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What’s
Time Grows Short for Five Lost in the Ocean Deep Alibaba
News Shuffles

GREG GILBERT/THE SEATTLE TIMES/ASSOCIATED PRESS

Business & Finance Top Posts
 Alibaba named Brooklyn
Nets owner Joe Tsai to be its
In Major
chairman, putting the close
ally of fellow co-founder Jack
Ma atop the Chinese e-com-
merce giant as it seeks a re-
Shake-Up
vival from sluggish growth Co-founder Ma’s ally
amid fierce competition. A1 to lead board as the
 Investors have been ramp- e-commerce giant

JOEL SAGET/AGENCE FRANCE-PRESSE/GETTY IMAGES

ing up bets against stocks and
getting burned. Short sellers tries to boost growth
have incurred roughly $120 bil-
ENGRO CORPORATION LIMITED/REUTERS

lion in mark-to-market losses

BY RAFFAELE HUANG
ACTION AVIATION/ASSOCIATED PRESS

this year, including $72 billion in

the first half of June, according
SINGAPORE—Alibaba
to data from S3 Partners. B1
Group named Brooklyn Nets
 U.S. stocks fell to kick off owner Joe Tsai to be its chair-
a short week of trading, with man, putting the close ally of
the S&P 500, Dow industrials fellow co-founder Jack Ma
and Nasdaq losing 0.5%, 0.7% atop the Chinese e-commerce
and 0.2%, respectively. B12 giant as it seeks a revival from
TITANIC STRUGGLE: The five passengers on the missing submersible are, clockwise from left, Hamish Harding, a British sluggish growth amid fierce
 Rivian said it struck a deal
businessman and adventurer; Shahzada Dawood and his son, Suleman, part of one of Pakistan’s richest families; Stockton competition.
to expand access to Tesla’s
Rush, founder and CEO of OceanGate, the company that operates the tours; and French explorer Paul-Henry Nargeolet. A3 Tsai, 59 years old, is seen by
fast chargers to drivers of its
company insiders and analysts
EVs, further cementing Tesla’s
as being close to Ma, the com-
dominance in the U.S. for own-

Hunter Biden Agrees to Plead Guilty

pany’s largest shareholder who
ers looking to power up. B1
stepped down as executive
 Novo Nordisk sued sev- chairman in 2019 and has kept
eral spas and clinics, alleging a low profile after he appeared
they illegally said they were to have a fallout with Beijing
selling custom-made ver- President’s son The deal with federal pros- with the deal said. A judge amid a regulatory crackdown
sions of Ozempic and other ecutors marks the culmination By C. Ryan Barber, will ultimately decide the sen- on the tech industry.
company medicines to peo- reaches deal to of a yearslong investigation by Aruna Viswanatha tence, which is likely to in- Their relationship could
the U.S. attorney in Delaware, and Sadie Gurman clude a fine. give Tsai more heft than the
ple trying to shed pounds. B1 admit tax offenses,
David Weiss, who was ap- The U.S. attorney said the departing chairman Daniel
 FedEx posted its third con- resolve gun charge pointed by former President agreement on a separate fire- investigation is continuing, Zhang to push along the com-
secutive drop in quarterly rev-
Donald Trump and has re- arms charge. Under such while Biden’s defense lawyer, pany’s plans to reorganize it-
enue as it adapts to weaker
WASHINGTON—Hunter Bi- mained in office under the Bi- agreements, prosecutors gen- Chris Clark, said it was his self into multiple independent
demand after a pandemic-
den, President Biden’s son, has den administration to see erally forgo pursuit of a “understanding that the five- companies and get its e-com-
fueled boom in business. B3
reached an agreement to plead through the criminal inquiry charge if defendants submit to year investigation into Hunter merce business back on a
 Gannett sued Google and its guilty to misdemeanor tax into the president’s son. other training or treatment is resolved.” growth track.
parent Alphabet, alleging anti- charges, likely heading off In a letter filed in federal programs. “I know Hunter believes it Zhang will also be replaced
competitive monopolization of prison time and what would court in Delaware, Weiss’s of- Weiss’s office has agreed to Please turn to page A4 as chief executive officer by
ad-tech markets and decep- have been a politically explo- fice said Hunter Biden, 53 recommend a sentence of pro- Eddie Wu, another of Ma’s co-
tive commercial practices. B4 sive prosecution while his fa- years old, is entering a so- bation as part of the plea  Deal adds to president’s founders who currently heads
ther campaigns for re-election. called pretrial diversion agreement, a person familiar political headaches.......... A4 Please turn to page A2
World-Wide

 Hunter Biden has reached

an agreement to plead guilty
Founders’ INSIDE Wall Street Sours
to misdemeanor tax charges,
likely heading off prison time
and what would have been a
Feud Puts On America’s Downtowns
politically explosive prosecu-
tion while his father cam- Hedge Fund
LUIS ACOSTA/AFP/GETTY IMAGES

paigns for re-election. A1, A4

 The judge overseeing the
prosecution of Trump on
At Risk Market signals are flashing red for bonds tied to cities
BY HEATHER GILLERS billions of dollars in tax revenue along with
charges that he illegally re-
their distinctive skylines. In turn, investors
tained and shared national-
BY JULIET CHUNG Wall Street is betting against America’s who bet on downtown office towers, or on
defense information ordered a
AND GREGORY ZUCKERMAN downtowns. the trains and buses delivering workers to
trial to begin as soon as Aug.
Investors are paying less for bonds them, could generally trust they held a win-
14, a timeline expected to be
delayed by pretrial litigation. A4
A long-running rift atop BUSINESS & FINANCE linked to New York subways and buses. ning hand.
one of the world’s largest Low water levels hit Downtown-focused real-estate investment Now, with white-collar workers spending
 A federal judge struck down hedge funds has burst into the trusts trade at less than half their prepan- more time in their home offices, a phenom-
Arkansas’s ban on gender-af- open, raising questions about
Panama Canal, posing demic levels. Bondholders are demanding enon that shows few signs of ending, in-
firming care for transgender the firm’s future. risk for global supply extra interest to hold office-building debt. Please turn to page A10
children, the first-of-its-kind Over the last 22 years, John chains. B1 Downtowns have been a mother lode for
law in the nation, finding it Overdeck and David Siegel American cities over the years, providing  Silicon Valley firms dump office space..... B1
was unconstitutional. A2 built Two Sigma Investments
into a $60 billion quant-trad-
 Russia launched 35 Iranian-
ing behemoth. But behind the
Instacart Fights Rudeness. ‘Go
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

made suicide drones at Kyiv

scenes, the billionaire co-
and other Ukrainian cities as
Ukrainian forces engaged in
founders have clashed over the
firm’s direction, succession
Back and Get the Bread Sliced!!!’
heavy battles in the south of
planning and more, people fa- i i i
the country as part of their
miliar with the matter said.
attempt to advance. A7
The relationship has deteri- The company warns customers to behave
 During the Trump adminis- orated to the point where Two
tration, U.S. officials reviewed Sigma felt the need to disclose better. Repeat offenders face being banned.
intelligence that tracked Hua- the friction in a March 31 secu-
wei and ZTE workers at facil- rities filing. In a little-noticed BY JAEWON KANG taking it.’”
ities suspected of housing Chi- section on “material risks” re- Arguments have long
nese eavesdropping operations lated to its investments strate- Instacart shopper Stephen erupted at the supermarket,
in Cuba, according to people gies, the firm warned that Two Delzer was at a New Hamp- where people go bananas over
familiar with the matter. A9 Sigma’s management commit- shire grocery store filling an shopping carts clogging the
tee—which includes only Over- order for a customer when he aisles and fender-benders in
 Two Palestinian gunmen
deck and Siegel—is having dif- saw that the variety of pasta parking lots. The rise of gro-
opened fire at a restaurant
ficulty making key decisions, a sauce the client wanted was cery-delivery apps such as
and gas station near the Israeli
disclosure that lawyers, inves- out of stock. Instacart, DoorDash
settlement of Eli in the West
tors and others said is virtu- Delzer messaged and Uber Eats has
Bank, killing four people, ac-
ally unprecedented in the in- the customer and let shifted the bickering
cording to Israeli authorities. A9
vestment world. her know, and then online. Shoppers and
Two Sigma, according to the things got saucy. The customers say app
CONTENTS Markets News... B12 filing, is experiencing “a variety product showed up on- disputes have at
Arts in Review....... A13 Opinion............. A15-17
Business & Finance B2,10 Property Report.. B6
of management and governance line, she insisted, and Slow times mushroomed
Business News...... B3,11 Sports....................... A14 challenges,” and the manage- should be right there your roll into battlefields over
Crossword................... A14 Technology.............. B4 ment committee has “been un- on the top shelf. He re- substitutions, pets
Heard on Street..... B13 U.S. News....... A2-4,6 able to reach agreement on a sponded, no, his eyes were and more.
Markets Digest........ B9 World News....... A7,9
number of topics.” These in- working just fine and the Instacart, the biggest U.S.
clude “defining roles, authori- sauce wasn’t there. grocery-delivery app by sales,
> ties and responsibilities for a Delzer finished the shop- in April began sending warn-
range of C-level officers, includ- ping, dropped off the bags, ing emails to customers who
ing for the various roles of the and broke up with the cus- had been flagged by shoppers
members of the Management tomer. “Next day, I got an- as troublemakers.
s 2023 Dow Jones & Company, Inc.
Committee,” as well as “organi- other order from her,” Delzer “Hi,” the emails begin, “We
All Rights Reserved Please turn to page A6 said. “I’m like, ‘Nope, I’m not Please turn to page A10
 A2 | Wednesday, June 21, 2023
U.S. NEWS
Biden Pick Confirmed Judge Strikes Down Arkansas Ban
To Join Appeals Court On Care for Transgender Children
BY LAURA KUSISTO
The U.S. Senate on Tuesday
confirmed abortion-rights
lawyer Julie Rikelman to a
U.S. appeals court, resolving a
high-profile nomination by
President Biden that had been
pending nearly a year.
Rikelman, 51 years old, will
join the Boston-based First
U.S. Circuit Court of Appeals,
which has jurisdiction over
four Northeastern states and
Puerto Rico. She has worked
as an advocate for abortion
rights for more than a decade,
most recently leading U.S. liti-
gation for the Center for Re-
productive Rights.
Representing a Mississippi
abortion clinic at the Supreme
Court, she was on the losing
end of last year’s ruling in
Dobbs v. Jackson Women’s
Health Organization that over-
ruled Roe v. Wade and ended
nearly 50 years of constitu-
tional protections for women
seeking the procedure.
The Senate confirmed her
on a 51-43 vote.
Rikelman is one of several
Biden judicial nominees who
have been confirmed recently
after languishing for many
months. The Senate last week
confirmed Dale Ho, a voting-
rights attorney at the Ameri-
can Civil Liberties Union, to
the U.S. District Court for New
BEBETO MATTHEWS/ASSOCIATED PRESS
The aftermath of a fatal fire Tuesday that began at an e-bike shop and spread to upper-floor apartments in Manhattan.
Investigators determined it was caused by a lithium-ion battery. The shop owner said no e-bike batteries were being charged.
Joe Tsai to
Be Alibaba
Chairman
Continued from Page One
up the Taobao and Tmall do-
mestic e-commerce business.
The changes will be effective
on Sept. 10.
Taiwanese-born and U.S.-
educated Tsai was a practic-
ing lawyer and private-equity
investor after graduating
from Yale. He co-founded Ali-
baba with Ma in 1999, served
as its chief financial officer,
and became executive vice
chairman in 2013. He and Ma
are the only permanent mem-
bers of Alibaba Partnership,
the top decision-making body
for the e-commerce giant and
its affiliates.
Tsai’s strong U.S. ties are
rare these days among cap-
tains of Chinese industry, al-
though he has faced criticism
in the U.S. for parroting Bei-
jing’s standpoint on some
controversial issues. He
played high-school football at
the Lawrenceville School in
New Jersey, played lacrosse at
Yale University and bought a
large stake in the Nets basket-
ball team in 2018. He also
owns the San Diego Seals, a
professional lacrosse team,
and the New York Liberty
women’s professional basket-
ball team. He is eligible for a
passport in Hong Kong and
Canada, via his parents.
The shake-up could main-
tain the influence of Ma, who
York’s Southern District.
These nominees “were seen
as really breaking the mold,”
said Marin K. Levy, a professor
at Duke Law School. “Time
passed and there’s been a real
interest in whether they would
ultimately get to the bench.”
Biden has made filling judi-
cial vacancies a priority of his
administration, aided by his
party’s retention of Senate
control in the November mid-
terms. Democrats have faced
complications in recent
months, however, as California
Sen. Dianne Feinstein, a Dem-
ocrat who sits on the Senate
Judiciary Committee, was ab-
sent for health reasons.
The president has vowed to
nominate candidates who
would diversify the federal ju-
diciary, both in terms of demo-
graphics and professional expe-
rience. Of the more than 130
Biden judicial nominees con-
firmed so far, two-thirds are
women and nearly 70% are peo-
ple of color. He also has sought
nominees who have done work
in areas such as criminal de-
fense and civil rights.
Biden is on pace to make
more judicial appointments
during his first term than
many of his predecessors but
faces an uphill battle matching
former President Donald
Trump’s record of appoint-
ments to the federal bench.
U.S.WATCH
engineered the breakup of the
e-commerce empire from afar
while he traveled overseas for
most of the year before the
plan was unveiled. On Satur-
day, he was in his hometown
of Hangzhou, where Alibaba is
based, to attend an annual
global mathematics competi-
tion he started in 2018 and
chatted with the finalists.
Last month, Ma met execu-
tives of Alibaba’s Chinese
commerce division to discuss
the intensified competition it
is facing, people familiar with
the talks said. He urged the
unit to adjust business strate-
gies and governance as he
warned that the methods that
Alibaba relied on to succeed in
the past might not be applica-
ble anymore, the people said.
Ma remains the biggest
shareholder of Alibaba and still
cares very much about the
company, Michael Evans, presi-
dent of Alibaba, said at a tech-
nology event in Paris last week.
The reshuffle indicates that
Ma is returning “to exercise
more direct control,” said
Charlie Chai, a tech-focused
analyst at equity research
firm 86Research.
Beijing might welcome Ma’s
continued influence, given
that Alibaba’s dominance is
facing strong challenges from
competitors and its revival
could help boost the country’s
consumption and speed up de-
velopment of artificial intelli-
gence, he said.
In Alibaba’s early days,
Tsai helped it win invest-
ments from Goldman Sachs
and SoftBank and built its in-
house venture investment
team from scratch.
Tsai is well-liked by inves-
BY ADOLFO FLORES
A federal judge on Tuesday
struck down Arkansas’s ban on
gender-affirming care for
transgender children, the first
of its kind law in the nation,
finding it was unconstitutional.
In an 80-page ruling, U.S.
District Judge James M.
Moody Jr. permanently blocked
Arkansas from enforcing the
law.
Moody said the ban violated
the plaintiffs’ equal-protection
and due-process rights because
it denies medical care for trans
children that it allows others
to receive and undermines par-
ents’ rights to make medical
decisions for their children.
The ruling also said the law vi-
olated healthcare workers’
First Amendment free-speech
rights by barring them from
referring underage trans pa-
tients to other providers.
In court filings and state-
ments, the Arkansas Attorney
General’s Office said the law
banning gender-affirming care
was constitutional because the
state has a responsibility to
protect children from medical
treatment that lawmakers be-
lieve is unsafe.
“Rather than protecting
children or safeguarding medi-
cal ethics, the evidence showed
that the prohibited medical
tors and his appointment
should be seen as good news,
said Vey-Sern Ling, a senior
adviser for Asia technology
stocks at Union Bancaire
Privée. But the move is un-
likely to boost Alibaba’s stock
price, which is suffering as a
result of geopolitical issues and
concerns over China’s economy
rather than any questions
about management, Ling said.
Alibaba’s market capitaliza-
tion topped $850 billion at its
peak in late 2020, but had
plummeted to about $238 bil-
lion before the leadership
change was announced. The
company’s New York-listed
American depositary receipts
were down 2% in U.S. premar-
ket trading on Tuesday.
Alibaba’s incoming CEO,
Wu, led the company’s strat-
egy to develop and give prior-
ity to its smartphone shopping
sites as consumers shifted to
using the mobile internet. A
graduate in computer science,
he was previously chief tech-
nology officer of several Ali-
CORRECTIONS  AMPLIFICATIONS
The photo of the June-
teenth festival on Tuesday’s
front page was taken on
Monday. The caption incor-
rectly said Sunday in some
editions.
The U.S. Interagency
Council on Homelessness
said that the Biden adminis-
tration has awarded $531 mil-
lion in new vouchers and
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
care improves the mental
health and well-being of pa-
tients and that, by prohibiting
it, the State undermined the
interests it claims to be ad-
vancing,” Moody said.
The law, which was tempo-
rarily blocked in 2021 by
Moody, would have prohibited
doctors from providing gender-
affirming care that includes
puberty blockers, hormone-re-
placement therapy and transi-
tion-related
surgery to mi-
nors. Doctors
who broke the The judge ruled
law would have the ban violated
faced discipline
from a licensing the plaintiffs’
group or a re-
view board, and
constitutional
may have also rights.
been sued.
In a state-
ment following
the ruling, Arkansas Attorney
General Tim Griffin said the
state would appeal Moody’s
decision to the Eighth Circuit.
“I am disappointed in the
decision that prevents our
state from protecting our chil-
dren against dangerous medi-
cal experimentation under the
moniker of ‘gender transition,’”
Griffin said. “I will continue
fighting as long as it takes.”
Arkansas’s law was the first
of its kind to pass in the U.S. as
Performance of Alibaba’s American Depositary Receipts
since listing
$350
300
May 2015: Daniel Zhang
becomes Alibaba CEO.
250
200
150
100
50
0 on its spinoff plans.
2015 ’16 ’17 ’18 ’19
Source: FactSet
baba business units including
Taobao and digital-payment
platform Alipay.
The emergence of Wu, who
has a lower profile among Ali-
baba executives, could con-
tribute to Alibaba’s plans to
leverage technology, including
AI, to revive its stalled e-com-
grants, among other steps,
since this year’s homeless
counts. A U.S. News article on
Tuesday about homelessness
incorrectly gave the figure as
$486 million.
Weilun Soon’s byline was
misspelled as Eilun Soon in a
Markets article on Tuesday
about global stocks’ perfor-
mance.
** THE WALL STREET JOURNAL.
part of a wave of state laws do so, Cooper said. For those
targeting gender-affirming who don’t, children would be
care for transgender children, forced to discontinue care and
with Tennessee, Arizona and experience great distress, she
Alabama following suit. Critics said.
of these efforts said they con- Opponents of gender-affirm-
tribute to the fear and growing ing care for children often fo-
violence trans people face. cus on surgeries, despite medi-
The Arkansas measure was cal guidelines advising against
enacted in April 2021, after the it. Most treatments for trans-
state legislature overruled a gender minors involve hor-
veto by then-Republican Gov. mone therapies, not surgery,
Asa Hutchinson to pass it. Cooper said.
In May 2021, The Endocrine Society and
four families of the World Professional Associ-
transgender ation for Transgender Health
children and recommend against genital
two doctors surgery until someone is of le-
sued Arkansas. gal age. Chest surgery can be
Leslie Coo- considered for someone who
per, deputy isn’t an adult but only after
project director undergoing hormone treat-
for the ACLU’s ment and ample time living in
LGBTQ and HIV the desired gender.
Project and one The Centers for Disease
of the lawyers Control and Prevention said
representing the plaintiffs in transgender minors are at
court, said the law doesn’t pro- higher risk of suicide com-
tect children as its proponents pared with their cisgender
claim but instead harms ado- counterparts. In a brief to the
lescents who could benefit or Eighth Circuit Appeals Court,
already depend on gender-af- the American Academy of Pe-
firming medical care. diatrics, the American Medical
If the law had taken effect, Association, the American Pe-
families of transgender youth diatric Society and other medi-
who are receiving care would cal organizations said if gender
have to move their families to dysphoria is treated improp-
another state or regularly erly or not at all, the condition
travel to another state to get can result in debilitating anxi-
care, if they have the means to ety, depression, and self-harm.
NEW YORK PHILADELPHIA
Fire at E-Bike I-95 to Reopen
Shop Kills Four This Weekend
A fire at a New York City Temporary lanes on Inter-
e-bike shop quickly spread to state 95 will be open some-
upper-floor apartments and time this weekend, with per-
killed four people early Tues- manent repairs to follow,
day. Investigators deter- Pennsylvania Gov. Josh Sha-
mined it was an accident piro said Tuesday, over a week
caused by a lithium-ion bat- after a section of the highway
tery. collapsed in Philadelphia.
Two men and two women A section of the north-
died in the fire. Two other bound lanes of the elevated
women were hospitalized in highway collapsed June 11 af-
critical condition, officials ter a tractor-trailer hauling
said. A firefighter had minor gasoline flipped over on an
injuries. off-ramp and caught fire.
The fire, reported shortly State transportation officials
after midnight, happened at said the driver, who was
HQ E-Bike Repair. It was killed, lost control around a
cited last summer for safety curve. The resulting damage
violations related to the stor- necessitated demolition of
age and charging of batter- the southbound lanes as well,
ies, officials said. officials said.
A man who said he was Pennsylvania’s plan for a
the owner of the bike shop quick interim fix has involved
said he made his usual trucking in 2,000 tons of
checks of the store before he lightweight recycled glass
left Monday night. He denied nuggets to fill in the col-
that any e-bike batteries lapsed area, avoiding supply-
were being charged. chain delays for other materi-
So far this year, there als, officials said. After that, a
have been more than 100 replacement bridge will be
fires and 13 deaths linked to built next to it to reroute
battery explosions in the city, traffic while crews excavate
said Fire Commissioner the fill to restore the exit
Laura Kavanagh. ramp, officials said.
—Associated Press —Associated Press
that it planned to fully spin
off the business and complete
its public listing in the next
Sept 2019: Zhang succeeds
Jack Ma as chairman.
12 months.
A former Pricewater-
houseCoopers financial con-
sultant, Zhang joined Alibaba
in 2007 to lead Taobao’s fi-
nance and operations and be-
came the group’s chairman in
2019. “My appointment as
CEO and chairman of Alibaba
Group was beyond my imagi-
nation,” Zhang said in a letter
to staff, seen by The Wall
Street Journal. He said the
cloud unit is full speed ahead
’20 ’21 ’22 ’23 Alibaba’s restructuring cul-
minates a yearslong shift inside
the company to make it more
nimble. Alibaba’s various busi-
merce business, people famil- nesses will be split up into six
iar with the plan said. major areas: cloud computing,
Zhang will continue to Chinese e-commerce, global e-
head up Alibaba’s cloud-com- commerce, digital mapping and
puting unit, the second-larg- food delivery, logistics, and me-
est business by revenue after dia and entertainment.
its domestic e-commerce unit, —Weilun Soon
as the group bets on it for and Yoko Kubota
growth. Alibaba said in May contributed to this article.
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 THE WALL STREET JOURNAL. **** Wednesday, June 21, 2023 | A3

U.S. NEWS
ACTION AVIATION/ASSOCIATED PRESS

The now-missing submersible Titan is shown preparing for a dive Sunday into a remote area of the Atlantic Ocean on an expedition to the wreckage of the Titanic.

Search for Titanic Explorers Races Clock

International rescue
mission presses on
amid fears craft will
run out of oxygen
U.S. and Canadian ships and
planes mounted a broad effort
to locate a missing submers-
ible carrying five people that
disappeared days earlier on a
mission to see the Titanic
shipwreck.
By Joanna Sugden,
Erin Mulvaney,
Alyssa Lukpat
and Allison Pohle
The saga has put a spot-
light on what is a niche and
generally unregulated tourism
industry, typically for wealthy
people, and the little-known
company OceanGate Expedi-
tions, founded in 2009 with
the goal of enabling deep-sea
exploration using robotics and
submersibles.
Canadian aircraft con-
ducted sonar searches, and a
remotely operated vehicle was
diving toward the Titanic, the
U.S. Coast Guard said Tues-
day. Naval and marine-robot-
ics experts described the re-
covery efforts as a logistical
nightmare. The total area
searched thus far was 10,000
square miles, according to the
Coast Guard.
“To date those search ef-
forts have not yielded results,”
Capt. Jamie Frederick of the
First Coast Guard District said.
The submersible was carry-
ing Hamish Harding, chairman
of an aircraft service com-
pany; Paul-Henry Nargeolet,
who has made dozens of dives
to the Titanic wreckage;
Shahzada Dawood and his son,
Suleman Dawood, who are
members of one of Pakistan’s
richest families; and Stockton
Rush, founder and chief execu-
tive of OceanGate.
The Coast Guard said the
group had about 40 hours of
emergency oxygen left as of
early Tuesday afternoon.
The search is about 900
miles off Cape Cod, Mass., in
water about 13,000 feet deep.
The craft dived Sunday for a
closer glimpse at history’s
most famous shipwreck.
Former passengers on prior
excursions aboard the Titan—
the OceanGate craft that went
missing—said their dives into
the abyss were carefully exe-
cuted missions.
Retired private-equity-fund
manager Colin Taylor, 60, took
an OceanGate expedition with
his now 22-year-old son last
July. Taylor, who lives in Can-
ada, said they spent about a
week running through numer-
ous training sessions such as
safety briefings and risk as-
sessments. He said his son
helped some of the engineers
and technicians complete
checks on the systems.
“You’re just very, very in-
volved with all of the engineers
and technicians,” Taylor said.
Mike Reiss took an Ocean-
Gate expedition with his wife
last July. The 63-year-old
writer for “The Simpsons” said
the submersible was about the
size of a minivan, and he felt
so relaxed during the descent
that he dozed off and woke
when the ship hit bottom.
As early as the 1980s, vari-
ous exploration groups
hatched plans allowing tour-
ists to pay to see the wreck.
Tourists today are able to visit
the Titanic’s grave, but only
scientists and experts can
touch the artifacts.
OceanGate’s first tour in
2021 used the Titan. The com-
pany boasted that it was the
first deep-sea submersible
constructed from carbon-fiber
composite and the only vessel
that could then currently
reach the depths.
Joseph Wortman, who par-
ticipated in a Titan mission in
2021, said Rush and others at
Inside OceanGate’s Titan
The company's submersible vessel
disappeared on a mission to see the
Titanic shipwreck.
Compartment
This section swings
out as a door.
Viewport A roughly
20-inch window allows
passengers to see out.
Note: Scale approximate
Source: OceanGate Expeditions
OceanGate were impressive
expedition leaders and that
the company had performed a
feat in developing a vessel
that could travel that deep in
the sea.
But he said the experience
was at times unnerving: being
locked in a tube, slowly de-
scending toward the ocean
floor, knowing that the crew
members are depending on
the electrical, pressurization
and other systems to work
just right. “It was a wonderful
experience,” Wortman said,
but added: “I had the opportu-
nity to go back down, and I
chose not to.”
Submersibles operate out-
side the boundaries that regu-
late other vessels, said Salva-
tore Mercogliano, who teaches
maritime-industry policy at
Hull Made of a combination of titanium
and composite material, it holds up to
five occupants including the pilot.
Low roof requires passengers to sit.
Propulsion
Pilot Video monitors track
position, oxygen levels and
Skids communications. A video
game controller steers
Propulsion the vessel.
Kevin Hand/THE WALL STREET JOURNAL
Campbell University in North deep ocean,” Mercogliano said.
Carolina. The irony, he said, is The Coast Guard said the
that the sinking of the Titanic submersible could be on the
inspired reforms in maritime surface or underwater. Heavy
law, including requiring cer- fog made it difficult for crews
tain safety procedures and to search Monday, but condi-
distress signal improvements. tions were clearing up Tues-
OceanGate didn’t seek clas- day. “There is a full-court-
sification by third-party press effort to get equipment
groups—such as the American on scene as quickly as we
Bureau of Shipping, which of- can,” the Coast Guard’s Fred-
fers detailed standards for erick said.
vessels including submers- Sonar had detected “poten-
ibles—according to a February tial ‘tapping sounds’ at the lo-
2019 blog post. The company cation” that the submersible
said: “Innovation in design is dived from, which could indi-
outside of an already accepted cate a signal from the crew or
system.” simply be random noise, ac-
While the ships carrying cording to an email reviewed
the submersible are subject to by the Journal that the Ex-
inspection by Canadian or U.S. plorers Club—an organization
officials, “they don’t do that for scientific exploration that
with submersibles. They oper- Harding belongs to—sent to
ate in confined areas in the members.
The organization said
OceanGate had sought assis-
tance from Magellan, a deep-
sea mapping and investigation
company based in the U.K., to
use its deep-sea remotely op-
erated vehicle to help find the
submersible. Magellan’s vehi-
cle has the capacity to go far
deeper than the vehicles cur-
rently on site, Explorers Club
said, but the U.S. hadn’t yet is-
sued permits for the team to
participate.
Magellan said in a state-
ment it has been working with
U.K. and U.S. agencies to “se-
cure the necessary air support
to move our specialist equip-
ment and support crew.” The
Coast Guard didn’t respond to
requests for comment. Ocean-
Gate declined to comment.
The search for the vessel is
a logistical challenge in the
Atlantic, with experts saying
that it is comparable to look-
ing for a needle in a haystack.
“GPS doesn’t work under-
water, nor does radio and that
makes it quite difficult to lo-
cate it,” said Fotis Pagoulatos,
a naval architect and fleet
manager at Eastern Mediter-
ranean Maritime shipping
company, based in Athens.
Stefan Williams, a professor
of marine robotics at the Uni-
versity of Sydney, said reach-
ing the Titanic wreck takes
about two hours in the sub-
mersible, which usually com-
municates with a ship at the
surface using transponders
that aren’t always reliable.
—Saeed Shah,
Arian Campo-Flores,
Nick Kostov, Costas Paris,
Scott Calvert
and Rebecca Ballhaus
contributed to this article.
Watch a Video
Scan this code
for a video on
the search for
the missing
submersible.

‘He Was Super Excited About This Trip’

Five people were aboard
OceanGate Expeditions’ sub-
mersible when it went missing
Sunday, shortly after descend-
ing to tour the wreckage of the
By Joanna Sugden,
Nick Kostov
and Saeed Shah
Titanic. Friends and associates
described several of them as
adventure seekers, world trav-
elers and in some cases ex-
perts at maritime dives.
Hamish Harding
Early Sunday morning,
Hamish Harding sent a Whats-
App message telling a friend
that he would be diving to the
Titanic later that day, “If the
weather holds.”
“Stay safe,” the longtime
friend replied, according to
WhatsApp exchanges viewed
by the Journal.
A little over a day later, the
first reports emerged that the
vessel Harding was on—a tita-
nium and carbon fiber submer-
sive named Titan—had disap-
peared.
Harding, who is married
with two sons, lives in Dubai
and is chairman of Action Avi-
ation, the aircraft service
company he founded in 2004.
The Titanic mission was
just the latest in the list of
big-ticket bucket-list items the
58-year-old Harding has ac-
complished in recent years.
In 2019, Harding was part of
a crew that gained a Guinness
World Record for the fastest
circumnavigation of the Earth
via the North and South Poles.
The crew made the journey in a
Gulfstream G650ER jet in 46
hours, 40 minutes and 22 sec-
onds. In June of last year he
took part in a Blue Origin hu-
man space flight aboard the
New Shepard rocket.
Paul-Henry Nargeolet
Paul-Henry Nargeolet, in
his 70s, is considered a lead-
ing authority on the Titanic.
He has completed more than
three dozen dives to the site
of the wreckage, and super-
vised the recovery of thou-
sands of artifacts from the de-
bris field around it.
Born in Chamonix, France,
Nargeolet spent 22 years in the
French navy, rising to the rank
of commander. In 1986, he re-
tired from the navy and joined
the French Institute for Re-
search and Exploitation of Sea,
where he developed a passion
for the wreckage of the Titanic.
Mathieu Johann, Nargeolet’s
friend and literary representa-
tive, said he enjoyed showing
tourists the wreckage, but his
real passion is bringing objects
such as jewelry from the
wreckage to the surface. “He
even returned objects to fami-
lies, to the children or grand-
children of people who were on
the Titanic,” Johann said.
Shahzada and
Suleman Dawood
Shahzada Dawood, a mem-
ber of one of Pakistan’s rich-
est families, is aboard the
craft with his son, Suleman
Dawood. Suleman, 19, is a uni-
versity student in Scotland.
Shahzada’s wife, Christine,
and his 17-year old daughter,
Alina, are on a ship at the
surface in the Atlantic Ocean,
from which the submarine
had departed on its voyage.
“Shahzada loved travel, ad-
venture, technology,” said a
close friend. “He was super
excited about this trip.”
They often traveled to-
gether as a tight family unit,
this person said. Shahzada’s
past trips included travel to
Antarctica and the Kalahari
desert, and he enjoyed adren-
aline-pumping pastimes such
as white-water rafting.
Despite his wealth, 48-
year-old Shahzada led a low-
key, unflashy lifestyle, in a
suburb of London, the friend
said.
The Dawoods are the own-
ers of a conglomerate called
Engro that produces every-
thing from electricity to fer-
tilizer and milk. The family
oversees the businesses in
Pakistan, but its members
mostly live elsewhere, while
professional managers run
the various Engro enter-
prises. The family also has a
large and active philanthropic
arm in Pakistan, which was
particularly involved during
the Covid-19 pandemic and
the floods in southern Paki-
stan in 2022.
Stockton Rush
OceanGate’s founder and
chief executive, Stockton
Rush, has long been an adven-
ture seeker. He became a cer-
tified scuba diver when he
was 14, and at 19 he became
the world’s youngest jet trans-
port rated pilot, according to
OceanGate’s website. He flew
around the world under a sub-
contract from Saudi Arabian
Airlines.
Rush later worked as a
flight test engineer and was
on the board of directors for
several tech companies.
He founded OceanGate in
2009, saying in a speech last
year that he wanted to expand
deep-sea exploration. He said
he has traveled to the Titanic
shipwreck several times. In in-
terviews, he has said regula-
tions in the submersible in-
dustry have slowed
innovation.
He studied aerospace engi-
neering as an undergraduate
student at Princeton Univer-
sity and then in 1989 he ob-
tained a master’s degree in
business administration from
the University of California,
Berkeley.
—Alyssa Lukpat
contributed to this article.
A4 | Wednesday, June 21, 2023 HK JP TU ML SI IN UK FR MN PR * * THE WALL STREET JOURNAL.

U.S. NEWS

GOP Candidates Will Soon Be Pressured

Large field of can all drive candidates to run
and think they have a shot,
challengers boosts though some might have other
Trump’s chances of motivations—such as the de-
sire to be famous or be picked
winning nomination for vice president. Those who
fail to register early stick
BY ALEX LEARY around hoping for a moment.
While money is a significant
When 2016 GOP candidates entered and exited the race minds of all the candidates.” “Anyone can get in. But
The GOP field for 2024 you’ve got to have the disci-
Announced Withdrew grew to 11 major candidates pline to get out,” New Hamp-
Cruz with last week’s entry in the shire Gov. Chris Sununu said
Rubio race of Miami Mayor Francis in a Wall Street Journal inter-
Carson Suarez. Trump continues to view, not long before he de-
Paul lead the field, and his recent cided against joining the race.
Kasich indictment in the Mar-a-Lago He told CNN, “Come Novem-
Fiorina
document case once again ber, late December, if you’re

TUESDAY
AY
Huckabee
With the 2024 Republican determinant, recent history Santorum prompted many rank-and-file sitting in low single digits, get
presidential crop now largely has shown a wealthy donor Republicans to rally to his your butt out of the race.”

PE TUE
Bush
in place, another guessing can sustain a candidate deep Christie side. He faces other investiga- The super PAC era of un-

SUPER
game begins. When will candi- into the process. Pataki tions related to the Jan. 6, limited donations means a
dates start dropping out? “Running for president is Graham 2021, Capitol riot and an ef- rich benefactor can keep a
As the shine from campaign an endeavor that generally re- Gilmore fort to overturn the results in candidate going even if they
launches wears, candidates wards the stubborn,” said GOP Jindal Georgia. Trump denies wrong- aren’t raising much money for
Perry
will feel pressure to show strategist Mike Murphy. Can- doing in those cases, and their campaigns. In the 2012
Walker
progress. That tension is likely didates should spend wisely, pleaded not guilty to the doc- GOP race, two years after the
to be more intense than usual display polish and do things Jan. July Jan. July ument charges. Supreme Court’s landmark
given what happened in the that attract media attention, 2015 2016 Opponents such as Florida Citizens United campaign fi-
GOP’s raucous 2016 primary, he said. Source: news reports Rosie Ettenheim/THE WALL STREET JOURNAL Gov. Ron DeSantis, who runs nance decision, former Penn-
during which Donald Trump Since 1976, more than 40% second in most polls, are sylvania Sen. Rick Santorum
bested a massive field. Given of Republican presidential nors, with a minimum number fanfare, ended his bid the day treading carefully around the battled eventual nominee Mitt
his base of core supporters, candidates have dropped out of donors required from at after placing third in the Iowa classified documents case, Romney but was hurt by an-
both pro- and anti-Trump Re- before the balloting in Iowa least 20 different states, and event in August 2011. largely mirroring Trump’s as- other challenger, Newt Ging-
publicans agree that the for- and New Hampshire. Another reaching 1% in three qualify- The 2016 primary featured sertions that the case is politi- rich, who was fueled by $15
mer president benefits from batch of hopefuls typically ing polls. The candidates also 17 major candidates—a dozen cally motivated. More broadly, million in super PAC dona-
having a large crop of rivals drops out just after the first must agree to support the of whom were still in the race DeSantis and some others tions.
divvy up the rest of the GOP few states cast votes. eventual nominee. Front-run- when voting started—and the have begun to more directly Dave Carney, a New Hamp-
electorate. An early test could come in ning Trump has signaled he large field aided Trump. draw contrasts with Trump. shire-based consultant who
“Everyone realizes that mid-July when quarterly fund- might skip the debate. “It took too long for sup- Just as in 2016, the Trump has advised presidential cam-
candidates that are just taking raising reports are due. A The debate could take on porters to consolidate behind campaign has a “more the paigns, offered another moti-
up space are also helping more likely winnowing point some of the role of the Iowa our campaign and by the time merrier” perspective. His op- vation. “When there’s money
Trump,” said Alex Conant, is the first GOP debate on Straw Poll, which before being they had…Trump had too big a ponents, the thinking goes, in the bank, consultants will
who worked for Sen. Marco Aug. 23. To make the stage, eliminated in 2015 tended to lead to catch up to,” said will split the anti-Trump vote convince the candidate to stay
Rubio’s (R., Fla.) campaign in candidates must meet stan- cull poorly performing candi- Texas Sen. Ted Cruz, who in early primary states. That in regardless of what’s in their
that 2016 contest. dards set by the Republican dates. Former Minnesota Gov. mounted the strongest chal- worries Republicans who want best interest,” he said.
Experience, ego and en- National Committee, including Tim Pawlenty, who entered lenge. “I’m sure that experi- to move on from the former —John McCormick
couragement from supporters having 40,000 individual do- the 2012 presidential race to ence is front and center on the president. contributed to this article.

Son’s Deal Adds to President’s 2024 Worries Judge Sets

BY ANNIE LINSKEY re-election, the guilty plea
WASHINGTON—Hunter Bi-
den’s plea deal with the Jus-
provides fodder to Biden’s
GOP opponents to drive a
message that Biden’s family is
tice Department reduces his
legal jeopardy but adds to
President Biden’s political
corrupt—an argument that
former President Donald
Trump has pushed for several
headaches, as Republicans ac- years and that Democrats dis-
cuse his administration of miss as a distraction from
maintaining a two-tiered sys- Trump’s own controversies.
tem of justice and vow to con- None of The Wall Street
tinue probing the younger Bi- Journal’s reporting has found
den’s business dealings. that Joe Biden was involved in
For the White House and his son’s business activities.
the Biden re-election cam- Republicans said they would
paign, the deal avoids a messy continue their search for ways
public trial that would have that Hunter Biden’s business
gobbled public attention and dealings touched his father.
distracted from the presi- “We will not rest until the
dent’s attempts to sell his full extent of President Biden’s
agenda. The agreement also involvement in the family’s
front-loads some of the politi- schemes are revealed,” said
cal impact: better to rip the House Committee on Over-
Band-Aid off now than have sight and Accountability
the case linger into 2024. Chairman James Comer (R.,
But with Biden’s approval Ky.).
ratings stubbornly low and House Speaker Kevin
polls showing a tight race for McCarthy (R., Calif.) amplified
the sentiment, telling CNN have focused on his legal it “a sweetheart deal.”
Aug. 14
that the resolution of the case
should enable the Justice De-
partment to provide addi-
problems as a key reason why
he doesn’t deserve another
term as president; Hunter Bi-
The White House had long
anticipated that the GOP reac-
tion would be to question the
Trial Date
tional information to Congres-
sional probes. “It should
actually enhance our investi-
den’s admission of guilt could
make that argument harder to
sell with independent voters
independence of the Justice
Department and attack its in-
tegrity, and therefore sought
For Trump
gation because who are grow- to wall off the Hunter Biden
the DOJ should ing weary of investigation, which was BY SADIE GURMAN
not be able to candidates on launched under Trump and
withhold any The plea gives both sides of was allowed to continue when The federal judge overseeing
information the GOP fodder the aisle. Biden took office. It was con- the prosecution of former Pres-
now saying ‘be- Republicans ducted by U.S. Attorney for ident Donald Trump on charges
cause of a as polls show a have been quick Delaware David Weiss, a that he illegally retained and
pending inves- to suggest that Trump appointee who was al- shared national-defense infor-
tigation,’”
tight race for the relatively lowed to stay on. mation has signaled she is
McCarthy said. re-election. minor punish- Hunter Biden’s troubles seeking a fast pace for court
Trump was ment that fed- also put the president in a dif- proceedings, ordering a trial to
indicted this eral authorities ficult personal position, as he begin as soon as Aug. 14.
month for his offered Hunter has sought to defend his son The timeline set by Judge
handling of classified materi- Biden shows different stan- to a point of potentially un- Aileen Cannon is widely ex-
als—charges that he has cho- dards of justice based on po- dermining his own credibility. pected to be delayed by
sen to fight rather than seek a litical leanings. Donald Trump “My son has done nothing months of pretrial litigation,
plea agreement. He also faces Jr., son of the Republican for- wrong. I trust him,” Biden including over how to handle
charges in New York for his mer president, said the deal said last month on MSNBC. classified material in
business affairs and could also “reeks of favoritism.” Florida —Simon J. Levien court. Such procedures could
be indicted in Georgia. Gov. Ron DeSantis, a GOP and Eliza Collins push Trump’s trial into late
Trump foes in both parties presidential contender, called contributed to this article. 2024, well into the presiden-
tial campaign in which he is
the Republican front-runner.

Hunter Cannon said all hearings

would be held at the federal
courthouse in Fort Pierce, Fla.,

Biden to where she is based, about 130

miles north of Miami.
Special counsel Jack Smith,

Plead Guilty whose prosecutors brought the

case, promised a speedy trial
this month when he an-
nounced the 37-count indict-
Continued from Page One ment alleging Trump held on
is important to take responsi- to sensitive military secrets he
bility for these mistakes he knew he shouldn’t have re-
made during a period of tur- tained access to, shared them
moil and addiction in his life,” with others and directed his
Clark said. “He looks forward staff to help him evade author-
ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES

to continuing his recovery and ities’ efforts to get them back.

moving forward.” Trump last week pleaded
Most federal tax prosecu- not guilty to all counts, which
tions involve felony charges, cover seven different charges
such as tax fraud and evasion, including willful retention of
not the misdemeanor offenses national-defense information,
to which Hunter Biden intends withholding a record, false
to plead guilty: two counts of statements and conspiracy to
willful failure to pay federal in- obstruct. On five of the
come tax. counts, Trump was charged
Biden faces a maximum sen- alongside his former military
tence of a year in prison on valet, Walt Nauta, who sepa-
each of the misdemeanor tax rately faces a false-statements
charges. But tax prosecutions charge and is scheduled to be
for misdemeanor offenses, arraigned on June 27.
without other charges, rarely The charges all relate to
lead to prison time. Trump’s handling of docu-
“In my experience, misde- President Biden and Hunter Biden in February, arriving in Syracuse, N.Y. ‘I’m very proud of my son,’ the president said Tuesday. ments at his Mar-a-Lago re-
meanor tax prosecutions fre- sort.
quently result in noncustodial have no further comment.” tors struggled with whether Weiss told the House Judi- cussed the matter with the The difficulty of dealing
sentences. So this is not un- Begun in 2018, the investi- his drug addiction would pres- ciary Committee in a letter president. Garland’s office had with highly classified evidence
usual,” said Caroline Ciraolo, a gation first examined the youn- ent an effective defense against this month that “I have indeed no comment Tuesday. in criminal proceedings, pre-
former acting head of the Jus- ger Biden’s foreign business a potential criminal tax case. been granted ultimate author- Trump immediately seized trial disputes between
tice Department’s tax division. dealings but has come in more In a meeting in October, ity over this matter.” on Biden’s plea agreement, Trump’s team and prosecutors
In a statement, Weiss said recent years to focus on his federal prosecutors were in- Biden’s agreement comes saying in his Truth Social and other complications aris-
Hunter Biden received more taxes and his false claim, on a formed of investigators’ “long- after special counsel Jack platform that the Justice De- ing from the unprecedented
than $1.5 million in annual in- form to purchase a gun, that he standing concerns” about Smith brought charges against partment had handed the prosecution could long delay a
come in both 2017 and 2018 wasn’t using or addicted to what they described as irregu- Trump, in a 37-count indict- president’s son “a mere traffic trial, legal experts said.
and didn’t pay taxes on it, de- drugs. In his 2021 memoir, larities in the handling of the ment, unsealed on June 9, al- ticket.” Rep. James Comer (R., Cannon will have to resolve
spite owing more than “Beautiful Things,” Hunter Bi- Justice Department’s investi- leging that the former presi- Ky.), chairman of the House disagreements between
$100,000 each year. den detailed his long addiction gation, according to a lawyer dent unlawfully retained and Oversight Committee, said the Trump’s lawyers and the gov-
According to a court docu- to drugs and wrote that he for an Internal Revenue Ser- concealed sensitive govern- plea deal revealed a “two- ernment over how much na-
ment filed Tuesday related to smoked crack “every 15 min- vice supervisor who in April ment documents. That indict- tiered system of justice.” tional-security information
the firearms charge, Biden had utes” for stretches in 2018. expressed concern to lawmak- ment has rocked the 2024 The criminal inquiry into can be introduced in the
a Colt Cobra 38SPL revolver in The meandering inquiry ers about political interfer- presidential race, prompting Hunter Biden unfolded against courtroom. That process is
October 2018, even though he lasted five years over two ad- ence in the probe. other Republican candidates the backdrop of congressional governed by a law that allows
was addicted to drugs and ministrations and was beset In the weeks leading up to to address the allegations and investigations into President prosecutors to conduct a trial
barred from owning a gun. with many challenges, includ- the plea deal, Biden’s legal face questions about whether Biden and his family. A Repub- about classified material while
“I’m very proud of my son,” ing disagreements among in- team met with Justice Depart- they would pardon Trump if lican-led House inquiry has still protecting some of that
President Biden said in San vestigators over how to pro- ment officials about the inves- elected to the White House. highlighted unflattering but information from public dis-
Francisco, responding to ques- ceed. By mid-2022, tigation and argued against In much the same way Gar- previously known details closure.
tions about the plea agreement. investigators believed there criminal charges. Ahead of the land handled the Trump in- about Hunter Biden’s business A magistrate judge, Bruce
White House spokesman was enough evidence to charge meeting, Attorney General dictment, he sought to dis- dealings abroad, including one Reinhart, on Monday issued a
Ian Sams said the president Hunter Biden but prosecutors Merrick Garland testified be- tance himself from the episode in which he accepted a protective order barring
and first lady “love their son held off for months while they fore the Senate that he had investigation into Hunter Bi- 2.8-carat diamond—estimated Trump and his lawyers from
and support him as he contin- reviewed defense evidence. given Weiss broad indepen- den, saying in congressional to be worth up to $80,000— sharing any evidence in the
ues to rebuild his life. We will Among other issues, prosecu- dence to pursue charges. testimony he had never dis- from a Chinese businessman. case.
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | A5

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U.S.-Funded Scientist in Wuhan Fell Ill Private Eye
BY MICHAEL R. GORDON
AND WARREN P. STROBEL
A prominent scientist who
worked on coronavirus proj-
ects funded by the U.S. gov-
ernment is one of three Chi-
nese researchers who became
sick with an unspecified illness
during the initial outbreak of
Covid-19, according to current
and former U.S. officials.
The identity and role of the
researchers is one piece of in-
telligence that has been cited
by proponents of the judg-
ment that the pandemic origi-
nated with a lab leak, though
the nature of their illness
hasn’t been conclusively es-
tablished.
Ben Hu, a scientist at the
Wuhan Institute of Virology
who had done extensive labo-
ratory research on how coro-
naviruses infect humans, was
identified in U.S. intelligence
reports as one of the research-
ers who became ill in Novem-
ber 2019 with symptoms that
American officials said were
consistent with either
Covid-19 or a seasonal illness.
None of the researchers died.
More than three years after
the pandemic began, and with
almost seven million deaths
around the world, the virus’s
origins remain a subject of de-
bate, with implications for
U.S.-China relations, global
biosafety and international re-
search practices.
Origin disputed
The initial hypothesis that
the virus arose naturally has
been challenged as a host ani-
mal has never been confirmed.
The scientific community is
divided over the possibility
that the virus emerged from a
lab leak or was transmitted to
humans from an infected ani-
mal, as is the U.S. intelligence
community.
The Federal Bureau of In-
vestigation has assessed with
moderate confidence that a
lab leak was the most likely
origin of the virus, and the
Energy Department came to a
similar conclusion with low
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Convicted of
Security personnel outside the Wuhan Institute of Virology in China in February 2021.
confidence. Four other U.S. in-
telligence agencies assess with
low confidence that the virus
arose naturally, while the Cen-
tral Intelligence Agency has
been agnostic.
Robert Kadlec, a former se-
nior Health and Human Ser-
vices Department official, said
the three scientists “published
on SARS-related coronavirus
experiments done at inappro-
priately low biosafety settings
that could have resulted in a
laboratory infection.”
Kadlec also conducted a
Senate study that concluded a
lab leak was the more likely
cause of the Covid-19 pan-
demic.
The U.S. intelligence com-
munity is planning to declas-
sify more information regard-
ing its search for Covid’s
origins as soon as this week. It
couldn’t be determined if the
declassified intelligence would
include the names of the re-
searchers, and representatives
for the director of national in-
telligence declined to com-
ment.
The Wall Street Journal re-
and 2" extender.
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U.S. NEWS
ported in 2021 that U.S. intelli-
gence about the sick research-
ers was fueling the push for a
fuller investigation into
whether the virus might have
escaped from a laboratory in
Wuhan. Neither the names of
the scientists, nor their spe-
cific positions at the institute,
nor the fact that the work one
of them did was funded by the
U.S. government was disclosed
at the time.
The current and former U.S.
officials told the Journal the
three who fell ill were Hu; Yu
Ping, a Chinese scientist who
wrote a 2019 thesis on SARS-
related coronaviruses found in
bats; and another scientist
named Yan Zhu.
The researchers’ names
were noted last week in an ar-
ticle in Public, which publishes
on the Substack platform, and
were independently confirmed
by the Journal.
Hu is noteworthy, current
and former officials say, be-
cause of his central role in
coronavirus research at the
Wuhan Institute of Virology.
Further, some of the projects
THE WALL STREET JOURNAL.
CoV-2, the virus behind the
Covid-19 pandemic, first began
circulating around Wuhan, a
city in central China. China
has said the first confirmed
case was a man who fell ill on
Dec. 8, 2019.
Hu is a leading researcher
on coronaviruses who worked
closely with Shi Zhengli, the
leading expert on bat corona-
viruses at the Wuhan Institute
of Virology. Much of Hu’s re-
search focused on modifying
coronaviruses so they could
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES
bind to human cells.
Lab biosafety levels
The stated purpose of the
research was to identify vi-
ruses that could lead to a pan-
demic and facilitate the devel-
opment of a vaccine. Critics
say such research requires
stringent precautions because
such work can make the vi-
ruses in the lab more infec-
tions for humans.
Yu Ping, who also worked
for the institute along with
he worked on were funded by Zhu, is an expert on the geo-
U.S. government grants, ac- graphic spread of coronavi-
cording to documents ac- ruses and wrote a thesis that
quired through the Freedom of was the first to describe a new
Information Act by the White family of SARS-like coronavi-
Coat Waste Project, a non- ruses that are most closely re-
profit that opposes taxpayer lated to SARS-CoV-2.
funded research on animals. That thesis and published
Hu and the other two re- scientific articles by other
searchers didn’t respond to Chinese scientists also indi-
emailed requests for com- cate that much coronavirus re-
ment. The Wuhan Institute of search was done in Biosafety
Virology said it had nothing level-2 facilities, a lower stan-
new to say about the research- dard than the Biosafety level-3
ers, and declined to comment or Biosafety 4 laboratories
further. The Chinese Foreign that are normally used around
Ministry didn’t respond to an the world, including in China,
emailed request for comment. for the riskiest research.
Beijing has consistently re- The Government Account-
jected the notion that Covid ability Office noted in a report
first emerged in China, includ- last week that some of the re-
ing a possible lab leak. Chi- search at the Wuhan Institute
nese Foreign Ministry Spokes- was funded by the U.S. Agency
man Wang Wenbin said in for International Development
March that Beijing supported and the National Institutes of
efforts to trace the origins of Health. Between 2014 and
Covid. “The real obstacle 2019, about $1.4 million was
thwarting global origins-trac- disbursed for work at the in-
ing study is the U.S.’s political stitute by both agencies before
manipulation,” he said. such grants were suspended.
November 2019 is roughly —Clarence Leong
when many epidemiologists in Singapore
and virologists think SARS- contributed to this article.
Feud Puts
Hedge Fund
At Risk
Continued from Page One
zational design and manage-
ment structure of various
teams” and “succession plans,”
among other disagreements.
“I’ve never seen anything
like this,” said Jamie Nash, a
partner at law firm Kleinberg In recent years, Two Sigma co-founders John Overdeck, left,
Kaplan who advises hedge and David Siegel have rarely appeared together at firm events.
funds. “Disagreements among
founders aren’t uncommon, Early on, Overdeck, 53 years
but I’ve never heard of a dis- old, and Siegel, 61, appeared
closure like this.” close, people who know them
The operating agreement the said. They and their families
two men drew up decades ago vacationed together, and the
specifies they must agree on two founders ate lunch to-
most decisions, people familiar gether often at Lupe’s East L.A.
with Two Sigma said. So when Kitchen, a Mexican spot near
they disagree, little gets done. their office in Manhattan’s
People who work for the two SoHo neighborhood.
men feel caught in the middle. The executives, who have
In early 2022, a group of senior offices about 30 feet from
modelers who report to Over- each other, split their duties.
deck threatened to resign if Sie- Overdeck has managed the in-
gel didn’t step back at the firm, vestment researchers, or mod-
according to people familiar elers, usually favoring a
with the matter. Siegel called hands-off approach. Siegel
their bluff. The group, which in- oversees the firm’s engineers
cluded investment chiefs Alex and appears at industry con-
Ginsburg and Geoffrey Dun- ferences, often to speak about
combe, ended up staying. artificial intelligence, which he
Overdeck is a mathemati- studied decades
cian who worked for Jeff Be- ago at MIT.
Each executive
The two men
days. He and Siegel, a Massa- has groups of
chusetts Institute of Technol- loyalists. also have
ogy-educated computer scien- “It’s two
tist who also worked at Tudor tribes,” a per- clashed over
Investments, met while work- son close to the
ing at quant firm D.E. Shaw firm said.
succession
Group in the 1990s and went In a 2015 planning.
on to found Two Sigma in profile of Two
2001. Mark Pickard, another Sigma, Forbes
co-founder, retired in 2006. described Over-
The firm’s computers digest deck as the “master chef” at
torrents of information from Two Sigma, and Siegel as the
earnings reports, weather bul- firm’s manager. Soon after,
letins and more, and its scien- Overdeck brought a chef’s hat
tists write trading algorithms into a meeting with Siegel,
to invest based on patterns and people familiar with the situa-
signals detected in the data. tion said. Siegel was furious
Two Sigma has described about the incident for days,
itself to prospective employ- the people said.
ees—often math and engineer- The two men also have
ing Ph. D.s—as “the best place clashed over succession plan-
for nice geeks to work,” cur- ning, some of the people said.
rent and former employees Siegel has favored a plan to
said, a slogan that emphasized hand control to a chief execu-
the importance of passion and tive officer, while he and
collegiality. The New York firm Overdeck would keep their
has expanded into venture, chairmen roles. Overdeck,
private equity, reinsurance and meanwhile, has wanted to
market-making businesses. maintain an operating role.
Acting as
China Agent
BY JAMES FANELLI
AND ISAAC YU
A private investigator and
another man were found guilty
Tuesday of acting as illegal
agents of the Chinese govern-
ment in a harassment cam-
paign of a former Chinese offi-
cial and his family living in
New Jersey.
The convictions, by a Brook-
lyn federal jury, capped the first
trial of defendants charged for
their alleged participation in
Beijing’s “Operation Fox Hunt,”
a yearslong effort to forcibly re-
patriate Chinese nationals liv-
ing abroad. The Justice Depart-
ment has sought to root out the
harassment campaigns in re-
cent years, bringing cases
against alleged Chinese agents,
while warning that Beijing has
sought to recruit American pri-
vate eyes to aid their efforts.
Michael McMahon, a retired
New York Police Department
sergeant turned private inves-
tigator, was found guilty of
three counts. Jurors convicted
him of failing to register with
the Justice Department as an
agent of a foreign country and
two charges related to stalking.
He was acquitted on a fourth
count of conspiring to act as
an illegal foreign agent.
One of McMahon’s co-defen-
dants, Chinese national Zhu
Yong, was convicted of all four
of those same charges. Another
co-defendant, Zheng Congying,
was acquitted of two charges
related to acting as an illegal
foreign agent but convicted on
two counts of stalking.
The Brooklyn U.S. attorney’s
office charged the three defen-
dants in 2020, alleging that
they and others conspired to
stalk and intimidate Xu Jin, a
former Chinese government of-
ficial, and his family in an ef-
fort to scare him into return-
ing to China to serve a 10-year
prison sentence.
PHILIP MONTGOMERY FOR THE WALL STREET JOURNAL
The slated retirement of
Chief Operating Officer Jona-
than Hitchon, who has played
something of a diplomat’s role
between the men in recent
years, was one trigger for Two
Sigma’s recent disclosure, peo-
ple familiar with the firm said.
Overdeck and Siegel have dis-
agreed about whom to hire as a
replacement for Hitchon.
Those discussions have
prompted broader conversa-
tions—and disagreements—
between the pair. Together,
they control virtually all of the
equity in the firm, though
Overdeck holds a slightly
larger stake.
In recent years, Overdeck
and Siegel have rarely appeared
together at firm
events. They
frequently snipe
at each other in
meetings, at-
tendees said.
Decisions get
delayed and
projects killed
because employ-
ees assume they
won’t be able to
get both found-
ers to agree, the people said.
One person familiar with
Overdeck and Siegel described
their relationship as evolving
over the years “from irritation
to Cold War to hot war.”
In the March filing, Two
Sigma said that the discord
could affect the firm’s “ability
to retain or attract employees
(including very senior employ-
ees) and could continue to im-
pact the ability of employees
to fully implement key re-
search, engineering, or corpo-
rate business initiatives.”
Ongoing disputes could af-
fect investors’ returns over
time, the firm said.
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | A7

WORLD NEWS
Russian Drones Pummel Ukrainian Cities
Kyiv officials say the destroy dozens of Western-
supplied Ukrainian tanks, in-
offensive is going to fantry fighting vehicles and
plan, and the main armored personnel carriers.
Despite these setbacks, and
thrust is still ahead the thick layers of Russian
minefields and other fortifica-
BY YAROSLAV TROFIMOV tions, Ukrainian forces have ad-
vanced along two of the three
Russia launched 35 Iranian- axes of offensive, toward the
made suicide drones at Kyiv town Vasylivka on the banks of
and other Ukrainian cities Dnipro and south of Velyka No-
overnight as Ukrainian forces vosilka, on the border between
engaged in heavy battles in the the Donetsk and Luhansk re-
south of the country as part of gions, retaking a total of eight
their attempt to advance. villages and 44 square miles.
Russia, which intensified Most of the reserve brigades
cruise-missile and drone trained and equipped by the
strikes on Kyiv during the past West and Ukraine for the offen-
two months, lobbed the major- sive haven’t yet engaged in com-
ity of the Iranian-made Sha- bat. “The biggest strike is still
hed drones at the Ukrainian ahead,” said Ukraine’s Deputy
capital. While all the drones Defense Minister Hanna Malyar.
that headed to Kyiv were shot On Tuesday, Ukrainian
down, Ukraine’s military said, forces were pushing from the
three others hit their targets village of Piatykhatky that

ROMAN PILIPEY/GETTY IMAGES

elsewhere in the country. they seized over the weekend
The mayor of Lviv in west- to the next village on the way
ern Ukraine reported a drone to Vasylivka, Zherebyanky,
strike on a critical-infrastruc- Russian military correspon-
ture site in the city. Moreover, dents said. Ukraine confirmed
according to the Ukrainian the liberation of Piatykhatky.
military, Russia hit the south- In Russia, an explosion at
ern city of Zaporizhzhia with Mourners join family members in Kyiv to pay respects to a Ukrainian soldier who was killed fighting Russian forces. the Tambov Powder Plant, one
ballistic missiles. There were of the country’s main producers
no reported casualties. cause its old Soviet-vintage jet pects to be able to operate Russia has ramped up its the south. Since Ukraine be- of ammunition for artillery and
The drones are getting fighters lack the radars needed next year as its pilots are be- missile and drone attacks on gan its offensive in the east- small arms, killed four people
through to cities such as Lviv to thwart the threat, said ing trained in the West, would Ukrainian cities in part to pre- ern Donetsk and Zaporizhzhia and injured 12 on Tuesday, ac-
because Ukraine has insuffi- Ukraine’s Air Force spokesman greatly enhance Ukraine’s abil- vent Kyiv from deploying regions this month, Russia has cording to Russian state media.
cient air defenses to protect Yuriy Ihnat. More modern F-16 ity to protect its skies against more of its scarce air-defense effectively used its Ka-52 heli- Local officials said the incident
the entire country, and be- aircraft, which Ukraine ex- drones and missiles, he added. systems to the front line in copter gunships and drones to wasn’t caused by an attack.

EU Proposes $55 Billion in Economic Aid Over 4 Years

BY LAURENCE NORMAN derpin other programs. It will
depend in part on the EU issu-
The European Union is ing debt to fund the payments.
seeking to lock in 50 billion The proposal will need back-
euros, $54.62 billion, in financ- ing from EU member states,
ing for Ukraine between 2024 many of which face tight bud-
and 2027, to provide sustained get conditions amid the eco-
external funding regardless of nomic slowdown and high in-
Washington’s decisions after flation unleashed by Russia’s
its 2024 presidential election. invasion of Ukraine. While
The proposal from the Euro- most capitals support extend-
pean Commission, the European ing additional help for Kyiv,
Union’s executive arm, would they could struggle to agree on
provide budget support for Kyiv, details, diplomats have said.
help for reconstruction and un- The financing falls far short
of Ukraine’s longer-term assis-
tance needs. It also is at the low
end of the range EU officials
floated recently with member
states, which was between €50
billion and €72 billion, people
involved in discussions said.
The EU, U.S. and Interna-
tional Monetary Fund are help-
ing to keep emergency budget
support on tap for 2023, but
Ukraine says it will need at least
another $20 billion next year.
The World Bank separately
said Ukraine’s reconstruction
and recovery costs already
stand at $411 billion as the
war grinds on.
The EU proposal is one of
many big decisions Western
countries face on Ukraine that
will test their willingness to
continue backing Kyiv fully
over time and offer military
assistance and protection.
NATO allies in July must
decide on Ukraine’s push for a
road map to membership, and
the EU is expected in coming
weeks to update its view on
Ukraine’s progress in working Member states agreed to an
toward eventual EU accession. €18 billion package of emer-
In Washington, signs of a gency budget support, with
partisan divide concerning monthly disbursements of
long-term support for Ukraine around €1.5 billion. The EU
are growing, with former Pres- also is covering the interest-
ident Donald Trump leading rate costs of the loan.
Republican calls for the war to U.S. officials said this
wind down as soon as possible. month that Washington has so
The EU late last year far contributed more than $19
moved to start ensuring a billion in budget support to
steady flow of economic sup- Ukraine. The International
port to Ukraine after falling Monetary Fund agreed in
short of promised pledges in March to a 48-month $15.6 bil-
2022. lion program for Ukraine.

Schools in Occupied Regions

Now Teach Loyalty to Moscow
BY IAN LOVETT

ZAPORIZHZHIA, Ukraine—
Monday mornings at Daniil
Popov’s high school in the oc-
cupied southern Ukrainian
town of Pryazovske started
with a Russian civics lesson.
Health class was replaced by
“Defense of the Motherland,”
where he was taught the
structure of the Russian army.
VIRGINIE NGUYEN HOANG FOR THE WALL STREET JOURNAL

One day, Daniil, 17 years old,

came home and asked his
mother, “Is it true that Russian
speakers are oppressed in
Ukraine?” That is what the
teachers kept telling him, par- STAR SPANGLED
roting the official Russian ex-
cuse for the invasion. A Russian CARTIER SPINEL BROOCH
speaker himself, he was ques-
tioning his own experience.
In occupied parts of
Ukraine, the Russian-installed
governments are in the midst
of a massive campaign to turn
Ukrainian children into loyal School bags carry the logo of Vladimir Putin’s political party.
Russian citizens.
The school year began with rubles, about $124, to enroll year remained. The others were
some 37,000 students enrolled their children in Rus- brought in from other parts of
in Russian-run schools in the sian schools. Still, Marina the region, or from Russia.
Zaporizhzhia region, which in- Popova, Daniil’s mother, didn’t Daniil said most of the stu-
cludes Pryazovske, Russian want to send him. dents who remained at school
state media reported. Before the invasion, Popova were those who welcomed the Inventive design. Patriotic gem. Iconic firm.
Interviews with students, worked in the Pryazovske new regime. Bursting with American pride, this original Cartier Home Front
parents and teachers in occu- mayor’s office. When the Rus- In February, Daniil’s home- brooch showcases their patented illusory design that reflects an
pied areas, as well as docu- sians seized the town, she room teacher told him he American flag on the gold star-shaped body. Associated with the
ments viewed by The Wall stopped going to work but should get a Russian passport.
Street Journal, reveal a dra- didn’t flee to Ukrainian terri- As final exams before Daniil’s
Friends of Soldiers & Sailors organization, these Cartier brooches
matic redesign of the educa- tory—Popova’s elderly mother graduation approached, she were designed to promote patriotism during WWII. The radiant
tion system. couldn’t make the journey. told him he needed to do it to unheated 6.35-carat Burma spinel at the center is accompanied by a
Occupation authorities all Ukraine continued to pay her attend university. coveted appendix letter from the AGL. Diamond accents. 14K gold.
but banished Ukrainian from salary electronically. Only when teachers began Circa 1942. Marked “HYA 226” and “US
the curriculum in the Zapori- One morning last June, asking about the passport did Scan to view
PATENT 2199222.” 11/2”dia. #31-7154 a video of
zhzhia region. Russian lan- Daniil woke up with a start: his mother understand the im-
guage and literature classes An armed soldier in a bala- plications of her son getting a this brooch
have been added. Ukrainian clava was shaking him awake. Russian education.
textbooks have been replaced Two others were interrogating “My son would go to a Rus-
by Russian ones. his mother about why she sian university,” Popova said.
The overhaul is a central wouldn’t go back to work. “He’d have to take a Russian
thrust in the Kremlin’s effort The men left, but four sol- passport. He could be drafted
to erase Ukrainian identity diers returned in late August, into the Russian army.”
and consolidate its hold on oc- seizing Popova’s phone. She decided to flee, even
cupied territories. When school started in though it meant leaving her
After Russia took over September, she felt she had no mother behind.
swaths of territory in Ukraine’s choice but to send Daniil. During the March break from 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
south last spring, occupation Only 16 students began the school, she and Daniil—along
authorities quickly moved to year in Daniil’s 11th-grade class, with her niece and the niece’s Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
get schools reopened. First, down from about 50 before the boyfriend—drove thousands of Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Russian officials offered raises invasion. The other families miles through occupied terri-
for those willing to come back had fled Pryazovske, which had tory, through mainland Russia
to work, school directors in oc- about 6,000 residents when the and into Latvia. Then they went
cupied territories said. war began. About half the through Poland, back into
Parents were offered 10,000 teachers from the previous Ukrainian-held territory.
A8 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

Our friend and colleague, Evan Gershkovich, was detained by Russia on

March 29 during a reporting trip and accused of espionage. The Wall
Street Journal and the U.S. government vehemently deny the allegation
and have called for his immediate release.

Evan’s Journal colleagues will be sharing stories of their work with him
each week.

To show support for Evan, please follow the latest updates at WSJ.com/Evan
and add the hashtag #IStandWithEvan across social media.

I met Evan shortly after he joined The Wall Street Journal in early 2022.
He had moved to London temporarily after a lot of reporters left Moscow,
and I had just started working in London a few months before that. I had
been at the paper for more than four years at that point but he already
seemed more at ease than me in the newsroom.

Everyone will tell you he’s just a really fun person to be around—a really
infectious guy. I think that’s one of the things that make him such a good
journalist; he’s someone that people enjoy being around and want to talk
to. He’s always busy, he’s always doing a lot, but he always makes it look
fun and effortless. I was always struck by the fact that he could do so
much, make it look so easy and still make people laugh.

We were in touch sporadically while I reported from Ukraine and he

traveled back and forth to Russia. In March, I asked if he was enjoying
life in Moscow. He said “enjoying” wasn’t the right word, but that hewas
feeling more comfortable there.

We also spoke about the book “Life and Fate” by Vasily Grossman.
I had been reading it last year and told him how much I loved the book.
He told me how much he was enjoying it, too. He finished reading it in
a Russian prison.

I can only hope we get another chance to share a byline soon.

Isabel Coles
Reporter, The Wall Street Journal

#IStandWithEvan

©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ0011
THE WALL STREET JOURNAL. ******* Wednesday, June 21, 2023 | A9

WORLD NEWS

Uganda Massacre Shows Group’s Reach Huawei,

ZTE Were
Islamist militants’
assault on school is
to a report published by
Bridgeway this month.
The ruins of the Lhubiriha
Tracked
country’s worst in
more than a decade
Secondary School speak to the
group’s growing threat.
The school sits less than 2
In Cuba
miles from Uganda’s porous
BWERA, Uganda—For border with Congo. The school BY KATE O’KEEFFE
Zephana Kirilhuhandi and Syl- was a haven compared with
via Biira, the brick buildings the lawlessness of eastern WASHINGTON—During the
of Lhubiriha Secondary School Congo. Trump administration, U.S. offi-
presented a gateway to a fu- Students mostly came from cials reviewed intelligence that
BADRU KATUMBA FOR THE WALL STREET JOURNAL

ture they and other parents in Bwera, a bustling market tracked workers from Chinese
this impoverished border town, and nearby villages. telecom giants Huawei Tech-
town never had. Many spent weeknights sleep- nologies and ZTE entering and
ing in the school’s dormito- exiting from facilities suspected
By Nicholas Bariyo, ries. of housing Chinese eavesdrop-
Gabriele Steinhauser That calm ended shortly ping operations in Cuba, say
and Benoit Faucon before midnight Friday, when people familiar with the matter.
a gang of between five and 10 The intelligence contributed
Now half its buildings lie in suspected ADF militants found to suspicions within the Trump
ruins and 37 of its 63 stu- their way to the school. administration that the tele-
dents—between the ages of 12 Ugandan officials say the communications firms might be
and 22—are dead, as are five fighters had initially planned playing a role in expanding
adult community members. A woman consoles another mourner during the funeral ceremony for victims of the attack. to strike a military installa- China’s ability to spy on the U.S.
Among them are Elton, the tion. They are investigating from the island, according to
Kirilhuhandis’ studious 17- “He badly wanted his chil- worst terrorist attack in more beheaded villagers in eastern what led the militants to people familiar with the matter.
year-old son, and his father, dren to study,” Moses Kirilhu- than a decade, is a grisly Congo in a terror campaign change their target and why It couldn’t be learned whether
Zephana, the school’s security handi said of his uncle, Zeph- marker of how far militants of that has claimed around 4,000 nobody stepped in to stop the Biden administration has
guard. ana, fighting back tears at a the Allied Democratic Forces civilian lives, according to es- them. pursued that line of inquiry.
Another son, 15-year-old hastily arranged funeral on have expanded the territory in timates by the U.S.-based Zephana Kirilhuhandi, hired While neither Huawei nor
Brian, is missing. Authorities Sunday. “He valued education which they operate. Bridgeway Foundation, which in May as the school’s security ZTE are known to make the
couldn’t determine whether he a lot and he wanted to do ev- Formed in Uganda, the Isla- tracks militant activity in east guard, was the fighters’ first tools governments would use
was among a handful of stu- erything in his power to make mist group now operates from and central Africa. victim, killed with a bullet for eavesdropping, both spe-
dents kidnapped when Islamic sure his children attain that.” the neighboring Democratic Other African Islamic State through the head, Ugandan of- cialize in the technology
State-linked militants raided Elton’s and Brian’s mother, Republic of Congo. affiliates have helped fund the ficials said. needed to facilitate such an op-
the school Friday night or if Biira, was too distraught to Since 2019, when Islamic group, including one in Soma- Boys locked the door of eration, the people familiar
his is one of the bodies recov- speak. State recognized the ADF as lia, and it benefits from opera- their dormitory, but the men with the matter said.
ered from one of its dormito- The massacre at Lhubiriha one of its franchises, fighters tional links to Islamist fight- shot through the windows and In a statement, Huawei de-
ries. Secondary School, Uganda’s have bombed churches and ers in Mozambique, according hurled gasoline bombs inside. nied “such groundless accusa-
tions” and said it was “com-
mitted to full compliance with

Europe Looks to ‘De-Risk, China Cuts More Rates

the applicable laws and regula-
tions where we operate.” ZTE
didn’t respond to a request for
comment.

Not Decouple’ From Beijing As Recovery Falters

BY KIM MACKRAEL tary or intelligence purposes.
AND LAURENCE NORMAN To address those risks, the
EU strategy calls on member
BRUSSELS—Europe says it states to consider tools that, if
wants to push back against implemented, could mark a sig-
China’s economic might. Its nificant shift in the bloc’s ap-
resolve faces an early test. proach to trade and investment.
The European Union’s exec- Those include the possibility of
utive body released an eco- new controls on specific types
nomic-security strategy that of investments in other coun-
included a call for member tries and more coordination of
states to consider new controls export controls for goods that
for European investment in can have both civil and military
other countries that might pose uses.
security risks. Although the “We need to
document didn’t name specific ensure that Eu-
countries, officials have said it ropean compa- China has
is aimed largely at reducing the nies’ capital, warned EU not to
risks in its economic relation- their knowledge
ships with China and Russia. and expertise, take further
Europe has long taken an their research,
open and liberal approach to is not abused
steps to undercut
free trade and investment. But by countries of economic ties.
China’s growing economic concern for
power is raising concern across military appli-
the continent that it might be cations,” Euro-
exposing itself to risks from a pean Commission President
geopolitical rival. Now the bloc Ursula von der Leyen said.
is looking for ways to curb Whether member states,
those risks without abandoning which would have to agree to
a trade relationship valued at such measures, are willing to
roughly $2.6 billion a day. back them remains uncertain.
The strategy, laid out in a Some diplomats have ex-
paper the EU published Tues- pressed concern that the com-
day, spells out some of the main mission is aligning itself too
economic risks officials believe closely with the U.S. when it
Europe faces, including supply- comes to trade relations with
chain disruptions and the use of China. Von der Leyen, whose
European technology or knowl- team has worked closely with
edge for another country’s mili- the White House over Russia,
released a joint statement
with President Biden in March
that floated the possibility of
investment controls to protect
European and U.S. companies.
Beijing has warned Europe
not to take further steps that
could undercut economic ties.
The strategy outlined by the
bloc doesn’t immediately
change the EU’s trade or secu-
rity policies. It is intended to be
a starting point for discussions
among Euro-
pean countries
ahead of a lead-
ers’ summit this
month. Deci-
sions might not
come until 2024.
More than a
year after Rus-
sia’s war with
Ukraine began,
Europe is join-
ing the U.S. in
making decisions about its re-
lationship with China. Euro-
pean officials have expressed
concern about Beijing’s ties to
Moscow and its push to exert
global influence by funding in-
frastructure projects in develop-
ing countries and pursuing key
positions in multilateral bodies.
They have marked out the
bloc’s dependencies in specific
economic and technological sec-
tors on Chinese trade, supply
chains and raw materials.
BY JASON DOUGLAS
SINGAPORE—Chinese banks
trimmed benchmark interest
rates on loans to households
and businesses, a telegraphed
move that follows earlier rate
cuts aimed at reigniting a fad-
ing economic recovery.
Economists say lower bor-
rowing costs might not be the
right medicine for China’s
economy, however, as house-
holds and businesses have
shown little appetite to bor-
row with debt levels already
high and prospects for jobs
and growth deeply uncertain.
On Friday, Chinese Premier
Li Qiang said the government
is studying policy measures to
promote sustained economic
growth. Among the policies
being considered by Beijing,
The Wall Street Journal ear-
lier reported, is the issuance
of roughly one trillion yuan in
special treasury bonds, about
$140 billion, to help fund new
infrastructure investment.
Economists say to foster a
stronger recovery, the govern-
ment should also consider tax
cuts or other forms of finan-
cial support to help struggling
small and midsize businesses,
as well as vouchers or similar
measures to finance house-
hold consumption.
“Rate cuts alone may not
China cut benchmark rates
on loans in an effort to revive
flagging growth.
Loan prime rates
4.75%
4.50
4.25
Five-year rate
4.00
3.75 One-year rate
3.50
3.25
2021 ’22 ’23
Source: CEIC
be enough,” said Serena Zhou,
senior China economist at Mi-
zuho Securities in Hong Kong.
Tuesday’s reduction in
banks’ so-called loan prime
rates is the final step in a rapid
round of policy easing initiated
by China’s central bank.
The one-year loan prime
rate offered by banks was low-
ered to 3.55% from a previous
rate of 3.65%, while the five-
year rate—typically used to
price mortgages—was cut to
4.2% from 4.3%, the People’s
Bank of China said Tuesday.
—Grace Zhu in Beijing
contributed to this article.
China has maintained a spy
base in Cuba since at least
2019, when Trump was presi-
dent, and the two countries
jointly run four eavesdropping
stations on the island, accord-
ing to U.S. officials.
U.S. officials have long said
the Chinese government might
use the nation’s telecom firms
to spy. The U.S. has been en-
gaged in a yearslong campaign
to persuade allies to shut Hua-
wei in particular out of their
next-generation telecommunica-
tions networks. Huawei has said
it wouldn’t spy for China.
The Chinese Embassy didn’t
respond to requests for com-
ment. The Chinese Foreign Min-
istry has denied that China is
spying in Cuba. The Cuban Em-
bassy in Washington didn’t re-
spond to a request for comment
but has called the Journal’s ear-
lier report on a Chinese spy sta-
tion on the island “totally men-
dacious and unfounded.”
The U.S. Office of the Direc-
tor of National Intelligence
didn’t respond to requests for
comment.
On Tuesday, U.S. Secretary of
State Antony Blinken said he
told his counterparts in Beijing
that the U.S. had “deep con-
cerns” about Chinese spying
and military activities in Cuba.
The White House didn’t respond
to a request for comment on
Huawei and ZTE.
—Vivian Salama
and Liyan Qi
contributed to this article.

ROMANIA WEST BANK

WORLDWATCH
Influencer Faces Gunmen Kill
Rape Charge Four Israelis
Social-media influencer Two Palestinian gunmen
Andrew Tate was formally opened fire Tuesday at a res-
charged with rape, human taurant and gas station near
trafficking and being part of the Israeli settlement of Eli in
an organized-crime ring along the West Bank, killing four peo-
with his brother and two ple and wounding four, Israeli
women, Romanian prosecu- authorities said, the latest in a
tors said on Tuesday. string of violent attacks in the
The charges will be re- occupied territory.
viewed by a judge within 60 The Israeli military said the
days, and unless thrown out for gunmen opened fire at a res-
procedural errors, head to trial. taurant, killing three, and then
Tate, the U.S.-British for- went to a nearby gas station,
mer kickboxing champion, de- where they killed a fourth
nies wrongdoing. He was ar- person. One of the shooters
rested in December while was killed by a civilian at the
prosecutors investigated. He gas station and the Israeli
and his brother Tristan were army tracked down and killed
jailed before being released the second shooter, it said.
to house arrest in March. The Israeli military said the
The brothers and two Ro- Palestinian gunmen were affil-
manian women formed a iated with Hamas.
criminal gang in 2021 with The shooting came a day
the aim of trafficking women, after a gunbattle between Pal-
prosecutors said. Seven fe- estinian militants and Israeli
male victims were befriended troops who raided the West
by the gang and promised ro- Bank city of Jenin to arrest
mantic relationships, enticed suspected militants left six
to come to Romania and then Palestinians dead and more
sexually exploited, they said. than 90 hurt, Palestinian offi-
Tate’s spokeswoman said cials said. Seven Israeli troops
PETER KNEFFEL/DPA/ASSOCIATED PRESS

the brothers would “demon- were injured after militants

strate their innocence,” accord- ambushed an Israeli convoy
ing to the Associated Press. with a rare use of an ad-
On his Twitter account, vanced improvised explosive
Tate posted a video montage device. Israel used combat he-
of men who were accused of licopters for the first time in
sexual assault only to be years in the West Bank to
cleared in court or have their help extract its troops. Hamas
cases dismissed, including soc- said Tuesday’s attack was re-
cer star Cristiano Ronaldo. taliation for the Monday raid. WELCOMING COMMITTEE: Members of a formation of the Mountain Rifles fired weapons before a meeting between
—David Luhnow —Dov Lieber Bavarian Governor Markus Soeder and Chinese Premier Li Qiang in Munich on Tuesday.
A10 | Wednesday, June 21, 2023
Instacart
Sends Out
Warnings
Continued from Page One
recently received a report of
your behavior going against
our Community Guidelines.”
The notices caution cus-
tomers not to berate shop-
pers, argue over out-of-stock
items or their own murky di-
rections or refuse to show
identification for alcohol. Re-
peat offenders can be kicked
off the app, according to the
company.
Instacart relies on more
than 600,000 shoppers—all
gig workers—and says ad-
dressing customer rudeness
Wall Street
Sours on
Downtowns
Continued from Page One
vestments linked to down-
towns are trading at falling
prices in volatile markets.
“You could see this as a
slow-motion change or as the
beginning of a slow-moving
train wreck,” said Richard
Ciccarone, president emeritus
of Merritt Research Services,
a municipal credit-analysis
firm. “I hope it’s not a train
wreck, but it could be.”
Investors’ dimming view of
downtowns isn’t good news
for cities’ finances, nor for
their residents. It puts under
strain some of city govern-
ments’ traditional ways of ex-
tracting wealth: collecting
property taxes on office
buildings, taxes on wages
earned within city limits, and
fares from office workers’
commutes.
Residents of some cities
are bracing for austerity.
Many New York library
branches expect to close an
additional day each week un-
der cuts proposed as the city
faces rising labor costs and
budget gaps projected to
reach $7 billion in 2027. From
New York to Chicago to San
Francisco, residents and visi-
tors complain about empty
downtown streets and transit
stops that have become way
stations for the mentally ill
and homeless.
City vs. suburb
Analysts at Asset Preserva-
tion Advisors, a municipal-
bond management firm, are
watching downtowns closely.
The team remains confident
of certain tax-backed bonds
sold by New York City and
Boston, but has grown wary
about debt of some other
Northern urban centers and
big California cities, even
bonds backed by those cities’
full taxing power.
“The suburbs are going to
be one of the big winners in
this, and the potential losers
could be the large cities that
have depended on people
coming back and forth to
work,” said Ken Woods,
founder and chairman of the
firm.
Office buildings are only
about 50% as full as before
Covid-19 across 10 major
metro areas, according to
keycard tracking by Kastle
Systems, a building-security
company. Federal transit data
show public-transportation
ridership at less than 70% of
pre-Covid levels in major
metro areas.
President Biden said more
than a year ago it was time
for America to get back to
work “and fill our great
downtowns again.” Yet even
in the federal workforce, more
than half of employees
worked remotely at least one
day a week last year, accord-
ing to one survey.
One indication of investors’
wariness of downtowns can
be seen in how they price
bonds backed in part by com-
muter fares. The lower a
bond’s price, the higher its in-
terest yield. In New York,
some bonds partly backed by
bus, subway and commuter-
train fares yielded a lofty 1.25
percentage points above top-
rated municipal bonds on
June 14, a spread 56% wider
than before Covid, according
to ICE Data Services, a finan-
cial analytics company.
While the bonds remain in-
vestment grade and many as-
set managers are comfortable
has been a recent top priority
for the company’s team over-
seeing shoppers. Instacart
said reports of rudeness fell
by 90% after the warning no-
tices started going out to cus-
tomers flagged by multiple
shoppers.
The company said reports
of rude behavior represent a
very low percentage of total
orders, and that it also seeks
feedback from customers.
They have their own gripes.
“Two cans of black beans I
ordered had massive dents in
them. Massive dents,” wrote a
customer in recent days on an
Instacart users’ and shoppers’
Reddit page with about
27,000 members.
Shelise Talley turned to
Instacart for groceries after
knee surgery several months
ago and said her experience
has been mostly good, al-
though one shopper arrived
Movers clear out office space in San Francisco’s Financial District. Businesses there have struggled since the pandemic.
Office building occupancy by select metro area, as a percentage of pre-pandemic occupancy*
100%
80
60
40
20
0 Chicago
March 2020 2021
Average change in share price of five largest
real-estate investment trusts, by sector†
40%
Residential
0 400
Retail
–40
Downtown office
–80
2020 ’21 ’22
*Measured via keycard swipes to enter buildings †Change since the end of 2019 ‡In major metropolitan areas
Sources: Kastle Systems (occupancy); FactSet (share price); Federal Transit Administration (transit); University of Toronto School of Cities (cellphone)
holding them, Asset Preserva-
tion Advisors has stopped
buying fare-backed debt of
the New York Metropolitan
Transportation Authority un-
less it matures relatively
soon.
In another indication of in-
vestor worries, those who buy
a common type of low-rated
commercial mortgage-backed
security are demanding 9.25
percentage points more inter-
est than that on 10-year Trea-
surys as of June 12, according
to research from Bank of
America. This spread is three
times as big as before the
pandemic for such securities,
which finance a property mix
that is around 30% office
space.
Office space
Subsidiaries of Pacific In-
vestment Management and
Brookfield Asset Management
recently defaulted on more
than $2 billion in commercial
mortgage-backed securities
related to office towers in
New York, San Francisco, Los
Angeles and other cities.
Share prices of the five
largest real-estate investment
trusts that concentrate on
FROM PAGE ONE
and said the tip assigned for
the order wasn’t enough to
haul grocery bags up three
flights of stairs to Talley’s
apartment.
“She was like, ‘Have a
day,’” Talley said.
In St. Petersburg, Fla.,
Ph.D. student
Shelley Puchal-
sky said one
Instacart order Shoppers and
arrived smell- customers say
ing like ciga-
rettes. “I liken
it to when you
actually go to
grocery orders
the grocery can mushroom.
store,” Puchal-
sky said of the
dust-ups. “You
experience it in the app
form.”
Delzer, the shopper in New
Hampshire, said some cus-
tomers text nonstop while he
fills their orders, quizzing him
’22
Passenger trips on public transit, monthly‡
600 million
200
0 New York
’23
downtown office buildings
were down 63% on June 15,
on average, from the end of
2019. Price declines were
much smaller for REITs fo-
cused on retail property
(down 7%) and apartment-fo-
cused REITs (down 8%).
What has happened to the
value of downtown office
buildings isn’t easy to gauge,
because sales have slacked
and many office rents don’t
adjust with shifting demand—
they are locked in place by
long leases.
“Over the next 10 years,
we’re gradually going to come
to grips with this, and the
stuff will slowly reprice,” said
Stijn Van Nieuwerburgh, a
Columbia Business School
professor.
He and colleagues at Co-
lumbia and New York Univer-
sity estimate that the value of
office property across U.S.
cities is 38% lower than be-
fore the pandemic, equaling a
loss of about $500 billion.
As values weaken, some of-
fice-building owners are chal-
lenging their tax bills. If
lower tax assessments result
from these challenges, leading
to lower tax revenue from the
office buildings, big-city offi-
on the freshness of banana
bread or the expiration dates
on tubs of cottage cheese, and
more recently, fixate on how
package sizes have gotten
smaller while prices remain
the same or higher.
Alexander Morris, another
New Hampshire
shopper, said
when a lactose-
free milk was
out of stock, he
grabbed the
tiffs over whole milk the
customer had
approved as a
substitute.
Morris said
the customer
started shoot-
ing him messages through
Instacart’s app, arguing she
hadn’t selected it and asking
why he thought she would
choose such a replacement.
Morris called Instacart’s ser-
Houston
Chicago
New York
Los Angeles
San Francisco
’23
2019 ’20 ’21 ’22
cials will face an uncomfort-
able choice: Collect less reve-
nue or lean more heavily on
other taxpayers.
Office-building property
taxes make up about 10% of
revenue in major cities, ac-
cording to a calculation by
Green Street, a real-estate an-
alytics firm. It projects “a
dire picture for future city
budgets with high levels of
remote work.” Older North-
eastern, Midwestern and Cali-
fornia cities with high debt
loads and pension liabilities
already were facing budget
struggles, a contrast with
sprawling metropolises in
South and West states.
Los Angeles this year be-
gan charging a tax on home
sales above $5 million. New
York Mayor Eric Adams sup-
ports putting two newly
state-authorized casinos in
the city. Many ideas for rein-
vigorating downtowns appear
years away from a financial
payoff, such as converting
empty office space to homes,
entertainment venues or even
day cares.
The cities aren’t going
broke. Even those most af-
fected by remote work remain
home to many wealthy people
THE WALL STREET JOURNAL.
vice line and asked to cancel deactivation. The company
the order. He also blocked and
reported the customer.
added that customers can
share substitution preferences
“She might have been hav- before or during the order.
ing a bad day, but I mean, you
are having somebody else do
Uber said earlier in the
year that it made changes to
the shopping for you,” said
Morris, who shops daily for
Instacart up to 110 hours a
its app to address shoppers’
pain points, including out-of-
stock items.
week. Over Easter weekend,
On another Reddit page for Emma Rodriguez was filling a
Instacart shoppers, with DoorDash order in Kansas
127,000 members, more than City, Mo. when she realized
300 replies and much com- the store was out of premade
miseration rolled in after a baked potatoes. Rodriguez
shopper recently vented about said she texted and called the
a customer who requested an customer but never heard
unsliced loaf of bread to be back, so she proceeded to get
sliced—after the shopper was everything else and drop off
driving out of the parking lot. the groceries.
The shopper said the cus- Ten minutes later, she re-
tomer texted, “GO BACK AND ceived a starchy message
GET THE BREAD SLICED!!!!!!” from the client, asking where
DoorDash said it prohibits those potatoes were and what
harassment by workers and she was supposed to do.
users, and that violators are “I try to keep my emotions
subject to reduced service or out of it,” Rodriguez said.
ent households and other cli-
ents. The team—which works
from the office four days a
week—combs through data
such as cellphone activity in
downtowns and sewer hook-
ups for new homes in expand-
ing metro areas.
Increasingly, the team is
finding opportunity in subur-
ban bonds in lower-tax South-
ern and Western states that
have drawn companies and
workers now untethered from
Northern big-city centers. Se-
curities-industry jobs, tradi-
tionally tied to Wall Street,
have increased by 20% or
more in Utah, Georgia, Ten-
nessee, Texas, Wyoming and
North Carolina since 2019, ac-
cording to the U.S. Labor De-
partment.
Hedge fund Citadel moved
its headquarters to Miami
from Chicago, and Elliott
SHELBY KNOWLES FOR THE WALL STREET JOURNAL
Management from New York
moved its headquarters to
West Palm Beach, Fla. Invest-
ment giant BlackRock opened
a satellite office in West Palm
Beach in January.
One city Woods’s team has
backed away from is San
Francisco, where the tech in-
dustry embraced remote work
early on and now is laying off
employees.
“We’re seeing an emperor
without clothes to a certain
Downtown cellphone activity, degree,” said Woods. “We just
as a percentage of pre-Covid want to be very cautious.”
levels Meta Platforms, Salesforce,
Yelp and Block have an-
San Francisco nounced plans to sublease or
32%
not renew office space. Twit-
Philadelphia ter stopped paying rent on
47% some of its San Francisco of-
fices, according to a lawsuit
Atlanta by its landlord, an affiliate of
49%
Pimco-owned Columbia Prop-
Boston erty Trust, which later de-
52% faulted on the building.
Cellphone activity in down-
Austin town San Francisco was at
53%
32% of its pre-Covid level as
of last winter, according to
57% research from the University
of Toronto.
Houston
60%
Los Angeles Cellphone signal
62% San Francisco laid out bud-
getary risks when it sold
San Antonio
bonds in March. About a
63%
quarter of its office space is
vacant, according to real es-
Miami
64% tate services firm CBRE, in
the biggest increase from be-
Phoenix
fore Covid of any major city.
67%
Downtown ridership on the
Washington Bay Area Rapid Transit sys-
70% tem in April was 34% of its
prepandemic level. S&P
75%
Global Ratings downgraded
’23 some of San Francisco’s com-
muter rail bonds on June 1,
though they remain invest-
ment grade.
and companies. Certain resi- There have been some
dential neighborhoods benefit signs of recovery. Downtown
from the work shift. The big sales tax revenue was 19%
price swings of publicly higher in the last three
traded securities linked to of- months of 2022 compared
fice towers and transit will with that period in 2021.
have limited significance if A particular concern, in
the underlying assets recover Asset Preservation Advisors’
quickly. view, is a flurry of requests
Cities’ operating expendi- from landlords of downtown
tures declined in 2022, on av- office buildings to reduce the
erage, according to budget properties’ tax values. A re-
figures compiled by the Na- sult of those appeals could be
tional League of Cities, an ad- that San Francisco’s annual
vocacy group. Adjusted for in- property-tax revenue, cur-
flation, cities had the largest rently around $3 billion, will
drop in both spending and be $100 million to $200 mil-
revenue in almost 40 years lion lower than expected in
except for that following the each of the next five years,
2008-09 financial crisis. according to a forecast by the
controller’s office.
The firm is cautious about
Aid runs dry counting any city out, though.
Federal aid provided when In the early 2000s, it decided
Covid struck staved off to mostly steer clear of bonds
deeper budget cuts. Sales- from its hometown, Atlanta,
and income-tax revenue concerned about city finances
surged in 2020 and 2021 and a bribery scandal.
when stocks boomed and con- In 2012, its credit analysts
sumers spent stimulus took another look and noticed
checks. improved city governance, a
Both the tax windfalls and rainy-day fund and pension
the aid money are running cuts, as well as Atlanta’s pop-
out. ulation growth, bustling air-
Asset Preservation Advi- port and universities. The
sors manages about $6 billion firm soon started buying At-
in municipal bonds for afflu- lanta bonds again.
 © 2023 Dow Jones & Company. All Rights Reserved.
T
BY RACHEL WOLFE
hat Mercedes in the dol-
lar-store parking lot
isn’t an illusion.
High-earners joined
the rest of the country
in flooding discount re-
tailers such as Dollar General,
Aldi grocery store and Five Below
as prices for food and staples rose.
Now, with inflation at half its
peak, they aren’t letting up.
InMarket, which tracks retailer
foot traffic, measured a 4% aver-
age increase in the share of dollar-
store visits this year among those
making more than $100,000, com-
pared with the second half of
2022. Households with six-figure
incomes are 15% more likely to say
they would shop at dollar stores
than they were last June, going
from 39% to 45%, according to
daily surveys from Morning Con-
sult of about 50,000 Americans.
Wealthy Americans long viewed
discount stores as “not for them,”
says Michael Liersch, who consults
with high-net-worth individuals as
head of advice and planning at
Wells Fargo. Yet paying $8 for a
carton of eggs struck even many
affluent people as ridiculous.
Overspending on things was
once fashionable for some, Liersch
says. “These days, it’s about mak-
ing the most of your money and
not getting ripped off.”
No matter how much you make,
consumers say, there is no longer a
stigma in going after a good deal.
Cheap kombucha
Autry Liggett, who works in oper-
FROM TOP: SADIE MANTELL/SHUTTERSTOCK; FREDERIC J. BROWN/AFP/GETTY IMAGES
ations for a Santa Barbara, Calif.,
hedge fund, exclusively shopped at
Whole Foods and other high-end
chains for groceries and household
goods until recently. Growing up,
he says he looked down on what
he saw as poor-quality products at
discount retailers.
Then, one of his friends
brought over a case of 99-cent-
store kombucha and probiotic
drinks a few months ago. “She
makes good money, so I just as-
sumed she also shopped at Whole
Foods and the other places I
shop,” he says. “I was shocked.”
He now pops into the 99 Cents
Only store downtown at least once
a week, making sure to visit on
Tuesday or Thursday, when they
Share of people considering
purchases from dollar stores,
by income group*
60%
55 Under $50,000
50
45
$50,000 to under $100,000
40
$100,000+
35
30
June 2022 2023
* For Dollar General, Dollar Tree and Family Dollar.
Source: Morning Consult Brand Intelligence surveys,
most recent of 1,553 U.S. adults conducted June 1-12;
approximate margin of error: +/-2.49 pct. pts.
Online Stores Reach
Point of No Returns
BY ALINA DIZIK
T
oday’s shoppers are still try-
ing to figure out life after the
end of unlimited returns.
Early in the pandemic, online
shopping and easy returns prolif-
erated as millions hunkered down.
Then, in 2022, clothing retailers
started selling some more nonre-
turnable items, when the decline
of pandemic-related “revenge
shopping” coincided with an influx
in inventory, says Sandrine Devil-
lard. She is a senior partner at
McKinsey & Co., who leads the
consulting firm’s apparel, fashion
and luxury practice for North
America.
Nonrefundable items are now
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK (3)
popping up in even more places.
Secondhand website Poshmark re-
ports a 61% rise in garments
marked “new with tags” and fea-
ture the words “final sale” in the
description since 2022. When a re-
tailer includes the words “final
sale,” the company means that
even if the item doesn’t fit, you
can’t send it back.
Consumers are having a hard
time adjusting. Some are continu-
ing to buy goods like they did be-
fore retailers clamped down,
tempted by the final-sale deals.
They often get stuck with their
online purchases or must get cre-
ative in unloading them.
PERSONAL JOURNAL.
That’s Rich: The Wealthy
Scour Discount Aisles
High-earners continue to shop at dollar retailers, boast of good deals
restock, for the best selection. He
recently bought vitamins that re-
tail at Whole Foods for $25 for
$1.99, and a pint of organic blue-
berries for 99 cents.
A Dollar General spokeswoman
says the brand has attracted and
retained higher-income customers
lately. A recently updated fresh-
produce section, now available in
nearly 3,900 stores, might be
bringing more customers in.
Plenty of wealthy people point
out that they got that way partly
by not overspending on the small
stuff—especially when it is all the
same stuff.
“A carrot is a carrot is a car-
rot,” says Morgan Pierce, who
earns about $200,000 a year
working at McDonald’s Chicago
corporate office. She frequently
hits up Aldi and her local dollar
store for groceries and other sta-
ples. Her last birthday party fea-
tured a private chef—and $1 plates
and decorations.
Pierce, who was quick to tell
her guests where many of the
party supplies came from, says
people were impressed. It is a
shift from how she felt as a child,
when she questioned why her
“It can create unnecessary fric-
tion and start annoying them,”
Devillard says.
Change of mind
Angela Gatto thought she scored
some great deals when buying
clothes online.
But a dress turned out to be a
shade of mustardy yellow. And a
crushed velvet bodysuit looked
great on the model but proved too
revealing. Both went straight into
the donation pile. “You get suck-
ered in,” says Gatto, a 44-year-old
human-resources executive in Bed-
minster, N.J.
Clearance racks have always in-
cluded nonreturnable merchan-
dise. But more of today’s final
sales offer clothing items from the
current season. They aim to entice
shoppers to pull the trigger on an
item without needing to give an
even steeper discount later in the
season, Devillard says.
Lainne Bacharach, 37, has a bin
in the spare bedroom of her Pitts-
burgh home for items purchased
on sale that don’t fit. Though she
posts the unwanted garments for
sale on secondhand websites in-
cluding Poshmark or Vestiaire Col-
lective, it can take months to re-
coup the money she spent.
This spring, Bacharach resold
for $700 a pair of Bottega Veneta
flats that she purchased on final
THE WALL STREET JOURNAL.
Many shoppers report less of a
stigma for shopping at dollar stores
like this one in Alhambra, Calif.
family always had to hunt for
sales. Now, she says she realizes
her mom has always been a bar-
gain hound.
“Not everything on the shelves
is well-made, but there are things
sale for $400 last summer. Cock-
tail dresses also sell quickly, while
jeans only sell at a loss. Still, the
branding-agency executive contin-
ues to shop final sales because she
is eager to find bargains on de-
signer pieces.
AYR, an online retailer known
for its denim, added a final-sale
section to the website last year.
The 40% off section allows the
company to move discontinued
colors, clothing styles and remain-
ing sizes out of their inventory
more quickly, says New York-based
co-founder Max Bonbrest. In some
instances, jeans that cost $245 are
Wednesday, June 21, 2023 | A11
that are, and I am not ashamed to
go into those places and get them,
and I’m not afraid to tell people
about it,” Pierce says.
Bob Gillman, an executive
transition consultant, has
shopped at Aldi and other dis-
count chains for decades. He
didn’t mention the habit to his
friends until recently, when a
marked down to $145.
An estimated 16.5% of items
were returned in 2022, according
to the latest numbers from the Na-
tional Retail Federation.
Playing the game
For those who must shop final-
sale sections, wardrobe stylist Ka-
tie Schuppler recommends pur-
chasing a size up from your usual
size or opting for brands that are
already in your closet so you can
better understand the fit.
“It comes up a lot when you’re
panic-buying and not even paying
attention,” says Schuppler, who is
A Dollar Tree in Fort Myers, Fla.
Wealthy Americans long viewed
discount stores as ‘not for them.’
branch popped up near his tony
Palm Springs, Calif., community.
“We see lots of people driving
Porsches, Mercedes and BMWs in
the parking lot,” Gillman says.
“No matter how much you make,
you don’t want to spend $4 on an
avocado when you can get one for
59 cents.”
Few seem to mind feeding a
quarter to check out a shopping
cart, or bagging their own grocer-
ies, Gillman says.
Gillman’s daughter, Rachel Gill-
man Rischall, often rolled her eyes
at her dad’s zealous discount
shopping. That is, until this past
year, when her grocery bills
soared, and birthday-party gifts
for her kids’ friends topped $50 a
pop near her Chicago home. Fed
up, she checked out the toy selec-
tion at Five Below and hasn’t
looked back. She also now buys
journals, art supplies, stationery
and snacks there.
“My dad is so proud,” she says.
Shopping at dollar stores is a
choice for some, yet it is a neces-
sity for many, and Americans in-
creasingly get their groceries from
these retailers.
Expanding into more-prosper-
ous areas is part of Aldi’s strategy,
analysts say. The retailer plans to
add 120 new U.S. stores in 2023,
after opening and remodeling 139
stores last year. The brand says it
attracted 9.4 million new U.S. cus-
tomers in 2022.
Budget influence
Social media is also helping make
dollar and discount stores cool.
Videos tagged #dollartree have a
combined 7.6 billion views on Tik-
Tok. Many feature influencers try-
ing out what are known as dupes
of popular high-end beauty prod-
ucts and other goods.
Entrepreneur Bethenny Frankel
says her discount and drugstore
hauls have attracted
more attention than
anything she did when
she was featured on
the reality show “The
Real Housewives of
New York City.”
“I go in there with
my Hermès bag,” says
Frankel, whose You-
Tube and TikTok vid-
eos shopping at dollar
stores and unboxing
ultracheap products
regularly ring up mil-
lions of views. She
says she isn’t paid by
any of the discount
chains for her videos.
While some viewers
have accused her of
pretending to like and
use a $1 lip gloss or
storage bin when she
could easily afford its more expen-
sive counterpart, Frankel says her
enthusiasm is genuine.
“What’s the difference between
a dollar-store and a $20 pair of
flip flops? Is there such a thing as
truffle-oil-infused rubber?” she
says. Lip gloss, meanwhile, “stays
on for five minutes no matter how
much you spend.”
based in Chicago.
Andrew Matos, 29, says he
shops final sales online with his
tailor’s blessing. Purchasing pants
that are too long or a shirt that
needs to be taken in allows him to
buy cheaper items with plenty left
in the budget for alterations. But
even with a go-to tailor, Matos
says only four out of five items he
purchases end up a good fit. He
donates or resells the rest.
“Psychologically, it always feels
like a risk,” says Matos, a men’s
clothing-store supervisor in Miami.
Having a close family member
or friend accept your castoffs at
the ready helps Cathy Williamson,
62, make that gamble. Her daugh-
ter and two daughters-in-law get
items that she can’t wear, so it is
easier to decide to buy something
she loves. Williamson, who writes
a blog for women over 50, says
she keeps the purchases at least
half the time, but still finds it
stressful to pay $300 for a shirt
that doesn’t fit.
Shoppers say they are learning
from their final-sales mistakes.
Lakeisha Rush, 39, decided to
create a wish list of items that she
wants to purchase each season.
When all else fails, Rush, a
Charlotte, N.C.-based content cre-
ator, says she has had luck calling
the retailer and negotiating for a
credit or a different size. Earlier
this year, she scored a refund on a
red chiffon Versace skirt that was
too small and bought as final sale.
Having a prior shopping history
with the retailer, being kind to the
customer-service representative
and acknowledging that she was
asking for an exception helped.
 A12 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

AI Apps That Do the Trick

A
BY CORDILIA JAMES
rtificial intelligence is
having a big moment
right now.
Tech giants and
tiny startups alike are
experimenting with
generative AI, which creates text
and images based on patterns in
training data. It promises to make
our lives easier. These tools also
blur the line between what came
from a human and what didn’t:
Type a few words—the all-impor-
tant “prompt”—and watch text,
graphics, even music materialize
as if from nowhere.
While a majority of U.S. adults
have heard of OpenAI’s ChatGPT,
only 14% have tried it, according
to a report by the Pew Research
Center. Many free AI-powered
tools have appeared since Chat-
GPT’s debut, and there are many
more on the way.
Generative-AI tools aren’t a
fad. They will only become more
present in our daily lives, as
money pours into the sector, tech
companies continue to innovate
and more services become avail-
able. Deciding which AI tools to
take for a spin can be overwhelm-
ing, so we’ve compiled a list of
easy-to-try apps and websites to
get you started.
Search & chatbots
AI-enabled chatbots are an en-
hanced way to search for informa-
tion in a conversational form,
brainstorm work ideas and even
write poetry.
ChatGPT by OpenAI
ChatGPT, the most famous genera-
tive-AI tool right now, lets users
PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (7)
Artificial intelligence tools can turn your ideas into impressive text
and graphics—if you know the right ones to use
It lets you write prompts to de-
liver text, image and video search
results. That’s helpful if a sug-
gested recipe isn’t what you’re
looking for, and you’d rather have
a video walk you through the pro-
cess step-by-step. The bot cites its
or older with a Google account to
use the free software, which works
on a variety of browsers.
bard.google.com
Image generators
AI images can be based on text or
free fast results. You need to log
in with a Microsoft account but
can use any browser. When you
sign up, you get “boosts,” tokens
to generate images quickly. Boosts
are replenished over time, but if
you run out, image creation can
the time you spend writing emails,
taking notes or even attending
meetings. If you want to use these
tools at work, you might need
your company’s approval.
GrammarlyGo
GrammarlyGo, powered by its own
tech and OpenAI’s GPT-3.5, can
help you draft emails in a pinch by
scanning your email and summa-
rizing a reply. You can also use the
tool to rephrase your wording or
adjust your tone, and it learns
your preferences over time. Users
get 100 prompts a month free.
Grammarly Premium gives users
1,000 prompts for $30 monthly, or
$144 annually. grammarly.com/a/
grammarlygo
OtterPilot
Otter.ai’s smart meeting assistant
automatically handles live note-
taking and action-item tracking.
To use it, log into your Otter ac-
count and connect your Google or
Microsoft calendars. OtterPilot
then automatically joins your
meetings and takes notes—even if
you’re not in the meeting yourself.
(Your workplace administrator
might prohibit this tool.) The free
version includes 300 monthly min-
utes of note-taking, up to 30 min-
utes per conversation. The $16.99-
a-month Pro version is better for
longer meetings. otter.ai
Khan Academy’s Khanmigo
The OpenAI-powered chatbot is
for students in need of personal-
ized homework assistance. Its
“Tutor me” mode and quiz module
help with subjects including math,
reading, science and history. It is
most accurate for questions about
major K-12 subjects but can still

type text-only prompts in exchange
for text-only responses. It was
trained on huge amounts of data
found on the internet, so it’s great
for complex questions and drafting
letters. To access the bot, create an
account with OpenAI, or log in via
Google, Microsoft or Apple. The
free version is open to everyone,
but it’s slow and can refuse re-
quests if too many people are using
it. The faster, $20-a-month Chat-
GPT Plus doesn’t have congestion
outages, and gets under-the-hood
updates sooner. chat.openai.com
Microsoft’s Bing
The new Bing incorporates Ope-
nAI’s tech with Microsoft’s search
engine for up-to-date responses.
sources, though that doesn’t mean
it’s immune to AI “hallucina-
tions.” It’s free to use, but to ac-
cess all its features, you’ll have to
download the Edge browser and
log in with a Microsoft account.
bing.com/new
Google’s Bard
Bard is great if you want to get
straight to the point. You can use
it to draft a blog post or an email
to a boss, and even search the
web. The company is working on
an update that would let users
prompt Bard with images, and in
the coming months, Bard will be
able to generate images using
Adobe Firefly, a generative-AI im-
age tool. You must be 18 years old
visual prompts, such as “King
Kong roller skating down the Em-
pire State Building.”
OpenAI’s DALL-E 2
OpenAI’s DALL-E was one of the
earliest image generators, and it’s
still a fun, if clunky, tool. It gener-
ates four images based on a text
description—“a chair shaped like
an avocado”—or even a photo. If
you signed up after April 6, you’ll
have to buy credits to try it.
labs.openai.com
Bing Image Creator
Bing Image Creator is powered by
the latest version of OpenAI’s
DALL-E, but improves on it with a
slick interface and a way to get
take longer. bing.com/create
Adobe Firefly
Adobe Firefly does a lot free of
charge. You can generate images
from a text description, apply
styles or textures to text and edit
images based on text descriptions.
You can also change the back-
ground, remove objects or zoom
out the image beyond what was
captured. Adobe said Firefly is
trained using Adobe Stock images
and other data sets to respect art-
ists’ ownership. firefly.adobe.com
Career & productivity
Companies are looking to AI to
boost productivity in the work-
place. These tools help cut back on
make mistakes. To get on the wait
list, you need a Khan Academy ac-
count. You must be 18 to sign up,
but you can give access to your
kids. Once selected, you will be
asked to donate $20 a month.
khanacademy.org/khan-labs
Expedia’s trip planning
Expedia’s AI assistant, also pow-
ered by ChatGPT, offers travel rec-
ommendations to book directly in
the app. When a user asks the bot
for lodging suggestions, it orga-
nizes them in the app’s Trips sec-
tion. Just be aware: The tool is
still in beta, it is only available in
English, and it doesn’t have access
to real-time pricing information.
expedia.com/app

Left AirPod Seeking Right AirPod

BY ANN-MARIE ALCÁNTARA members around the Cob- experience researcher
ble Hill, Gowanus, Red posted in the “Buy Noth-

L
osing an AirPod has al-
most become a rite of
passage. Finding a
free replacement has be-
come a sport.
Apple’s earbuds are easy
to misplace. They also have
tiny batteries that wear out
fast. Sometimes one ear
dies before the other. But
buying a single AirPod can
cost as much as $89, de-
pending on the model.
Rather than handing money
over to Apple, many people
are turning to neighbor-
hood Facebook groups.
That includes Elana
Taubman. In March, the 34-
Hook, Boerum Hill, Carroll
Gardens and Columbia Wa-
terfront neighborhoods of
Brooklyn, New York.
Just in case
Nicole Barron dropped her
left AirPod on the New
York subway tracks in the
spring of 2021. Metropoli-
tan Transportation Author-
ity staff members helped
her snag the bud from the
tracks—but it turned out to
be another right AirPod. Af-
ter the workers rescued the
correct one, the 32-year-old
product manager pocketed
the spare, just in case.
ing” group.
Subracko got lucky. In
their second marriage, her
AirPods survived a laundry
cycle and currently reside
in Colorado with family
friends. Had she not found
a replacement AirPod, the
loner would probably still
be in a drawer.
Missed connections
Pairing two random Air-
Pods isn’t always seamless,
as Shahla Jabeen found out
in December.
The 37-year-old stay-at-
home mom lost her right
AirPod Pro and turned to

Invest
year-old sixth-grade math Nelson Rodriguez had the “Buy Nothing” group.
teacher went for a run and
then to the grocery store.
She stuck her AirPods in her
pocket. When she got home,
she only had the left one.
Taubman turned to her

in
local Brooklyn “Buy Noth-
ing” group on Facebook,
where neighbors give away
used kitchenware, furniture
and even half-eaten pizzas.
Taubman posted a plea

her.
in the group. A neighbor
said she had an extra Air-
Pod Taubman could have
free. She picked it up that
night and paired it with her
ELANA TAUBMAN

case and iPhone. Within

hours, she had a complete
set of AirPods once again.
“I was pretty amazed,”
Taubman says. “The fact
The greatest investment you that someone had the older
generation just kind of sit-
can make is in a child's future. ting around and they’re,
like, ‘Yeah, come grab it to-
night.’”
$250 provides the prosthetic limb that will transform Replacing a bud with a
used, free one isn’t just a
the entire course of her life. way to save money. For
many, it’s also a way to
break out of the cycle for
Donate to give mobility and the opportunities it offers: access how and why we buy these
to education, future employment, independence, and hope. products.
“You’re keeping one less
embedded battery in the e-
altso.org/invest waste stream,” says Maria
Jensen, an advocacy man-
ager at Repowered, a non-
profit that recycles and re-
furbishes electronics.
To track the colorful
second acts of separated
AirPods, we looked at a
thriving “Buy Nothing”
group of more than 8,000
Elana Taubman lost an AirPod after a run, but got a
working replacement free from a neighbor within hours.
lost his right bud at the
gym in June 2021 and
posted a request for a re-
placement in the “Buy
Nothing” group. Barron
spotted the note and gave
Rodriguez her extra AirPod.
The only problem? The
adopted AirPod was newer.
“When I would put them
on, I would have that issue
of the old one running out
of battery faster than the
new one,” says Rodriguez,
38. “That wasn’t ideal.”
The beat goes on
Susan Subracko realized
she was missing a left Air-
Pod after a bike ride with
her children in October
2020. The 44-year-old user-
The next afternoon, a
woman offered an AirPod
she had found in the neigh-
borhood. Jabeen paired it
with her existing earbud.
That’s when the AirPods
started yelling at her.
“This has been reported
lost,” Jabeen remembers
the Siri voice speaking
firmly into her ear. It also
said the original owner
could track her location.
“It kept popping up ev-
ery time I was turning it
on,” she says. “It was giv-
ing me stress.”
After a few days, Jabeen
gave up. She went to an
Apple Store, handed over
the used AirPod and bought
a full-priced replacement.
 THE WALL STREET JOURNAL.
ART REVIEW
Realism and Abstraction in Dialogue
An exhibition dedicated to Cecily Brown’s works reveals their clever imagery, but also their teetering balance between styles
BY PETER PLAGENS
T
New York
he painter Cecily Brown
says she thinks of herself
as a realist. In her survey
exhibition (that is to say,
a thorough show, but not
a full retrospective),
“Cecily Brown: Death and the
Maid” at the Metropolitan Museum
of Art through Dec. 3, Ms. Brown
(b. 1969) stretches the definition of
realism almost beyond recognition.
Granted, her paintings do include
Rorschach-like allusions to human
figures and skulls, and piles of food
upon tables—and the exhibition
does include explicitly figurative
drawings and sketchbook excerpts.
The overall effect, however, is that
of an intended display of the art-
ist’s virtuoso ability to apply paint
to canvas.
Organized by Ian Alteveer, cu-
rator of modern and contemporary
art at the Met, “Death and the
Maid” is the first such survey of
Ms. Brown’s work in New York
since she moved to the city from
England in 1994. It comprises 47
works altogether, including 21
paintings on canvas, with the rest
consisting of monotypes, drawings
and sketchbook pages.
While she was a 21-year-old
student at the Slade School of
Fine Art in London, Ms. Brown
learned that the art critic and bi-
ographer of the painter Francis
Bacon, David Sylvester—whom
she was led to believe was merely
a close family friend—was her bi-
ological father. (Ms. Brown’s
mother is the Scottish novelist
CECILY BROWN/THE MET (2)
Shena Mackay.) Sylvester took
Ms. Brown to galleries and gave
her a first encouragement in art.
In 1994, a year after graduating
from the Slade, the artist worked
a series of menial jobs in New
TELEVISION REVIEW
JOHN ANDERSON
‘I’m a Virgo’:
Boots Riley’s
Tall Tale
A
blend of screwball comedy
and socioeconomic outrage,
“I’m a Virgo” might have
been written by the team of Harpo
and Karl Marx, though it is basi-
cally a fairy tale—about a 13-foot-
tall black man, cloistered his whole
life and then unleashed upon the
world. Or, rather, the world is un-
leashed upon him.
The brainchild of Boots Riley (of
the 2018 cult hit “Sorry to Bother
You”), “Virgo” is precisely what
viewers complain they can’t find on
television—something novel, some-
thing offbeat, something surpris-
ing; something that lacks serial
murder, true crime or, for that mat-
ter, an abundance of explanations
to the inevitable questions. For in-
stance, why is Cootie (Jharrel Je-
rome) so big?
It isn’t an adolescent growth
spurt. The opening shot, of a just-de-
livered baby the size of a love seat,
shows Cootie in the arms of the
alarmed-looking Lafrancine (Carmen
PRIME VIDEO (2)
Ejogo) and one wonders how she’s
standing up. One might also specu-
late about how this oversize infant is
going to conduct himself biologically
ARTS IN REVIEW
York and considered giving up
painting. Not for long: By 1998
she’d had two exhibitions in
SoHo, and was on her way to a
career that includes solo exhibi-
tions at the Museum of Fine Arts
in Boston, the Reina Sofia in Ma-
drid, and the Hirshhorn Museum
in Washington.
Although she says in a catalog
interview that “I do very little
planning, almost none,” her art-
historical borrowings, both self-
proclaimed and noticed by critics,
are many and diverse; they range
from Fragonard to Bosch, from
Bruegel to El Greco. (The catalog
even includes reproductions of
paintings by Peter Paul Rubens,
Edouard Manet, Rosa Bonheur and
Chaim Soutine.) Whatever the ref-
erences, many of Ms. Brown’s
paintings are veritable blizzards of
brushstrokes—bloody blizzards,
given the abundance of red—that
cause Mr. Alteveer to note, as if it
were an accomplishment, that the
artist’s “practice necessitates a
certain temporal labor.”
“Lobsters, Oysters, Cherries
and Pearls” (2020), 59 inches tall
by 67 inches wide, is a case in
point. It’s a semi-abstract still-
life—emphasis on the abstract—
with a nicely adumbrated black
cat peering from underneath the
table. The paint application is vig-
orous, if not fevered, and the red
runs orange-ish and, intentionally
or not, alludes to both fire and
blood. The upper lefthand corner,
almost politely impressionist by
comparison, is flecked with greens
and neutrals. White mixed in as
the still-life table recedes to the
right yields a fatty flesh-like ele-
ment. The painting—and others
much like it in the exhibition—is a
testament to Ms. Brown’s relent-
less energy as an artist.
The other main thread in the
when he grows up and falls in love—
which he does, with the convention-
ally proportioned Flora (Olivia Wash-
ington). That we will get to witness
in rather explicit and protracted de-
tail. But as in many a fable, a lot is
left to our imaginations, piqued by a
few clues scattered throughout the
dialogue.
What’s clear right off is how ter-
rified Lafrancine and her husband,
Martisse (Mike Epps), are about the
future of their boy, who is kept in-
doors, filling up space and imperil-
show is Ms. Brown’s interest in,
and pictorial “takes” on, vanitas
pictures. Her primary pictorial
source is a 1902 Life magazine il-
lustration by Charles Allan Gilbert
depicting a woman with a Gibson
Girl hairdo looking at herself in a
ing the drywall while being enter-
tained on a diet of TV and comic
books. To make the case for Coo-
tie’s seclusion, they keep a scrap-
book of clippings—about giants who
were exploited, murdered and put
on display either alive or dead. They
build a Cootie-size house, in their
backyard in Oakland, Calif. (They
have an abundance of urban real
estate, but hey, this is a fairy tale.)
And this mollifies the restless lad to
some extent.
But Cootie—curious, endearingly
large circular mirror; with either a
bit of distance or a squint, the im-
age coalesces into a skull. Gilbert’s
memento mori serves as the basis
of several drawings and a large
untitled 2005 painting. While
there’s inventiveness in Ms.
Jharrel Jerome, left, and Olivia
Washington, above, in the new
series on Prime Video
naïve and headstrong, a true Virgo
if you buy the standard astrological
profile—is going to break out even-
tually. He does so in the company
of Jones (Kara Young), Scat (Allius
Barnes) and Felix (Brett Gray), a
trio of hedonist-activists who intro-
duce the not-so-wild child to a
slightly futuristic Oakland. There,
vigilante justice is meted out by
The Hero (a nicely sinister Walton
Goggins). Hero began life in the
graphic novels of Musk-like tech
magnate Jay Whittle (also Mr.
Goggins), who now flies around
town with a jetpack breaking up il-
legal assemblies and inhabiting his
own fictional character.
Visually, Mr. Riley works a partic-
Wednesday, June 21, 2023 | A13
Cecily Brown’s ‘Fair of Face, Full
of Woe’ (2008), above, and
‘Untitled (Vanity)’ (2005), left
Brown’s riffs on this theme (for
example, a small 2006 watercolor
of two children on a sled barely
coalescing into a skull), her pur-
suit of it seems mostly concerned
with the mechanics of the double
image itself, rather than a medita-
tion on death.
Ms. Brown has told interviewers
that she wants her paintings to re-
quire viewers to look more slowly
and appreciate everything that’s
gone into the work. This is where
the problems begin. While Ms.
Brown’s brushwork is hyperactive,
it seems less a product of painterly
passion than of didactic display.
The now-it-is-now-it-isn’t quality of
her figuration seems more simply
wanting to have it both ways than
genuine visual intrigue. Moreover,
Ms. Brown’s avalanche of titular
references to other artists, while
presumably sincere, isn’t of much
use to the viewer.
It’s not as if Ms. Brown is an
unremarkable painter; she has am-
bition, flair, talent at least a few
notches above mere facility, and
an apparently tireless work ethic.
In the end, however, the amalgam
of representation and abstraction
diminishes both. The still-lifes and
gestalt skulls are neither convinc-
ing nor moving, and the abstrac-
tion is tethered to them. A decided
swerve to one side or the other
would probably make for a more
compelling exhibition.
Cecily Brown: Death and the Maid
Metropolitan Museum of Art,
through Dec. 3
Mr. Plagens is an artist and writer
in Connecticut.
ular kind of magic—Cootie’s XXXL
presence in a small-to-medium
world is done in a naturalistic fash-
ion while never losing the cockeyed
sense of a comic book. Cootie’s be-
lief that life will change if he can
just get a Bing-Bang Burger—his
aspirations are the product of TV
advertising—is, like his faith in The
Hero, something to be crushed; it is
a cruel world out there. But while
the politics and the absurdist sensi-
bility of this seven-part series list
toward the revolutionary, the story
is less a racial allegory than one
about self-realization and of being
an outsider. Flora, for instance: Orig-
inally diagnosed as autistic, she re-
alized as a child that she was pro-
grammed at a higher speed than
everyone else and slowed herself
down to accommodate the “real”
world; reverting to her Flash-like na-
ture comes in handy at her job at
Bing-Bang Burger, as well as in
fighting vigilantes. She may be a
more provocative character than
Cootie, in what she reflects about
neurology and altered states.
But Mr. Jerome is a charmer, his
portrayal of Cootie fairly adorable.
Ms. Young is a powerhouse and Ms.
Washington is a find. As he indi-
cated already with “Sorry to Bother
You,” Mr. Riley is a political provoca-
teur. But an original one.
I’m a Virgo
Friday, Prime Video
Mr. Anderson is the Journal's
TV critic.
A14 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

SPORTS
son specifically because of his

Arraez’s Old-School Chase to Hit .400 uniquely traditional offensive ap-

proach. In 2022, the Marlins
ranked second-to-last in average
In a power-obsessed era, the Marlins star is having one of the biggest outlier campaigns in history with runners in scoring position
at .228. This year, they find them-
selves in the middle of the pack,
BY LINDSEY ADLER and Arraez himself is hitting for a
.469 average with runners in scor-

T
he strange legacy of baseball’s
data revolution is that it
aimed to break the sport out
of a one-dimensional measure of
what makes a great hitter—batting
average—and somehow led to a
new, even more homogenous view
that power is the only metric that
matters.
But this year, Miami Marlins
second baseman Luis Arraez is
sparking a renaissance of old-
school thinking. Arraez is an old-
school contact hitter who has a
.400 batting average, which would
make him an outlier in any year—
but which, in a power-obsessed
era, may make his 2023 season
one of the biggest outlier offensive
campaigns in MLB history.
After going 5-for-5 against the
Blue Jays on Monday, Arraez is
hitting .400 in 255 at-bats. At
times this month, Arraez’s average
has climbed north of .400—a hal-
lowed figure last achieved by Ted
Williams in 1941, a mark many
have believed would never be
reached again. The last time a ma-
jor-league batter was hitting at
least .390 through the end of June
was Chipper Jones in 2008, finish-
ing the month with a .394 mark.
“I try to make strong contact,
but I don’t worry about home
runs,” Arraez said of his approach.
“I like to look at the defense and
then form my plan on where I
want to hit it. I focus on putting
the ball in play. I know my
strengths and I know I am not a
home run hitter.”
(Arraez, who grew up in Vene-
zuela, cites fellow left-handed hit-
ter Endy Chavez—a lifetime .270
hitter—as his favorite player to
watch growing up.)
Arraez is standing out in a
data-obsessed offensive climate in
which power is seen as the mark
of a great hitter, while slapping to-
gether base hits is viewed as an
Miami Marlins second baseman Luis Arraez is sparking a renaissance of old-school thinking this season.
and watch the sport today.
This is one of the unintended
consequences of the discipline
known as Sabermetrics—the name
used to describe the pursuit of ob-
jective information in baseball.
The devaluation of batting average
as a measuring stick for hitting
prowess has gone too far even for
the person who first articulated
the concept.
“I started out saying that you
should not treat batting average
as a reliable indicator of a player’s
value,” said Bill James, whose
work around player valuation led
to the game’s “Moneyball” era and
the hunt for “market inefficien-
cies” revealed by data. “Quite a
few people within my profession
ing position.
“Luis was a much-needed bat
in our lineup,” said Marlins gen-
eral manager Kim Ng. “We’ve had
him hit in many different places in
the lineup, including at clean-up—
real high-production spots.”
It has presented a fun dilemma
for manager Skip Schumaker, who
has decided to mostly bat Arraez
leadoff to get him an extra plate
appearance each night. Arraez is
leading off the lineup, Schumaker
says, while also leading his team-
mates by example. As they watch
his meticulous routines and see
the results that have followed, it
sends a strong message that is of-
ten lost in this efficiency-chasing
era of baseball: Just be yourself.
“Players get in trouble when
they don’t realize who they are as
hitters,” said Schumaker. “The
younger generation especially
thinks that slug and power are the
ways to get up here and be a suc-
cessful major leaguer. But a lot of
guys get in trouble when they try
to be somebody else, and then
they’re in and out of the league.”
Arraez clearly has a standout
skill set and results to match, but
and not be a really good hitter.” style. it may be his willingness to go
James nonetheless is criticized Arraez prefers not to speak against the grain that has led to
for the way his work led hitters to publicly about his hitting philoso- this success. Average, long demon-
seek power over contact. This phies or practices, but the num- ized by people who misunderstood
week, no less an authority than bers speak for themselves. Enter- the initial backlash against it,
Rod Carew—the Hall of Famer ing Tuesday, he leads baseball in might be cool again.
who also made a run at .400, average (.400), on-base per- “When singles become rela-
and a vocal supporter of centage (.450), and his tively scarce, that makes them
Arraez—tweeted at .941 on-base plus slug- more valuable—but not to an ex-
James: “Your ‘new ging percentage (OPS) tent that matters a lot,” James
statistics’ hurt the
game…Baseball is
in trouble. That
.400
Luis Arraez’s
makes him a top-10
hitter this season
and puts him in the
said. “From a fan perspective, it
may be more satisfying to see peo-
ple hit more singles because it’s a
wasn’t the case be- batting average in company of power team thing. For those of us who
fore people who hitters like Shohei were born in the 19th century, we
255 at-bats, entering
have done nothing Ohtani and J.D. Mar- still think of baseball as watching
Tuesday’s play.
in this sport had a tinez. Where he a team do this rather than an indi-
say about how it’s stands out, however, is vidual do that.”
played.” in the composition of The game’s greatest champion
Nevertheless, the idea that OPS: Of his 102 hits this of objective evaluation then threw

BRAD MILLS-USA TODAY SPORTS

inefficient method of creating
runs. His profile, which finds him
hitting the ball to all-fields but not
sending it out of the ballpark,
would seem to make him an an-
tagonist to the many value-ob-
sessed baseball fans that operate
took that to mean ‘batting average
is meaningless.’ Batting average is
a significant portion of offense,
though it is true that it’s not all
offense.”
James added: “It is totally and
completely impossible to hit .400
that batting average isn’t the sole
mark of a great hitter has become
a runaway train in the game. Now,
Arraez, who won the American
League batting title in 2022 as a
member of the Minnesota Twins,
has a chance to bring it back into
season, 84 of them have been sin-
gles. He has climbed to the upper-
echelon of run creators this sea-
son while hitting only two home
runs.
The Marlins acquired Arraez in
a trade from the Twins this offsea-
out some lofty praise for the
standout singles-hitter.
“I haven’t seen this since Tony
Gwynn,” James said. “Rod Carew,
Wade Boggs—it’s been a while
since we have had a guy like this.
It’s good to have him. “

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 24 Flooring
option
13 14 15 16
25 It may be
17 18 19
fishy
26 Tent for rent,
20 21 say
22 23 27 Half of an LP
31 Furnace
24 25 26 27
output
28 29 30 31 32 33 32 Additionally

34 35 36 37 38 39 33 Bellyache
36 Withholding
40 41 42 43 44 in some
households
45 46 47 48
37 Part of a
49 50 51 52 Molière play

53 54 55 56 57 38 College
STEPHANIE LECOCQ/REUTERS

member
58 59 41 Descriptor
for some
60 61 62
cats
63 64 65 44 Like some
Orthodox
worshipers Investigators searched the headquarters of the Paris 2024 organizing committee.
CONSUMER REVIEWS | By Jeff Stillman
46 Suffers
Across
1 Change for a
29 Investment
option, for
58 Confusing
consumer
7 Galley tool
8 Motorcade
47 Lifesaving
allergy device
French Authorities Raid Offices
short review: “This
sawbuck
5 Wind-driven
30 Yonder
American
flag is a...”
member,
perhaps 48 Republican Of Paris 2024 Olympics Organizers
people attorney
waves 9 Most likely to general twice
34 Cut off 60 Nailed BY JOSHUA ROBINSON let’s let the investigators do construction projects in the
make you
9 Robe obliquely 49 Some paid their job.” Saint-Denis area north of
35 How some pucker
cincher rides FRENCH AUTHORITIES car- The Paris organizing com- the city. Those clusters of
idiotic things 61 Suit to ___ ried out searches at the mittee had already been the towers are due to be sold to
10 Paul who
13 Was furious are done 50 Alphabet headquarters of the organiz- target of two reports by the public as housing once
62 Nouveau co-founded
15 Get wind of follower Microsoft quintet ing committee for the Paris France’s anti-corruption the Olympics and Paralym-
39 “Mr. Blue Sky” 2024 Olympics on Tuesday agency in early 2021 that pics are over.
16 Bread group 63 Empire 11 Assail 51 Glossy black as part of an investigation were detailed in the French Corruption investigations
spread 40 God with State sch. shade into suspected embezzle- press. Those assessments have previously cropped up
12 Party
arrows system 54 District ment, the national financial highlighted a risk for con- around the past two sum-
17 Confusing leaders
64 Wolverine, prosecutor’s office said. flicts of interest involving mer Olympics, in Rio de Ja-
consumer 42 Crackerjack 14 “White 55 A whole lot Authorities didn’t disclose the Paris 2024 organizing neiro in 2016 and Tokyo
review: for one
43 Tibet’s Noise” details of what it called two committee and Solideo, the 2021.
“With these 56 Close
capital 65 Eats author Don preliminary probes, which company formed to oversee Those cases, linked to
new golf balls, imitation
came 13 months before the the delivery of construction vote-buying in the bid pro-
I’ve had...” 45 Confusing Down 18 Dispensary Games’ Opening Ceremony. projects for the Games. It cess, led to the resignations
57 Worry
consumer unit The first was opened by the also noted “imprecise and in- of several Olympic commit-
20 Standard of 1 Many an 59 Where to
comparison review: Al Jazeera 19 Punch central office against corrup- complete” procedures for the tee members in the buildup
“These eggs...” find your tion and financial and tax hiring of contractors. to the Games. But Paris had
viewer 23 Ambience balance
21 Irritated with crimes in 2017, proving The International Olympic pledged to be more trans-
49 Original 2 Sponge cake
22 Irritate Previous Puzzle’s Solution whether there was favorit- Committee said it was parent than its predecessors
“SNL” cast typically
S T U F F T E N S P R A Y
ism and misappropriation of aware of the investigation under the organizing com-
23 Mountaineer’s member soaked in rum funds by Paris 2024. The and referred inquiries to mittee’s chief executive, the
Newman N O S I R A R I A R A G E
feats OM E G A R A C Y OM E N second, run by the financial Paris 2024. former Olympic canoeist
3 They may B E R MU D A S H O R T S
52 Campaign- brigade of the Paris police, Ever since Paris won the Tony Estanguet.
24 Confusing clash E D O E E N I E was opened in 2022, author- right to host the Games in French sports minister
consumer backing orgs. GWE N C P R A C C R U E
4 Four, maybe E A R T H A S T R O T U R F ities said. 2017, it has committed to a Amélie Oudéa-Castéra said
review: 53 How I D O O U I R A H S K I “We are fully cooperating plan that focuses mainly on after her appointment in
“This vacuum birthdays are 5 Lon who C E D A R T R E E S T E E L with investigators,” Paris existing competition venues 2022 that, “The success of
cleaner...” celebrated played O D E T T E A X E I S L E 2024 said in a statement in and around the French these Games will be irre-
Quasimodo T O N E R L I E
28 Pastoral 54 When the R U N S I N C I R C L E S
confirming Tuesday’s raid. capital. But accommodating proachable organization.”
poem shows go on 6 Roll call reply N E O N I D E A O L I V E “Today, we are totally fo- around 14,000 athletes and —Matthew Dalton
T Y P E L E S S N I V E N cused on the delivery and delegates in the Olympic Vil- and Rachel Bachman
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. H E E D S R T A S P E N D organization of the Games: lage has still required major contributed to this article.
THE WALL STREET JOURNAL.
OPINION
The Establishment vs. Trump
The country
might get
lucky, all the
c u r re n t
buildup may
go
and
“pffft,”
2024
BUSINESS
will give us a
WORLD
race of non-
By Holman W.
Trump vs.
Jenkins, Jr.
non-Biden.
But every
tendril senses that the whole-
of-establishment effort to stop
Donald Trump’s return to
power is reaching a climax.
Like too much that has already
happened, it may also over-
reach.
The intelligence prosecution
is said to be strong as if this
assures Joe Biden’s re-elec-
tion. It doesn’t. Up through at
least the Kennedy, Johnson
and Nixon presidencies, an in-
cumbent in Mr. Biden’s shoes
might well have phoned up the
Justice Department after the
FBI raid on Mar-a-Lago and
told his attorney general: “You
got the documents back. Good.
Now let’s drop it.”
And not out of consider-
ation for Mr. Trump; out of an
innate sense that in the oppor-
tunism of partisan warfare the
perfect can be the enemy of
the good. For reference, Mr.
Biden might check out the
hundreds of pages his Justice
Department had to spend
cleaning up after itself in the
collusion hoax. Net result: 74
million votes for Mr. Trump in
2020.
Sadly emblematic, though,
is a podcast from Never
Trumper William Kristol and
anti-Trump legal expert Ryan
Ukraine Could Be Forced to Compromise
All wars have
political di-
mensions, the
war in
Ukraine more
than most. As
POLITICS leader of the
international
& IDEAS
coalition sup-
By William
porting Kyiv,
A. Galston
President Bi-
den must re-
tain domestic support for our
massive financial contribution
to Ukraine while maintaining
the unity of the coalition.
The evidence suggests that
he is doing better with the lat-
ter task than the former. Yes,
there have been recurrent dis-
agreements with allies about
the kinds of weapons Ukraine
should receive and the pace of
delivery. Mr. Biden has made
it clear that he wants to do ev-
erything possible to assist
Ukraine without triggering a
wider war. Because the line
between maximum effort and
dangerous overreach is un-
clear, he has proceeded at
times more deliberately than
other countries, especially
those in Eastern Europe,
would have preferred. But he
has moved forward enough to
mute coalition discontent
while assisting Ukraine with
robust offensive capacities
and surprisingly effective air
defense.
As Ukraine begins its long-
awaited counteroffensive, the
issue of what comes next has
moved to the center of discus-
sions within the coalition. Offi-
cially, the allies are committed
to aiding Ukraine for “as long
China Tries to Cancel an Art Show in Poland
By Jillian Kay Melchior
A
Warsaw
senior Chinese diplomat
visited the Centre for
Contemporary Art in Po-
land’s capital with an ultima-
tum: A planned exhibit by Chi-
nese-dissident artist Badiucao
“hurts the feelings of the Chi-
nese people and it should not
be opened,” museum director
Piotr Bernatowicz says the
diplomat told him. “It could
destroy the good relations be-
tween China and Poland.”
Mr. Bernatowicz rejected
the demand, and Badiucao’s
show opened Friday. Radio-
FreeEurope/Radio Liberty re-
ports Chinese diplomats also
contacted the Polish Ministry
of Culture and National Heri-
tage, which partially funds the
museum. Mr. Bernatowicz says
he received no pressure from
the Polish government to shut
the exhibit down.
China often attempts to
censor speech abroad that’s
critical of the Communist
Party. Venues in Italy and the
Czech Republic defied similar
Goodman. Because the judge in
the documents case once is-
sued a ruling favorable to Mr.
Trump, she’s supposedly in the
tank for Mr. Trump. If she
were now to issue rulings fa-
vorable to the prosecution,
this must be a smoke screen.
Any open questions of fact or
law can be resolved by recall-
ing how much we dislike Mr.
Trump. Needed is a judge who
already knows Mr. Trump is
guilty and will supply the max-
imum penalty.
How is it possible to learn
so little from searing experi-
ence? Not a few self-identified
Republican and conservative
pundits were so terrified of a
Trumpian threat to their per-
sonal “brands” on day one that
they’ve been useless ever
since.
Number them among the
many who made a merely dif-
ficult situation, finally, apoca-
lyptic. I called it the Trump-as-
democratic-accident problem
amid the 2016 primaries. The
improbable enthusiasm of a
large minority of GOP voters
metastasized with the Demo-
cratic determination to nomi-
nate the repellant Hillary Clin-
ton, who only showed herself
more repellent in how she re-
sponded to defeat. It culmi-
nated in the bizarre antics of
FBI chief James Comey who, in
his determination to “fix” the
problem, likely elected Mr.
Trump
At this point, the establish-
ment might have responded
with maturity, restraint and a
determination to put some
guardrails on an interesting
voter experiment, maybe even
as it takes.” The underlying
question: As long as it takes to
do what? For President Volod-
ymyr Zelensky, the answer is
clear: As long as it takes to
clear Russian troops from in-
ternationally recognized Ukrai-
nian territory. For the alliance,
I suspect, the answer is differ-
ent: As long as it takes for
Ukrainian troops to regain as
much territory as possible,
with the outcome of the cur-
rent counteroffensive defining
a possible perimeter.
Put simply, I believe that
2023 will be the decisive year
for the war—and that by the
end of the year, support for a
cease-fire as a prelude to nego-
tiations will become too strong
to resist, even if some Eastern
European allies doubt the wis-
dom of this course. I find it
hard to believe that the coali-
tion is prepared to maintain its
current level of effort for a
trench-warfare conflict lasting
as long as World War I.
This hard reality will be a
bitter pill for most Ukraini-
ans, who are committed, un-
derstandably, to liberating ev-
ery square mile of their
territory. Mr. Zelensky has en-
couraged his people to believe
that this goal isn’t only right
but also possible. He can’t
persuade them to accept less,
unless his country receives
binding interim security guar-
antees along a credible path
to accelerated membership in
the North Atlantic Treaty Or-
ganization.
The good news is that NATO
is moving closer to agreement
on such a security package as
pressure to cancel Badiucao
exhibits. The artist, who keeps
his real name secret, lives in
exile in Australia, where he is a
citizen. He says no Australian
museum has been willing to
host an exhibit of his art, in
part because left-leaning ad-
ministrators are cowed by Bei-
jing’s accusations of anti-Chi-
nese racism.
The effort backfired,
stiffening the spine
of Australian officials.
Badiucao’s experience in
Warsaw, however, appears to
have stiffened Canberra’s
spine. Australia’s Department
of Foreign Affairs said in a
statement that Ambassador
Lloyd Brodrick met with the
artist before the exhibit
opened to discuss his “work,
his concerns in relation to per-
sonal safety, and the support
the Australian government
was providing.” Badiucao an-
nounced Monday that he was
helping Mr. Trump accomplish
some useful goals.
Instead, it gave us the collu-
sion hoax so Democrats and
others could tell themselves
Mr. Trump’s election was a
message from Vladimir Putin,
not voters. Mrs. Clinton can be
remembered now in history
with one word: coward. What-
ever else, Mr. Trump can say
Yet no president
is better suited to
deliver Joe Biden’s
Ukraine endgame.
he withstood the most scurri-
lous plot against an incoming
president since Lincoln, with a
resilience and humor that few
would have matched. Millions
of voters saw it and can still
see it.
By now the establishment’s
losing streak shouldn’t make
us hopeful of the further ef-
forts of Mr. Biden, Attorney
General Merrick Garland and
special counsel Jack Smith,
not to mention a national me-
dia so inept in its intellectual
dishonesty that it has long
been Mr. Trump’s best asset.
It isn’t too early to ask what
the next Trump presidency
might be like, given the sort of
people “protecting us” from it.
Mr. Trump has a record, after
all, delivering on trade, taxes
and immigration largely in line
with alternating major-party
norms. Get ready for a giant
irony. “Collusion” will be res-
urrected in spades if Mr.
it prepares for its annual
meeting next month. Although
recent signals have been
mixed, Mr. Biden may be open
to the suggestion, promoted by
NATO Secretary General Jens
Stoltenberg, that Ukraine
could join NATO after the war
without going through the
lengthy and elaborate prepara-
tory steps typically required of
applicants. France, Germany
With support waning
in the U.S., the
counteroffensive may
define a new border.
and many Eastern European
countries are also indicating
they are open to this plan.
Within this framework, it
should be possible to work out
the security guarantees that
Ukraine would need before it
joins NATO.
But why would Ukraine
agree to arrangements that
would probably mean the per-
manent loss of a substantial
portion of its internationally
recognized territory? The an-
swer is U.S. domestic politics.
At the beginning, support
for Ukraine in the U.S. was
strongly bipartisan. No longer.
While Democrats continue to
back current levels of assis-
tance, the share of Republicans
who believe that we are doing
too much has risen steadily,
from 9% in March 2022 to 44%
today, according to Pew. Re-
cently, House Speaker Kevin
awarded a grant funded by the
government for a politically
themed graphic novel.
In remarks at the opening of
the Warsaw exhibit, Badiucao
noted how the fates of Poland
and China diverged in 1989 as
the Poles threw off communism
while Beijing slaughtered pro-
testers in Tiananmen Square.
“Every communist regime is
similar,” Mr. Bernatowicz told
me. “They try to block other
types of narratives, and they
try to control the narratives of
their country.”
Badiucao’s Warsaw exhibit
borrows its title from Xi Jin-
ping’s 2013 exhortation to “tell
China’s story well.” The art
portrays the Tiananmen mas-
sacre, the Covid coverup, the
genocide of Uyghur Muslims,
the destruction of freedom in
Hong Kong, and Beijing’s cozy
relationship with Moscow. One
painting shows Mr. Xi and
Vladimir Putin feasting on hu-
man flesh.
Agnieszka Kolek, the cen-
ter’s deputy director, said that
the Chinese diplomat cited the
number of Chinese students in
Trump is the nominee, accus-
ing him of planning to hand
over Ukraine to Mr. Putin, and
yet no president would be bet-
ter designed by history to de-
liver the outcome Mr. Biden
has secretly wanted all along:
End the shooting, end the es-
calation risk, permit a frozen
conflict that certifies Russia’s
weakness and cements Ukraine
as the de facto porcupine of
the Western alliance.
The Russian media, follow-
ing ours, will have declared so
many times that a Trump vic-
tory in 2024 would be a Putin
victory that it could become
the Russian leader’s substitute
victory in Ukraine, allowing
him to back away on terms im-
possible with Mr. Biden still in
office. The slander Mr. Trump
endured over the collusion
hoax, the awkward moments
America had to suffer because
of his rational unwillingness to
oblige Democrats by acknowl-
edging Russian meddling the
2016 race, will become a card
to play.
The price might still be too
high given the concomitant
risks of a Trump presidency,
namely rampant domestic dis-
order from the left. As I said in
2016, victory next year might
belong to whichever party is
ruthless enough to unburden
itself of its current front-run-
ner.
We can always hope. But
our country remains burdened
by a press so weak-minded, so
mesmerized by the shiny ob-
ject and cheap grace of anti-
Trump virtue signaling, that
it’s unfitted to be of much help
in our interesting times.
McCarthy rebuffed a plan
backed by both Senate Majority
Leader Chuck Schumer and Mi-
nority Leader Mitch McConnell
that would provide supplemen-
tal aid for Ukraine outside the
normal appropriations process,
on which the debt-ceiling
agreement imposes caps for
defense as well as nondefense
spending. Assistance to Kyiv
could be cut as soon as the end
of September.
Mr. Zelensky must also take
into account the possibility
that Donald Trump, no friend
of Ukraine, will return to the
Oval Office after the November
2024 election. Mr. Trump has
promised to end the war
within 24 hours of taking of-
fice. Allowing for hyperbole,
there is every reason to be-
lieve that he would swiftly re-
verse current policy, weaken-
ing Ukraine’s ability to resist
Russian aggression. Unless Mr.
Zelensky is prepared to wager
the future of his country on
the whims of American voters,
he should seriously consider
locking in the best deal he can
get from his allies while sup-
port remains strong.
Charles de Gaulle once
dreamed of a Europe stretch-
ing “from the Atlantic to the
Urals,” and for a fleeting mo-
ment after the collapse of the
Soviet Union, this dream
seemed possible. Now it’s clear
that Europe must end at
Ukraine’s border with Russia.
For the peace of the world, the
West must establish this bor-
der and defend it against fu-
ture aggression from a nation
that will never be European.
Poland as he issued his threats.
“You could read it in two
ways,” Ms. Kolek observed.
Perhaps he was “marking
down that there are a number
of students in Poland—they
could be mobilized.” But
maybe he feared that the stu-
dents would be exposed to the
truth about their government.
Enzo Lai, 37, who is from
South China, got Badiucao’s
autograph and said he admired
the artist’s bravery. He asked
me not to print a photo of him
for fear that China would use
facial-recognition technology
to identify him and arrest him
if he returned home.
“The Communist Party
claims my art hurts Chinese
feelings, but I am speaking for
Chinese people the government
has oppressed and deprived of
a voice,” Badiucao said. Mr. Lai
agreed: “In China, there’s no
election. You cannot vote your
president. So how can you rep-
resent the Chinese people?”
Ms. Melchior is a London-
based member of the Journal
editorial board.
Wednesday, June 21, 2023 | A15
BOOKSHELF | By Marc Weingarten
Meet Me
In Jakarta, Baby
The Con Queen of Hollywood
By Scott C. Johnson
(Harper, 244 pages, $30)
W
e’re living in a boom time for scams, much of it
thanks to digital tools that can make for immacu-
late deceptions; imposter fraud swiped nearly $2.6
billion from our bank accounts last year, the FTC reports.
Our increased vulnerability to being taken in might be the
reason why we’re eager to hear the stories of con artists—
so long as it’s someone else getting swindled. The flood of
twisty stories featuring confidence men and women, to be
streamed, read, or otherwise ingested, continues unabated.
While Scott C. Johnson’s fascinating book “The Con
Queen of Hollywood” conforms to some of the familiar out-
lines of the 21st-century high-tech swindle, this particular
scheme’s pretty poison, the smooth, purring engine that
drove the entire operation, was the siren call of a single
human voice. Finding out just how this scheme transpired
is the big fun of Mr. Johnson’s book, which folds the official
investigation of “The Con
Queen of Hollywood” into Mr.
Johnson’s own deep reporting
for the Hollywood Reporter.
What emerges is the profile of
a troubled serial fantasist who
derives pleasure from inflict-
ing widespread psychic pain.
In the spring of 2018, Mr.
Johnson received a tip about
“an imposter . . . running amok
around [Hollywood], co-opting
the identities of prominent
female executives” in order to
scam unwitting victims of
their time and money. Creative
strivers eager for a break were
being lassoed by scammers posing as Hollywood big shots:
billionaire Gigi Pritzker, former Sony Pictures chair Amy
Pascal, megahit producer Kathleen Kennedy, and other L.A.
power players, all of them women. The pitch: We have an
exciting film (or TV) project set in Indonesia, and we want
you to be a part of it. The first stage in each fictitious
production sent the mark on a fact-gathering trip to the
East Asian country.
Will Strathmann, a photographer based in Nebraska,
was swallowed up whole by the fake Amy Pascal’s seductive
pitch, which alternated between businesslike and inti-
mately conspiratorial: the caller “asked how he felt about
working with powerful women,” Mr. Johnson writes. “She
called him ‘darling’ and ‘honey.’ By the end of the first
phone call, they were on a first-name basis.”
Mr. Strathmann bought a round-trip plane ticket to
Jakarta. Then another. In a matter of weeks, he was
wrecked—his savings depleted by the large sums he had
paid up front for hotels, drivers and guides. Reimbursement
never materialized, then “Amy Pascal” disappeared. A few
direct phone calls to Ms. Pascal’s real office revealed the
truth: The producer was not developing any projects based
in Indonesia.
In the space of a few months, someone posing as Ms.
Pascal and other moguls had lured unsuspecting photog-
raphers, drone operators and screenwriters into multiple,
all-cash trips to Indonesia at the mark’s own expense—all
at the behest of a fake producer with a non-existent project
who never showed her face. The subjects were told to pay
drivers and handlers up front: Most of this money was
funneled back to the scammer via a network of bag men.
No one was ever reimbursed.
The real Amy Pascal filed a complaint with K2 Intelli-
gence, known as the “CIA for the corporate world,” to find
out what individual or group of individuals was pretending
to be the producer. K2’s investigator Nicole Kotsianas
scraped metadata from emails, non-disclosure agreements
and travel itineraries and found her way to an Instagram
account called Purebytes, where a man named Gavin Lal
kept a curated visual record of Indonesia’s finest restau-
rants and hotels. That led in turn to an Indonesian gamer
who admitted that he had purchased a phone number for
the fake Gigi Pritzker. Shortly thereafter, Ms. Kotsianas
received a frantic call from Gavin Lal himself, pleading,
for the sake of his family, for her to stop the investigation.
For an aspiring filmmaker, an unexpected call
from a Hollywood player was the break that
could make a career. But it was all a scam.
Who was Gavin Lal? It took Ms. Kotsianas nearly a year
to sort through a vast trove of data pulled from the so-
called Lal’s network of go-betweens. Lal was in fact
Hargobind “Harvey” Tahilramani, the disgraced son of well-
off family in Jakarta. The younger Tahilramani—who would
repeatedly get in legal trouble over his propensity for
fraud—had failed at everything in life save for one thing:
an uncanny ability to mimic virtually any male or female
regional accent. There was no large cast of co-conspirators.
Amy Pascal, Gigi Pritzker, Kathleen Kennedy. All of them
had been Tahilramani.
Ms. Kotsianas’s investigation had uncovered the how of
the scam; what remained blurry was the why. Mr. Johnson
digs deep into Tahilramani’s backstory. He grew up in
Jakarta with a disapproving father and a doting mother
who died prematurely. “Conversion therapy,” administered
to cleanse Tahilramani of supposed homosexality, seems to
have done considerable psychological damage. He devel-
oped a tendency to converse with invisible companions,
and became obsessed with movies, picking up the subtleties
of various dialects by studying Meryl Streep’s shape-shift-
ing roles. As the product of a prosperous family, Tahilra-
mani expected to strike it rich, but it never quite worked
out and, according to Mr. Johnson, “if he couldn’t have
his dream, no one else would, either.”
There is some unfortunate overreach in “The Con
Queen,” particularly Mr. Johnson’s weak attempt to link
the Indonesian con with his own family history of secrets
and lies. Mr. Johnson certainly doesn’t need to add any
emotional ballast to what is already a gripping story, and
the snippets of memoir he includes feel out of place here.
As Mr. Johnson moves deeper into the labyrinth, he
eventually comes face to face with his quarry. Confronted
by the author with his crimes, Tahilramani spins an uncon-
vincing tale about being a pawn in some larger scheme
involving players far more powerful than himself. But he
also admits to a motivation that rings true. Wearing the
masks of these powerful identities allowed him, for a
moment, to feel as if he were them: “And they felt great.”
Mr. Weingarten is the author of “Thirsty: William
Mulholland, California Water, and the Real Chinatown.”
A16 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Blue State Budget Blues Debating the Scope and Merits of ESG Investing

W
e hope progressive states enjoyed plunge in income-tax, and 44% drop in corpo- There is no way to reconcile envi- Mr. Puzder argues that ESG is sim-
their Covid spending party while it rate-tax, collections. Income-tax revenue in the ronmental, social and governance in- ply “politically motivated investing.”
vesting with the fiduciary duty of in- This is wrong. In fact, in a piece that
lasted. Now arrives the hangover as current fiscal year that began last July is run-
vestment managers unless it can be Mr. Puzder cites as evidence the ESG
federal largesse ebbs and tax ning 9.2% lower than in the claimed that ESG won’t result in juggernaut has slowed, my co-author
revenue falls from unsustain- The fiscal crash arrives previous year while corporate- lower investment returns (“Red States and I specifically argue that “ESG-re-
able heights. following years of tax revenue is down 5.7%. For Have Slowed the ESG Juggernaut” by lated considerations can have strong
The Federal Reserve’s mon- the first time in nearly three Andy Puzder, op-ed, June 15). Black- connections to investment return.”
etary policy during the first profligate spending. years, sales tax revenue in May Rock goes further by claiming ESG in- ESG is about incorporating mate-
two years of the pandemic in- also dropped. vestments will provide “better long- rial factors for risk and opportunity
flated asset prices and capital Recall that Democrats in term financial outcomes.” in investing. Nothing more. Many
gains, which produced a revenue rush in blue Trenton raised income taxes and extended a Any such argument flies in the face supposed anti-ESG initiatives, includ-
states with steeply progressive tax rates. Corpo- 2.5 percentage point corporate surtax in au- of conventional investing wisdom. ing one that Mr. Puzder cites, allow
rate tax revenue also surged as profits increased tumn 2020. New Jersey’s 11.5% top corporate Voluminous research attests to both the use of ESG factors “that qualified
the folly of trying to predict invest- investment professionals would treat
owing to inflation and transfer payments that tax rate is now the highest in the country. Gov.
ment returns and the benefits of di- as material economic considerations
fueled consumer spending. Phil Murphy has said he wants the surtax to versification in providing higher risk- under generally accepted investment
But as the Fed has tightened to bring inflation expire this year, but don’t count on it. adjusted, long-term returns. Yet ESG theories.” I agree.
under control, asset prices and corporate profits Time and again, progressives use putative proponents blithely assert that a less- The problems aren’t with ESG it-
have declined and consumer spending has budget emergencies to impose supposedly tem- diversified investment approach will self—which is simply analyzing poten-
slowed. Tax revenue in blue states is now falling porary tax increases that invariably become provide superior returns. If this were tial externalities—but rather with pro-
as precipitously as it rose. permanent as the revenue is baked into spend- the case, coerced ESG investment posals, largely in blue states, which
New York State Comptroller Thomas Di- ing baselines. This is what happened in Califor- wouldn’t be necessary; unless invest- mandate wholesale divestment from
Napoli said Friday that state tax collections in nia in 2012 when Democrats raised the top rate ment managers were incompetent or certain industries and those, mostly
the past two months are running 32.2% lower to 13.3%. criminal, they would all embrace ESG. in red states, which create “blacklists”
By hijacking other people’s money of companies and investment manag-
than a year ago, with personal income tax reve- California’s budget has since become even
to pursue outcomes they haven’t ers. These laws, portrayed as pro- and
nue lagging 45%. His report follows Gov. Kathy more dependent on the affluent. The top 0.5% agreed to, coerced ESG investing is a anti-ESG, respectively, undermine fi-
Hochul’s revised budget forecast this month of taxpayers pay 40% of state income tax, and form of theft. Voluntary ESG is al- duciary responsibility standards in
projecting a $36.4 billion shortfall over the next their capital gains have plunged. Income-tax col- ready an option and, if the predic- the name of politics. Considering ESG
three years. lections in the fiscal year that started last July tions of higher returns are correct, it factors, on the other hand, is often a
While income-tax withholding is still increasing are 34.6% below a year earlier and corporate-tax will become increasingly popular key aspect of upholding standards.
as payrolls grow, capital gains have fallen. Demo- revenue is down 33.7%. Gov. Gavin Newsom last without the need for regulation. PROF. ROBERT G. ECCLES
crats in Albany exacerbated the state’s fiscal reli- month increased the state’s projected budget JONATHAN COBURN Oxford University
ance on the rich in 2021 when they raised the com- deficit to $32 billion, but revenue is already Apex, N.C. Concord, Mass.
bined state and New York City top rate to 14.8% trailing his revised forecast.
from 12.7%. Millionaires now pay as much state in- By contrast, tax revenue in Florida is ex-
come tax as the bottom 98.9% of tax filers. ceeding forecasts. Florida’s corporate-tax reve-
Cities may also soon feel budget pain since nue—at a 5.5% rate—during the first 10 months The Last Thing Reagan National Airport Needs
year-over-year growth in local sales tax collec- of this fiscal year is up 57.7% year-over-year. Expansion of long-haul flights at increase in passenger delays.
tions has run below 2% in each of the last three States tax corporate income based on the share Reagan National Airport (“Tear Down Expansion is also opposed by local
months, Mr. DiNapoli warns. That’s well below of business done in their borders. So while cor- This Perimeter” by Michael Huerta, interests due to concerns over noise,
the rate of inflation. No doubt one contributing porate earnings generally are shrinking, Flor- op-ed, June 13) is opposed by the air- traffic and congestion. Reagan Na-
factor is New York’s loss of some 525,000 in pop- ida appears to be grabbing a larger share of port’s own operator as dangerous and tional was never intended to be,
ulation between 2020 and 2022. profits as businesses expand in the state. The impractical. Reagan National has one wasn’t designed for, and can’t accom-
Yet Democrats in Albany this spring boosted opposite may be happening in California, New main runway that is already the busi- modate more traffic. The region has
spending by $9 billion in their $229 billion bud- York and New Jersey. est in the nation. The airport is oper- two other airports at Dulles and BWI
get. New York City Mayor Eric Adams last week Florida’s $117 billion budget this year is half ating above its designed capacity and that are available for and capable of
has one of the worst records of flight handling increased traffic. There al-
reached generous five-year labor agreements as large as New York’s, though it has 2.5 million
delays and cancellations. The Federal ready is enough hot air in Washing-
with 11 government unions. Teacher pay will in- more people. The Sunshine State lacks an in- Aviation Administration found that ton without the introduction of more
crease by about 20%, raising the top salary to come tax and mandatory government collec- air-traffic control conditions are flights to Reagan National.
$151,271. tive-bargaining, which together create a tax- strained and that any addition of new STEVE CHAMEIDES
Next door in New Jersey, officials reported and-spend ratchet. An iron law in progressive flights would result in a significant Bethesda, Md.
Monday that tax revenue last month declined states is that when revenue falls, taxes go up.
20% from the previous May, driven by a 55% Look out below.
What Does It Take to Get a Real Education?
New York’s Unconstitutional Mail-Vote Bill I read with admiration Andrew
Delbanco’s discussion of various at-
eliminate the mishmash entirely by
prescribing a program of study in

A
tempts at universities and community which all texts are read in common for
lbany is again thumbing its nose at New ballot process. This bill relates to a form of colleges to engender diversity all four years. Whatever its shortcom-
Yorkers and the state constitution, this early voting.” What a hilarious semantic con. through conversation about texts that ings, this solution at least acknowl-
time on mail voting. The supreme law You see, the state constitution prohibits potay- all students read in common (“Great edges that the true diversity of which
of the Empire State reserves tos. This new legislation con- Books Can Heal Our Divided Cam- Mr. Delbanco speaks is extremely
absentee ballots for residents Gov. Hochul should templates potahtos. Com- puses,” Review, June 10). I hope it hard-won, emerging only after years
who are out of their county or veto this out of respect pletely different. isn’t churlish, however, to ask of patient listening in the classroom.
New York City on Election Day, To finish the old Gershwin whether a single year, let alone a sin- BRENDAN BOYLE
as well as those who can’t “ap- for the electorate. song, let’s call the whole thing gle semester, of such conversation is Annapolis, Md.
pear personally” at the polls off. “The voters of New York enough to hold at bay Daniel Bell’s
“because of illness or physical said no, we’re going to stick to worry about a “mishmash of courses Exposure to the classics should
that are only superficially connected.” come before college. I spent my high-
disability.” the constitution, and we’re going to say that only
One radical solution, adopted at St. school years in the late 1960s work-
Two years ago, in a shock to Democrats, the certain circumstances should allow someone to John’s College, where I teach, would ing through the great-books program
electorate rejected a proposed constitutional vote by mail, vote by absentee, or whatever it available in my average Midwestern
amendment that would have loosened the rules might be,” said Republican Sen. George Borrello. high school. It served me well in col-
and permitted no-excuses absentee voting. The “This bill essentially ignores the will of the peo- Confronted With Common lege and law school and then after-
ballot measure failed 45% to 55%. Yet the so- ple of New York State.” He’s right. ward, in my career. College is far too
lons in Albany must think the dummies who Even if Democratic Gov. Kathy Hochul agrees
Sense, SPLC Cries ‘Hate’ late. Eighteen-year-olds can vote; why
vote don’t know what’s good for them. This with the idea on the merits, she should veto it Margaret Huang, president of the delay exposure to the critical moral
month the Legislature passed a bill to let any- out of respect for the electorate. Otherwise, the Southern Poverty Law Center, defends and ethical issues of our society?
one vote by mail. courts might have to kill this legal runaround. her group’s decision to list Moms for ERICK HOLT
Isn’t this what the citizenry rejected in 2021? The simple fact is that New York’s constitution Liberty as a hate group on the Ponte Vedra Beach, Fla.
grounds that it hates . . . the govern-
“No, you are mistaken,” argued Democratic Sen. sets out a provision for “absent” voters. The
ment (Letters, June 15). Specifically, No one would teach a child to
Michael Gianaris, during the brief floor debate. Legislature can’t get around that provision by Moms for Liberty hates the school throw a curve or knuckler before
“The referendum was relevant to the absentee renaming it. system’s insistence on exposing very teaching the child to throw. It works
young children to drag queens, having the same way with the mind: The
discussions with young children about broad skills of reasoning and writing
The Hunter Biden Business sexuality and trans identity, and mak- must precede the more specialized

P
ing efforts to either hide this from skills found in narrower disciplines.
resident Biden’s son Hunter agreed veteran who oversees a team specializing in parents or insisting that parents have RICHARD MCGOWAN
Tuesday to plead guilty to two misde- international tax crimes. The whistleblower no say in the matter. Green Bay, Wis.
meanor tax charges that will likely says his team was assigned to the Hunter case The real hate group here is the one
that vilifies parents who wish to pro-
keep him out of prison. The in early 2020, and he “imme-
lenient treatment is firing up Joe’s son cuts a plea deal diately saw deviations from
tect their young children. The Writing on the Wall
ARI WEITZNER
Republican claims of two- Reading the Journal with my cof-
tiered justice, especially be-
for minor offenses that theHenormal process.”
says “multiple steps”
New York
fee, I glanced up to see on the wall
cause there are no answers will keep him out of jail. were “just completely not The SPLC tells us that Moms for
what my husband had framed. It is
about the Biden family’s for- done” and that “each and ev- Robert Frost’s poem “The Road Not
Liberty espouses “anti-government
Taken.” It was my choice to recite de-
eign influence peddling. ery time” decisions “seemed principles,” “targets funding for public
cades ago in a classroom (“Kids and
U.S. Attorney David Weiss began investigat- to always benefit the subject.” Mr. Shapley education” and, worst of all, the group
the Power of the Spoken Word” by
ing Hunter in 2018, and former Attorney Gen- says when he pushed back, his team was ex- “advocates the abolition of the Educa-
Mark Bauerlein and David Mikics, op-
eral Bill Barr said Tuesday these charges cluded—and later removed—from the probe. tion Department” (a position strongly
ed, June 15) and it has stayed with
could have been brought within months of his In any case, is that all there is? What about argued by Ronald Reagan in 1980,
me. I found meaning in choices we
when he won the presidency in a land-
own confirmation in early 2019. the Biden family’s income windfall from make. I cherish the poem and my hus-
slide, and held by many Republicans
The tax charges stem from Hunter’s “willful Hunter’s foreign business deals? since). Ms. Huang’s letter confirms
band, who knew its importance to me.
failure” to pay more than $200,000 in taxes House and Senate Republicans have docu- LYNDA GODDARD
that the SPLC considers any organiza-
in 2017 and 2018 on income of more than $3 mented dozens of suspicious financial transac- Redondo Beach, Calif.
tion positioned to the right of Sen.
million from his foreign business deals. The tions related to Hunter’s overseas business Bernie Sanders a “hate group.”
press is reporting that prosecutors will recom- while his father was Vice President. The evi- ROBERT DAME
mend probation instead of jail time. dence includes a web of shell companies that Charlottesville, Va. Pepper ...
The gun plea says Hunter lied on the fed- appear to have funneled large sums of cash to And Salt
eral background-check form by denying he Hunter and other Biden family members.
was an unlawful user of a controlled substance Congressional investigators have also re- Newsom vs. DeSantis, 2024 THE WALL STREET JOURNAL

when buying a gun. Hunter has admitted he vealed the existence of an FBI document in The world would be in a better
was a cocaine addict at the time. He’ll be al- which a confidential FBI source says a Ukrai- place with a Gavin Newsom vs. Ron
lowed to enter a pretrial diversion agreement nian oligarch claimed to have made bribery DeSantis presidential race, not merely
in which he promises to stay drug free for two payments to Hunter and Joe Biden. Mr. Barr a TV debate (“Newsom vs. DeSantis:
years and never again own a firearm. The gun says that FBI document was sent to Mr. Bring It On,” Review & Outlook, June
charge will then be dropped. Weiss’s office. The bribery claim remains 16). They are at opposite ends of
their ideologies, but that won’t keep
One question is why Hunter faced only “will- hearsay, but Hunter’s financial dealings with
me awake at night. What keeps me up
ful” misdemeanor tax charges rather than fel- shady foreign actors—some connected to the is a megalomaniac running against a
ony count of “tax evasion”—given April news Chinese Communist Party—contain enough befuddled guy on the verge of falling.
reports that Mr. Weiss’s office felt it had enough smoke to warrant a thorough probe. WILLIAM GOLDMAN
evidence for the latter. It’s true DOJ has rarely DOJ said in a press release Tuesday that Los Angeles
pursued “lie and buy” gun cases—a longtime the “investigation is ongoing.” But Hunter’s
complaint of progressive gun-control groups. attorney said “it is my understanding that
Letters intended for publication should
But DOJ has elevated its focus in recent years, the five-year investigation into Hunter is re- be emailed to wsj.ltrs@wsj.com. Please
and other attorneys have bragged about their solved.” Which is it? Mr. Weiss ought to include your city, state and telephone
aggressive pursuit of such cases. clarify matters and cooperate with Congress number. All letters are subject to “Thank you for this food, and
There’s also the testimony by Internal Rev- to put any suspicion of favorable treatment editing, and unpublished letters cannot protect us from the additives
be acknowledged.
enue Service agent Gary Shapley, a 14-year- to rest. and preservatives therein.”
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | A17

OPINION

ProPublica Misleads Its Readers

By Samuel A. Alito Jr.
Editor’s note: Justin Elliott and
Josh Kaplan of ProPublica, which
styles itself “an independent, non-
profit newsroom that produces in-
vestigative journalism with moral
force,” emailed Justice Alito Friday
with a series of questions and asked
him to respond by noon EDT Tues-
day. They informed the justice that
“we do serious, fair, accurate report-
ing in the public interest and have
we have never talked about any case and until the recent amendment of
or issue before the Court. On two oc- the filing instructions, justices com-
casions, he introduced me before I monly interpreted this discussion of
gave a speech—as have dozens of “hospitality” to mean that accommo-
other people. And as I will discuss, he dations and transportation for social
allowed me to occupy what would events were not reportable gifts. The
have otherwise been an unoccupied flight to Alaska was the only occa-
seat on a private flight to Alaska. It sion when I have accepted transpor-
was and is my judgment that these tation for a purely social event, and
facts would not cause a reasonable in doing so I followed what I under-
and unbiased person to doubt my stood to be standard practice.
ability to decide the matters in ques- For these reasons, I did not in-
tion impartially. clude on my Financial Disclosure Re-

GETTY IMAGES/ISTOCKPHOTO
won six Pulitzer Prizes.” Here is Jus- Second, when I reviewed the port for 2008 either the accommoda-
tice Alito’s response: cases in question to determine tions provided by the owner of the

P
roPublica has leveled two
charges against me: first,
that I should have recused
in matters in which an en-
tity connected with Paul
Singer was a party and, second, that
I was obligated to list certain items as
gifts on my 2008 Financial Disclose
Report. Neither charge is valid.
• Recusal. I had no obligation to
recuse in any of the cases that Pro-
Publica cites. First, even if I had been
aware of Mr. Singer’s connection to
the entities involved in those cases,
recusal would not have been required
or appropriate. ProPublica suggests
that my failure to recuse in these
cases created an appearance of im-
propriety, but that is incorrect.
“There is an appearance of impropri-
ety when an unbiased and reasonable
person who is aware of all relevant
facts would doubt that the Justice
could fairly discharge his or her du-
ties” (Statement on Ethics Principles
and Practices appended to letter from
the Chief Justice to Senator Durbin,
April 25, 2023). No such person
would think that my relationship
with Mr. Singer meets that standard.
My recollection is that I have spoken
to Mr. Singer on no more than a
handful of occasions, all of which
(with the exception of small talk dur-
ing a fishing trip 15 years ago) con-
sisted of brief and casual comments
at events attended by large groups.
On no occasion have we discussed
the activities of his businesses, and
whether I was required to recuse, I
was not aware and had no good rea-
son to be aware that Mr. Singer had
an interest in any party. During my
time on the Court, I have voted on
approximately 100,000 certiorari pe-
titions. The vast majority receive lit-
tle personal attention from the jus-
tices because even a cursory
examination reveals that they do not
meet our requirements for review.
See Sup. Ct. R. 10. To ensure that I
am not required to recuse, multiple
members of my staff carefully check
the names of the parties in each case
and any other entities listed in the
The publication levels false
charges about recusal,
financial disclosures
and a 2008 fishing trip.
corporate disclosure statement re-
quired by our rules. See Supreme
Court Rule 29.6. Mr. Singer was not
listed as a party in any of the cases
listed by ProPublica. Nor did his
name appear in any of the corporate
disclosure statements or the certio-
rari petitions or briefs in opposition
to certiorari. In the one case in
which review was granted, Republic
of Argentina v. NML Capital, Ltd.,
No. 12-842, Mr. Singer’s name did
not appear in either the certiorari
petition, the brief in opposition, or
the merits briefs. Because his name
did not appear in these filings, I was
unaware of his connection with any
of the listed entities, and I had no
good reason to be aware of that. The
entities that ProPublica claims are
connected to Mr. Singer all appear to
be either limited liability corpora-
tions or limited liability partner-
ships. It would be utterly impossible
for my staff or any other Supreme
Court employees to search filings
with the SEC or other government
bodies to find the names of all indi-
viduals with a financial interest in
every such entity named as a party
in the thousands of cases that are
brought to us each year.
• Reporting. Until a few months
ago, the instructions for completing
a Financial Disclosure Report told
judges that “[p]ersonal hospitality
need not be reported,” and “hospi-
tality” was defined to include “hos-
pitality extended for a non-business
purpose by one, not a corporation or
organization, . . . on property or fa-
cilities owned by [a] person . . .”
Section 109(14). The term “facilities”
was not defined, but both in ordi-
nary and legal usage, the term en-
compasses means of transportation.
See, e.g., Random House Webster’s
Unabridged Dictionary of the English
King Salmon Lodge, who, to my
knowledge, has never been involved
in any matter before the Court, or
the seat on the flight to Alaska.
In brief, the relevant facts relating
to the fishing trip 15 years ago are as
Language 690 (2001) (defining a “fa- follows. I stayed for three nights in a
cility” as “something designed, built, modest one-room unit at the King
installed, etc., to serve a specific Salmon Lodge, which was a comfort-
function affording a convenience or able but rustic facility. As I recall, the
service: transportation facilities” and meals were homestyle fare. I cannot
“something that permits the easier recall whether the group at the
performance of an action”). Legal us- lodge, about 20 people, was served
age is similar. Black’s Law Dictionary wine, but if there was wine it was
has explained that the term “facili- certainly not wine that costs $1,000.
ties” may mean “everything neces- Since my visit 15 years ago, the lodge
sary for the convenience of passen- has been sold and, I believe, reno-
gers.” Federal statutory law is vated, but an examination of the pho-
similar. See, e.g., 18 U.S.C §1958(b) tos and information on the lodge’s
(“ ‘facility of interstate commerce’ website shows that ProPublica’s por-
includes means of transportation”); trayal is misleading.
18 U.S.C §2251(a) (referring to an As for the flight, Mr. Singer and
item that has been “transported us- others had already made arrange-
ing any means or facility of inter- ments to fly to Alaska when I was
state commerce”); Kevin F. O’Malley, invited shortly before the event,
Jay E. Grenig, Hon. William C. Lee, and I was asked whether I would
Federal Jury Practice and Instruc- like to fly there in a seat that, as
tions §54.04 (February 2023) (“the far as I am aware, would have oth-
term ‘uses any facility in interstate erwise been vacant. It was my un-
commerce’ means employing or uti- derstanding that this would not im-
lizing any method of . . . transporta- pose any extra cost on Mr. Singer.
tion between one state and an- Had I taken commercial flights, that
other”). would have imposed a substantial
This understanding of the require- cost and inconvenience on the dep-
ment to report gifts reflected the ex- uty U.S. Marshals who would have
pert judgment of the body that the been required for security reasons
Ethics in Government Act entrusts to assist me.
with the responsibility to administer
compliance with the Act, see 5 U.S.C. Justice Alito is an associate jus-
App. §111(3). When I joined the Court tice of the U.S. Supreme Court.

Why Barack Obama Is Afraid of Tim Scott

The recent dust-up
between Barack
Obama and Republi-
can presidential
hopeful Tim Scott
might seem strange
at first glance. Mr.
UPWARD
MOBILITY Scott is polling in
the low single digits
By Jason L.
and is more likely to
Riley
be nominated for the
vice presidency than
the presidency. Why pick on Mr.
Scott?
In a podcast discussion with David
Axelrod, chief strategist of his 2008
and 2012 campaigns, Mr. Obama was
critical of Mr. Scott and other minor-
ity GOP candidates for presenting
their personal biographies as evi-
dence of America’s racial progress.
That is precisely what Mr. Obama did
when he ran for president, a point
that wasn’t lost on his interviewer. “I
listened to Tim Scott,” said Mr. Axel-
rod, “and half of it sounds a lot like
us. Half of it sounds a lot like what
you were talking about in the speech
in 2004 and in all of our speeches
from that point on, which was: ‘I’m
living proof that we are making prog-
ress as a country. I wouldn’t be here
but for that progress.’ ”
Mr. Axelrod was referring to Mr.
Obama’s 2004 keynote address at the
Democratic National Convention in
Boston, the one that made his politi-
cal career. It’s the speech where he
invoked his biracial ancestry as a
metaphor for the country’s racial and
political advancement and said that
“there is not a liberal America and a
conservative America” or “a black
America and a white America” but
only “a United States of America.” Yet
when Mr. Axelrod compared those re-
marks to what Mr. Scott is saying to-
day, Mr. Obama got defensive.
“Those lines are aspirational and
always have been,” Mr. Obama said.
“We’re closer to an approximation of
the ideal than we were 100 years ago
or 200 years ago,” but “they are al-
ways in tension and contradiction
with what has been another version
of America that is based on exploita-
tion and violence and hierarchies and
great wealth and power taking ad-
vantage of those who aren’t power-
ful.” He added: “We are always wres-
tling with the ideal—the world as we
want it to be—and the world as it is.”
The former president tried to con-
trast his own use of biography with
that of Mr. Scott and Nikki Haley, an-
other Republican running for presi-
dent, who frequently speaks about
her experience growing up as an In-
dian-American in the Deep South. Mr.
Obama accused both minority candi-
dates of glossing over the effects of
The left doesn’t want
voters exposed to black
candidates with different
political opinions.
racism. “I’m not being cynical about
Tim Scott individually,” he said. “I
think there’s a long history of Afri-
can-American or other minority can-
didates within the Republican Party
who will validate America and say,
‘Everything’s great, and we can all
make it.’ I mean, Nikki Haley, I think,
has a similar approach.”
But Ms. Haley and Mr. Scott aren’t
campaigning on “everything’s great,”
and Mr. Obama knows that is a straw-
man argument. Rather, they are using
their personal histories to illustrate
the opportunities for current and fu-
ture generations that didn’t exist to
the same extent for racial and ethnic
minorities in bygone eras. Both can-
didates speak regularly about dis-
crimination in America, past and cur-
rent—“Racism is real. It is alive,” Mr.
Scott has remarked—even if they
don’t obsess over it or cite it as a ma-
jor barrier to upward mobility.
“My hope and my theory is that
America has been waiting for some-
one to show up who’s more inter-
ested in American progress and the
big windshield of the car, and less in-
terested in that rearview mirror,” Mr.
Scott said during an appearance ear-
lier this month on ABC’s “The View.”
“Making sure that every single per-
son, based on their character, their
grit and their talent, can rise as high
as humanly possible.”
Mr. Scott’s biography exemplifies
tremendous strides in American race
relations no less so than does Mr.
Obama’s. The former president in-
sists otherwise because that is what
today’s Democratic Party demands.
Racial identity politics often leads to
a sort of competition among blacks
over who represents the interests of
the group. Mr. Obama is playing the
role of soul patrol. He wants Mr.
Scott canceled, or at least dismissed
as someone who holds unrepresenta-
tive and inauthentic black views that
shouldn’t be taken seriously.
Mr. Scott currently is in no danger
of winning the GOP nomination for
president, but so long as he’s running
he will command a measure of atten-
tion in the media and remain a target
of black liberals. The fear on the left
is that millions of minority voters
will be exposed to a different black
opinion on everything from tax policy
and immigration to education, polic-
ing and racial inequality. Democratic
success at the polls is heavily reliant
on blacks voting as a single bloc. The
last thing Democrats want is some-
one who looks like Mr. Scott casting
doubt on the efficacy of liberal poli-
cies and making the case for an alter-
native approach.

A Growing India Is Good for the U.S.

By David Malpass reach in a world of weak growth, side facing daunting barriers to ex- cure adequate bank financing or ruption. Reforms would create a

W
hen India’s Prime Minister
Narendra Modi visits the
U.S. this week, Americans
should pay careful attention to his
vision for 8% growth. Both coun-
tries would benefit greatly from
faster growth.
India has entered the 25-year
period leading to the 100th anni-
versary of its independence with a
growth plan. Called Amrit Kaal,
which roughly translates to “Golden
Era,” it is Mr. Modi’s rallying cry
and blueprint for India to reach 8%
growth and a much higher median
income. Faster growth in India
would help the U.S. by allowing
new opportunities for trade and in-
vestment, less dependence on
China, and better balance for the
bipolar world economy.
Eight percent sounds out of
but India has grown by 6% or more
in recent years and is building
from a relatively low base ($2,200
per capita). When offered sound
policies and the tolerance inherent
in rules-based government, people
from anywhere in the world can
achieve fast compound growth
rates. China’s economy grew 10% a
year throughout its 1993-2012 era
of currency stability, market and
price liberalization, and tolerance
for growing businesses.
India has shown that it can hold
down external indebtedness and
that the rupee can be relatively
stable. It should build on that. Key
reforms would shrink spending and
bureaucracy and allow increased
investment and jobs in medium-
size companies. India’s job creation
is shaped like a barbell, with start-
ups and small businesses on one
pansion from overgrown govern-
ment, regulation and high taxes. On
the other side are the government
and a few big companies as mas-
sive employers. While Mr. Modi’s
budget calls for more government
investment, it is critical that in-
vestment shift to the private sec-
tor, particularly so small busi-
nesses can grow. Reforms offer big
potential upside in three particular
areas.
• Capital markets. India’s finan-
cial industry is dominated by big
banks. More needs to be done to
increase credit to smaller busi-
nesses that are growing. This is
vital for competitiveness, and In-
dia needs to speed this transition.
A related problem is the great
number of publicly listed compa-
nies that aren’t competitive. They
went public too soon and can’t se-
delist under current regulatory more level playing field for busi-
policies. This blocks consolidation, ness growth. Mr. Modi has taken
which allows companies to re- steps to reduce bureaucracy, but
structure to improve efficiency training more than three million
and productivity. central government employees is a
tall order.
• Land and labor reform. Land
New trade and investment acquisition remains a barrier to
new and expanding businesses and
opportunities will help the transformation of agriculture.
both countries become Most agricultural land transfers are
through inheritance. Land acquisi-
less dependent on China. tion remains time-consuming and
prone to delays from litigation. Di-
rect transactions between landown-
• Civil service. State-owned en- ers and businesses are also con-
terprises and government jobs play strained by the limited availability
too big a role in the economy. of reliable records and by opaque
Civil-service reforms are important land-use regulations. As a result,
for freeing private growth. The the market for buying and selling
government must make it easier land is vanishingly small. States re-
for businesses to obtain permits strict land leasing even though this
and licenses while reducing cor- would help allocate land more effi-
ciently.
Getting more women into the

Notable & Quotable: Biden

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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Alex Thompson writing for Axios,
June 18:
President Biden often uses old-
timey expressions that confound
even his own staff. That happened
again Friday when he ended a
speech on gun violence with “God
save the queen, man.” . . .
Why it matters: Biden’s quirky
aphorisms are sometimes weap-
onized by Republicans to insinuate
the 80-year-old president is in men-
tal decline. But Biden has been using
unique phrases for years—but even
some of his aides aren’t exactly sure
workforce will also be crucial. The
female labor-force participation
rate in India is low compared with
what he means by them. other middle-income countries.
Flashback: Biden also said, “God Flexible working arrangements, in-
save the queen,” when he was vice creased access to financing, and
president in January 2017, after he better infrastructure to improve
certified Donald Trump’s 2016 elec- safety and reduce transit time
tion victory, The Telegraph reported could help.
at the time. India is a rising power. Mr.
Axios asked several current and Modi’s visit to the U.S. is an oppor-
former Biden aides what the phrase tunity for the two countries to im-
meant. Several gave different an- prove growth prospects as India
swers and some said they still aren’t sets its sights on 8%.
sure.
As a proud Irishman whose ances- Mr. Malpass served as president
tors probably weren’t fans of the of the World Bank, 2019-23, and
crown, Biden may use the phrase undersecretary of the U.S. Trea-
more as sarcasm. sury, 2017-19.
A18 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT
 BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4388.71 g 0.47% S&P FIN g 0.69%
Short Sellers Take $120 Billion Hit Silicon
Valley
Bearish bettors
have incurred big
losses, while Tesla,
big-tech stocks soar
BY JACK PITCHER
Investors have been ramp-
ing up bets against stocks—
and they are getting burned.
Total short interest in the
U.S. market topped $1 trillion
this month, hitting the highest
level since April 2022, accord-
ing to data from S3 Partners.
That is up from $863 billion at
the start of the year and repre-
sents about 5% of all shares
that are available to trade.
Short sellers borrow shares
Panama Canal Copes With Severe Drought
LUIS ACOSTA/AGENCE FRANCE-PRESSE/GETTY IMAGES
A ship navigates through the Panama Canal.
BY COSTAS PARIS
The Panama Canal is going
through its driest spell in
more than a century, and an
extended lack of rainfall could
saddle global supply chains
with delays and higher fees to
move cargo.
The government agency
that manages the artificial
waterway implemented travel
restrictions in May to avoid
ships running aground, and
since then some large vessels
have had to reduce container
loads by roughly one-quarter.
Further restrictions could
go into effect in late June, au-
thorities say. Meteorologists
have warned that the water
levels in Gatún Lake—located
in the center of the canal—
could hit record lows in July
with the occasional climate
event El Niño bringing higher
temperatures and less rain.
Product Suits
Threaten to
Reshape 3M
BY BOB TITA AND JOHN KEILMAN
For more than a century, 3M
introduced thousands of prod-
ucts ranging from water-resis-
tant sandpaper to Scotch tape.
Today, the company’s business
also includes contending with
tens of billions of dollars in po-
tential liability costs.
3M is contesting thousands
of lawsuits alleging that long-
lasting chemicals known as
PFAS developed by the com-
pany decades ago have con-
taminated soil and drinking
water and contributed to ill-
nesses. The company also is a
defendant in what has become
the largest civil injury case in
U.S. history, with about
250,000 veterans alleging that
3M’s foam earplugs failed to
protect them from service-re-
lated hearing loss.
3M is in talks to settle the
earplugs case, as well as a ma-
jor part of the PFAS litigation
dealing with contamination of
municipal drinking water from
firefighting foam produced by
the company.
Fighting the cases at trials
would take years. Settling the
litigation will come with a
Please turn to page B11
******
S&P IT g 0.44% DJ TRANS g 0.39%
and then sell them, hoping to
buy them back at a lower price
later and pocket the difference.
They have added to their bear-
ish wagers in recent weeks,
while the S&P 500 climbed to a
14-month high. The index is up
14% in 2023 and 5% in June
alone.
That rally has been punish-
ing: Short sellers have in-
curred roughly $120 billion in
mark-to-market losses this
year, including $72 billion in
the first half of June, accord-
ing to S3.
The bearish bets, most of
which are made by hedge
funds and other institutional
investors, reflect their unease
about the market rally. A lack
of breadth, stretched valua-
Canal officials hope the
second half of the year brings
some relief. Panama is one of
the world’s wettest countries,
but in the first five months of
the year accumulated rainfall
in the area around the canal
was 47% below the historical
average, according to the
Panama Canal Authority. The
canal opened to traffic in
1914.
The Panama Canal, whose
daily water use is triple that
of New York City, relies on
rainfall. More than 50 million
gallons of water are lost to
the sea every time a ship
moves through the locks.
That water is replenished
from a reservoir, which is in
turn filled up when it rains. If
there isn’t enough rain, as
was the case during
droughts in the late 1990s, a
number of ships could avoid
the passage, according to ca-
INSIDE
BUSINESS NEWS
FedEx posts third
straight drop in
quarterly revenue as
shipping weakens. B3
Ozempic Maker Sues
Over Custom Versions
BY SARA ASHLEY O’BRIEN
Drugmaker Novo Nordisk
sued several medical spas,
weight-loss clinics and well-
ness clinics, alleging they ille-
gally said they were selling
custom-made versions of
Ozempic and other company
medicines to people trying to
shed pounds.
In lawsuits filed in federal
courts across the U.S. on Tues-
day, Novo Nordisk accused the
spas and clinics of false adver-
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.14% 2–YR. TREAS. yield 4.695%
Wednesday, June 21, 2023 | B1
NIKKEI (Midday) 33523.83 À 0.40% See more at WSJ.com/Markets
Short interest
Tesla $23.5 billion
funds that are adding leverage
after coming into the year po-
sitioned defensively.
Faces
Apple 22.4
“Hedge funds are increasing
their market exposure, adding
to both their long and short
Office
Microsoft 16.5
holdings, looking to play catch-
up after missing some of the
early year rally,” said Du-
Surplus
Nvidia 11.4 saniwsky.
The list of companies with BY PETER GRANT
Amazon 9.6 Note: As of June 15 the biggest short positions is a
Source: S3 Partners who’s who of the market’s hot- Silicon Valley companies
test stocks this year: Tesla, are dumping office space at an
tions and the potential for fur- saniwsky, managing director of Apple, Microsoft, Nvidia and accelerating pace, as tech
ther interest-rate increases predictive analytics at S3. “Or Amazon.com. Tesla overtook leaders such as Alphabet’s
from the Federal Reserve are at least that several of the Apple for the top spot on June Google and Facebook parent
among their chief concerns. highflying stocks will lose 8. Of the five, it has by far the Meta Platforms close loca-
“There are still many inves- steam and revert back to the highest short interest as a per- tions and reassess their com-
tors and hedge funds who mean.” centage of available shares, at mitments to the workplace.
think that this rally is ready Another driver of the in- 3.3%. Office-vacancy rates in Sili-
for a pullback,” said Ihor Du- creased short selling: hedge Please turn to page B12 con Valley, which includes the
Northern California communi-
ties of San Jose, Palo Alto and
Sunnyvale, were up to 17% in
June from 11% in 2019, accord-
ing to data firm CoStar Group.
In some spots, such as Menlo
Park and Mountain View, the
rate surpassed 20% this
spring, CoStar said.
The level of surplus office
space remains below what is
available just north in San
Francisco, where the vacancy
rate has more than tripled
from 2019 to more than 25%.
But some analysts and inves-
tors expect Silicon Valley will
narrow the gap because tech
companies are going through
layoffs and shedding un-
wanted floors.
“There’s not a lot of tech-
nology demand in the market
today,” Douglas Linde, presi-
dent of office owner Boston
Properties, said on the com-
pany’s earnings call in April.
Leasing activity at the of-
fice tower his company is de-
veloping in San Jose has been
practically nonexistent.
“There are no conversations
going on there,” he added on
the call.
San Francisco’s vacancy
nal executives. Gatún Lake, which supplies water for the Panama Canal’s lock rates rose faster and sooner
Officials have spent years system, has recently experienced some of its lowest water levels than in Silicon Valley, in part
planning for more extreme on record. because much of the demand
weather events to preserve Less than 82 feet 82 to 84 84 to 86 More than 86 in the city was fueled by
the canal’s role as a vital smaller firms that were
J F M A M J J A S O N D
trade route and avoid supply- quicker to cancel leases, ac-
chain bottlenecks like the cording to brokers and land-
grounded vessel that clogged 2005
lords.
the Suez Canal in March 2021. Silicon Valley offices are
The large containership Ever dominated by top companies
Given blocked the waterway such as Google, Meta and Ap-
for six days, causing a back- ple, which have been slower
log of more than 400 vessels 2010 to give up space in a market
and costing billions in trade. that is usually tight. “Histori-
Meanwhile, shipowners cally those firms almost never
and charterers are adjusting gave up space,” said George
their operations to meet the Fox, executive vice president
2015
lighter-load requirements and with commercial real-estate
are weighing the costs of services firm CBRE Group.
routing shipments elsewhere. Rising office vacancies in
Disruptions in the canal’s Silicon Valley have worried
operations would hurt South- 2020 the region’s retailers, restau-
ern Hemisphere exporters rants and other small busi-
and importers in the north. nesses that depend on tech
Brazilian meat, Chilean wines 2023 employees. Google prompted
and bananas from Ecuador Note: Data are monthly averages through June 16. concerns in San Jose earlier
Please turn to page B2 Source: Panama Canal Authority Alana Pipe/THE WALL STREET JOURNAL Please turn to page B6
Tesla Recruits Another Rival
To Its Supercharger Network
JOSH EDELSON/AFP/GETTY IMAGES
BY MIKE COLIAS
AND JENNIFER HILLER
Tesla’s Supercharger net-
work has won another convert.
Electric-vehicle startup Riv-
MEDIA ian Automotive on Tuesday
Gannett sues Google, said it has struck a deal to ex-
pand access of Tesla’s fast-
Alphabet over
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
chargers to drivers of its vehi-
advertising-technology cles, further cementing the EV
practices. B4 leader’s dominance in the U.S.
for owners looking to power
up.
The deal gives Rivian driv-
ers access to more than 12,000
Tesla Superchargers in the U.S.
and Canada starting in 2024,
using an adapter for Rivian’s
R1T and R1S models. Future
Rivian models will incorporate
Tesla’s charging-port configu- Rivian is the latest EV maker to tap Tesla’s charger network.
tising, trademark infringement ration, starting in 2025.
and unfair competition. Rivian’s agreement follows adopt the Tesla connector. hand, many EV owners stand
The company asked the similar deals Tesla reached in Since Ford last month became to instantly broaden their fast-
courts to prevent the spas and recent weeks with Ford Motor the first automaker to declare charger access.
clinics from claiming their and General Motors. Both au- plans to make the switch, a Still, most of the chargers
drugs contain the main ingredi- tomakers also said they are in- wave of charging companies now in operation at stations
ent in Ozempic and related corporating the Tesla-style and equipment manufacturers across the U.S. use a separate
drugs. It also asked the courts charging ports on future EVs have said they would be able to charging system. Migrating to
to require the spas and clinics starting in 2025, and their cus- support Tesla’s charging setup. the one Tesla uses, while it has
to disclose their products tomers will get use of about The automakers’ embrace of benefits, could further push
aren’t affiliated with Novo Nor- 12,000 Superchargers. the Tesla connector, and the the industry away from a uni-
disk’s and are unapproved An already confusing land- deals to broaden Supercharger Please turn to page B2
drugs. scape of U.S. EV charging access to non-Tesla owners,
The legal actions are a fresh stands to become even more so are a mixed bag for consumers,  Heard on the Street: The
Please turn to page B4 as automakers move swiftly to some analysts say. On one problem with rally.......... B13
B2 | Wednesday, June 21, 2023
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A-E
A.P. Moller-Maersk...............B2
Advance Publications.........B4
Alibaba Group Holding...B12
Alphabet...............................B1,B13
Andreessen Horowitz.........B6
Apple...............................................A12
Bank of America..................A10
Barclays........................................B13
Battle Road Research......B13
BBVA...............................................B13
Block...............................................A10
Boston Properties..................B1
Brookfield Asset
Management.......................A10
ChargePoint Holdings........B2
Coinbase Global.....................B11
Constellation Brands...........B6
Cosco Group...............................B2
D.E. Shaw Group....................A6
Direxion Daily
Semiconductor Bear 3X
Shares........................................B12
Dollar General..........................A11
Domino's Pizza......................B13
D.R. Horton................................B12
DV Trading.................................B11
EDX Markets............................B11
EVgo..................................................B2
INDEX TO PEOPLE
A Gundlach, Jeffrey.................B12
Aasland, Terje.........................B12
B Hughes, Nigel............................B6
Bills, Victoria............................B12
C I
Carmen, Michael..................B10
Casson, Louisa........................B12
D Roman, Mike..............................B2
Din, Phillip....................................B4
Draho, Jason............................B12
Dusaniwsky, Ihor.....................B1
F L-M
Fox, George..................................B1
G Lenz, Mike....................................B3
Grecsek, Dave.........................B12
Tesla
Recruits
Rivian
Continued from page B1
versal charging standard that
some policy makers say is the
best way to encourage EV
adoption and avoid confusion,
said Eleftheria Kontou, an as-
sistant professor at the Univer-
sity of Illinois who studies EV
infrastructure.
Nearly all non-Tesla manu-
facturers today use a charging
standard called the Combined
Charging System, or CCS. The
U.S. federal government, which
has put billions of dollars on
the table for building out a
highway network, backs CCS.
Europe uses a similar CCS
standard. Most U.S. automak-
ers rely on a network of third-
Canal
Copes With
Drought
Continued from page B1
are routinely shipped across
the canal, along with copper
from Chile and liquefied natu-
ral gas from the U.S. Gulf
Coast. The isthmus connects
the Atlantic and Pacific
oceans and handles about
one-third of Asia-to-Americas
seaborne trade.
Any issues also could up-
end the Panama Canal Au-
thority’s effort to boost busi-
ness. It spent $5.4 billion for
a new set of locks that ac-
commodate larger container-
ships, aiming to be more
competitive with Egypt’s Suez
Canal. Routes through the
Panama Canal shorten the
one-way trip by sea from Asia
to the U.S. East
Coast
roughly
days.
by
five
The
money
larger
canal
hauls in more
from
ships
crossing the
newer locks,
which are now
responsible for
about half of
its business. About 10 ships a
day move through the newer
locks, and about 27 smaller
vessels travel through the
older locks.
“The rainfall volume has
been consistently falling over
the past 20 years,” said
Ricaurte Vásquez Morales,
the Panama Canal Authority
administrator. “We are deal-
ing with a climate crisis when
we are at peak capacity, and
we have to find new sources
of water to store in our
lakes.”
The Panama Canal is the
country’s biggest foreign-rev-
**** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
F-S
Fenice Energy............................B2
Salesforce...................................A10
Samsung Electronics..........B4
Schneider National...............B2
Delays Hit EV Charging Projects
Fidelity Investments...........B4
Ford Motor.......................B1, B13 Sequoia Capital......................B11 BY PAUL BERGER America. “That’s the easy part,”
GameStop.....................................B4 Shake Shack.............................B13 Rourke said.
Gannett...........................................B4 Siemens Gamesa The rollout of heavy-duty Installing the infrastructure
General Motors............B1, B13 Renewable Energy............B2
electric trucks in the U.S. is fac- for heavy-duty electric trucks is
Hapag-Lloyd................................B2 Snap...................................................B4
ing speed bumps at charging a challenge, said Zeina El-Azzi,
Honda Motor.............................B2 Stellantis........................................B2
stations, where executives say CEO of Gage Zero, a startup
HSBC Holdings.......................B13 SunEdison.....................................B2
delays getting everything from that develops and manages in-
Hudson River Trading......B11 T parts to permits are slowing frastructure for electric fleets.
Hyundai Motor.........................B2
Jack in the Box.....................B13
Tesla.........................................B1,B13 down construction of the cru- El-Azzi said because electric
JD.com...........................................B12
Toyota Motor.............................B2 cial infrastructure. trucks have a limited range,
Kastle Systems.....................A10 Twitter..........................................A10 Electrical equipment manu- chargers must be located close
Loke Marine Minerals.....B12 U facturers and startups that to ports or warehouse districts
McDonald's..................................B4 Uber.................................................B13 build charging networks say where land may already be in
BING GUAN/BLOOMBERG NEWS
Merritt Research Services V shortages of equipment includ- short supply. Startups must
A10 ing transformers, switchgear also navigate local permitting
Meta Platforms...........B1, A10 Vanda Research....................B13
and electrical steel are adding requirements and coordinate
Miami International Virtu Financial.........................B11
months to the time it takes to with power companies to en-
Holdings....................................B11 W build charging facilities to sure they have enough electric-
Morgan Stanley..........A10,B13
Nissan Motor.............................B2
Wedbush Securities..........B13 power electric fleets. ity, or the needed power up-
Nvidia.............................................B13
Wellington Management Industry officials say the de- grades, to charge dozens of
B10 lays are being fueled by a boom Equipment shortages are delaying new charging facilities. trucks at the same time. “We
PDD Holdings..........................B12 Wendy's.......................................B13 in power-hungry renewable-en- are at less than 1 percent of
ProShares UltraPro Short
QQQ.............................................B12 Y ergy projects, data centers and Beginning Jan. 1, California formers and other electrical what needs to be built out,” she
PulteGroup.................................B12 Yelp..................................................A10 semiconductor factories, will start phasing in a ban on parts. said.
stretching the production capa- older diesel trucks from calling Mark Rourke, CEO of truck- El-Azzi, who managed new
bilities of electrical equipment at the state’s seaports while re- ing company Schneider Na- large wind and solar energy
suppliers.
Neha Palmer, co-founder and
quiring that new trucks are
fueled by clean energy. The
tional, said it took almost three
years to install 16 dual-corded
projects for the global wind
turbine manufacturer now
chief executive of startup Tera- state is also requiring that elec- chargers, which can charge two known as Siemens Gamesa Re-
Ma, Jack..........................................A1 Watt Infrastructure, said the tric trucks make up an increas- trucks at once, at the com- newable Energy and for Fenice
H Murphy, Mike............................A4 shortages are hitting just as the ing share of the state’s heavy- pany’s operations center in Energy, formerly known as
N U.S. is pivoting toward an “elec- duty truck sales and fleets over South El Monte, near Los Ange- SunEdison, said EV-charging
Huffman, Steve........................B4 Narayan, Tom..........................B13 trification of everything mode” the coming years. Federal and les. Rourke said the Green Bay, projects require detailed sched-
Nargeolet, Paul-Henry.......A3
that includes the growth of local governments in states Wis.-based company faced de- ules, contracts that penalize
Iachini, Marco..........................B13 Nazarali, Jamil.........................B11
electric-powered cars, buses such as California, New Jersey lays securing permits, getting suppliers for delays and “a little
Ives, Dan......................................B13 R
and trucks. “The demand for and Texas are also offering power to the site and getting bit of a buffer” to account for
J Redett, John...............................B3
this type of equipment is in- grants to offset the cost of safety certification for the char- holdups.
Jae, Lee...........................................B4
Rose, Ben....................................B13 creasing,” Palmer said. building charging docks and gers, which went live earlier Electrical equipment manu-
K
S Truckers are turning toward buying electric trucks. this month. facturers said companies
Kenna, Thomas........................B2
Schwartz, Harvey...................B3 electric heavy-duty trucks un- Utility companies are caught He said installing the infra- should expect delays to worsen
Spiegel, Evan.............................B4 der pressure from new emis- in the middle as large-scale structure was a bigger chal- for some time as the growth of
Langa, Doug...............................B4
Lee, Rich......................................B12
Subramaniam, Raj.................B3 sions rules and other regula- projects demand upgrades and lenge than ordering dozens of new technologies flowering at
T tions designed to spur growth expansions of existing power Freightliner eCascadia trucks, once strains power-generation
Linde, Douglas...........................B1 Tsai, Joe..........................................A1 in the sector. grids that require more trans- built by Daimler Truck North supply chains.
party charging providers, such
as EVgo and ChargePoint.
Tesla uses a different con-
if every single [automaker] de-
cided tomorrow that they were
going to go to NACS, it would
half of car shoppers who won’t
consider an electric vehicle
point to the lack of charging
The U.S. is trying to create a
web of fast chargers that can
repower cars in about 30 min-
neering, in April.
Charging prices at Tesla’s
stations vary by location and
nector, known as the North
American Charging Standard,
or NACS. Its Supercharger net-
be years before that would be
effectuated.”
Jeep maker Stellantis said
stations as the primary reason,
according to a J.D. Power study
released last week.
utes. The federal infrastructure
law passed in 2021 provides
$7.5 billion to jump-start the
are viewable on the auto
maker’s app.
The company has said pric-
work includes more than
19,400 fast-chargers in the U.S.
at nearly 1,800 locations, ac-
Tuesday that it is evaluating
Tesla’s charging standard. Toy-
ota, Honda, Nissan and Hyun-
Reliability outside of the
Tesla network has been prob-
lematic, with equipment often
build-out.
The timing of Tesla’s charg-
ing deals coincides with the Bi-
ing for non-Tesla drivers re-
flects additional costs associ-
ated with opening its network.
cording to a U.S. Department of dai said that they are exploring on the fritz. Studies have cited den administration’s calls for Those drivers can pay $12.99 a
Energy database, and is widely different charging options for communication breakdowns the automaker to open access month for a charging member-
regarded as the most reliable. the future. between the car and the char- to its Supercharger network to ship that reduces the per-kilo-
While Tesla drivers can buy Rivian said it would con- ger, the charger and the com- non-Tesla EV owners to qualify watt-hour price.
adapters that allow them to tinue to build out its own net- pany operating the charging for future federal money. At a station outside of Santa
use CCS fast chargers, the re- work of charging stations, network, and with payment Tesla stands to reap addi- Cruz, Calif., for example, Tesla
verse—an adapter that lets a many of which are at or near systems. tional revenue from an influx charges non-Tesla drivers 53
CCS driver tap a Tesla char- outdoor destinations such as Part of Tesla’s reliability ad- of new customers to its charg- cents per kilowatt-hour, or 43
ger—isn’t sold today. state and national parks. Those vantage has been that it only ing stations. However, expand- cents per kilowatt-hour for
Around a million EVs on the stations are currently CCS charges its own vehicles, ing access to non-Tesla cus- those with a membership.
road in the U.S. have CCS con- compatible. For future stations, smoothing the communication tomers also undercuts what Last week, Tesla CEO Elon
nectors, and more are on the Rivian will switch to the charg- needed between the charger has long been an advantage for Musk described the auto-
way, said Cathy Zoi, chief exec- ing hardware used by Tesla, and EV. the company and a selling maker’s decision to expand ac-
utive of fast-charging provider the company said. “How well does it work point for Tesla buyers. cess to its network as “morally
EVgo. The company already Shares of Rivian and Tesla from a performance stand- In Europe, Tesla was able to right.”
has Tesla connectors along both rose more than 5% in point?” asked Nick Nigro, open half of its fast-charging He added: “But whether it’s
with CCS connectors at many Tuesday’s trading. founder of EV research firm stations to other electric vehi- financially smart remains to be
of its sites, she said. While most charging hap- Atlas Public Policy. “Drivers cles without wait times in- seen.”
“There’s going to continue pens at home, stress over EV will be paying close attention creasing, said Drew Baglino, —Rebecca Elliott, Sean
to be a significant demand for road trips is hindering wider because they’re going to expect Tesla’s senior vice president of McLain and Ryan Felton
CCS charging,” Zoi said. “Even adoption, analysts say. Nearly this amazing experience.” powertrain and energy engi- contributed to this article.
enue generator, responsible
for more than $3 billion from
tolls last year.
In addition to cutting
cargo loads, shipowners are
adjusting to Panama Canal re-
strictions by moving contain-
ers to trains to ensure safe
passage through locks. In
some instances boxes are un-
loaded from ships on the Pa-
cific Ocean side of the canal,
LUIS ACOSTA/AGENCE FRANCE-PRESSE/GETTY IMAGES
moved by rail and returned to
ships before they continue
their voyage through the At-
lantic Ocean.
The Panama Canal Railway
has had a 20% increase in vol-
ume in recent weeks from
carriers affected by the
drought, said Thomas Kenna,
president of the railway.
Carrying larger amounts of
cargo can help improve the
economics of operating along A woman and a child walk in Lake Alhajuela during the summer drought, in the Colon province, north of Panama City.
shipping routes. The ship op-
erators will likely reroute to drought conditions persist.
avoid the canal if they face “The low water levels at
prospects of carrying fewer the Panama Canal are a clear
boxes in the summer, indus- example of the effects of cli-
try executives and analysts mate change, which causes a
said. ripple effect through the sup-
Accumulated
“If the canal
is seen as hav-
ing limitations,
ply chain,” said a spokes-
woman for Maersk, the
world’s second-biggest liner
Jump on this
rainfall in the
area around the
it’s not good
for anybody,”
Mr. Kenna said.
“The cargo will
in terms of capacity.
Vásquez Morales said ex-
treme rain or drought condi-
tions are more frequent oc-
one today.
canal is 47% always find the currences than in the canal’s
below average. most efficient earlier years of operation.
way.” That issue presents a chal- Open an HIGH YIELD SAVINGS
Shipowners lenge for the Panama Canal
account today at
4.30 %
are also re- Authority, which supplies wa-
sponding by charging custom- ter to about 2.5 million peo-
ers an average $600 more a ple, or about half of the coun-
synchronybank.com APY*
box on vessels crossing the try’s population.
canal. The daily freight rate The canal has hired the
from Asia to the U.S. East U.S. Army Corps of Engi- No monthly fees
Coast was $2,400 a container neers, the original canal
in May, according to the builder, and earmarked $2
No minimum balance
Freightos Baltic Index, but it billion over the next 10 years
is expected to rise in June, in to divert as many as four riv-
part, because of the Panama ers into the waterway in ad-
Canal drought surcharge. dition to the three that al-
For now, A.P. Moller- ready feed it. *ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 6/7/23. APY is subject to
Maersk and other liners such “We would have done the change at any time without notice. Offer applies to personal accounts only. Fees may
as Germany’s Hapag-Lloyd same over a 25-year period if reduce earnings. For High Yield Savings accounts, the rate may change after the account
and China’s Cosco Group the weather stayed normal, is opened. Visit synchronybank.com for current rates, terms and account requirements.
have no plans to divert ships but now it has to be done in
away from Panama, but exec- 10 years,” Vásquez Morales © 2023 Synchrony Bank
utives said it could happen if said.
THE WALL STREET JOURNAL. ** Wednesday, June 21, 2023 | B3

BUSINESS & FINANCE

FedEx Sales
Slide 10% as
Demand Falls
BY BEN GLICKMAN FedEx's average daily package
AND ESTHER FUNG volume, change from
a year earlier
FedEx on Tuesday posted its
20%
third straight drop in quarterly
revenue as the delivery giant
adapts to weaker demand after Express
a pandemic-fueled boom in 10
Ground
business.
The company is in the early
stages of combining its Express 0
and Ground delivery networks

MICHAEL NAGLE/BLOOMBERG NEWS

into a single business to help
cut costs. It has trimmed flight
hours and parked aircraft. It
has also sought to charge
higher shipping rates to offset
a decline in the number of
packages shipped.
FedEx executives aren’t ex-
pecting a strong turnaround in
business soon. Inflation, higher
interest rates and a slowdown
in global trade are likely to
temper parcel volumes and rev-
enue growth, Chief Executive
Raj Subramaniam told analysts
on a conference call.
With the pandemic in the
rearview mirror, consumers
have been spending more on
services rather than on goods.
–10
–20
FY2020 ’21 ’22
Note: Fiscal year ended May 31
Source: the company
But Subramaniam said some of
that spending might return to
e-commerce over the next year.
“On the e-commerce side,
we expect to see growth now,”
said Mr. Subramaniam.
FedEx also said that Chief
Financial Officer Mike Lenz will
retire next month and that an
external search is under way
’23
FedEx is cutting costs and squeezing higher shipping rates out of customers to manage the slowdown in shipping volumes.
for his replacement.
The Memphis, Tenn., com-
pany plans to cut around $4
billion in costs over the next
two years by combining its Ex-
press and Ground networks. On
Tuesday, FedEx said it is com-
bining its Express and Ground
networks in Canada, with
Ground operations and staff
transitioning to Express. This
change will begin in April 2024
and is expected to yield more
than $100 million in savings.
There are around 4,700
FedEx Ground employees and
12,000 Express employees in
Canada, and FedEx said it
would work with affected staff
to identify new positions in
FedEx Express Canada.
FedEx has said the combina-
tion between its U.S. Express
and Ground networks will take
several years. It has already
started the streamlining efforts
in about 20 markets, including
Hawaii, Alaska and Minneapo-
lis.
In some U.S. markets, con-
tractors will be handling the
pickup and delivery of Ground
and Express packages and in
others, these operations will be
handled exclusively by em-
ployee couriers.
FedEx has more than
275,000 Express employees and
more than 215,000 Ground em-
ployees in the U.S.

Carlyle Names Redett as Its Chief Financial Officer

BY MIRIAM GOTTFRIED
Carlyle is naming firm
veteran John Redett to the
roles of chief financial officer
and head of corporate strat-
egy in the first major ap-
pointment by Chief Executive
Officer Harvey Schwartz, as
the new leader seeks to jump-
start the private-equity firm’s
growth and revive its flag-
ging stock.
Redett, who started at Car-
lyle 16 years ago after stints at
Goldman Sachs Group and JP-
Morgan Chase, will begin the
new role on Oct. 1, firm execu-
tives said.
He has led Carlyle’s private-
equity investments in the fi-
nancial-services sector since
2020 and was co-head of the
group before that.
Redett will take over as fi-
nance chief from Curt Buser,
who has served in the role
since 2014. Buser, who turns
60 years old this year, will be-
come a senior adviser and will
assist in the transition before
retiring at the end of the
year.
Redett will also assume the
newly created role of head of
strategy, aiding Schwartz in
his plan to expand the firm by
targeting areas that haven’t
been priorities in the past,
such as arranging debt and
equity financing for Carlyle’s
portfolio companies.
“Having someone that has
all of the qualifications of his
industry experience and his
institutional knowledge, it’s a
very natural fit,” Schwartz
told The Wall Street Journal.
Schwartz was named CEO
in February after a long career
building and leading various
businesses at Goldman Sachs
before being passed over for
the top job at the Wall Street
powerhouse.
He succeeded Carlyle co-
founder William Conway, who
had been serving as interim
CEO since August 2022, when
Kewsong Lee abruptly left the
firm after clashing with the
founders.
Carlyle shares are down
around 3% over the past 12
months, while the S&P 500
has risen about 17%, as the
leadership turmoil exacer-
bates the effects of an already
difficult market for fundrais-
ing and deal making.
Like Redett, the chief finan-
cial officers of Carlyle compet-
itors Blackstone and KKR
worked on the investment side
of their respective firms be-
fore moving into the C-suite.
Among the investments the
Carlyle executive has led or
played a key role in are ones
for the risk- and financial-ad-
visory firm Duff & Phelps, now
called Kroll; the asset manager
TCW Group; BankUnited; and
the insurance agency Hilb
Group.
Jim Burr, a senior member
of the financial-services team,
will become the head of in-
vestments in the sector when
Redett assumes his new roles.

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B4 | Wednesday, June 21, 2023 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Snap AI Bot Could Aid Advertisements Gannett

CEO Spiegel says Files Suit
150 million people
have used the social- Against
media offering
BY NUHA DOLBY
Google
As many big tech compa-
nies embrace artificial intelli-
gence, Snap is no exception.
Over Ads
Snapchat users have flocked BY WILL FEUER
to use the social-media plat-
form’s AI-powered chatbot, News publisher Gannett
which the company’s CEO says said it has sued Google and its
could be used to help improve parent company, Alphabet, al-
targeted ads. leging anticompetitive monop-
Some 150 million people olization of advertising-tech-
have used Snapchat’s My AI nology markets and deceptive
chatbot since its launch, send- commercial practices.
ing more than 10 billion mes- Gannett said Google and Al-
sages, Evan Spiegel, Snap’s phabet are maintaining monop-
chief executive, said Tuesday olies over the tools that pub-
at a Wall Street Journal event lishers and advertisers use to
in Cannes, France. The chatbot buy and sell online ad space.
made its debut to all of Snap- Gannett said the lack of
JOHN SCRIVENER FOR THE WALL STREET JOURNAL

chat’s 750 million users in competition in the space “de-

mid-April after an initial roll- presses prices and reduces the
out to Snap+ subscribers in amount and quality of news
February. content available to readers.”
Topics of interest to users Dan Taylor, vice president
included five million messages of Google Ads, disputed the al-
about McDonald’s and “tens legations. “These claims are
of millions of conversations simply wrong,” he said.
about cars and recommenda- Publishers have many op-
tions about what car to buy,” tions when it comes to adver-
he said. tising technology, he said. “In
Speaking at the Cannes Li- fact, Gannett uses dozens of
ons International Festival of Snap CEO Evan Spiegel, right, spoke Tuesday at a WSJ event in Cannes, France, alongside Journal reporter Sam Schechner. competing ad services, includ-
Creativity, Spiegel said the ing Google Ad Manager.”
company had discovered one nal,” he said. “When people initial rollout to Snap+ sub- forming half percent is “the kind of tool is to everyday He said that when publish-
user had used My AI to learn are communicating with My scribers, Snapchat evaluated chatbot just repeating an in- people. ers use Google tools, they keep
how to ask their boss for a AI, we can then use those in- the new data—all chats with appropriate thing said to it,” “It’s part of that evolution most of the revenue.
raise. “They practiced talking sights to help improve recom- the bot are stored—and inte- he said. from the command line to the “We’ll show the court how
back and forth and ended up mendations across our plat- grated features such as an age Spiegel said that machine graphical user interface to our advertising products ben-
getting an extra five dollars form.” signal for the bot to facilitate learning itself isn’t new—most now conversational AI, which efit publishers and help them
an hour,” Spiegel said. Despite concerns about age-appropriate conversa- of the advertising that people is a totally familiar way to in- fund their content online,”
In time, Spiegel said, the putting AI in the hands of us- tions. see online comes from how teract with computers,” Spie- Taylor said.
use of the AI-powered tool ers as young as 13, Spiegel The CEO added that more those kinds of models deter- gel said. Because Snapchat is a Gannett said Google’s al-
could help improve advertis- said the company “certainly than 99.5% of My AI responses mine what they should see, for messaging app, Spiegel said leged misconduct has harmed
ing. thinks it’s a safe product for conform to the company’s instance. the company is well posi- news publishers, particularly
“My AI definitely helps pro- our community.” community guidelines. A The new big aspect is how tioned to offer AI-based tools those running local news op-
vide a privacy-safe intent sig- Spiegel said that after an “huge chunk” of that noncon- much more accessible that like its chatbot. erations. Gannett said it is
seeking substantial damages
from Google and Alphabet.

Reddit Hackers Threaten to Leak Stolen Data

“It will take substantial dis-
covery in the case fully to un-
derstand Google’s misconduct
and the damage it has caused
Gannett,” the publisher said
BY SARAH E. NEEDLEMAN bersecurity firm Human Secu- protest, which in many cases dize commercial entities that 2011 and remains a share- on its website.
rity. He reviewed the group’s prevented users from creating, require large-scale data use,” holder. Huffman joined as CEO Earlier this year, the Jus-
A hacker group is threaten- posts and confirmed its de- commenting on and voting on he said in a post on the plat- in 2015. It had 57 million daily tice Department filed an anti-
ing to leak confidential infor- mands of Reddit. posts they like. form. users as of January 2021. trust lawsuit against Google in
mation it stole from Reddit if Hassan said BlackCat has As of Tuesday morning, The company isn’t profit- San Francisco-based Reddit a bid to break up Google’s
the social-media company previously claimed responsi- more than 90% of Reddit’s top able. It generates revenue gained attention in early 2021 business brokering digital ad-
doesn’t pay a $4.5 million ran- bility for high-profile attacks 5,000 communities by daily mainly from advertising. Ear- when its WallStreetBets sub- vertising across much of the
som and abandon plans to on Australian businesses. It users were operating, the lier this month, Reddit said it reddit became a hot spot for internet. That suit asked the
start charging fees to some has been rela- company said. was laying off roughly 90 em- individual investors who ral- court to unwind Google’s al-
third-party developers. tively quiet in Days before ployees, around 5% of its lied around GameStop and legedly anticompetitive acqui-

57M
The group, known as Black- recent months the blackout workforce, and slowing hiring other so-called meme stocks. sitions, including its 2008
Cat, stole the data in February with fewer at- went into ef- to address priorities, including Huffman later told the Journal purchase of ad-serving com-
and initially demanded just tacks, he said. fect, Reddit funding projects and achieving that the episode brought mil- pany DoubleClick, and called
the ransom fee. Lacking a re- Reddit is a Chief Executive its goal of breaking even next lions of new users and adver- for the divestiture of its ad ex-
sponse from Reddit, the group free online hub The number of users Steve Huffman year. tisers. change.
on Friday added it also wants comprising
the company to abide by the more than
on the social-media defended the
company’s de-
The developer of a popular
third-party app called Apollo
In mid-2021, Reddit said it
had a valuation of about $10
Alphabet executives have
said the Justice Department’s
demands of the scores of Red- 100,000 active company’s platforms cision to im- said in a post on Reddit a few billion after raising more than case is “wrong on the facts
dit communities that pro- communities, as of January 2021 pose the fees days before the protests began $400 million from longtime and the law” and that the
tested the developer fees last known as sub- on third-party that he planned to shut the investor Fidelity Investments. company will defend itself.
week. reddits, which Reddit apps, app down later this month be- Reddit filed paperwork to go The Justice Department
Reddit confirmed the Feb- are dedicated saying they ap- cause he couldn’t afford to public in late 2021, just as sued Google in 2020 for alleg-
ruary hack around the time it to a range of subjects. Last ply only to ones that generate pay the new fees. tech-stock valuations began to edly maintaining a monopoly
occurred and said the group week many communities revenue and eat up swaths of The cost for those required slip. It hasn’t followed through in online search and related
accessed some business infor- ceased operating and pledged its application programming to pay is 24 cents for every on those plans. advertising. Google’s chief le-
mation but no user data. On to remain dark for two days or interface, or API. 1,000 requests for data. Huff- Hackers seeking to extract gal officer at the time said the
Tuesday, a spokeswoman for more to protest the fees, He said the policy change man said that amounts to less money from businesses aren’t lawsuit was deeply flawed.
Reddit declined to comment which were announced in impacts a fraction of develop- than $1 per user a month for a as successful as they used to That case is scheduled to go to
on either of the group’s de- April and are due to go into ers and noted that it is costly typical Reddit third-party app. be. Extortion payments from trial in September.
mands. effect on July 1. for Reddit to maintain its Founded in 2005, Reddit ransomware, a hacking News Corp, owner of The
BlackCat, also known as Al- Several subreddits with API. was sold to Condé Nast in scourge that has crippled hos- Wall Street Journal, has a
phv, has been around since tens of millions of subscribers, “Reddit needs to be a self- 2006. The magazine pub- pitals, schools and public in- commercial agreement to sup-
late 2021, according to Tamer such as funny, aww, gaming, sustaining business, and to do lisher’s parent, Advance Pub- frastructure, fell significantly ply content on Google plat-
Hassan, chief executive of cy- music and pics, joined the that, we can no longer subsi- lications, spun Reddit off in last year. forms.

Elliott Wins Award Ozempic gredient, called a semaglutide

salt, than the one approved in
F. MARTIN RAMIN/THE WALL STREET JOURNAL

Ozempic and Wegovy.

In Samsung Ruling Maker Sues Novo Nordisk said last week

it was investigating, in con-
junction with the FDA, a coun-

BY JIYOUNG SOHN vestor-state dispute against

South Korea at the court in
An international arbitra- 2018. It claimed the govern-
tion tribunal has ruled that ment intervened on behalf of
South Korea should pay Samsung in the $8 billion
about $53.6 million in com- merger of Cheil Industries
pensation to U.S. hedge-fund and Samsung C&T in 2015—a
manager Elliott Management deal the U.S. activist hedge-
in a case stemming from a fund manager said had
controversial 2015 merger of brought on losses.
two Samsung units that trig- The merger enabled Sam-
gered a far-reaching corrup- sung’s now-Chairman Lee
tion scandal. Jae-yong to increase his con-
The compensation equates trol over the conglomerate.
to roughly 7% of the damages Elliott had opposed the
initially sought by the invest- merger, saying it hurt share-
ment firm, South Korea’s Min- holders. Samsung ultimately
istry of Justice said. South Ko- won approval, with a decisive
rea must also pay Elliott vote of support from South
about eight years’ worth of Korea’s state-owned National
compound annual interest at a Pension Service.
5% rate, and $28.9 million for The ensuing political scan-
legal fees, while Elliott has to dal led to jail terms for the
pay the state some $3.5 mil- country’s former president
lion for legal bills. Park Geun-hye and Samsung’s
Elliott Management didn’t Lee on charges of bribing the
have an immediate comment. government in exchange for
The firm has fought a series its support for the merger.
of lengthy battles, including a Lee received a presidential
15-year contest with Argen- pardon last year that wiped
tina over a debt default. his records clean. He was ap-
Tuesday’s decision came pointed chairman of Samsung
from the Netherlands-based Electronics, the smartphone
Permanent Court of Arbitra- and semiconductor giant,
tion. Elliott had lodged an in- months later.
Clinics
Continued from page B1
sign of how popular Ozempic—
and two other Novo Nordisk
medicines called Wegovy and
Rybelsus—have become after
researchers found their main
ingredient could help certain
overweight people lose pounds
and celebrities began touting
their benefits.
“We’re trying to eliminate
any confusion and any poten-
tial deception that could be out
there,” said Doug Langa, who
oversees Novo Nordisk’s North
America operations. He said
the company hopes that it will
send a message to other spas
and clinics that the drugmaker
won’t tolerate efforts to por-
tray compounded products as
the real thing.
Novo Nordisk filed the law-
suits against Champion Health
and Wellness Clinics, which op-
erates in Houston; Effinger
Health’s Nuvida RX Weight
Loss clinic in Tallahassee, Fla.;
Ekzotika’s Cosmetic Laser Pro-
fessionals Med Spa in Miami;
Flawless Image Medical Aes-
thetics operating in East Syra-
cuse, N.Y.; and Pro Health In-
Novo Nordisk’s Ozempic has taken off in popularity.
vestments in Memphis,
Tennessee.
Dr. Phillip Din, the owner of
Flawless Image, said the com-
pany hasn’t seen much interest
in semaglutide injections but
rather writes a large number of
prescriptions for patients to
get Wegovy or Ozempic from a
pharmacy. The other compa-
nies didn’t respond to requests
for comment.
Ozempic and Rybelsus were
approved by the Food and Drug
Administration to treat diabe-
tes, while Wegovy was cleared
for chronic weight manage-
ment in people who are over-
weight and have a related con-
dition such as high blood
pressure. All three drugs con-
tain the main ingredient sema-
glutide. Their use has taken off,
even among people who
wouldn’t meet the FDA’s crite-
ria for who should take them.
Demand increased so much,
so quickly that Novo Nordisk
terfeit pen for injecting Ozem-
pic that actually contains a
different diabetes medicine and
reportedly resulted in an ad-
verse reaction.
The company said it had
sent cease-and-desist letters to
medical spas, clinics and phar-
macies selling products they
couldn’t keep up with it. To get said contained semaglutide.
the drugs, many would-be cus- The company sued five spas
tomers turned to spas, clinics and clinics in federal courts in
and pharmacies that said they Florida, Texas, Tennessee and
sold custom-made versions of New York. It said the firms
semaglutide. The bespoke man- bought, from compounding
ufacturing is known as com- pharmacies, drugs purporting
pounding. to contain semaglutide.
Some of the businesses also The company alleged the
charged less than Novo Nor- spas and clinics engaged in un-
disk, which lists the drugs for lawful marketing, promotional
as much as $1,350 a month. and sales practices, such as us-
Novo Nordisk, which has ing Novo Nordisk trademarks
patents on the drugs that are and falsely stating their com-
supposed to protect against pounded drugs were genuine
sales of copies, has said the Novo Nordisk products or FDA
sales have spurred confusion approved.
among consumers and exposed —Peter Loftus
them to safety risks. The com- and Liz Essley Whyte
pany said it has gotten safety contributed to this article.
reports related to use of com-
pounded semaglutide.
The FDA has also said it re- Watch a Video
ceived safety reports regarding Scan this code
people who had taken com- to watch a
pounded semaglutide, and has video on the
said some compounded prod- science behind
ucts contained a different in- Ozempic.
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | B5
B6 | Wednesday, June 21, 2023
Rate Hikes Risk Boosting Housing Costs
Fewer builders are
starting new homes
amid high prices for
materials and loans
BY KONRAD PUTZIER
Central banks in the West
are fighting inflation today at
the risk of boosting inflation
in the future.
The Federal Reserve, Euro-
pean Central Bank and policy
makers in other developed
countries are trying to stop
surging price growth by rais-
ing short-term interest rates,
something that pushes mort-
gage rates higher. But these
efforts threaten to choke off
construction and worsen
housing shortages. That could
push up inflation in the years
ahead through higher rents
and home prices.
In North America and Eu-
rope, higher rates are already
contributing to an easing in
construction. New building
permits for private housing in
the U.S. fell by a seasonally
adjusted 21.1% in April com-
pared with a year earlier,
while construction starts were
down 22.3%, according to the
Census Bureau.
Residential building per-
mits have also been falling in
the eurozone—down 13% in
the fourth quarter of 2022
from a year earlier—and con-
struction is slowing, accord-
ing to a Moody’s Analytics
analysis of Eurostat data.
High interest rates hurt
construction because they
make it more expensive for
developers to build. They also
make it more expensive for
households to buy homes, hit-
ting demand for new housing
and leading some developers
to delay projects.
Some economists and real-
estate developers expect
building activity to drop fur-
ther if rates stay high. The
Fed held interest rates steady
in June, but two more rate in-
creases are expected this year,
Office
Surplus
In Valley
Continued from page B1
this year when it said it was
rethinking when it would
break ground on its planned
Downtown West project in
that city, which is slated to
take up 80 acres and provide
space for up to 25,000 em-
ployees.
Several big tech companies,
including Amazon, Lyft, and
Salesforce, are calling their
workforces back to the office
at least part time, according
to Scoop Technologies, a soft-
ware firm that monitors work-
place strategies.
Google, which requires
most workers to be in the of-
fice three days a week, re-
cently sent a companywide
email telling workers that of-
fice attendance would be a
part of performance reviews.
But such return-to-office
Modelo Was Primed to Take Top Spot From Bud Light
BY JENNIFER MALONEY
When a boycott tanked Bud
Light’s sales this spring, a for-
mer also-ran was lurking to
unseat it as the bestselling
beer in America.
Modelo Especial, a Mexican
import sold by Constellation
Brands, wasn’t a top-10 U.S.
beer as recently as a decade
ago. Its ascent is a product of
shifting demographics, chang-
ing consumer tastes, savvy
marketing and, most recently,
a culture-war storm.
In April, transgender in-
fluencer Dylan Mulvaney
posted an image on Insta-
gram of a personalized Bud
Light can that the brand had
sent her as a gift. The uproar
that followed, and further
anger over Anheuser-Busch
InBev’s response, have bat-
tered the sales of Anheuser-
Busch brands including Bud
Light, Budweiser and Mich-
THE PROPERTY REPORT
New building permits for private housing in the U.S. fell by a seasonally adjusted 21.1% in April compared with a year earlier.
which would lift them to a 22-
year high. The ECB last week
raised rates again and indi-
cated further increases.
The slowdown in construc-
tion comes as many developed
countries are already strug-
gling with housing shortages
and rising rents, a key compo-
nent of inflation.
In the U.S., shelter ac-
counts for about a third of the
consumer-price index and was
a key force behind rising
prices over the past year. In
high-cost cities, where house-
holds often spend more than a
third of their income on rent,
the impact has been greater.
“Shelter is the 800-pound
gorilla within the CPI,” said
Sam Khater, chief economist
at Freddie Mac.
In theory, higher mortgage
rates and a slowdown in prop-
erty development should lead
to lower construction and
Office-vacancy rates in Silicon Valley up to 17% in June from 11% in 2019.
policies haven’t stopped the
firms from slashing their of-
fice footprints—a trend that
can be seen playing out in the
sublease market, where a re-
cord 7.6 million square feet of
office space is available in Sili-
con Valley, up from 2.7 million
elob Ultra.
Modelo surpassed Bud
Light in dollar sales in the
month of May, with 8.4% of
U.S. retail-store beer sales in
the four weeks ended June 3,
compared with 7.3% for Bud
Light, according to an analysis
of Nielsen data by consulting
firm Bump Williams.
“We’ve been very fortunate
that that’s gone a little
quicker than we had antici-
pated,” Constellation Chief Ex-
ecutive Bill Newlands said at
an analyst conference at the
end of May. “But what a great
position to be in.”
Bud Light in 2001 dethroned
Budweiser as the reigning beer
in the U.S., according to indus-
try-tracking firm Beer Mar-
keter’s Insights. But in recent
years, Bud Light’s U.S. sales
have fallen as drinkers
switched to craft beers, Mexi-
can import brands, hard selt-
zers and canned cocktails.
New building permits for
private housing in the U.S.,
change from a year earlier
60%
40
20
0 materials.
–20
–40 Monthly
2020 ’21 ’22
Note: Seasonally adjusted annual rate
Source: U.S. Census Bureau
land costs as fewer builders
compete for sites, materials
and workers. But that hasn’t
happened yet.
“Traditionally land prices
are very sticky,” said Ali Wolf,
in 2019, according to CoStar.
“Tech companies have done
their research,” said Nigel
Hughes , a CoStar senior
market analyst, “and they’re
starting to let space go.”
Google recently made avail-
able for sublease 1.3 million
BUSINESS NEWS
Modelo, meanwhile, has
been on the rise.
Constellation has held a li-
cense to sell Modelo in the
U.S. since 2013, when AB In-
Bev, seeking to gain clearance
from U.S. regu-
lators for its
acquisition of
Mexican brewer
Grupo Modelo, surpassed Bud
sold Constella-
tion a Mexican Light in U.S.
brewery and
perpetual U.S.
dollar sales
licensing rights
for brands in-
cluding Modelo
and Corona.
At the time, Corona was a
well-established brand in the
U.S., popular among drinkers of
many ethnicities. Modelo didn’t
rank among the top-10 U.S.
beer brands. But it turned out
to be highly popular among
Hispanic people—a demo-
graphic that in the U.S. was
chief economist at housing- from less than 1% to almost
data and consulting company 4%, Pakleppa said. Higher
Zonda. Owners of vacant land costs make it harder to turn a
are often patient and prefer to profit with new construction,
wait until prices rise again so fewer developers are build-
rather than sell at a bargain ing.
today, preventing prices from Apartment construction or-
falling. ders in Germany fell by 37.9%
Meanwhile construction in real terms in March com-
costs are still high because of pared with a year earlier, ac-
labor shortages and expensive cording to the country’s fed-
eral statistical agency.
Before Russia’s attack on Germany’s federal govern-
Ukraine last year, Germany’s ment earlier this year said it
construction industry got expects to miss its target of
much of its steel from Russia, building 400,000 new apart-
Belarus and Ukraine, and ments a year.
’23 switching to new sources has Vonovia, Germany’s biggest
been more expensive, said Fe- for-profit apartment landlord,
lix Pakleppa, head of the trade said that it will no longer
group German Construction start any new projects this
Confederation. year, citing higher inflation
On top of that, the ECB’s and interest rates. Chief Exec-
decision to raise rates to fight utive Rolf Buch said the com-
inflation has roughly quadru- pany will start new projects
pled the annual interest on “when the math works again,”
typical construction loans, but cautioned that he doesn’t
Office space in Silicon Valley/
San Jose available on the
sublease market
7 million sq. ft.
6
5
4 It hasn’t worked out that
3 one of the lowest return-to-
2
CAROLYN FONG FOR THE WALL STREET JOURNAL
1 curity swipes in office
0 June, the return rate in San
2018 ’19 ’20 ’21
Note: 2023 figure as of June
as it lays off workers and
moves to a hybrid workplace.
Meta recently put on the
market an additional 700,000
square feet of Silicon Valley of-
fice space related to shutting
square feet of office space in offices in Sunnyvale, according
Mountain View and Moffett to brokers. The company said
Park. last year that it was taking $2
The move was part of a billion in charges to consoli-
program Google announced in date offices as it downsized.
February, when it said it Many large tech companies
would incur $500 million in went on hiring binges during
costs to reduce its office space the early years of the pan-
growing in numbers and in grandmother toiling over
purchasing power. Modelo, homemade tortillas, a bodega
which is in a more premium owner helping customers, and
tier than American light lagers garage-band musicians trying
like Bud Light, benefited from a to make the big time.
trend of consumers trading up In Constellation’s 2019 fis-
to more expen- cal year, 70% of Modelo’s con-
sive drinks. sumers were Hispanic, accord-
In 2018, ing to Constellation. The
Modelo Modelo over- company was working to
took Corona broaden its mass-market ap-
Extra in retail- peal, however, and by the end
store dollar of the 2021 calendar year,
sales, becoming Modelo Especial had passed
the No. 6 beer fast-growing AB InBev brand
in May. in the U.S., ac- Michelob Ultra to land the No.
cording to Jenn 2 spot by retail-store dollar
Litz-Kirk, direc- sales, according to Litz-Kirk.
tor of content Some 45% of Modelo’s con-
for Beer Business Daily, an in- sumer base is now non-His-
dustry tracking firm. Modelo’s panic, Constellation said.
growth then accelerated, as Modelo is the top brand in
Constellation pushed for more California as well as in metro-
store-shelf space for Modelo politan areas such as Chicago,
and leaned into a Modelo ad- Dallas and Baltimore, the com-
vertising campaign called pany said. About 19% of the
“The Fighting Spirit.” Televi- U.S. population is Hispanic or
sion ads have featured a Latino, according to the U.S.
THE WALL STREET JOURNAL.
know when that will be.
Buch said the consequences
of less housing construction
would be “brutal” as more
households struggle to find
homes, adding, “This is a ca-
tastrophe for German soci-
ety.”
Most economists say that
central banks have no choice
but to raise rates if they want
to bring prices under control,
even if it comes at the cost of
less housing construction.
“Inflation is issue number
one and that probably does
mean policy makers in the
short term have to shut their
eyes and really kind of ignore
what’s happening,” Wolf
said.
During previous periods of
high interest rates, govern-
ments often managed to keep
DAVID PAUL MORRIS/BLOOMBERG NEWS
construction going. In the de-
cades after World War II, the
U.S. federal government built
hundreds of thousands of
public-housing units, meaning
it could add to supply even at
times when higher rates made
it harder for private develop-
ers to build.
And in the early 1980s,
around the time when the Fed
raised rates quickly to fight
inflation, Congress changed
tax rules to make rental-
apartment development more
profitable. The tax change
helped cause a construction
boom that ultimately contrib-
uted to a property bubble and
financial crisis but also cre-
ated plenty of housing.
Today, with Congress di-
vided, federal intervention on
that scale is unlikely, shifting
the onus to the local level.
Freddie Mac’s Khater said
more state and local govern-
ments could lift zoning re-
strictions and expedite per-
mitting for new housing to
encourage construction and
address chronic shortages.
“More and more of the
problem that [the Fed is] fac-
ing is related to housing,” he
said. “And that problem is
something that they cannot
tackle on their own at all.”
demic as business boomed.
Even though they allowed
most of their employees to
continue working from home,
they held on to their office
space anticipating that they
would need it when their ex-
panded workforce returned to
their prepandemic spaces.
way. Silicon Valley has had
office rates, according to Kas-
tle Systems, which tracks se-
buildings. In the first week in
’22 ’23
Jose was 39% of its prepan-
demic level, the lowest of the
Source: CoStar 10 cities Kastle tracks. The
average was 50%.
Falling office demand isn’t
limited to the Valley’s tech gi-
ants. Vacancy along Sand Hill
Road, one of the world’s most
prestigious addresses for ven-
ture-capital firms, has more
than tripled since 2019 to
about 14%, according to CBRE.
Andreessen Horowitz, one of
the largest venture-capital
firms, still maintains offices
on Sand Hill Road, but said it
was operating “primarily vir-
tually.”
Census Bureau. And that de-
mographic represents about
21% of beer consumption, ac-
cording to AB InBev.
Modelo and Michelob Ultra
were on track to overtake Bud
Light. But before the boycott
this spring, a reshuffling of
U.S. beer rankings appeared to
be at least a year away.
Now that Modelo has
reached the top spot, New-
lands said he sees more room
for Modelo to grow. Modelo’s
household penetration hasn’t
yet reached that of Corona Ex-
tra, he said. “So, there’s just
so many opportunities to con-
tinue to extend that fran-
chise,” he said.
Bud Light’s total sales over
the first five months of the
year are still higher than any
other beer, AB InBev said. But
some Bud Light distributors
said they believe the brand
may be permanently de-
throned.
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | B7

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Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AvisBudget CAR 224.14 19.85 Biogen BIIB 293.79 -3.69 CME Group CME 182.69 -1.42 CheckPoint CHKP 128.47 -2.44 Confluent CFLT 33.72 -0.97 Datadog DDOG 96.68 0.93
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four AxaltaCoating AXTA 32.10 -0.36 BioMarinPharm BMRN 95.21 -1.08 CMS Energy CMS 60.13 -0.61 Chemed CHE 540.92 -5.74 ConocoPhillips COP 102.03 -2.89 DaVita DVA 97.91 0.29
that include primary market trades as well as quarters. AxonEnterprise AXON 204.77 2.41 BioNTech BNTX 109.94 -2.61 CNA Fin CNA 38.35 -0.16 CheniereEnergy LNG 148.93 0.25 ConEd ED 92.02 -0.95 DeckersOutdoor DECK 508.35 -4.37
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. BCE BCE 45.13 -0.57 BlackKnight BKI 58.34 0.96 CNH Indl CNHI 14.30 -0.23 CheniereEnerPtrs CQP 46.40 -0.67 ConstBrands A STZ 243.74 -2.29 Deere DE 407.98 0.35
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing BHP Group BHP 62.36 -0.81 BlackRock BLK 690.95 -11.83 CRH CRH 52.85 -0.29 ChesapeakeEner CHK 81.01 -1.35 ConstellationEner CEG 91.99 -0.90 DellTechC DELL 49.33 -0.34
Nasdaq ISE. standards BILL BILL 111.81 0.55 Blackstone BX 90.62 -0.51 CSX CSX 32.91 -0.30 Chevron CVX 153.68 -3.58 Cooper COO 369.13 1.72 DeltaAir DAL 42.48 -0.31
The list comprises the 1,000 largest companies lf-Late filing BJ'sWholesale BJ 61.24 0.17 Block SQ 66.80 0.29 CVS Health CVS 68.67 0.95 ChewyA CHWY 38.34 -1.30 Copart
based on market capitalization. q-Temporary exemption from Nasdaq CPRT 87.77 0.49 DentsplySirona XRAY 39.22 -0.51
BP BP 35.07 -0.28 BlueOwlCapital OWL 11.58 0.03 CadenceDesign CDNS 232.53 -3.31 Chipotle CMG 2049.80 16.88 Core&Main CNM 28.84 0.27 DescartesSystems DSGX 78.22 -0.31
Underlined quotations are those stocks with requirements. Baidu BIDU 143.52 -1.59 Boeing BA 212.37 -7.62 CAE CAE 21.75 0.22 Chubb CB 193.27 -1.67 CorebridgeFin CRBG 16.53 0.06 DeutscheBank DB 10.20 -0.22
large changes in volume compared with the t-NYSE bankruptcy BakerHughes BKR 29.80 -0.77 Booking BKNG 2636.65 -4.34 CaesarsEnt CZR 49.19 0.35 ChunghwaTel CHT 40.59 -0.29 Corning
issue’s average trading volume. v-Trading halted on primary market. GLW 34.90 -0.95 DevonEnergy DVN 48.27 -1.53
Ball BALL 56.00 -2.43 BoozAllen BAH 109.55 0.94 CamdenProperty CPT 111.58 -1.53 Church&Dwight CHD 94.43 -1.73 Corteva CTVA 56.54 -0.69 DexCom DXCM 129.97 -0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being
BancoBilbaoViz BBVA 7.36 -0.09 BorgWarner BWA 46.39 -2.21 Cameco CCJ 31.95 0.19 ChurchillDowns CHDN 135.39 -1.00 Cosan CSAN 14.64 0.06 Diageo DEO 170.39 -3.07
whose price changed by 5% or more if their reorganized under the Bankruptcy Code,
BancoBradesco BBDO 3.00 ... BostonProps BXP 54.11 -0.93 CampbellSoup CPB 45.79 -0.63 Ciena CIEN 43.05 -1.26 s CoStar CSGP 85.31 1.17 DiamondbkEner FANG 126.97 -1.77
previous closing price was $2 or higher. or securities assumed by such companies.
BancodeChile BCH 20.69 -0.56 BostonSci BSX 54.04 -0.28 CIBC CM 43.16 -0.99 Cigna CI 270.05 1.22 Costco COST 519.70 -3.95 Dick's DKS 135.58 0.48
s BancSanBrasil BSBR 6.46 0.07 BoydGaming BYD 68.36 0.36 CanNtlRlwy CNI 117.40 -1.55 CincinnatiFinl CINF 98.93 -1.97 CoterraEnergy CTRA 24.44 -0.77 DigitalRealty DLR 104.90 -0.28
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BcoSantChile BSAC 19.09 -0.15 BristolMyers BMY 66.03 -0.13 CanadianNatRscs CNQ 53.33 -1.68 Cintas CTAS 484.44 -6.92 Coty DiscoverFinSvcs DFS 115.53 0.21
changes in the closing prices from 4 p.m. the previous day. COTY 12.21 -0.23
BancoSantander SAN 3.46 -0.03 BritishAmTob BTI 32.67 -0.15 CdnPacKC CP 77.56 -0.96 CiscoSystems CSCO 51.55 -0.52 Coupang CPNG 17.20 -0.08 Disney DIS 89.75 -1.57
BanColombia CIB 27.29 -0.17 BrixmorProp BRX 21.47 -0.33 CapitalOne COF 109.12 -0.95 Citigroup C 47.61 -0.58 Credicorp BAP 149.05 -0.24 DocuSign DOCU 52.01 -1.84
Tuesday, June 20, 2023 Net Net BankofAmerica BAC 28.87 -0.32 Broadcom AVGO 868.03 -0.08 s CardinalHealth CAH 91.24 -0.01 CitizensFin CFG 27.20 -0.06
Crocs CROX 105.95 -4.00 DolbyLab DLB 84.47 0.49
Net Stock Sym Close Chg Stock Sym Close Chg BankofMontreal BMO 89.21 -1.00 BroadridgeFinl BR 158.78 -2.02 Carlisle CSL 239.56 -0.02 s CleanHarbors CLH 158.19 1.52
CrowdStrike CRWD 152.08 -3.06 DollarGeneral DG 164.99 0.67
BankNY Mellon BK 44.36 -0.29 BrookfieldAsset BAM 32.71 -0.55 Carlyle CG 31.37 -0.01 Cleveland-Cliffs CLF 16.44 -0.03 CrownCastle CCI 112.45 -2.16 DollarTree DLTR 136.54 0.32
Stock Sym Close Chg Alibaba BABA 87.93 -4.17 AB InBev BUD 56.76 -1.45 BankNovaScotia BNS 49.35 -0.81 Brookfield BN 32.78 -0.76 CarMax KMX 78.59 -1.04 Clorox CLX 155.47 -1.07 CrownHoldings CCK 87.98 -0.83 DominionEner D 53.17 -0.16
AlignTech ALGN 331.43 1.14 AnnalyCap NLY 20.53 -0.06 Barclays BCS 7.93 ... BrookfieldInfr BIP 35.24 -0.17 Carnival CCL 15.90 0.10 Cloudflare NET 67.18 -0.45 CubeSmart CUBE 44.60 -0.03 Domino's
A B C Allegion ALLE 118.22 -0.21 AnteroResources AR 21.55 -0.91 BarrickGold GOLD 16.05 -0.66 BrookfieldRenew BEPC 32.44 -0.45 Carnival CUK 14.33 0.11 Coca-Cola KO 61.26 -0.41 Cullen/Frost CFR 110.89 -0.82 Donaldson
DPZ 325.54 -5.87
DCI 61.01 -0.74
ACM 86.42 -0.25 AllegroMicro ALGM 41.76 1.60 Aon AON 328.95 -0.43 Bath&BodyWks BBWI 38.80 -0.15 Brown&Brown BRO 66.05 -0.20 CarrierGlobal CARR 47.61 0.73 Coca-ColaEuro CCEP 65.17 -0.18
AECOM
Bausch+Lomb BLCO 19.48 -0.12 Brown-Forman A BF.A 66.47 -0.44 CaseysGenStores CASY 218.53 -1.09 Cognex Cummins CMI 233.13 -2.68 DoorDash DASH 73.00 -0.26
AES AES 21.01 -0.33 AlliantEnergy LNT 52.96 -0.78 ApellisPharm APLS 88.16 -1.11 CGNX 54.87 -0.88 Curtiss-Wright CW 175.59 -0.93 Dover DOV 143.43 -4.30
BaxterIntl BAX 44.94 -0.42 Brown-Forman B BF.B 64.83 -0.57 Catalent CTLT 44.26 0.15
Aflac AFL 67.80 -1.63 Allstate ALL 108.61 -2.56 ApolloGlbMgmt APO 76.40 -0.68 CognizantTech CTSH 64.64 -0.44 Dow DOW 51.92 -1.24
AGCO AGCO 132.33 0.46 AllyFinancial ALLY 27.80 -0.57 AppFolio APPF 172.63 -0.61 BectonDicknsn BDX 256.47 -2.16 Bruker BRKR 75.39 -0.09 Caterpillar CAT 241.15 -4.12 s Coherent COHR 55.31 0.44 D E F
DrReddy'sLab RDY 60.41 0.14
AAPL 185.01 0.09 BeiGene BGNE 191.57 -8.64 s BuildersFirst BLDR 126.76 5.35 Celanese CE 108.82 -5.18 CoinbaseGlbl COIN 57.09 1.50
AMC Ent AMC 4.59 -0.11 AlnylamPharm ALNY 201.60 0.03 Apple DraftKings DKNG 24.76 0.25
Alphabet A GOOGL 123.10 -0.43 ApplMaterials AMAT 138.52 -0.41 BentleySystems BSY 53.00 -0.29 Bunge BG 93.51 -2.92 CelsiusHldg CELH 141.36 -3.08 ColgatePalm CL 77.62 -0.16 DTE Energy DTE 113.19 -0.93 Dropbox DBX 25.95 -0.02
Ansys ANSS 331.31 -3.06
APA APA 33.50 -0.88 Alphabet C GOOG 123.85 -0.21 Applovin APP 23.58 -0.39 Berkley WRB 58.45 -0.83 BurlingtonStrs BURL 151.01 -0.54 Cemex CX 7.02 -0.18 Comcast A CMCSA 40.64 -0.56 Danaher DHR 236.60 -5.20 DukeEnergy DUK 90.95 -1.23
ASE Tech ASX 8.80 -0.05 Altria MO 43.47 -0.60 Aptargroup ATR 115.71 -1.44 BerkHathwy A BRK.A 5150001000.00 s CACI Intl CACI 327.92 2.23 CenovusEnergy CVE 16.40 -0.25 SABESP SBS 11.53 0.37 Darden DRI 165.82 -0.19 Continued on Page B10
ASML ASML 720.41 -1.47 Amazon.com AMZN 125.78 0.29 Aptiv APTV 100.16 -1.28 BerkHathwy B BRK.B 338.67 0.36 CBRE Group CBRE 76.94 -0.87 Centene CNC 65.92 0.26
AT&T T 15.78 -0.28 Ambev ABEV 3.11 0.02 Aramark ARMK 40.47 -0.06 BerryGlobal BERY 62.77 -1.95 CCC Intelligent CCCS 10.80 -0.10 CenterPointEner CNP 29.08 -0.10
AbbottLabs ABT 106.70 0.50 Amcor AMCR 10.19 -0.16 ArcelorMittal MT 27.21 -0.91 BestBuy BBY 78.82 -0.97 CDW CDW 177.30 -0.85 CentraisElBras EBR 8.18 0.17
ABBV 137.82 -0.82 Amdocs DOX 96.76 -0.84 ArchCapital ACGL 70.79 -0.37 Bilibili BILI 15.97 -1.50 CF Industries CF 71.75 0.48 CeridianHCM CDAY 67.36 0.28
AbbVie
AcadiaHealthcare ACHC 72.92 -0.23 Ameren AEE 82.88 -1.20 ADM ADM 74.08 -1.40 Bio-Techne TECH 77.43 -1.06 CGI A GIB 103.02 -1.56 CharlesRiverLabs CRL 209.53 -0.46 Cash Prices Tuesday, June 20, 2023
Accenture ACN 317.40 -2.14 AmericaMovil AMX 21.89 -0.13 AresMgmt ARES 93.38 -1.05
ActivisionBliz ATVI 81.89 -0.08 AmerAirlines AAL 16.32 -0.16 argenx ARGX 401.29 1.35 These prices reflect buying and selling of a variety of actual or “physical”
ADBE 485.86 -9.32 AEP AEP 84.54 -0.39 AristaNetworks ANET 154.50 -3.29
Adobe
AdvDrainageSys WMS 112.38 1.86 AmerExpress AXP 169.41 -2.80 ArrowElec ARW 138.11 -0.34 Borrowing Benchmarks commodities in the marketplace—separate from the futures price on an
AdvMicroDevices AMD 118.93 -1.15 AmericanFin AFG 115.41 -0.98 AspenTech AZPN 166.35 -0.98
wsj.com/market-data/bonds/benchmarks exchange, which reflects what the commodity might be worth in future
Aegon AEG 4.76 -0.03 AmHomes4Rent AMH 35.08 -0.32 Assurant AIZ 129.41 -2.03
AerCap AER 60.97 -0.23 AIG AIG 56.08 -1.22 AstraZeneca AZN 73.95 -1.27 months.
AgilentTechs A 118.16 -2.97 AmerTowerREIT AMT 190.05 -2.84 Atlassian TEAM 175.83 -1.97
Tuesday Tuesday
agilon health AGL 17.23 -0.13 AmerWaterWorks AWK 148.11 -0.87 AtmosEnergy ATO 115.91 -1.09
AgnicoEagleMines AEM 48.73 -2.27 AmericoldRealty COLD 31.89 -0.16 Autodesk ADSK 211.99 -1.51 Money Rates June 20, 2023
Energy Grains and Feeds
AirProducts APD 289.30 -3.87 Ameriprise AMP 322.13 -2.87 Autoliv ALV 84.99 -3.14
Airbnb ABNB 126.45 -2.23 s AmerisourceBrgn ABC 184.49 1.48 ADP ADP 220.28 -1.04 Key annual interest rates paid to borrow or lend money in U.S. and Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.500 Barley,top-quality Mnpls-u n.a.
AkamaiTech AKAM 90.68 -0.82 Ametek AME 155.34 -0.57 AutoNation AN 150.02 0.86
Albemarle ALB 232.22 4.05 Amgen AMGN 228.59 -1.07 AutoZone AZO 2453.07 -40.76 international markets. Rates below are a guide to general levels but Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.450 Bran,wheat middlings, KC-u,w 135
Albertsons ACI 21.44 0.07 Amphenol APH 81.05 -1.10 Avalonbay AVB 190.20 -2.25 don’t always represent actual transactions. Corn,No. 2 yellow,Cent IL-bp,u 6.3500
Alcon ALC 80.40 -0.87 AnalogDevices ADI 187.98 -0.38 Avangrid AGR 37.89 -0.77
Metals Corn gluten feed,Midwest-u,w 159.3
AlexandriaRlEst ARE 114.04 -1.41 AngloGoldAsh AU 23.19 -0.97 Avantor Week —52-WEEK—
AVTR 19.65 -0.30 Inflation Latest ago Gold, per troy oz
High Low
Corn gluten meal,Midwest-u,w 506.9
May index Chg From (%) Engelhard industrial 1944.00 Cottonseed meal-u,w 363
Federal funds Handy & Harman base 1930.45 Hominy feed,Cent IL-u,w 185
level April '23 May '22
Key Interest Rates U.S. consumer price index
Effective rate n.a. 5.0800 5.1000 1.5800
Handy & Harman fabricated
LBMA Gold Price AM
2142.80
*1954.35
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
438
4.2700
Data are annualized on a 360-day basis. Treasury yields are per annum, High 5.4000 5.4000 5.4000 1.7000 LBMA Gold Price PM *1951.15 Rice, Long Grain Milled, No. 2 AR-u,w 37.25
All items 304.127 0.25 4.0 Low 5.0600 5.0500 5.0800 1.5500 Krugerrand,wholesale-e 2013.44 Sorghum,(Milo) No.2 Gulf-u n.a.
on actively traded noninflation and inflation-indexed issues that are Core 308.096 0.39 5.3 Bid 5.0800 5.0700 5.0800 1.5200 Maple Leaf-e 2032.80 SoybeanMeal,Cent IL,rail,ton48%-u,w 421.40
adjusted to constant maturities. Data are from weekly Federal Reserve American Eagle-e 2032.80 Soybeans,No.1 yllw IL-bp,u 14.5800
International rates Offer 5.1100 5.0800 5.1200 1.5800
release H.15. Mexican peso-e 2342.24 Wheat,Spring14%-pro Mnpls-u 10.2150
Week Ended 52-Week Week Ended 52-Week Treasury bill auction Austria crown-e 1900.67 Wheat,No.2 soft red,St.Louis-u 7.0125
Week 52-Week Austria phil-e 2032.80
Jun 16 Jun 9 High Low Jun 16 Jun 9 High Low Latest High Low 4 weeks 5.010 5.090 5.840 1.100 Wheat - Hard - KC (USDA) $ per bu-u 9.0100
ago
6-month 5.36 5.42 5.48 2.30 13 weeks 5.130 5.150 5.300 1.670 Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 7.5000
Federal funds (effective) 1-year 5.23 5.16 5.23 2.83 Engelhard industrial 23.6500
5.08 5.08 5.08 0.83
Prime rates 26 weeks 5.170 5.155 5.290 2.390 Food
2-year 4.66 4.53 4.89 2.94 Handy & Harman base 23.1320
3-year 4.17 4.57 2.91 U.S. 8.25 8.25 8.25 4.75 Handy & Harman fabricated 28.9150 Beef,carcass equiv. index
Commercial paper 4.28 Secondary market
5-year 3.97 3.88 4.32 2.80 Canada 6.95 6.70 6.95 3.70 LBMA spot price *£18.7000 choice 1-3,600-900 lbs.-u 302.89
Nonfinancial 7-year 3.88 3.81 4.23 2.78 Japan 1.475 1.475 1.475 1.475 Fannie Mae (U.S.$ equivalent) *23.9500 select 1-3,600-900 lbs.-u 275.83
1-month 5.09 5.12 5.12 1.40 10-year 3.78 3.73 4.12 2.72 Coins,wholesale $1,000 face-a 21556 Broilers, National comp wtd. avg.-u,w 1.3696
30-year mortgage yields
2-month 5.16 5.18 5.21 1.79 Policy Rates
3-month
20-year 4.06 4.05 4.44 3.19 30 days 6.098 6.097 6.812 4.321 Other metals Butter,AA Chicago-d 2.3500
n.a. 5.20 5.20 2.35
Euro zone 3.75 3.75 3.75 0.00 60 days 6.104 6.102 6.988 4.390
LBMA Platinum Price PM *983.0 Cheddar cheese,bbl,Chicago-d 151.00
Financial Treasury yields (secondary market) Switzerland 2.00 2.00 2.00 0.25 Platinum,Engelhard industrial 968.0 Cheddar cheese,blk,Chicago-d 137.75
1-month 5.15 5.09 5.15 1.42 Palladium,Engelhard industrial 1410.0 Milk,Nonfat dry,Chicago lb.-d 115.50
1-month 5.03 5.03 5.62 1.06 Britain 4.50 4.50 4.50 1.25 Other short-term rates
2-month 5.26 5.19 5.26 1.75 Aluminum, LME, $ per metric ton *2195.0 Coffee,Brazilian,Comp-y 1.8023
3-month 5.22 5.21 5.25 1.93 3-month 5.10 5.15 5.25 1.62 Australia 4.10 4.10 4.10 0.85
6-month 5.13 5.19 5.25 2.23 Week 52-Week Copper,Comex spot 3.8785 Coffee,Colombian, NY-y 2.1481
Discount window primary credit Overnight repurchase Latest ago high low Iron Ore, 62% Fe CFR China-s n.a. Eggs,large white,Chicago-u 1.1150
TIPS Shredded Scrap, US Midwest-s,m n.a. Flour,hard winter KC-p 22.05
5.25 5.25 5.25 1.75 U.S. 5.11 5.09 5.12 0.71
5-year 1.83 1.74 1.83 0.14 Call money Steel, HRC USA, FOB Midwest Mill-s n.a. Hams,17-20 lbs,Mid-US fob-u 0.88
Treasury yields at constant 7-year 1.68 1.62 1.70 0.18 U.S. government rates Battery/EV metals Hogs,Iowa-So. Minnesota-u 88.26
maturities 10-year 1.58 1.53 1.66 0.24 7.00 7.00 7.00 3.50
BMI Lithium Carbonate, EXW China, =99.2%-v,w 43475 Pork bellies,12-14 lb MidUS-u 1.2369
1-month 5.19 5.19 5.81 1.09 20-year 1.59 1.58 1.70 0.53 Discount Commercial paper (AA financial) BMI Lithium Hydroxide, EXW China, =56.5% -v,w 42625 Pork loins,13-19 lb MidUS-u 1.0790
3-month 5.36 5.41 5.52 1.67 Long-term avg 1.70 1.71 1.94 0.87 5.25 5.25 5.25 1.75 BMI Cobalt sulphate, EXW China, >20.5% -v,m 5041 Steers,Tex.-Okla. Choice-u n.a.
90 days n.a. 5.20 5.29 2.10
BMI Nickel Sulphate, EXW China, >22%-v,m 4512 Steers,feeder,Okla. City-u,w 253.50
Notes on data: Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Libor BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 688
Fats and Oils
U.S. prime rate is the base rate on corporate
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by loans posted by at least 70% of the 10 largest One month 5.15414 5.19329 5.22243 1.62357 Fibers and Textiles
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Three month 5.52029 5.55200 5.55743 2.15443 Degummed corn oil, crude wtd. avg.-u,w n.a.
U.S. banks, and is effective May 4, 2023. Other
primary credit rate is charged for discounts made and advances extended under the Federal Six month 5.67400 5.65043 5.67400 2.82657 Burlap,10-oz,40-inch NY yd-n,w 0.7425 Grease,choice white,Chicago-h 0.5800
prime rates aren’t directly comparable; lending
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; practices vary widely by location; Discount rate One year 5.89786 5.80343 5.89786 3.53329 Cotton,1 1/16 std lw-mdMphs-u 0.7974 Lard,Chicago-u n.a.
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid is effective May 4, 2023. Secured Overnight Cotlook 'A' Index-t *91.65 Soybean oil,crude;Centl IL-u,w 0.6244
yields for all TIPS with remaining terms to maturity of 10 years or more; Financing Rate is as of June 19, 2023. DTCC Secured Overnight Financing Rate Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.6000
Sources: Federal Reserve; for additional information on these rate data and their derivation, GCF Repo Index is Depository Trust & Clearing 5.05 5.05 5.08 1.44 Wool,64s,staple,Terr del-u,w n.a. Tallow,edible,Chicago-u n.a.
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Corp.'s weighted average for overnight trades in
applicable CUSIPs. Value traded is in billions of Value 52-Week KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
U.S. dollars. Federal-funds rates are Tullett Latest Traded High Low Brookes; H=American Commodities Brokerage Co;
Prebon rates as of 5:30 p.m. ET. K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
BANKRATE.COM® MMA, Savings and CDs Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; FactSet;
DTCC GCF Repo Index
Treasury 5.094 27.846 5.195 1.176
S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
Coffee Organization; Z=not quoted. *Data as of 6/19
Tullett Prebon Information, Ltd. MBS 5.111 37.220 5.199 1.546 Source: Dow Jones Market Data
Average Yields of Major Banks Tuesday, June 20, 2023

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
National average
Savings 0.33 0.21 0.25 1.22 1.24 1.45 1.23 1.13 1.08 ADVERTISEMENT
Jumbos 0.76 0.23 0.27 1.35 1.33 1.57 1.36 1.23 1.19
Weekly change
Savings
Jumbos
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.04
0.03
0.01
0.01
Business Real Estate & Auctions
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

Consumer Savings Rates

ILLINOIS ILLINOIS
Below are the top federally insured offers available nationwide according to Bankrate.com's
weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
High yield savings REAL ESTATE AUCTION REAL ESTATE AUCTION•AUG. 15, 2023
JULY 20, 2023
Bank Yield Bank Yield
Phone number Minimum
Money market and savings account
(%) Phone number
Six-month CD
Minimum (%)
TWO CHICAGO AREA VACANT LAND PARCELS
CFG Community Bank
(888) 205-8388
$1,000 5.12 Bank5 Connect
(508) 679-8551
$500 5.30
136,000 SQ. FT. MULTI-STORY
DollarSavingsDirect
(866) 395-8693
Popular Direct
(800) 274-5696
$1

$100
5.00

5.00
America First FCU
(801) 627-0900
$500

Colorado Federal Savings Bank $5,000

(877) 484-2372
5.20

5.15
TROPHY PROPERTY
28301 FERRY ROAD, WARRENVILLE, IL
1.1 ACRES 5.5
IN LAKE VILLA, IL
ACRES
IN DWIGHT, IL
One-month CD One-year CD (High-Profile Chicago Suburban Locale)
VirtualBank $10,000 2.48 CFG Community Bank $500 5.42 High Visibility Across from Walmart At the Exit of I-55 and RT. 47
(877) 998-2265 (888) 205-8388 Built in 1999, with updating in 2022, and situated
Busy RT. 83 & Monaville Rd. Adjacent to Hotels, BP Gas,
Colorado Federal Savings Bank $5,000 1.00 BrioDirect $500 5.35 on approximately 19 acres with 950 parking spaces
(877) 484-2372 (877) 369-2746 Stoplight Intersection McDonald’s, Subway, etc.
Lone Star Bank $1,000 0.20 Popular Direct $10,000 5.30 and excess land in the Cantera Business Park. This
(713) 358-9400 (800) 274-5696 currently vacant property was formerly owned and PREVIOUSLY VALUED OVER PREVIOUSLY VALUED OVER
Two-month CD Two-year CD occupied by oil giant BP subsidiary Amoco Research. $800,000 $500,000
VirtualBank $10,000 2.74 Merrick Bank $25,000 4.80
(877) 998-2265 (866) 638-6851 Ideal potential uses include: school, training center,
Colorado Federal Savings Bank $5,000 0.75 CIBC Bank USA $1,000 4.75 church, data center, corporate headquarters, etc. SUGGESTED OPENING BID SUGGESTED OPENING BID
(877) 484-2372 (800) 662-7748 $250,000 $185,000
Lone Star Bank
(713) 358-9400
$1,000 0.20 First Internet Bank of Indiana $1,000
(888) 873-3424
4.70 Replacement Value in Excess of $20,000,000
Three-month CD Five-year CD Suggested Opening Bid $4,750,000 BROKER
PARTICIPATION
INVITED

FOR INFORMATION CONTACT

Merrick Bank $25,000 4.75 Popular Direct $10,000 4.53
(866) 638-6851 (800) 274-5696 On-site Inspections 11am to 2pm on June 27th, Rick Levin & Associates, Inc. | since 1991
America First FCU
(801) 627-0900
$500 4.50 First National Bank of America $1,000
(800) 968-3626
4.50 July 12 and 17 and by Appointment. 312.440.2000 | www.ricklevin.com
Popular Direct $10,000 4.50 CFG Community Bank $500 4.50
2.5%
BROKER
(800) 274-5696 (888) 205-8388 CO-OP
FOR INFORMATION CONTACT
High yield jumbos - Minimum is $100,000
Money market and savings account Six-month CD Rick Levin & Associates, Inc. | since 1991 INDIANA

CFG Community Bank 5.12 Bank5 Connect 5.30 312.440.2000 | www.ricklevin.com

(888) 205-8388 (508) 679-8551 DUAL BID
4.88 5.20 IN CONJUNCTION WITH NAI HIFFMAN
Vio Bank
(888) 999-9170
iGOBanking.com 4.85
America First FCU
(801) 627-0900
Colorado Federal Savings Bank 5.15
REAL ESTATE AUCTION • JULY 26, 2023
(800) 581-2889
One-month CD
(877) 484-2372
One-year CD
18-HOLE GOLF COURSE SITUATED ON 152 ACRES
VirtualBank
(877) 998-2265
2.48 CFG Community Bank
(888) 205-8388
5.42 WITH TREMENDOUS SINGLE-FAMILY
Colorado Federal Savings Bank
(877) 484-2372
1.00 Connexus Credit Union
(800) 845-5025
5.38
NOTABLE HOME REDEVELOPMENT POTENTIAL
Lone Star Bank
(713) 358-9400
0.20 BrioDirect
(877) 369-2746
5.35
COmmErCiAL 2323 E. 101st AVE., CROWN POINT, INDIANA
Two-month CD
VirtualBank 2.74
Two-year CD
CIBC Bank USA 4.80
prOpErTiEs (JUST 1 HOUR FROM CHICAGO)
Surrounded by new construction and fabulous area
(877) 998-2265 (800) 662-7748 every Wednesday amenities. Don’t miss this unique chance to acquire
Colorado Federal Savings Bank 0.75 Merrick Bank 4.80 prime real estate in sought-after Crown Point.
(877) 484-2372 (866) 638-6851
Lone Star Bank 0.20 Connexus Credit Union 4.76 LIST YOUR PROPERTY TOdAY ON-SITE INSPECTIONS NOON - 2 P.M. ON JULY 11, JULY 14
(713) 358-9400 (800) 845-5025
Three-month CD Five-year CD
AND JULY 19 AND BY APPOINTMENT.
SELLER FINANCING TO QUALIFIED BIDDERS
Merrick Bank 4.75 Popular Direct 4.53 BROKER PARTICIPATION INVITED
(866) 638-6851 (800) 274-5696
(800) 366-3975 LEND
America First FCU 4.50 CFG Community Bank 4.50 sales.realestate@wsj.com
BROKER
PARTICIPATION OWNEEDR
(801) 627-0900 (888) 205-8388
INVITED
FOR MORE INFORMATION CONTACT
Popular Direct 4.50 First Internet Bank of Indiana 4.49 For more information visit: JOEL ZEGART
(800) 274-5696 (888) 873-3424 wsj.com/classifieds JBS ADVISORS INC. • 312.671.7877 • jzegart@jbs-advisors.com
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
compounding and rate stated for the lowest required opening deposit to earn interest. CD Rick Levin & Associates, Inc. | since 1991
figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
which may be checks. Rates are subject to change.
312.440.2000 | www.ricklevin.com
© 2023 Dow Jones & Company, Inc. IN CONJUNCTION WITH JBS ADVISORS INC. & RICK LEVIN, LICENSED INDIANA AUCTIONEER
Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
All Rights Reserved.
Internet: www.bankrate.com
B8 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.

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Open
interest

Metal & Petroleum Futures Sept 835.00 845.50 825.75 834.50 –4.50 77,538 Dec 1.1340 1.1399 1.1320 1.1345 –.0055 495 Dec 4497.25 4497.75 4456.75 4481.25 –19.50 9,538
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
Contract Open July .6858 .6864 .6759 .6792 –.0092 580 Sept 2586.50 –17.60
Aug 234.750 235.850 231.875 232.150 –2.775 29,464 2605.60 2605.70 2572.20 38,538
Open High hi lo Low Settle Chg interest Sept .6866 .6872 .6770 .6803 –.0092 148,740
Sept 238.050 239.200 235.250 235.625 –2.550 10,051 Dec 2602.00 –16.10 n.a.
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index
June 3.8440 3.8945 3.8415 3.8785 –0.0060 787 June 178.650 178.650 176.625 177.125 –1.225 5,643 July .05776 .05826 .05775 .05777 –.00058 69 Sept 15244.50 15310.75 15126.50 15256.50 –11.50 249,893
Sept 3.8785 3.9070 3.8490 3.8935 –0.0050 89,925 Aug 171.875 171.975 169.425 169.700 –2.025 145,373 Sept .05753 .05756 .05699 .05708 –.00057 232,210 Dec 15435.00 15500.00 15316.50 15447.25 –16.75 1,449
Gold (CMX)-100 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index
1931.30 1935.50 –22.90 July 1.0936 1.0961 1.0908 1.0933 –.0029 1,967 Sept 1885.40
June 1951.70 1951.70 1,664 July 94.500 95.975 94.250 95.850 3.000 29,927 1889.10 1893.20 1870.70 –8.00 532,321
Sept 1.0973 1.0997 1.0943 1.0968 –.0028 715,641
July 1955.40 1959.20 1932.40 1938.90 –23.30 2,469 Aug 92.100 93.375 91.050 93.200 2.525 73,912 Dec 1907.00 1911.90 1889.60 1904.30 –7.70 158
Aug 1962.70 1968.70 1940.80 1947.70 –23.50 365,067 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index
July 535.00 544.00 530.50 538.50 13.50 4,469
Index Futures Sept 2432.90 2437.50 2415.60 2428.20 –9.60 8,056
Oct 1983.50 1988.00 1960.40 1967.20 –23.50 11,929
Dec 2002.40 2007.00 1979.80 1986.60 –23.50 40,228 Sept 543.50 549.50 538.00 544.50 12.50 2,191 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Milk (CME)-200,000 lbs., cents per lb. Sept 34532 34551 34197 34356 –248 90,405 Sept 102.08 102.38 101.92 102.13 .29 27,612
Feb'24 2018.00 2026.20 1999.80 2006.70 –23.00 5,912
June 14.93 14.95 14.93 14.94 … 7,132 Dec 34769 34851 34509 34656 –243 186 Dec 101.85 101.86 101.85 101.80 .29 411
Palladium (NYM) - 50 troy oz.; $ per troy oz.
July 15.26 15.41 t 15.18 15.37 .06 6,930 Mini S&P 500 (CME)-$50 x index
June 1366.50 1366.50 1361.50 1363.20 –38.60 3
Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 4449.00 4451.00 4410.50 4434.75 –19.00 2,210,290 Source: FactSet
Sept 1399.50 1413.50 1351.50 1379.10 –37.10 12,119
July 3,192 3,192 3,129 3,142 –46 14,052
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 3,239 3,239 3,203 3,211 –25 157,353
June 976.10 –19.30 100 Coffee (ICE-US)-37,500 lbs.; cents per lb.
July 988.40 989.00 956.30
Silver (CMX)-5,000 troy oz.; $ per troy oz.
968.00 –19.30 37,250 July 185.10 185.75 176.40 177.45 –7.45 9,241 Bonds | wsj.com/market-data/bonds/benchmarks
Sept 180.20 181.65 175.00 176.10 –4.65 90,446
June 23.193 –0.883 431 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Sept 24.440 24.470 23.315 23.445 –0.894 76,509 July 26.25 26.48 25.93 26.22 –.21 139,577 Tracking Bond Benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Oct 26.07 26.19 25.62 26.03 –.06 391,777
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 70.96 72.09 69.65 70.50 –1.28 26,360 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Aug 71.51 72.38 69.76 71.19 –0.74 356,277 Sept 41.50 … 1,033 highs and lows for different types of bonds
Sept 71.50 72.31 69.81 71.18 –0.74 285,836 Cotton (ICE-US)-50,000 lbs.; cents per lb. Total Total
July 81.65 81.78 80.51 80.66 –.80 10,495 return YTD total Yield (%) return YTD total Yield (%)
Oct 71.29 72.08 69.66 71.00 –0.75 192,206
Dec 80.44 81.20 79.58 80.70 .60 118,766 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 70.74 71.48 69.20 70.49 –0.74 210,299
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mortgage-Backed Bloomberg Fixed Income Indices
Dec'24 67.33 67.90 66.19 67.24 –0.58 122,712 Broad Market Bloomberg Fixed Income Indices
July 266.90 268.75 264.20 267.55 1.90 4,009
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 262.20 265.30 261.10 264.30 2.25 3,827
1998.25 2.4 U.S. Aggregate 4.710 3.370 5.210 1980.92 2.3 Mortgage-Backed 4.690 3.300 5.380
July 2.5196 2.5196 2.4417 2.4754 –.0760 49,568
Aug 2.4739 2.4740 2.4074 2.4367 –.0681 59,738 Interest Rate Futures U.S. Corporate Indexes Bloomberg Fixed Income Indices 1952.70 2.4 Ginnie Mae (GNMA) 4.740 3.320 5.370
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
July 2.6588 2.6680 2.5690 2.6092 –.0713 52,659 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2964.17 3.2 U.S. Corporate 5.430 4.280 6.130 1165.62 2.2 Fannie mae (FNMA) 4.670 3.300 5.390
2.5199 –.0686 June 136-230 137-230 135-200 137-190 31.0 2,566
Aug 2.5652 2.5719 2.4855 90,082 2852.69 2.4 Intermediate 5.420 4.050 6.050 1783.16 2.1 Freddie Mac (FHLMC) 4.720 3.300 5.370
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 136-180 137-290 135-090 137-160 29.0 1,467,837
July 2.658 2.696 2.484 2.492 –.140 103,387 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3978.65 4.8 Long term 5.440 4.690 6.370 569.19 2.3 Muni Master 3.292 2.419 3.936
Aug 2.755 2.783 2.562 2.570 –.151 171,692 June 126-280 128-160 126-190 128-080 29.0 283
Sept 127-120 128-110 126-120 128-020 23.0 1,228,466 577.09 3.4 Double-A-rated 4.750 3.630 5.320 405.81 1.9 7-12 year 2.946 2.325 3.794
Sept 2.748 2.775 2.548 2.557 –.158 280,244
Oct 2.836 2.874 2.658 2.667 –.151 111,325
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 787.93 3.4 Triple-B-rated 5.710 4.620 6.440 458.01 3.4 12-22 year 3.632 2.991 4.428
June 112-170 112-285 112-110 112-215 8.5 2,863
Nov 3.218 3.263 3.050 3.065 –.152 71,141
Sept 113-025 113-170 112-230 113-100 8.5 4,638,855 High Yield Bonds ICE BofA 431.91 4.8 22-plus year 4.269 3.700 5.131
Jan'24 3.870 3.906 3.757 3.765 –.108 78,957
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 488.07 5.3 High Yield Constrained 8.564 7.409 9.623 Global Government J.P. Morgan†
June 107-097 107-222 107-082 107-175 5.0 3,415
Agriculture Futures 461.92 9.9 Triple-C-rated 13.946 12.836 16.916 532.46 2.1 Global Government 3.020 2.010 3.250
Sept 107-260 108-035 107-187 107-300 5.0 4,925,879
Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
July 640.75 647.00 635.50 643.75 3.50 220,592 3285.73 5.6 High Yield 100 7.966 6.786 8.753 771.62 1.0 Canada 3.460 2.720 3.780
June 101-307 102-027 101-29 102-003 1.6 1,684
Dec 600.00 609.00 588.50 597.50 … 484,469 2.4 EMU§ 3.181 1.594 3.490
Sept 102-043 102-081 102-013 102-056 1.6 3,471,396 425.12 4.8 Global High Yield Constrained 8.661 7.593 9.945 341.15
Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 404.75 406.00 392.50 397.00 –7.50 1,652
June 94.9225 94.9225 94.9200 94.9200 .0000 325,729 323.97 4.9 Europe High Yield Constrained 7.320 5.952 8.508 631.02 1.8 France 3.050 1.410 3.310
Dec 409.75 412.25 399.25 404.75 –2.75 1,519
Soybeans (CBT)-5,000 bu.; cents per bu. July 94.8950 94.8950 94.8850 94.8900 .0000 353,017 U.S Agency Bloomberg Fixed Income Indices 449.36 1.3 Germany 2.500 0.770 2.760
July 1472.75 1489.25 1459.75 1477.25 10.75 134,917
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
March 95.0575 95.0575 95.0550 95.0550 .0000 1,027,042 1723.36 1.9 U.S Agency 4.780 3.060 5.080 286.12 3.0 Japan 0.740 0.570 1.060
Nov 1352.25 1364.75 1324.25 1342.75 .50 285,131
Soybean Meal (CBT)-100 tons; $ per ton. June 94.7850 94.7850 94.7725 94.7775 –.0075 1,534,686 1.7 10-20 years 4.790 3.020 5.100 1.6
1522.80 487.10 Netherlands 2.750 1.080 3.000
July 418.90 423.60 411.10 412.80 –3.60 74,245
Dec 408.00 409.70 397.80 402.60 –.70 176,881 Currency Futures 3349.72 4.9 20-plus years 4.580 3.600 5.240 754.58 -3.6 U.K. 4.420 2.100 4.680
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2609.47 3.0 Yankee 5.220 3.970 5.840 793.56 3.3 Emerging Markets ** 7.699 7.084 9.159
July 59.95 60.06 58.76 59.63 –.06 69,381 July .7070 t
.7110 .7059 .7103 .0020 4,797
Dec 57.78 58.18 56.62 57.66 –.21 174,575 Sept .7142 t
.7181 .7128 .7173 .0020 236,381 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
July 17.99 17.99 17.13 17.19 –.61 1,747 June .7570 .7572 .7547 .7548 –.0041 45,351
Sept 15.37 15.65 15.31 15.64 .21 6,160 Sept .7579 .7583 .7546 .7569 –.0029 127,128
Wheat (CBT)-5,000 bu.; cents per bu.
July 687.00 700.00 676.25 695.75 7.75 87,511
British Pound (CME)-£62,500; $ per £
July 1.2802 1.2810 1.2720 1.2764 –.0075 2,032
Global Government Bonds: Mapping Yields
Sept 701.50 713.25 689.25 708.75 7.25 142,622 Sept 1.2806 1.2820 1.2726 1.2772 –.0075 206,182 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
July 839.75 848.00 829.00 836.00 –6.00 31,611 Sept 1.1268 1.1274 1.1212 1.1240 –.0055 34,515 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
ADVERTISEMENT 4.250 U.S. 2 4.695 t l 4.720 4.287 3.164
3.375 10 3.726 t l 3.768 3.690 3.238

Business Real Estate & Services

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3.250
4.500
Australia 2
10
4.161 t
4.036 s
l
l
4.185
3.985
3.505
3.603
3.286
4.075
-54.4
31.4
-53.5
21.6
9.4
83.9
0.000 France 2 3.254 t l 3.299 2.962 0.924 -145.0 -142.1 -226.9
3.000 10 2.924 t l 3.033 3.008 2.306 -79.8 -73.6 -93.0
2.800 Germany 2 3.116 t l 3.164 2.762 1.146 -158.8 -155.6 -204.7
2.300 10 2.406 t l 2.519 2.425 1.749 -131.6 -125.0 -148.7
3.400 Italy 2 3.727 t l 3.730 3.437 1.616 -97.8 -99.0 -157.7
4.350 10 4.023 t l 4.123 4.251 3.668 30.1 35.4 43.2
0.005 Japan 2 -0.063 s l -0.066 -0.058 -0.065 -476.7 -478.6 -325.7
0.500 10 0.390 t l 0.395 0.407 0.233 -333.2 -337.4 -300.3
0.000 Spain 2 3.362 t l 3.404 3.107 1.411 -134.3 -131.6 -178.1
3.150 10 3.342 t l 3.448 3.513 2.816 -38.0 -32.1 -42.1
0.625 U.K. 2 4.940 t l 5.084 3.943 2.314 23.6 36.4 -87.8
4.250 10 4.336 t l 4.491 3.988 2.604 61.4 72.2 -63.2
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

UBS UBS 4.125 5.76 April 15, ’26 147 –36 165
Royal Bank of Canada RY 6.000 5.03 Nov. 1, ’27 107 –17 133
PacifiCorp BRKHEC 6.250 5.66 Oct. 15, ’37 194 –13 n.a.
Bank of Montreal BMO 5.300 5.30 June 5, ’26 101 –12 116
Jackson National Life Global Funding JXN 5.500 6.48 Jan. 9, ’26 220 –11 n.a.
Vodafone VOD 4.375 4.77 May 30, ’28 78 –11 90
Sumitomo Mitsui Financial SUMIBK 1.474 5.63 July 8, ’25 94 –10 108
JPMorgan Chase JPM 4.125 5.17 Dec. 15, ’26 89 –9 105

…And spreads that widened the most

FedEx FDX 1.875 3.73 Feb. 20, ’34 1 125 n.a.
Berkshire Hathaway Energy BRKHEC 6.125 5.59 April 1, ’36 186 11 n.a.
Macquarie Bank MQGAU 5.208 5.34 June 15, ’26 104 10 n.a.
KeyCorp KEY 4.150 8.08 Aug. 8, ’25 339 9 342
ADVERTISEMENT Wells Fargo WFC 4.300 5.36 July 22, ’27 143 7 n.a.
Banco Santander SANTAN 2.749 6.60 Dec. 3, ’30 284 6 283

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Unilever Capital
Anheuser–Busch Inbev Worldwide
UNANA
ABIBB
5.900
8.200
4.63
5.27
Nov. 15, ’32
Jan. 15, ’39
93
127
6
5 127
92

High-yield issues with the biggest price increases…

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

Marks & Spencer MARSPE 7.125 7.50 Dec. 1, ’37 96.700 1.20 n.a.
Occidental Petroleum OXY 6.200 6.23 March 15, ’40 99.731 0.61 98.011
Regal Rexnord RRX 6.050 6.02 Feb. 15, ’26 100.065 0.45 99.890
Prime Security Services Borrower PRSESE 5.250 6.05 April 15, ’24 99.375 0.31 99.188
United States Cellular USM 6.700 8.35 Dec. 15, ’33 88.625 0.18 82.125
OneMain Finance OMF 6.875 7.83 March 15, ’25 98.466 0.09 98.500
Nissan Motor Acceptance NSANY 1.125 6.89 Sept. 16, ’24 93.288 0.07 93.067
Navient NAVI 5.875 6.76 Oct. 25, ’24 98.875 0.07 98.594

…And with the biggest price decreases

Dish DBS ... 5.125 21.36 June 1, ’29 46.750 –0.75 45.500
Navient NAVI 5.625 9.37 Aug. 1, ’33 75.844 –0.66 75.750
OneMain Finance OMF 7.125 8.11 March 15, ’26 97.625 –0.38 97.750
Prime Security Services Borrower PRSESE 5.750 6.38 April 15, ’26 98.402 –0.35 98.000
Teva Pharmaceutical Finance Netherlands … 3.150 6.73 Oct. 1, ’26 89.625 –0.28 89.875
ZF North America Capital ZFFNGR 4.750 6.12 April 29, ’25 97.625 –0.25 97.908
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess

Dividend Changes
Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Reduced Banco Bradesco Pref ADR BBD 4.6 .04061 Jul13 /Jun28
Permianville Royalty Tr PVL 18.0 .0125 /.0135 M Jul14 /Jun30 Grupo Aeroportuario ADR OMAB 4.5 1.86359 Jun29 /Jun21
Opera ADR OPRA 2.2 .80 Jul12 /Jun30
Stocks Seapeak 8.5% Pfd. B SEALpB 8.8 .5313 Q Jul14 /Jun30
Energy Focus EFOI 1:7 /Jun20 Seapeak 9% Pfd. A SEALpA 9.1 .5625 Q Jul14 /Jun30
Shapeways SHPW 1:8 /Jun23 TFI International TFII 1.3 .35 Q Jul17 /Jun30
SQZ Biotechnologies SQZ 1:10 /Jul07
Yunji ADR YJ 1:10 /Jun20 Special
Spirit Airlines SAVE ... .10 Jun30 /Jun26
Foreign
Banco Bradesco Ord ADR BBDO 4.5 .03692 Jul13 /Jun28 Sources: FactSet; Dow Jones Market Data
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
THE WALL STREET JOURNAL. Wednesday, June 21, 2023 | B9

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34053.87 t 245.25, or 0.72% Trailing P/E ratio 22.68 17.39 4388.71 t 20.88, or 0.47% Trailing P/E ratio * 19.75 20.33 13667.29 t 22.28, or 0.16% Trailing P/E ratio *† 31.47 23.22
High, low, open and close for each P/E estimate * 18.28 15.70 High, low, open and close for each P/E estimate * 20.12 16.10 High, low, open and close for each P/E estimate *† 29.76 19.85
trading day of the past three months. Dividend yield 2.09 2.32 trading day of the past three months. Dividend yield * 1.57 1.76 trading day of the past three months. Dividend yield *† 0.74 0.98
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

34400 4400 13500

33800 4300 13100

33200 4200 12700

65-day
Session high moving average 32600 4100 12300
DOWN UP
t

Session open Close

32000 4000 65-day moving 11900
Close Open 65-day moving average average
t

Session low 31400 3900 11500

Bars measure the point change from session's open

30800 3800 11100
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*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*1,024,247,588 11,061,648
Industrial Average 34206.66 33915.93 34053.87 -245.25 -0.72 34589.77 28725.51 11.5 2.7 9.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 218,214,127 4,858,668
Transportation Avg 14845.07 14668.29 14735.47 -57.39 -0.39 15640.70 11999.40 12.8 10.0 17.5 Most-active issues in late trading Decl. volume* 798,373,636 6,122,183
Utility Average 925.21 913.36 916.26 -8.66 -0.94 1061.77 838.99 1.3 -5.3 5.9 Volume After Hours Issues traded 3,077 314
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 43898.08 43576.42 43795.76 -220.08 -0.50 44194.00 36056.21 15.9 13.7 11.6 Advances 954 117
Finl Select Sector SPDR XLF 20,644.4 33.16 -0.02 -0.06 33.20 33.10
Barron's 400 965.57 954.80 959.27 -6.30 -0.65 1023.20 825.73 10.4 4.2 12.9 Declines 2,025 185
Synchrony Financial SYF 7,536.2 32.80 0.09 0.28 32.80 32.68
Unchanged 98 12
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 7,114.8 436.95 -0.23 -0.05 437.38 436.68 New highs 69 1
Nasdaq Composite 13711.18 13561.84 13667.29 -22.28 -0.16 13782.82 10213.29 23.5 30.6 11.2 Amazon.com AMZN 5,857.6 125.91 0.13 0.10 126.38 125.49 New lows 19 11
Nasdaq-100 15127.42 14946.72 15070.15 -13.77 -0.09 15185.48 10679.34 30.5 37.8 14.6 Visa Cl A V 5,228.0 226.46 -0.01 -0.004 228.91 226.00 Closing Arms† 1.42 0.43
Intel INTC 4,715.3 34.95 -0.05 -0.14 35.58 34.91 Block trades* 4,355 153
S&P
-0.47
iShares China LC ETF FXI 4,711.0 27.60 -0.07 -0.25 27.70 27.57
500 Index 4400.15 4367.19 4388.71 -20.88 4425.84 3577.03 16.6 14.3 12.3 Nasdaq NYSE Arca
TAL Education Group ADR TAL 4,621.4 5.84 0.01 0.17 5.84 5.79
MidCap 400 2572.05 2548.86 2561.26 -18.81 -0.73 2726.61 2203.53 13.9 5.4 12.8 Total volume*5,237,719,001 285,173,422
SmallCap 600 1203.02 1194.28 1199.60 -5.20 -0.43 1315.82 1064.45 8.0 3.6 13.6 Percentage gainers… Adv. volume*2,190,294,253 68,229,456
Arbor Realty Trust ABR 79.8 14.39 0.95 7.07 14.67 13.44 Decl. volume*3,013,951,501 215,585,792
Other Indexes
Wahed FTSE USA Shariah HLAL 232.3 44.23 1.91 4.51 44.23 42.14 Issues traded 4,627 1,763
Russell 2000 1871.49 1856.20 1866.70 -8.77 -0.47 2021.35 1655.88 10.2 6.0 9.6
Advances 1,700 402
NYSE Composite 15795.12 15605.84 15648.92 -146.20 -0.93 16122.58 13472.18 8.6 3.1 9.3 Mirati Therapeutics MRTX 98.7 37.90 1.58 4.35 38.00 35.80
Declines 2,770 1,348
Value Line 566.73 559.94 562.13 -4.61 -0.81 606.49 491.56 7.7 4.8 8.1 Pebblebrook Hotel Trust PEB 332.9 13.24 0.43 3.36 13.24 12.77
Unchanged 157 13
NYSE Arca Biotech 5468.84 5410.59 5443.05 -25.79 -0.47 5644.50 4390.11 23.8 3.1 -2.3
WestRock WRK 110.0 29.48 0.89 3.11 29.48 28.48
New highs 91 14
NYSE Arca Pharma 877.04 869.68 872.36 -1.46 -0.17 892.45 737.84 9.2 0.5 10.5 ...And losers New lows 100 8
KBW Bank 81.25 80.06 80.82 -0.83 -1.02 115.55 71.96 -21.1 -19.9 0.9 La-Z-Boy LZB 115.7 25.90 -1.56 -5.68 29.00 25.00 Closing Arms† 0.84 0.69
PHLX§ Gold/Silver 122.30 119.51 119.63 -4.63 -3.72 144.37 91.40 -2.6 -1.0 0.8 LifeStance Health Group LFST 1,255.6 8.76 -0.46 -4.99 9.22 8.76 Block trades* 36,443 1,208
PHLX§ Oil Service 76.18 74.73 75.90 -1.11 -1.44 93.94 56.08 9.8 -9.5 29.9 Harmonic HLIT 86.3 17.44 -0.81 -4.44 18.25 17.44 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3693.41 3616.05 3647.56 -25.58 -0.70 3739.75 2162.32 37.7 44.1 22.9 Knowles Corp. KN 60.0 17.21 -0.64 -3.59 17.85 17.21 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.67 13.86 13.88 0.34 2.51 33.63 13.54 -54.0 -35.9 -26.6 iSh MSCI Peru Glbl Exp EPU 50.0 29.92 -1.08 -3.48 30.94 29.92 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 678.97 –3.95 –0.58 12.2 VCI Global VCIG 7.25 4.42 156.18 24.20 1.53 ... Dragonfly Energy DFLI 1.50 -1.29 -46.24 28.75 1.38 -85.2
MSCI ACWI ex-USA 305.24 –2.24 –0.73 8.5 DICE Therapeutics DICE 46.44 12.59 37.19 46.75 14.14 217.2 Hitek Global HKIT 6.03 -4.05 -40.18 11.46 4.40 ...
MSCI World 2939.54 –15.58 –0.53 12.9 Zura Bio ZURA 12.80 3.32 35.02 37.55 4.87 29.0 ROC Energy Acquisition ROC 5.09 -2.02 -28.41 11.24 4.70 -49.1
MSCI Emerging Markets 1013.24 –10.18 –0.99 5.9 Virgin Galactic SPCE 6.01 1.28 27.06 8.56 2.98 -1.2 NeoVolta NEOV 3.62 -0.78 -17.73 5.49 1.11 -9.5
Americas MSCI AC Americas 1662.85 –8.73 –0.52 14.1 MGO Global MGOL 2.64 0.54 25.71 16.61 0.92 ... PepGen PEPG 10.10 -2.12 -17.35 20.00 4.32 -14.5
Canada S&P/TSX Comp 19754.14 –180.07 –0.90 1.9 CXApp CXAI 13.60 2.57 23.30 21.00 1.21 33.3 iClick Interactive ADR ICLK 1.82 -0.37 -16.89 7.23 1.80 -70.6
Latin Amer. MSCI EM Latin America 2485.54 –20.64 –0.82 16.8 Predictive Oncology POAI 4.45 0.83 22.93 13.88 2.47 -44.0 Lordstown Motors RIDE 3.50 -0.69 -16.47 55.95 2.90 -85.8
Brazil BOVESPA 119622.40 –235.36 –0.20 9.0 Lyra Therapeutics LYRA 3.69 0.66 21.78 6.99 1.86 -26.3 WeTrade Group WETG 9.13 -1.76 -16.16 9342.50 6.12 -98.8
Chile S&P IPSA 3268.29 16.32 0.50 3.0 Iris Energy IREN 4.14 0.72 21.05 6.94 1.02 16.9 Altice USA Cl A ATUS 2.51 -0.47 -15.77 13.17 2.31 -69.6
Mexico S&P/BMV IPC 54365.68 –565.38 –1.03 12.2 Gyrodyne GYRO 11.70 1.95 20.00 12.66 7.80 -2.6 Nauticus Robotics KITT 2.10 -0.39 -15.66 13.00 1.70 -79.1
EMEA STOXX Europe 600 459.32 –2.72 –0.59 8.1 ATI Physical Therapy ATIP 12.61 2.08 19.75 97.50 7.55 -86.0 Sigilon Therapeutics SGTX 4.79 -0.87 -15.37 20.93 3.77 -57.5
Eurozone Euro STOXX 456.34 –2.43 –0.53 11.3 Empresa Distribuid ADR EDN 14.20 2.22 18.53 14.50 3.88 195.8 Gaotu Techedu ADR GOTU 3.08 -0.54 -14.92 5.49 0.64 62.1
Belgium Bel-20 3584.67 –12.05 –0.33 –3.1 Summit Therapeutics SMMT 2.46 0.38 18.27 5.78 0.66 146.0 Brainstorm Cell Therap BCLI 2.25 -0.37 -14.12 4.70 1.09 -23.2
Denmark OMX Copenhagen 20 2032.42 0.34 10.7 Marathon Digital MARA 11.72 1.74 17.43 18.88 3.11 62.3 HUTCHMED (China) ADR HCM 11.95 -1.96 -14.09 21.28 7.39 1.9
6.79
France CAC 40 7294.17 –0.27 12.7 Vera Therapeutics VERA 15.05 2.18 16.94 23.39 5.20 4.9 Opera ADR OPRA 17.94 -2.86 -13.75 21.75 3.92 306.8
–19.88
Germany DAX 16111.32 –89.88 –0.55 15.7
Israel Tel Aviv 1811.62 1.62 0.09 0.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27576.11 –178.07 –0.64 16.3 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 763.09 –5.89 –0.77 10.8
Norway Oslo Bors All-Share 1408.39 1.96 0.14 3.4 Mullen Automotive MULN 334,351 725.9 0.16 -29.91 42.75 0.16 Angel Oak UltSh Incm UYLD 614 9810 50.39 0.10 54.78 50.01
South Africa FTSE/JSE All-Share 76769.22 –1245.14 –1.60 5.1 Faraday Future FFIE 213,838 170.7 0.28 -37.57 7.85 0.15 Global Blue Group GB 1,520 9020 5.14 1.38 7.60 3.49
Spain IBEX 35 9439.80 0.08 14.7 Tesla TSLA 163,050 21.4 274.45 5.34 314.67 101.81 DICE Therapeutics DICE 33,185 6829 46.44 37.19 46.75 14.14
7.90
Evelo Biosciences EVLO 121,777 1650.2 0.18 46.42 3.29 0.02 Magnum Opus Acqn Cl A OPA 1,527 4656 10.43 0.48 10.82 9.77
Sweden OMX Stockholm 839.85 –5.83 –0.69 7.4
Ideanomics IDEX 117,972 26.3 0.10 23.82 0.89 0.02 Franklin Resp Srce Gold FGDL 705 4184 25.89 -1.00 28.80 21.48
Switzerland Swiss Market 11215.91 –90.73 –0.80 4.5
Turkey BIST 100 5251.61 –17.70 –0.34 –4.7 VCI Global VCIG 117,836 15057.0 7.25 156.18 24.20 1.53 Bilander Acquisition A TWCB 1,017 3934 10.16 -1.07 10.80 9.65
U.K. FTSE 100 7569.31 –19.18 –0.25 1.6 Virgin Galactic SPCE 111,651 778.8 6.01 27.06 8.56 2.98 Innov EM Pwr Buffer Jul EJUL 367 2883 23.24 -1.45 24.56 20.89
U.K. FTSE 250 18746.16 –108.13 –0.57 –0.6 ProSh UltraPro Shrt QQQ SQQQ 110,527 -10.6 19.57 0.41 69.55 18.73 BondBloxx Bbg 2Y US Trea XTWO 391 2796 49.24 0.08 50.28 48.83
ProShares UltraPro QQQ TQQQ 83,784 -32.3 40.60 -0.49 42.44 16.10 Franklin FTSE India FLIN 1,528 2406 30.45 0.03 31.24 26.82
Asia-Pacific MSCI AC Asia Pacific 167.46 –0.99 –0.59 7.5
Marathon Digital MARA 80,935 137.3 11.72 17.43 18.88 3.11 Innov Intl Dev Pwr Jul IJUL 292 2307 26.24 -1.08 26.65 21.02
Australia S&P/ASX 200 7357.80 62.91 0.86 4.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3240.36 –15.44 –0.47 4.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19607.08 –305.81 –1.54 –0.9
India S&P BSE Sensex 63327.70 0.25 4.1
Scan this code
159.40
Japan NIKKEI 225 33388.91 18.49 0.06 28.0 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3220.23 –20.94 –0.65 –1.0 and track most-active stocks,
South Korea KOSPI 2604.91 –4.59 –0.18 16.5 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17184.91 –89.65 –0.52 21.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1537.59 –19.33 –1.24 –7.9
All are available free at WSJMarkets.com US$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 .00004249 23534 –0.4
CREDIT MARKETS Argentina peso .0040249.3235 41.1 Europe
Brazil real .2088 4.7897 –9.4 Czech Rep. koruna .04596 21.759 –3.6
Canada dollar .7555 1.3236 –2.3 Denmark krone .1466 6.8224 –1.8
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001246 802.43 –5.4 Euro area euro 1.0920 .9158 –2.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000241 4149.85 –14.4 Hungary forint .002935 340.74 –8.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007342 136.20 –3.8
A consumer rate against its Money Market/Savings Accts Mexico peso .0581 17.2188 –11.6 Norway krone .0933 10.7212 9.3
benchmark over the past year 5.00% Uruguay peso .02636 37.9300 –5.1 Poland zloty .2457 4.0704 –7.0
Bankrate.com avg†: 0.54% t 16% Asia-Pacific Russia ruble .01180 84.749 14.9
Federal-funds DollarSavingsDirect 5.00% Tradeweb ICE 4.00 WSJ Dollar Index Sweden krona .0927 10.7881 3.4
.6788 1.4732 0.4
s
Australiadollar
target rate 5.00% New York, NY 866-395-8693 Tuesday Close 8 Switzerland franc 1.1137 .8979 –2.9
China yuan .1392 7.1819 4.1
t 3.00 Turkey lira .0424 23.5730 26.1
MyBankingDirect 5.00% t Hong Kong dollar .1278 7.8259 0.3
3.75 0 Euro Ukraine hryvnia .0271 36.9500 0.3
2.00 India rupee .01220 81.992 –0.9
Westbury, NY 516-683-4100 One year ago s UK pound 1.2765 .7834 –5.2
Indonesia rupiah .0000666 15015 –3.6
2.50 Popular Direct 5.00% –8 s Japan yen .007070 141.44 7.9 Middle East/Africa
1.00
Money market Miami Lakes, FL 800-274-5696 Yen Kazakhstan tenge .002230 448.51 –3.1 Bahrain dinar 2.6529 .3770 –0.03
account yields 1.25 0.00 Macau pataca .1240 8.0645 0.2 Egypt pound .0324 30.8944 24.8
Varo Bank 5.00% –16
t Malaysia ringgit .2155 4.6405 5.3 Israel shekel .2763 3.6186 2.6
Draper, UT 877-377-8276 1 3 6 1 2 3 5 7 10 20 30 2022 2023
0.00 New Zealand dollar .6167 1.6215 3.0 Kuwait dinar 3.2563 .3071 0.4
CFG Community Bank 5.12% month(s) years
J A S O N D J F MAM J Pakistan rupee .00348 287.463 26.8 Oman sul rial 2.5974 .3850 unch
Baltimore, MD 888-205-8388 maturity Philippines peso .0180 55.659 –0.04 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7445 1.3431 0.2 Saudi Arabia riyal .2666 3.7509 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007760 1288.74 2.1 South Africa rand .0544 18.3769 7.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032470 307.98 –16.2
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.00-5.25 5.00-5.25 1.50 l 5.25 5.00 Taiwan dollar .03231 30.955 1.0
Yield (%) 52-Week Total Return (%) Thailand baht .02869 34.850 0.7 WSJ Dollar Index 96.78 0.14 0.14 0.23
Prime rate* 8.25 8.25 4.75 l 8.25 5.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 5.52 5.55 2.15 l 5.56 5.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2133.040 4.230 4.280 4.560 2.840 –0.381 –4.535
Money market, annual yield 0.54 0.54 0.10 l 0.54 0.26
Five-year CD, annual yield 2.81 2.81 1.35 l 2.84 2.05 U.S. Treasury Long, Bloomberg 3290.930 3.940 4.050 4.570 3.060 –4.314–11.627 Commodities Tuesday 52-Week YTD
30-year mortgage, fixed† 7.07 7.11 5.26 l 7.41 3.67 Aggregate, Bloomberg 1998.250 4.710 4.770 5.210 3.370 0.645 –3.799 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.50 6.53 4.62 l 6.65 3.63 Fixed-Rate MBS, Bloomberg 1980.920 4.690 4.750 5.380 3.300 0.696 –3.580
Jumbo mortgages, $726,200-plus† 7.16 7.18 5.19 l 7.44 3.71 DJ Commodity 971.25 -13.19 -1.34 1163.49 930.59 -16.52 -7.38
High Yield 100, ICE BofA 3285.732 7.966 7.952 8.753 6.786 8.195 2.608 Refinitiv/CC CRB Index 267.41 -3.49 -1.29 309.00 253.85 -13.46 -3.72
Five-year adj mortgage (ARM)† 6.16 6.04 4.11 l 6.16 2.98
Muni Master, ICE BofA 569.189 3.292 3.339 3.936 2.419 3.875 –0.659 Crude oil, $ per barrel 70.50 -1.28 -1.78 111.76 66.74 -36.29 -12.16
New-car loan, 48-month 7.27 7.27 4.56 l 7.33 3.08
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 793.562 7.699 7.731 9.159 7.084 5.588 –2.843 Natural gas, $/MMBtu 2.492 -0.140 -5.32 9.680 1.991 -63.40 -44.31
banks.† Excludes closing costs. Gold, $ per troy oz. 1935.50 -22.90 -1.17 2048.00 1623.30 5.50 6.36
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B10 | Wednesday, June 21, 2023 * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Wellington Gathers $2.6 Billion for Plan

New Hadley Harbor vehicle, Wellington Hadley powder that we can invest [at] cluding the more than $200 pace from the $16.94 billion sale. Under the strategy, the
Harbor Partners IV, provides much better valuations, and million in new co-investment that 42 funds collected during firm invests in the technology,
vehicle will capitalize the Boston firm with fresh we’re seeing materially less commitments, which can am- all of 2022, according to data consumer, healthcare and fi-
on lowered values of ammunition to take advantage competition for the deals that plify the firm’s buying power provider Preqin. nancial services sectors.
of depressed valuations of we’re looking at,” Carmen said. as an investor. Investments in Meanwhile, just 59 growth The firm has made six
late-stage startups late-stage startups after Despite a difficult market the new fund came from public equity funds have amassed deals out of the new Hadley
higher interest rates pushed for raising new funds, inves- and private pension plans, in- only around $41.89 billion Harbor fund so far, including
BY ISAAC TAYLOR up financing costs and the tors embraced Wellington’s surers, a sovereign-wealth fund through June 14, a pace that, backing SeatGeek late last
market for new equity issues latest growth vehicle. The and family offices, according to if continued, would fall short year through participation in
Investment manager Wel- froze last year. amount raised over the past a news release. of the $104.17 billion raised by a $238 million investment
lington Management has “Today, we’re seeing a tre- year exceeded the firm’s $2.5 Wellington succeeded in its 185 funds in 2022, Preqin data round.
amassed at least $2.6 billion mendous correction in valua- billion fundraising target for fundraising campaign as fund- show. In 2021, the company
for its strategy to back late- tion,” said Michael Carmen, the new pool, according to raising for both late-stage ven- Wellington, which traces its agreed to go public by com-
stage startups, and said it has the firm’s co-head of private Wellington executives. ture and growth equity funds roots to 1928, uses the new bining with special-purpose
commitments of more than investments. The new money brings Wel- has slowed dramatically. Ven- fund to back late-stage start- acquisition company RedBall
$200 million for co-invest- “What we’re really excited lington’s total capital raised for ture firms collected just $1.95 ups looking to sustain or ac- Acquisition Corp., but termi-
ments. about right now is being in the the growth strategy to more billion for nine such funds this celerate growth before an ini- nated that plan about a year
The latest Hadley Harbor position of having a lot of dry than $6 billion since 2014, in- year through June 14, well off tial public offering or outright ago to remain private longer.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
EmpresaDisCom EDN 14.50 18.5 MSA Safety MSA 164.46 0.7 RoyalCaribbean RCL 96.74 1.4 Doma DOMA 0.23 -7.6 KioraPharm KPRX 0.70 -7.7 RoyaltyPharma RPRX 31.11 -1.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
EnergyRecovery ERII
EnerTransferPfC ETpC
27.66
24.99
0.5
-0.1
M3-BrigadeIII A MBSC 10.60
MamaMancini's MMMB 3.41
...
3.0
SKGrowthOpps SKGRU
SPS Commerce SPSC
11.20 3.9
185.99 -1.0
Lows DouglasElliman DOUG
DragonflyEnergy DFLI
2.23 -5.3
1.38 -46.2
LifetimeBrands LCUT
LocalBounti LOCL
4.64 -3.9
3.71 -9.1
Safehold SAFE
SenecaFoods A SENEA
23.04 -1.1
42.04 -1.4
in the latest session. % CHG-Daily percentage change from the previous trading session. ExactSciences EXAS 95.65 1.0 Marsh&McLen MMC 183.30 -0.1 Schrodinger SDGR 48.76 4.4 AerwinsTech AWIN 0.40 -5.6 SenmiaoTech AIHS 0.61 -0.5
EBET EBET 0.17 -7.3 MaiaBiotech MAIA 2.06 -9.4
Flex FLEX 27.32 1.5 MauiLand MLP 14.12 1.5 ShakeShack SHAK 74.84 4.0 AMC Networks AMCX 10.53 -6.8 EdibleGarden EDBL SmartforLife SMFL 1.00 ...
1.15 -4.3 Mytheresa MYTE 3.74 -2.9
Fortrea FTREV 35.00 6.3 McCormickVtg MKC.V 94.20 2.4 SilverspacA SLVR 10.39 0.1 AdicetBio ACET 4.18 -1.8 Soligenix SNGX 0.65 -2.9
Tuesday, June 20, 2023 EledonPharm ELDN 1.49 -3.8 MarinePetrol MARPS 6.32 -2.8
GOL Linhas GOL 4.93 4.5 McCormick MKC 94.25 0.3 SimpsonMfg SSD 133.67 2.6 AdvEmissions ADES 1.17 -6.7 StarWi STHO 13.63 -0.6
EsportsEnt GMBL 1.60 -2.7 mCloudTechWt MCLDW 0.01 191.0
52-Wk % 52-Wk % 52-Wk % GSRIIMeteoraRt GSRMR 3.05 75.8 McKesson MCK 412.61 1.0 StarEquity STRR 1.59 8.9 AgEagleAerial UAVS 0.26 -3.0 StrongholdDig SDIG 3.58 3.3
F45Training FXLV 0.66 -8.8 micromobility.com MCOM 0.16 -12.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GpoFinGalicia GGAL 17.34 1.7 MeritageHomes MTH 133.73 2.0 StealthGas GASS 3.84 12.7 Akerna KERN 0.66 -2.7 SuperCom SPCB 0.94 -13.1
FaradayFutureWt FFIEW 0.04 -42.8 micromobilitycomWt MCOMW 0.02 -49.1
Gyrodyne GYRO 12.66 20.0 Mesoblast MESO 4.41 7.8 TMCthemetals TMC 1.67 21.2 Akumin AKU 0.27 -5.4 Surgalign SRGA 0.20 -82.0
BWX Tech BWXT 69.92 -1.3 CipherMiningWt CIFRW 0.60 -5.8 FeutuneLightRt FLFVR 0.01 -1.6 MomentusWt MNTSW 0.02 -14.5
AmericanPubEdu APEI
Highs BancoBBVA
BancoMacro
BBAR
BMA
6.15 3.9
26.11 5.9
CleanHarbors CLH
Coherent6%Pfd IIVI
159.19
242.95
1.0
0.3
HealthwellAcqnI HWEL
DR Horton DHI
10.80
119.41
0.2
1.6
MontereyCapA MCAC 10.43
NVR NVR 6079.06
0.2
-0.1
TactileSystems TCMD
Tecnoglass TGLS
25.38 1.9
49.57 3.2 AmeriServFin ASRV
3.76 -4.7
2.64 -2.2
FirstMajestic AG
FirsthandTechVal SVVC
5.38 -2.9
0.73 4.6
MullenAuto
MySize
MULN
MYSZ
0.16 -29.9
1.08 -6.0
TelusIntl
TOP Ships
TIXT
TOPS
15.02 -0.5
0.65 -3.2
ANI Pham ANIP 52.80 2.6 HowmetAerospace HWM 46.88 1.3 NautilusBiotech NAUT 4.58 13.6 TesscoTech TESS 8.96 -0.2 AppliedUV AUVI 0.95 -7.5 TraconPharm TCON 0.40 -2.3
BancSanBrasil BSBR 6.48 1.1 Coherent COHR 60.46 0.8 ArcadiaBiosci RKDA 3.70 -5.8 ForwardIndustries FORD 0.93 -2.9 NeuroBoPharm NRBO 0.42 -8.5
ATS ATS 47.22 2.8 IRSA IRS 7.83 9.1 NewparkResources NR 5.01 2.0 TigoEnergyWt TYGOW 1.38 15.4 TastemakerWt TMKRW 0.03 -27.2
BeaconRoof BECN 81.23 1.4 Cohu COHU 41.00 -0.4 Assure IONM 0.85 1.5 FreshVineWine VINE 0.33 1.1 Novan NOVN 0.67 -5.5
Alkermes ALKS 32.49 0.7 Immunogen IMGN 19.71 3.5 NextNavWt NNAVW 1.06 -5.0 TopBuild BLD 249.58 1.5 TilrayBrands TLRY 1.52 -0.6
BelFuse B BELFB 60.39 2.1 ColiseumAcqn MITAU 11.41 -3.5 AtlanticAmerican AAME 2.08 -6.3 GetaroundWt GETR.WS 0.02 -12.8 NutexHealth NUTX 0.38 -0.5
AllegiantTravel ALGT 124.88 4.6 InspireMD NSPR 2.88 14.7 NorthernStrII A NSTB 10.18 ... TownsquareMedia TSQ 12.55 6.6 TopKingWin TCJH 1.78 -9.8
BelFuse A BELFA 60.43 3.0 ColiseumAcqnWt MITAW 0.17 19.8 AtlanticaSust AY 23.40 -0.4 GoldRoyalty GROY 1.74 -3.9 Nutriband NTRB 2.39 -7.3
AllstatePfdJ ALLpJ 26.86 1.1 InstalledBldg IBP 129.71 0.8 NuHoldings NU 7.74 1.9 TransActTechs TACT 9.31 4.4 ToughBuiltInds TBLT 0.56 -29.1
BitDigital BTBT 3.97 14.6 ConsldWater CWCO 23.57 4.5 Beneficient BENF 4.54 -10.7 HEXO HEXO 0.70 -5.3 Opthea OPT 2.97 -3.6
AlpineImmune ALPN 11.97 5.6 InterlinkElec LINK 11.51 -0.2 NVIDIA NVDA 439.90 2.6 TransportadGas TGS 13.73 -0.2 TrioPetroleum TPET 1.00 -10.8
AlsetCapAcqnA ACAX 10.90 4.8
BlueWorldWt BWAQW 0.85 242.6 ConstructionPtrs ROAD 33.50 1.8
iRadimed IRMD 51.04 -5.4 Oil-Dri ODC 57.90 4.6 TsakosEnergyPfdF TNPpF 25.05 0.2 BioCryst BCRX 7.13 -2.0 HarborCustomWt HCDIZ 0.01 ... PanbelaTherap PBLA 2.14 -12.7
22ndCentury XXII 0.40 -3.9
AlTiGlobalWt ALTIW 1.97 6.9 BoiseCascade BCC 79.96 2.5 CoStar CSGP 85.53 1.4 Jabil JBL 106.53 0.5 OverseasShip OSG 4.05 3.6 TwelveSeasII Wt TWLVW 0.15 -14.3 BitBrother BTB 0.48 -10.9 Hempacco HPCO 0.41 -5.7 PaxMedica PXMD 0.85 -14.4 23andMe ME 1.63 -7.5
AmbrxBio AMAM 16.30 7.3 BowmanConsult BWMN 34.37 2.2 CreativeRealities CREX 3.09 -1.7 JohnBeanTech JBT 123.05 2.6 OwensCorning OC 125.40 2.1 UFP Tech UFPT 194.99 4.3 BluescapeOppsWt BOAC.WS 0.02 -16.2 HighPeakEnerWt HPKEW 6.81 -8.9 PlanetLabs PL 3.14 -6.3 UnitedGuardian UG 8.29 -3.4
AmericanWoodmark AMWD 72.58 2.4 BranchOutFood BOF 6.20 1.1 Cresud CRESY 8.47 11.1 KB Home KBH 51.71 0.6 PGT Innovations PGTI 28.54 2.3 US Foods USFD 42.49 1.4 BoneBiologics BBLG 1.43 -7.6 HubCyberSecurity HUBC 0.46 -6.5 Polished.comWt POL.WS 0.05 -5.3 UnvlElectronics UEIC 7.59 2.1
AmerisourceBrgn ABC 185.04 0.8 BreezeHldgs BREZ 10.88 0.7 CXAppWt CXAIW 0.57 29.6 LG Display LPL 6.69 0.9 PampaEnergia PAM 43.00 4.5 UltraparPart UGP 3.75 2.8 BristolMyersRt CELGr 0.08 -27.2 HycroftMiningWt HYMCW 0.02 40.5 PopCulture CPOP 0.43 1.1 Vacasa VCSA 0.62 -6.8
AmphastarPharm AMPH 56.17 1.4 BuildersFirst BLDR 127.20 4.4 DiceTherap DICE 46.75 37.2 LandseaHomes LSEA 8.46 6.0 PioneerPwrSols PPSI 8.57 -0.1 UnvlStainless USAP 13.00 7.3 BroogeWt BROGW 0.03 -29.0 IGM Biosci IGMS 9.31 -3.0 Precipio PRPO 0.37 -7.7 Veradigm MDRX 11.40 0.2
Amrep AXR 17.65 0.5 CACI Intl CACI 330.00 0.7 DeepMedicineAcqnRt DMAQR 0.25 5.0 Lennar B LEN.B 107.70 1.0 PulteGroup PHM 75.18 1.9 VectivBio VECT 16.94 ... CamberEnergy CEI 0.94 -8.7 iClickInteract ICLK 1.80 -16.9 ProSomnus OSA 4.00 -4.0 VertexEnergy VTNR 5.37 -5.9
AppliedOptoelec AAOI 5.67 7.2 CTI BioPharma CTIC 9.09 0.2 DiamedicaTherap DMAC 4.05 11.7 Lennar A LEN 123.06 1.3 QuadroAcqnOneWt QDROW 0.22 81.7 VeriskAnalytics VRSK 227.83 0.6 CanopyGrowth CGC 0.59 -4.3 IndonesiaEnergy INDO 4.17 -2.5 Psychemedics PMD 4.52 -1.7 ViewRay VRAY 0.46 -1.1
ArcosDorados ARCO 9.56 4.1 Cantaloupe CTLP 7.64 1.9 DoubleVerify DV 37.92 1.6 LennoxIntl LII 314.04 0.4 Quanterix QTRX 24.00 4.8 Vertiv VRT 23.41 3.5 CarverBancorp CARV 3.00 -10.4 InovioPharm INO 0.43 2.6 ROCEnergyAcqnUn ROCAU 5.74 -22.8 VincoVentures BBIG 1.77 -6.8
AresAcqn AAC.U 10.68 0.4 CardinalHealth CAH 92.09 ... DreamFinders DFH 25.01 0.7 LifeMD LFMD 3.60 5.6 ROC Energy Rt ROCAR 0.47 39.4 Vishay VSH 28.10 0.9 Cato CATO 7.83 -0.4 IntegraResources ITRG 0.92 0.1 ROC Energy ROC 4.70 -28.4 VistaGenTherap VTGN 1.92 -7.6
AresAcqnA AAC 10.53 0.1 Celestica CLS 14.97 3.8 DuosTechs DUOT 6.06 -2.7 LifeMD PfdA LFMDP 17.20 0.9 RamacoRscsA METCV 7.89 14.8 VistaEnergy VIST 24.20 0.6 ChinaJoJoDrug CJJD 0.42 -9.6 JX Luxventure JXJT 2.80 -9.0 RamacoRscsB METBV 9.02 ... WilliamsIndlSvcs WLMS 0.39 -1.1
AxsomeTherap AXSM 88.19 1.3 CentralPuerto CEPU 7.51 2.3 elfBeauty ELF 109.05 3.0 Liquidia LQDA 9.13 5.0 ResearchSolutions RSSS 2.45 -3.9 YunhongCTI CTIB 2.16 11.9 Cineverse CNVS 2.10 -9.7 KaryopharmTherap KPTI 1.95 1.5 RealGoodFood RGF 3.23 -1.8 ZimIntShipping ZIM 12.43 -3.5
Azul AZUL 13.54 5.2 Cerence CRNC 36.79 -1.5 Eltek ELTK 10.92 4.1 M/I Homes MHO 79.90 0.8 RoseHillAcqn ROSE 12.18 0.4 ZuraBioWt ZURAW 0.69 61.7 DineBrands DIN 58.44 -0.3 Kineta KA 2.77 -1.7 ReToEcoSol RETO 1.12 -10.9 ZappEV ZAPP 2.00 2.9

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

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Medtronic MDT 88.94 -0.21 PaycomSoftware PAYC 322.46 2.54 Sea SE 61.21 -0.87 TradeDesk TTD 75.68 -0.75 Vale VALE 14.05 -0.39 WestFraserTimber WFG 81.43 2.18
Net Stock Sym Close ChgStock Sym Close Chg
MercadoLibre MELI 1197.74 3.00 Paylocity PCTY 188.51 3.53 Seagate STX 62.58 -1.02 Tradeweb TW 70.33 -0.46 ValeroEnergy VLO 110.96 -3.25 WestPharmSvcs WST 366.11 4.07
Stock Sym Close Chg GeneralMills GIS 80.64 -0.07 JacobsSolns J 115.50 -1.07 Merck MRK 110.23 0.91 PayPal PYPL 68.89 2.46 Seagen SGEN 198.78 0.46 TraneTech TT 185.71 -1.35 VeevaSystems VEEV 202.37 2.32 WesternDigital WDC 39.12 -1.35
37.32 -0.64 JamesHardie JHX 27.40 -0.11 MetaData AIU 1.08 -0.02 Pearson PSO 10.44 -0.11 Sempra SRE 147.43 -0.77 TransDigm TDG 821.56 5.67 Ventas VTR 45.42 -0.66 WesternMidstrm WES 26.85 -0.30
DuPont DD 68.70 -0.71 GeneralMotors GM
GMAB 38.42 -0.35 JazzPharm JAZZ 128.05 -0.65 MetaPlatforms META 284.33 3.33 PembinaPipeline PBA 30.87 -0.36 SensataTech ST 44.87 -0.47 TransUnion TRU 74.81 -0.66 VeriSign VRSN 221.69 -2.00 Westlake WLK 111.16 -3.54
Dynatrace DT 51.00 -0.21 Genmab
38.71 -0.40 JefferiesFinl JEF 33.07 0.11 MetLife MET 54.52 -0.98 PenskeAuto PAG 154.00 0.28 ServiceCorp SCI 65.32 -0.89 Travelers TRV 175.56 -1.19 s VeriskAnalytics VRSK 225.97 1.45 WestRock WRK 28.59 -0.89
EMCOR EME 174.74 -0.99 Genpact G
GNTX 27.72 -0.40 J&J JNJ 164.13 -0.10 Mettler-Toledo MTD 1283.80 -38.17 Pentair PNR 60.74 -0.07 ServiceNow NOW 559.49 -5.99 Trimble TRMB 51.58 -1.09 Verizon VZ 35.81 -0.65 Weyerhaeuser WY 31.26 0.26
ENI E 27.98 -0.45 Gentex
65.70 0.23 MicrochipTech MCHP 84.39 -1.10 Penumbra PEN 337.77 0.40 Shell SHEL 60.33 -0.02 Trip.com TCOM 34.70 -1.30 VertexPharm VRTX 342.69 -5.20 WheatonPrecMet WPM 42.99 -1.88
EOG Rscs EOG 110.33 -3.08 GenuineParts GPC 159.59 -1.88 JohnsonControls JCI
5.34 -0.01 JonesLang JLL 148.00 -3.02 MicronTech MU 66.90 -0.76 PepsiCo PEP 185.31 -0.73 SherwinWilliams SHW 248.37 0.48 TruistFinl TFC 31.35 -0.55 s Vertiv VRT 23.34 0.80 Whirlpool WHR 146.45 -0.06
EPAM Systems EPAM 219.15 -0.36 Gerdau GGB
Microsoft MSFT 338.05 -4.28 PerformanceFood PFGC 54.83 -1.48 ShinhanFin SHG 26.71 -0.62 Twilio TWLO 67.14 -0.51 Viatris VTRS 10.19 -0.10 Williams WMB 30.64 0.11
EQT EQT 39.30 -0.34 GileadSciences GILD 77.71 -1.15 JuniperNetworks JNPR 31.50 -0.97
GTLB 49.56 -1.68 KB Financial KB 36.86 -1.11 MidAmApt MAA 153.61 -1.68 PetroleoBrasil PBR 14.23 0.33 ShockwaveMed SWAV 299.77 5.40 TylerTech TYL 391.66 -2.14 Vipshop VIPS 17.05 -0.74 Williams-Sonoma WSM 121.68 -2.96
EastWestBncp EWBC 53.05 -0.38 GitLab
KBR 64.90 -0.67 Middleby MIDD 143.42 -1.14 PetroleoBrasilA PBR.A 12.76 0.39 Shopify SHOP 64.26 -0.45 TysonFoods TSN 49.83 -0.56 Visa V 226.47 -2.44 WillisTowers WTW 232.64 -2.36
EastGroup EGP 172.70 -1.94 GlobalPayments GPN 101.04 0.36 KBR UBS Group UBS 20.09 -0.32
MitsubishiUFJ MUFG 6.87 -0.06 Pfizer PFE 39.34 -0.72 SimonProperty SPG 110.73 -2.06 Vistra VST 24.97 0.11 WillScotMobile WSC 47.36 0.37
EastmanChem EMN 80.26 -2.41 GlobalFoundries GFS 61.85 -0.61 KKR KKR 56.63 -0.57
KLAC 464.45 -0.44 MizuhoFin MFG 2.93 -0.05 PhilipMorris PM 94.82 -0.07 SiriusXM SIRI 3.75 -0.19 UDR UDR 42.89 -0.53 VMware VMW 141.28 -0.08 Wipro WIT 4.63 -0.04
Eaton ETN 194.23 2.97 Globant GLOB 188.12 4.22 KLA
GL 106.74 -1.27 Kanzhun BZ 15.59 -1.64 Mobileye MBLY 37.23 -1.93 Phillips66 PSX 93.48 -3.65 SiteOneLandscape SITE 161.82 3.03 U-Haul UHAL 52.78 -1.28 Vodafone VOD 9.33 -0.14 Wolfspeed WOLF 51.56 -1.51
eBay EBAY 44.84 -0.22 GlobeLife
KarunaTherap KRTX 237.70 0.28 Moderna MRNA 124.23 -4.50 PinnacleWest PNW 82.63 -0.62 SkechersUSA SKX 50.49 -1.29 U-Haul N UHAL/B 47.90 -1.37 VoyaFinancial VOYA 71.46 -0.45 WoodsideEnergy WDS 24.26 -0.47
Ecolab ECL 180.60 -1.44 GoDaddy GDDY 73.34 -1.57 s US Foods USFD 42.25 0.60 VulcanMatls VMC 208.68 1.37 Woodward
MolinaHealthcare MOH 278.81 0.79 Pinterest PINS 25.21 -0.15 Skyworks SWKS 107.30 -1.96 WWD 115.79 1.55
Ecopetrol EC 10.32 -0.13 GoldFields GFI 14.50 -0.48 Kellogg K 65.56 -0.73
KVUE 26.06 -0.19 MolsonCoorsB TAP 66.60 0.32 PioneerNatRscs PXD 201.84 -4.96 SmithAO AOS 70.09 -0.91 UWM UWMC 5.65 0.03 WooriFin
EdisonIntl EIX 68.77 -1.41 GoldmanSachs GS 330.72 -7.59 Kenvue WF 27.92 -0.32
EdwardsLife EW 91.91 -0.03 Grab GRAB 3.38 -0.04 KeurigDrPepper KDP 31.93 -0.24
monday.com MNDY 174.80 -4.01 PlainsAllAmPipe PAA 13.37 0.01 Smith&Nephew SNN 31.69 -0.47 Uber UBER 42.17 -1.35
Workday W X Y Z
WDAY 223.74 1.34
KeyCorp KEY 9.85 -0.08 Mondelez MDLZ 73.26 -0.31 PlainsGP PAGP 13.99 -0.03 Smucker SJM 151.34 -1.76 Ubiquiti UI 180.44 -5.86
WW Ent WWE 101.01 -1.71
ElbitSystems ESLT 209.83 3.78 Graco GGG 84.00 -2.12
MongoDB Snap UiPath PATH 17.49 -0.61 WEC Energy WEC 90.02 -1.41
MDB 379.78 -0.12 Polaris PII 119.33 -1.95 SNAP 10.58 -0.10
ElectronicArts EA 126.41 -2.25 Grainger GWW 730.68 -1.75 KeysightTech KEYS 162.58 -2.28 WEX 175.10 -1.43 WynnResorts WYNN 106.17 2.44
MonolithicPower MPWR 510.23 -7.38 Pool POOL 353.51 -4.44 Snap-On SNA 273.02 -0.85 UltaBeauty ULTA 447.09 -0.82 WEX
ElevanceHealth ELV 437.93 -5.28 GraphicPkg GPK 24.66 -1.35 KimberlyClark KMB 136.39 -1.29 MonsterBev MNST 58.36 -0.09 SNOW 179.08 -5.10 Unilever UL 51.52 -0.41 W.P.Carey WPC 68.86 -1.48 XP XP 23.62 1.49
Primerica PRI 192.18 -1.83 Snowflake
EmersonElec EMR 86.78 -0.63 Grifols GRFS 9.27 0.19 KimcoRealty KIM 19.23 -0.22 WPP 54.79 -1.52 XcelEnergy XEL 63.07 -0.85
KinderMorgan KMI 16.66 -0.38 Moody's MCO 340.19 -1.66 PrincipalFinl PFG 73.00 -1.78 SOQUIMICH SQM 71.98 -0.18 UnionPacific UNP 201.38 -3.29 WPP
Enbridge ENB 36.89 -0.59 GpoAeroportuar PAC 183.87 -9.13 MorganStanley MS 86.73 -1.36 ProcoreTech PCOR 65.62 -0.93 SoFiTech SOFI 8.59 -0.01 UnitedAirlines UAL 52.70 -0.80 Wabtec WAB 101.87 -1.77 XPeng XPEV 10.88 -0.50
Endeavor EDR 22.10 -0.23 GpoAeroportSur ASR 288.47 -8.71 KinsaleCapital KNSL 355.50 -0.05 Morningstar MORN 203.52 -2.51 Procter&Gamble PG 148.16 -1.38 SolarEdgeTech SEDG 255.36 -21.34 UnitedMicro UMC 8.65 -0.10 WalgreensBoots WBA 32.39 -0.28 Xylem XYL 113.25 -0.19
EnergyTransfer ET 12.75 -0.07 HCA Healthcare HCA 285.30 -4.78 Knight-Swift KNX 53.37 -1.60 Mosaic MOS 34.77 -1.05 Progressive PGR 129.48 -0.51 Sony SONY 96.31 -1.26 UPS B UPS 177.27 -1.31 Walmart WMT 154.16 -1.37 YPF YPF 14.54 -0.01
EnphaseEnergy ENPH 171.99 -9.82 HDFC Bank HDB 66.20 -0.25 Philips PHG 20.34 -0.07
MotorolaSol MSI 279.11 -1.14 Prologis PLD 120.84 -1.79 Southern SO 70.34 -1.42 UnitedRentals URI 407.01 3.92 WarnerBrosA WBD 12.19 -0.61
Yum!Brands YUM 135.82 -2.76
ENTG 107.33 0.82 HF Sinclair DINO 44.49 -1.51 KoreaElecPwr KEP 7.22 -0.19
Entegris NICE NICE 215.80 -7.80 PrudentialFinl PRU 85.05 -1.98 SoCopper SCCO 73.16 -1.28 US Bancorp USB 33.58 0.13 WarnerMusic WMG 26.51 -0.65 YumChina YUMC 58.07 -1.33
ETR 99.53 -2.48 HP HPQ 30.16 -0.84 KraftHeinz KHC 36.62 -0.37
Entergy
45.83 -0.34 NIO NIO 9.35 -0.05 Prudential PUK 28.12 -0.77 SouthwestAir LUV 34.47 0.40 UnitedTherap UTHR 223.40 -6.86 WasteConnections WCN 136.70 -0.84 ZTO Express ZTO 25.82 -1.64
EnterpriseProd EPD 26.11 -0.28 HSBC HSBC 39.37 0.19 Kroger KR
NNN REIT NNN 42.52 -0.12 PublicServiceEnt PEG 62.02 -0.52 Splunk SPLK 107.71 -0.31 UnitedHealth UNH 469.39 10.90 WasteMgt WM 164.86 -0.17 ZebraTech ZBRA 277.55 -4.85
Equifax EFX 227.76 -2.01 H World HTHT 40.67 -2.33 LKQ LKQ 54.21 -0.02
NRG Energy NRG 33.52 -0.60 PublicStorage PSA 285.02 -2.08 Spotify SPOT 156.82 -3.17 UnitySoftware U 40.01 -2.55 Waters WAT 263.27 -5.93 Zillow C Z 47.87 1.19
Equinix EQIX 780.24 1.63 Haleon HLN 8.26 -0.16 LPL Financial LPLA 209.21 0.23 s NVR NVR 5982.43 -7.95 s PulteGroup PHM 74.88 1.37 StanleyBlackDck SWK 89.38 -1.52 UnivDisplay OLED 141.28 -2.09 Watsco WSO 358.46 -8.12 Zillow A ZG 46.84 1.08
Equinor EQNR 30.13 ... Halliburton HAL 31.48 -1.10 L3HarrisTech LHX 195.30 -0.27 NXP Semi NXPI 195.40 -2.45 PureStorage PSTG 37.02 -0.72 Stantec STN 63.14 -0.59 UniversalHealthB UHS 149.12 0.50 Watsco B WSOB 364.81 -2.29 ZimmerBiomet ZBH 143.66 -0.44
Equitable EQH 26.28 -0.15 HartfordFinl HIG 70.60 -1.28 LabCorp.ofAmerica LH 231.47 -2.80 Nasdaq NDAQ 51.62 0.40 Qiagen QGEN 46.07 -0.69 Starbucks SBUX 101.27 -0.60 UnumGroup UNM 45.55 0.15 WebsterFin WBS 38.27 -0.51 Zoetis ZTS 168.91 -1.83
EquityLife ELS 68.21 -0.49 Hasbro HAS 61.47 0.02 LamResearch LRCX 614.28 1.63
QRVO 102.86 0.24 StateStreet STT 73.16 -0.61 VF VFC 19.73 0.22 WellsFargo WFC 41.89 -0.29 ZoomVideo ZM 70.56 0.50
EquityResdntl EQR 66.04 -0.68 HealthcareRealty HR 19.13 -0.33 LamarAdv LAMR 94.99 -1.51 NationalGrid NGG 67.83 -0.10 Qorvo
NatlInstruments NATI 57.20 -0.30 Qualcomm QCOM 119.82 -2.86 SteelDynamics STLD 100.98 -1.55 VICI Prop VICI 31.91 -0.43 Welltower WELL 79.22 -1.19 ZoomInfoTech ZI 26.50 -0.32
ErieIndemnity ERIE 211.12 -5.87 HealthpeakProp PEAK 20.18 -0.49 LambWeston LW 113.30 -1.04 NatWest NWG 6.26 -0.33 QualtricsIntl XM 18.07 ... Stellantis STLA 16.88 -0.46 VailResorts MTN 246.16 -2.31 WescoIntl WCC 170.22 2.17 Zscaler ZS 148.66 -5.35
EssentialUtil WTRG 41.13 -0.30 Heico HEI 167.81 1.92 LandstarSystem LSTR 184.66 -3.32 NetApp NTAP 72.83 -1.54 QuantaServices PWR 185.75 -0.20 Steris STE 213.59 -0.02
EssexProp ESS 234.20 -2.72 Heico A HEI.A 134.17 1.63 LasVegasSands LVS 58.69 0.24
LatticeSemi LSCC 87.27 -1.39 NetEase NTES 95.25 -3.20 QuestDiag DGX 138.04 -0.56 Stevanato STVN 32.32 -0.05
EsteeLauder EL 197.55 -6.40 HenrySchein HSIC 77.89 -0.13 STMicroelec STM 48.86 -1.13
LEA 142.62 -0.44 Netflix
Exchange-Traded Portfolios |
NFLX 434.70 2.74
Etsy ETSY 96.19 1.59 Hershey HSY 258.46 -2.26 Lear R S
EverestRe RE 352.74 0.39 Hess
Neurocrine NBIX 96.99 -0.61
HES 132.36 -3.20 LegendBiotech LEGN 72.25 2.18 NewOrientalEduc EDU 38.90 -3.40
Stryker SYK 297.80 3.45 WSJ.com/ETFresearch
Leidos LDOS 85.19 -0.70 SumitomoMits SMFG 8.20 -0.06
Evergy EVRG 58.85 -0.46 HessMidstream HESM 29.87 -0.14 RB Global RBA 57.15 0.06 SunComms SUI 133.56 -1.31
s Lennar A LEN 121.58 1.56 NY CmntyBcp NYCB 10.73 0.08 RELX RELX 33.31 -0.73 SunLifeFinancial SLF 50.37 -0.54
EversourceEner ES 70.64 -1.44 HewlettPackard HPE 17.01 -0.56 Newmont
s NEM 43.10 -0.73 Largest 100 exchange-traded funds, latest session
s ExactSciences EXAS 94.34 0.92 Hilton HLT 139.63 -1.18 Lennar B LEN.B 106.76 1.04 R1 RCM RCM 17.60 0.32 SuncorEnergy SU 29.09 -1.05
s LennoxIntl LII 312.17 1.13 NewsCorp B NWS 19.35 -0.45 RPM RPM 83.29 -1.93 SuperMicroComp SMCI 222.40 -8.37
Exelon EXC 40.74 -0.47 Hologic HOLX 82.04 0.84
LiAuto LI 33.74 -0.67 NewsCorp A NWSA 19.09 -0.48 RalphLauren RL 123.38 0.20 Tuesday, June 20, 2023 Closing Chg YTD
Expedia EXPE 106.92 1.05 HomeDepot HD 301.41 1.03 Suzano SUZ 9.83 -0.18
LibertyBroadbandC LBRDK 73.66 -2.94 NextEraEnergy NEE 74.76 -0.83 Rambus RMBS 59.84 -0.54 SynchronyFinl SYF 32.71 -0.19 ETF Symbol Price (%) (%)
ExpeditorsIntl EXPD 115.79 -3.04 HondaMotor HMC 30.47 -0.85 Closing Chg YTD
LibertyBroadbandA LBRDA 73.44 -2.83 Nike NKE 109.54 -4.05
RangeResources RRC 28.59 0.10 Synopsys
ExtraSpaceSt EXR 143.80 -1.48 Honeywell HON 200.40 -2.57 SNPS 435.50 -5.69 ETF Symbol Price (%) (%) SPDRBbg1-3MTB BIL 91.67 0.02 0.2
LibertyGlobal C LBTYK 17.61 -0.49 NiSource NI 27.22 -0.16
RaymondJames RJF 98.88 -1.21 Sysco
ExxonMobil XOM 102.72 -2.41 HorizonTherap HZNP 101.43 -0.20 SYY 72.48 -0.91 CnsmrDiscSelSector XLY 167.29 SPDR DJIA Tr DIA 340.46 –0.73 2.8
LibertyGlobal A LBTYA 16.73 -0.50 Nokia NOK 4.20 -0.08
RaytheonTech RTX 97.70 -0.04 0.75 29.5
F5 FFIV 149.14 -2.84 HormelFoods HRL 40.78 -0.49 SPDR Gold GLD 179.75 –1.04 6.0
LibertyFormOne A FWONA 69.69 -0.63 Nomura NMR 3.86 -0.10 CnsStapleSelSector XLP 73.58 –0.76 –1.3
FMC FMC 105.28 -1.49 s DR Horton DHI 118.32 1.92
LibertyFormOne C FWONK 77.78 -0.31 Nordson NDSN 235.47 -1.64
RealtyIncome O 60.33 -1.06
RegalRexnord RRX 152.61 1.37
T U V
DimenUSCoreEq2 DFAC 26.74 –0.67 10.1 SPDRPtfDevxUS SPDW 32.55 –1.29 9.6
FTI Consulting FCN 192.06 -1.07 HostHotels HST 16.61 -0.44 SPYV 42.60 –0.78 9.5
LibertyBraves A BATRA 40.61 -0.72 NorfolkSouthern NSC 220.40 -3.74 RegencyCtrs REG 60.66 -0.48 TC Energy TRP 40.55 -0.04 EnSelSectorSPDR XLE 78.36 –2.24 –10.4 SPDRS&P500Value
FactSet FDS 421.55 0.64 s HowmetAerospace HWM 46.57 0.59
LibertyBraves C BATRK 39.17 -0.56 NorthernTrust NTRS 73.41 -1.30 RegenPharm REGN 781.21 -1.84 TD Synnex SNX 96.48 -0.29 FinSelSectorSPDR XLF 33.18 –0.75 –3.0 SPDRPtfS&P500 SPLG 51.41 –0.52 14.3
FairIsaac FICO 795.54 -4.42 Hubbell HUBB 321.06 0.68
LibertySirius C LSXMK 30.28 -0.63 NorthropGrum NOC 454.34 -4.01 RegionsFinl RF 17.87 -0.25 TE Connectivity TEL 135.21 -0.44 HealthCareSelSect XLV 131.52 –0.11 –3.2 SPDRS&P500Growth SPYG 60.18 –0.22 18.8
Fastenal FAST 56.75 0.17 HubSpot HUBS 515.64 -3.68
LibertySirius A LSXMA 30.38 -0.52 NorwegCruise NCLH 19.29 0.16 ReinsGrp RGA 144.25 1.22 Telus TU 19.26 -0.24 InvscQQQI QQQ 366.90 –0.14 37.8 SPDR S&P 500 SPY 437.18 –0.52 14.3
FederalRealty FRT 94.25 -1.68 Humana HUM 446.71 1.06
LifeStorage LSI 128.28 -1.50 Novartis NVS 100.82 -1.01 SchwabIntEquity SCHF 35.99 –1.34 11.7
FedEx FDX 231.65 -1.81 JBHunt JBHT 173.94 -2.74 RelianceSteel RS 252.43 -3.64 Ternium TX 40.39 -0.54 InvscS&P500EW RSP 146.84 –0.91 4.0
EliLilly LLY 451.95 4.24 NovoNordisk NVO 161.67 0.38 RenaissanceRe RNR 190.23 -1.60 TFI Intl TFII 104.59 -1.66 iShCoreDivGrowth DGRO 50.95 –0.84 1.9 SchwabSrtTRmUSTrsr SCHO 48.17 0.06 –0.1
Ferguson FERG 150.20 -0.87 HuntingtonBcshs HBAN 10.72 -0.20 LincolnElectric LECO 194.45 -1.48 s NuHoldings NU 7.68 0.14
RentokilInit RTO 40.33 -0.32 TIM TIMB 15.54 0.07 iShCoreMSCIEAFE SchwabUS BrdMkt SCHB 51.17 –0.52 14.2
Ferrari RACE 306.16 -1.86 HuntingIngalls HII 218.47 -2.71 Linde Nucor NUE 149.52 -1.89 IEFA 67.57 –1.33 9.6
LIN 368.68 -6.61 Repligen RGEN 151.16 -6.30 TJX TJX 80.39 -0.87 iShCoreMSCIEM SchwabUS Div SCHD 72.64 –0.95 –3.8
FidNatlFin FNF 34.45 -0.31 HyattHotels H 109.42 -3.75 IEMG 49.80 –1.78 6.6
LithiaMotors LAD 276.51 4.72 Nutanix NTNX 29.24 0.05
RepublicSvcs RSG 145.87 0.14 T-MobileUS TMUS 131.23 0.30 iShCoreMSCITotInt SchwabUS LC SCHX 51.87 –0.50 14.9
FidNatlInfo FIS 54.65 -0.13 ICICI Bank IBN 22.62 -0.25 Littelfuse LFUS 278.83 7.06 Nutrien NTR 58.67 -1.40 IXUS 62.74 –1.49 8.4
RMD 216.81 -2.23 TPG TPG 29.76 -0.13 iShCoreS&P500 SchwabUS LC Grw SCHG 74.06 ... 33.3
FifthThirdBncp FITB 26.69 0.15 ICL Group ICL 5.75 -0.20 LiveNationEnt LYV 89.13 -1.05 nVentElectric NVT 47.72 0.08 ResMed IVV 439.54 –0.47 14.4
RestaurantBrands QSR 76.12 -0.31 T.RowePrice TROW 112.45 -1.73 iShCoreS&P MC SPDR S&PMdCpTr MDY 467.06 –0.74 5.5
FirstCitizBcshA FCNCA 1275.74 -7.25 IdexxLab IDXX 482.22 -0.81 LloydsBanking LYG 2.23 -0.04 s NVIDIA NVDA 438.08 11.16 IJH 255.22 –0.73 5.5
FirstIndRlty FR 52.39 -0.47 ING Groep ING 13.35 -0.05 LockheedMartin LMT 458.38 -0.79 Revvity RVTY 116.09 -3.17 TaiwanSemi TSM 103.98 -0.59 iShCoreS&P SC SPDR S&P Div SDY 121.68 –1.23 –2.7
IJR 98.26 –0.39 3.8
TechSelectSector XLK 171.66 –0.68 37.9
FirstSolar FSLR 186.10 -2.89 Invesco IVZ 16.54 -0.24 Loews L 58.09 -0.48 O P Q
RexfordIndlRealty REXR 53.11 -0.61 TakeTwoSoftware TTWO 139.03 0.39 iShCoreS&PTotUS
RioTinto RIO 65.93 -1.62 TakedaPharm TAK 16.11 0.02 iShCoreTotalUSDBd IUSB 45.53
ITOT 96.49 –0.51 13.8
UtilitiesSelSector XLU 65.98 –1.17 –6.4
FirstEnergy FE 39.29 0.22 IQVIA IQV 214.93 -1.09 LogitechIntl LOGI 56.05 -0.86 0.09 1.3
Fiserv FI 119.57 -0.39 ITT ITT 88.19 -1.02 Lowe's OGE Energy OGE 36.44 -0.36 Rivian RIVN 15.70 0.82 Tapestry TPR 43.47 0.10 VangdInfoTech VGT 437.00 –0.58 36.8
LOW 215.46 -1.62 ONEOK iShCoreUSAggBd AGG 98.32 0.18 1.4
FiveBelow FIVE 193.26 2.83 IcahnEnterprises IEP 28.40 0.46 Lucid OKE 59.32 -1.63 RobertHalf RHI 71.56 -1.86 TargaResources TRGP 70.94 -0.85 VangdSC Val VBR 162.92 –0.77 2.6
LCID 6.32 -0.16 ON Semi TGT 132.72 -1.09 iShESGAwareUSA ESGU 96.25 –0.50 13.6
FleetCorTech FLT 242.48 -1.15 Icon ICLR 230.29 -3.83 lululemon ON 89.38 -0.77 Robinhood HOOD 10.00 -0.03 Target VangdExtMkt VXF 147.10 –0.70 10.7
LULU 383.49 0.47 OReillyAuto ORLY 917.49 -1.53 iShEdgeMSCIMinUSA USMV 73.34 –0.76 1.7
s Flex FLEX 27.17 0.40 IDEX IEX 205.14 -4.61 LyondellBasell LYB 89.45 -2.79 Roblox RBLX 41.77 -0.03 TeckResourcesB TECK 41.23 -0.73 VangdDivApp VIG 160.11 –0.71 5.4
iShEdgeMSCIUSAQual QUAL 132.91 –0.44 16.6
Floor&Decor FND 96.02 -0.24 IllinoisToolWks ITW 244.06 -3.93 OccidentalPetrol OXY 57.23 -0.92 RocketCos. RKT 8.98 -0.21 TeledyneTech TDY 399.67 -6.76 VangdFTSEAWxUS VEU 54.43 –1.49 8.6
Okta OKTA 73.35 -2.40 Rockwell ROK 315.39 -0.41 Teleflex TFX 252.98 0.58 iShGoldTr IAU 36.68 –1.03 6.0 VangdFTSEDevMk VEA 46.13 –1.34 9.9
FomentoEconMex FMX 110.18 -1.01 Illumina ILMN 202.13 -3.74 M N OldDomFreight ODFL 320.61 -4.85 RogersComm B RCI 43.91 -0.06 Ericsson ERIC 5.31 -0.12 iShiBoxx$HYCpBd HYG 74.73 –0.27 1.5 VangdFTSE EM VWO 40.97 –1.78 5.1
FordMotor F 14.22 -0.20 ImperialOil IMO 48.97 -0.76
MTB 122.20 -0.96 OldRepublic ORI 24.57 -0.34 RoivantSciences ROIV 9.79 0.14 TelefonicaBras VIV 9.00 0.01 iShiBoxx$InvGrCpBd LQD 108.08 0.36 2.5 VangdFTSE Europe VGK 61.30 –1.42 10.6
Fortinet FTNT 71.66 -1.12 Incyte INCY 61.75 -1.48 M&T Bank
OLN 48.90 -3.46 Roku ROKU 67.96 -2.73 Telefonica TEF 3.92 0.06 iShJPMUSDEmBd EMB 85.83 0.05 1.5
Fortis FTS 42.47 -0.40 Infosys INFY 15.64 -0.19 MGM Resorts MGM 43.06 0.42 Olin VangdGrowth VUG 279.39 –0.18 31.1
MKS Instrum MKSI 105.98 0.80 OmegaHealthcare OHI 30.67 -0.39 Rollins ROL 40.91 -0.18 TelekmIndonesia TLK 26.73 0.02 iShMBS MBB 93.52 –0.05 0.8 VangdHlthCr VHT 244.44 –0.04 –1.5
Fortive FTV 71.50 -0.32 IngersollRand IR 64.12 -0.40
FortuneBrands FBIN 67.38 0.39 Ingredion INGR 105.13 -1.56 MPLX MPLX 33.64 -0.43 Omnicom OMC 93.65 -1.50 RoperTech ROP 455.75 -3.03 TempurSealy TPX 38.09 -0.34 iShMSCIACWI ACWI 95.20 –0.92 12.2 VangdHiDiv VYM 105.14 –1.02 –2.8
FoxA FOXA 33.25 -0.39 InspireMedical INSP 313.14 1.74 MSCI MSCI 473.78 -3.95 OnHolding ONON 29.51 -0.42 RossStores ROST 107.28 -0.56 10xGenomics TXG 57.91 -0.20 iShMSCI EAFE EFA 72.42 –1.32 10.3 VangdIntermBd BIV 75.48 0.20 1.6
FoxB FOX 31.09 -0.41 Insulet PODD 288.71 4.21 MagellanMid MMP 59.15 -0.95 OpenText OTEX 41.00 -0.49 RoyalBkCanada RY 94.36 -1.09 Tenaris TS 27.70 -0.55 iSh MSCI EM EEM 40.08 –1.96 5.8 VangdIntrCorpBd VCIT 79.08 0.28 2.0
Franco-Nevada FNV 138.41 -7.33 Intel INTC 35.00 -1.37 MagnaIntl MGA 55.61 -1.38 Oracle ORCL 122.04 -3.42 s RoyalCaribbean RCL 96.60 1.30 TencentMusic TME 7.54 -0.49 iShMSCIEAFEValue EFV 48.79 –1.21 6.3 VangdIntermTrea VGIT 58.98 0.17 0.9
FranklinRscs BEN 26.40 -0.57 InteractiveBrkrs IBKR 80.31 0.03 ManhattanAssoc MANH 191.17 -0.64 Orange ORAN 11.17 -0.11 RoyalGold RGLD 113.27 -4.34 TenetHealthcare THC 78.40 -0.03 iShNatlMuniBd MUB 106.87 0.12 1.3 VangdLC VV 200.72 –0.47 15.2
FreeportMcM FCX 39.40 -0.49 ICE ICE 112.17 0.49 ManulifeFinl MFC 18.72 -0.27 Orix IX 87.90 -1.43 t RoyaltyPharma RPRX 31.41 -0.49 Teradyne TER 108.69 -2.37 iSh1-5YIGCorpBd IGSB 50.18 0.10 0.7 VangdMC VO 215.85 –0.84 5.9
FreseniusMed FMS 23.45 -0.12 InterContinentl IHG 69.45 -1.78 MarathonOil MRO 22.82 -0.68 OtisWorldwide OTIS 87.08 -1.54 RyanSpecialty RYAN 43.06 0.09 Tesla TSLA 274.45 13.91 iSh1-3YTreaBd SHY 81.24 0.04 0.1 VangdMC Val VOE 136.13 –1.04 0.7
FullTruck YMM 6.63 -0.25 IBM IBM 135.96 -1.52 MarathonPetrol MPC 110.94 -2.35 Ovintiv OVV 36.20 -1.70 Ryanair RYAAY 106.00 -1.89 TetraTech TTEK 162.05 -0.27 iShRussMC IWR 71.42 –0.83 5.9 VangdMBS VMBS 46.06 –0.04 1.2
IntlFlavors IFF 79.21 -1.14 Markel MKL 1336.74 -6.95 s OwensCorning OC 124.78 2.62 SAP SAP 136.01 -1.27 TevaPharm TEVA 7.55 0.01 iShRuss1000 IWB 240.38 –0.43 14.2 VangdRealEst VNQ 82.93 –1.18 0.5
G H I IntlPaper IP 31.52 -0.46 MarketAxess MKTX 274.47 -2.68 PDD PDD 74.32 -5.55 S&P Global SPGI 391.84 -3.37 TexasInstruments TXN 174.36 -2.40 iShRuss1000Grw
PCG 16.87 -0.53 SBA Comm SBAC 224.60 -5.97 TexasPacLand TPL 1326.77 -31.83 iShRuss1000Val
IWF 271.82 –0.17 26.9 VangdS&P500ETF VOO 403.38 –0.46 14.8
Interpublic IPG 39.45 -0.59 Marriott MAR 173.79 -2.57 PG&E IWD 155.32 –0.84 2.4 VangdST Bond BSV 75.74 0.09 0.6
GE HealthCare GEHC 78.90 0.25 Intuit INTU 455.13 0.10 s Marsh&McLen MMC 181.05 -0.10 PNC Finl PNC 126.46 -2.01 SEI Investments SEIC 59.01 -0.32 TexasRoadhouse TXRH 108.07 -1.90 iShRussell2000 IWM 185.13 –0.44 6.2 VangdSTCpBd VCSH 75.71 0.12 0.7
GFLEnvironmental GFL 37.25 -0.03 IntuitiveSurgical ISRG 327.83 -1.53 MartinMarietta MLM 430.17 3.63 POSCO PKX 74.71 -1.27 SK Telecom SKM 20.09 -0.32 Textron TXT 66.06 -0.58 iShS&P500Grw IVW 69.51 –0.24 18.8 VangdShtTmInfltn VTIP 47.50 ... 1.7
GSK GSK 34.62 -0.53 InvitatHomes INVH 34.39 -0.01 MarvellTech MRVL 60.83 -0.29 PPG Ind PPG 142.04 -1.04 s SPS Commerce SPSC 182.84 -1.86 ThermoFisher TMO 527.40 -9.90 iShS&P500Value IVE 158.96 –0.74 9.6
GXO Logistics GXO 59.92 -1.23 IridiumComm IRDM 61.71 1.40 Masco VangdShortTrea VGSH 57.86 0.07 0.1
MAS 56.01 0.51 PPL PPL 26.70 -0.29 SS&C Tech SSNC 59.83 -0.29 ThomsonReuters TRI 130.38 0.59
iShSelectDiv DVY 112.85 –1.23 –6.4 VangdSC VB 195.86 –0.65 6.7
Gallagher AJG 211.64 -2.14 IronMountain IRM 55.45 -1.31 Masimo MASI 164.34 2.87 PTC PTC 141.74 -1.41 STAG Indl STAG 35.80 -0.79 3M MMM 102.30 -2.24
GameStop GME 24.58 0.02 ItauUnibanco ITUB 5.98 0.13 MasTec iSh7-10YTreaBd IEF 97.16 0.30 1.4 VangdTaxExemptBd VTEB 50.20 0.08 1.4
MTZ 109.79 -0.25 Paccar PCAR 77.77 -0.86 Saia SAIA 306.71 -9.16 Toast TOST 21.64 -0.07
Gaming&Leisure GLPI 49.05 -0.78 TOL 75.33 1.84 iShShortTreaBd SHV 110.26 ... 0.3 VangdTotalBd BND 72.83 0.14 1.4
Mastercard MA 374.62 -1.91 PackagingCpAm PKG 131.68 -0.74 Salesforce CRM 216.97 5.21 Toll Bros
28.20 -0.70 s TopBuild BLD 246.99 3.71 iShTIPSBondETF TIP 108.00 0.21 1.5 VangdTotIntlBd BNDX 48.76 0.25 2.8
Garmin
Gartner
GRMN 105.42 -0.58
IT 353.36 -3.18
J K L MatchGroup MTCH 42.42 0.17 PalantirTech PLTR 15.79 -0.51 Samsara
s McCormickVtg MKC.V 93.75 2.20 PaloAltoNtwks PANW 241.60 -4.93 Sanofi
IOT
SNY 53.10 1.06 Toro TTC 97.27 0.18 iSh20+YTreaBd TLT 103.31 0.69 3.8 VangdTotIntlStk VXUS 56.17 –1.46 8.6
GenDigital GEN 18.58 -0.05 JD.com JD 37.17 -2.68 s McCormick MKC 92.94 0.29 ParamountA PARAA 18.07 -0.70 SareptaTherap SRPT 131.40 0.96 TorontoDomBk TD 60.61 -0.55 iShUSTreasuryBd GOVT 23.02 0.24 1.3 VangdTotalStk VTI 218.18 –0.49 14.1
Generac GNRC 128.87 9.45 JPMorganChase JPM 142.53 -0.73 McDonald's MCD 293.04 -0.66 ParamountB PARA 15.67 -0.61 Sasol SSL 13.96 -0.35 TotalEnergies TTE 57.28 -0.76 JPMEquityPrem JEPI 54.67 –0.33 0.3 VangdTotWrldStk VT 96.17 –0.99 11.6
GeneralDynamics GD 215.49 -1.85 s Jabil JBL 105.89 0.53 s McKesson MCK 410.33 4.13 ParkerHannifin PH 371.85 2.75 Schlumberger SLB 47.26 -0.52 ToyotaMotor TM 157.15 -7.20 JPM UltShIncm JPST 50.09 0.02 –0.1 VangdValue VTV 141.18 –0.84 0.6
GeneralElec GE 104.02 -2.27 JackHenry JKHY 163.76 0.22 Medpace MEDP 225.29 3.47 Paychex PAYX 112.24 -1.35 SchwabC SCHW 53.93 -0.47 TractorSupply TSCO 217.01 -1.92 ProShUltPrQQQ TQQQ 40.60 –0.49 134.7 WisdTrFRTrea USFR 50.45 0.02 0.4

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
Fidelity NASDAQ 173.00 -0.28 31.2 JPMorgan I Class HelSci 90.89 -0.08 1.2 MuShtAdml 15.61 +0.01 1.3 WellsI 24.49 -0.06 1.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem 152.81 -0.73 15.2 OTC 16.47 -0.05 28.4 CoreBond 10.24 +0.02 NA LgCapGow I 58.96 -0.03 28.4 PrmcpAdml r 152.20 -1.10 16.3 Welltn 40.64 -0.17 6.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Contrafund K6 20.58 -0.03 22.4 Puritn 22.74 -0.05 11.4 EqInc 22.00 -0.18 NA MidCap 98.33 -0.59 10.8 RealEstatAdml 117.49 -1.48 1.5 WndsrII 40.50 -0.34 9.5
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- ExtMktIdxInstPre 69.89 -0.46 11.0 SAIUSQtyIdx 17.79 -0.11 16.2 LgCpGwth 54.62 -0.04 NA NHoriz 52.83 -0.12 14.0 SmCapAdml 93.83 -0.62 7.1 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FidSerToMarket 14.44 -0.07 14.6 SrsEmrgMkt 17.13 -0.30 9.7 JPMorgan R Class R2025 15.75 -0.06 7.7 SmGthAdml 79.44 -0.39 12.8 ExtndIstPl 275.47 -1.81 11.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete GrowthCompanyK6 20.42 +0.05 32.7 SrsGlobal 13.61 -0.19 10.2 CoreBond 10.25 +0.02 NA R2030 23.79 -0.11 8.8 STBondAdml 9.92 +0.01 1.5 IdxIntl 18.06 -0.24 9.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not InflPrBdIndInsPr 9.24 +0.03 2.5 SrsGroCoRetail 18.24 +0.05 32.5 CorePlusBd 7.22 +0.02 NA R2040 27.06 -0.17 10.8 STIGradeAdml 10.01 +0.01 2.0 MdCpGrAdml 86.53 -0.65 12.1
tracked. NS-Fund didn’t exist at start of period. IntlIdxInstPrem 46.22 -0.56 12.2 SrsIntlGrw 16.31 -0.19 14.4 Lord Abbett I Schwab Funds STIPSIxAdm 23.82 +0.02 1.8 MdCpVlAdml 70.52 -0.70 1.2
LgCpGwId InstPre 26.52 -0.06 27.4 SrsIntlVal 11.09 -0.12 10.6 ShtDurInc p 3.82 ... 1.9 1000 Inv r NA ... NA TotBdAdml 9.59 +0.02 2.6 SmValAdml 69.99 -0.55 3.2
MidCpInxInstPrem 27.63 -0.24 6.6 TotalBond 9.46 +0.01 3.3 Metropolitan West S&P Sel NA ... NA TotIntBdIdxAdm 19.49 +0.04 3.6 TotBd2 9.48 +0.02 2.6
Tuesday, June 20, 2023 SAIUSLgCpIndxFd 19.36 -0.10 15.2 Fidelity SAI TotRetBdI 9.13 +0.02 2.8 TSM Sel r NA ... NA TotIntlAdmIdx r 30.20 -0.40 9.8 TotIntlInstIdx r 120.76 -1.62 9.8
Net YTD Net YTD Net YTD SeriesBondFd 8.98 +0.02 2.6 TotalBd 8.95 +0.01 3.4 TRBdPlan 8.56 +0.02 2.8 TIAA/CREF Funds TotStAdml 106.18 -0.53 14.5 TotItlInstPlId r 120.79 -1.61 9.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SeriesOverseas 12.47 -0.20 14.8 U.S.TreBdIdx 8.77 +0.02 2.3 MFS Funds EqIdxInst 31.07 -0.16 14.4 TxMCapAdml 226.73 -1.18 15.0 TotSt 106.15 -0.53 14.5
AB Funds Artisan Funds 5GlbFxdInc 10.03... 2.0 SerLTTreBdIdx 6.05 +0.03 4.7 Fidelity Selects IIE 31.99 -0.54 13.7 IntlEqIdxInst 21.42 -0.25 12.1 TxMIn r 14.85 -0.18 11.3 VANGUARD INSTL FDS
SmCpIdxInstPrem 23.19 -0.11 6.9 Semiconductors r 24.04 ... 64.9 MFS Funds Class I VANGUARD ADMIRAL
USGroAdml 131.62 -0.28 29.9 DevMktsIndInst 14.87 -0.18 11.3
MuniIncmShares 10.98 +0.01 3.5 IntlVal Inst 43.89 -0.44 13.7 EmgMktVa 28.83
-0.34 9.3
AB Funds - ADV Baird Funds EmMktCorEq 22.09
-0.28 9.8 TMktIdxInstPrem 121.22 -0.61 14.6 Softwr 25.42 -0.19 29.4 GrowthI 161.91 -0.59 22.1 500Adml 406.32 -1.93 15.2
ValAdml 55.06 -0.46 1.2 DevMktsInxInst 23.24 -0.28 11.3
LgCpGrAdv 84.22 -0.34 20.5 AggBdInst 9.73 +0.02 2.7 IntlCoreEq 14.79
-0.20 9.7 TotalMarketIndex 15.30 -0.08 14.6 Tech 25.99 -0.08 45.7 ValueI 47.82 -0.42 0.5 BalAdml 43.10 -0.08 9.7
WdsrllAdml 71.83 -0.61 9.5
ExtndInst 111.62 -0.74 11.1
First Eagle Funds Northern Funds CAITAdml 11.22 ... 2.0 GrwthInst 143.79 -0.28 31.3
American Century Inv CorBdInst 10.01 +0.02 2.8 IntSmCo 18.67
-0.23 7.3 TtlIntIdxInstPr 12.87 -0.18 9.9 WellsIAdml 59.31 -0.14 1.8
Ultra 71.78 +0.07 30.1 BlackRock Funds IntSmVa 20.20
-0.25 7.5 USBdIdxInstPrem 10.30 +0.01 2.5 GlbA 62.82 -0.66 8.4 StkIdx 46.83 -0.22 NA CapOpAdml r 166.72 -0.97 14.1
WelltnAdml 70.17 -0.30 7.0
InPrSeIn 9.62 +0.02 2.3
Franklin A1 Old Westbury Fds DivAppIdxAdm 43.43 -0.30 5.9 InstIdx 367.62 -1.75 15.2
American Funds Cl A HiYldBd Inst 6.79 ... 5.5 LgCo -0.15 15.2 Fidelity Freedom
30.01 EMAdmr WndsrAdml 70.98 -0.74 4.8
IncomeA1 2.28 -0.01 3.3 LrgCpStr 16.28 ... 11.7
34.08 -0.57 5.8 InstPlus 367.62 -1.75 15.2
AmcpA 35.28 -0.09 17.6 BlackRock Funds III US CoreEq1 -0.20 11.4 FF2020
33.06 13.70 -0.04 7.5 EqIncAdml 83.13 -0.85 -0.4
VANGUARD FDS
InstTStPlus 76.33 -0.38 14.5
AMutlA 49.12 -0.36 2.3 iShS&P500IdxK 516.27 -2.45 15.2 US CoreEq2 -0.19 10.2 FF2025
29.82 12.68 -0.05 8.3 FrankTemp/Frank Adv Parnassus Fds DivdGro 35.87 -0.25 1.9
ExplrAdml 95.27 -0.41 9.7 MidCpInst 59.05 -0.51 6.3
BalA 30.28 -0.11 6.0 BlackRock Funds Inst US Small -0.18 5.8 FF2030
40.82 15.95 -0.07 9.0 IncomeAdv 2.26 -0.01 3.4 ParnEqFd 53.54 -0.43 14.3 IntlVal 40.11 -0.57 12.2
ExtndAdml 111.63 -0.73 11.0 MidCpIstPl 291.20 -2.55 6.3
BondA NA ... NA EqtyDivd 19.15 -0.15 5.3 US SmCpVal -0.23 2.1 FF2035
39.94 13.85 -0.09 10.4 FrankTemp/Franklin A PGIM Funds Cl Z LifeCon 20.28 -0.04 6.8
GNMAAdml 9.26 +0.01 2.3 RealEstaInstl 18.19 -0.22 1.6
CapIBA 64.17 -0.40 3.3 StratIncOpptyIns 9.20 ... 2.1 US TgdVal -0.17 3.4 FF2040
28.22 9.91 -0.07 11.9 Growth A 119.20 -0.71 16.7 TotalReturnBond NA ... NA
GrwthAdml 143.78 -0.28 LifeGro 39.86 -0.25 10.6
31.3 SmCapInst 93.83 -0.61 7.2
CapWGrA 57.04 -0.45 11.7 TotRet 10.02 +0.01 3.3 USLgVa -0.45 1.8 Freedom2030 K 15.95
42.01 -0.07 9.1 RisDv A 87.67 -0.55 6.4 PIMCO Fds Instl
HlthCareAdml r 90.36 -0.40 4.0 LifeMod 29.82 -0.12 8.7 STIGradeInst 10.01 +0.01 2.0
EupacA 54.84 -0.78 12.2 Bridge Builder Trust Dodge & Cox Idx2030InsPre 18.28 -0.07 9.0 Guggenheim Funds Tru AllAsset NA ... NA HYCorAdml r 5.22 -0.01 4.2 PrmcpCor 30.41 -0.22 11.9 STIPSIxins 23.84 +0.02 1.8
FdInvA 66.78 -0.42 12.5 CoreBond 8.92 +0.01 2.0 Balanced 96.66 -0.51 4.6 Idx2035InsPre 20.62 -0.11 10.3 TotRtnBdFdClInst 23.55 +0.04 3.5 TotRt 8.53 +0.01 2.6 InfProAd 23.62 +0.06 2.3 STAR 26.58 -0.12 10.0 TotBdInst 9.59 +0.02 2.6
GwthA 60.03 -0.16 21.3 CorePlusBond 8.82 +0.01 2.4 GblStock 13.81 -0.13 9.5 Idx2040InsPre 21.15 -0.15 11.6 Harbor Funds PIMCO Funds A IntlGrAdml 102.50 -1.71 13.4 TgtRe2020 27.09 -0.06 6.8 TotBdInst2 9.48 +0.02 2.6
HI TrA 9.15 -0.01 4.0 Intl Eq 12.05 -0.16 12.4 Income 12.48 +0.02 3.3 Fidelity Invest CapApInst 85.29 +0.01 35.9 IncomeFd 10.44 +0.01 3.7 ITBondAdml 10.22 +0.03 2.8 TgtRe2025 18.03 -0.07 8.1 TotBdInstPl 9.59 +0.02 2.6
ICAA 46.72 -0.32 14.0 LargeCapGrowth 20.30 -0.09 18.8 Intl Stk 47.43 -0.50 10.0 Balanc 25.80 -0.05 13.0 Harding Loevner PIMCO Funds I2 ITIGradeAdml 8.45 +0.02 3.4 TgtRe2030 34.20 -0.15 9.0 TotIntBdIdxInst 29.25 +0.06 3.6
IncoA 22.69 -0.16 1.8 LargeCapValue 15.60 -0.11 4.4 Stock 224.56 -1.88 5.3 BluCh 154.40 -0.04 37.3 IntlEq 26.00 -0.33 NA Income 10.44 +0.01 3.8 LarCapAd 101.33 -0.50 15.6 TgtRe2035 21.24 -0.11 9.8 TotStInst 106.20 -0.53 14.5
N PerA 55.05 -0.40 16.4 MunicipalBond 9.80 +0.01 1.9 DoubleLine Funds Contra 14.72 -0.01 23.5 Invesco Funds Y PIMCO Funds Instl LTGradeAdml 8.01 +0.04 4.9 TgtRe2040 37.57 -0.22 10.5 ValueInst 55.06 -0.46 1.2
NEcoA 50.75 -0.26 16.7 Calamos Funds TotRetBdI 8.87 +0.02 2.8 CpInc 9.30 -0.01 5.6 DevMktY 39.28 -0.79 12.4 IncomeFd 10.44 +0.01 3.9 MidCpAdml 267.28 -2.34 6.3 TgtRe2045 25.39 -0.17 11.3 WCM Focus Funds
NwWrldA 74.08 -0.79 11.5 MktNeutI 14.45 +0.01 5.5 Edgewood Growth Instituti GroCo 30.20 +0.07 34.2 JHF III DispVal Price Funds MuHYAdml 10.47 +0.02 3.9 TgtRe2050 42.21 -0.30 11.7 WCMFocIntlGrwIns 22.12 -0.32 12.5
SmCpA 62.29 -0.47 11.0 Columbia Class I EdgewoodGrInst NA ... NA InvGrBd 9.99 +0.02 3.3 DispValMCI 25.56 -0.19 4.7 BlChip 137.66 +0.05 33.0 MuIntAdml 13.48 +0.01 2.2 TgtRe2060 43.37 -0.31 11.7 Western Asset
TxExA 12.21 +0.02 2.7 DivIncom I 29.42 -0.23 2.3 Federated Hermes Int LowP 47.51 -0.31 2.9 John Hancock DivGro 66.84 -0.55 4.6 MuLTAdml 10.74 +0.01 3.2 TgtRet2055 47.09 -0.34 11.7 CoreBondI NA ... NA
WshA 53.52 -0.40 6.4 Dimensional Fds TtlRtnBdI 9.51 +0.01 2.2 Magin 11.06 -0.04 15.8 BondR6 13.49 +0.02 3.1 Growth 80.33 -0.03 30.4 MuLtdAdml 10.70 +0.01 1.4 TgtRetInc 12.88 -0.01 5.6 CorePlusBdI NA ... NA
 THE WALL STREET JOURNAL.
Street-Backed
Crypto Market
Gets to Work
Exchange EDX seeks
business from those
wary of troubles at
FTX and Binance
BY ALEXANDER OSIPOVICH
A new cryptocurrency ex-
change backed by Citadel Se-
curities, Fidelity Investments
and Charles Schwab is seek-
ing business from brokers and
investors interested in digital
assets but wary of troubles at
FTX and Binance.
The venture, EDX Markets,
quietly began executing trades
in recent weeks.
EDX released a statement
about the launch Tuesday,
nine months after its backers
unveiled their plans for the
crypto marketplace.
The launch shows that
some Wall Street firms remain
interested in crypto despite a
regulatory onslaught by the
Securities and Exchange Com-
mission and a market that has
cooled off substantially over
the past 18 months.
A spokeswoman for Citadel
Securities, an electronic mar-
ket-making firm with a huge
presence in stocks and op-
tions, confirmed it was trad-
ing cryptocurrencies on EDX.
Citadel Securi-
ties’ billionaire
founder Ken
Griffin was EDX won’t
earlier a very directly handle
public critic of
crypto. customers’
EDX says its
approach draws
crypto like other
on standard exchanges.
practices in tra-
ditional, regu-
lated financial
markets and differs in key
ways from how crypto ex-
changes typically operate.
One major difference is that
EDX is a “noncustodial” ex-
change, meaning it doesn’t di-
rectly handle its customers’
digital assets.
Instead, EDX runs a mar-
ketplace where firms agree to
execute trades of coins and
dollars, using its platform to
agree on prices. Then the
firms move crypto and cash
between each other to settle
the trades.
Later this year, EDX plans
to launch a clearinghouse to
facilitate the process of set-
tling trades, but even then it
plans to use third-party banks
and a crypto custodian to hold
customer assets.
In contrast, crypto ex-
changes typically require their
customers to park their digital
coins in wallets run by the ex-
change, creating the risk that
the exchange could lose the
funds or be tempted to misuse
them.
Sam Bankman-Fried’s FTX
collapsed in November after
its affiliated crypto-trading
firm, Alameda Research,
tapped billions of dollars’
worth of customer assets to
fund risky trades and venture-
capital investments.
Earlier this month, the SEC
alleged in a lawsuit that Bi-
nance commingled billions of
dollars of customer assets in
an account held by a trading
firm owned by Binance
founder Changpeng Zhao. Bi-
nance responded that its us-
ers’ assets are “safe and se-
cure” and vowed to defend
itself against the SEC’s allega-
tions.
Unlike most crypto ex-
changes, EDX won’t directly
BRENDAN MCDERMID/REUTERS
EDX CEO Jamil Nazarali is a veteran of backer Citadel.
**
serve individual investors. In-
stead, it expects that retail
brokerages will send inves-
tors’ orders to buy and sell
digital coins to its market-
place.
The stock market operates
under a similar model, in
which investors don’t directly
access the New York Stock Ex-
change or Nasdaq, but instead
submit orders through broker-
ages such as Fidelity and
Schwab.
EDX Chief Executive Jamil
Nazarali said the failure of
FTX stoked demand for a
crypto exchange without the
built-in conflict of interest
that comes with storing cus-
tomer funds.
Nazarali was a longtime ex-
ecutive at Citadel Securities
before joining EDX.
EDX says it will offer trad-
ing in just four cryptocurren-
cies—bitcoin, ether, litecoin
and bitcoin cash—none of
which have been identified as
securities by the SEC.
Such a conservative ap-
proach to listing cryptocur-
rencies could help EDX stay
out of trouble with the SEC,
which has sued Coinbase
Global and a number of other
crypto exchanges for listing
coins that the agency deems
to be securities. Coinbase has
disputed the
agency’s cate-
gorization of
cryptocurren-
cies as securi-
ties and vowed
to fight back in
court.
EDX’s other
original back-
ers include
electronic-trad-
ing firm Virtu
Financial and venture-capital
investors Sequoia Capital and
Paradigm.
The venture said in its
statement Tuesday that it has
closed a second funding
round.
New investors in EDX in-
clude options-exchange opera-
tor Miami International
Holdings and affiliates of pro-
prietary trading firms DV
Trading, GTS, GSR and Hud-
son River Trading.
Both Citadel Securities and
GTS are market makers on the
NYSE.
Citadel’s founder, Griffin,
made his fortune in tradi-
tional markets and was pub-
licly hostile to crypto as re-
cently as a year and a half
ago.
“I wish all this passion and
energy that went into crypto
was aimed at making the
United States stronger,” Grif-
fin said at a public appearance
in Chicago in October 2021.
“Let’s face it, it’s a jihadist
call that we don’t believe in
the dollar.”
Griffin also acknowledged
at the time that his firm
would still trade crypto on be-
half of online brokerages if
there were regulatory clarity.
Citadel Securities had been
researching crypto as a poten-
tial trading opportunity as
early as March 2021, more
than half a year before Grif-
fin’s comments, according to a
lawsuit the firm filed last year
in Chicago against a former
employee whom it accused of
misusing confidential infor-
mation.
Citadel Securities executed
its first systematic crypto
trade in March 2022 through
an affiliate in Asia, the lawsuit
said.
BUSINESS NEWS
3M Suits
Threaten
Heavy Costs
Continued from page B1
steep price tag that would po-
tentially reshape the company.
Some analysts expect 3M to
reduce its stock dividend that
costs $3.4 billion a year as it
becomes a smaller company
with a heavier debt load. The
company said last July that it
planned to spin off its health-
care business—its best-per-
forming unit—to shareholders
as a separate public company
late this year or in early 2024.
The dividend, which was al-
most $6 a share last year, is a
crucial reason why Kinloch
Capital has held its invest-
ment in 3M despite the share
price falling by about one-fifth
in the past year, said Peter
Walls, chief investment officer
for the Virginia-based firm. A
cut in the dividend would be a
reason to sell, he said.
“We are willing to ride rel-
atively large ups and downs
and be extremely patient as
long as the dividend is coming
in every year and being in-
creased every year,” he said.
3M declined to comment on
potential settlement strategies
or how the company could pay
for any settlements. 3M Chief
Executive Mike Roman said in
May at a conference that the
dividend has been a priority
for the company.
Some analysts have esti-
mated the cost of settling the
earplug litigation at $10 bil-
lion to $15 billion. A settle-
ment with municipalities for
PFAS in drinking water alone
could cost $10 billion or more,
they have estimated.
Ryan Batchelor, chief in-
vestment officer of Utah-
based Clifford Capital Part-
ners, said his firm believes 3M
can absorb large settlements
without undermining its busi-
nesses.
“We think this is an equity
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Settling the litigation would come with a steep price tag that could reshape the company.
panic, not an enterprise
panic,” he said.
3M traditionally has been a
prodigious cash generator,
with thousands of products in
business lines that carry high
profit margins. 3M hives off
products from a core set of
materials that include adhe-
sives, abrasive materials, non-
woven fabrics and reflective
films. This year, 3M is likely to
have more cash on hand than
usual because of the spinoff of
its healthcare business.
RBC Capital Markets esti-
mates that 3M will have ac-
cess to about $17.4 billion of
capital by the end of the year,
including an estimated $6.7
billion from a one-time divi-
dend the new healthcare com-
pany is expected to pay to its
former parent. 3M is expected
to retain a 19.9% equity stake
in the new company, which
could be valued at roughly
$3.2 billion if 3M opts to sell
it, according to RBC.
Roman has said he is in no
rush to sell the stake after the
spinoff. “We can monetize over
time,” he said in announcing
the move last summer.
3M’s dividend is the highest
among its peers in the indus-
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PUBLIC NOTICES
THE HIGH COURT OF IRELAND
COMMERCIAL
No. 2023/ 96 COS
No. 2023/33 COM
IN THE MATTER OF CRH PLC
AND IN THE MATTER OF THE COMPANIES ACT 2014
AND IN THE MATTER OF SECTION 450 OF THE
COMPANIES ACT 2014
AND IN THE MATTER OF A PROPOSAL FOR A SCHEME
OF ARRANGEMENT
NOTICE IS HEREBY GIVEN pursuant to Section 453(2)(b)
of the Irish Companies Act 2014 (the “2014 Act”) that
the following resolution approving a proposed scheme
of arrangement (the “Scheme”) between CRH plc (the
“Company”) and the holders of the Ordinary Shares
(as defined in the scheme document (the “Scheme
Document”)) was approved at a meeting of the Ordinary
Shareholders held on 8 June 2023 (which meeting was
ordered by the High Court of Ireland (the “Court”) on
8 May 2023 following an application by the Company
pursuant to Section 450(3) of the 2014 Act):
“THAT the Scheme in its original form or with or subject
to any modification(s), addition(s) or condition(s)
approved or imposed by the High Court be agreed to.”
The purpose of the Scheme is to provide for the transfer
of the legal title (but not the beneficial interest) in the
Scheme Shares (as defined in the Scheme Document) so
as to (i) permit the Ordinary Shares to be transferred,
settled and cleared through the Depositary Trust
Company (“DTC”) (a central securities depository that
provides settlement services for companies whose
securities are listed on the New York Stock Exchange)
or be eligible for such transfer, settlement and clearing
through DTC; (ii) terminate the transfer, settlement and
clearing of the Ordinary Shares through the settlement
system operated by Euroclear Bank S.A./N.V.; and (iii)
take certain steps to facilitate the foregoing.
The Company will make an application to the Court
pursuant to section 453(2)(c) of the 2014 Act for an
order sanctioning the Scheme.
NOTICE IS HEREBY GIVEN that pursuant to an order
made by the Court on 19 June 2023, the Company will
apply to the Court on 11 July 2023 under Section 453(2)
(c) of the 2014 Act for an order sanctioning the Scheme.
The Court has directed that the application for the
sanctioning of the Scheme and any related orders be
heard in the Commercial List of the Court sitting in the
Four Courts, Inns Quay, Dublin 7, D07 N972, Ireland at
10:30 a.m. (Irish time) on 11 July 2023 (the “Hearing”).
The Hearing will take place in a hybrid fashion and
virtual meeting details are available from the email
address below on request.
Any shareholder or creditor that wishes to obtain a copy
of the Company’s filings relating to the Hearing should
contact the solicitors for the Company at the address
below.
Any party with such an interest in the Scheme may
appear at the Hearing personally or be represented by
a solicitor or by counsel. Any such party intending to
so appear should give notice in writing to the Solicitors
for the Company by no later than 5:30 p.m. (Irish time)
on 4 July 2023, and any affidavit in support of any such
appearance should be filed with the Central Office of the
High Court of Ireland, and served on the Solicitors for
the Company, by no later than 5:30 p.m. (Irish time) on
4 July 2023. The Scheme proceedings are also listed in
the Call Over List in the Commercial List on 7 July 2023
at 10:45 a.m.
21 June 2023
ARTHUR COX LLP
Solicitors for the Company
Ten Earlsfort Terrace
Dublin 2
D02 T380
Ireland
conall.oshaughnessy@arthurcox.com
Ref: COS/AR/40755/362
Wednesday, June 21, 2023 | B11
trial-conglomerate sector. The
company maintains a streak of
increasing shareholder divi-
dends annually for more than
60 years. About 94% of 3M’s
free cash, which is the money
left over after interest pay-
ments and capital expendi-
tures, is channeled to the divi-
dend, according to analysts.
The healthcare spinoff is ex-
pected to reduce 3M’s earnings
before taxes and interest by
$2.4 billion, leaving less money
in the future for the dividend,
according to analysts’ calcula-
tions. As more of 3M’s free
cash is needed for settlement-
related expenses in the coming
years, analysts expect the ever-
increasing dividend to become
unsustainable.
“They’re now a dividend
aristocrat, but we think that
likely comes to an end,” said
Deane Dray, an analyst for
RBC Capital. “They’ll be a
smaller company.”
Even if 3M settles the case
currently due to go to trial, in-
volving firefighting foam with
PFAS produced by 3M, the
company faces other PFAS-re-
lated litigation. 3M is also a
defendant in thousands of
personal-injury lawsuits re-
BUSINESS OPPORTUNITIES
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Commercial Fuel and Propane Distribution Co.
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Currently have 9 employees and 2 part-time. Over
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several bulk plant locations. Growth opportunities
include expanded service to neighboring towns and
marketing HVAC services.
Sale price: $3.5M.
Offering prospectus and financials available
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Send contact information to
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NOTICE OF SALE
NOTICE OF PUBLIC SALE OF COLLATERAL
Please take notice that 100% of the membership
interests in ONH 14 53rd ST LLC, a Delaware limited
liability company (the “Company”), will be offered
for sale at a public auction and sold to the highest
“qualified bidder” on August 9, 2023 at 11:00 A.M.
(New York time). The sale will be held virtually (i.e.,
not in person) via https://bit.ly/WhaleUCC (case
sensitive).
The principal asset of the Company is the property
located at 14 53rd Street, Brooklyn, New York.
This sale is held to enforce the rights of 14 53rd Street
LLC, a Delaware limited liability company, as secured
party (including its successors and assigns, “Secured
Party”) under (A) that certain (i) that certain Senior
Loan Agreement, dated as of September 25, 2020 by
and among the Company and TPG RE Finance 2, Ltd.
(“TPG”), (ii) that certain Amended and Restated
Building Loan Agreement, dated as of September
25, 2020 by and among the Company and TPG, and
(iii) that certain Project Loan Agreement, dated as
of September 25, 2020 by and among the Company
and TPG , and (B) that certain Pledge and Security
Agreement dated as of September 25, 2020, executed
by ONH 14 53rd ST Mezz LLC, a Delaware limited
liability company, in favor of TPG, both of which
are currently held by Secured Party. Secured Party
reserves the right to reject all bids and terminate
or adjourn the sale to another time, without further
publication.
Interested parties who would like additional
information regarding the Company, the collateral,
property visits, and the terms of the public sale
(including the requirements to be a “qualified bidder”)
should contact Greg Corbin at Rosewood Realty
Group at (212)-359-9904 to obtain a non-disclosure
agreement which must be executed before obtaining
access to the Rosewood Realty Group due diligence
website.
BEN BREWER/BLOOMBERG NEWS
lated to PFAS and cases filed
by state attorneys gen-
eral over water and soil con-
tamination. 3M, which manu-
factured PFAS in Belgium, also
is facing PFAS complaints in
other countries.
“It’s going to be a liability
with a lot longer tail,” said Gi-
anna Kinsman, a vice presi-
dent for Capstone, a Washing-
ton-based firm that advises
investors and companies on
regulatory issues.
Capstone, which doesn’t
work for any company that
produces PFAS chemicals,
forecasts that 3M’s cost to
settle PFAS litigation will be
more than $40 billion.
The litigation hangover
prompted credit-ratings firm
Moody’s to give 3M debt a
negative outlook in February,
though the agency left 3M’s
rating at an investment grade
of A1. Moody’s Senior Vice
President David Berge said the
outlook reflects uncertainty
over PFAS litigation inside
and outside the U.S.
Analysts expect that 3M
eventually will need to borrow
to pay PFAS settlements. 3M
currently has nearly $16 bil-
lion in debt.
NOTICE OF SALE
NOTICE OF PUBLIC SALE OF COLLATERAL
PLEASE TAKE NOTICE, that in accordance with
applicable provisions of the Uniform Commercial Code
as enacted and currently in effect in New York, and
on account of a default under a certain Pledge and
Security Agreement dated as of April 4, 2022 ( “Security
Agreement”), executed and delivered by 421 Kent
Development Holdco, LLC, a Delaware limited liability
company (“Pledgor”) and by virtue of that certain
UCC-1 Filing Statement made in favor of KM 429 KENT
AVENUE US FINANCING LLC (“Secured Party”), Mannion
Auctions, LLC on behalf of Secured Party, will offer
for sale, at public auction, all of Pledgor’s right, title,
and interest in and to: (i) 100% of the limited liability
company membership interest in 421 Kent Development,
LLC (“Pledged Entity”), owned by 421 Kent Development
Holdco, LLC; and (ii) All other “Pledged Interests”, as that
term is defined in the Pledge Agreement (collectively,
(i) and (ii) are the “Collateral”). Secured Party’s
understanding is that the principal asset of the Pledged
Entity is that certain fee interest in condominium units
designated and described as Unit Nos. TH1, TH5, TH7,
TH8, 207, 231, D315, D327, L32, L52, L61, L62, L63,
L65, D720, D725, PH5, 812, 830, 834 and 912 in the
building known as Oosten Condominium, located at 421
Kent Avenue, Brooklyn, New York. Mannion Auctions,
LLC (“Mannion”), under the direction of Matthew D.
Mannion, licensed auctioneer (DCA #1434494) (the
“Auctioneer”), will conduct a public sale consisting of
the Collateral (as set forth in Schedule I below), at the
offices of Secured Party’s counsel, Herrick, Feinstein
LLP, 2 Park Avenue, New York, NY 10016, on July 25,
2023 at 2:00 p.m. ET, in satisfaction of an indebtedness
in the approximate amount of $36,211,589.94, including
principal, interest on principal, and reasonable fees and
costs, plus default interest through June 5, 2023, subject
to open charges and all additional interest, costs, fees
and disbursements permitted by law. The Secured Party
reserves the right to (i) credit bid its claim secured by
the collateral; (ii) reject any and all bids found to be
made in bad faith, (iii) cancel the sale in its entirety,
and/or (iv) adjourn the sale. The collateral will be sold
as a block and will not be divided or sold in any lesser
amounts.
Interested parties who would like additional
information regarding the Collateral and the terms and
conditions of the Sale (the “Terms and Conditions”)
should contact counsel for Secured Party, Herrick,
Feinstein LLP, 2 Park Avenue, New York, NY 10016, Attn:
Avery S. Mehlman, Esq., at 212-592-1400 or by email at
amehlman@herrick.com.
SCHEDULE I: Issuer: 421 Kent Development, LLC; Owner:
421 Kent Development Holdco, LLC; Form of Equity/
Class: Limited Liability Company; Percentage of Equity
Interests: 100%; Certificate Number: 003.
B12 | Wednesday, June 21, 2023
Rally Stalls After Strong Housing Data
Yields on Treasurys
drop ahead of
congressional
testimony by Powell
BY HANNAH MIAO
Stocks fell to kick off a short
week of trading, stalling a rally
that has seen indexes climb to
their highest levels of the year.
The S&P 500 fell 20.88
points, or 0.5%, to 4388.71. The
Dow Jones In-
TUESDAY’S dustrial Aver-
MARKETS age lost 245.25
p o i n t s ,
or 0.7%, to 34053.87. The Nas-
daq Composite dropped 22.28
points, or 0.2%, to 13667.29.
The major indexes have
marched higher in recent
weeks as enthusiasm around
artificial intelligence sent in-
vestors flocking to shares of
megacap tech stocks. The tech-
heavy Nasdaq Composite is
coming off its eighth consecu-
tive weekly gain, its longest
winning streak since 2019. The
S&P 500 rose for five straight
weeks, its longest stretch since
2021.
“The markets have become a
little bit extended from a valua-
tion and sentiment perspective,”
said Dave Grecsek, managing di-
rector in investment strategy
and research at Aspiriant.
Funds Buy More T-Bills, Park Less at Fed Norway Seeks to Allow
BY ERIC WALLERSTEIN
Money-market funds are
placing less cash in a Federal
Reserve borrowing program, a
sign that efforts to replenish
government coffers after the
debt-ceiling fight haven’t dis-
rupted markets.
Analysts said funds are in-
stead likely stepping up to buy
new Treasury bills that the
government is issuing as it
looks to borrow up to $1 tril-
lion through the end of the
year. If so, that could ease
fears that a flood of short-
term bonds into the market
could boost volatility and gov-
ernment funding costs.
The Fed’s facility for so-
called reverse repurchase
agreements—which borrows
from money-market funds and
other firms in exchange for se-
curities such as Treasurys,
then returns the money the
next day—had its biggest
drain in roughly six months on
Thursday. Reverse repo fell
below $2 trillion for the first
time since June 2022, after
peaking above $2.5 trillion at
the end of last year.
The declining use of the
program—which rebounded
slightly on Friday to a touch
above $2 trillion, remaining
near its lowest levels of the
past year—offers hope that
the smooth flow of money in
short-term markets dimin-
ishes a potential risk to
stocks’ rally. Some feared
money-market funds could
continue sapping deposits
from banks and stashing that
cash at the Fed, adding stress
to the financial system.
“The issuance has gone
about as well as anyone could
have imagined,” said Joseph
Brusuelas, principal and chief
economist at RSM US. “That
doesn’t mean it’ll continue
that way, but so far Wall
Street is handling the tsunami
of bills.”
Money-market funds in-
vested much of their nearly
$5.5 trillion in assets at the
Fed to earn large fees on
highly safe, daily transactions.
Fewer Treasury bills going
around meant there were
fewer buying opportunities for
Short
Sellers
Take Hit
Continued from page B1
Tesla shares have more than
doubled in 2023, while Nvidia’s
have nearly tripled. The other
three stocks are up at least
40%. Together, big-tech stocks
are responsible for almost all
of the S&P 500’s gains.
Investors shorting Elon
Musk’s electric-vehicle maker
are down about 78%, or $12.4
billion, this year, according to
S3. Those betting against
Shares of home builders rose after U.S. housing-start data
came in stronger than the market had expected.
Investors have turned opti-
mistic about stocks. Bullish
sentiment is at the highest
level since November 2021, ac-
cording to the latest American
Association of Individual Inves-
tors survey.
As a contrarian indicator,
high levels of optimism among
investors could signal a decline
in stocks ahead.
The S&P 500 is up 14% this
year, trading at about 19 times
projected earnings over the
next 12 months, according to
FactSet. That’s up from a mul-
tiple of roughly 17 at the begin-
ning of the year and higher
than the five-year average of
18.6. Market participants often
use the ratio of price to earn-
Short-term rates
6%
One-month Treasury yield
5
Fed reverse repo rate
Two-year Treasury yield
4 sury Department emphasized
3
2 cline could be temporary. The
1 might have been amplified by
0
2021 ’22
Overnight reverse repurchase transactions at Federal Reserve
$2.5 billion
2.0
1.5
1.0
0.5
0 federal-funds target range set
2021 ’22
Source: Federal Reserve
money funds, which are gener-
ally limited to ultrasafe assets
such as Treasurys and repur-
chase agreements. Fears of a
widening banking crisis or U.S.
default pushed investors into
Treasurys, driving yields
lower relative to the reverse
repo rate.
Yields on Treasury bills
have now climbed high enough
for money-market funds to go
buy them. The government’s
latest one-month and two-
month bill auctions offered in-
vestment rates of 5.113% and
5.206%, respectively. That
compares to reverse repo’s of-
fered rate of 5.05%.
“We’ll see an increase in
short-term yields when the
bulk of issuance hits in the
second half of this month,”
said Brusuelas. “There’s defi-
nitely some worries—the local
and regional banks started to
break when the 2-year yield
breached 5%.”
The yield on the 2-year
Treasury finished last week at
Nvidia shares are down 105%.
The potential loss on a short
sale is unlimited, since the
shares need to be repurchased
and returned eventually.
The most popular short
trades have inflicted outsize
losses on investors: A Gold-
man Sachs Group index track-
ing the 50 most-shorted stocks
in the Russell 3000 has ad-
vanced 20% this year, outpac-
ing the S&P 500.
More pain could be on the
way. Analysts note that many
institutions are boosting their
stock-market exposure, propel-
ling a hot stretch for equities
in which the S&P 500 has ad-
vanced in nine of the past 13
sessions.
“Investors have been cau-
tiously positioned really since
MARKETS
DAVID PAUL MORRIS/BLOOMBERG NEWS
ings as a gauge for whether
stocks appear cheap or expen-
sive.
In economic data, U.S. hous-
ing starts for May came in
higher than expected, driven
by both single-family and mul-
tifamily projects. Shares of
home builders rose, with
PulteGroup adding $1.37, or
1.9%, to $74.88 and D.R. Hor-
ton gaining $1.92, or 1.6%, to
$118.32.
The strong housing-market
indicator is the latest signal
showing the U.S. economy re-
mains robust even as the Fed-
eral Reserve attempts to quell
inflation through aggressive in-
terest-rate increases. Fed offi-
cials held interest rates steady
’23
’23
4.720%.
The Treasury’s checking ac-
count held at the Fed, known
as the Treasury General Ac-
count, had fallen as low as $50
billion as of the end of May. It
had since rebounded to
roughly $135 billion as of
Wednesday, but that remains
well below officials’ targeted
balance of $600 billion for the
end of September.
After the debt-ceiling deal
passed, Wall Street braced for
the Treasury Department to
sell more than $1 trillion of
short-term debt in the coming
months. Extraordinary mea-
sures enacted during the debt-
ceiling fight and weaker-than-
expected taxes had bled the
government’s coffers.
Earlier in June, the Trea-
sury Department said it would
rebuild its balances gradually.
It is targeting a $425 billion
TGA balance by the end of
June, down from May’s esti-
mate of $550 billion. That still
requires nearly $300 billion of
last summer, in anticipation of easy to source, making the fee
this recession that has yet to to borrow them low. Investors
materialize,” said Jason Draho, were shorting about $235 bil-
head of asset
allocation
$1T
Americas at
UBS Global
Wealth Man-
agement. “The
more the mar- Total short interest right bearish
ket goes up, the
more I think
in the U.S. market in plays.
those who are June, highest since
on the sidelines April 2022
have to figure
out how to get
back in.”
Increasingly, investors are ual stocks they might like, said
using exchange-traded funds Rich Lee, head of program and
to bet against the market. Be- ETF trading at Robert W.
cause it is easy to create new Baird.
shares in ETFs to meet de- And some of the popular
mand, the shares are typically ETF short trades have looked
Index performance Tuesday
0.2%
0 demand. Brent crude pulled
–0.2
–0.4
–0.6
–0.8
–1.0
–1.2
10 a.m. 11 noon 1 p.m.
Source: FactSet
last week after 10 consecutive
increases but signaled they
were prepared to raise rates
next month if the economy and
inflation don’t cool more.
“We keep expecting a reces-
sion, but all of the indicators
are pointing towards a very
slow crawl out of the inflation
spiral,” said Victoria Bills, chief
investment strategist at Ban-
rion Capital Management. “In-
flation is going to continue to
be very sticky.”
Fed Chair Jerome Powell is
set to testify before Congress
on Wednesday and Thurs-
net issuance in the next two
weeks.
Wall Street banks have
cited reverse repo as provid-
ing an adequate buffer for the
new bill supply, and the Trea-
its ability to handle debt-limit
episodes in the past without
market consequence.
Some analysts think the de-
$117 billion drop on Thursday
corporate-tax payments June
15, when companies typically
pull cash from money-market
funds to pay the government.
Coming reverse repo data will
be closely watched to see
whether this marks the start
of a promising trend or proves
transitory.
“We would not be surprised
to see if [reverse repo] bal-
ances rebound over the com-
ing days as the effect of the
tax deadline fades,” wrote JP-
Morgan analysts.
The reverse repo rate is
also mechanically tied to the
by the Fed. Should policy mak-
ers opt to increase rates at
their July meeting—which an-
alysts said looks likely given
Fed Chair Jerome Powell’s re-
cent comments—the yields on
short-term Treasurys might
have to climb above 5.3% to
keep pulling money-market
funds from the facility.
Marginally higher govern-
ment borrowing costs might be
less of an issue than a potential
snarl in the short-term lending
markets that underpin the fi-
nancial system, some analysts
said. Should bank liquidity de-
cline too rapidly as the TGA re-
fills, the Fed could have to step
in to support markets at the
same time it is winding down
its balance sheet—an atypical
policy stance.
Steven Kelly, a researcher
at Yale University’s program
on financial stability, said that
if there isn’t enough cash in
the right place at the right
time, short-term rates could
surge. A period of low liquid-
ity caused an unexpected rate
spike in September 2019.
“Someone can get pinched,”
he said.
lion worth of
ETFs at the end
of May, accord-
ing to S3.
Not all
shorts are out-
Investors
are often short-
ing ETFs to
hedge their ex-
posure to a sec-
tor that has
several individ-
***** THE WALL STREET JOURNAL.
Nasdaq
Composite
S&P 500
Dow Jones
Industrial
Average
2 3 4
day. Market participants will
be attuned to messaging from
central-bank officials that
could provide clues about the
path of rates moving forward.
The benchmark yield on the
10-year Treasury note eased to
3.726% from 3.768% Friday. U.S.
markets were closed on Mon-
day for the Juneteenth holiday.
Overseas, Chinese banks
trimmed benchmark interest
rates on loans to households
and businesses in a well-tele-
graphed move as Beijing at-
tempts to revive its flagging
economic rebound.
Mining in Deep Sea
BY YUSUF KHAN
The Norwegian government
opened the door for deep-sea
mining in its waters, despite
opposition from environmen-
tal groups and a growing list
of nation states arguing to
ban the practice.
The government said it was
proposing parts of the Norwe-
gian continental shelf be
opened for deep-sea mining
and other commercial seabed
mineral activities. It added
that environmental consider-
ations would be safeguarded
and extraction permitted only
if the industry could demon-
strate “sustainability and re-
sponsible practices.”
Deep-sea mining has at-
tracted growing opposition,
both in Europe and the rest of
the world, over concerns that
it could significantly damage
marine ecosystems. However,
companies and countries are
scouring the planet to find
and secure additional sources
of metals and minerals critical
for the energy transition, in-
cluding manganese and cobalt.
To date deep-sea mining
has focused on the extraction
of seabed nodules—tennis-
ball-sized pieces of rock that
contain manganese, cobalt and
nickel, all of which are used in
electric-vehicle batteries.
So far much of the atten-
tion has centered on the Pa-
cific Ocean’s Clarion Clipper-
ton Zone, which is an area of
water between Mexico and
Hawaii that contains millions
of tons of nodules. Companies
Rock extracted by an expedition off Norway’s coast. The
seabed crust contains materials used in electric-car batteries.
more like long positions in
practice. Two of the three
most profitable on a percent-
age-gain basis in May were in-
vestors shorting inverse ETFs,
or those that seek to provide
the opposite return of their
underlying assets.
An investor can theoreti-
cally outperform a benchmark
by shorting an inverse ETF
that tracks it, taking advantage
of the tracking error that
causes an inverse ETF to drop
by more than the percentage
that the asset it tracks rises.
Betting against the
ProShares Ultrapro Short
QQQ ETF, which aims to pro-
vide three times the opposite
return of the Nasdaq-100 In-
dex, has grown in popularity.
The inverse ETF amassed $609
Oil and energy stocks fell as
traders worried the move by
Beijing officials could reflect
underlying weakness in global
back 19 cents, or 0.2%, to
$75.90 a barrel.
The S&P 500 energy sector
dropped 2.3%, the worst per-
forming segment of the broad
index.
U.S.-listed shares of Chinese
companies slipped. JD.com fell
$2.68, or 6.7% to $37.17, and
PDD fell $5.55, or about 7%, to
$74.32. Alibaba declined $4.17,
or 4.5%, to $87.93 after the e-
commerce giant said it was re-
placing its chief executive offi-
cer.
Early Wednesday, Japan’s
Nikkei 225 was up 0.4%, but
Hong Kong’s Hang Seng Index
was down 1.6%. S&P 500 fu-
tures were flat.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $169,164,535,600 $154,757,254,700
Accepted bids $66,371,035,600 $59,223,284,700
" noncomp $2,660,740,200 $2,194,938,800
" foreign noncomp $645,000,000 $0
Auction price (rate) 98.703250 97.386278
(5.130%) (5.170%)
5.284% 5.397%
Bids at clearing yield accepted 71.60% 34.94%
912796CR8 912797FV4
Both issues are dated June 22, 2023. The 13-week bills
mature on Sept. 21, 2023; the 26-week bills mature on
Dec. 21, 2023.
looking to extract these nod-
ules, such as Norway’s Loke
Marine Minerals, say that
harvesting them provides an
alternative supply of the min-
erals needed for renewables,
while avoiding the harm to in-
digenous civilizations or rain-
forests when mining on land.
In Norway, the focus will be
on seabed crusts on the coun-
try’s continental shelf. The
target crusts contain copper,
zinc and cobalt, as well as
some rare-earth elements, ac-
cording to the Norwegian Pe-
troleum Directorate.
“We need minerals to suc-
ceed in the green transition,”
said Terje Aasland, minister
of petroleum and energy.
Deep-sea mining in interna-
tional waters isn’t yet legal,
but it is expected to become so
this year. Next month, the In-
ternational Seabed Authority—
a U.N. observer organization
tasked with creating rules cov-
ering the practice—is expected
to meet to agree upon regula-
tions for deep-sea mining.
Deep-sea mining remains
controversial, with a number
of NGOs and national govern-
ments calling to ban the prac-
tice or at least obtain a mora-
torium to further investigate
its environmental impacts.
“To forge ahead and un-
leash deep-sea mining in the
Arctic would be criminal. Nor-
way talks about leading the
world, but they clearly didn’t
get the memo of the growing
opposition to this industry,”
said Louisa Casson of Green-
peace International.
OYSTEIN LEIKNES NAG, NPD
million of short interest as of
the end of May, according to
S3. Similar wagers against the
smaller Direxion Daily Semi-
conductor Bear 3X ETF are
also prevalent.
As U.S. stocks keep rallying
and losses among short sellers
grow, professional investors
have been left increasingly
perplexed.
“The stock market, frankly,
is exhibiting signs of a mania,”
DoubleLine Capital founder
and Chief Executive Jeffrey
Gundlach said on CNBC
Wednesday. “This is feeling a
lot like the lead-up to January
4, 2022. There were a lot of
shorts, there was a lot of pes-
simism, and then you had the
kind of retracement that one
would expect.”
THE WALL STREET JOURNAL.
The Problem With Tesla’s AI Rally
Wall Street’s focus has moved from Tesla’s price cuts to a more distant future of driverless vehicles. It may shift again.
There are a lot of theories for why
Tesla’s market value increased by
about a quarter-trillion dollars dur-
ing the past month. You have to go
far down the list to find the thing in-
vestors usually pay most attention
to: the foreseeable outlook for profit.
Even by Tesla’s standards the
recent rally has been dizzying. The
stock opened after the long week-
end above $260, a level last seen
in September, before a disappoint-
ing third-quarter update started a
run of bad news.
One commonly cited explanation
is artificial intelligence. A record-
breaking 13-day streak of gains in
Tesla’s stock started about the time
chip maker Nvidia gave a punchy
sales forecast based on booming
demand for AI applications. Marco
Iachini, senior vice president at
Vanda Research, which analyzes
investor flows, points out small
shareholders bought into Tesla and
the AI theme at similar times dur-
ing the past year. “We think the
market wants to believe Tesla is an
AI name first, an auto company
second,” Morgan Stanley analyst
Adam Jonas wrote last week.
Although the latest AI hopes have
been focused on the “large language
models” that power ChatGPT, some
investors appear to see a read-across
to driverless cars. RBC analyst Tom
Narayan published a note last week
with a new valuation methodology
that attributed little value to Tesla’s
car-making business but a lot to its
promise of “robotaxis”—driverless
vehicles for hire that one day might
replace some cases of car ownership.
Pinning hopes on Tesla robotaxis
requires a double leap of faith be-
cause the technology is at an ex-
perimental stage and Tesla isn’t
among the most visible experi-
Fixing Burger King’s Royal Mess
Burger King, the longtime No. 2
U.S. burger chain, looked even more
like a pretender to the throne after
slipping to third place in 2020 behind
Wendy’s by revenue.
But market share was the least
of its concerns after the pandemic
roiled the restaurant industry. Its
franchisees have seen revenue and
profitability sag, and two of its
largest owners have been forced
into bankruptcy recently with an-
other failing to pay royalties. Now
the chain is nine months into a
mission to “reclaim the flame”—a
tough-love approach to beef up its
best operators and encourage
weaker ones to cut back.
There is good news and bad news
for investors in parent Restaurant
Brands International, which also
owns Tim Hortons, Popeyes and Fire-
house Subs. On the positive side, an
infusion of cash and discipline at
what had been a neglected franchise
that has changed owners several
times over the decades, including
two private-equity overseers, is
showing results in its early stages.
The 2021 appointment of 35-year
Bond Market Ignores $17 Billion Credit Suisse Loss
Investors in a type of perpetual
bond don’t seem willing to think
very long term.
Last week, Spain’s BBVA said it
had issued €1 billion, equivalent to
$1.1 billion, in so-called Additional
Tier 1, or AT1, securities. This
market was upended in March
when, in the process of rescuing
Credit Suisse, Swiss regulators
wiped out the full $17 billion value
of its AT1s. Three months later,
BBVA got bids for three times the
issue on offer. Bank of Cyprus also
sold new AT1s last week.
Both wanted to test whether
the door of the AT1 market was
open, and the answer has been a
resounding yes.
It speaks to how short-lived
soul-searching in the bond market
has been. Back in March, the
Bloomberg Global Contingent Cap-
ital index lost 15% of its value in
just a few days. A big concern was
that Swiss regulators didn’t wipe
out Credit Suisse shares, which
appeared to violate the seniority
of debt over equity.
Returns since the start of
March are still negative and yields
are above 8%. But in terms of the
spread above interest rates, AT1
debt is back to 2022 levels, and
around where it was in the 2014
to 2016 period.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
menters. While Chief Executive
Elon Musk has talked about robo-
taxis, Alphabet’s Waymo and GM’s
Cruise operate fleets of them, al-
beit in limited areas and condi-
tions. GM and Alphabet moved for-
ward with understandable caution.
A mangled line from ChatGPT may
not have big consequences, but a
stray robotaxi would. Uber found
this out the hard way when one of
its test vehicles hit a pedestrian in
2018, triggering a sector downturn.
Slow progress makes the business
expensive: Cruise burned through
$1.8 billion of cash last year.
Robotaxis offer a problematic
explanation for the latest Tesla
rally. Over the past month, GM un-
derperformed Ford, which doesn’t
have a business like Cruise, while
Alphabet’s stock is broadly flat.
Tesla sees the potential to take
drivers out of cars to create robo-
taxis as an extension of its existing
driver-assistance package—so-called
full-self-driving. This software offers
another justification for the AI hopes
swirling around the company.
Tesla now charges $15,000 for
FSD, but doesn’t book all the reve-
nue because the product is in test-
ing mode. After years of disappoint-
ment, its recognition of deferred
revenue took a step up in the final
quarter of last year, when it made
FSD more widely available, and it
was higher than usual in the first
quarter. This could be a sign—albeit
one open to manipulation—that the
technology is finally working better.
Still, putting a high value on FSD
is problematic even if its perfor-
mance turns a corner. Cutting-edge
technology in the car industry has
historically commanded a sales pre-
mium only for limited periods before
competitors catch up.
Domino’s Pizza veteran Tom Curtis
as Burger King’s president for the
U.S. and Canada has been well re-
ceived.
The bad news: McDonald’s con-
tinues to tower over Burger King
on virtually every operating mea-
sure that matters.
According to a ranking last year
of top U.S. quick-serve restaurants
by QSR Magazine, Burger King
placed 12th out of 15 burger con-
cepts by average unit volume at
$1.47 million a year. McDonald’s
and five other chains had $3 million
or more.
Curtis told an Evercore ISI audi-
ence last week that “operations and
the marketing have improved dra-
matically” as franchisees are being
given letter grades. Its “Royal Re-
set” plan for its approximately
7,000 U.S. restaurants involves car-
rots as well as sticks, showering
high performers with $250 million
for equipment and remodeling and
$150 million in marketing and digi-
tal spending.
If its initiatives begin to bear
fruit, with average restaurant earn-
Additional Tier 1 bonds, spread
over risk-free interest rates
8 pct. pts.
7
6 AT1s in the aftermath of the 2008
5 would automatically top up their
4 a certain threshold. To make them
3 needed to be perpetual, but banks
2 appeal to traditional bond inves-
1 send cash back to holders when-
0 Are investors being too blasé?
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23
Note: As of Monday; Using Bloomberg Global
Contingent Capital index, option-adjusted spread
Source: FactSet
This is important because AT1
bonds work in quirky ways: At
predetermined dates, issuers have
the option to call the bond. If they
don’t, coupons are reset to what-
ever spread they had when they
were issued plus the floating five-
year risk-free rate. For BBVA,
which had a big coming AT1 call in
September, funding was about to
get more expensive. In fact, the
spread on its latest issuance is
ON
THE
Tesla's share price, past two years
$400
300
200
100
0 revenues on anything like the scale
July 2021 ’22
Net purchases from retail investors,
10-day moving average*
$400 billion
Tesla
AI basket†
300
200
100
Nvidia gives
0
bullish revenue target
July 2022 ’23
*As of June 13 †Top 5 holdings: Nvidia, Amazon.com, C3.ai, Microsoft, Alphabet
Sources: FactSet (share price); VandaTrack (purchases); the company (revenues)
Leaving aside AI, the deals Ford
and GM have signed to use Tesla’s
Supercharger network coincide with
the latest rally. They should help
Tesla wring better returns from of
its fixed assets, but the response
seems disproportionate. Investors
ings before interest, taxes, depreci-
ation and amortization reaching
$175,000 annually by 2024, the par-
ent company has promised to kick
in more cash for advertising. Last
year, average restaurant Ebitda was
about $140,000, according to the
chain.
Even with a minority of the prom-
ised sums invested, there has been
some improvement with comparable
sales growing by 10.8% in the first
quarter from a year earlier. Investing
in only the strongest franchisees
makes sense. Fast-food chains with
financially weak partners have a
harder time pushing through promo-
tional discounts or launching prod-
ucts. Dirty, understaffed or poorly lo-
cated restaurants detract from a
chain’s overall corporate image.
But continuing cost pressures
and now signs of fatigue by core
fast-food customers, who skew
younger and lower income, are
weighing on quick-serve restau-
rants. Along with Wendy’s, Jack in
the Box, Shake Shack and even
Taco Bell owner Yum Brands, 2023
earnings-per-share forecasts for
narrower than on the older bond.
In short: Once the impact of
central banks raising rates is fac-
tored in, banks may actually be
getting cheaper AT1 funding.
European officials designed
financial crisis so that lenders
capital once a key ratio fell below
count as capital, these bonds
also found a way to make them
tors. By custom, they regularly
ever call dates come due.
The consensus position is that
fears in March were overblown, as
officials only had the power to
wipe out Credit Suisse AT1s due to
language contained in Swiss con-
tracts. Many AT1s are converted
into equity when triggered, rather
than being written down to zero,
and regulators in the European
Union and the U.K. have stated
that bonds will only bear losses
after equity has been written off.
But this is missing the forest
for the trees. For one, the impact
on AT1s issued by UBS, the Swiss
bank that bought Credit Suisse,
has been more persistent, but not
Third-quarter sales
’23
Deferred revenues $300 billion
recognized by Tesla
for FSD features,
charging-network
access, internet
connectivity and
OTA updates
FSD wide release
Quarterly
2020 ’21 ’22 ’23
never really warmed to indepen-
dent charging-network builders
such as EVgo, given the capital in-
tensity of their rapid growth. Sud-
denly seeing huge profit potential
in Tesla’s charging business smacks
of cognitive dissonance.
The chain has seen improvements in comparable sales growth.
RBI have slipped over the past 12
months, according to FactSet. The
sole exception: McDonald’s, which
seems to be moving from strength
to strength.
One seeming positive for the
whole sector is a recent rapid re-
versal in food and freight costs and
an easier time hiring burger flip-
pers. But if that is a precursor to
what many economists predict is
an oncoming U.S. recession, then it
very large.
More broadly, getting converted
into the equity of a lender that is
about to fail isn’t much better
than being written off. Credit
Suisse has shown that confidence
in a bank can evaporate quickly
and that, if this happens, the fact
that lenders today have big capital
buffers could matter little. More-
over, it has become clear that reg-
ulators will always step in early to
preserve financial stability, and
then wipe out AT1 holders to make
the bank easier to sell.
There is also the complicated
nature of AT1s. Had the market re-
mained frozen during the coming
months, many large banks facing
calls—BBVA, Barclays, HSBC and
UBS, among others—could have
opted not to trigger them.
To be sure, BBVA’s success
paves the way for the opposite to
happen. Banks will likely use the
opportunity to refinance and then
call the bonds, attracting even
more buyers. If no further banking
panics materialize, investors may
warm further to AT1s with early
call dates.
When it comes to the long-term
balance between risk and reward,
though, the market doesn’t seem
to be internalizing the lesson.
—Jon Sindreu
Wednesday, June 21, 2023 | B13
All these threads can be woven
together to depict Tesla as a tech-
nology ecosystem with several rev-
enue streams, rather than as a car-
maker. Tech analyst Dan Ives of
Wedbush Securities wrote of an
“AWS moment” for Tesla, referring
to the emergence of Amazon.com’s
cloud-computing business.
Such comparisons are by nature
imprecise. Tesla has interesting side-
lines in charging and insurance—
both mostly accounted for in its ser-
vices division—and energy storage,
which has been growing very fast.
But nothing seems likely to generate
of Tesla’s car sales.
While much of the Street chatter
once again recasts Tesla as a tech gi-
ant, there are more down-to-Earth
explanations for the recent rally. Ben
250 Rose, an analyst at Battle Road Re-
search, points out it started when
Musk appointed a new CEO at Twit-
200
ter, alleviating worries about his get-
ting distracted by the platform.
150 Tesla updated its website this
month to show that all its vehicles
qualify for the full U.S. tax credit,
100 which depends on complex battery-
sourcing requirements. Previously
most of its models got only half the
50 $7,500 subsidy. If second-quarter
earnings show signs of stabilization,
0
analysts could start to increase earn-
ings forecasts that they have spent
the past six months or so cutting.
Second-quarter sales and earn-
ings next month could refocus
minds on how things look in the
more immediate future. Whether
the news is good or bad, it is
likely to bring a reminder that
Tesla still depends overwhelm-
ingly on selling vehicle hardware
and will do for many years to
come. —Stephen Wilmot
MICHAEL NAGLE/XINHUA/GETTY IMAGES
will be a Pyrrhic victory.
In an ominous sign, a 2022 UBS
Evidence Lab survey of consumers
found that only 27% considered
Burger King to offer “good value.”
No prizes for guessing which chain
was No. 1 in the category with 48%
of respondents saying so, likely be-
cause of its ability to push out digi-
tal promotions: McDonald’s.
You come at the king, you best
not miss. —Spencer Jakab
China’s Yuan
Goes Global
Hong Kong’s latest plan to boost
use of the yuan outside mainland
China is off to a slow start.
The city’s stock exchange started
allowing trading in two dozen com-
panies in yuan on Monday, including
Alibaba and Tencent.
One aim is to create more invest-
ment channels for the yuan outside
mainland China. But trading has
been lackluster: turnover in yuan-
denominated Alibaba and Tencent
shares was less than 1% of that in
their Hong Kong dollar equivalents
in the first two days. Shares denom-
inated in either currency are mutu-
ally convertible.
Investors from mainland China
can buy many Hong Kong stocks
through Stock Connect. A yuan-de-
nominated stock is supposed to help
them avoid currency risk. Theoreti-
cally, it shouldn’t matter which cur-
rency a stock is denominated in. But
investors may perceive a risk and
the option could save them some
administrative hassle.
If the yuan is ever to become a
major trade or reserve currency,
China likely needs to dismantle its
capital controls and boost offshore
yuan-denominated investment op-
portunities. The latest move is a
step in the right direction—but a
very small one so far. —Jacky Wong
B14 | Wednesday, June 21, 2023 THE WALL STREET JOURNAL.