scale more children.
renewable power for several when the wind isn’t blowing quickly thanks to new tax cred- Juul has said it never mar-
days is raising $450 million and the sun isn’t shining. its for battery-storage projects keted to underage users.
from backers including steel- Other investors in Form’s in the Inflation Reduction Act The uncertainty over
maker ArcelorMittal SA and funding round include the and forecasts for faster deploy- Juul’s ability to remain on
TPG Inc. Canada Pension Plan Invest- ment of renewables, Chief Ex- the market could make it dif-
Form Energy Inc. plans to ment Board—also known as ecutive Officer Mateo Jaramillo ficult for the vaping company
use the funds to build its first CPP Investments—Bill Gates’ said. “It’s a rising tide across to raise money or secure tra-
big manufacturing facility and Breakthrough Energy Ventures the board,” he said. “It makes ditional loans to pay for legal
begin selling to customers. and Singapore state-owned everybody feel that much more settlements or court judg-
The private funding round funds GIC Pte. Ltd. and Te- confident.” ments. Last month, Juul
more than doubles the total masek Holdings Ltd. Mr. Jaramillo helped de- agreed to pay at least $438.5
equity Form has raised in its Based in Somerville, Mass., velop Tesla Inc.’s Powerwall million in a settlement with
five-year history, company of- Form Energy aims to slash bat- battery-storage system and more than 30 states.
ficials said. tery prices by using huge worked on some of its earliest Juul’s largest shareholder,
The fundraising adds to a amounts of low-cost iron pel- automotive powertrains. He Marlboro maker Altria Group
string of clean-energy invest- lets. The battery takes in oxy- compared Form’s coming man- Inc., decided in September to
ments following the Inflation gen and converts iron to rust. It ufacturing challenge to what terminate its noncompete
Reduction Act, which ce- then reverses the process, turn- the electric-vehicle maker agreement with Juul. Altria’s
mented tax credits for battery ing the rust back into iron and went through ramping up pro- decision gives Juul more
storage and renewables for a breathing out oxygen, to charge duction but said Form is work- strategic options to secure its
Learn more about the impact your
decade. and discharge the battery. ing with partners to set realis- business, including the free-
journalism career can have on the world.
Form is racing to address The company is considering tic targets. dom to sell itself—or a signif- Wall Street Journal reporter Erin Ailworth
one of the biggest barriers to possible sites for a U.S. manu- Mr. Jaramillo declined to icant stake—to one of Altria’s and others share career advice at
widespread deployment of facturing facility and accelerat- provide the company’s valua- competitors. Bloomberg News dowjonesnewsfund.org/careers.
wind and solar power: inter- ing its target start date for tion. The company could also earlier reported that Juul
mittency. Current lithium-ion commercial production to late raise debt or project financing was beginning talks regard-
battery technology is costly 2024. That will involve mass- for the manufacturing plant. ing bankruptcy funding.
 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.
Shell CEO Sees
Additional Taxes
On Oil Industry
BY JENNY STRASBURG
LONDON—Shell PLC Chief
Executive Ben van Beurden
said he expects to see addi-
tional taxes on the oil-and-gas
industry as a way of helping to
protect consumers from
higher energy prices, and
warned that a price cap on
Russian oil being pushed by
Western governments would
be difficult to implement.
The emphasis should be on
protecting vulnerable gas us-
ers, particularly poor people,
rather than on direct market
intervention, Mr. van Beurden
told an energy conference in
London on Tuesday. Capping
the price of Russian oil—an
The emphasis
should be on
protecting
vulnerable gas users.
idea pushed by U.S. and Euro-
pean officials—would be a
“real implementation chal-
lenge,” he said, adding that
trying to control prices in so-
phisticated commodity mar-
kets carries risks.
Government intervention
probably will require taxing
oil-and-gas industry players
more, including “people in
this room,” Mr. van Beurden
said, calling such moves “in-
evitable.”
The comments come after
Shell said last month that Mr.
van Beurden would retire at
the end of the year after
nearly four decades at the
London-based oil major, the
past nine of which as CEO.
Mr. van Beurden said he
finds Shell investors these
days more understanding than
they were in recent years of
the company’s efforts to bal-
no
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ance oil-and-gas production
with its strategy of transition-
ing to more sources of renew-
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Still, he added, “I have to
remind investors, we are still
investing a significant amount
of money in oil and gas.”
A company such as Shell
can’t increase oil-and-gas in-
vestments by billions of dol-
lars quickly, he said, but it can
be flexible with marginal
shifts and adjust spending in
areas including hydrogen and
biofuels in response to de-
mand and its own transition
plans. “We will continue to re-
adjust spending to where it
makes sense,” he said.
Mr. van Beurden said Eu-
rope should be ready for more
attacks on key energy infra-
structure, possibly endanger-
ing energy supplies and distri-
bution, and that more effort
should go into preventing such
damage. “I don’t think we can
be complacent about this,” he
said.
A series of recently discov-
ered leaks on the Nord Stream
undersea gas pipelines be-
tween Russia and Europe are
widely presumed to be the re-
sult of sabotage. Some West-
ern officials have pointed the
finger at Russia. Moscow has
also said it believes the leaks
were the result of sabotage
but has said it had nothing to
do with them.
The three-day conference,
called the Energy Intelligence
onrency movements. It previously
Forum, which originated in the
us ,
1980s, is convening in person
l
this week for the first time in
e
al a
three years, focused on the
geopolitics of energy, with the
war in Ukraine at the forefront
ci on
alongside soaring energy
prices. Attendees entering the
conference hotel passed a
group of protesters who
shouted criticism about con-
er s
tinued production of oil and
gas, saying it endangers the
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BUSINESS NEWS
The toy company plans to cut $250 million to $300 million in costs. Players of Magic: The Gathering, at a Comic-Con in California.
Hasbro Cuts Full-Year Outlook
BY KATHRYN HARDISON
Hasbro Inc. projected a 15%
drop in revenue in the most re-
cent quarter, prompting the
company to lower its full-year
outlook amid worsening eco-
nomic conditions.
The company, known for
Nerf blasters and Monopoly
board games, as well as its
Magic: The Gathering card
game, said it expects revenue
this year to be flat or decline
slightly when excluding cur-
expected low-single-digit per-
centage growth by that mea-
sure.
What’s changed is that in-
flation is pounding household
budgets, the war in Ukraine is
hurting sales and some of Has-
bro’s entertainment initiatives
have been delayed, sapping the
company of expected sales
boosts. “Inflation is something
that’s a net headwind for con-
sumers and the consumer mar-
ket,” Chief Executive Chris
Cocks said in an interview.
The situation in currency
markets is also significantly
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different than the company ex- Hasbro’s quarterly revenue work.
pected, he said. Hasbro has op- Mr. Cocks said the company
erations in places such as the
$2.0 billion
plans to double down on its
U.K., eurozone countries like key brands, like Dungeons &
Germany and Spain, and China, 2Q 2022 Dragons and Magic: The Gath-
which are home to currencies Entertain- ering. Hasbro is slated to boost
that have weakened relative to 1.5 ment investments in its digital plat-
the dollar in recent months. $185.2 forms as well as developing
Analysts had forecast a 4% million new shows and movies based
revenue decline in the most re- on its brands.
.
cent quarter, according to a 1.0 Wizards Hasbro is also looking to ink
FactSet poll. licensing agreements for some
ly
of the
The revenue projection and Coast* of its lower-margin brands, like
guidance cut came as Hasbro $419.8 Easy-Bake ovens. Mr. Cocks
held an investor event Tuesday said the company could make
0.5
in New York. Mr. Cocks, who
became CEO earlier this year
as an activist investor was
pushing for change, laid out
Consumer
products
more money by outsourcing
some of the brands, which
would help ease supply-chain
and product-marketing costs.
$734.2
the company’s plan going for- 0 “We’re making these
ward, which includes cutting 2019 ’20 ’21 ’22 changes from a position of
$250 million to $300 million in strength,” he said. “We’re do-
costs and focusing investment *Includes digital gaming Source: the company ing them early…so that even if
on its most identifiable brands. there was some kind of curve-
Hasbro plans to eliminate would involve a cut in its ball that the economy serves
those costs and increase its workforce. The company has up, I think we’re ahead of the
operating profit 50% over the about 6,500 full-time employ- pitch.”
next three years. It expects to ees and 3,000 to 4,000 con- Mr. Cocks said the company
save in a handful of areas, in- tract workers, he said. is seeing evidence of good con-
cluding labor, supply-chain sys- The plan also includes re- sumer demand to end the year,
tems and inventory manage- ducing its real estate and particularly in its gaming port-
ment. Mr. Cocks declined to lease-related costs as many folio and among the company’s
comment on whether plans employees shift to remote high-end collectibles.
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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 | Wednesday, October 5, 2022
Apple Suppliers Add U.S. Production Sites
Partners of iPhone
maker seek to stay
nearby as pandemic
curbs travel to China
BY YANG JIE
Apple Inc. suppliers added
manufacturing operations
close to the Cupertino, Calif.-
based tech company in fiscal
2021, a sign of how the pan-
demic and geopolitics are be-
ginning to reshape supply
chains.
Of Apple’s more than 180
suppliers, 48 had manufactur-
ing sites in the U.S. as of Sep-
tember 2021, up from 25 a
year earlier, according to a
supplier list released by Apple.
More than 30 sites were in
California, compared with
fewer than 10 a year earlier.
RINGO CHIU/ZUMA PRESS
Many major suppliers such
as chip makers Qualcomm Inc.
and Taiwan Semiconductor
Manufacturing Co., product
assembler Foxconn Technol-
ogy Group and image sensor
provider Sony Group Corp., The company said 48 of its suppliers had manufacturing sites in the U.S., up from 25 a year earlier. An Apple Store in Los Angeles.
added production sites in the
U.S. during the year, the list months ago. One is that Apple
shows. Apple said it published remains overwhelmingly de-
the list online last week. pendent on East Asia, and par-
The list doesn’t say how ticularly China. About 150 sup-
much business Apple does pliers have operations in
with each company or de- China, and the list is packed
scribe what the suppliers do. with the names of Chinese,
It also contains clear errors South Korean and Japanese
such as describing Shanghai as companies that supply compo-
part of Japan in one instance, nents such as chips, screens,
so the actual location numbers motors and camera parts.
may differ slightly from what The second is that U.S. sites,
the list says. although still a minority, are
Still, two points are clear
from the latest list, the first to
be released since the fiscal
2020 list came out about 16
playing a more important role.
Supplier officials said the oper-
ations in California typically
aren’t large factories like those
on
us ,
l
Micron to government had approved bil-
e
al a
lions of dollars in subsidies for
domestic chip making. “We
Build Big
will need support from the
ci on
federal government as well as
appropriate support from state
Chip Plant governments to bridge the 35%
to 45% cost gap that exists in
overseas production,” Micron
er s
Chief Executive Sanjay Meh-
Continued from page B1 rotra said earlier this year.
m er
cal year would be 30% lower The company said Tuesday
than a year earlier to deal that the facility in Clay would
with oversupply. require about $20 billion in
Micron said a year ago that spending by the end of this
it would spend as much as decade and be built out fur-
m rp
$150 billion on additional pro- ther thereafter. Construction
duction capacity, though it in Clay, roughly 15 miles north
didn’t say where the new of Syracuse, is due to start in
money would go. The company 2024. The company said last
had held off on committing to month that it would invest $15
co Fo
the spending until the U.S. billion in a new factory in
For more information:
In Memoriam wsj.com/inmemoriam
J. Fred Weintz, Jr. Fred married in 2008. She passed away
in 2021.
Throughout his life, Fred dedicated
time to causes important to him. He
volunteered at Stanford University for 50+
years, served on the University’s Board
of Trustees from 1985 to 1995, and was a
n-
member of the Stanford-in-Washington
Council. In 1992, Fred received Stanford
University’s Gold Spike Award.
Fred served on many boards, including
Norwich University, Pace University, The
no
Sierra Club, The National Lighthouse
Museum, Population and International
Health at Harvard School of Public Health,
Guiding Eyes for the Blind, and The Forum
for World Affairs. He was president of
the Harvard University Business School
Alumni Association and an emeritus board
member of the Federation of Protestant
Welfare Agencies. Fred was also a recipi-
ent of “La Medaille de la Ville de Paris.”
While involved with the Center for
International Security and Arms Control at
RIVERSIDE, CONN. - Jacob Frederick Stanford, he assembled experts to inves-
Weintz, Jr. died peacefully on August 25, tigate Department of Defense spending
2022, in Riverside, CT, surrounded by his in response to media stories about fraud-
four children, singing his favorite songs,
ulent price increases during the Reagan
recounting favorite stories, and reciting administration’s defense buildup against
poignant prayers until he took his last the Soviet threat. Ultimately this led to
breath. Fred was 96 years old. the creation of the Packard Commission to
Fred was born on June 27, 1926, to
control overspending.
Jacob (“Jake”) Frederick Weintz and Grace Fred was a man with a kind heart,
Cortelyou Weintz in New York City. His “glass half full” mentality, and an
maternal grandfather, George B. Cortelyou, eagerness to discuss any subject with
was Secretary of the Treasury during Pres- intelligence and curiosity. His love for
ident Teddy Roosevelt’s administration.
family manifested itself in densely packed
Upon graduating from Huntington High Christmas letters which he composed for
School in Long Island, New York, in 1943, 60 years each edition oozing with family
he attended Norwich University, a military pride.
college in Vermont for one year. Fred Fred is survived by his daughters
enlisted in the U.S. Army Air Corps, serving
as a radio operator on B-26 bombers
during WWII.
After the war, Fred attended Stanford
Elizabeth (“Beppie”) Weintz Cerf and Polly
Weintz Sanna, his sons Dr. Eric Cortelyou
Weintz and Karl Frederick Weintz; his
grandchildren Elisabeth (“Brett”) Brewer
University (A.B. in Economics, 1948). He
then worked for Vick Chemical Company
as a traveling salesman before attending
Harvard Business School, MBA 1951.
Cerf, Robert (“Rick”) Frederick Cerf, Warren
(“Bart”) Barrett Cerf, Jonathan (“Jake”)
Cortelyou Cerf, Lucy Hamlin Sanna,
Cortney Curtis Weintz, Bryce Cortelyou
Goldman Sachs & Co. hired Fred in 1951.
He spent his entire career with the firm
as an investment banker. Fred served as a
general partner from 1965 to 1984, retiring
Weintz, Leif Brewer Weintz, and his
great-grandchildren; Grady Alan Weliever,
Elizabeth (“Blakely”) Weintz Weliever,
Reagan Grace Weliever, Elizabeth (“Ellie”)
in 1985 as a limited partner until the firm Ann Cerf, Luca Frederick Cerf, and Marian
went public in 1999. (“Millie”) Brewer Cerf.
In 1955, Fred married, Elisabeth (“Bet- A memorial service will be held on
sy”) Brewer. They were married for 51
years until she died suddenly in 2007. Fred
Thursday, October 6, at 2:30 pm, at Christ
Church of Greenwich, 254 E. Putnum Ave.,
and Betsy had four children and a son who Greenwich, CT.
passed away in infancy. They raised their
In lieu of flowers, please make dona-
family in Riverside, Connecticut. tions to Stanford University’s: J. Frederick
In 2007 Fred rekindled a relationship and Elisabeth Brewer Weintz Fund for Un-
with Rosemary (“Ro”) MacKeen Ross, to
dergraduate Education, Harvard Business
whom he was briefly engaged in the early School, or Americares.
‘50s prior to meeting Betsy. Rosemary and
IN MEMORIAM
EVERY WEDNESDAY AND SATURDAY
For more information visit: wsj.com/InMemoriam
© 2022 Dow Jones & Company, Inc. All Rights Reserved.
TECHNOLOGY
in China. Instead, the opera-
tions tend to be smaller-scale
production lines, test lines for
new products or service-re-
lated operations, they said.
Travel between California
and China has been difficult
since early 2020 because of
China’s Covid-19 restrictions.
During the pandemic, Apple
has relied more on local engi-
neers in foreign countries and
adopted technology such as
live streaming to help staff at
headquarters follow remotely
what is happening on the fac-
tory floor.
Idaho, with construction be-
ginning next year.
Micron’s stock closed up
4.3% Tuesday.
The factory plans come less
than two months after the
passage of the bipartisan
Chips and Science Act, which
aims to boost domestic inno-
vation by subsidizing the con-
struction or expansion of
semiconductor-fabrication
plants in the U.S.
Intel Corp. and Texas In-
struments Inc. also have un-
veiled chip-factory invest-
ments in the U.S. in recent
months, among a host of com-
panies evaluating plant-build-
ing in the U.S. to tap new fed-
eral and state incentives.
Micron said its spending
would benefit from $5.5 bil-
lion in incentives from New
York, along with the federal
subsidies. Mr. Mehrotra
praised the Biden administra-
tion and Congress on Tuesday
for giving priority to the sub-
sidy package.
Members of Congress and
government officials see
bringing new chip manufac-
turing to the U.S. as crucial to
addressing concerns that the
country is losing control over
advanced technology critical
to national security. While the
chip industry was born in the
U.S., today American factories
have only about 12% of the
world’s chip-making capacity.
Micron’s new New York
and Idaho factories would
raise the portion of the com-
pany’s production in the U.S.
to 40% from 10% in about 10
years, Mr. Mehrotra said in an
interview.
“We are bringing leading-
edge memory manufacturing
to the U.S., we are building di-
versified, resilient domestic
supply chains in the U.S. and
creating national economic se-
curity as well as addressing
national security through
these investments,” he said.
Tech Stocks
Hard Hit
By Dollar
Continued from page B1
quarterly results this month.
“If we think about the list of
things that have gone wrong
for tech this year, [the dollar]
is just the icing on the cake,”
said Denny Fish, a portfolio
manager who manages Janus
Henderson Investors’ global
technology and innovation
strategy.
Technology stocks jumped
with the broader market in the
first two days of the week but
remained down for the year.
The tech-heavy Nasdaq Com-
posite was down 32% for the
However, the supplier offi-
cials said there were still occa-
sions when it was helpful to
be near Apple’s headquarters,
especially when tests of mate-
rials and parts for new prod-
ucts were involved.
They also said it was help-
ful for political reasons to
show that Apple and its part-
ners are boosting the role of
the U.S. in production. Presi-
dent Biden has been pushing
to bring more high-tech manu-
facturing to the U.S. and in
August signed a law that in-
cludes more than $50 billion
Other countries aren’t
standing still. Europe has its
own chip-industry funding in
the pipeline and is aiming to
double its share of the global
market to 20% by 2030. Some
of the world’s largest non-U.S.
chip makers, including Taiwan
Semiconductor Manufactur-
ing Co. and South Korea’s
Samsung Electronics Co.,
have laid out plans for hun-
dreds of billions of dollars of
manufacturing growth in the
coming years, with their sights
set on a bigger share of a lu-
crative market where the cost
of manufacturing is climbing
sharply.
Samsung’s contract chip-
making business said this
The company would
spend up to $100
billion on the site
near Syracuse, N.Y.
week that it planned to in-
crease its manufacturing ca-
pacity for the most advanced
chips by 70% a year.
President Biden, who cham-
pioned nearly $52 billion of
funding for chip research and
manufacturing that is ex-
pected to start rolling out next
year, on Tuesday cheered Mi-
cron’s spending plan.
As the U.S. seeks to expand
its own chip industry, the Bi-
den administration is trying to
limit the growth of chip mak-
ing in China by attempting to
cut the country off from ad-
vanced technologies that could
fuel its military development
and surveillance activities.
New York Gov. Kathy Hochul
said Micron’s plan represented
the largest private-sector in-
vestment in state history and
would solidify New York as a
global manufacturing hub.
Share-price and index performance this year
0%
–10
–20
–30
–40
–50
–60
Jan. 2022
Source: FactSet
year through Friday and suf-
fered its worst first nine
months of a year since 2002,
according to Dow Jones Market
Data. The Nasdaq has also
fallen for three consecutive
* *** THE WALL STREET JOURNAL.
in direct aid for building semi-
conductor plants.
The California moves by
Apple’s suppliers are part of a
broader transition in its sup-
ply chain.
Apple has told some of its
manufacturing partners it
wants them to boost produc-
tion outside China, with Viet-
ly
nam and India among the
countries getting a closer look.
Last week, Apple said it had
started producing the iPhone
14 in India, just three weeks
after it released the new
phone.
Amazon Freezes
Retail Unit Hiring
BY SEBASTIAN HERRERA
Amazon.com Inc. is halting
hiring in its core retail divi-
sion through the end of the
year, making it the latest big
tech company to pull back on
hiring as it contends with eco-
nomic headwinds.
The company is pausing
hiring for corporate roles that
include tech positions in its
retail business, a person famil-
iar with the matter said. The
company has posted thou-
sands of openings in the seg-
ment in recent months. The
New York Times earlier re-
ported on the freeze.
Amazon is among the latest
big tech companies to slow
hiring or cut jobs. Meta Plat-
forms Inc. plans to cut ex-
penses at least 10% in part
through staff reductions, The
Journal reported last month.
Google parent Alphabet Inc.
has required some employees
to apply for new jobs if they
wish to remain with the com-
pany. Snap Inc. has also had
layoffs.
An Amazon spokesman said
the company continues to have
a significant number of open
roles available. “We have many
different businesses at various
stages of evolution, and we ex-
pect to keep adjusting our hir-
ing strategies in each of these
businesses at various junc-
tures,” the spokesman said.
Amazon’s freeze doesn’t in-
clude other parts of the com-
pany such as its highly profit-
able Amazon Web Services
cloud computing division or
its massive warehousing oper-
ations, where it employs hun-
dreds of thousands of blue-col-
lar workers. The company
S&P 500
Microsoft
Alphabet
Meta
Platforms
Oct.
quarters, its longest losing
streak since the three quarters
through March 2009.
In the past, investors have
sometimes been willing to look
past fluctuations in the cur-
WSJ.com/Tech
EU Vote Freezes Out
Lightning Charger
BRUSSELS—Apple Inc. is
losing its Lightning in Europe.
European Union lawmakers
backed legislation to create a
common standard for charging
smartphones and other porta-
ble electronics in a move that
will effectively ban the sale of
new products in Europe that
use the company’s proprietary
Lightning charger port.
The European Parliament
on Tuesday voted to approve
the new rules, which aim to
force companies that sell por-
table electronic devices in the
EU to ensure they are
equipped with a USB-C
charging port, technology that
is commonly used in new lap-
top computers and Android
phones. The aim is to have a
common standard that would
allow consumers to use the
same cable to charge all their
portable electronic devices.
“The common charger will
finally become a reality in Eu-
rope,” said Alex Agius Saliba,
a member of the Parliament
from Malta. He said the new
rules “will benefit everyone—
from frustrated consumers to
our vulnerable environment.”
The EU legislation is a
blow to Apple, which uses its
.
Lightning ports on new
iPhones. Replacement chargers
for iPhones tend to be more
expensive than USB-C cables.
Apple has said the law
would harm innovation and
inconvenience users.
—Kim Mackrael
plans to close job openings un-
til next year, the person famil-
iar with the matter said. Can-
didates who interviewed
before Oct. 15 could receive of-
fers, though they wouldn’t be-
gin their jobs until next year,
the person said.
Amazon’s decision to halt
hiring in its primary retail
business is happening as the
retailer confronts slowing
growth this year. The company
in July reported slowing sales
and a net loss for the second
straight quarter, which was
driven by weaker demand in
its online store when com-
pared with 2020 and 2021.
Amazon saw a sharp rise in
demand during the early days
of the Covid-19 pandemic but,
as with other companies that
flourished during the crisis, it
has seen decreased sales as
shopping patterns return to
prepandemic levels.
The company this year
started paring back hiring in
some divisions while signifi-
cantly cutting its hourly work-
force. Last month, Chief Exec-
utive Andy Jassy said the
company was slowing down
the rate at which it is hiring
new employees after the pan-
demic boom may have led to
overexpansion. Amazon em-
ployed about 1.5 million peo-
ple as of the second quarter,
almost 100,000 less than in
the first quarter. Much of that
reduction took place at its
warehouses.
While it has had to contend
with slower growth, Amazon
is preparing for a second
Prime member sales event
that it will have this month
and the coming holiday shop-
ping season.
rency market because other
factors, like a growing econ-
omy, have helped offset the
drag from a strong dollar.
What makes this year differ-
ent is that the dollar is rising
at a time economists widely
expect growth to slow materi-
ally—both outside and inside
the U.S.
The speed and scale of the
dollar’s gain this year have also
compounded investors’
pain. The WSJ Dollar Index,
which measures the dollar
against a basket of 16 curren-
cies, is up 16% for the year
through Friday.
Historically, every 8 to 10
percentage points the dollar
gains against other currencies
shaves off about 1 percentage
point from U.S. earnings
growth, said Jonathan Golub,
chief U.S. equity strategist and
head of quantitative research
at Credit Suisse.
 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. Wednesday, October 5, 2022 | B5

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. CitizensFin CFG 36.63 1.59 ElbitSystems ESLT 197.80 4.65 HCA Healthcare HCA 203.90 10.64 KoreaElcPwr KEP 7.11 0.18 Morningstar MORN 221.80 7.86 PlainsGP PAGP 11.88 0.51
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Clarivate CLVT 9.96 0.21 ElectronicArts EA 123.20 3.34 HDFC Bank HDB 60.43 2.10 KraftHeinz KHC 34.33 0.37 Mosaic MOS 52.09 2.65 PlugPower PLUG 23.39 1.57
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CleanHarbors CLH 117.10 2.07 ElevanceHealth ELV 479.23 9.17 s HF Sinclair DINO 58.24 2.59 Kroger KR 44.70 0.95 MotorolaSol MSI 235.42 6.45 PolestarAuto PSNY 5.99 0.83
that include primary market trades as well as quarters. ClearwayEnergyC CWEN 34.72 1.08 EmersonElec EMR 78.25 2.71 HP HPQ 26.64 0.75 LKQ LKQ 50.28 1.66 MurphyOil MUR 41.27 2.17 Pool POOL 332.81 5.06
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ClearwayEnergyA CWEN.A 31.73 0.93 Enbridge ENB 39.42 0.97 HSBC HSBC 27.74 1.45 s LPL Financial LPLA 239.88 14.31 MurphyUSA MUSA 283.67 0.33 PrincipalFin PFG 79.00 3.45
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Cleveland-Cliffs CLF 15.47 0.85 Endeavor EDR 21.60 1.37 H World HTHT 37.67 1.85 L3HarrisTech LHX 224.12 6.72 NICE NICE 200.06 7.46 ProcoreTech PCOR 55.35 4.34
Nasdaq ISE. standards Clorox CLX 131.62 1.84 EnergyTransfer ET 11.73 0.39 Haleon HLN 6.24 0.10 LabCorp.ofAmerica LH 216.01 4.21 NIO NIO 16.73 1.24 Procter&Gamble PG 130.10 1.59
The list comprises the 1,000 largest companies lf-Late filing Cloudflare NET 60.52 4.73 EnphaseEnergy ENPH 288.25 1.64 Halliburton HAL 28.12 1.74 LamResearch LRCX 400.63 10.95 NOV NOV 17.56 0.41 Progressive PGR 123.94 3.44
based on market capitalization. q-Temporary exemption from Nasdaq Coca-Cola KO 56.78 0.13 Entegris ENTG 89.70 3.20 HartfordFinl HIG 65.96 2.39 LamarAdv LAMR 88.63 4.54 NRG Energy NRG 41.01 1.67 Prologis PLD 105.99 1.63
Underlined quotations are those stocks with requirements. Coca-ColaEuro CCEP 45.96 2.00 Entergy ETR 106.15 2.19 t Hasbro HAS 70.48 1.50 LambWeston LW 78.85 2.22 NVR NVR 4320.65187.51 ProsperityBcshs PB 71.71 3.40
large changes in volume compared with the t-NYSE bankruptcy Cognex CGNX 45.13 1.69 EnterpriseProd EPD 24.79 0.62 HashiCorp HCP 33.32 1.62 LasVegasSands LVS 42.00 3.40 NXP Semi NXPI 159.89 7.93 PrudentialFin PRU 94.24 5.05
issue’s average trading volume. v-Trading halted on primary market. CognizantTech CTSH 60.66 1.63 Equifax EFX 182.30 8.96 HealthcareRealty HR 21.40 0.16 LatticeSemi LSCC 53.87 2.90 Nasdaq NDAQ 59.90 1.57 Prudential PUK 22.23 1.91
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being CoinbaseGlbl COIN 74.50 8.55 Equinix EQIX 587.83 8.93 HealthpeakProp PEAK 23.88 0.12 Lear LEA 129.88 6.75 NationalGrid NGG 53.86 0.99 PublicServiceEnt PEG 59.81 1.90
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ColgatePalm CL 71.84 0.73 Equinor EQNR 35.48 0.91 Heico HEI 150.87 3.17 LegendBiotech LEGN 41.09 0.81 NatlRetailProp NNN 40.72 0.89 PublicStorage PSA 297.00 3.05
previous closing price was $2 or higher. or securities assumed by such companies. Comcast A CMCSA 30.99 0.63 Equitable EQH 28.99 1.66 Heico A HEI.A 120.29 2.12 Leidos LDOS 93.36 2.57 NatWest NWG 5.35 0.20 PulteGroup PHM 40.99 1.74
Comerica CMA 76.44 3.42 EquityLife ELS 65.38 1.51 HenrySchein HSIC 70.14 2.07 Lennar B LEN.B 64.47 2.37 NetApp NTAP 66.56 2.42 PureStorage PSTG 28.70 0.99
CommerceBcshrs CBSH 71.05 3.20 EquityResdntl EQR 68.48 0.39 Hershey HSY 225.67 1.11 Lennar A LEN 80.91 2.75 NetEase NTES 79.92 3.46 Qiagen QGEN 43.77 1.76
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
s SABESP SBS 11.17 0.02 ErieIndemnity A ERIE 234.20 5.87 HertzGlobal HTZ 17.57 0.62 LennoxIntl LII 237.28 8.52 Netflix NFLX 240.74 1.70 Qorvo QRVO 86.07 3.75
changes in the closing prices from 4 p.m. the previous day.
ConagraBrands CAG 33.91 1.00 EssentialUtil WTRG 43.82 0.07 Hess HES 124.09 7.29 LeviStrauss LEVI 16.58 1.00 s Neurocrine NBIX 109.24 2.52 Qualcomm QCOM 122.37 5.15
Confluent CFLT 26.91 2.18 EssexProp ESS 245.52 -1.28 HessMidstream HESM 26.97 0.95 LiAuto LI 24.60 1.14 NewFortressEner NFE 48.03 1.51 QualtricsIntl XM 11.29 0.57
Tuesday, October 4, 2022 Net Net ConocoPhillips COP 115.62 5.65 EsteeLauder EL 227.26 8.17 HewlettPackard HPE 12.85 0.48 LibertyBroadbandA LBRDA 80.56 1.82 Newmont NEM 44.53 0.82 QuantaServices PWR 136.03 4.68
Stock Sym Close Chg Stock Sym Close Chg ConEd ED 89.11 1.45 Etsy ETSY 110.20 5.21 Hilton HLT 125.97 4.20 LibertyBroadbandC LBRDK 79.57 1.74 NewsCorp A NWSA 16.38 0.75 QuestDiag DGX 128.10 2.66
Net RE 276.94 11.05 Hologic
Stock Sym Close Chg Apple ConstBrands A STZ 237.40 2.88 EverestRe HOLX 66.55 0.43 LibertyGlobal A LBTYA 16.94 0.43 NewsCorp B NWS 16.68 0.78
AAPL 146.10 3.65 BritishAmTob BTI 37.32 0.73 ConstBrands B STZ.B 297.67 -6.33 Evergy EVRG 62.03 1.25 HomeDepot HD 289.56 5.86 LibertyGlobal B LBTYB 17.29 0.04 NexstarMedia NXST 178.68 5.94 R S
ApplMaterials AMAT 89.41 3.16 Broadcom AVGO 479.86 23.08 ConstellationEner CEG 89.34 2.75 EversourceEner ES 81.02 0.72 HondaMotor HMC 22.94 0.56 LibertyGlobal C LBTYK 17.84 0.37 NextEraEnergy NEE 82.82 1.63
A B C Applovin APP 21.24 0.82 BroadridgeFinl BR 152.46 3.55 ContinentalRscs CLR 69.75 1.47 Exelon EXC 40.01 1.53 Honeywell HON 178.19 5.15 LibertyFormOne C FWONK 62.85 1.60 s NielsenHoldings NLSN 27.92 0.05 RBC Bearings RBC 220.76 6.76
Expedia EXPE 102.10 7.70 HorizonTherap HZNP 66.16 RELX RELX 25.92 1.11
ABB ABB 26.38 2.08 Aptargroup ATR 99.23 1.79 BrookfieldMgt BAM 44.32 2.14 Cooper COO 279.57 6.31 1.90 LibertyFormOne A FWONA 56.33 1.57 Nike NKE 88.64 3.24
RH RH 265.71 11.45
ADT 8.17 0.39
Aptiv APTV 88.13 5.09 BrookfieldInfr BIP 37.21 0.51 Copart CPRT 113.89 4.24 ExpeditorsIntl EXPD 91.52 0.61 HormelFoods HRL 46.90 0.70 LibertyBraves A BATRA 28.95 0.44 NiSource NI 26.90 0.89
ADT R1 RCM RCM 19.18 0.33
AECOM ACM 72.86 2.77 Aramark ARMK 34.20 2.20 BrookfieldRenew BEPC 33.75 0.21 CorebridgeFin CRBG 20.84 0.61 ExtraSpaceSt EXR 179.47 5.87 DR Horton DHI 73.79 3.05 LibertyBraves C BATRK 28.25 0.44 Nokia NOK 4.61 0.22
1.35 NomuraHoldings NMR 3.42 0.08 RPM RPM 89.87 3.22
AES 25.27 1.71 ArcelorMittal MT 22.19 1.11 Brown&Brown BRO 63.30 1.26 Corning GLW 31.53 1.66 ExxonMobil XOM 95.27 3.35 HostHotels HST 16.85 0.48 LibertySirius C LSXMK 39.88
AES FFIV 155.42 4.66 HowmetAerospace HWM 33.51 RangeResources RRC 28.16 1.82
Aflac AFL 60.01 2.15 ArchCapital ACGL 48.69 2.36 Brown-Forman B BF.B 68.51 0.23 Corteva CTVA 61.76 2.58 F5 1.42 LibertySirius A LSXMA 40.18 1.36 Nordson NDSN 224.29 5.69
ArcherDaniels ADM 85.70 2.67 Brown-Forman A BF.A 69.27 -0.01 Cosan CSAN 14.19 -0.11 FMC FMC 112.44 3.33 s Hubbell HUBB 236.09 8.98 LibertySirius B LSXMB 40.10 0.59 NorfolkSouthern NSC 223.17 6.37 RaymondJames RJF 107.52 6.10
AGCO AGCO 105.51 6.07 FactSet FDS 422.31 14.19 HubSpot 1.95 NorthernTrust NTRS 90.99 2.77 RaytheonTech RTX 85.53 2.42
AMTD Digital HKD 48.25 -0.25 AresMgmt ARES 68.67 4.65 Bruker BRKR 56.28 1.92 CoStar CSGP 73.77 1.78 HUBS 298.73 14.20 LifeStorage LSI 112.62 60.27 1.05
arGEN-X ARGX 369.45 18.51 BuildersFirst BLDR 63.45 3.17 Costco COST 486.13 8.40 FairIsaac FICO 441.14 17.23
Humana HUM 503.78 4.26 EliLilly LLY 329.89 8.34 NorthropGrum NOC 490.28 4.57 RealtyIncome O
Ansys ANSS 233.21 5.24 Fastenal FAST 48.39 1.00 JBHunt 2.90 NortonLifeLock NLOK 20.91 0.39 RegalRexnord RRX 152.40 7.99
APA APA 39.16 1.86 AristaNetworks ANET 120.81 4.98 Bunge BG 88.13 3.74 CoterraEnergy CTRA 28.58 1.22 JBHT 168.03 6.00 LincolnElectric LECO 130.18 RegencyCtrs REG 56.07 1.77
ArrowElec ARW 98.54 3.41 BurlingtonStrs BURL 122.88 7.23 Coupang CPNG 19.56 2.08 FederalRealty FRT 93.55 2.46
HuntingtonBcshs HBAN 13.95 0.48 LincolnNational LNC 49.27 3.55 Novartis NVS 78.23 1.56
ASETech ASX 5.43 0.38 FDX 159.12 7.66 10.64 NovoNordisk NVO 105.38 2.83 RegenPharm REGN 739.54 4.41
ASML ASML 465.11 33.43 s AspenTech AZPN 250.05 6.86 CACI Intl CACI 272.49 2.98 Credicorp BAP 133.51 7.11 FedEx HuntingIngalls HII 232.19 5.11 Linde LIN 286.46
RegionsFin RF 21.40 0.88
AIZ 152.94 3.26 CBRE Group CBRE 73.48 3.20 CreditSuisse CS 4.50 0.49 Ferguson FERG 114.50 6.35 HyattHotels H 86.07 3.66 LithiaMotors LAD 222.43 2.40 Novocure NVCR 85.05 7.17 s ReinsGrp
AT&T T 16.09 0.19 Assurant Ferrari RACE 193.78 7.08 ICICI Bank LiveNationEnt LYV 80.46 2.10 NuHoldings RGA 134.99 5.45
AbbottLabs ABT 103.08 3.56 AstraZeneca AZN 57.04 1.49 CDW CDW 166.34 6.43 CrowdStrike CRWD 175.07 5.76 IBN 21.69 0.63 NU 4.92 0.19 RelianceSteel RS 189.61 7.52
TEAM 236.21 18.88 CF Industries CF 105.06 4.76 CrownCastle CCI 150.36 2.65 FidNatlFin FNF 39.36 1.96 ICL Group 8.64 0.31 LloydsBanking LYG 1.99 0.11 Nucor NUE 119.31 4.98 Repligen
AbbVie ABBV 141.99 3.67 Atlassian FidNatlInfo FIS 79.54 3.20 IdexxLab
ICL
LockheedMartin LMT 406.11 6.37 Nutrien RGEN 213.55 15.68
Abiomed ABMD 264.01 8.86 AtmosEnergy ATO 106.41 1.40 CGI GIB 80.17 2.12 CrownHoldings CCK 84.43 2.31 IDXX 348.59 11.91 NTR 88.19 3.48 RepublicSvcs RSG 142.52 3.22
AcadiaHealthcare ACHC 83.88 2.83 Autodesk ADSK 199.99 7.53 CH Robinson CHRW 100.38 1.66 CubeSmart CUBE 41.11 0.77 FifthThirdBncp FITB 34.30 1.47
ING Groep ING 9.50 0.79 Loews L 53.19 1.67 NVIDIA NVDA 131.67 6.55 ResMed RMD 228.73 4.48
FirstCitizBcshA FCNCA 855.54 30.10
Accenture ACN 274.31 9.42 Autoliv ALV 74.48 3.98 CME Group CME 182.13 3.95 Cullen/Frost CFR 140.85 5.32 Invesco IVZ 15.32 0.97 LogitechIntl LOGI 48.15 2.46
RestaurantBrands QSR 55.48 1.37
ActivisionBliz ATVI 75.00 0.64 ADP ADP 236.62 4.37 CMS Energy CMS 60.58 0.73 Cummins CMI 221.53 11.94 FirstFinBkshs FFIN 44.15 1.36
IQVIA IQV 193.10 6.90 Lowe's LOW 197.42 3.50 O P Q RexfordIndlRealty REXR 54.83 1.05
Adobe ADBE 294.97 9.73 AutoZone AZO 2205.03 7.32 CNA Fin CNA 39.11 1.43 CyberArkSoftware CYBR 157.06 8.03 FirstHorizon FHN 23.28 0.07
IcahnEnterprises IEP 52.00 1.59 Lucid LCID 15.40 1.31
RioTinto RIO 59.25 2.25
FirstIndRlty FR 46.96 0.95 LULU 307.80 15.70 OGE Energy OGE 38.37 0.99
AdvanceAuto AAP 167.83 4.46 Avalara AVLR 92.75 0.35 CNH Indl CNHI 12.37 0.74 Icon ICLR 197.26 8.07 lululemon
AVB 188.16 1.54 CRH CRH 35.12 2.16 D E F FirstRepBank FRC 142.35 7.71 LumenTech LUMN 8.04 0.26 ONEOK OKE 56.32 2.77 RitchieBros RBA 65.46 2.35
AdvDrainageSys WMS 135.25 5.98 Avalonbay s FirstSolar FSLR 143.06 6.44
IDEX IEX 210.64 5.55
OReillyAuto 729.71 11.52 Rivian RIVN 36.30 4.41
AGR 43.52 0.88 CSX CSX 28.12 0.70 6.28 LyondellBasell LYB 81.07 2.85 ORLY
AdvMicroDevices AMD 67.90 1.79 Avangrid IllinoisToolWks ITW 193.23
AVTR 20.79 0.58 CVS Health CVS 100.52 2.76 DCP Midstream DCP 38.37 0.61 FirstEnergy FE 38.95 1.30 OccidentalPetrol OXY 66.17 2.11 RobertHalf RHI 80.00 3.02
AEG 4.32 0.22 Avantor 3.31 Illumina ILMN 205.06 17.82
Aegon DISH Network DISH 15.40 0.61 Fiserv
AER 47.84 3.52 AveryDennison AVY 173.79 5.69 CadenceDesign CDNS 171.33 1.05 DTE Energy DTE 118.63 1.70 FiveBelow
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AerCap FIVE 145.40 4.15 ImperialOil Olaplex OLPX 10.24 0.26 Roblox RBLX 38.68 2.27
AvisBudget CAR 167.90 10.03 CaesarsEnt CZR 38.05 3.90 INCY 69.56 0.73 M&T Bank
AgilentTechs A 131.41 5.03 Danaher DHR 279.05 10.26 FleetCorTech FLT 188.43 6.13 Incyte MTB 187.33 6.31 OldDomFreight ODFL 273.16 11.29 RocketCos. RKT 7.18 0.60
agilon health AGL 24.28 0.41 AxonEnterprise AXON 120.95 4.98 CamdenProperty CPT 123.14 1.02 Darden DRI 132.22 6.81 Flex FLEX 18.17 0.90
Informatica INFA 21.45 0.54 MGM Resorts MGM 32.88 2.27 OldRepublic ORI 22.50 1.10 Rockwell ROK 231.83 6.19
AgnicoEagle AEM 45.41 1.33 BCE BCE 45.00 0.94 Cameco CCJ 27.97 0.46 Infosys INFY 17.70 0.65 MPLX MPLX 31.44 1.08 Olin
DarlingIngred DAR 73.06 4.07 Floor&Decor FND 74.54 1.85 OLN 47.62 2.51 RogersComm B RCI 40.52 0.68
AirProducts APD 247.96 9.63 BHP Group BHP 53.23 1.57 CampbellSoup CPB 48.06 0.34 IngersollRand IR 47.07 2.04 MSCI MSCI 450.86 19.28 OmegaHealthcare OHI ROKU 62.40 2.84
BJ'sWholesale BJ 74.47 -0.45 CIBC CM 46.10 0.93 Datadog DDOG 95.35 4.41 FomentoEconMex FMX 65.54 1.40
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Intel INTC 27.70 0.73 MagnaIntl OMC 66.88 3.31 Rollins
FTNT 52.68 1.72 MGA 51.70 2.32 RoperTech ROP 379.95 7.71
ALB 283.78 10.05 BP BP 31.28 1.18 CanNaturalRes CNQ 53.54 3.38 DeckersOutdoor DECK 334.03 11.04 Fortinet ON Semi ON 68.92 4.13
Albemarle
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Albertsons ACI 25.72 0.06 Baidu 72.41 2.25
FTV 62.27 1.64 ICE ICE 94.16 1.34 ManulifeFin MFC 16.88 0.75 RoyalBkCanada RY 95.21 3.20
CAJ 22.82 0.67 DellTechC DELL 37.46 1.58 Fortive Oracle ORCL 65.69 2.61
Alcoa AA 40.23 2.84 BakerHughes BKR 23.19 0.91 Canon 3.15 InterContinentl IHG 52.13 2.60 MarathonOil MRO 26.50 1.53
Alcon ALC 62.07 2.67 Ball BALL 50.56 1.19 CapitalOne COF 99.87 4.30 DeltaAir DAL 30.75 2.49 FortBrandsHome FBHS 58.96
IBM IBM 125.50 3.99 MarathonPetrol MPC 107.72 Orange ORAN 9.42 0.20 RoyalCaribbean RCL 43.85 6.26
FOXA 32.23 0.97 4.93 RoyalGold RGLD 99.11 2.65
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Alphabet C GOOG 102.41 3.11 BankNY Mellon BK 41.37 1.71 Caterpillar CAT 179.63 8.40 Disney DIS 101.44 4.31 GFLEnvironmental GFL 27.39 1.55 Mastercard MA 301.27 10.79 PPL PPL 26.66 0.60 StoreCapital STOR 31.37 0.01
Alphabet A GOOGL 101.64 3.00 BkNovaScotia BNS 49.66 1.58 Celanese CE 96.90 2.66 dLocal DLO 23.45 2.13 GSK GSK 30.71 0.46 J K L MatadorRscs MTDR 57.46 3.64
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PaycomSoftware PAYC 349.62 12.98 Sea SE 60.67 5.38
AmericaMovil A AMOV 16.94 0.23 BerkHathwy B BRK.B 280.49 7.69 CharterComms CHTR 328.54 8.27 Dover DOV 124.42 4.33 GeneralMills GIS 78.50 0.02 JefferiesFin JEF 32.76 2.08 MercadoLibre MELI 948.25 65.95 STX 57.00 2.24
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Amgen AMGN 233.02 2.58 Block SQ 62.41 6.63 ChunghwaTel CHT 35.49 -0.02 EastGroup EGP 150.00 2.81 GoDaddy GDDY 75.86 3.55 KeurigDrPepper KDP 37.26 0.39 MolinaHealthcare MOH 348.47 9.14 Pfizer PFE 44.46 0.32
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AnalogDevices ADI 150.85 5.72 Boeing BA 133.51 7.46 ChurchillDowns CHDN 197.09 10.90 Eaton ETN 143.48 5.69 GoldmanSachs GS 314.87 15.72 KeysightTechs KEYS 168.65 6.23 MolsonCoorsA TAP.A 66.15 3.08 Phillips66 PSX 90.36 5.78
SignifyHealth SGFY 29.35 0.05
AB InBev BUD 48.00 2.15 BookingHldgs BKNG 1759.04 80.11 Ciena CIEN 42.81 1.54 eBay EBAY 38.67 1.45 Grab GRAB 2.92 0.22 KilroyRealty KRC 43.74 0.37 Mondelez MDLZ 57.53 1.18 Pinduoduo PDD 66.47 3.82
SimonProperty SPG 95.87 4.89
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AnteroResources AR 33.17 2.08 BorgWarner BWA 34.33 1.58 CincinnatiFin CINF 96.19 2.93 Ecopetrol EC 10.24 0.61 Grainger GWW 521.23 14.41 KimcoRealty KIM 19.34 0.60 MonolithicPower MPWR 394.01 17.01 PinnacleWest PNW 67.00 0.97 Skyworks SWKS 92.18 4.30
Aon AON 284.32 8.73 BostonProps BXP 76.96 1.22 Cintas CTAS 411.02 10.18 EdisonInt EIX 60.83 1.43 GraphicPkg GPK 20.99 0.94 KinderMorgan KMI 17.67 0.57 MonsterBev MNST 91.65 2.58 Pinterest PINS 24.90 1.20 SmithAO AOS 52.36 1.73
ApellisPharm APLS 60.49 -0.55 BostonSci BSX 41.03 1.15 CiscoSystems CSCO 41.82 0.91 EdwardsLife EW 87.18 1.72 GpoAeroportuar PAC 136.50 2.01 Knight-Swift KNX 50.77 0.87 Moody's MCO 261.98 11.11 PioneerNatRscs PXD 243.41 11.97
ApolloGlbMgmt APO 51.93 3.00 BristolMyers BMY 71.21 0.68 Citigroup C 44.41 1.85 Elastic ESTC 76.16 4.10 GpoAeroportSur ASR 208.56 4.66 KoninklijkePhil PHG 16.47 0.96 MorganStanley MS 83.97 3.59 PlainsAllAmPipe PAA 11.33 0.40 Continued on Page B10

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SchwabUS Div SCHD 69.99 2.61 –13.4
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SchwabUS LC Grw SCHG 58.99 3.26 –28.0 (888) 205-8388 (800) 666-2012
SchwabUS SC SCHA 40.40 4.15 –21.1 Sallie Mae Bank 2.25 Merrick Bank 2.60
Schwab US TIPs SCHP 52.47 0.36 –16.6
SPDR DJIA Tr DIA 303.14 2.83 –16.6
(877) 346-2756 (866) 638-6851
429.68 3.97 –17.0
SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY 377.97 3.10 –20.4
One-month CD One-year CD BLACK SAPPHIRE,
SPDR S&P Div SDY 117.68 2.80 –8.9 State Bank of India California 0.50 Merrick Bank 3.60
TechSelectSector XLK 126.57 3.36 –27.2 (877) 707-1995 (866) 638-6851
STK #BB41658A, 8,568 MILES
UtilitiesSelSector XLU 68.86 2.12 –3.8
Colorado Federal Savings Bank 0.35 Connexus Credit Union 3.51
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132,698*
VangdInfoTech VGT 327.79 3.50 –28.5
VangdSC Val VBR 153.47 4.13 –14.2 (877) 484-2372 (800) 845-5025
VangdExtMkt
VangdDivApp
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VIG
136.06
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VangdFTSE Europe VGK 49.39 4.64 –27.6
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0.35
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3.56 Herb Chambers BMW of Boston
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Merrick Bank 2.26 Merrick Bank 3.75 *Pricing excludes tax, title, registration and doc fee. Must qualify with BMW Financial Serviced to be eligible.
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VangdS&P500ETF VOO 347.21 3.04 –20.5 (866) 638-6851 (866) 638-6851 Rebate varies by model and years. Please contact dealer for details. ** Interest will accrue during 90-day
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Goldwater Bank 1.75 CFG Community Bank 3.60 Financial Services NA, LLC, excluding Select contracts. To be eligible, qualified customers must have
VangdSC VB 182.91 4.07 –19.1 (480) 281-8200 (888) 205-8388 excellent credit history and meet BMW Financial Services’ credit requirements. Not all customers will
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B6 | Wednesday, October 5, 2022
The World’s
Most Influential
Decision Makers
A network of chief executives driving the future of business.
Mike Roman, 3M
Jo Ann Jenkins, AARP
Robert Ford, Abbott
Julie Sweet, Accenture
James O. Etheredge, Accenture North America
Michael J. Wolf, Activate Consulting
Joel S. Marcus, Alexandria Real Estate
Equities, Inc.
Davide Serra, Algebris Investments
Eric Olsen, Aliaxis Group SA
Stephan Scholl, Alight Solutions
Simon Freakley, AlixPartners
Colin Hunt, Allied Irish Banks plc.
Luis Maroto, Amadeus IT Group SA
Claude LeBlanc, Ambac Financial Group
Nicholas K. Akins, American Electric Power
Paul A. Tufano, Amerihealth Caritas
Susan Salka, AMN Healthcare
Milind Pant, Amway
Deb Liu, Ancestry
Marc J. Rowan, Apollo Global Management
Matt Calkins, Appian Corporation
Judy McReynolds, ArcBest
Aditya Mittal, ArcelorMittal
Mike Preston, Arkansas Economic
Development Commission
Joe Impicciche, Ascension
John Gedmark, Astranis
Jean-Claude Dubacher, B. Braun of America
Manny Maceda, Bain & Co
Jonathan Lavine, Bain Capital
Amandeep Kochar, Baker & Taylor
Lorenzo Simonelli, Baker Hughes
Milton Cheng, Baker McKenzie
Bernard Mensah, Bank of America
Patrick Lockwood-Taylor, Bayer, US LLC
Nikos Stathopoulos, BC Partners
Wayne Berson, BDO
Albert Baladi, Beam Suntory
Baroness Shields, BenevolentAI
Bal G. Das, BGD Holdings, LLC
Kim Keck, Blue Cross Blue Shield Association
Dwight Gibson, BlueLinx Holdings
Éric Martel, Bombardier
David A. Meredith, Boomi LP
Dattatri Salagame, Bosch Global Software
Technologies Pvt. Ltd.
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THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Wednesday, October 5, 2022 | B7
Karan Bhagat, IIFL Wealth & Asset Bertina Ceccarelli, NPower Dr. Swan Gin Beh, Singapore Economic
Management Dan Pathomvanich, NR Instant Development Board
Francis deSouza, Illumina Produce Public Company Limited Jos B. Dijsselhof, SIX Group AG
Óscar García Maceiras, INDITEX S.A. Abhijit Dubey, NTT LTD Nicholas T. Pinchuk, Snap-on Incorporated
Amit Walia, Informatica Steve Gray, Nuffield Health Scott Drury, SoCalGas
Salil Parekh, Infosys Rajiv Ramaswami, Nutanix, Inc. Kenichiro Yoshida, Sony Group Corporation
John Fortson, Ingevity Kurt Sievers, NXP Semiconductors Anthony Hucker, Southeastern Grocers
Bert Bean, Insight Global Netherlands B.V Dr. James Downing, St. Jude Children’s
Tim Adams, Institute Mostafa Terrab, OCP Group Research Hospital
of International Finance Glen A. Messina, Ocwen Financial Mark Penn, Stagwell
Patrick Gelsinger, Intel Corporation Corporation Marco Stefanini, Stefanini Group
Jennifer Bisceglie, Interos John Romeo, Oliver Wyman Forum Maria Pacheco, Storyful
Mohammed M. Alardhi, Mark Barrenechea, OpenText Corporation Walter Schalka, Suzano
Investcorp Holdings BSC Kevin Lynch, Optiv Security Åsa Bergman, Sweco AB
Mike Fey, Island Sanjeev Gandhi, Orica Brian Doubles, Synchrony
Rashmy Chatterjee, ISTARI Global Ltd Dr. Sándor Csányi, OTP Bank Plc Andrew Davies, Syniverse
Paolo Gallo, Italgas Dr. Alex Karp, Palantir Kevin P. Hourican, Sysco
Luca Savi, ITT Inc. Alan Trefler, Pegasystems Inc. Suresh Muthuswami,
Kevin Lilly, JELD-WEN Vitor Rocha, Philips North America Tata Consultancy Services
Isaac Oates, Justworks Andrew Marsh, Plug Power Terrence R. Curtin, TE Connectivity
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Ralph Andretta, Bread Financial Jim Continenza, Eastman Kodak Company John Ganem, Kloeckner Metals Corporation Anthony Pratt, Pratt Industries Rob Holmes, Texas Capital Bank
on
Nir Bar Dea, Bridgewater Associates, LP Richard Edelman, Edelman Scott H. Baxter, Kontoor Brands Jennifer A. Prosek, Prosek Partners Mark T. Smucker, The J.M. Smucker Company
Nirav Patel, Bristlecone, Inc. Raanan Horowitz, Elbit America Paul Knopp, KPMG Ralph Izzo, Public Service Ken Matsuki, The Mainichi Newspapers
Tim Gokey, Broadridge Financial Solutions Karl Chan, Laserfiche Enterprise Group Inc Steve Rigby, The Rigby Group
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us ,
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l
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e
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al a
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Daniel L. Florness, Fastenal Matt Hicks, Red Hat, Inc. Jean Savage, Trinity Industries
Alex Rinke, Celonis David J. Sorbaro, Mavis Tire
Marco Levi, Ferroglobe Plc Express Services Corp Lisa Palmer, Regency Centers Jane Sun, Trip.com Group
Sarah London, Centene Corporation
Damian Ornani, Fisher Investments Daniel Jablonsky, Maxar Technologies Mukesh D. Ambani, Colin Browne, Under Armour
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co Fo
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B8 | Wednesday, October 5, 2022
Meta Platforms to Shrink Some Offices
Facebook parent plans
to consolidate some
spaces and make
layouts livelier
BY CHIP CUTTER
Meta Platforms Inc. plans to
shrink some of its offices as
many employees continue to do
their jobs from home, the latest
big company to reassess its real
estate in the hybrid-work era.
The social-media giant will
rearrange some office layouts,
clustering desks and teams to-
gether to effectively put em-
ployees in closer proximity, the
company’s top real-estate execu-
tive said. The goal, he said, is to
make the spaces more dynamic.
“One of our jobs is to recali-
Famous Chicago
Office Towers to
Become Housing
BY PETER GRANT
Chicago is offering financial
help to developers willing to
convert aging office towers
into residential buildings, a
new program that could be-
come a test case for other cit-
ies looking to promote these
office conversions.
City officials said last week
they would provide tens of mil-
lions of dollars in subsidies to
revitalize the LaSalle Street
corridor whose landmark office
buildings made up the thriving
center of Chicago business for
decades. Since the pandemic,
though, the strip’s mostly va-
cant streets and towers have
come to symbolize the slow
pace that employees have been
returning to office buildings.
Chicago is hoping to create
1,000 apartment units in the
initial phase of the program, at
least one-third of them afford-
able to people with low or
moderate incomes, and projects
could begin as early as next
year.
“We must do everything we
can to bring this corridor
back,” Chicago Mayor Lori
Lightfoot said last week.
Other state and local gov-
ernments are looking at con-
verting offices to residential
units as office usage rate in
many cities is still less than
half what it was before
Covid-19 hit.
California Gov. Gavin
Newsom last week signed legis-
Builders Offer Homes at Discount to Investors as Sales Cool
BY WILL PARKER
no
American home builders are
stuck with more houses and
land than they can sell. That
presents an opportunity for
investors such as Bruce Mc-
Neilage.
The co-founder of a rental-
home investment company,
Kinloch Partners, is looking for
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brate our space,” said John Ten-
anes, vice president of global fa-
cilities and real estate at Meta.
“We’re creating a smaller venue,
and for the same amount of
folks, but it’s a smaller venue
and we’re hoping that really
drives a life in the building:
more energy, more activity.”
Mr. Tenanes said it was too
early to quantify how much the
company’s real-estate footprint
could shift and he didn’t com-
ment on specific locations
likely to see changes. He added
Meta continues to open new
offices in some places.
Meta Chief Executive Mark
Zuckerberg notified employees
in an all-hands session on
Thursday that the company
would implement a hiring
freeze and take other steps to
reduce costs, according to peo-
lation to accelerate zoning and
permit approvals for conver-
sions of properties such as of-
fice parks and strip malls into
housing. A task force formed by
New York City Mayor Eric Ad-
ams is studying subsidies, zon-
ing changes and building code
modifications that would accel-
erate such investments. “We’re
taking a look at everything,”
said Dan Garodnick, chair of
on
the City Planning Commission
us ,
and the head of the task force.
l
Members of Congress have
e
al a
introduced legislation to pro-
vide tax credits for conversion
projects. Modeled on historic
ci on
preservation tax credits, the
benefits would be available to
buildings that were 25 years or
older and are “underutilized in
part due to Covid,” said David
er s
Downey, president of the Inter-
national Downtown Associa-
m er
tion, a business group that is
supporting the bill.
These programs reflect a
recognition that the healthiest
downtown areas emerging
m rp
from the pandemic are those
with a mix of housing, offices
and retail, while the most trou-
bled are the ones primarily all-
office. While developers have
co Fo
been converting obsolete
downtown office and loft build-
ings for decades, these projects
present challenges that prevent
them from proceeding on a
large scale.
Most business districts lack
grocery stores, dry cleaners
and other services that people
n-
a deal on homes so he can rent
them out while the single-fam-
ily rental market is hot.
Mr. McNeilage says he has
received as many as 10 calls a
week from builders eager to
sell their homes in bulk and re-
duce inventory, now that tradi-
tional family buyers are back-
ing away with mortgage rates
at a 15-year high. Builders have
AUCTIONS
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Auctions: 12pm, Thursday
October 27 on site or bid online at
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5% BUYER’S PREMIUM.
ple familiar with the matter.
As it reviews its physical
spaces, Meta may let some of-
fice leases expire or could con-
solidate floors across multiple
buildings into a single one, Mr.
Tenanes said. The company is
evaluating whether to hold on
to offices in buildings where it
never moved in or where it may
still be building out spaces, he
said, without giving details.
Last month, the company
opened its new office in Mid-
town Manhattan’s Farley
Building; the company recently
opened an office in San Diego.
Meta plans to close an existing
office at 225 Park Avenue
South in New York. Bloomberg
News earlier reported it would
exercise an option to termi-
nate its lease in that space.
A Meta spokesman said the
City officials plan to provide tens of millions of dollars in subsidies to revitalize the LaSalle Street corridor. The LaSalle Street Bridge.
want in residential areas. Many
office buildings, especially
those built after World War II
with floors bigger than football
fields, can’t be carved up into
apartments with windows,
bathrooms and kitchens with-
out prohibitive costs. Projects
also typically require changes
in city zoning and building
codes.
Still, conversion projects
have begun to look more ap-
pealing to developers because
the pandemic and the new
workplace patterns triggered a
sharp drop in office-building
prices.
In cities like Washington,
D.C., office buildings that sold
for about $500 a square foot
before the pandemic are now
selling for $200 a square foot,
according to Michael Pestronk,
offered to sell him thousands of
completed or planned homes at
discounts of up to 20% of what
they would likely charge pro-
spective home buyers.
“We are being cold called
by builders we don’t even
know,” Mr. McNeilage said.
“They’re saying, ‘Nobody is
going to qualify for financing.
We’re going to suck wind on
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Park Avenue office served as a
bridge for the company to open
other offices in New York and
that it remains committed to
having a presence in the city.
The parent to Instagram and
Facebook has given its employ-
ees flexibility to determine how
they work. It offered most em-
ployees the option to do their
jobs remotely full time or a mix
of in-office and home work.
While Mr. Tenanes said the
parking lot of the Menlo Park,
Calif., headquarters is often
busy these days, office occu-
pancy remains down across
the company. Today, Meta’s of-
fices are less than 50% full, he
said. Before the pandemic, the
company’s offices were about
75% occupied on any given
day, he said. Meta had 83,553
employees at the end of June.
chief executive and co-founder
of Post Brothers. His company
has completed four office con-
version projects and is looking
for others in other cities in-
cluding Philadelphia and
Washington.
Developers planning conver-
sions along Chicago’s LaSalle
corridor will benefit from the
lower office prices. Three build-
ings are for sale and around a
half dozen others are either de-
linquent on their mortgages or
in foreclosure, according to
data firm CoStar Inc.
“There is a very unique op-
portunity to get well-priced as-
sets for redevelopment,” said
Chicago Deputy Mayor Samir
Mayekar.
LaSalle Street, which has ap-
peared in movies such “Ferris
Bueller’s Day Off” and “The Un-
this. Let’s contact investors
and see if they want an entire
subdivision.’ ”
Big builders had a booming
business during the pandemic
selling to traditional buyers.
But with mortgage interest
rates pushing 7%, these buyers
are disappearing from model
home showrooms across the
country. Last month was the
worst September for new con-
struction buyer traffic since
2012, according to the NAHB/
Wells Fargo Housing Market
Index.
Signs that builders will have
too much home and land inven-
tory on their hands are grow-
ing. There were 14% more
homes under construction in
August than there were a year
ago when the sales market was
more robust, according to U.S.
Census Bureau figures. Major
home builders, including Len-
nar Corp. and KB Home, have
reported walking away from
contracts to buy thousands of
lots for future building projects.
“We are anticipating that
you will see more of that from
the builders,” said Carl Reich-
ardt, managing director and
home-building analyst at BTIG,
a financial-services firm.
In some cases, landlords
who can pick up large bundles
of homes are the most eligible
customers remaining. Conse-
quently, landlords get better
prices for homes than owner-
occupiers do. The discounts to
estimated retail value are gen-
erally in the range of 10% to
15%, investors and brokers said.
Financing these home pur-
chases has become more ex-
pensive for investors as inter-
est rates rise. In July, new
homes accounted for just 2%
THE WALL STREET JOURNAL.
Nationally, the average office
occupancy in 10 major U.S. cit-
ies has recently hit pandemic-
era highs but remains below
50%, according to data from se-
curity provider Kastle Systems.
In the second quarter, roughly
83,553
Number of Meta Platforms
employees at the end of June
19% of office space was vacant,
according to brokerage JLL.
In recent months, Meta’s
real-estate team engaged in
what Mr. Tenanes described as
“vibe planning” of its offices.
ly
touchables,” is best known as
the historic home of the Chi-
cago Board of Trade and most
of the city’s largest banks and
law firms. The corridor started
going into decline even before
the pandemic when some of its
largest tenants migrated to
newer buildings along the Chi-
cago River.
The district has been hit
hard by the weak return-to-of-
fice push, slow leasing and the
preference of many office ten-
ants these days for modern
buildings with lots of ameni-
ties. The corridor has nearly 5
million square feet of vacant
commercial space, more than
any part of the central business
district, city officials said.
Office conversion is part of
Chicago’s broader revitalization
plan for LaSalle Street that also
of total investor home pur-
chases, according to Rick Pala-
cios, researcher at John Burns
Real Estate Consulting LLC.
That figure was around 6% in
the second quarter of 2020.
Overall home purchases by in-
vestors also have declined
slightly, according to real-es-
tate company Redfin.
Yet investors are still taking
those home builder calls.
Some figure as the builders
continue to struggle to sell
homes, they will eventually
have to offer even sweeter
terms to bulk buyers.
“The scarier things get, the
more attractive this becomes,”
said Adam Stern, founder of
single-family rental brokerage
Strata SFR.
One builder making those
calls is Stanley Martin Homes,
a Reston, Va.-based firm that
recently contacted investors
with an offer to sell about 300
homes in the Southeast, ac-
cording to people familiar
with the matter.
Dean Myerow, co-founder of
With mortgage interest rates pushing 7%, buyers are disappearing.
Meta executives have been
working to make offices more
dynamic, he said. Some em-
ployees will lose their individ-
ual desks and shift to “neigh-
borhoods” with desks that can
be reserved or used on a drop-
in basis. Related teams will be
situated near each other.
Additional equipment is also
on the way. Meta spent about
six months working with a fur-
niture manufacturer to design
specialized noise-canceling cubi-
cles that it plans to install
throughout its offices in the
coming months. The cubes
should allow people to remain
in the open office, but to take
video calls while being less dis-
ruptive to co-workers, Mr. Ten-
anes said. The cubes include an
audio system that could, for ex-
ample, play sounds of the ocean.
.
CHRISTOPHER DILTS/BLOOMBERG NEWS
includes repurposing building
lobbies for culture and enter-
tainment and attracting grocer-
ies, restaurants and other resi-
dential-oriented retail.
To pay for the transforma-
tion, the city is offering a mix
of federal and state tax credits
and subsidies. Projects will be
eligible for a tax increment fi-
nancing program that until re-
cently was primarily used for
infrastructure and other public
improvements, not private de-
velopment.
Mayor Lightfoot said that
only projects that meet the
city’s affordable-housing goals
qualify. “This is not a story of
corporate welfare,” Mr.
Mayekar said.
 Heard on the Street: Fix to
empty offices to take time... B14
Fort Lauderdale, Fla., rental
owner and developer Southern
Waters Capital, said he is in
contract to buy 20 new homes
a month from a builder in
Florida. The builder’s retail
business has dried up in recent
months amid higher interest
rates, Mr. Myerow said. He es-
timated the discount to retail
he will receive on the homes is
between 15% and 20%.
“We think rental rates will
remain very strong,” he said.
Rental investors still focus
primarily on existing homes.
But in recent years they also
have proven to be eager buy-
ers of new construction. Buy-
ing homes in bulk next to each
other instead of scattered is
easier to manage, investors
said.
If home builders sell more
to investors it will mean fewer
options for people looking to
buy new homes. The sales
could protect current home-
owners, however, by keeping
home prices from falling more
than they might otherwise.
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES
 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. Wednesday, October 5, 2022 | B9

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B10 | Wednesday, October 5, 2022 NY THE WALL STREET JOURNAL.

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. A SPAC I Wt ASCAW 0.04 -5.7 CapitalworksEM Wt CMCAW 0.01 -85.3 FTACZeusAcqnWt ZINGW 0.07 -42.9 InnovativeEyeWt LUCYW 0.26 19.9 NewHoldInvtIIWt NHICW 0.05 -20.8 RelianceGlobalWt RELIW 0.16 -20.6
AxiosSustGrwWt AXAC.WS 0.05 -47.0 CardiolTherap CRDL 0.93 -1.8 FarPeakAcqnWt FPAC.WS 0.15 -16.9 InnovativeIndPfdA IIPRpA 25.50 1.1 NexalinTechWt NXLIW 0.13 -30.5 ReShapeLife RSLS 0.28 7.7
Adamis ADMP 0.14 -5.2 CartesianGrwWt GLBLW 0.19 -32.0 FastRadiusWt FSRDW 0.03 -21.5 InspireMD NSPR 1.35 1.6 NoginWt NOGNW 0.07 -12.8 ReToEcoSol RETO 0.35 -5.7
Tuesday, October 4, 2022 Addentax ATXG 2.60 1.1 CarticaAcqnWt CITEW 0.09 -39.8 FaZe FAZE 4.91 -39.1 InvestcpIndiaWt IVCAW 0.09 -10.0 NorthViewWt NVACW 0.05 -9.1 RubiconTech RBT 1.84 -3.1
AdvMergerPtrsWt AMPI.WS 0.02 -10.9 CarverBancorp CARV 3.85 4.6 FaZeWt FAZEW 0.22 2.7 JaguarGlbGrwI Wt JGGCW 0.03 -63.6 NorthViewRt NVACR 0.07 -6.7 RubiconTechWt RBT.WS 0.10 -19.6
52-Wk % 52-Wk % 52-Wk % AgileGrowthWt AGGRW 0.03 -51.7 CatalystPtrsWt CPARW 0.04 -9.1 FeutuneLightRt FLFVR 0.05 -16.7 SDCLEDGEAcqnWt SEDA.WS 0.08 -41.9
JawsHurricaneWt HCNEW 0.16 -12.3 NuvveHolding NVVE 1.22 1.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AirIndustries AIRI 0.55 -10.3 CazooWt CZOO.WS 0.04 -6.4 FigureAcqnI Wt FACA.WS 0.01 -82.7 JawsMustangWt JWSM.WS 0.06 -27.3 SHF SHFS 4.46 -14.4
OPYAcqnIWt OHAAW 0.05 -54.5
EmbraceChange EMCGU 10.13 -0.1 Noble NE 31.55 3.2 Akanda AKAN 0.35 -8.6 CellectarBiosci CLRB 3.32 1.2 FinStrategiesWt FXCOW 0.03 6.7 JuniperII Wt JUN.WS 0.09 -31.5 180LifeSciWt ATNFW 0.05 -29.1 ST Ener I Wt STET.WS 0.06 -29.6
Highs EnergemA
FtacHeraA
ENCP
HERA
10.16 0.1 OCA Acqn A
9.95 0.1 OPYAcqnIA
OCAX
OHAA
10.12
9.98 0.2
... AltimarIIIWt ATAQ.WS
AmerEqInvLifePfB AELpB
0.02
23.45
-76.3
0.1
ChainBridgeIWt CBRGW
ChurchillV Wt CCV.WS
0.08
0.06
-44.1
-12.9
FinnovateAcqnWt FNVTW
FinServ II Wt FSRXW
0.03
0.01
-49.1
-62.8
KinsTechWt KINZW
KKR AcqnI Wt KAHC.WS
0.02
0.06
4.5
-49.9
OrientalCulture OCG
OsirisAcqnWt OSI.WS
0.80
0.08
-7.0
-38.2
SachemNts2027 SCCF
SalemMedia SALM
21.74
1.61
-1.2
-7.9
AF Acqn A AFAQ 9.84 0.4 FeutuneLightA FLFV 9.99 0.1 PBF Logistics PBFX 20.02 3.2 AmHomes4RentPfdG AMHpG 22.45 ... ChurchillVI Wt CCVI.WS 0.08 -20.4 FinwardBancorp FNWD 33.79 -2.0 KairosAcqnWt KAIRW 0.01 -79.8 SaulCentersPfdD BFSpD 21.16 ...
OxbridgeAcqnWt OXACW 0.00 -90.7
AbsoluteSftwr ABST 12.47 1.7 FirstSolar FSLR 145.74 4.7 PG&E PCG 14.21 8.2 AmpriusTechWt AMPX.WS 0.27 3.4 ChurchillVII Wt CVII.WS 0.05 -40.3 FirstCapital FCAP 25.20 -1.8 KalVistaPharm KALV 5.77 -58.9 SemperParatusWt LGSTW 0.07 -48.7
OxfordLanePfd OXLCN 22.39 -0.9
AccretionAcqn ENER 9.96 ... FortressVal III A FVT 9.92 ... PG&EUn PCGU 128.31 7.2 ApeironCapWt APN.WS 0.02 -71.4 CipherMiningWt CIFRW 0.15 6.6 FirstComSC FCCO 17.04 0.2 ShuttlePharm SHPH 3.81 1.3
KimbellTigerWt TGR.WS 0.09 -35.7 OxfordSquareNt26 OXSQZ 24.00 0.6
Adeia ADEA 8.63 17.1 Gaming&HospA GHAC 9.88 0.1 PatriaLatAm PLAOU 10.23 0.3 ApolloStratII Wt APGB.WS 0.04 -54.5 CleneWt CLNNW 0.04 3.4 FortressCapWt FCAX.WS 0.05 -28.2 SigilonTherap SGTX 0.43 4.7
KismetTwoWt KAIIW 0.02 -12.0 PB Bankshares PBBK 12.07 -1.3
AequiAcqnA ARBG 10.00 -0.1 GlobalPtrII GPACU 9.97 0.1 PonoCapitalTwoUn PTWOU 10.17 0.4 ArctosNorthWt ANAC.WS 0.03 -29.7 Clene CLNN 1.70 -13.4 FortressVal III Wt FVT.WS 0.09 -12.0 SiNtxTech SINT 0.28 -7.2
KnightSwanAcqnWt KNSW.WS 0.02 -76.7 PMV Consumer PMVC.U 9.82 -0.1
Agilysys AGYS 57.45 1.1 GlobalStarAcqn GLSTU 10.04 0.3 PonoCapTwoA PTWO 10.61 0.1 ArenaFortifyWt AFACW 0.06 -34.0 CocrystalPharma COCP 0.26 -13.7 FortressValueIV Wt FVIV.WS 0.07 -45.4 SkyHarbour SKYH 3.32 ...
LFCapAcqnIIWt LFACW 0.05 -37.4 PMV Consumer PMVC 9.76 -0.8
AkeroTherap AKRO 38.51 15.0 GreenVisorI A GVCI 10.16 0.2 PontemA PNTM 9.96 0.1 AresAcqnWt AAC.WS 0.06 -40.3 ComeraLifeWt CMRAW 0.05 23.7 ForumMergerIV Wt FMIVW 0.06 -20.1 SpiritRealtyPfdA SRCpA 22.13 -1.1
LINKBANCORP LNKB 7.35 -0.7 ProofAcqnIWt PACI.WS 0.07 -3.4
AlphaStarAcqn ALSA 10.09 0.1 HF Sinclair DINO 58.64 4.7 ReinsGrp RGA 136.63 4.2 ArgusCapitalWt ARGUW 0.09 -33.4 comScore SCOR 1.50 -3.7 FusionAcqnIIWt FSNB.WS 0.05 -6.4 StarryGroup STRY 1.29 3.8
LandseaHomesWt LSEAW 0.12 6.8 PapayaGrowthI Wt PPYAW 0.01 -79.6
AquaronAcqn AQUNU 10.04 0.2 H.I.G.AcqnA HIGA 10.04 0.1 SKGrowthOpps SKGRU 10.08 0.4 ArmadaAcqnIWt AACIW 0.07 -41.7 ComSovereign COMS 0.06 -17.3 GSquaredI Wt GSQD.WS 0.00 -81.8 StarryGroupWt STRY.WS 0.11 2.7
LatchWt LTCHW 0.07 20.9 PardesBiosci PRDS 1.70 1.7
ArctosNorthA ANAC 9.93 ... HainanManaslu HMAC 10.03 0.7 SeniorConnectI A SNRH 9.97 0.1 AscentSolar ASTI 4.12 1.6 ConcordAcqn CND.U 10.10 -1.0 GabelliEqPfdH GABpH 21.41 1.4 SteakholderFds STKH 1.77 -1.3
LazardGrowthIWt LGACW 0.02 -39.9 PatriaLatAmWt PLAOW 0.10 -44.4
AspenTech AZPN 250.17 2.8 Harmonic HLIT 13.47 2.4 SigmaLithium SGML 30.49 6.4 AtlStreetAcqnWt ASAQ.WS 0.00 -99.9 ConcordAcqnIIWt CNDA.WS 0.16 -25.9 Gaia GAIA 2.40 -3.2 StratimCloudWt SCAQW 0.05 ...
LefterisAcqnWt LFTRW 0.01 -12.3 PearlHldgsWt PRLHW 0.08 -42.8
AstriaTherap ATXS 11.15 16.8 Hubbell HUBB 236.20 4.0 TC Bancshares TCBC 15.15 0.1 AtlasCrestII Wt ACII.WS 0.03 -9.1 ConyersParkIIIWt CPAAW 0.12 -40.0 Games&EsportsWt GEEXW 0.04 -63.4 StryveFoodsWt SNAXW 0.05 22.9
10.08 0.6 LejuHoldings LEJU 1.63 -2.8 PegasusDigWt PGSS.WS 0.19 -9.5
AtlCoastal II A ACAB ICF Intl ICFI 114.79 3.2 TailwindIntlA TWNI 9.94 0.1 AtlisMotor AMV 14.10 -22.6 CrescentCapBDC CCAP 14.47 -0.8 GigaCloudTech GCT 7.49 -7.0 SurrozenWt SRZNW 0.14 20.5
ASZ 9.94 1.1 LibertyRscsWt LIBYW 0.05 -7.1 PepperLimeWt PEPLW 0.04 -50.0
AusterlitzII A IgnyteAcqn IGNY 10.00 0.1 TastemakerA TMKR 9.99 ... AuburnNatlBncp AUBN 22.51 -3.0 CrownElectrokin CRKN 0.19 -4.9 GlobalIndemnity GBLI 21.74 -0.8 TROOPS TROO 0.98 -3.0
AEAC 9.96 0.1 1.26 -8.6 0.13 -34.2 0.01 -69.7 LionGroupWt LGHLW 0.04 5.9 PeridotII Wt PDOT.WS 0.07 -30.0
AuthenticEquityA IntegratedWellA WEL 10.14 ... Tech&TelecomA TETE 10.20 ... Augmedix AUGX CuriosityStrmWt CURIW GlbPtrII Wt GPACW TargetGlbl I Wt TGAAW 0.05 -22.2
AvantiAcqnA AVAN 10.03 0.1 AuroraAcqnWt AURCW 0.03 -53.6 DPCapAcqnIWt DPCSW 0.08 -33.3 PUCKW 0.03 15.7 LumentFinance LFT 2.13 ... PhioPharm PHIO 0.55 -4.4
IridiumComm IRDM 47.93 3.9 10XCapIII A VCXB 10.11 0.1 GoalAcqnsWt 10XCapVentII Wt VCXAW 0.01 -66.8
AvistaPubII A AHPA 10.27 0.1 AusterlitzI Wt AUS.WS 0.00 -96.5 DigitalRealtyPfJ DLRpJ 21.34 0.1 GoGreenInvtsWt GOGN.WS 0.09 -11.5 LytusTech LYT 1.36 -6.8 PineIslandWt PIPP.WS 0.02 -10.9 0.01 -66.7
ItiquiraAcqnA ITQ 10.00 0.4 TexasPacLand TPL 1976.49 5.6 10XCapIII Wt VCXB.WS
CTS CTS 44.17 3.8 AusterlitzII Wt ASZ.WS 0.00 -99.8 DriveShackPfdC DSpC 15.40 -3.1 GoresVII Wt GSEVW 0.08 -48.8 MVB Financial MVBF 27.51 -0.5 PioneerMergerWt PACXW 0.00 -33.3 TerraPropNts2026 TPTA 19.55 -7.2
JoffFintechA JOFF 9.89 0.1 TigaAcqnA TINV 10.39 0.1
CapricorTherap CAPR 6.33 2.3 JawsMustangA JWSM 9.96 0.1 TrineIIAcqnA Aware AWRE 1.77 -0.5 DunxinFinl DXF 0.22 -8.4 GoresTechII Wt GTPBW 0.13 -20.6 MagicEmpireGlobal MEGL 3.30 5.9 PlumAcqnIWt PLMIW 0.05 -28.6 ThriveAcqnWt THACW 0.05 -37.5
TRAQ 10.12 -0.2
ChemoCentryx CCXI 51.89 0.1 JupiterAcqn JAQC 9.81 -0.2 TuanChe AxonPrimeInfrWt APMIW 0.02 -62.6 Ecoark ZEST 0.99 -5.7 GrafAcqnIVWt GFOR.WS 0.11 -31.3 MaravaiLifeSci MRVI 19.81 -12.9 PortageFintechWt PFTAW 0.13 -34.8 ThunderBridgeIIIWt TBCPW 0.06 -38.9
TC 4.25 0.5
CitigrpCapXIIIPf CpN 28.12 0.3 KeyarchAcqn KYCH 10.45 ... UnumGroup ByndCannasoft BCAN 2.40 -9.0 EdifyAcqnWt EACPW 0.01 -27.5 GreenVisorI Wt GVCIW 0.03 -65.7 mCloudTechWt MCLDW 0.14 -42.4 PostHldgsWt PSPC.WS 0.07 ... TishmanSpeyII Wt TSIBW 0.02 -67.8
UNM 41.29 4.4
CityHolding CHCO 91.84 0.6 LPL Financial LPLA 240.03 6.3 ValmontInds BilanderAcqnWt TWCBW 0.14 -35.4 1847Holdings EFSH 1.56 8.6 GreenidgeGenNt GREEL 11.12 -3.9 mCloudTech MCLD 1.15 -2.9 PresidioPropWtA SQFTW 0.08 -23.0 TrineIIAcqnWt TRAQ.WS 0.06 -47.4
VMI 290.83 1.8
SABESP SBS 11.43 0.2 LiveOakMobilityA LOKM 9.91 0.6 VenusAcqn BioraTherap BIOR 0.46 -0.2 ElliottOppIIWt EOCW.WS 0.14 -6.7 Hasbro HAS 66.67 2.2 MedTechAcqnWt MTACW 0.01 -60.5 PriorityIncmPfdF PRIFpF 24.07 -0.7 TriumphBncpPfdC TBKCP 24.07 -0.8
VENA 10.39 0.3
ConstellationI A CSTA 9.96 0.3 MerchantsBncpPfdD MBINM 25.65 0.9 VisionSensingA VSAC BiotechAcqnWt BIOTW 0.01 -49.8 EllomayCapital ELLO 18.79 0.8 HealthcrTriangle HCTI 0.35 1.2 MemberCollect MCG 3.14 -3.2 PriorityIncmPfdI PRIFpI 22.32 0.9 UnicyciveTherap UNCY 0.51 -7.4
10.15 0.7
CornerGrowthA COOL 9.98 0.1 MidlandStBncpPfA MSBIP 26.25 0.9 WesternAcqn BlueRiverWt BLUA.WS 0.02 -53.9 EllsworthPfdA ECFpA 22.81 -0.2 HeartTestLabsWt HSCSW 0.13 -41.1 MMTec MTC 1.22 -10.3 PropSolnsII Wt PSAGW 0.04 -41.2 UnitedGuardian UG 11.02 -3.6
WAVS 10.02 ...
CorpAmAirports CAAP 7.32 -0.3 MontereyBioAcqn MTRY 10.34 1.9 YottaAcqn BoneBiologics BBLG 0.98 -6.4 EmpireStateReal250 FISK 6.18 -5.2 Helbiz HLBZ 0.33 5.4 MobileGlbEsports MGAM 1.72 5.7 ProtagenicTherap PTIX 0.55 -5.7 Valuence I Wt VMCAW 0.05 -52.5
YOTA 9.91 ...
CrossCtyHlthcr CCRN 34.98 5.6 MyovantSciences MYOV 25.70 4.3 Z-WorkAcqnA BrookfieldPropPf2A BPYPO 17.87 0.9 EnthusiastGaming EGLX 0.75 -5.4 HennessyCapIV Wt HCICW 0.09 -8.1 MotiveCapII Wt MTVC.WS 0.06 -20.0 PureCycle PCYO 8.05 0.1 Verastem VSTM 0.57 -34.6
ZWRK 9.90 0.1
DataKnightsA DKDCA 10.39 0.1 NaborsEnerA NETC 10.12 ... BurgerFiIntl BFI 2.41 -1.6 EVeMobilityWt EVE.WS 0.07 -20.0 icad ICAD 1.87 24.7 MotusGI MOTS 2.02 -12.9 QuanergySysWt QNGY.WS 0.02 -6.3 WaldencastWt WALDW 0.40 -7.3
DigiIntl
Disruptive I A
DGII
DISA
38.60 -0.1
9.94 ...
Neurocrine NBIX
NielsenHoldings NLSN
112.12 2.4
27.93 0.2
Lows CCNeubergerIII Wt PRPC.WS
CIIGCapPtrsIIWt CIIGW
0.08
0.06
-58.3
-48.6
FOXOTechnologiesWt FOXO.WS
FOXOTechnologies FOXO
0.06
1.06
...
-10.2
iMediaBrands IMBI
InceptionGrowthRt IGTAR
0.55
0.07
4.7
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NewVistaAcqnWt NVSAW
0.04
0.06
-30.4
-37.4
QuanergySystems QNGY
RailVision RVSN
0.15
0.54
-10.5
-3.5
WorldQuantumWt WQGA.WS
WorldwideWebbWt WWACW
0.01
0.06
-68.9
-25.1
dMYSquTech DMYY.U 10.03 -0.1 NightDragonA NDAC 9.97 0.1 AP Acqn Wt APCA.WS 0.04 -55.1 CTORealtyPfdA CTOpA 20.95 -3.0 FtacHeraWt HERAW 0.06 -30.8 IndlTechII Wt ITAQW 0.07 -30.0 NewburyStreetWt NBSTW 0.06 -21.0 RegionalHlthPfdA RHEpA 2.50 -1.7 YottaAcqnWt YOTAW 0.03 -17.9

Biggest 1,000 Stocks | WSJ.com/stocks Stock

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Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B5 Net Net Ericsson ERIC 6.29 0.29 TradeDesk TTD 63.66 2.53 UltaBeauty ULTA 403.95 -0.80 VeriskAnalytics VRSK 179.69 5.33 WasteMgt WM 168.18 3.09 Wipro WIT 4.96 0.17
Net Stock Sym Close Chg Stock Sym Close Chg TelefonicaBras VIV 7.98 -0.15 Tradeweb TW 58.59 1.01 Unilever UL 45.27 1.15 Verizon VZ 39.81 0.65 Waters WAT 288.20 10.85 Wolfspeed WOLF 117.72 9.64
Stock Sym Close Chg SteelDynamics STLD 78.02 2.63 TD Synnex SNX 87.82 3.89
Telefonica TEF 3.44 0.07 TraneTech TT 154.66 3.67 UnionPacific UNP 205.38 5.12 VertexPharm VRTX 300.64 3.21 Watsco WSO 274.54 9.13 WoodsideEnergy WDS 22.35 0.93
TelekmIndonesia TLK 29.36 0.16 TransDigm TDG 563.52 21.17 UnitedAirlines UAL 35.33 2.52 Viatris VTRS 9.21 0.49 WebsterFin WBS 48.75 2.33 Workday WDAY 159.00 4.75
Smith&Nephew SNN 24.23 0.72 Stellantis STLA 12.88 0.65 TE Connectivity TEL 118.53 4.21 Tenaris TS 28.70 0.83 TransUnion TRU 63.17 2.54 UnitedMicro UMC 6.09 0.42 Visa V 185.65 4.00 WellsFargo WFC 43.54 1.96 WynnResorts WYNN 70.74 6.13
Smucker SJM 142.11 2.55 Steris STE 175.83 5.76 Telus TU 21.14 0.45
TencentMusic TME 4.48 0.32 Travelers TRV 161.47 4.40 UPS B UPS 168.89 5.80 Vistra VST 22.94 1.47 Welltower WELL 64.38 -1.00 XP XP 20.86 0.13
Snap SNAP 10.82 0.84 STMicroelec STM 34.10 2.04 TelusIntl TIXT 27.31 0.72 Teradyne TER 81.67 2.98 XcelEnergy XEL 66.47 0.93
Trimble TRMB 58.79 2.57 UnitedRentals URI 294.26 12.65 VMware VMW 112.90 4.34 WescoIntl WCC 129.65 6.75
SnapOn SNA 214.42 7.46 Stryker SYK 215.80 5.96 TFI Intl TFII 99.56 3.91 Tesla TSLA 249.44 7.04 XPEV 11.98 0.25
TJX TJX 65.42 2.52 TetraTech Trip.com TCOM 28.69 1.01 US Bancorp USB 42.63 1.06 Vodafone VOD 12.08 0.22 WestFraserTimber WFG 76.45 1.14 XPeng
Snowflake SNOW 183.81 11.30 SumitomoMits SMFG 5.80 0.19 TTEK 134.41 6.09 XYL 93.14 2.94
T-MobileUS TMUS 142.54 3.64 TevaPharm TEVA 8.83 TruistFinl TFC 46.56 1.85 UnitedTherap UTHR 215.62 1.69 VoyaFinancial VOYA 65.84 3.23 WestPharmSvcs WST 261.15 5.22 Xylem
SOQUIMICH SQM 97.49 4.98 SunComms SUI 140.77 2.88 0.60 YumBrands YUM 111.41 2.30
TPG TPG 30.23 1.74 TexasInstruments TXN 165.15 5.31 TurquoiseHill TRQ 30.33 0.09 UnitedHealth UNH 523.17 7.66 VulcanMatls VMC 163.96 3.56 WestAllianceBcp WAL 71.50 3.83
SolarEdgeTech SEDG 246.17 9.33 SunLifeFinancial SLF 42.94 1.73 36.32 2.38 YumChina YUMC 49.94 2.55
SONY 68.24 2.08 TRowePrice TROW 113.26 4.54 s TexasPacLand TPL 1969.99103.99 Twilio TWLO 77.53 7.90 UnitySoftware U WesternDigital WDC 36.46 2.41
Sony
SouthState SSB 83.33 3.26
SuncorEnergy SU 32.02 1.38
TaiwanSemi TSM 72.81 3.56 Textron Twitter TWTR 52.00 9.46 UniversalHealthB UHS 95.80 3.12 W X Y Z WesternMidstrm WES 27.12 1.23
ZTO Express ZTO 25.29 1.05
SunRun RUN 30.47 1.99 TXT 63.59 3.11 s UnumGroup UNM 41.24 1.74 ZebraTech ZBRA 281.65 9.56
Southern SO 70.69 0.96 TakeTwoSoftware TTWO 116.59 3.23 ThermoFisherSci TMO 539.93 17.00 TylerTech TYL 362.89 13.69 WEC Energy WEC 93.10 0.50 Westlake WLK 92.83 2.52
Suzano SUZ 8.84 0.11 VF VFC 31.76 0.48 Zendesk ZEN 76.78 0.48
SoCopper SCCO 48.89 1.15 TakedaPharm TAK 13.60 0.55 ThomsonReuters TRI 107.16 2.76 TysonFoods TSN 67.46 0.74 W.P.Carey WPC 73.64 1.64 WestRock WRK 33.05 1.13
Switch SWCH 34.05 0.11 VICI Prop VICI 31.36 0.82 Zillow C Z 31.53 2.05
SouthwestAir LUV 33.19 1.97 Tapestry TPR 31.44 1.77 3M MMM 115.62 2.40 UBS Group UBS 15.77 0.98 VailResorts MTN 225.04 13.26 WPP WPP 44.89 2.61 Weyerhaeuser WY 29.89 0.52 Zillow A ZG 31.55 2.04
SynchronyFin SYF 31.68 1.82
SouthwesternEner SWN 7.08 0.53 TargaResources TRGP 65.37 2.39 Toast TOST 17.57 0.96 UDR UDR 42.39 0.23 Vale VALE 14.64 0.39 Wabtec WAB 88.11 3.59 WheatonPrecMet WPM 34.80 1.17 ZimmerBiomet ZBH 111.69 4.37
Synopsys SNPS 321.70 4.72
Splunk SPLK 81.89 3.86 Target TGT 156.96 5.17 Toro TTC 91.97 3.68 UGI UGI 34.19 0.72 ValeroEnergy VLO 117.58 5.27 WalgreensBoots WBA 33.39 0.96 Whirlpool WHR 146.23 5.79 ZionsBancorp ZION 54.52 2.31
Sysco SYY 75.00 2.91
Spotify SPOT 94.63 5.63 TataMotors TTM 25.45 1.09 TorontoDomBk TD 65.11 1.74 US Foods USFD 28.51 1.54 s ValmontInds VMI 288.30 5.14 Walmart WMT 134.25 1.72 Williams WMB 30.71 1.28 Zoetis ZTS 154.75 3.40
StanleyBlackDck SWK 83.22 4.19 T U V TeckRscsB TECK 32.96 1.27 TotalEnergies TTE 51.40 2.17 Uber UBER 29.19 2.47 VeevaSystems VEEV 172.74 6.03 WarnerBrosA WBD 12.36 0.41 Williams-Sonoma WSM 128.57 6.36 ZoomVideo ZM 77.54 3.60
Starbucks SBUX 88.51 2.89 TeledyneTech TDY 357.63 10.03 ToyotaMotor TM 139.85 4.26 Ubiquiti UI 309.07 10.67 Ventas VTR 40.85 0.24 WarnerMusic WMG 25.02 0.88 WillisTowers WTW 213.11 6.44 ZoomInfoTech ZI 45.88 2.07
StateStreet STT 65.61 2.50 TC Energy TRP 43.45 1.04 Teleflex TFX 206.25 -2.25 TractorSupply TSCO 197.89 3.77 UiPath PATH 13.75 1.00 VeriSign VRSN 183.46 4.16 WasteConnections WCN 142.67 4.65 WillScotMobile WSC 43.36 1.30 Zscaler ZS 176.00 5.49

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CLASS ACTIONS ANNOUNCEMENTS CAREERS

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK
on Sr. Manager, Data Quality
The Bank of Nova Scotia seeks Sr. Mgr Data
x 320 P A , N
Y, NY 10022-6839 Quality in NY, NY to oversee data qualitymeas-
us ,

UA LOCAL 13 & EMPLOYERS GROUP : Civil Action No. 1:19-cv-10161-LLS-RWL urements of critical data elements for U.S.
Notice of Nomination of Directors Global, Banking & Mrkts bus. line & rel. func-
l

INSURANCE FUND, Individually and on : tions. Req’mnts: Bachelor’s or foreign equiv in

:
e
Behalf of All Others Similarly Situated, CLASS ACTION In accordance with Section 4210 of the Insurance Law of the State of Bus. Admin, Finance, or rel. & 5 yrs of progres-
al a

: New York and Regulation 14-A of the Insurance Regulations of the sively responsible exp in job offered or rel. oc-
Plaintiff, : SUMMARY NOTICE cupation: utilizing Data Governance exp incl
vs. State of New York, notice is hereby given that the Board of Directors managing Data Quality & Data Quality Issue
:
of Mutual of America Life Insurance Company has nominated the
ci on

: Mgmt programs; utilizing exp w/Capital Mrkts

SEALED AIR CORPORATION and following named persons as candidates for election as Directors in functions& their data; utilizing tools & softw incl
: IBM Infosphere incl Info Governance Catalog,
WILLIAM G. STIEHL, : the class designated to serve until the election in 2026 or until their Data Stage & Info Analyzer, Global ID’s, Colli-
: respective successors have been duly elected. bra, & Governance Console; utilizing tech solu-
Defendants. : tions & languages incl DB2, Hadoop, HIVE,
x Rosemary T. Berkery Kafka, SQL, Python & Autosys; working & man-
Chairman and CEO (Retired) aging projects in AGILE & Waterwall utilizing
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED THE COMMON STOCK OF JIRA & Confluence. Telecommuting &/or work-
er s

UBS Bank USA

SEALED AIR CORPORATION (“SEALED AIR”) DURING THE PERIOD FROM NOVEMBER 17, 2014 TO ing from home may be permissible pursuant to
JUNE 20, 2019, INCLUSIVE New York, New York company policies. When not telecommuting,
must report to work site. In alternative, em-
John R. Greed
m er

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of ployer will accept 3 yrs of study toward Bache-
New York, that a hearing will be held on January 20, 2023, at 2:00 p.m., before the Honorable Louis L. Stanton, United Chairman, President and Chief Executive Officer lor’s in one of above-listed fields & 2 yrs of fin’l
States District Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan Mutual of America Life Insurance Company services IT exp to meet educational req’mnt.
10% trvl req’d. Submit resumesto HR_VC, Sco-
United States Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the New York, New York tiabank, 250 Vesey St., NY, NY 10281. Indicate
proposed Settlement of the above-captioned Action, as set forth in the Settlement agreement reached between the parties, code NM082922WJ.
consisting of Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) in cash, should be approved as fair, Connie Mack (Former U.S. Senator-FL)
m rp

reasonable, and adequate to the Members of the Class; (2) whether the release by Class Members of claims as set forth in Chairman Emeritus
the settlement agreement should be authorized; (3) whether the proposed plan to distribute the settlement proceeds (the H. Lee Moffitt Cancer Center To apply, send resume to: 3423@google.com. Must
“Plan of Allocation”) is fair, reasonable, and adequate; (4) whether the application by Plaintiffs’ counsel for an award of Tampa, Florida reference job code # below:
attorneys’ fees and expenses and any awards to Plaintiffs pursuant to 15 U.S.C. §78u-4(a)(4) should be approved; and Trust & Safety Director (New York, NY) Implement
(5) whether the Judgment, in the form attached to the settlement agreement, should be entered. Robert J. McGuire, Esq.
New York, New York & monitor measures to evaluate & support user
Please note that the date, time and location of the settlement hearing are subject to change without further notice. If & stakeholder trust for Google. Google LLC; Job
A certificate of nomination of the above candidates has been duly filed Code: 1615.49123 Exp Inc: quantitative analysis,
co Fo

you plan to attend the hearing, you should check the docket or contact Lead Counsel (identified below) to be sure that no
change to the date, time or location of the hearing has been made. with the New York State Department of Financial Services. statistical analysis, & statistical modeling; data
mgmt, metrics analysis, experiment design, &
IF YOU PURCHASED OR ACQUIRED ANY OF THE COMMON STOCK OF SEALED AIR DURING THE The election of Directors of Mutual of America Life Insurance Company automation; managing UX research & design, or
PERIOD FROM NOVEMBER 17, 2014 TO JUNE 20, 2019, INCLUSIVE, YOUR RIGHTS WILL BE AFFECTED BY will be held at the Home Office, 320 Park Avenue, New York, New York, manage work in creative effectiveness; system
THE SETTLEMENT OF THIS LITIGATION. on Thursday, April 20, 2023, from 10:00 a.m. to 4:00 p.m. Policyholders design, workflow process design, & architecture;
whose policies or contracts are in force on the date of the election and coordination of tech projects or programs &
If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy presentation of tech subject matter to non-
of the Proof of Claim and Release form (“Proof of Claim”), you may obtain copies by writing to Sealed Air Securities have been in force at least one year prior thereto are entitled to vote in tech audiences; recruitment of professionals
Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 6181, Novato, CA 94948-6181, or on the internet at person or by mail, by proxy or by ballot. in the technology industry; & career planning,
www.SealedAirSecuritiesLitigation.com. performance mgmt, & strategic dev.
Nicholas S. Curabba
If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof Senior Vice President, Position reports to the Google NY office & may
of Claim by mail (postmarked no later than December 27, 2022) or submitted electronically (received no later than Associate General Counsel allow for partial telecommuting.
December 27, 2022), establishing that you are entitled to recovery. Unless the deadline is extended, your failure to and Corporate Secretary
submit your Proof of Claim by the above deadline will preclude you from receiving any payment from the Settlement.
If you are a Class Member and you desire to be excluded from the Class, you must submit a request for exclusion such
October 5, 2022 Senior Associate
(New York, NY): Evaluate and analyze potential
that it is postmarked no later than December 30, 2022, in the manner and form explained in the detailed Notice, referred equity and credit opportunities to structure in-
n-

to above. All Members of the Class who do not timely and validly request exclusion from the Class will be bound by any vestments in the energy infrastructure sector in
North America. Work with internal and external
judgment entered in the Action pursuant to the Stipulation and Agreement of Settlement. partners in the development of new invest-
ments, follow-on investments, re-financings, re-
Any objection to the Settlement, the Plan of Allocation, or the fee and expense application must be mailed to each of capitalizations, mergers and acquisitions, and
the following recipients, such that it is received no later than December 30, 2022: initial public offerings, as well as the manage-
ment of existing investments. Assess and pre-
no

CLERK OF THE COURT pare due diligence materials, prospectuses, rat-

UNITED STATES DISTRICT COURT ing agency materials, and internal committee
memoranda. Perform detailed financial and op-
SOUTHERN DISTRICT OF NEW YORK CAREERS CAREERS erating projections. Perform Excel financial
DANIEL PATRICK MOYNIHAN modeling and rate base modeling. Work with in-
UNITED STATES COURTHOUSE frastructure industry investments. Req’s Bach-
elor’s degree plus 4 yrs exp & alternatively 6 yrs
500 Pearl Street exp. Mail resume to Lori Gish, Global Infrastruc-
New York, NY 10007 IT-Assistant Vice President ture Management LLC, 1345 Avenue of the
(New York, NY): Design, develop, & maintain Sr Mgr Dvlpmnt, Global Americas, 30th Floor, New York, NY 10105.
data-intensive applications while working on Ref: AL5GIMNY
Lead Counsel: strategic technology & business initiatives. Derivatives Settlement
Build high quality software in conformance with The Bank of Nova Scotia seeks Sr Mgr
ROBBINS GELLER RUDMAN Dvlpmnt, Global Derivative Settlement in NY, Sr Manager, Market Risk
& DOWD LLP best practices of coding & testing standards.
Apply knowledge of Basel RWA & capital calcu- NY to manage all aspectsof softw dvlpmnt pro- The Bank of Nova Scotia seeks Sr Mgr, Mrkt
ROBERT M. ROTHMAN lation requirements, which includes credit risk & jects w/in unit incl leading multiple projects & Risk in NY, NY to report & monitor U.S. mrkt risk
58 South Service Road, Suite 200 market risk. Understand & develop rule-based supporting multiple softw apps concurrently. metrics w/concentration in fixed income prod-
Melville, NY 11747 calculations. Ensure timely delivery with a focus Req’mnts: Bachelor’s or foreign equiv in CS, ucts on daily basis. Req’mnts: Bachelor’s or for-
on quality & production stability. Come up with Computer Eng’g, Eng’g (any) or rel. & 5 yrs of eign equiv in Bus. Admin, Finance, or rel. field
innovative ideas to improve existing applica- progressively responsible exp in job offered or & 5 yrs of progressively responsible exp in job
Defendants’ Counsel: rel. occupation: utilizing softw dvlpmnt tech &
tions & processes. Follow DevOps best prac- offered or rel. occupation: supporting risk anal-
HOLWELL SHUSTER & GOLDBERG LLP tices for application delivery by using the ap- conceptsincl syst analysis & dsgn, networking, ysis of fin’l mrkts, fixed income, equity, & deriv-
proved tool chain. Track features from require- communications, online transaction processing ative products; working w/bank & fin’l regula-
VINCENT G. LEVY (OLTP) tech, & hardware & operating syst con-
ment gathering to delivery sprint-on-sprint & in- tions incl Dodd Frank & Enhanced Prudential
425 Lexington Avenue termittent release. Develop Java-based appli- fig & app performance & tuning; working Procedures; performing risk analysis incl sensi-
New York, NY 10017 cation from front-end UI (multiple UI frame- w/Computer programming languages incl Java, tivity analysis, Value at Risk (VaR) analysis, &
works) to back-end database (Oracle & big softw dvlpmnt methodologies incl Agile, Water- stress testing analysis; utilizing tools & tech incl
COOLEY LLP data/Hadoop). Maintain existing applications fall, & RAD, & Database tech incl Oracle & Post- Excel, QlikView, Tableau, & YieldBook. Tele-
WILLIAM SCHWARTZ built using Sprint Boot. Provide production sup- greSQL; working w/message based tech incl commuting &/or working from home may be
55 Hudson Yards port for older modules by fixing minor bugs & Kafka, MQ, & SWIFT; utilizing exp in finance permissible pursuant to company policies.
New York, NY 10001 updating functionalities. Work with Java full domain incl Capital Mrkts, Risk & Compliance, When not telecommuting, must report to work
stack development, Angular, React JS, big Cash Payments & Post Trade Settlements; site. In alternative, employer will accept Mas-
data/Hadoop technologies (Sqoop, Impala, managing full project lifecycle incl liaising w/key ter’s or foreign equiv in one of above-listed
PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE OR DEFENDANTS REGARDING Hive, Spark & Map Reduce), Maven, Gradle, stakeholders & establishing bus. req’mnts. Tel- fields & 3 yrs of exp in above-listed areas. Sub-
THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed Ivy, Redux, HTML, CSS, performance tuning, ecommuting &/or working from home may be mit resumes to HR_VC, Scotiabank, 250 Vesey
above or by an e-mail to Lead Counsel at settlementinfo@rgrdlaw.com. Copies of certain pleadings and other documents GIT, & data structures, concurrent program- permissible pursuant to company policies. St., NY, NY 10281. Indicate code
filed in the Action can also be found at www.SealedAirSecuritiesLitigation.com. ming, & design patterns. Req’s Master’s degr When not telecommuting, must report to work AS083022WJ.
plus 2 yrs exp or Bachelor’s degr plus 5 yrs exp. site. Submit resumes to HR_VC, Scotiabank,
Please forward your resume to Credit Suisse, 250 Vesey St., NY, NY 10281. Indicate code
DATED: September 14, 2022 BY ORDER OF THE COURT VS081022WJ.
P.O. Box AB-CS-009, 909 Third Avenue, 15th
UNITED STATES DISTRICT COURT floor, New York, NY 10022. No phone calls. Business Analyst –
SOUTHERN DISTRICT OF NEW YORK
Customer Services
Business Analyst – Customer Services sought
Dir., Fin’l Planning & Analysis Financial Services by viagogo, Inc., in New York, NY to create,
Morgan Stanley Services Group, Inc. hiring for store, and analyze customer service-related
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES The Bank of Nova Scotia seeks Dir., Fin’l Plan- following roles thruout facilities in NY, NY: As- data and implement database tables & SQL
ning & Analysis in NY, NY to coordinate & com- sociate to analyze stress loss results & work w/ queries to create business metrics used to mon-
pile annual plan & periodic forecasts & assess stakeholders to understand key loss drivers & itor & manage the customer service depart-
reasonability of targets provided by Lines of variances over time (3209634); Manager to per-
SECURED, SEC REGISTERED, FIDUCIARY MANAGED Bus. (LOBs). Req’mnts: Bachelor’s or foreign
ment. Up to 10% domestic & international travel
GLOBAL FUND 80% PRINCIPAL PROTECTED form corp treasury audit reviews from planning required. Apply online at:
equiv in Bus. Admin, Finance, Accnt’g, or rel.
alliance mortgage fund Deep Gas Investment field & 8 yrs of progressivelyresponsible exp in
phase thru reporting w/ established budgets w/i https://workatviagogo.com/
12-15% ANNUAL RETURN job offered or rel. occupation: dvlpng fin’l plan-
time frame for audit completion (3209638); Di-
rector to perform day-to-day functions & internal
Tax deductible / $50,000 min. Performing AI - Based Algorithm
7%-8% Return Approx. 150% return + royalties
$100k min. No Cap • Quarterly Payouts
Verified Track Record - CALL: (212) 461-0528
www.ifgfundllc.net
ning & analysis (FP&A) mgmt reporting pro-
grams; utilizing exp w/fin’l & statutory accnt’g
incl U.S. GAAP & IFRS; utilizing accnt’g princi-
ples incl P&L reconciliations, & profitability anal-
controls, such as trade reconciliation, indiv
trade check-out, trade confirmations w/ ICE &
DTCC, to minimize chances of any potential risk
& issues brought to bus. (3221211); Associate
REAL ESTATE SECURED Accredited Only IFG Fund, LLC | 30 Wall Street, NY, NY 10005 ysis; utilizing Activity Based Costing (ABC)
THE
ACCREDITED INVESTORS ONLY to independently identify, measure, monitor &
FIXED INCOME FUND models, & fin’l & accnt’g models; supporting review risks of fluctuations in commodities
Call Frank 713-503-4225 systs of internal controls; anlyzg capital mrkts mrkts & potential impact on Firm’s Commodities
SEEKING RIA’S &
ACCREDITED INVESTORS MISCELLANEOUS
bus. lines, performance measurement, plan-
ning & analysis, service standards, & regulatory
req’mnts. 2 yrs of exp must incl: utilizing risk
trading portfolio (3221214); Vice President to
maintain & enhance policies, procedures, & rel
guidance for EUC Tools (3203795); Associate,
MARKETPLACE
CALL: mgmt concepts pertaining to Credit risk, Mrkt Risk Management to support identification & im-
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Data Analytics / BI Developer to support Prime
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120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
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ployer will accept Master’s in one of above- Multiple open positions at various prof’l levels. wsj.com/classifieds
www.AllianceMortgageFund.com over $10 million in owned inventory, assumable listed fields & 6 yrs of exp in above-listed skills. For more info & to apply, visit https://ms.taleo.
professional trader. Costs only $299! Submit resumes to HR_VC, Scotiabank, 250 net/careersection/2/jobsearch.ftl?lang=en
leases. Great expansion opportunity in one of
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RS082622WJ. for these opp’tys. No calls pls. EOE All Rights Reserved.
Contact: trk@grandavenuecapital.com Call: 207-939-2700
 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. * Wednesday, October 5, 2022 | B11

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
30316.32 s 825.43, or 2.80% Trailing P/E ratio 17.86 23.30 3790.93 s 112.50, or 3.06% Trailing P/E ratio * 17.85 30.04 11176.41 s 360.97, or 3.34% Trailing P/E ratio *† 22.94 34.15
High, low, open and close for each P/E estimate * 15.62 18.56 High, low, open and close for each P/E estimate * 16.35 21.47 High, low, open and close for each P/E estimate *† 20.82 27.75
trading day of the past three months. Dividend yield 2.35 1.86 trading day of the past three months. Dividend yield * 1.81 1.38 trading day of the past three months. Dividend yield *† 0.99 0.72
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

33900 4300 12850

33000 4175 12450

65-day moving average

32100 4050 12050

Session high 31200 3925 11650

DOWN UP
t

Session open Close 65-day moving average

30300 3800 65-day moving average 11250
Close Open
t

Session low 29400 3675 10850

Bars measure the point change from session's open

28500 3550 10450
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,078,364,003 12,227,727
Industrial Average 30325.05 29826.67 30316.32 825.43 2.80 36799.65 28725.51 -11.7 -16.6 4.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,029,954,176 10,099,880
Transportation Avg 12924.93 12547.55 12918.37 453.41 3.64 17039.38 11999.40 -10.7 -21.6 8.8 Most-active issues in late trading Decl. volume* 40,288,645 2,117,747
Utility Average 934.90 916.04 933.20 18.41 2.01 1071.75 874.63 5.6 -4.9 2.0 Volume After Hours Issues traded 3,410 297
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 38241.02 37641.51 38236.50 1204.07 3.25 48929.18 36097.99 -15.1 -21.4 8.2 Advances 2,838 208
SPDR S&P 500 SPY 9,663.4 377.68 -0.29 -0.08 378.27 371.54
Barron's 400 899.56 866.31 899.48 33.18 3.83 1127.20 825.73 -11.6 -18.7 10.3 Declines 452 83
US Steel X 7,959.5 20.40 -0.03 -0.15 20.50 20.35
Unchanged 120 6
Nasdaq Stock Market Southwestern Energy SWN 6,278.3 7.09 0.01 0.14 7.10 7.06 New highs 30 1
Nasdaq Composite 11189.96 11044.04 11176.41 360.97 3.34 16057.44 10575.62 -22.6 -28.6 11.9 FedEx FDX 5,894.9 159.00 -0.12 -0.08 159.50 157.00 New lows 78 11
Nasdaq-100 11609.25 11462.37 11582.54 352.81 3.14 16573.34 10971.22 -21.1 -29.0 14.3 Twitter TWTR 5,216.7 51.59 -0.41 -0.79 52.10 51.06 Closing Arms† 0.30 1.68
Compass Cl A COMP 4,918.4 2.64 0.01 0.38 2.65 2.60 Block trades* 6,021 105
S&P

.
Invesco QQQ Trust I QQQ 4,224.8 282.27 0.14 0.05 301.70 277.71
500 Index 3791.92 3726.46 3790.93 112.50 3.06 4796.56 3585.62 -12.8 -20.5 8.7 Nasdaq NYSE Arca

ly
Opendoor Technologies OPEN 3,787.7 3.35 -0.03 -0.89 3.39 3.33
MidCap 400 2356.34 2296.93 2355.96 88.11 3.89 2910.70 2200.75 -11.8 -17.1 7.4 Total volume*5,004,784,258 400,657,088
SmallCap 600 1134.82 1106.40 1134.66 41.59 3.80 1466.02 1064.45 -16.3 -19.1 6.8 Percentage gainers… Adv. volume*4,552,512,556 349,057,519
Brandywine Realty Trust BDN 208.4 7.59 0.43 6.01 7.60 7.15 Decl. volume* 425,809,583 51,124,271
Other Indexes
Russell 2000
NYSE Composite
Value Line
1775.77 1735.82 1775.77
14322.36 13855.72 14319.49 463.77
526.21 506.36 526.18
66.90

19.82
on
3.91
3.35
3.91
2442.74 1649.84
17353.76 13472.18
696.40 491.56
-20.3
-12.3
-19.5
-20.9
-16.6
-21.7
5.8
3.7
1.1
Stoke Therapeutics
Emerson Electric
Century Aluminum
STOK
EMR
CENX
85.7
66.4
59.7
14.29
81.63
6.93
0.68
3.38
0.27
5.00
4.32
4.05
14.29
81.82
6.93
13.61
76.14
6.66
Issues traded
Advances
Declines
Unchanged
5,055
3,789
1,023
243
1,755
1,613
136
6
NYSE Arca Biotech 4740.08 4603.08 4739.16 136.09 2.96 5815.27 4208.43 -14.9 -14.1 4.0
Paramount Group PGRE 397.5 6.74 0.25 3.85 6.80 6.49
New highs 66 8
us ,

NYSE Arca Pharma 766.85 750.63 766.20 15.57 2.07 887.27 734.70 3.6 -7.4 9.4 ...And losers New lows 161 8
l

KBW Bank 102.99 100.14 102.97 4.26 4.31 147.56 95.83 -23.8 -22.1 1.9 2,031.6 21.05 -2.16 21.05 21.05 Closing Arms† 0.35 2.35
e
Virtus Real Asset Incm VRAI -9.31
al a

PHLX§ Gold/Silver 110.47 107.32 108.90 2.90 2.74 167.76 91.40 -8.6 -17.8 6.1 Senti Biosciences SNTI 1,515.4 4.80 -0.34 -6.61 5.55 4.69 Block trades* 27,239 1,704
PHLX§ Oil Service 66.57 64.87 66.53 2.66 4.16 88.37 49.14 10.0 26.2 1.9 Apartment Inv & Mgmnt AIV 65.7 7.31 -0.38 -4.94 7.69 7.27 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 2503.69 2460.49 2500.11 106.79 4.46 4039.51 2306.70 -22.5 -36.6 16.7 Edison Intl EIX 181.7 58.61 -2.22 -3.65 61.25 58.61 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 29.62 28.56 29.07 -1.03 -3.42 36.45 15.01 36.5 68.8 19.5 1-800-FLOWERS.COM Cl A FLWS 65.8 6.19 -0.23 -3.58 6.51 6.15 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 582.14 18.15 3.22 –22.9 Senti Biosciences SNTI 5.14 2.64 105.60 10.35 1.20 -48.0 KalVista Pharmaceuticals KALV 5.85 -8.39 -58.92 18.53 5.77 -65.3
MSCI ACWI ex-USA 257.40 8.34 3.35 –25.2 AeroClean Technologies AERC 5.94 2.73 85.05 117.35 1.76 ... FaZe Holdings FAZE 4.96 -3.19 -39.14 24.69 4.91 -49.1
MSCI World 2511.72 81.81 3.37 –22.3 TOP Ships TOPS 5.43 2.16 66.06 33.00 2.10 -82.8 Rallybio Holdings RLYB 10.76 -4.10 -27.59 21.00 5.90 -44.4
MSCI Emerging Markets 893.65 17.50 2.00 –27.5 Inhibrx INBX 29.76 9.58 47.47 47.90 7.67 1.3 Atlis Motor Vehicles AMV 14.30 -4.17 -22.58 243.99 14.10 ...
m rp

Americas MSCI AC Americas 1447.29 43.69 3.11 –20.8 Value Line VALU 59.75 15.75 35.80 118.40 30.44 88.2 MicroSectors Trav -3x Lv FLYD 14.56 -4.20 -22.37 28.00 10.77 ...
Canada S&P/TSX Comp 19370.99 489.80 2.59 –8.7 Cue Biopharma CUE 3.09 0.70 29.29 18.42 2.18 -75.9 AXT AXTI 5.53 -1.48 -21.11 9.94 4.97 -30.1
Latin Amer. MSCI EM Latin America 2237.68 31.42 1.42 5.1 5E Advanced Materials FEAM 13.69 3.04 28.54 49.50 9.02 ... Cryo-Cell International CCEL 5.30 -1.20 -18.46 14.00 5.00 -55.8
Brazil BOVESPA 116230.12 95.66 0.08 10.9 Avenue Therapeutics ATXI 14.50 2.99 25.98 27.75 3.00 -29.4 Direxion Hi Beta Bear 3X HIBS 9.10 -1.68 -15.58 14.63 6.30 -15.0
Chile S&P IPSA 3212.68 64.66 2.05 14.5 Autolus Therapeutics ADR AUTL 2.74 0.56 25.69 7.90 1.96 -55.2 SHF Holdings SHFS 5.05 -0.85 -14.41 30.47 4.46 -49.8
co Fo

Mexico S&P/BMV IPC 46046.58 616.83 1.36 –13.6 TOP Financial Group TOP 15.56 3.15 25.38 50.97 7.00 ... Direxion Dly DJ Bear 3X WEBS 34.81 -5.72 -14.11 61.40 13.12 111.9
EMEA STOXX Europe 600 403.03 12.20 3.12 –17.4 Immunovant IMVT 8.17 1.58 23.98 9.54 3.15 -9.0 MicSec US Big Oil 3X Inv NRGD 42.80 -6.97 -14.00 477.00 42.07 -89.7
Eurozone Euro STOXX 382.19 14.45 3.93 –20.2 MicroSectors Travel 3x Lv FLYU 25.08 4.63 22.66 43.71 19.59 ... Athersys ATHX 1.89 -0.30 -13.70 35.50 1.13 -94.3
Belgium Bel-20 3478.72 103.78 3.07 –19.3 Twitter TWTR 52.00 9.46 22.24 68.41 31.30 -13.1 Direxion Dly Semi 3 Bear SOXS 54.20 -8.51 -13.57 80.31 31.20 -25.4
Denmark OMX Copenhagen 20 1588.37 37.04 2.39 –14.8 SAI.TECH Global SAI 3.86 0.69 21.77 12.60 2.23 -60.7 Clene CLNN 1.74 -0.27 -13.43 7.98 1.70 -75.2
4.24 –15.6 SilverSun Technologies SSNT 3.15 0.55 21.15 9.60 2.25 -48.2 MicroOil Gas -3x Inv OILD 3.55 -0.54 -13.20 33.42 3.29 ...
France CAC 40 6039.69 245.54
Germany DAX 12670.48 461.00 3.78 –20.2
Israel Tel Aviv 1837.92 … Closed –7.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 21690.65 718.08 3.42 –20.7 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 669.59 23.79 3.68 –16.1
0.76 –31.1 ProShares UltraPro QQQ TQQQ 229,202 37.5 22.58 9.29 91.68 19.28 Virtus Real Asset Incm VRAI 3,096 33592 23.21 1.98 30.25 21.86
Russia RTS Index 1100.14 8.27
South Africa FTSE/JSE All-Share 66312.83 2085.60 3.25 –10.0 Bit Brother Cl A BTB 183,260 46960.0 0.32 185.46 3.00 0.11 VectorShares Min Vol ETF VSPY 2,273 10874 9.19 1.49 10.96 8.82
n-

3.14 ProSh UltraPro Shrt QQQ SQQQ 136,699 8.6 51.66 -9.32 67.69 28.15 Putnam Focused LC Value PVAL 1,500 9650 25.41 3.08 30.25 23.56
Spain IBEX 35 7696.60 234.60 –11.7
3.57 –29.0 Carnival CCL 117,535 108.7 7.76 13.28 26.01 6.58 Gores Holdings IX Cl A GHIX 5,793 6039 9.67 -0.10 9.90 9.60
Sweden OMX Stockholm 735.97 25.34
2.92 –17.7
Direxion Dly SCOND 3 BL SOXL 112,989 47.4 11.04 13.81 74.21 8.74 DiamondHead Holdings DHHCU 280 4439 9.91 0.00 10.00 9.80
Switzerland Swiss Market 10590.92 300.21
Turkey BIST 100 3458.03 65.90 1.94 86.2 Tesla TSLA 109,077 46.5 249.44 2.90 414.50 206.86 Shelter Acquisition I SHQA 217 4215 9.93 0.00 10.40 9.70
no

U.K. FTSE 100 7086.46 177.70 2.57 –4.0 SPDR S&P 500 SPY 102,003 33.4 377.97 3.10 479.98 357.04 Poshmark POSH 38,192 3346 17.61 13.10 27.34 8.97
U.K. FTSE 250 17822.15 537.27 3.11 –24.1 Apple AAPL 87,569 10.4 146.10 2.56 182.94 129.04 KalVista Pharmaceuticals KALV 5,531 3132 5.85 -58.92 18.53 5.77
Ford Motor F 87,385 29.4 12.36 7.76 25.87 10.61 Immunovant IMVT 12,936 2396 8.17 23.98 9.54 3.15
Asia-Pacific MSCI AC Asia Pacific 142.16 3.37 2.43 –26.4
Mullen Automotive MULN 77,211 2.0 0.36 9.63 15.90 0.31 Marblegate Acquisition GATE 415 2170 9.98 0.10 10.29 9.76
Australia S&P/ASX 200 6699.30 242.43 3.75 –10.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3024.39 … Closed –16.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17079.51 … Closed –27.0
2.25 –0.3
Scan this code
India S&P BSE Sensex 58065.47 1276.67
Japan NIKKEI 225 26992.21 776.42 2.96 –6.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3138.90 31.81 1.02 0.5 and track most-active stocks,
South Korea KOSPI 2209.38 53.89 2.50 –25.8 new highs/lows, mutual funds Currencies
Taiwan TAIEX 13576.52 276.04 2.08 –25.5 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1578.00 19.95 1.28 –4.8
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004187 23885 4.5
CREDIT MARKETS Argentina peso .0067148.5702 44.7 Europe
Brazil real .1932 5.1762 –7.1 Czech Rep. koruna .04071 24.565 12.3
Canada dollar .7401 1.3512 6.9 Denmark krone .1343 7.4482 13.9
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001073 931.84 9.4 Euro area euro 0.9987 1.0014 13.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000222 4496.51 10.6 Hungary forint .002383 419.65 29.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007037 142.10 9.5
A consumer rate against its Five-year ARM, Rate Mexico peso .0501 19.9676 –2.6 Norway krone .0958 10.4370 18.5
benchmark over the past year 5.00% Uruguay peso .02426 41.2250 –7.8 Poland zloty .2075 4.8196 19.7
Bankrate.com avg†: 5.28% 28% Asia-Pacific Russia ruble .01694 59.025 –21.1
Tradeweb ICE Tuesday Close
5-year Florence Savings Bank 3.00% 4.00 Sweden krona .0922 10.8508 19.9
t Australian dollar .6503 1.5378 11.7
adjustable-rate 5.00% Florence, MA 800-644-8261 14 WSJ Dollar Index Switzerland franc 1.0211 .9793 7.3
s China yuan .1405 7.1160 12.0
mortgage (ARM) t 3.00 Turkey lira .0538 18.5746 39.4
Raymond James Bank, NA 3.00% Hong Kong dollar .1274 7.8496 0.7
3.75 0 Ukraine hryvnia .0271 36.8500 34.7
2.00 India rupee .01228 81.462 9.3
St. Petersburg, FL 800-718-2265 Euro UK pound 1.1475 .8715 17.9
s Indonesia rupiah .0000656 15248 7.0
2.50 Clinton Savings Bank 3.50% One year ago Middle East/Africa
t

t 1.00 –14 Japan yen .006938 144.14 25.2

5-year Treasury Clinton, MA 888-744-4272 Kazakhstan tenge .002118 472.25 8.5 Bahrain dinar 2.6497 .3774 0.1
Yen
s

note yield 1.25 0.00 Macau pataca .1236 8.0900 0.7 Egypt pound .0509 19.6585 25.1
MutualOne Bank 4.50% –28
Malaysia ringgit .2153 4.6445 11.5 Israel shekel .2854 3.5042 12.7
Framingham, MA 508-820-4000 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .5729 1.7455 19.4 Kuwait dinar 3.2328 .3093 2.2
Bristol County Savings Bank 4.75% month(s) years
ON D J FMAM J J A S O Pakistan rupee .00436 229.500 30.2 Oman sul rial 2.5972 .3850 0.01
Taunton, MA 508-828-5300 maturity Philippines peso .0171 58.629 15.0 Qatar rial .2747 3.641 –0.04
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7027 1.4230 5.5 Saudi Arabia riyal .2660 3.7594 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007060 1416.36 19.1 South Africa rand .0567 17.6309 10.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027322 366.00 80.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 3.00-3.25 3.00-3.25 0.00 l 3.25 1.25 Taiwan dollar .03159 31.656 14.2
Yield (%) 52-Week Total Return (%) Thailand baht .02670 37.460 12.7 WSJ Dollar Index 102.39 –0.920–0.891 14.33
Prime rate* 6.25 6.25 3.25 l 6.25 1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 3.74 3.64 0.12 l 3.75 1.71 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2089.800 3.990 4.270 4.270 1.020 –12.432 –3.192
Money market, annual yield 0.20 0.17 0.07 l 0.20 -0.57
Five-year CD, annual yield 2.01 1.92 0.41 l 2.01 0.46 U.S. Treasury Long, Bloomberg 3216.390 3.920 4.090 4.090 1.720 –26.090 –8.750 Commodities
30-year mortgage, fixed† 6.85 6.85 3.09 l 7.10 3.11 Aggregate, Bloomberg 1933.810 4.600 4.860 4.860 1.570 –13.795 –3.139 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.09 5.95 2.42 l 6.20 2.83 Fixed-Rate MBS, Bloomberg 1918.950 4.710 4.930 5.030 1.810 –12.932 –3.334
Jumbo mortgages, $647,200-plus† 6.83 6.91 3.09 l 7.13 2.64 DJ Commodity 1046.08 24.92 2.44 1264.48 893.10 10.70 10.55
High Yield 100, ICE BofA 3047.265 8.224 8.643 8.681 3.593 –11.715 –0.467 Refinitiv/CC CRB Index 280.43 7.61 2.79 329.59 218.39 18.93 20.68
Five-year adj mortgage (ARM)† 5.28 5.04 2.82 l 5.28 1.14
Muni Master, ICE BofA 540.490 3.657 3.754 3.787 0.895 –9.626 –1.444 Crude oil, $ per barrel 86.52 2.89 3.46 123.70 65.57 9.62 15.04
New-car loan, 48-month 5.77 5.67 3.41 l 5.77 1.14
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 728.268 8.361 8.558 8.674 4.744 –20.515 –5.683 Natural gas, $/MMBtu 6.837 0.367 5.67 9.680 3.561 8.32 83.30
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. 1721.10 28.20 1.67 2040.10 1623.30 -2.19 -5.82
 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 | Wednesday, October 5, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec .7343 .7409 .7321 .7407 .0071 139,879 March'23 29750 30580 29693 30556 837 398

Contract Open
Oct 175.950 176.100 174.250 174.650 –.875 5,777 British Pound (CME)-£62,500; $ per £ Mini S&P 500 (CME)-$50 x index
Nov 176.275 176.775 174.725 175.200 –.850 20,340 Oct 1.1317 1.1493 1.1285 1.1482 .0169 426 Dec 3696.50 3808.75 3686.25 3803.25 113.00 2,264,891
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 1.1332 1.1507 1.1293 1.1494 .0171 255,895 March'23 3716.25 3838.50 3714.00 3832.25 114.50 28,998
Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 144.475 144.750 144.150 144.200 –.125 25,088 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P Midcap 400 (CME)-$100 x index
Oct 3.4640 3.5500 3.4640 3.5180 0.0600 2,023 Dec 148.150 148.525 147.400 147.500 –.525 113,924 Dec 1.0151 1.0298 1.0133 1.0295 .0148 42,159 Dec 2276.90 2364.50 2272.00 2362.90 89.70 54,370
Dec 3.4165 3.5315 3.4020 3.4900 0.0800 111,284 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'23 1.0255 1.0394 1.0237 1.0393 .0154 378 March'23 2363.00 86.80 1
Gold (CMX)-100 troy oz.; $ per troy oz. Oct 89.275 89.350 86.200 87.000 –1.775 17,482 Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1701.20 1728.00 1696.00 1721.10 28.20 744
Mini Nasdaq 100 (CME)-$20 x index
Dec 77.750 t 72.975
79.150 74.425 –3.300 91,259 Oct .6514 .6549 .6454 .6500 –.0019 398 Dec 11314.50 11675.00 11281.50 11640.75 355.00 275,414
Nov 1703.40 1731.70 s 1699.90 1725.50 28.30 2,201 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec .6524 .6559 .6459 .6510 –.0015 139,320
March'23 11439.00 11787.00 11392.00 11752.25 360.00 1,581
Dec 1708.40 1738.70 1704.00 1730.50 28.50 383,396 Nov 436.00 448.00 426.20 434.00 8.00 2,275 Mexican Peso (CME)-MXN 500,000; $ per MXN
Feb'23 1722.60 1751.60 1717.90 1743.70 28.80 35,379
Mini Russell 2000 (CME)-$50 x index
Jan'23 440.00 457.50 438.50 447.40 8.20 610 Oct .04990 .04992 .04984 .04999 .00016 38
April 1730.80 1764.30 1730.60 1757.10 29.10 7,541 Dec 1719.10 1782.50 1714.10 1781.50 66.60 552,668
Milk (CME)-200,000 lbs., cents per lb. Dec .04922 .04944 .04920 .04942 .00016 188,416
June 1746.60 1777.30 1744.80 1770.50 29.40 5,299 March'23 1728.60 1795.60 1727.80 1795.30 67.50 107
Sept 19.83 19.83 19.83 19.83 –.01 4,303 Euro (CME)-€125,000; $ per €
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 21.36 21.89 21.32 21.80 .42 5,391 Oct .9841 1.0008 .9816 1.0007 .0181 5,416
Mini Russell 1000 (CME)-$50 x index
Oct 2321.20 98.00 1 Dec 2071.60 2096.40 2030.00 2095.00 65.40 7,041
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec .9878 1.0055 .9860 1.0053 .0182 621,269
Dec 2229.50 2360.00 2227.00 2330.20 98.00 6,425 Dec 2,334 2,382 2,325 2,360 23 138,539
U.S. Dollar Index (ICE-US)-$1,000 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. March'23 2,321 2,371 2,317 2,351 23 76,362 Dec 111.51 111.83 109.97 109.98 –1.68 54,100
Oct 911.30 950.00 911.30 943.70 32.40 393
Index Futures March'23 111.23 111.42 109.62 109.64 –1.71 611
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Jan'23 900.50 941.20 899.60 933.70 33.60 55,775 Dec 216.55 222.45 216.30 219.30 3.55 86,879 Mini DJ Industrial Average (CBT)-$5 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. March'23 208.25 213.40 208.10 210.60 3.25 49,466 Dec 29583 30399 29500 30365 827 65,454 Source: FactSet
Oct 20.820 21.115 s 20.820 21.037 0.518 298 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Dec 20.745 21.310 20.680 21.099 0.510 113,456 March 17.52 17.99 17.41 17.91 .49 344,939
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Nov 83.22 86.98 83.22 86.52 2.89 226,875
May 16.85 17.22 16.73 17.14
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
.39 127,825
Bonds | wsj.com/market-data/bonds/benchmarks
Dec 82.57 85.98 82.33 85.50 2.80 241,667 Nov 34.49 .49 1,251
Jan'23 81.15 84.57 81.07 84.17 2.79 95,918 Jan'23 34.75 .10 2,096
Feb 79.81 83.04 79.71 82.71 2.75 81,480 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks
June 75.67 78.48 75.49 78.21 2.54 114,297 Oct 96.14 4.00 10
Dec 71.91 74.47 71.84 74.25 2.24 148,446
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 84.37 88.20 84.31 88.20 4.00 107,804
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds
Nov 3.3691 3.5455 3.3547 3.5358 .1667 80,798 Nov 199.95 202.15 s 196.50 198.95 .70 7,604 Total Total
Dec 3.2462 3.4000 3.2369 3.3895 .1380 47,773 return YTD total Yield (%) return YTD total Yield (%)
Jan'23 193.50 195.00 s 189.15 192.35 .50 2,467
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 2.5204 2.6888 2.5157 2.6830 .1701 93,067 Mortgage-Backed Bloomberg Fixed Income Indices
Dec 2.3932 2.5211 2.3901 2.5153 .1221 55,551
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1933.81 -13.6 U.S. Aggregate 4.600 1.570 4.860 1918.95 -12.5 Mortgage-Backed 4.710 1.810 5.030
Nov 6.526 6.886 6.310 6.837 .367 161,541 Dec 138-240 140-010 138-020 138-270 14.0 1,403,078 1889.55 -11.4 Ginnie Mae (GNMA) 4.760 1.840 5.110
U.S. Corporate Indexes Bloomberg Fixed Income Indices
Dec 6.860 7.239 6.660 7.174 .371 67,671 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan'23 7.020 7.387 6.839 7.320 .331 92,501 Dec 128-130 129-120 128-040 128-210 11.0 1,208,912 2809.58 -17.4 U.S. Corporate 5.480 2.130 5.770 1128.02 -12.6 Fannie mae (FNMA) 4.700 1.800 5.020
March 5.953 6.212 5.816 6.200 .255 73,981 March'23 128-090 129-030 128-010 128-120 12.0 72
2737.07 -10.8 Intermediate 5.350 1.490 5.660 1729.14 -13.0 Freddie Mac (FHLMC) 4.680 1.800 5.000
April 4.806 4.940 4.773 4.921 .081 75,912 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
May 4.732 4.826 4.666 4.801 .066 83,113 Dec 113-075 113-300 113-055 113-160 9.5 3,879,949 3687.22 -27.6 Long term 5.720 2.940 5.960 540.49 -10.2 Muni Master 3.657 0.895 3.787
March'23 113-275 114-040 113-170 113-240 8.5 348
547.23 -18.2 Double-A-rated 4.750 1.840 5.040 383.88 -9.7 7-12 year 3.513 0.918 3.641
Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 108-065 108-230 108-052 108-120 6.2 4,005,593 738.60 -17.8 Triple-B-rated 5.790 2.340 6.090 427.93 -13.0 12-22 year 4.119 1.180 4.271
Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 680.75 691.50 676.50 683.00 2.25 682,622 Dec 102-283 103-045 102-280 102-296 .7 1,956,706
High Yield Bonds ICE BofA 399.43 -17.7 22-plus year 4.721 1.673 4.878
March'23 687.00 698.00 683.25 690.00 2.50 261,549 March'23 103-042 103-045 .7 17 454.44 -12.9 High Yield Constrained 9.152 4.086 9.590 Global Government J.P. Morgan†
Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 399.00 406.50 398.00 403.50 3.00 3,224 422.50 -16.1 Triple-C-rated 16.280 7.258 16.697 528.44 -11.9 Global Government 2.840 0.840 3.080
Oct 96.9200 96.9200 96.9175 96.9175 .0000 403,567
March'23 404.50 407.50 402.00 406.50 2.00 544 96.2900 96.3150 96.2700 96.2750 –.0100 318,966 765.39 -8.7 Canada 3.230 1.430 3.500
Nov 3047.27 -12.3 High Yield 100 8.224 3.593 8.681
Soybeans (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Nov 1373.75 1395.00 1371.75 1383.50 9.50 284,749 Dec 92-285 92-305 92-240 92-250 20.0 13,795 393.09 -14.6 Global High Yield Constrained 9.475 4.449 9.866 346.17 -14.7 EMU§ 2.664 0.271 2.973
Jan'23 1383.25 1404.25 1381.25 1393.50 9.50 144,417 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 298.72 -14.4 Europe High Yield Constrained 7.930 2.655 8.288 646.84 -14.9 France 2.450 0.150 2.730
Soybean Meal (CBT)-100 tons; $ per ton. 96.5850 96.6100 96.5675 96.5675 –.0225 623,195

.
Sept
Oct 408.90 413.90 403.20 403.00 –2.60 1,135 March'23 95.6050 95.7500 95.5550 95.5750 –.0450 1,071,722 U.S Agency Bloomberg Fixed Income Indices 464.22 -13.5 Germany 1.820 -0.370 2.100

ly
Dec 405.40 412.30 401.00 401.50 –3.80 177,965 Eurodollar (CME)-$1,000,000; pts of 100% 1685.87 -8.0 U.S Agency 4.280 0.840 4.500 284.68 -3.4 Japan 0.720 0.310 0.800
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct 96.0125 96.0600 96.0050 96.0175 … 150,051
Oct 68.36 68.53 68.30 68.63 1.75 705 Dec 95.3000 95.4050 95.2900 95.3000 –.0050 1,517,461 1490.49 -6.8 10-20 years 4.260 0.710 4.480 501.38 -15.9 Netherlands 2.150 -0.200 2.420
Dec 63.45 65.65 63.27 65.02 1.68 152,040 March'23 95.3050 95.4500 95.2750 95.2950 –.0250 973,659
3248.55 -22.3 20-plus years 4.570 2.010 4.770 766.40 -26.1 U.K. 3.940 0.720 4.690
Rough Rice (CBT)-2,000 cwt.; $ per cwt. 95.6150 95.7650 95.6050 95.6700 .0500 928,679
Nov
Jan'23
16.93
17.28
17.03
17.36
Wheat (CBT)-5,000 bu.; cents per bu.
Dec 916.25 927.00
16.91
17.25

897.50
16.97
17.32

903.00
.03
.05

–9.00 144,541
7,093
1,197
Dec
on Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
2478.27 -13.9 Yankee 5.230 1.740 5.440 728.27 -20.8
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
Emerging Markets ** 8.361 4.744 8.674
† In local currency § Euro-zone bonds
Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March'23 926.25 939.50 911.25 915.50 –9.50 59,331 Oct .6919 .6958 .6909 .6956 .0039 1,845
us ,

Wheat (KC)-5,000 bu.; cents per bu. Dec .6972 .7006 .6956 .7004 .0039 236,150
Dec 990.75 1011.00 985.50 988.75 … 83,032 Canadian Dollar (CME)-CAD 100,000; $ per CAD Global Government Bonds: Mapping Yields
l

March'23 988.00 1006.50 981.75 984.75 –.75 35,343 Oct .7355 .7406 .7319 .7405 .0070 182 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
e
al a

selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Cash Prices | Tuesday, October 04, 2022 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
ci on

wsj.com/market-data/commodities Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 4.250 U.S. 2 4.097 t l 4.103 3.398 0.278
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2.750 10 3.616 t l 3.650 3.190 1.481
months. 2.750 Australia 2 3.033 t l 3.316 3.052 0.042 -105.5 -79.3 -23.2
Tuesday Tuesday Tuesday
1.250 10 3.720 t l 3.899 3.658 1.498 10.3 26.4 1.6
Iron Ore, 62% Fe CFR China-s 95.5 Wheat,Spring14%-pro Mnpls-u 11.4625
er s

Energy n.a. 8.2050 0.000 France 2 1.658 t l 1.684 0.924 -0.696 -242.6 -96.9
Shredded Scrap, US Midwest-s,m Wheat,No.2 soft red,St.Louis-u -243.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 204.950 Steel, HRC USA, FOB Midwest Mill-s 780 Wheat - Hard - KC (USDA) $ per bu-u 10.6475
2.000 10 2.480 t l 2.494 2.146 0.133 -113.8 -114.2 -134.9
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.250 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 9.4250
m er

Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 69700 Food 0.400 Germany 2 1.561 t l 1.603 1.094 -0.698 -252.8 -250.7 -97.2
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 68850
1.700 10 1.872 t l 1.913 1.523 -0.213 -174.5 -172.3 -169.6
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8601 Beef,carcass equiv. index
Engelhard industrial 1716.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5464 choice 1-3,600-900 lbs.-u 224.50 0.000 Italy 2 2.609 t l 2.625 2.136 -0.481 -147.9 -148.5 -75.5
Handy & Harman base 1714.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 770 select 1-3,600-900 lbs.-u 199.07
Broilers, National comp wtd. avg.-u,w 1.2402 2.500 10 4.197 t l 4.200 3.839 0.833 57.9 56.4 -64.9
1903.48
m rp

Handy & Harman fabricated Fibers and Textiles

LBMA Gold Price AM *1660.80 Butter,AA Chicago-d 3.2100 0.005 Japan 2 -0.058 t l -0.055 -0.079 -0.118 -414.7 -416.4 -39.2
LBMA Gold Price PM *1668.40 Burlap,10-oz,40-inch NY yd-n,w 0.7700 Cheddar cheese,bbl,Chicago-d 222.75
Krugerrand,wholesale-e 1799.28 Cotton,1 1/16 std lw-mdMphs-u 0.9120 Cheddar cheese,blk,Chicago-d 200.00 0.200 10 0.232 t l 0.244 0.243 0.051 -338.6 -339.2 -143.1
Maple Leaf-e 1842.33 Cotlook 'A' Index-t *104.00 Milk,Nonfat dry,Chicago lb.-d 153.75
Coffee,Brazilian,Comp-y 2.0623
0.000 Spain 2 1.939 t l 1.978 1.250 -0.597 -215.0 -213.1 -87.0
American Eagle-e 1842.33 Hides,hvy native steers piece fob-u n.a.
Mexican peso-e 2221.29 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY-y 2.8133 2.550 10 3.021 t l 3.073 2.708 0.438 -59.6 -56.2 -104.5
Austria crown-e 1690.71 Eggs,large white,Chicago-u 4.0150
Grains and Feeds 0.125 U.K. 2 3.882 t l 4.003 3.110 0.410 -20.7 -10.7 13.7
co Fo

Austria phil-e 1807.89 Flour,hard winter KC-p 24.50

Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 1.11 4.250 10 3.867 t l 3.959 2.916 1.013 25.0 32.4 -47.0
Engelhard industrial 21.2500 Bran,wheat middlings, KC-u 228 Hogs,Iowa-So. Minnesota-u 90.75
Handy & Harman base 21.1600 Corn,No. 2 yellow,Cent IL-bp,u 6.5900 Pork bellies,12-14 lb MidUS-u 1.3231 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Handy & Harman fabricated 26.4500 Corn gluten feed,Midwest-u,w 232.3 Pork loins,13-19 lb MidUS-u 1.2150
LBMA spot price *£17.3300 Corn gluten meal,Midwest-u,w 661.9 Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
n.a.
175.50
Corporate Debt
(U.S.$ equivalent) *19.4150 Cottonseed meal-u,w 450 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Coins,wholesale $1,000 face-a 20835 Hominy feed,Cent IL-u,w 198 Fats and Oils
Other metals Meat-bonemeal,50% pro Mnpls-u,w 375 expectations
Oats,No.2 milling,Mnpls-u 4.3350 Degummed corn oil, crude wtd. avg.-u,w 63.1700
LBMA Platinum Price PM *880.0
Rice, Long Grain Milled, No. 2 AR-u,w 34.25 Grease,choice white,Chicago-h 0.7350 Investment-grade spreads that tightened the most…
Platinum,Engelhard industrial 930.0
Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. Spread*, in basis points
Palladium,Engelhard industrial 2333.0
SoybeanMeal,Cent IL,rail,ton48%-u,w 467.20 Soybean oil,crude;Centl IL-u,w 0.6835 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Aluminum, LME, $ per metric ton *2164.0
Soybeans,No.1 yllw IL-bp,u 13.4800 Tallow,bleach;Chicago-h 0.7400
Copper,Comex spot 3.5180 Tallow,edible,Chicago-u n.a.
Credit Suisse CS 3.750 9.00 March 26, ’25 491 –207 n.a.
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;
Lloyds Banking LLOYDS 4.650 5.90 March 24, ’26 204 –48 224
n-

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 10/3
Source: Dow Jones Market Data Paramount Global PARA 4.375 7.11 March 15, ’43 316 –21 331

B.A.T. International Finance BATSLN 3.950 5.33 June 15, ’25 123 –19 147
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
no

HSBC Holdings HSBC 4.375 5.96 Nov. 23, ’26 212 –17 178

Vodafone VOD 5.250 6.32 May 30, ’48 260 –17 274
Money Rates October 4, 2022
Goldman Sachs 6.750 6.28 Oct. 1, ’37 265 –16
GS n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a –13
guide to general levels but don’t always represent actual transactions. Bank of America BAC 5.875 5.88 Feb. 7, ’42 192 185
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low …And spreads that widened the most
Aug. index Chg From (%)
level July '22 Aug. '21 Federal funds Libor Credit Suisse CS 3.700 7.74 Feb. 21, ’25 365 41 195
Effective rate 3.0900 3.0900 3.0900 0.0800 Onemonth 3.18571 3.12057 3.18571 0.08038
U.S. consumer price index High 3.2500 3.2500 3.2500 0.0900 Threemonth 3.74071 3.64186 3.75471 0.12113 Banco Santander 5.147 6.26 Aug. 18, ’25 217 22
SANTAN 173
All items 296.171 –0.04 8.3 Low 3.0600 3.0600 3.0600 0.0200 Sixmonth 4.24214 4.20814 4.27286 0.15513
Core 297.178 0.52 6.3 Bid 3.0800 3.0800 3.0800 0.0600 Oneyear 4.72414 4.85171 4.90500 0.23688 Mitsubishi UFJ Financial MUFG 1.412 5.18 July 17, ’25 107 21 104
Offer 3.1200 3.1000 3.1200 0.0800
International rates Secured Overnight Financing Rate Northern Trust 3.950 4.55 Oct. 30, ’25 45 15
Treasury bill auction
NTRS 67
3.00 2.99 3.00 0.03
Week 52-Week 4 weeks 2.660 2.660 2.670 0.020 9
Latest ago High Low Value 52-Week Citigroup C 4.400 5.34 June 10, ’25 125 141
13 weeks 3.340 3.270 3.340 0.040 Latest Traded High Low
Prime rates 26 weeks 3.850 3.850 3.850 0.055 7
MetLife MET 1.550 5.06 Jan. 7, ’31 147 140
DTCC GCF Repo Index
U.S. 6.25 6.25 6.25 3.25 Secondary market
Canada 5.45 5.45 5.45 2.45 Treasury 3.064 68.380 3.064 0.015 Canadian Imperial Bank of Commerce CM 3.300 4.97 April 7, ’25 89 6 91
Japan 1.475 1.475 1.475 1.475 Fannie Mae MBS 3.175 64.100 3.175 0.018
30-year mortgage yields
Policy Rates
Notes on data:
High-yield issues with the biggest price increases…
30 days 5.985 6.314 6.314 2.452 U.S. prime rate is the base rate on corporate
Euro zone 1.25 1.25 1.25 0.00 60 days 6.049 6.407 6.407 2.477 loans posted by at least 70% of the 10 largest U.S. Bond Price as % of face value
Switzerland 1.00 1.00 1.00 0.00 banks, and is effective September 22, 2022. Other Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
2.25 2.25 2.25 0.10 prime rates aren’t directly comparable; lending
Britain Other short-term rates practices vary widely by location; Discount rate is
Australia 2.35 2.35 2.35 0.10 3.50
effective September 22, 2022. Secured Navient NAVI 5.625 9.53 Aug. 1, ’33 74.000 65.038
Week 52-Week Overnight Financing Rate is as of October 3,
Overnight repurchase Latest ago high low 2022. DTCC GCF Repo Index is Depository Trust
Bath & Body Works BBWI 6.875 8.58 Nov. 1, ’35 86.750 2.23 83.250
U.S. 3.06 2.99 3.06 0.01 & Clearing Corp.'s weighted average for overnight
Call money trades in applicable CUSIPs. Value traded is in
U.S. government rates billions of U.S. dollars. Federal-funds rates are Ford Motor F 6.625 6.61 Oct. 1, ’28 100.053 2.06 98.000
5.00 5.00 5.00 2.00 Tullett Prebon rates as of 5:30 p.m. ET.
Discount Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor Prime Security Services Borrower PRSESE 5.750 6.64 April 15, ’26 97.240 2.03 93.349
3.25 3.25 3.25 0.25 Statistics; DTCC; FactSet;
90 days 3.47 3.47 3.55 0.10 Tullett Prebon Information, Ltd.
Nokia Oyj NOKIA 6.625 7.07 May 15, ’39 95.690 1.94 94.204

QVC QVCN 4.850 7.94 April 1, ’24 95.750 1.85 94.000

Dividend Changes Transocean RIG 6.800 14.43 March 15, ’38 53.250 1.63 49.500
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
Teva Pharmaceutical Finance Netherlands … 3.150 7.54 Oct. 1, ’26 85.140 1.52 80.770
Amount Payable /
Company Symbol Yld % New/Old Frq Record
Increased …And with the biggest price decreases
First of Long Island FLIC 4.6 .21 /.20 Q Oct21 /Oct12
Lockheed Martin LMT 3.0 3.00 /2.80 Q Dec30 /Dec01 Intesa Sanpaolo ISPIM 5.017 8.94 June 26, ’24 93.849 –0.45 92.520
Initial Bausch Health 14.000 26.47 Oct. 15, ’30 59.250 –0.25
Corebridge Financial CRBG 4.4 .23 Oct20 /Oct10
BHCCN n.a.

Stocks Ford Motor Credit … 3.370 6.07 Nov. 17, ’23 97.125 –0.23 96.750
E-Home Household Svc EJH 1:20 /Oct04
Two Harbors Investment TWO 1:4 /Nov02 Sealed Air SEE 6.875 7.42 July 15, ’33 96.000 –0.03 n.a.
Foreign *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.
Pyxis Tankers Pfd. A PXSAP 10.0 .1615 M Oct20 /Oct13 Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: FactSet; Dow Jones Market Data 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.

THE WALL STREET JOURNAL. * Wednesday, October 5, 2022 | B13

MARKETS

U.K. Pension Watchdog Pressed on Derivatives

The derivatives-based in- liability-driven investments, pension plans. The Pensions rivatives that are tied to gilts. here.” Because the regulator said. It added that the regula-
vestment strategy that tipped known as LDIs, linked to re- Regulator challenged funds But because they typically use has strong enforcement pow- tor has consistently reminded
the U.K.’s pension sector into turns on U.K. government that refused to use derivatives leverage, they free up the pen- ers, including the ability to plans “to have contingency
crisis started with good inten- bonds, according to pension or used them sparingly, ac- sion fund’s balance sheet to ban trustees and undertake plans in place particularly
trustees and consultants. cording to the pension trust- invest in other higher-yielding criminal prosecutions, trustees given the likelihood of interest
By Caitlin Ostroff, The rush into the strategies ees and consultants. investments such as stocks, felt pressure to follow the rate rises.”
Jean Eaglesham concentrated risks in the mar- In conversations with trust- private equity or real estate. guidance, say the pension British lawmakers intend to
and Chelsey Dulaney ket. It was, analysts say, the fi- ees, the regulator would tell The increased use of LDIs trustees and consultants. probe the regulator’s role in
nancial equivalent of a funds they needed to lower enabled pensions to increase The Pensions Regulator saw overseeing the pensions that
tions: Help companies fulfill crowded room during a fire their risk to big swings in the hedge ratios, or the degree to the strategy as a way of help- have been caught up in the
promises they made to em- alarm. When government- markets by increasing expo- which a pension fund is pro- ing pensions manage their as- crisis. A parliamentary panel,
ployees to pay a steady in- bond yields surged, everyone sure to U.K. government tected against market swings. sets better, reducing the risk the work and pensions select
come through rushed for the exits. The re- bonds, known as gilts. “There’s been a promotion that pension plans would have committee, will be writing to
CREDIT retirement. sulting mayhem made the sit- Gilts are considered safe, of higher hedge ratios being a to be bailed out by a public the Pensions Regulator this
MARKETS Behind the uation even worse and like Treasurys. But because good thing or a necessary fund meant to be a backstop week, according to a spokes-
push into that prompted a Bank of England yields on them were low in the thing regardless of the extent for failed employer plans. man.
strategy, say pension trustees rescue of the bond market. slow-growth years after the fi- to which leverage was em- A spokesman for the Pen-
and their advisers, was the “The regulator thought that nancial crisis, holding more of ployed to get there,” said Da- sions Regulator said it “does
Pensions Regulator, the U.K.’s LDI was a virtually zero-risk them exacerbated the short- vid Fogarty, a professional not drive particular invest- Watch a Video
powerful watchdog, charged strategy and encouraged falls pension plans forecast to trustee at Dalriada Trustees, ment strategies,” but requires Scan this code
with safeguarding the savings schemes to adopt it,” said pay retirees far in the future. which helps run pension plans. plans to consider the risks for a video on
of millions of private-sector Robin Ellison, a consultant A solution was to own LDIs “The regulator pushing every- they are carrying. LDI has how derivatives
workers. The regulator steered with the law firm Pinsent Ma- instead. They invest in inter- body in that direction has been effective for managing roiled the U.K.
private pension funds to adopt sons and trustee of several est-rate swaps and other de- been a contributory factor downside risk, the statement bond market.

Mexico and Brazil Defy Regulators Plan to Tighten ESG Rules

The Dollar’s Strength BY SHANE SHIFFLETT U.S. funds with a sustainable-investing mandate
Number of funds Assets held
sidered and in some cases the
portfolio’s carbon footprint,
Regulators in the U.S. and among other changes. A sepa-
BY RYAN DUBE all depreciated by double-digits Europe are trying to 600 funds $350 billion rate measure to update rules for
AND ANTHONY HARRUP against the dollar as inflation tighten rules on popular envi- fund names to ensure they accu-
far outpaces interest rates. ronmental, social and gover- 500 300 rately reflect their investments
The U.S. dollar’s sharp rise “The central bankers [in nance investment products, is also being considered.
has sent many of the world’s Brazil and Mexico] have one triggering a backlash from in- 250 BlackRock’s CEO is an out-
400
currencies into a tailspin. But less thing to worry about,” vestors and businesses. spoken proponent of climate-
in Latin America, the curren- said Mario Castro, a rates ESG funds boomed in re- 200 friendly policies and the com-
cies of the region’s two big- strategist with BBVA, a Span- cent years, exceeding $350 bil- 300 pany made socially
gest economies are outper- ish bank with large operations lion in net assets in 2021 in 150 responsible funds the center-

.
forming the in Latin America. the U.S., as investors look to 200 piece of its $8.5 trillion busi-
CURRENCIES greenback. Latin American currencies fund companies addressing cli- 100
ness. The asset manager is

ly
So far this have long been prone to deval- mate change and other issues. 100 50
seeking changes to parts of
year, Mexico’s peso is up 2.7% uations. Mexico’s peso was hit But murky disclosures and lax the SEC’s proposals to disclose
against the dollar, while the hard during the so-called Te- standards are driving regula- 0 0 more climate-related details.
Brazilian real strengthened
7.6%, in an unusually resilient
performance by two major
emerging-market economies
quila Crisis of 1994-1995, and
again in the 2008-2009 finan-
cial crisis. The Brazilian cur-
rency, which weakened sharply
on tors to tighten the rules.
Proposed regulations from
the Securities and Exchange
Commission would establish a
2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
Source: Morningstar Direct
2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21
to
It said funds shouldn’t have
disclose proprie-
tary ESG data points that
BlackRock believes the pro-
from a region with a history of in 2008, was battered by the common benchmark for how bolster confidence in climate ble for fund managers to exag- posed rules may require. It
us ,

currency crashes. On Monday, 1997 Asian financial crisis. sustainable investment products and other ESG investment gerate their consideration of en- questioned why regulators
l

the real strengthened 4.5% af- Both countries benefited are labeled, marketed and re- products.” vironmental and other criteria raised environmental concerns
e
al a

ter a surprisingly strong from floating exchange rates ported. That could lead to inves- BlackRock Inc. and other in- in selecting constituents, ac- above other social and gover-
showing by conservative Presi- and independent central banks tors pulling cash from funds vestors are urging the SEC to cording to the SEC. Morningstar nance considerations, accord-
dent Jair Bolsonaro in the with inflation-targeting poli- that don’t appear to be taking change key provisions of a rule counted more than 600 funds ing to an August letter.
ci on

country’s first-round presiden- cies, which help their econo- the standards seriously. that would require investment mentioning ESG in investor lit- Many large U.S. investment
tial vote. mies to absorb financial “In the short term, advisers and companies to dis- erature before it changed how it advisers are subject to Euro-
Economists say central shocks at home and abroad. these rules, if adopted, may close how ESG factors influence tracked such funds in part be- pean rules, where regulators
banks in both countries moved Today, foreign investors say result in a decrease in total as- investing decisions. In Europe, cause blanket sustainability have some of the most strin-
quickly to tackle inflation Latin America’s central banks sets invested in funds that some ESG data providers re- statements are common, it said gent environmental-disclosure
er s

months before the Federal Re- are a pillar of policy stability purport to be sustainable,” jected calls for regulatory inter- in a letter to the SEC. policies. Among them is the
serve tightened its own mone- in a region prone to tumultu- Mindy Lubber, chief executive vention meant to monitor the The proposed SEC rules seek creation of a single rulebook
m er

tary policy, which sent curren- ous politics and the rise of of nonprofit sustainability ad- transparency and comparability to enforce consistency to cover ESG ratings that
cies tumbling elsewhere. populist leaders, who often vocacy group Ceres, wrote in a of environmental ratings. of ESG disclosures by requiring would force firms to publish
“The central banks have criticized central-banker au- letter to the SEC. “We believe ESG definitions vary widely advisers of sustainable funds to more information about how
never been as proactive as they tonomy. Peru has had the that ultimately, they would between funds, making it possi- describe which factors are con- they score companies.
have been in this cycle,” said same central-bank governor
m rp

Arturo Porzecanski, a global for the past 16 years, while ro-

fellow at the Wilson Center, a
Washington think tank.
Facing rising inflation, Bra-
tating through five presidents
in the past four years.
“Central banks have re-
Dalio Bridgewater had long told
clients it had a 10-year tran-
sition plan in place intended
wrote Messrs. Bar Dea and
Bertolini, the firm’s co-chief
executives, in a note to em-
feel great about the people
and ‘machine’ now in con-
trol…I can now visualize it
zil’s central bank began lifting mained fiercely autonomous and
Hands Off to institutionalize the firm ployees Tuesday to mark an as doing great things for
co Fo

its benchmark lending rate in tackled inflation with a fair bit and move it away from one occasion some veteran em- generations without me.”
March last year from a low of of zeal,” said Andrés Velasco, a run by its charismatic ployees had doubted would
2% to a five-year high of
13.75% in August. Central
bankers in Mexico, Peru, Chile
former Chilean finance minister
and current dean of the School
of Public Policy at the London
Control founder. During the succes-
sion process, Bridgewater
tried various chief execu-
ever arrive.
Bridgewater in February
had said the change of con-
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
and Colombia soon followed. School of Economics. tives, demoted Mr. Jensen trol from Mr. Dalio to the clearing yield. Rates are determined by the difference
The moves by central bank- High prices for Brazilian Continued from page B1 after a power struggle with board had been signed but between that price and the face value.

ers in Latin America contrast agriculture and energy exports co-Chief Executives Nir Bar Mr. Dalio, was sued by its that regulatory and other 52-WEEK BILLS
Applications $95,542,617,200
with those in the developed driven by the war in Ukraine Dea and Mark Bertolini, only female chief executive steps needed to be taken be- Accepted bids $38,268,057,200
world, where some economists helped support the real after newer entrants on the scene after she resigned and ran fore the transaction closed. " noncompetitively $1,663,844,800
" foreign noncompetitively $0
say policy makers grew com- losing about 40% of its value who were named to their past the 10-year time frame In a LinkedIn post Tues- Auction price (rate) 96.001056
placent in the face of rising in- against the dollar during the posts in January. But some Mr. Dalio had spoken of in day, the 73-year-old Mr. Da- (3.955%)
Coupon equivalent 4.134%
flation after years of low rates. pandemic, when investors cast Mr. Dalio as a winner, transitioning leadership. lio wrote that the succession Bids at clearing yield accepted 91.85%
n-

Last week, U.K. financial mar- grew worried about Mr. Bol- too, effecting a transition on “The transition of Bridge- process of the last 12 years Cusip number 912796YJ2
kets suffered steep losses simi- sonaro’s stimulus spending. his terms and timeline. water from Ray is done!” hadn’t been easy, but that “I The bills, dated Oct. 6, 2022, mature on Oct. 5, 2023.
lar to what Latin American na-
tions faced in the past over Year-to-date performance
no

concerns of widening budget

deficits fueling inflation. The
20%
Markets jumped 0.19 percentage point. economic data that come out
between Fed meetings. Since
which makes everyone much
more focused on the short

W
U.K. lifted its rate to 2.25%, hy are markets so interest rates are themselves term and much more sensitive
WSJ
while inflation tops 10%, its
highest rate in four decades.
Mexico raised its reference rate
15 Dollar
Index
+14.4%
Overreact sensitive to data
that would normally
be regarded as merely an im-
having an outsize effect on
markets, the data thought to
be influencing the rates
to any potential problems.
“Nobody wants to take risk
in this environment because
to 9.25%, with inflation at 8.8%.
For Brazil and Mexico, it is a
10
Brazilian
real vs. To Data precise guide to the economy,
to be taken in the context of
should move prices a lot, too. one little tweet or one little
downdraft can create chaos,”

S
reversal of roles with richer na- U.S. dollar
other reports? Here are three econd, liquidity is terri- said Vineer Bhansali, founder
tions grappling with fast-depre- 5 +7.6% theories: ble. A mix of volatile and chief investment officer
ciating currencies that can Continued from page B1 First, the Fed is watching markets and tighter of LongTail Alpha. “When
drive inflation higher by mak- Mexican forecast inflation figures. In the data, so we should too. monetary policy has made stuff’s going down no one
ing imports more expensive. 0 peso vs. June, the surprisingly high in- Fed Chairman Jerome Powell traders and market makers wants to get in front of it.”
The WSJ Dollar Index, U.S. dollar flation led to a heavy two-day has made clear that the Fed is less willing to take risk, which Investors should recognize
which measures the greenback +2.7% selloff. In September, inflation looking at reported figures, means prices move more on the inherent unreliability of
against a basket of 16 curren- –5 was reported at 8.3% instead rather than relying on its bursts of buying or selling. any given economic report,
cies, is up 14.4% this year. The J FM AM J J A S O of the forecast 8.1% and models. Not since the early Third, there is a general and the risk of market overre-
euro, Japanese yen, British Sources: Tullett Prebon (currencies); stocks cratered 4.3% on the 1990s have interest rates fear of something breaking action. Lollipops are nice but
pound and Chinese yuan have Dow Jones Market Data (indexes) day, as two-year yields been so influenced by the thanks to the Fed tightening, don’t provide real sustenance.

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
ExtMktIdxInstPre 65.01 +2.67 -25.1 SrsGlobal 11.68 +0.42 -22.4 CorePlusBd 7.17 +0.02 NA LgCapGow I 50.67+1.76 NA RealEstatAdml 118.00 +2.33 -26.5 WndsrII 38.17 +1.23 -16.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. FidSerToMarket 12.65 +0.40 -20.5 SrsGroCoRetail 14.25 +0.52 -30.2 Lord Abbett A MidCap 88.98+2.85 -24.2 SmCapAdml 87.65 +3.44 -18.3 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 15.80 +0.58 -30.9 SrsIntlGrw 13.67 +0.57 -28.5 ShtDurIncmA p 3.85 +0.01 NA NHoriz 51.04+1.86 -33.6 SmGthAdml 73.35 +2.89 -25.7 ExtndIstPl 254.60+10.48-25.1
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- InflPrBdIndInsPr 9.78 +0.02 -12.4 SrsIntlVal 9.17 +0.35 -17.9 Lord Abbett I R2020 18.59+0.36 NA STBondAdml 9.85 +0.01 -6.1 IdxIntl 15.53 +0.54-22.7
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes IntlIdxInstPrem 38.01 +1.50 -22.9 TotalBond 9.35 +0.04 -13.7 ShtDurInc p 3.84 ... NA R2025 16.12+0.34 NA STIGradeAdml 9.90 +0.02 -6.8 MdCpGrAdml 78.59 +3.05 -27.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete LgCpGwId InstPre 21.67 +0.68 -26.8 Fidelity SAI Metropolitan West R2030 23.91+0.58 NA STIPSIxAdm 23.92 +0.08 -3.1 MdCpVlAdml 67.01 +2.13 -12.6
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not MidCpInxInstPrem 25.67 +0.93 -19.1 TotalBd 8.86 +0.03 -13.3 TotRetBdI 9.08 +0.03 -15.2 Schwab Funds TotBdAdml 9.48 +0.02 -13.7 SmValAdml 65.96 +2.59-13.0
tracked. NS-Fund didn’t exist at start of period. SAIUSLgCpIndxFd 17.09 +0.51 -19.5 U.S.TreBdIdx 8.72 +0.01 -12.3 TRBdPlan 8.52 +0.04 -15.1 1000 Inv r 82.37 +2.55 NA TotIntBdIdxAdm 19.29 +0.04 -11.9 TotBd2 9.37 +0.02-13.7
SeriesBondFd 8.87 +0.02 -13.5 First Eagle Funds MFS Funds S&P Sel 58.71 +1.75 NA TotIntlAdmIdx r 25.98 +0.90 -22.6 TotIntlInstIdx r 103.90 +3.62-22.6
SeriesOverseas 10.18 +0.46 -29.3 GlbA 56.08 +1.44 -13.1 IIE 26.07 +1.08 -22.1 TSM Sel r 65.45 +2.07 NA TotStAdml 92.48 +2.91 -20.4 TotItlInstPlId r 103.92 +3.62-22.6
Tuesday, October 4, 2022 SerLTTreBdIdx 6.05 -0.01 -27.7 FPA Funds MFS Funds Class I TIAA/CREF Funds TxMCapAdml 196.31 +6.07 -20.0 TotSt 92.47 +2.92-20.5
Net YTD Net YTD Net YTD SmCpIdxInstPrem 22.06 +0.83 -20.0 NwInc 9.51 +0.01 -3.4 GrowthI 136.93 +4.22 -29.6 EqIdxInst 27.32 +0.86 -20.1 TxMIn r 12.42 +0.47 -23.1 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TMktIdxInstPrem 106.27 +3.35 -20.5 Franklin A1 ValueI 47.36 +1.38 -12.2 VANGUARD ADMIRAL USGroAdml 108.46 +4.08 -35.6 BalInst 39.66 +0.78 -17.7
TotalMarketIndex 13.39 +0.42 -20.2 IncomeA1 2.21 +0.04 -8.6 Northern Funds 500Adml 350.03+10.63 -19.5 ValAdml 50.96 +1.51 -9.5 DevMktsIndInst 12.43 +0.47 -23.1
American Century Inv AggBdInst 9.59 +0.03 -14.2 EmgMktVa 25.18 +0.58 -16.1 FrankTemp/Frank Adv BalAdml 39.66 +0.79 -17.7 WdsrllAdml DevMktsInxInst 19.43 +0.73 -23.1
Ultra 62.38 +1.92 -28.8 CorBdInst 9.83 +0.03 -14.0 EmMktCorEq 19.12 +0.51 -21.3 USBdIdxInstPrem 10.19 +0.03 -13.5 StkIdx 41.53 +1.23 -19.6 67.72 +2.19 -16.6
Fidelity Freedom IncomeAdv 2.19 +0.04 -8.6 Nuveen Cl I CAITAdml 10.85 +0.05 -9.5
WellsIAdml 60.30 +0.83 -12.1 ExtndInst 103.17 +4.25 -25.1
American Funds Cl A ShtTBdInst 9.21 +0.01 -4.4 IntlCoreEq 12.27 +0.46 -21.7 FrankTemp/Franklin A CapOpAdml r 154.64 +5.31 -20.1 GrwthInst 116.46 +3.75 -29.2
AmcpA 30.23 +1.03 -28.4 BlackRock Funds IntSmCo 16.04 +0.57 -25.3 FF2020 12.91 +0.24 -18.0 HYMunBd 14.67 +0.21 NA WelltnAdml 68.71 +1.41 -16.8
Growth A 112.13 +3.80 -25.5 Old Westbury Fds DivAppIdxAdm 38.61 +1.01 -16.0 InPrSeIn 9.65 +0.03 -12.1
AMutlA 47.45 +1.18 -9.6 HiYldBd Inst 6.61 +0.10 -13.5 IntSmVa 16.87 +0.59 -19.9 FF2025 11.82 +0.25 -18.8 WndsrAdml 73.78 +2.59 -8.8
RisDv A 80.67 +2.20 -16.4 LrgCpStr 14.16 +0.43 -24.8 EMAdmr 31.64 +0.84 -21.0 InstIdx 321.00 +9.56 -19.5
BalA 27.94 +0.57 -15.1
BlackRock Funds A LgCo 26.95 +0.80 -19.6 FF2030 14.75 +0.35 -19.2 VANGUARD FDS
Guggenheim Funds Tru
Parnassus Fds EqIncAdml 84.05 +2.53 -6.9 InstPlus 320.99 +9.56 -19.5
BondA 11.36 +0.04 GlblAlloc
-13.4 15.81 +0.05 -19.6 US CoreEq1 29.77 +0.96 -17.4 FF2035 12.63 +0.35 -20.3
TotRtnBdFdClInst 23.37 +0.05 -15.9 ExplrAdml DivdGro 33.49 +0.78 -11.9
ParnEqFd 49.72 +1.43 -21.3
91.49 +3.42 -23.2 InstTStPlus 67.29 +2.11 -20.4
CapIBA 59.85 +1.29 -13.0
BlackRock Funds III US CoreEq2 27.09 +0.87 -17.1 FF2040 8.88 +0.28 -21.4 Harbor Funds ExtndAdml 103.18 +4.25 -25.1 IntlVal 33.69 +1.25 -19.0
MidCpInst 54.88 +1.93 -20.4
Freedom2030 K 14.74 PGIM Funds Cl Z
CapWGrA 48.62 +1.59 iShS&P500IdxK 444.54+13.25
-22.5 -21.9 US Small 39.11 +1.39 -16.2 +0.34 -19.2 CapApInst 67.11 +2.46 -33.4 GNMAAdml 9.17 +0.04 -11.6 LifeCon 19.04 +0.28 NA MidCpIstPl 270.68 +9.52 -20.4
Idx2030InsPre 16.72 TotalReturnBond 11.87 +0.04 NA
EupacA 46.35 +1.70 -28.1
BlackRock Funds Inst US SmCpVal 39.30 +1.49 -8.8 +0.36 -19.0 Harding Loevner GrwthAdml 116.46 +3.76 -29.2 LifeGro 35.36 +0.94 NA RealEstaInstl 18.26 +0.36 -26.5
FdInvA 59.03 +1.90 EqtyDivd
-20.1 18.15 +0.58 -9.0 US TgdVal 27.17 +1.03 -9.1 Fidelity Invest PIMCO Fds Instl LifeMod 27.26 +0.57 NA
IntlEq NA ... NA HlthCareAdml r 85.18 +1.94 -7.9 SmCapInst 87.64 +3.43 -18.3
GwthA 53.21 +1.90 StratIncOpptyIns 9.28 +0.03
-28.4 -6.9 USLgVa 40.04 +1.33 -11.6 Balanc 24.53 +0.53 -18.8 AllAsset NA ... NA
HYCorAdml r 5.07 +0.06 -11.6 PrmcpCor 28.01 +0.94 -16.7
Invesco Funds A SmCapIstPl 252.97 +9.92 -18.3
HI TrA 9.02 +0.11 -10.9
Bridge Builder Trust Dodge & Cox BluCh 121.14 +4.56 -33.7 EqIncA 10.01 +0.26 -10.8 ShortT 9.57 ... -1.1
InfProAd 23.69 +0.07 -12.1 STAR 25.42 +0.64 NA STIGradeInst 9.90 +0.02 -6.7
ICAA 40.73 +1.27 CoreBond
-19.4 8.83 +0.02 -13.8 Balanced 94.92 +2.19 -11.3 Contra 13.51 +0.37 -27.1 Invesco Funds Y TotRt 8.59 +0.03 -14.7 IntlGrAdml 91.68 +4.67 -34.2 TgtRe2020 26.14 +0.41 NA STIPSIxins 23.93 +0.08 -3.1
IncoA 22.35 +0.46 CorePlusBond 8.75 +0.04
-11.7 -14.1 GblStock 12.84 +0.47 -11.1 ContraK 13.56 +0.37 -27.0 DevMktY 33.31 +0.97 -29.2 PIMCO Funds A ITBondAdml 10.09 +0.03 -13.7 TgtRe2025 16.78 +0.32 NA TotBdInst 9.48 +0.02 -13.7
IntBdA 12.44 +0.03 Intl Eq
-8.0 10.01 +0.39 -25.2 Income 12.11 +0.05 -12.2 CpInc 9.05 +0.13 -12.3 JHF III DispVal IncomeFd 10.40 +0.06 NA ITIGradeAdml 8.25 +0.04 -15.2 TgtRe2030 31.34 +0.68 NA TotBdInst2 9.37 +0.02 -13.7
N PerA 47.85 +1.62 LargeCapGrowth 17.37 +0.53
-27.9 -26.1 Intl Stk 40.51 +1.54 -14.3 GroCo 25.16 +0.91 -31.0 DispValMCI 24.28 +0.87 -12.3 PIMCO Funds I2 LarCapAd 87.38 +2.71 -20.6 TgtRe2035 19.31 +0.46 NA TotBdInstPl 9.48 +0.02 -13.7
NEcoA 43.60 +1.43 LargeCapValue 15.08 +0.47
-29.5 -11.5 Stock 211.27 +7.27 -12.4 InvGrBd 9.86 +0.03 -13.4 John Hancock Income 10.40 +0.06 NA LTGradeAdml 7.76 +0.04 -26.8 TgtRe2040 33.79 +0.89 NA TotIntBdIdxInst 28.95 +0.07 -11.9
NwWrldA 64.16 +1.86 MunicipalBond 9.51 +0.06
-25.4 -10.3 DoubleLine Funds LowP 43.89 +1.38 -12.3 BondR6 13.35 +0.06 -15.1 PIMCO Funds Instl MidCpAdml 248.45 +8.73 -20.4 TgtRe2045 22.64 +0.64 NA TotStInst 92.49 +2.91 -20.4
SmCpA 55.11 +1.94 -31.1
Calamos Funds TotRetBdI 8.93 ... -11.9 Magin 10.85 +0.31 -26.6 JPMorgan I Class IncomeFd 10.40 +0.06 NA MuHYAdml 10.06 +0.08 -14.1 TgtRe2050 37.32 +1.10 NA ValueInst 50.96 +1.52 -9.5
TxExA 11.80 +0.07 MktNeutI
-11.5 13.62 +0.10 -5.9 Edgewood Growth Instituti NASDAQ 141.76 +4.58 -28.0 CoreBond 10.15 +0.02 NA Price Funds MuIntAdml 13.05 +0.06 -9.6 TgtRe2060 38.23 +1.14 NA WCM Focus Funds
WshA 50.16 +1.42 -13.6
Columbia Class I EdgewoodGrInst 35.15 +1.32 -41.9 OTC 13.25 +0.47 -29.9 EqInc 21.61 +0.61 NA BlChip 117.55 +3.92 -33.9 MuLTAdml 10.29 +0.08 -13.3 TgtRet2055 41.55 +1.23 NA WCMFocIntlGrwIns 18.61 +0.81 -32.8
Artisan Funds DivIncom I 27.52 +0.72 -11.7 Fidelity Puritn 22.06 +0.44 -18.3 LgCpGwth 46.95 +1.30 NA DivGro 62.86 +1.68 -14.5 MuLtdAdml 10.53 +0.02 -4.7 TgtRetInc 12.28 +0.14 NA Western Asset
IntlVal Inst 34.97 +1.36 NA Dimensional Fds 500IdxInstPrem 132.10 +3.93 -19.5 SAIUSQtyIdx 14.95 +0.36 -20.5 JPMorgan R Class Growth 69.05 +2.64 -35.1 MuShtAdml 15.47 +0.01 -1.8 WellsI 24.89 +0.34 -12.2 CorePlusBdI 9.31 +0.05 NA
Baird Funds 5GlbFxdInc 9.92 +0.01 -6.9 Contrafund K6 17.09 +0.48 -26.4 SrsEmrgMkt 15.28 +0.50 -27.3 CoreBond 10.16 +0.02 NA HelSci 88.01 +2.34 -15.4 PrmcpAdml r 137.93 +4.60 -18.6 Welltn 39.79 +0.81 -16.8 CorePlusBdIS 9.31 +0.05 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.
B14 | Wednesday, October 5, 2022
Conversions Will Fix Empty Offices
Old workplaces could be redeveloped into residential property, but it will take time
City landlords are fighting a los-
ing battle against the home office.
Converting old workplaces into
housing is a solution, but asset
values need to fall further for this
to happen in big numbers.
Most offices haven’t returned to
normal since Covid-19 lockdowns
were lifted. Occupancy in top U.S.
office markets is almost half prepan-
demic levels, employee swipe-card
data from Kastle Systems shows. In
Europe, occupancy levels are 43% on
average, according to Savills.
Vacancy rates are rising as com-
panies let go of space when their
leases come up for renewal. In the
second quarter of this year, 16.9%
of U.S. offices were empty, based
on CBRE data. Vacancies aren’t as
high yet in Europe, but are above
long-term averages and rising.
Some older offices are now “func-
tionally obsolete or on their way
AMIR HAMJA/BLOOMBERG NEWS
there,” according to Daniel Ismail,
analyst at real-estate research firm
Green Street.
One answer could be to convert
offices into badly needed homes.
The vacancy rate in U.S. multifam-
ily rented accommodation was
3.1% in the second quarter. That is
driving growth in residential rents,
improving the prospects for turn-
ing offices into homes.
But there hasn’t been a flood of
conversions yet. Since the pandemic
began, around 50 U.S. office blocks
have been or are being redeveloped
into multifamily apartment com-
plexes, according to CBRE. In the
U.K., which loosened planning laws
several years ago to make redevel-
opment easier, an average of 12,000
new housing units a year were cre-
ated from old offices since 2015, of-
ficial statistics show.
Conversions can be tricky to pull
off. Bigger offices are hard to turn
into homes as the lack of natural
light toward the middle of large
floors makes them unsuitable for
living in. Converting an office into
apartments can lead to a loss of
around 20% of the lettable area of a
building as residential tenants don’t
Job Market Gives Fed an Opening
Finding a job has gotten a tiny
bit harder. Will that be enough to
keep the Federal Reserve from slam-
ming the brakes on the economy?
The Labor Department on Tues-
day reported that there were a
seasonally adjusted 10.1 million un-
filled job openings at the end of
August, a big drop from the 11.2
million job openings registered a
month earlier. It counts as perhaps
the strongest sign yet that, in the
face of interest-rate increases and
a slowing economy, businesses are
scaling back hiring plans.
Not that they don’t still want to
no
hire plenty of people: There were
1.7 job openings for each person
counted as unemployed in August,
a figure that before the pandemic
would have been astounding. But
maybe with a bit less competition
for workers, the wage pressures
that Fed policy makers worry will
lead to entrenched inflation will
abate some. That in turn could
lead to an outcome in which the
Fed doesn’t feel compelled to raise
India’s Tech Regulation Is a Dilemma for U.S. Firms
The continuing tussle between
India and U.S. social-media compa-
nies shows how difficult it is to
rein in technology platforms’ out-
size—and sometimes pernicious—
influence on public discourse with-
out radically enhancing
governments’ power to police
speech.
Recent developments in India
are worth watching for the prece-
dents they could set, particularly
for other large developing democ-
racies. In June, the Indian govern-
ment announced plans for the for-
mation of a Grievance Appellate
Committee, or GAC, to hear users’
complaints against technology
platforms’ content-moderation de-
cisions. The aim would be similar
to that of Facebook’s Oversight
Board—with the ability to review
and potentially overturn content
takedown or account blocking or-
ders.
Last week, two local media out-
lets including the Economic Times
reported that, despite strong push-
back from large tech platforms in-
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
Occupancy in top U.S. office markets is almost half prepandemic levels, employee swipe-card data shows.
pay rent for common areas like cor-
ridors, as office occupants do.
property to make redevelopment
profitable. According to Olivier
on
The bottom line is offices must
look cheap relative to residential
Elamine, chief executive of Euro-
us ,
pean office real-estate investment
l
trust Alstria, the value of residen-
e
al a
tial property needs to be about
50% above that of offices, adjust-
ing for the loss of some leasable
ci on
space linked to the conversion.
This kind of premium is emerg-
ing in some suburban areas, where
home prices jumped during the
pandemic. In many central business
er s
districts though, offices are still
pricey. Despite high vacancy rates,
m er
Manhattan offices are 17% more ex-
pensive a square foot than large
multifamily residential buildings,
m rp
co Fo
Nonfarm job openings level
12 million
10
8 shelve openings rather than lay off
6
4 cant drop in the vacancy rate—the
n-
2 the size of the labor force—might
Monthly
0
2001 ’10 ’20
Note: Data are through August. Seasonally adjusted
Source: Labor Department via St. Louis Fed
rates to the point that the econ-
omy is rapidly shedding jobs and
in a clear recession.
Such a scenario is, in fact, what
the Fed seems to be banking on. In
his news conference following the
central bank’s July rate-setting
cluding Facebook parent Meta
Platforms, Google and Twitter,
the Indian government plans to
push ahead.
The members of the panel
would be appointed by the govern-
ment. And therein lies the first of
the concept’s many problems.
While creating an external channel
for appealing the decisions of
powerful social-media companies
is arguably reasonable, the GAC
could simply shift the discretion-
ary power to police speech to poli-
ticians or bureaucrats—with the
clear potential for political bias to
shape the outcome.
It is also debatable whether
such a government-backed panel
would stand the test of law. Some
previous amendments to interme-
diary rules of the Information
Technology Act have been chal-
lenged in Indian courts.
According to Namrata Mahesh-
wari, Asia Pacific Policy Counsel at
Access Now, the government’s pro-
posed mechanism isn’t the answer
to the problem of lack of transpar-
ON
THE
according to data from Colliers.
However, this premium has nar-
rowed from an average of 44% for
the two years before the pandemic.
For now, big listed office land-
lords like Empire State Realty
Trust and SL Green may opt to
give tired offices a “green” refur-
bishment rather than turn them
into homes.
Demand for sustainable offices
is currently strong among corpo-
rate tenants. But this may change:
Office values probably have fur-
ther to fall amid weak growth in
rents and rising interest rates.
There is a long-term solution to
the problem of empty offices. The
bad news for landlords is that val-
ues will need to fall further to un-
lock it.
—Carol Ryan
meeting, Fed Chairman Jerome
Powell said he and his fellow pol-
icy makers believe “that the labor
market can adjust because of the
huge overhang of job openings.” In
other words, businesses might
workers. Shortly thereafter, Fed
governor Chris Waller and Fed as-
sociate director Andrew Figura
published a note arguing a signifi-
number of job openings divided by
bring with it only a relatively
slight increase in the unemploy-
ment rate.
This view isn’t without contro-
versy: Economists Olivier
Blanchard, Alex Domash and Law-
rence Summers wrote that they
found Messrs. Waller’s and Fig-
ura’s argument “entirely uncon-
vincing as support for ‘the soft
landing’ idea.” Rather, they con-
cluded that a sharp drop in vacan-
cies to historically normal levels is
unlikely to occur without a corre-
ency by social-media companies to
resolving user complaints, as it
would be prone to misuse by the
government.
India’s Ministry of Electronics
and Information Technology didn’t
respond to a request seeking com-
ment on GAC.
Twitter sued the Indian govern-
ment in July over some content
takedown orders and WhatsApp
approached the Delhi High Court
last year on intermediary rules
that allowed for traceability of en-
crypted messages. However, for
the most part, U.S. social-media
companies have toed the govern-
ment’s line.
According to Wall Street Jour-
nal investigations, Facebook’s ser-
vices in India were instrumental in
spreading religious hate, its inter-
nal documents have shown. Face-
book researchers determined that
two Hindu nationalist groups with
ties to India’s ruling political party
posted inflammatory anti-Muslim
content on the platform, The Wall
Street Journal reported. Facebook
Number of U.S. office-to-multifamily
residential conversions
20
15
10
5 the shares would be trading around
0
2017 ’18 ’19 ’20
Note: Completed or under way
Source: CBRE
sponding major increase in unem-
ployment.
Regardless of which side is
right, what might matter most for
investors at the moment is that
Tuesday’s report provided policy
makers with a reason to think that
job market pressures are abating.
That alone won’t be enough to
prevent the Fed from raising its
target range on rates by another
three-quarters of a percentage
point when it meets in early No-
vember. But if either the Labor De-
partment’s September jobs report
on Friday or its September infla-
tion report next week show evi-
dence of cooling, the Fed might
opt for a smaller rate increase.
Hence the big climb in stocks on
Tuesday.
What the Fed isn’t about to do,
however, is throw in the towel on
rate increases altogether. At this
point, it would probably take legit-
imately bad news for that to hap-
pen.
—Justin Lahart
spokesman then said that some of
the reports were working docu-
ments containing investigative
leads for discussion, adding that
the company prohibits hate speech
and violence globally.
India has a total number of in-
ternet users estimated at 640 mil-
lion by Bain & Co.—around twice
the population of the U.S. The
sheer size of the market makes it
key to American technology giants
looking to capture developing mar-
kets, particularly given the unique
challenges that China presents.
Former Minister of Electronics and
Information Technology Ravi
Shankar Prasad in early 2021 said
that WhatsApp had 530 million us-
ers in India.
The risk for American technol-
ogy companies is that however
much they give in to Indian gov-
ernment demands to stay in the
market could set precedents in
other markets around the world.
They should be more circumspect
in their decisions.
—Megha Mandavia
THE WALL STREET JOURNAL.
In Twitter,
Musk Buys
Walking
Dead
Path is uncertain amid
ad-market turmoil and
legal drama
In a sobering turn of events,
Elon Musk prepares to eat his own
words. He had better hope they act
as a corpse reviver.
Just days before his scheduled
trial and after months of painful
dispute, Mr. Musk agreed in a filing
Monday to buy Twitter—which he
once suggested was a dying plat-
form—for his original offer price of
$54.20 a share. Twitter’s stock
soared 22% by Tuesday’s close—af-
ter averaging a 24% discount to the
offer price since the deal was first
announced on April 25.
For a man who has very publicly
criticized the speed and direction
of innovation on his favorite social-
media network, the seemingly sud-
den reversal is a surprising capitu-
lation to the status quo. For
.
reasons at this point publicly un-
known, Mr. Musk will not only own
ly
the supposedly bot-riddled network
he has spent the last several
months deriding—he will pay a
premium for it.
His poorly timed original offer
came in the midst of a precipitous
meltdown in the online advertising
market: Stocks of the parent com-
panies of Google, Facebook and
Snapchat have averaged a 34% de-
cline since the announcement of
the Twitter deal. If Twitter’s stock
simply tracked the Nasdaq Com-
posite since before Mr. Musk ex-
pressed interest in the company,
$30 now—45% below Mr. Musk’s
price.
“Is Twitter dying?” Mr. Musk
tweeted in April. Much to the con-
’21 ’22
trary, Pew Research recently
showed that while under a quarter
of U.S. adults say they use Twitter,
nearly 70% of U.S. journalists say
they rely heavily on Twitter to do
their job. For better or for worse,
Twitter is where Americans go to
break news. Indeed, the very fact
that Mr. Musk chose to pose that
question on Twitter—a platform
where he enjoys over 100 million
followers—suggests that, at least
as a public utility, Mr. Musk knows
the service to be very much alive.
He has since suggested that Twitter
could have over a billion users in
five to 10 years if he is successful.
But that tweet, as Chief Execu-
tive Officer Parag Agrawal pointed
out in an admirably levelheaded
text revealed in recent court filings,
didn’t do Twitter any favors as a
business—particularly from some-
one who was in talks to join the
company’s board at the time. For
an advertising platform that had al-
ready fallen behind its social-net-
working peers, things have argu-
ably only gotten worse since Mr.
Musk got involved.
Combined online advertising for
Google, Facebook, Amazon, Twitter,
Snapchat and Pinterest grew only
8% year over year in the second
quarter—reflecting a deceleration
of 20 percentage points in just six
months. Twitter and its social-me-
dia peers like Snap Inc. and Meta
Platforms have paused hiring and
seen their own revenue growth
shrivel as recessionary pressures
have hit global online advertising
businesses especially hard.
But questioning the true size of
Twitter’s user base, while stirring
internal strife and advocating for
unwinding user bans on an already
controversial platform, can’t possi-
bly be the way to advertisers’
hearts. It is clear that Mr. Musk
doesn’t seem inclined to stay out of
hot water, even ahead of a conten-
tious midterm election season: His
reversal on Twitter came just a day
after his own set of controversial
tweets about Russia’s war in
Ukraine—tweets that drew sharp
criticism from Ukraine’s leaders
and a positive reaction from the
Russian side.
If Mr. Musk thinks he is buying a
zombie, he had better hope for a
thriller. Even with its finances
shielded from public view, a pri-
vately held Twitter will need to
prove a lucrative business, if only
to cover the substantial financial
backing Mr. Musk has secured. So
if he finally goes through with the
deal—which is still not certain
given his record—the world’s rich-
est person is soon to learn that
buying the world’s loudest mega-
phone will be a lot easier than run-
ning it.
—Laura Forman and Dan Gallagher