***** FRIDAY, NOVEMBER 3, 2023 ~ VOL. CCLXXXII NO. 106 WSJ.com
Edition
DJIA 33839.08 À 564.50 1.70%
What’s
News
Business & Finance
 FTX founder Sam Bank-
man-Fried was convicted of
stealing billions of dollars
from customers of the
doomed crypto exchange, in
what prosecutors called one
of the biggest financial
frauds in U.S. history. A1
 Amazon executives dis-
cussed how its pricing poli-
cies had a “punitive aspect”
on sellers, according to inter-
nal documents quoted in
newly unredacted portions
of the FTC’s monopoly law-
suit against the company. A1
 The IRS won a $109 million
court case against telecom
company Liberty Global that
will help the tax agency com-
bat aggressive corporate tax
maneuvers and collect more
money from other firms. A2
 Major U.S. stock indexes
rose broadly, with the S&P
500, Nasdaq and Dow indus-
trials advancing 1.9%, 1.8%
and 1.7%, respectively. B11
 Six Flags and Cedar Fair
are joining forces in a roughly
$2 billion all-stock deal to
form a powerhouse in the re-
gional theme-park industry. B1
 A Brookfield-led consor-
tium raised its takeover offer
for Australia’s Origin Energy
to around US$10.5 billion,
but was again opposed by a
big investor who considered
the offer inadequate. B1
 Toyota recalled more
than 1.8 million RAV4 vehi-
cles over a battery issue
that poses a potential fire
risk, the company said. B3
 Shell launched a $3.5 billion
share-buyback program after
third-quarter earnings rose
on higher refining margins, oil
prices and sales, but slightly
missed market expectations. B3
World-Wide
 Secretary of State Antony
Blinken is headed for the Mid-
dle East for a series of visits
aimed at easing the humani-
tarian crisis in Gaza, and is ex-
pected to raise the issue of a
pause in fighting among other
measures, U.S. officials said. A1
 Israeli forces pushed
across Gaza and in from the
Mediterranean coast, cutting
the enclave in two and iso-
lating densely populated ur-
ban areas in the north
where armored and infantry
units were battling Hamas
militants, the Israeli military
and the U.N. said. A7-8
 The House passed Repub-
licans’ $14.3 billion Israel-aid
bill on a 226-196 vote, setting
up a fight with the Demo-
cratic-controlled Senate,
which is pursuing a much
larger package that includes
assistance to Ukraine. A4
 Wagner Group, the Russian
paramilitary organization,
plans to provide an air-de-
fense system to Hezbollah, the
Lebanese militia, U.S. officials
said, citing intelligence. A1
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
 A former Memphis police
officer agreed to plead guilty
to murder charges in the fa-
tal police beating of Tyre
Nichols in January as part of
a deal with federal and Ten-
nessee prosecutors. A3
 FBI agents searched the
Brooklyn home of a fund-
raiser for New York City
Mayor Eric Adams, who can-
celed meetings in Washing-
ton to return to New York. A6
 Pakistan began rounding
up tens of thousands of un-
documented Afghans for de-
portation back to Afghanistan,
prompting fears that some
awaiting resettlement to the
U.S. could be swept up. A18
CONTENTS
Arts in Review. A12-13
Banking & Finance B10
Business News B3,5-6
Crossword................ A13
Heard on Street.. B12
Mansion............... M1-14
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
U.S.
NASDAQ 13294.19 À 1.8% STOXX 600 443.47 À 1.6%
Bankman-Fried Convicted on All Counts
FTX founder faces
decadeslong prison
sentence in collapse
of crypto powerhouse
FTX founder Sam Bank-
man-Fried was convicted
Thursday of stealing billions
of dollars from customers of
the doomed crypto exchange,
Residents Flee as Israel Cuts Off Northern Gaza
MOHAMMED SABER/EPA/SHUTTERSTOCK
PASSAGE: Residents evacuated from the northern Gaza Strip on Thursday as Israeli forces encircled Gaza City, isolating
densely populated urban areas in the north where armored and infantry units were battling Hamas militants. A7
Blinken Heads to Israel to Push
For Humanitarian Pauses in War
Secretary of State Antony
Blinken is headed for the Mid-
By William Mauldin,
Jared Malsin
and Stephen Kalin
dle East for a series of visits
aimed at easing the humani-
tarian crisis in Gaza and is ex-
pected to raise the issue of a
pause in fighting among other
Wagner Plans to Aid Hezbollah, U.S. Says
BY MICHAEL R. GORDON
AND VIVIAN SALAMA
Wagner Group, the Russian
paramilitary organization,
plans to provide an air-defense
system to Hezbollah, the Leba-
nese militia, U.S. officials said,
citing intelligence.
Drugstore Staff Woes
Pose Risk, Stir Anger
BY JOSEPH WALKER
Long lines of disgruntled
customers. Harried pharmacists
shuffling back and forth to
counsel patients and answer
phones that seem to never stop
ringing. Household toiletries
locked behind theft-proof
cases. America’s big chain phar-
macies are a mess.
‘N Sync’s Grown-Up Superfans
Can’t Say ‘Bye Bye Bye’
i i
Years after the boy band split, devotees are
clamoring for clues of a reunion tour
Markets...................... B11
Markets Digest...... B7
Opinion................ A15-17
Sports.......................... A14 BY MICHELLE J. KIM
Technology................ B4 AND JOSEPH PISANI
U.S. News.......... A2-4,6
World News.. A7-8,18
Christina Gazzia’s phone Orlando, Fla.
buzzes all day, every day,
> from a group chat
forged by a single mis-
sion: To parse the
movements of Lance,
JC, Joey, Chris and
Justin. Any frosted tips? Please turn to page A11
10-YR. TREAS. À 29/32 , yield 4.668%
in what prosecutors called one
of the biggest financial frauds
in U.S. history.
A federal jury in New York
convicted Bankman-Fried, 31
years old, of all seven counts
he faced. The verdict capped
the stunning fall of the one-
time crypto king, whose
shaggy-haired boy-genius
persona helped catapult FTX
into a powerhouse trading
measures, U.S. officials said.
The U.S.’s chief diplomat
plans to be visiting Israel on
Friday for meetings with mem-
bers of the Israeli government,
followed by a stop in Jordan.
Before he departed, he said he
would discuss with Israeli offi-
cials “concrete steps that can
and should be taken” to pro-
tect civilians in Gaza, as inter-
national concern grows over
The Russian SA-22 system
they plan to send uses antiair-
craft missiles and air-defense
guns to intercept aircraft.
One U.S. official said that
Washington hasn’t confirmed
that the system has been sent.
But officials are monitoring
discussions involving Wagner
CVS Health and Walgreens
Boots Alliance took in big prof-
its during the pandemic thanks
to generous reimbursement for
administering millions of
Covid-19 vaccinations. But now
the companies are struggling to
respond to gripes from phar-
macy employees who say they
are overworked and under-
staffed, and more liable to make
Please turn to page A2
i ling and laying off thousands
“We are like little investiga-
tors over here,” says Gazzia, a
36-year-old project manager in
It’s understandable if you
don’t immediately know
that these five men were
the teen heartthrobs be-
hind ‘N Sync, the `90s
American boy-band
OIL $82.46 À $2.02
By James Fanelli
And Corinne Ramey
platform that sponsored
sports teams and ran celeb-
rity-filled ads.
The crypto exchange
crashed a year ago, with cus-
tomers losing billions of dol-
lars. Bankman-Fried was in-
dicted in December and
the intense fighting in the en-
clave and Israeli forces encircle
Gaza City.
“This is something that the
United States is committed
to,” Blinken said.
In addition, Blinken and his
lieutenants are speaking with
their counterparts in Arab
states about plans for govern-
ing Gaza after Israel finishes
its main military operations
and Hezbollah, and officials
said the potential delivery is a
major concern.
The Russian Embassy didn’t
respond to a request for com-
ment, but a U.S. spokeswoman
expressed concern Thursday
night about the potential weap-
ons transfer.
INSIDE
MANSION
Buyers take a shine to
grand, historic homes
from the Gilded
Age. M1
BUSINESS & FINANCE
Weak China sales
pressure Apple, as
revenue drops for
quarter. B1
GOLD $1,985.60 À $6.80
agreed to leave his home in
the Bahamas to face an array
of fraud charges. Near the end
of the monthlong trial, he took
the risky move of testifying in
his own defense.
Jurors, who walked stoic-
ally into the courtroom,
reached their verdict after just
a few hours of deliberations.
Bankman-Fried, who stood
and faced the jury, cast his
there, according to people fa-
miliar with the early stage
conversations.
“We need to be focusing on
the day after,” he said. “And so
in conversations that we’ll be
Please turn to page A8
 House passes GOP’s Israel
aid package.......................... A4
 Arab states eyed for
postwar role......................... A7
“The information that was re-
ported by the Wall Street Jour-
nal is concerning,” said Adrienne
Watson, the spokeswoman for
the White House’s National Secu-
rity Council. “We know that Rus-
sia has refused to condemn
Hamas for its horrific terrorist
Please turn to page A8
Ex-CEO Neumann
Wounded WeWork,
Market Bust Did Rest
Once a rich startup, office company now
expects to go bankrupt
BY ELIOT BROWN
AND KONRAD PUTZIER
WeWork rode the wave of
the venture-capital frenzy,
building a global real-estate
empire worth more than any
other U.S. startup before buck-
when funding ran dry under
its turbulent co-founder and
former chief executive Adam
Neumann.
Ultimately, it was a historic
office market bust that
doomed the desk-rental giant.
WeWork is expected to file
for Chapter 11 bankruptcy,
which could come as soon as
next week, people briefed on
the matter said.
That is barely four years af-
ter the company was valued at
$47 billion and taking steps
toward a highly anticipated
initial public offering. That
EURO $1.0622 YEN 150.47
head down after the verdict
was read. His parents both
held their heads in their
hands, and his mother cried.
A sentencing date was set
for March 28. He could face a
decadeslong prison term.
“We respect the jury’s deci-
sion. But we are very disap-
pointed with the result,” said
Mark Cohen, Bankman-Fried’s
Please turn to page A4
Amazon
Knew of
Harm to
Sellers,
Suit Says
New documents in
FTC complaint allege
officials acknowledge
policies were punitive
BY DANA MATTIOLI
Amazon.com executives dis-
cussed how its pricing policies
had a “punitive aspect” on sell-
ers, according to internal docu-
ments quoted in newly unre-
dacted portions of the Federal
Trade Commission’s monopoly
lawsuit against the company.
The commission also claimed
that Amazon intentionally de-
stroyed two years’ worth of en-
crypted internal text messages
to thwart the FTC’s investiga-
tion and said that Amazon
knowingly raised the number of
irrelevant ads on its website to
boost profits.
The agency, alongside 17
state attorneys general, sued
Amazon on Sept. 26, but large
portions of the original lawsuit
were heavily redacted. The FTC
alleges that Amazon has vio-
lated antitrust laws by raising
prices for customers across the
internet because of a require-
ment that sellers offer their
goods at their lowest price on
Amazon.com. The company has
said that the accusations are in-
accurate and that it will fight
them in court.
Internal documents cited in
the unredacted parts of the
complaint made public on
Thursday show that Amazon
executives acknowledged that
requiring Amazon sellers to
have the lowest price on Ama-
zon or risk being buried in
search results and other nega-
tive consequences had a “puni-
tive aspect.” One executive ac-
knowledged that many sellers
“live in constant fear” of being
penalized on Amazon for run-
ning afoul of its pricing policy.
While Amazon abandoned
Please turn to page A2
IPO was scrapped, and We-
Work went public years later
at a fraction of its former val-
uation.
The seeds of WeWork’s col-
lapse could be traced back to
its late-2010s heyday, when
under the exuberant Neu-
mann, WeWork indulged in
pricey diversions such as in-
vesting in an artificial wave
company and buying a $63
million jet as it sprinkled its
glassy workspaces around the
world. During Neumann’s
stewardship, the company lost
a dollar for every dollar it took
in for years.
Following Neumann’s de-
parture in 2019, WeWork
hired a more buttoned-up,
seasoned management team.
It cut most of its side invest-
ments and was freed of its co-
founder’s distracting antics.
Please turn to page A11
A2 | Friday, November 3, 2023 **** THE WALL STREET JOURNAL.

IRS Defeats Telecom Firm’s Tax Maneuver
Malone’s Liberty
Global loses $109
million case over
gap in 2017 law
BY RICHARD RUBIN
The Internal Revenue Ser-
vice won a $109 million vic-
tory in federal court this week
that will help the tax agency
combat aggressive corporate
tax maneuvers and collect
more money from other com-
panies.
The IRS defeated telecom-
U.S. NEWS
munications company Liberty case, which they view as a test “It puts the wind at their on new foreign profits and of the company’s billionaire
Global, which used a maneu- of the government’s ability to backs, and when you combine created a deduction so foreign chairman, John Malone, ac-
ver it dubbed “Project Soy” to beat large companies and that with the additional fund- profits beyond that minimum cording to court filings.
exploit a gap in the 2017 tax partnerships by attacking ing that they got for enforce- tax were effectively tax-free In his ruling this week,
law and was seeking a refund. transactions as being purely ment, that tells you that there for U.S. companies. Jackson described Project Soy
“It appears that the only tax-motivated. In recent years, are going to be a lot more of But Congress left an appar- as a scheme to generate artifi-
substantial purpose of the the IRS has become more will- those cases and they’ll be pur- ent opening where companies cial earnings and dodge taxes.
transaction was tax evasion,” ing to argue that some corpo- sued more aggressively.” could generate foreign profits Liberty Global urged Jack-
wrote Judge R. Brooke Jack- rate transactions lack eco- The case stems from inter- that qualified for the new tax son to focus on one piece of
son of the U.S. District Court nomic substance, invoking a national tax rules created by deduction and escape the the transaction with a busi-
in Colorado. concept that Congress embed- Congress in 2017 aimed at other taxes. ness purpose beyond lowering
Liberty Global plans to ap- ded in tax law in 2010. making it easier for U.S. com- Liberty Global, advised by the company’s tax bill. In-
peal, said Bill Myers, a com- “It’s a harbinger of a newly panies to repatriate foreign Deloitte, planned the four-step stead, he looked at the entire
pany spokesman. “We believe aggressive tactic that the IRS profits. Congress subjected ac- Project Soy maneuver to take series of steps, noting that
the court has incorrectly de- will be using more and more,” cumulated past foreign profits advantage of that gap. Project they were choreographed to
cided the case,” he said. said Rob Kovacev, a tax lawyer to a one-time tax in the tran- Soy, a series of internal trans- work together and conducted
Lawyers have been closely at Miller & Chevalier who sition to the new system. It actions involving a Belgian in a four-day period in Decem-
watching the Liberty Global wasn’t involved in the case. then imposed a minimum tax company, required the signoff ber 2018.

KENTUCKY PACIFIC OCEAN U.S.WATCH In Reversal,

Crew Searches for
Worker in Rubble
Crews began removing lay-
ers of rubble and debris in the
search for a missing worker
Thursday at a collapsed coal
mine preparation plant in
eastern Kentucky where an-
other worker died.
The 11-story abandoned
building crashed Tuesday
night at the Martin Mine Prep
Plant in Martin County while it
was undergoing work toward
its demolition. Officials briefly
made contact with one of the
two men working inside but
said Wednesday he died amid
rescue efforts. Authorities said
Thursday they haven’t had
any communication with the
second worker since the build-
ing collapsed around 6:30 p.m.
U.S. Destroys Its
Unarmed Missile
An unarmed U.S. intercon-
Mortgage
tinental ballistic missile was
intentionally destroyed over
the Pacific Ocean when
Rates Fall
something went wrong dur-
ing a test launch from Cali- BY BEN EISEN
fornia, the Air Force said.
The Minuteman 3 missile Mortgage rates fell for the
was “safely terminated” at first time in nearly two
12:06 a.m. Wednesday due to months.
an “anomaly” during launch The average rate on a 30-
from Vandenberg Space year fixed mortgage edged
Force Base, the Air Force down to 7.76% this week from
Global Strike Command said. 7.79% a week ago, according
An investigative group was to Freddie Mac data released
being formed to determine on Thursday.
the cause. Since rates last dipped in
Minuteman 3 missiles are early September, borrowing
routinely tested with launches costs for home loans have
from Vandenberg on the jumped by roughly two-thirds
coast northwest of Los Ange- of a percentage point, setting
ANGELA WEISS/AFP/GETTY IMAGES (2)

Tuesday in Inez, a town of
about 500 people.
“We haven’t given up hope,”
Martin County Judge Executive
Lon Lafferty said Thursday.
He said a family member of
the deceased man was at the
site before he died and was
able to speak with him.
—Associated Press
les. A typical test involves a fresh generational highs.
missile’s re-entry vehicle trav- Surging rates have been the
eling about 4,200 miles over key factor that has slowed
the Pacific to Kwajalein Atoll the housing market to a
in the Marshall Islands. crawl and put many mort-
The Minuteman system is gage companies in dire
one of the main pillars of U.S. straits.
nuclear strength but it is de- Mortgage rates tend to
cades old. roughly follow the yield on
—Associated Press ARTFUL: Joan Mitchell’s ‘Sunflowers’ was on view Thursday at Sotheby’s fall preview in New York. the benchmark 10-year Trea-
sury note, which has reversed
course and started falling

Pharmacy deep with wait times as long as

20 minutes, Priesmeyer says.
The pharmacy is staffed by em-
macists and our customers,” a
CVS spokeswoman said.
At Walgreens, the company
the spokesman said.
CVS is experimenting with
ways to ease the burden on its
stores. Investors want to see
the companies focus on these
new lines of business rather
since hitting 5% last week.
The Fed opted to hold rates
steady on Wednesday.

Staffing ployees who appear to be

stressed out as they struggle to
provide vaccinations and deal
is making “behind-the-scenes
infrastructure changes as well
as scaled investments to pro-
pharmacies. One idea being
tested in certain stores: Don’t
answer the phone and send
than invest in improving the re-
tail experience, analysts say.
Like much of the healthcare
Average 30-year fixed
mortgage rate

Spurs Strife with customers complaining

about delays, she says. “It is
just this constant, never-ending
vide additional support to our
pharmacy teams so that they
can spend more time with pa-
customer calls to voicemail,
CVS employees told The Wall
Street Journal. Pharmacists
industry, CVS and Walgreens
are grappling with labor
shortages, particularly for the
7.76%
t 0.03 pct. pt.
from a week earlier
8%

Continued from Page One
prescription errors that put
their patients’ safety at risk.
CVS and Walgreens pharma-
cists and their support staff
staged sporadic job walkouts
around the country in recent
weeks, hoping to publicize their
complaints and goad manage-
ment into concessions.
“Companies have put in
place practices that drive rev-
enue and have created a fast-
food scenario. Vaccinations
every five minutes. Fill pre-
scriptions in 15 minutes,” says
Bled Tanoe, a former Wal-
greens pharmacist in Okla-
homa City, Okla., who left the
company in 2021. “All of the
focus was on profits, but not
7
line,” says Priesmeyer. tients,” a spokesman said. then have a few hours to call support staff known as phar-
CVS and Walgreens say The investments at Wal- them back. The spokeswoman macy technicians. They are
they are trying to address a greens to recruit and retain said the aim is “to help ensure the workhorses of the phar- 6
shortage of healthcare work- pharmacy staff included $265 our pharmacy teams can focus macy, doing most of the work
ers amid unprecedented de- million in its fiscal year that on providing clinical care.” of putting pills in bottles. But 5
mand for vaccines. ended in August, on top of The problems inside phar- the jobs are often underpaid,
“We know there are areas $190 million in the prior year. macies have been building for and many techs left the indus- 4
where we can improve and are The investments are aimed at years but accelerated during try in recent years for better-
working to develop a sustain- addressing greater demand for the pandemic, says Michael paid or less-demanding work,
able and scalable action plan flu, Covid-19 and RSV vaccines Hogue, chief executive of the says Hogue. 3
that supports both our phar- amid industry labor shortages, American Pharmacists Associ- Through the third quarter,
ation, a professional group. there were nearly 32,000 job 2
“Chain drugstores and oth- openings for retail pharma- 2021 ’22 ’23
ers haven’t been providing an cists, and nearly 112,000 phar-
adequate amount of staffing macy technician job openings, Source: Freddie Mac
for pharmacies, and the phar- according to the Pharmacy
macist is being asked to do a Workforce Center, a nonprofit
whole lot more than putting
pills in bottles,” says Hogue.
that collects pharmacy-em-
ployment data. The median
CORRECTIONS 
Filling prescriptions has be- hourly wage for pharmacy AMPLIFICATIONS
come less profitable because technicians was $18.17 last
of reduced payments from in- year, according to the Bureau
FROM TOP: VINCENT ALBAN/REUTERS, MOLLY PRIESMEYER

better staffing, better pay and
better training.”
Customers are increasingly
unhappy. CVS’s satisfaction
rating dropped 23% from 2021
to 2023, according to an an-
nual survey by consumer-re-
search firm J.D. Power. Wal-
greens’s rating dropped 25%
over the same period.
Molly Priesmeyer, 50 years
old, has been going to the same
Walgreens in Minneapolis for
years, but since the pandemic,
the lines are often 15 people
surers and pharmacy-benefit
managers, analysts say. The
so-called front end of the
pharmacy store, which sells
everything from shaving
cream to beach balls, has been
hurt by consumers doing more
shopping online.
CVS and Walgreens are
branching out to provide a
broader set of healthcare ser-
vices, and acquiring primary-
care clinics and home-health-
A Minneapolis Walgreens in July. Walgreens employees have care doctor practices, while
staged job walkouts around the country in recent weeks. closing hundreds of pharmacy
of Labor Statistics. Pharma-
cists earn on median $132,750
annually, according to BLS.
This week, some Walgreens
and CVS employees staged a
walkout from Monday through
Wednesday to protest their
working conditions. CVS said
it hadn’t experienced store
disruptions because of the
walkout. A Walgreens spokes-
man said three stores were
temporarily closed.
—Anna Wilde Mathews
contributed to this article.
Jews make up 0.16% of Eu-
rope’s population, according
to the Institute for Jewish Pol-
icy Research. A World News
article on Tuesday about anti-
semitism incorrectly gave the
figure as 0.1%.
KPS Capital Partners has
backed deals with around
$13.8 billion in combined en-
terprise value since June
2020. A Markets article on
Thursday about the firm in-
correctly said KPS has in-
vested $13.8 billion since June
2020.

Suit Reveals at other retailers.

Newly unredacted internal
documents from Amazon in the
a secret algorithm called “Proj-
ect Nessie.” In the original ver-
sion of the complaint, nearly
uments, the FTC says that be-
tween 2016 and 2018, the algo-
rithm generated more than $1
2022 as inflation hurt Amazon’s
profitability.
The complaint details the
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or

Amazon complaint show that Amazon’s the entire section on the algo- billion in additional profit for company’s proliferation of ad- by calling 888-410-2667.
“take rate” from sellers who use rithm was redacted, but The Amazon. The FTC says that in vertisement placements in
its Fulfillment By Amazon logis- Wall Street Journal learned 2017, “Amazon broadened its search results to the detriment

Documents
Continued from Page One
the contractual agreement for
sellers to have the lowest prices
on Amazon in the U.S. in 2019,
the FTC complaint says that
tics program rose to 39.5% in that the FTC alleged that Ama- use of Project Nessie to help of the shopper experience. THE WALL STREET JOURNAL
2018 from 27.6% in 2014. More zon used the algorithm to test close a projected $450 million Many of the ads Amazon exec- (USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
recent years remained redacted. how much it could raise prices shortfall in operating profits.” utives acknowledged were ir- (Western Edition ISSN 0193-2241)
A key argument the FTC case in a way that competitors “The FTC claims that an old relevant to search queries and Editorial and publication headquarters: 1211
Avenue of the Americas, New York, N.Y. 10036
makes in its suit is that sellers would follow, resulting in cus- Amazon pricing algorithm created “harm to consumers,” Published daily except Sundays and general legal
feel forced to use Amazon ser- tomers’ paying called Nessie is according to one Amazon exec- holidays. Periodicals postage paid at New York, N.Y.,
and other mailing offices.
vices—such as FBA and adver- higher prices an unfair utive. Jeff Bezos, Amazon’s
Postmaster: Send address changes to
tising—on Amazon’s website to even if they method of com- founder and former chief exec-
be successful. The FTC describes weren’t shop- FTC also alleges petition that led utive, instructed his team to
The Wall Street Journal, 200 Burnett Rd.,
Chicopee, MA 01020.

Amazon began using an inter- both services as pay-to-play and ping on Ama- Amazon tried to to raised prices accept higher rates of irrele- All Advertising published in The Wall Street Journal
is subject to the applicable rate card, copies of
nal algorithm to track sellers alleges that sellers must raise zon.com. for consumers. vant ads in search queries, as which are available from the Advertising Services

discounting off of Amazon. “An
internal Amazon document
written weeks after Amazon
dropped its contractual price
parity requirement acknowl-
edged that Amazon intended to
use [the algorithm] to enforce
its ‘expectations and policies,’
which ‘ha[d] not changed,’” the
complaint said.
The agency said that rising
fees on Amazon have caused
prices for their products to off- The new un- impede a probe This grossly the ads were high margin, the
Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal
set the rising fees. redacted por- mischaracter- FTC complaint says.
into business
reserves the right not to accept an advertiser’s
order. Only publication of an advertisement shall
In September, Amazon’s tions show that izes this tool. “The FTC’s claim that Ama- constitute final acceptance of the advertiser’s order.
general counsel said: “The Amazon used practices. Nessie was used zon and its executives failed to Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
practices the FTC is challeng- the algorithm to try to stop preserve evidence is baseless Need assistance with your subscription?
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petition and innovation across and 2019, and ing from result- spokesman said. “Amazon vol- By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625)
the retail industry, and have the FTC says that “Amazon re- ing in unusual outcomes where untarily disclosed employee Reprints & licensing:
produced greater selection, peatedly paused Project Nessie prices became so low that they Signal use to the FTC, painstak- By email: customreprints@dowjones.com;
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tomers and greater opportu- higher prices Project Nessie man added that Amazon dis- phones, and allowed agency sustainably certified mills.

sellers to raise their prices to nity for the many businesses produced.” It says that the “sole continued use of Nessie in 2019. staff to inspect those conversa-
cover the cost of doing busi- that sell in Amazon’s store.” purpose” of the algorithm was The FTC complaint says that tions even when they had noth- GOT A TIP FOR US?
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THE WALL STREET JOURNAL.
Ex-Officer
To Plead
Guilty to
Murder
Of Nichols
BY MARIAH TIMMS
A former Memphis police of-
ficer agreed to plead guilty to
murder charges in the fatal po-
lice beating of Tyre Nichols in
January as part of a deal
reached Thursday with federal
and state prosecutors.
Desmond Mills Jr., 33, ac-
cepted a plea deal on second-
degree murder charges in the
case against him and four other
officers involved in the traffic
stop that left Nichols beaten
beyond recognition. He was
also charged with aggravated
assault, aggravated kidnapping,
official misconduct and official
oppression in the state case.
Mills also admitted to using
excessive force and lying about
the incident on internal reports
as part of a guilty plea to two
counts in a federal civil-rights
case filed against the officers in
September, according to the
Justice Department.
“Mr. Mills decided to plead
guilty because it is the right
thing to do,” Blake Ballin, a
lawyer for Mills, told The Wall
Street Journal on Thursday.
Mills is the first of the five
former officers to plead guilty
to charges arising out of the in-
cident. He is expected to testify
in their cases and cooperate
with a federal civil rights inves-
tigation into Memphis Police.
Mills is set to be sentenced
in May; his plea deal included a
recommended prison sentence
up to 15 years in total for all
counts, according to Shelby
County District Attorney Gen-
eral Steve Mulroy’s office on
Thursday. “I join Tyre’s family
in saying this is a fair result,
given Mr. Mills’ level of in-
volvement, and his willingness
to cooperate with us,” Mulroy
said Thursday.
Nichols, a 29-year-old FedEx
worker, was pulled over by po-
lice on Jan. 7. He died in a Mem-
phis hospital three days later.
Body-camera footage released
by the city showed Nichols was
repeatedly struck by officers
while he appeared subdued and
defenseless and sparked pro-
tests across the country.
Co-defendants Emmitt Mar-
tin III, 31, Tadarrius Bean, 24,
Demetrius Haley, 30, and Justin
Smith, 28, have all pleaded not
guilty to the federal charges and
are headed for a May trial. They
all entered not guilty pleas to
the state charges in February.
The officers allegedly ig-
nored Nichols’s serious injuries
and didn’t tell dispatchers or
emergency personnel that he
had been struck repeatedly in
their custody, according to Sep-
tember’s federal indictment.
Real-Time News
At Your Fingertips
SCAN HERE
D O W N L OA D T H E A P P
WSJ.com/WSJapp
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0028
Jeep’s Hometown Shrugged Off Strike
BY HARRIET TORRY
The city that has been home
to Jeep since World War II
largely shrugged off a six-week
strike that mothballed a hulk-
ing factory with thousands of
workers.
Jeep-maker Stellantis’s To-
ledo, Ohio, assembly plant was
one of the first to face walk-
outs when the United Auto
Workers strike against that
company, Ford Motor and
General Motors started on
Sept. 15.
Several thousand Toledo
workers were on strike when
the union reached a tentative
agreement for a new contract
with Stellantis last weekend.
General Motors on Monday be-
came the last of the three De-
troit automakers to reach a
tentative deal with the UAW.
The local economy saw
some reduced spending by
striking workers, but it largely
kept humming, said Paul Hong,
professor of supply-chain man-
agement at the University of
Toledo.
The city’s economy depends
much less on automaking than
in the past. Toledo, like other
former industrial hubs such as
Pittsburgh and Cleveland, has
seen business blossom since
the 1990s in areas such as res-
taurants, healthcare, education
and a burgeoning solar indus-
try.
“My beer is an item that
people still want while they’re
on strike,” said Scot Yarnell,
co-owner of craft brewery Ear-
nest Brew Works, which oper-
ates three tap rooms around
Toledo. He said his business
was largely unaffected during
the strike.
The strike’s end “is going to
U.S. NEWS
Change in Toledo, Ohio, employment since 1990
30%
20
10
0 0
-10
-20
-30
RECESSION
-40
-50
1990 ’95 2000 ’05
*Oct. 26 represents an incomplete week.
Sources: Labor Department via St. Louis Fed (employment); Earnest Analytics (spending)
put people in better moods,
which is great because we’re
coming into our busiest time of
year, the holiday season,” the
56-year old said. “The unease
has lifted; it would have been a
dampener.”
Manufacturing makes up
roughly 15% of Toledo’s em-
ployment—nearly double its 8%
share of employment in the
U.S. It isn’t uncommon to find
several generations of one fam-
ily who have worked in the
same plants in this city of
about 270,000 people, locals
say.
Still, manufacturing’s share
of Toledo’s employment is
down from 18% in 1990. The
city’s number of workers in
factories declined 2.2% in Sep-
tember from a year earlier,
while those in hospitality, con-
struction, and education and
health services grew, according
to the Labor Department.
A similar strike at the Big
Three automakers would have
hit Toledo harder in the 1970s
Service-providing
Manufacturing
’10 ’15
or 1980s “because of the size of
the auto industry back then,
but also because for a long
time Toledo was very much a
union town,” said Bradley J.
Sommer, an adjunct history
professor at Miami University
in Ohio who is writing a book
about Midwest post-industrial-
ization.
Union membership has
waned in Ohio. In 2022, union
members accounted for 12.8%
of its wage and salary workers,
according to the Labor Depart-
ment, down from 21.3% in
1989. For the U.S. as a whole,
union members accounted for
10.1% of workers last year,
down from more than 20% in
the early 1980s.
The strike wasn’t painless
for the Rust Belt region. As-
sembly-line shutdowns resulted
in layoffs at parts makers who
make components for vehicles
that weren’t being produced
because of the strike.
Striking workers temporar-
ily lost their regular paychecks.
Friday, November 3, 2023 | A3
Support for striking auto workers in
Toledo, left, was visible in early
October. Local businesses, including
those run by brewer Scot Yarnell,
above, and Matthew Ullrich, who
manages a commercial-van-interior
company, say they have had a strong
year despite the labor unrest.
Credit- and debit-card
spending, change from a year
earlier
5.0%
2.5
-2.5
U.S.
-5.0
-7.5
Toledo
-10.0
-12.5
’20 Sept. 23 30 Oct. 14 21 26*
16 7 25% general wage increase over
The UAW’s strike fund pro-
vided each member with a
$500-a-week payment, which
was less than their regular
wages but likely helped to
blunt the loss of their spending
on the Toledo economy.
Year-over-year spending us-
ing credit and debit cards in
Toledo declined in most weeks
of the strike, according to data
from Earnest Analytics, most
precipitously during the first
two weeks of October. The av-
erage credit-card balance in the
Toledo area rose by $100 a
month in September and Octo-
ber, while credit-card debt re-
mained largely steady nation-
wide, according to Intuit Credit
Karma.
Some in Toledo say it could
take time for the local economy
to return to normal after the
strike.
Commercial Van Interiors
equips commercial vehicles for
businesses such as plumbing
and HVAC companies. General
manager Matthew Ullrich said,
FROM LEFT: PHILLIP L. KAPLAN/THE BLADE/ASSOCIATED PRESS, KEEFE SNYDER, MATTHEW ULLRICH
despite the strike, this has
been a good year because com-
panies were expanding fleets
and vehicles weren’t as scarce
as they were during a pan-
demic-era chip shortage.
But the strike could mean
fewer vehicles on the market at
the end of the year, which
could hurt his business tempo-
rarily, he said.
“I think we will still see a
lull because of them being
down for 40-plus days,” Ullrich
said. “It’s good to know that
this won’t keep going and
eventually things will return to
normal and keep moving.”
The union’s deals include a
four years, along with other
benefits, such as cost-of-living
raises. The agreement should
allow workers to boost their
spending as production lines
ramp back up and the pay in-
creases kick in, said Olu Omo-
dunbi, the chief economist for
Huntington Private Bank.
Longer-term, Toledo’s econ-
omy still faces the challenges
of a declining population, auto-
mation and offshoring, and the
need to further diversify the
business base, economists said.
Automakers are shifting to
electric vehicles, which are
generally viewed as requiring
less labor to produce.
“Labor can win in the short
run and end up getting killed
in the long run, because the
risk of placing new technology
in an environment with diffi-
cult labor influences the deci-
sion to take investment else-
where,” said Ned Hill, an
economist at Ohio State Uni-
versity.
 UAW eyes a tougher
opponent in Tesla.............. B1
A4 | Friday, November 3, 2023 HK JP TU ML SI IN UK FR MN PR ****** THE WALL STREET JOURNAL.

U.S. NEWS

House Passes Israel Bill as Debates Simmer Top Law

BY LINDSAY WISE
IRS last year to improve the
agency’s technology and en-
Firms Press
AND SIOBHAN HUGHES

WASHINGTON—The House
forcement. Cutting the IRS en-
forcement budget would, how-
ever, increase budget deficits
Schools on
passed Republicans’ $14.3 bil-
lion Israel-aid bill on Thurs-
day, setting up a fight with
by making it harder for the
agency to catch tax cheats.
The Congressional Budget Of-
Antisemitic
the Democratic-controlled
Senate, which is pursuing a
much larger package that in-
fice said the IRS spending cut
would reduce revenue by
$26.8 billion over a decade.
Harassment
cludes assistance to Ukraine. Of the $14.3 billion total,
The measure was approved some $4 billion would go to a BY ERIN MULVANEY
226-196 in a largely party-line pair of Israeli defense systems
FROM TOP: SHAWN THEW/EPA/SHUTTERSTOCK, MARIAM ZUHAIB/ASSOCIATED PRESS

vote that masked broad un- known as Iron Dome and Da- More than two dozen large
derlying U.S. support for send- vid’s Sling, which consist of law firms urged university
ing weapons and financing to batteries fitted with intercep- deans to address antisemitic
Israel. tor missiles that are intended harassment, vandalism and as-
“This is necessary and criti- to take out incoming missiles. saults reported on college cam-
cal assistance as Israel fights Another chunk, about $3.5 bil- puses in recent weeks.
for its right to exist,” said lion, would help Israel finance In a letter sent Wednesday,
House Speaker Mike Johnson multiyear purchases of de- the law firms, a group that in-
(R., La.). fense supplies and equipment. cludes Kirkland & Ellis; Paul,
The bill was rejected by Israel is the largest cumula- Weiss, Rifkind, Wharton & Gar-
many House Democrats be- tive recipient of U.S. foreign rison; and Wachtell Lipton
cause it strips out money from assistance since World War II, Rosen & Katz, say they have
the Internal Revenue Service with about $158 billion of as- been alarmed at reports of vio-
and ignored the Biden admin- sistance as of earlier this year, lence and bigotry on college
istration’s request for a much according to the Congressional campuses in recent weeks, in-
broader foreign-aid measure. Research Service. cluding rallies calling for the
Senate Democrats warn that Israel has historically en- death of the Jews and the elimi-
the House bill will be dead on joyed broad bipartisan sup- nation of the state of Israel. The
arrival in their chamber, and port in Congress. But Demo- letter was sent to more than 20
President Biden has said he GOP House Speaker Mike Johnson said Thursday that a vote on Ukraine aid would come cratic leaders are urging top law school deans.
would veto the measure if it after the Israel package and be paired with border-related measures. members to vote against Re- The conflict between Israel
reaches his desk. publicans’ bill, warning that it and the militant group Hamas
Twelve Democrats sided is too narrow and would set a in the Gaza Strip has sparked
with Republicans in backing bad precedent by demanding protests nationwide, including
the measure, while two Re- spending cuts to fund emer- on college campuses.
publicans, Reps. Thomas gency national-security needs. The letter said the firms,
Massie of Kentucky and Mar- The White House and Demo- which recruit from law schools
jorie Taylor Greene of Georgia, cratic leaders also complain at the universities, have zero-
voted with most Democrats in that the legislation omits hu- tolerance policies for any dis-
opposing it. manitarian aid for Palestin- crimination or harassment and
The White House lobbied ians as well as Ukrainians. want to work with the univer-
House Democrats to oppose Democrats say they want to sities to understand how the
the bill. Still, a dozen mem- tie Ukraine and Israel aid to- situation is being addressed.
bers defected. gether with aid for Taiwan, “There is no room for anti-
“We’re always under pres- and they oppose the cut in IRS semitism, Islamophobia, racism
sure to stick with the party, funding. or any other form of violence,
but I vote with my constitu- “The partisan Israel-only hatred or bigotry on your cam-
ents’ best interests,” said Rep. supplemental [spending bill] puses, in our workplaces or our
Angie Craig (D., Minn.), who offered by extreme Republicans communities,” the letter says.
supported the measure. “It fails to meet the urgency of Another signatory, Davis
was a very personal vote for this moment,” said Reps. Greg- Polk & Wardwell, rescinded
me,” said Rep. Lois Frankel ory Meeks of New York, Adam three employment offers to law
(D., Fla.), one of 24 Jewish Smith of Washington and Jim students at Harvard and Co-
members of the House. She Himes of Connecticut, the top lumbia who the firm said were
backed the bill. Democrats on the House For- tied to statements about the Is-
The vote marked an early eign Affairs, Armed Services rael-Hamas conflict, according
test for Johnson’s ability to and Intelligence committees, in to an internal email from man-
hold together his fractious a statement. aging partner Neil Barr. The
caucus and attract at least “This is Republicans play- email didn’t identify the stu-
some support from House ing politics with aid to Israel,” dents or detail the comments
Democrats. In comments said Rep. Pete Aguilar of Cali- they made about the conflict.
Thursday, Johnson defended The Israel-only aid bill ‘offered by extreme Republicans fails to meet the urgency of this fornia, a member of Demo- There have been several ex-
the use of IRS money. He said moment,’ said Rep. Gregory Meek and two other House Democrats in a statement. cratic leadership. amples in recent weeks of vio-
a Ukraine vote would come House Republicans dis- lence, protests and threats on
next after Israel, paired with includes funding for Israel as low-income households. solved when Congress also has missed Democrats’ objections. college campuses, including at
so-far undefined border-re- well as Ukraine, Taiwan, and The standoff over foreign to pass a new bill funding gov- “If the litmus test was Tulane University, where three
lated measures. U.S. border security. The Biden aid could converge with a big- ernment operations. whether it was going to pass students were assaulted at a
Republicans hoped that the administration has asked Con- ger battle this month over fed- The House’s Israel bill pur- the Senate or the White rally that erupted near the
House bill would ratchet up gress to allocate $106 billion eral spending, with Congress ports to pay for itself, a cru- House, we would probably get campus, according to school
pressure on the Democratic- for those priorities, including facing a 12:01 a.m. deadline on cial demand of some Republi- nothing done,” said Rep. Mike President Michael Fitts.
controlled Senate, where Dem- about $14.3 billion for Israel, as Nov. 18 to avert a government cans focused on controlling Garcia (R., Calif.). A Cornell junior was
ocrats and Republicans are well as for domestic priorities shutdown. Some lawmakers the federal deficit, by rescind- charged this week with making
working to pass a far broader like disaster relief, childcare, have said the foreign-aid pack- ing $14.3 billion of the $80 bil-  Ukraine military chief calls online threats to Jewish stu-
emergency spending bill that and broadband services for age could end up being re- lion that Congress gave to the war with Russia ‘static’... A18 dents, federal prosecutors say.

FTX buy luxury real estate and

cover hundreds of millions of
dollars in political donations.
Bankman-Fried’s inner circle,
all of whom agreed to cooper-
ate with prosecutors after

Founder His closest former allies took

the stand as government wit-
nesses and testified that Bank-
pleading guilty to fraud and
other offenses. The trio cor-
roborated each other’s ac-

Convicted man-Fried directed them to

commit crimes, including se-
cretly changing FTX’s code to
counts, which were bolstered
by contemporaneous docu-
ments and Signal chats that
allow Alameda to borrow virtu- prosecutors showed the jury.
Continued from Page One ally unlimited amounts from the All three pointed to Bankman-
lawyer. “Mr. Bankman-Fried exchange. Caroline Ellison, the Fried as the mastermind of
maintains his innocence and government’s star witness and the fraud and accused him of
will continue to vigorously Bankman-Fried’s ex-girlfriend, covering his tracks, including
fight the charges against him.” told jurors that while she was by using an auto-delete func-
Members of the jury, which the chief executive of Alameda, tion on messaging apps.
consisted of nine women and he instructed her to doctor bal- Ellison testified that Bank-
three men, declined to com- ance sheets to fool the hedge man-Fried was a risk-taker who
ment on the deliberations as fund’s lenders. The lying and was comfortable with lying and
they left the courthouse. One stealing left her in “a constant stealing as long as it benefited
JANE ROSENBERG/REUTERS

said she was exhausted and state of dread,” she said. the greater good. To attract
ready to put the trial behind Bankman-Fried’s lawyers FTX customers, he cultivated
her. argued that he wasn’t the an appearance “as a smart,
For federal prosecutors, the movie villain prosecutors de- competent, somewhat eccentric
verdict was an expected vic- scribed him as but a math founder,” she said. He regularly
tory after putting forward nerd and entrepreneur trying posted on social media, spoke
what many observers saw as his best to build a business in Sam Bankman-Fried is seen hearing the verdict on Thursday and, below, at court in July. to journalists and testified be-
a powerful case that included an emerging industry. “In the fore Congress to promote FTX
18 witnesses. real world, unlike the movie many public statements with as a safe place to trade.
“While the cryptocurrency world, things can get messy,” his private ones in an attempt Even when he knew FTX
industry might be new and Cohen told the jury. to show he was a liar. Bank- was on the brink of collapse,
the players like Sam Bank- Bankman-Fried’s decision man-Fried gave evasive an- Bankman-Fried posted on
man-Fried might be new, this to take the stand appeared swers and said he had little Twitter, now known as X, to
kind of corruption is as old as perhaps his only shot at recollection of past comments falsely reassure customers, El-
time,” said Damian Williams, changing the momentum of prosecutors cited. During clos- lison testified. Prosecutors
the U.S. attorney in Manhat- the case. ing arguments, Assistant U.S. backed up her testimony by
tan. “This case On his first Attorney Nicolas Roos told ju- showing jurors a Nov. 7, 2022,
has always day of testi- rors that Bankman-Fried said post in which he wrote, “FTX
been about ly- mony, he confi- he didn’t recall at least 140 is fine. Assets are fine.”
ing, cheating The fallen dently told ju- times. “He approached every Bankman-Fried pushed
and stealing, crypto exchange rors that he question like up was down back during his testimony,
and we have no was a well- and down was up,” Roos said. telling jurors he wasn’t in-
patience for it.” once boasted meaning player Bankman-Fried founded volved in Alameda’s operation
W i l l i a m s ’s in the Wild FTX in 2019. By 2021, the ex- after appointing Ellison and
office had ac-
$1 billion in West of crypto change had millions of custom- another employee as co-CEOs
cused Bank-annual revenue. and that he fre- ers and about $1 billion in an- in the summer of 2021. He
man-Fried of quently met nual revenue, Bankman-Fried only learned of Alameda’s
being a greedy with lawmakers testified. It imploded after the rampant spending of customer
billionaire who in Washington crypto website CoinDesk pub- funds in the fall of 2022, he
AMR ALFIKY/REUTERS

lied to customers, investors in hopes of building a regula-
and lenders while flying on tory framework for the indus-
private jets and hobnobbing try. He said he never de-
with current and former heads frauded customers, but
of state. Prosecutors pre- regretted not instituting bet-
sented evidence and testimony ter risk management at FTX
showing Bankman-Fried was before its collapse in Novem-
the architect of a scheme to ber 2022. “We sure should
siphon FTX money to repay have,” he said.
the debts of its sister hedge Under cross-examination,
fund, Alameda Research, Bankman-Fried floundered as
bankroll risky investments, a prosecutor contrasted his
lished what purported to be a
leaked Alameda balance sheet,
causing a run on FTX cus-
tomer funds.
Bankman-Fried still has
other legal troubles looming.
He is facing additional charges
that could go to trial in
March, including allegations
of bank fraud and bribery con-
spiracies. Those charges were
added after the initial indict-
ment and separated from the
first trial because of litigation
in the Bahamas over the terms
of his extradition. U.S. District
Judge Lewis Kaplan, who pre-
sided over the trial, instructed
told jurors.
Assistant U.S. Attorney Dan-
ielle Sassoon drilled into his
testimony on cross-examina-
tion, casting doubt on his as-
sertion of being a hands-off
prosecutors to let him know boss and highlighting even rel-
by Feb. 1 if they plan to pro- atively innocuous statements—
ceed with those charges. like why he didn’t cut his hair—
Prosecutors built their case to show his equivocations.
around the testimony of Elli- —Vicky Ge Huang
son and two other members of contributed to this article.
THE WALL STREET JOURNAL. Friday, November 3, 2023 | A5
A6 | Friday, November 3, 2023 ** THE WALL STREET JOURNAL.

U.S. NEWS

Judge in Trump Trial

Has His Own Story
BY JACOB GERSHMAN
New York State Supreme
Court Justice Arthur Engoron,
an unconventional judge with a
colorful background, is round-
ing out a 20-year career behind
journalism at New York Uni-
versity and a close high school
friend of the judge’s.
Outside court, Engoron has
managed to keep up what he
has described as an “inordi-
nately active social life.” He
what he sees as a rigged case.
He unloaded on the judge again
Wednesday in social-media
posts calling him, among other
things, a “political hack.”
Engoron has insisted he is
just following the law. “I do not

DAVE SANDERS/PRESS POOL

the bench by presiding over
the most unconventional of de-
fendants: Donald J. Trump.
Engoron, a 74-year-old for-
mer taxi driver and rock musi-
cian, is weighing allegations by
Democratic New York Attorney
General Letitia James that the
former president and his fam-
ily business committed civil
fraud by inflating asset values
for financial gain.
So far the judge has held
Trump in contempt of court
for not complying with a sub-
poena, found him liable for one
type of fraud, ordered some of
his companies dissolved, sanc-
tioned him twice for violating a
gag order and threatened him
with imprisonment if he con-
tinues to do so.
Engoron has slapped Trump
with $125,000 in fines. For the
past month, he has been run-
ning a civil trial that could cost
the Trump family hundreds of
millions more.
The judge’s friends say En-
goron isn’t bothered by the
pressure or attention. “He has
the former president of the
United States in his court-
room, and it doesn’t seem to
faze him,” said Mitchell Ste-
phens, a professor emeritus of
has pumped out dozens of is-
sues of a high-school alumni
newsletter he edits, a labor of
love commanding several
hours a week of his time. He
has dedicated other spare time
to lifting weights and drafting
and pitching a screenplay—a
historical romantic drama
about a Holocaust survivor.
Court records show the thrice-
married judge
also dealing
with a con-
tested divorce. Engoron has
In the fraud kept up what he
trial, Trump’s
legal team has described as an
sought to rebut
the attorney
‘inordinately
general’s allega- active social life.’
tions by arguing
that asset val-
ues are subjec-
tive and no one was actually
harmed by any of the alleged
conduct in the state’s lawsuit.
Trump has spent several
trial days occupying a defense
seat a few feet away from En-
goron’s bench. The GOP presi-
dential front-runner for 2024
has routinely held his own
court outside the courtroom
before throngs of television
cameras, fulminating against
consider this trial political at
all,” he said in court last week.
The proceedings, he said, are
simply about whether Trump
violated a state fraud statute.
The judge has garnered sym-
pathy for managing a difficult
case and enduring Trump’s ver-
bal attacks, but also has faced
criticism for the sweeping rul-
ing he issued before trial that
canceled New
York business
certificates held
by the Trump
business empire
after concluding
that the state
already had
proven one alle-
gation against
Trump.
Trump’s law-
yers say En-
goron has misinterpreted and
twisted the statute into a blud-
geon and “does not comprehend
the scope of the chaos” his rul-
ings have wrought. So far they
have succeeded in persuading
an appeals court to halt for now
the breakup of Trump’s busi-
nesses that Engoron ordered.
The judge, with his swath of
unkempt white hair, sunken
cheeks and colorful shirts and
Justice Arthur Engoron has said he doesn’t consider the Trump fraud trial political.
ties, cuts an arresting figure on
the bench. Over the course of
his two decades as a judge, he
has issued more than a thou-
sand written decisions. Apart
from the Trump case, some of
his most significant rulings
dealt with zoning regulations
and development rights.
Since 2019, he has halted
plans for an Upper West Side
skyscraper, a Lower East Side
waterfront megadevelopment
and a South Street Seaport
high-rise in lower Manhattan—
in rulings all later reversed by
state appeals panels.
In another case, he shamed a
law firm for seeking excessive
attorney fees that he likened to
a “highway robbery without the
six-gun.”
In 2021, he bemoaned a
yearslong dispute between a
law firm and a former em-
ployee who posted a negative
online review about her job.
“The earth is frying; buildings
are collapsing; the Middle East
is in flames; the Covid-19 pan-
demic is raging; and almost
half the country does not ac-
cept the legitimacy of the cur-
rent president. The time has
come to end this legal bloodlet-
ting,” he wrote.
“I don’t think he’s afraid to
go out on a limb,” said Richard
Leland, a Manhattan real-estate
lawyer who has had cases be-
fore the judge. “He doesn’t play
fast and loose with precedent,
but I don’t think he’s looking
over his shoulder all the time
as some judges are.”
After serving more than 10
years as a city civil court judge,
Engoron was elected to the
highest trial court level in 2015
with the backing of Manhat-
tan’s Democratic county politi-
cal establishment.
Engoron was a relative late-
comer to the professional legal
arena. Born in Queens, he grew
up in a middle-class community
of East Williston in Nassau
County. He got his college de-
gree from Columbia University,
and in his 20s drove a yellow
cab at night.
Engoron attended Wood-
stock and protested the Viet-
nam War. Before law school, ac-
cording to Stephens, Engoron
went to Berkeley, Calif., and
played drums in a band named
Wabber—after Engoron’s be-
loved tabby cat—that per-
formed Creedence Clearwater
Revival covers.
In 1979, he earned his law
degree from New York Univer-
sity. Engoron first worked as an
associate for two Park Avenue
law firms, after which his ca-
reer took a detour. He worked
as a piano and drum teacher,
and, in the judge’s words, as “a
moderately successful bar band
keyboard player.” He circled
back to law in 1991, clerking for
a trial judge in Manhattan. He
eventually pursued a judgeship.

FBI Agents Search Home of New York City Mayor’s Fundraiser

BY GINGER ADAMS OTIS
AND JAMES FANELLI
Federal Bureau of Investiga-
tion agents searched the Brook-
lyn home of a fundraiser for
New York City Mayor Eric Ad-
ams on Thursday.
The FBI was carrying out
law-enforcement activity at the
home of Brianna Suggs, accord-
ing to a person familiar with
the matter. The Manhattan U.S.
attorney’s office declined to
comment.
Suggs didn’t respond to re-
quests for comment Thursday.
Her spokesman, Jordan Barow-
itz, also didn’t comment.
The mayor, a Democrat, was
headed to Washington, D.C.,
early Thursday for meetings
about the migrant crisis in New
York, according to a short video
he shared on X, formerly known
as Twitter. Adams canceled his
meetings to return to New
York. “The mayor heard of an
issue related to the campaign
and takes these issues seri-
ously,” a mayoral spokesman
said. He wanted to get back to
New York as quickly as possi-
ble, the spokesman said.
Vito Pitta, Adams’s 2021
campaign counsel, said the
campaign held itself to the high-
est standards and will comply
with any inquiries. “Mayor Ad-
ams has not been contacted as
part of this inquiry,” Pitta said.
According to Suggs’s
LinkedIn profile, she is a fund-
raiser for the Kings County
Democratic County Committee
in Brooklyn. The organization
didn’t return a request for com-
ment.
She was a fundraiser and di-
rector of logistics from 2019 to
2021 for Adams’s campaign, the
LinkedIn profile says. She man-
aged fundraising activities for
Adams as he campaigned for
mayor, raising more than $18
million, according to her pro-
file. Adams was elected mayor
in 2021.
The mayor’s 2021 campaign
paid Suggs directly more than
$16,000, according to city cam-
paign finance records. Adams’s
campaigns also paid more than
$130,000 to her company, Suggs
Solutions LLC, between 2021
and this year, records show.

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 THE WALL STREET JOURNAL.
Israeli Forces Cut the Gaza Strip in Two
Troops encircle
Gaza City, backed
by airstrikes, gunfire
from warships
BY DOV LIEBER
AND DAVID S. CLOUD
TEL AVIV — Israeli forces
pushed across Gaza and in
from the Mediterranean coast
Thursday, cutting the enclave
in two and isolating densely
populated urban areas in the
north where armored and in-
fantry units were battling
Hamas militants, said the Is-
raeli military and the United
Nations.
“IDF forces have finished
encircling Gaza City, the
stronghold of the Hamas ter-
rorist organization,” said Is-
raeli Military Spokesman Rear
Adm. Daniel Hagari on Thurs-
day night.
Israel’s military said it
killed about 130 militants in
battles around the Gaza Strip
on Thursday afternoon, in a
large-scale attack by land, air
and sea on Hamas installa-
tions, including command-
and-control centers, booby-
trapped buildings and targets
belonging to the militant
group’s naval forces.
The fighting was especially
intense in several neighbor-
hoods in northern Gaza, where
Israeli troops attacked in
Karama and Zeitoun, moving
closer to the center of Gaza
City, backed by airstrikes and
in some cases by gunfire from
warships offshore, according
to Israeli military officials.
The U.N. said it halted hu-
manitarian-aid deliveries to
the north, where 300,000 resi-
dents are thought to have
stayed behind despite evacua-
tion orders from the Israeli
military.
“Gaza City and northern
Gaza have been largely cut
Arab States Eyed
For Post-War Role
BY WILLIAM MAULDIN
Secretary of State Antony
Blinken and his deputies are
speaking with their counter-
parts in Arab states about plans
for governing Gaza after Israel
ends its main military opera-
tions there, according to people
familiar with conversations.
Officials involved in the
brainstorming sessions say it
is too early to discuss specif-
ics, and outside analysts don’t
see a precise blueprint for ad-
ministering Gaza as feasible
now, but the issue is expected
to come up during Blinken’s
coming visit to the region.
He is expected to hold
meetings with members of the
Israeli government and to stop
in Jordan.
Before departing Thursday,
Blinken said: “We need to be
focusing on the day after, and
so in conversations that we’ll
be having over the course of
this weekend, I expect you’ll
see a focus there and particu-
larly how we can get, over time,
to two states for two peoples.”
Officials aware of the talks
on what’s next for Gaza stress
that there isn’t a plan backed by
Washington. One option is a pe-
riod where Gaza is led by a mul-
tinational force from the region.
“The major stakeholders
XUAN CUETO/CONTACTO/ZUMA PRESS
STORM WATCH: Waves from Storm Ciarán crash in Llanes, Spain. The storm killed seven
people in Western Europe and produced winds as high as 118 mph on France’s Atlantic coast.
Gaza City has been largely cut off by Israeli troops, the U.N. said. By fighting north and south of Gaza City, Israel has created a two-front war for Hamas.
off” because of the fighting,
the U.N. said.
Israeli authorities have said
they would ensure safe pas-
sage for civilians who want to
head south to escape the
fighting.
By splitting Gaza and fight-
ing north and south of Gaza
City, Israel has created a two-
front war for Hamas. But that
has meant committing Israeli
troops to fight in the north’s
difficult urban terrain.
An Israeli military spokes-
man declined to comment
about whether Israeli forces
had reached the coast to the
south of the city.
Hamas fighters used anti-
tank missiles to target Israeli
are engaged in these discus-
sions,” said Sen. Ben Cardin
(D., Md.), chair of the Senate
Foreign Relations Committee.
“You have to have a credible
administrator that can come
into Gaza to provide the op-
portunities for Palestinians.”
Some form of backing from
Arab nations is important, of-
ficials and analysts say, but
coming up with a governance
plan amid a ground operation
is “like asking about cleaning
up after a Category 5 hurri-
cane right as it’s happening,”
said Brian Katulis, vice presi-
dent of policy at the Middle
East Institute in Washington.
The attempt at postwar
planning comes as the high ci-
vilian death toll from Israel’s
air and ground operations in
Gaza has deepened the rift be-
tween the Jewish state and its
Arab neighbors. Arab govern-
ments are reluctant to get in-
volved in Gaza if the Israel De-
fense Forces are still
conducting sporadic or contin-
uous operations against Hamas.
Some Israelis have backed
occupying Gaza in the longer
term—an option President Bi-
den has rejected—or pushing
Gazans to the Sinai region of
neighboring Egypt, an idea
Egyptian leaders oppose.
Israeli Defense Minister
WORLDWATCH
WORLD NEWS
tanks and armored personnel
carriers as Israeli ground
forces pressed into the city’s
outskirts.
In one heavy firefight, Is-
raeli troops were ambushed
by a large group of militants,
firing antitank missiles,
throwing grenades and deto-
nating explosives, according
to the Israeli military.
“The soldiers engaged with
the terrorists, with the assis-
tance of artillery fire and
tanks, while directing an aer-
ial strike from a helicopter
and a missile strike from a na-
val boat. Dozens of terrorists
were killed during the bat-
tles,” the Israeli military said
on Thursday.
People sit in front of a bakery that was destroyed in an Israeli strike in the Nuseirat refugee camp in the central Gaza Strip.
Yoav Gallant said the goal is
to destroy Hamas’s military
capabilities and its ability to
govern, but added that Israel
isn’t interested in perma-
nently reoccupying Gaza.
Israeli and U.S. leaders are
faced with the question of
who will govern the enclave
after Hamas is removed. What
that governing authority
might look like is unclear.
“At some point, what would
make the most sense would be
for an effective and revitalized
Palestinian Authority to have
governance and ultimately se-
curity responsibility for Gaza,”
“Everywhere they go, sol-
diers are describing what they
see—terrorists who come out
of tunnel shafts, underground
tunnels under buildings, under
hospitals, under schools, they
see it all,” Israeli Defense Min-
ister Yoav Gallant told report-
ers on Wednesday.
At least 20 Israeli soldiers
have died in combat, including
Lt. Col Salman Habaka, the
commander of an armor bat-
talion who was killed Thurs-
day, according to the Israeli
military, apparently the high-
est-ranking officer killed in
combat in Gaza so far.
It was unclear if Israeli
troops planned to press imme-
diately deeper into Gaza City,
Blinken said.
Under current leader, 87-
year-old Mahmoud Abbas, the
Palestinian Authority, which
governs the parts of the West
Bank not controlled by Israeli
forces or settlers, is seen as
too weak to administer Gaza
in the near term, officials say.
Some analysts say a coali-
tion of Arab-nation or Pales-
tinian officials or Palestinian
leaders could oversee Gaza
until the territory is in a bet-
ter place to elect its own lead-
ership. Involving Arab nations
comes with its own hurdles.
“I think the U.S. would
COLOMBIA
Rebels Accused
In Kidnapping
A leftist guerrilla group
that embarked on peace talks
with President Gustavo
Petro’s administration has
been deemed responsible for
kidnapping the father of Euro-
pean soccer star Luis Díaz, the
government said Thursday.
The National Liberation
Army kidnapped Díaz’s par-
ents, Luis Manuel Díaz and
Cilenis Marulanda, on Saturday
in Barrancas, said Otty Patiño,
the government’s lead negoti-
ator in talks with the group.
Díaz was driven off in a
motorcycle from a gas sta-
tion where the couple had
stopped, police said, while
Marulanda was taken away
in the couple’s vehicle. Police
who had responded by put-
ting up roadblocks rescued
Marulanda soon after.
—Juan Forero
Friday, November 3, 2023 | A7
a Hamas stronghold that has
been pounded from the air for
nearly three weeks, or if they
would remain on the outskirts,
testing Hamas’s defenses and
calling in airstrikes.
Giora Eiland, a former Is-
raeli general and national se-
curity adviser, said Israel has
succeeded relatively easily in
cutting off northern Gaza
from the south, putting its
forces in a position to main-
tain a siege on Hamas.
Israeli troops are now fo-
cusing on finding entrances to
the tunnel network used by
Hamas’s militants and seeking
to kill them while they are
still below ground, Eiland
said.
need to accept that Qatar,
Turkey, Egypt and Jordan
have to play a key role,” said
Tuqa Nusairat, strategy direc-
tor at the Atlantic Council’s
Middle East program.
Another possibility would
be to persuade Arab states
who have signed peace deals
or normalization pacts with
Israel to provide or oversee a
security force for Gaza. But
that would require some coun-
try or organization to take ad-
ministrative responsibility and
oversee security—essentially
an international peacekeeping
force.
UNITED KINGDOM
Key Interest Rate
Kept at 5.25%
The Bank of England’s pol-
icy makers left their key in-
terest rate unchanged for the
second straight meeting and
said they don’t expect to
ease policy soon.
The decision on Thursday
to hold the benchmark rate at
5.25% was backed by six
members of the Monetary
Policy Committee, while three
voted for a rise in the key rate
to 5.5%. At their last meeting
in September, four members
voted for a higher rate.
Before that decision to
hold, the BOE had raised its
key rate in 14 straight meet-
ings.
U.K. consumer prices rose by
6.7% in the 12 months through
September, an inflation rate
that was well above those of
the eurozone and the U.S.
—Paul Hannon
MOHAMMED SABER/EPA/SHUTTERSTOCK
To maintain a tight siege
on Gaza City, he said, Israel
also needs to destroy tunnels
that run from north to south
that could be a lifeline for
Hamas.
“Gaza is probably the most
fortified military position in
the world,” said Eiland. “We
are speaking about a tough
battle that can last weeks.”
Israeli officials said that in
the past few days they have
eliminated a large part of
Hamas’s antitank capabili-
ties.
Clashes also were reported
further south in Gaza, includ-
ing in the refugee camps at Al
Maghazi, Al Bureij and Nusei-
rat, according to the U.N.
MAHMUD HAMS/AGENCE FRANCE-PRESSE/GETTY IMAGES
In general, Arab neighbors
are reluctant to take a govern-
ing role, fearing it could un-
dermine their long-term goal
of an independent Palestinian
state. Cairo has long resisted
calls to govern Gaza over con-
cerns it is an excuse to push
the territory’s two million in-
habitants into Egypt. And Jor-
dan likely would have little in-
terest in participating in a
plan that appears at odds with
a “two-state solution” to the
Israel-Palestinian problem.
—Saleh Al-Batati, Stephen
Kalin and Vivian Salama
contributed to this article.
AUSTRALIA
Woman Charged in
Guest Poisonings
The host of a weekend
family lunch in July at her
country home was charged
Thursday with murdering her
ex-husband’s parents and aunt
with poisonous mushrooms
and attempting to murder a
fourth guest, police said.
Police arrested Erin Patter-
son, 49 years old, at her
home in the Victoria state
town of Leongatha. All four
guests were hospitalized the
next day, and only her hus-
band, Ian Wilkinson, survived.
Patterson has publicly de-
nied any wrongdoing.
She was also charged with
three counts of attempting to
murder her ex-husband, Simon
Patterson, 48, who became ill
after eating three meals in
2021 and 2022, police said. He
didn’t attend the July lunch.
—Associated Press
A8 | Friday, November 3, 2023
U.S. Pushes
For Pauses
In War
Continued from Page One
having over the course of this
weekend, I expect you’ll see a
focus there and particularly
how we can get, over time, to
two states for two peoples.”
The Biden administration
has for more than a week
called for a “humanitarian
pause” that would enable aid
to flow into the besieged terri-
tory—and potentially facilitate
the egress of foreign nationals
and injured Palestinians.
“I think we need a pause,”
President Biden said on
Wednesday night. Biden said
he had persuaded Prime Min-
ister Benjamin Netanyahu of
Israel to agree to a temporary
pause in October to arrange
for the safe passage of two U.S.
hostages released by Hamas.
Netanyahu’s office declined
to comment on a U.S. sugges-
tion for a pause.
Israel said 20 soldiers have
been killed in Gaza and else-
where since the start of
ground operations in the en-
clave. The Hamas-controlled
Gaza health authorities said
more than 9,000 people had
been killed, most of them
women and children. They
don’t distinguish between mil-
itants and civilians.
More than 340 foreigners,
including 74 U.S. citizens,
crossed into Egypt from Gaza
on Thursday. The Americans
are among a second group of
foreign nationals who were
trying to exit Gaza through
the Rafah border crossing to
Egypt, a day after a previous
batch of more than 400 peo-
ple, including many Palestin-
ians with dual citizenship,
were able to leave.
It has been a frustrating
wait. The Americans in Gaza
are grappling with a lack of
verified information about
who is allowed to cross into
Egypt. In most cases, foreign
nationals who are evacuating
are leaving behind relatives
who don’t have a second
passport to face an uncertain
future in Gaza. Now, some
families made up entirely of
U.S. citizens are also being
forced to separate, as not all
of them have been cleared to
leave together.
Wagner
Plans to
Aid Militia
Continued from Page One
attack on Israel and they recently
hosted Hamas officials in Mos-
cow. This comes as Russia is
continuing to commit atrocities
in Ukraine.”
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Civilians showed their documents Thursday as foreigners and dual-national Palestinians prepared to leave Gaza and enter Egypt at the Rafah crossing.
American Zaena Shaath has
been sheltering with her family
in Rafah city, a short drive
from the border. She, her fa-
ther, her brother and her sister
are all U.S. citizens, but when
the list of names for those
cleared to cross into Egypt on
Thursday was published by the
Palestinian border authorities,
only her 63-year-old father’s
name was included.
Shaath said her father
wasn’t going to leave Gaza
without his children. The U.S.
Embassy in Israel later found
her name on another list, she
said, but her siblings’ status
remains unclear.
“We either leave as a pack-
age or not,” she said.
As they waited for an up-
date from the embassy, bomb-
ing began across the street
from the home where they
were sheltering. “We are sit-
ting on the stairs in case we
need to leave,” she said. “We
don’t know if we are going to
make it or not.”
U.S. officials have been ne-
gotiating for weeks with
Egypt, Israel and Hamas
through a back channel man-
aged by Qatar in order to evac-
uate U.S. citizens as the Israeli
offensive intensifies.
In Syria, Wagner troops
have played an important role
in shoring up the country’s
leader, President Bashar al-
Assad, an ally of President
Vladimir Putin of Russia.
The intelligence comes amid
broader concerns that Hezbol-
lah, an Iranian-backed militia,
might open up a northern front
against Israel. The U.S. has posi-
tioned an aircraft carrier in the
Eastern Mediterranean to try to
deter Hezbollah and Iran.
Hezbollah’s leader, Hassan
Nasrallah, is expected to give a
9.3%
8.1%
7.6%
7.3%
Assets over $2.8 Billion
School
WORLD NEWS
Israel launched its assault
on Gaza after an attack by
Hamas on Oct. 7 that Israeli
officials said killed more than
1,400 people, mostly civilians.
Palestinian militants abducted
242 people on Oct. 7, including
10 Americans.
A list of those scheduled to
cross into Egypt on Thursday,
published by the Palestinian
border authority, included the
names of 400
Americans along
with hundreds
of others includ- Some American
ing citizens of families find
Belgium, the
N e t h e r l a n d s, they haven’t
Switzerland, Sri
Lanka, Croatia,
been cleared to
South Korea and leave together.
Mexico.
Civilians
gathered out-
side the terminal on the Pales-
tinian side of the border from
around 8 o’clock in the morn-
ing, waiting for border guards
to call their names. By mid-
afternoon, buses were seen
crossing the checkpoint from
the Gaza Strip but it couldn’t
be determined how many peo-
ple were on them or their na-
tionalities.
Israeli ground operations
speech on Friday, which will be
his first public comments since
Hamas’s Oct. 7 attack on Israel
and Israel’s forceful military re-
sponse. That speech will be
studied for clues on whether
the militant group plans to en-
ter the war.
Wagner has personnel in
Syria, where Hezbollah fighters
have also been present to sup-
port Assad in his campaign
against the Syrian opposition.
The Russian SA-22 system
has been provided to Syria and
would be sent to Hezbollah
with Assad’s concurrence if the
delivery goes through, accord-
ing to one person familiar with
the U.S. intelligence reports.
The potential arms delivery
to Hezbollah comes amid con-
cerns about Moscow’s role in
the region and Russia’s tighten-
ing relationship with Iran.
Iran has become a major
supplier of one-way attack
drones that Russian forces
have used to support their in-
vasion of Ukraine. The two na-
tions are also collaborating on
the construction of a factory in
Russia that could make thou-
sands of the drones for Mos-
cow’s war effort.
The provision of a Russian
air defense system to an Ira-
nian-backed group such as
Hezbollah could be a way to re-
ward Tehran for that assis-
tance, some foreign-policy ana-
lysts said.
The SA-22 air defense sys-
tem, also called the Pantsir, is
mounted on a wheeled military
vehicle. The system was de-
signed by Russia to intercept
aircraft, drones and enemy pre-
cision guided munitions.
Though the Wagner Group
was established as a private
military organization, the
Kremlin has moved to take over
many of its assets since its
founder, Yevgeny Prigozhin,
was killed in a plane crash in
August.
Secretary of State Antony
Blinken told Congress on Tues-
day that the growing bonds be-
tween Moscow and Tehran
were affecting security in the
Middle East, though he didn’t
mention Wagner’s role.
“The conflicts in Ukraine
and the Middle East have clear
links,” Blinken told the Senate
have cut the northern Gaza
Strip from the southern half
of the territory, effectively en-
circling Gaza City and trap-
ping hundreds of thousands of
people inside, the United Na-
tions humanitarian agency
said in an update released
early on Thursday local time.
Some 1.4 million people, or
more than half of the Gaza
Strip’s population, have fled
their homes,
according to
the U.N., but
many have cho-
sen to remain
in their homes
in the north,
fearing that
they might not
be allowed to
return. Others
are sheltering
in U.N.-run
schools and other buildings in
the north.
Meanwhile, the uncertainty
and long wait times at the Ra-
fah border crossing with
Egypt appear set to continue.
Jordanian national Fayzzeh
al-Najjar made it through Ra-
fah on Wednesday night and
was back home in Amman on
Thursday. She had been visit-
ing her daughter’s family
Fighters from Hezbollah carry out a training exercise in southern Lebanon in May.
Drone Hit U.S. Base in Iraq, but Didn’t Detonate
A drone laden with ex-
plosives believed to have
been launched by an Ira-
nian-backed militia crashed
into the upper floor of a
U.S. barracks at a base in
Iraq but failed to detonate,
U.S. officials said, under-
scoring the risks to U.S.
forces in the Middle East
during Israel’s war on
Hamas.
Had the drone exploded
at Erbil air base on Oct. 25,
it likely would have injured
or killed U.S. troops, de-
fense officials said. There
Appropriations Committee.
“Since we cut off Russia’s tra-
ditional means of supplying its
military, it’s turned more and
more to Iran for assistance. In
return, Moscow has supplied
Iran with increasingly ad-
vanced military technology,
which poses a threat to Israel’s
security.”
Those remarks were in-
tended to buttress the adminis-
tration’s request to Congress to
provide military support to
both Israel and Ukraine.
***** THE WALL STREET JOURNAL.
when the conflict began, forc-
ing her to join 60 extended
relatives at her brother’s home
as airstrikes landed all around.
“The buzzing sound is still
ringing in my ears,” she said.
“Thank God I am back, but I
cannot get over the sound of
the airplanes.”
Amed Khan, a U.S. investor
and philanthropist who runs
private initiatives to get U.S.
civilians out of other war
zones, said Gaza presented the
most challenging dynamics.
“To this point, it’s a failure,” he
said of U.S. efforts. “The fact
that American citizens had to
endure 25 days of intense, in-
discriminate bombardment
from F16s is unforgivable.”
Among them is Maha al-
Banna, who moved back to
Gaza from New Jersey to work
with an aid organization. She
took her nieces and nephews
from north Gaza to live in a
house in the south with 48
people while her brother
stayed behind with their dis-
abled sister. She said they had
problems securing food, water
and fuel.
“I still won’t believe it till I
actually leave Gaza,” she said
at the Rafah crossing. “I’m go-
ing to be happy to be out and
were no reports of injuries.
The strike raised fears
of a potential deadly attack
among forces on the
ground even after the Pen-
tagon last week sent sev-
eral air-defense systems to
the region to protect the
roughly 2,500 U.S. troops
in Iraq and 900 in Syria.
“They are aiming to kill,”
a U.S. defense official said.
“We have just been lucky.”
The Defense Depart-
ment didn’t respond to a
request for comment.
Hours after the dud
Russia’s war in Ukraine and
its relative economic isolation
have made it harder for it to
shape events in Israel and
Gaza, but it is not without
some influence.
In the diplomatic arena,
Russia and China last week ve-
toed a United Nations Security
Council resolution that called
for a stop to arming Hamas,
pauses in fighting to facilitate
aid deliveries and the protec-
tion of civilians. Russia’s U.N.
ambassador complained the
SAID KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES
safe and with my kids but ex-
tremely worried about every-
body else I know.”
“My heart is still here, all
my family and my friends and
my cousins and my nephews
and nieces,” she said. “I’m
torn and I want them to be
safe.”
Others might face a longer
journey.
American Yousof Abu Sha-
ban, an 18-year-old engineer-
ing student born in Michigan,
suffered a severe shrapnel
wound to his jaw when a
bomb dropped on his family
home in Gaza City on Oct. 18.
His 14-year-old sister was
killed and his parents and
younger sister were injured—
they are all in a hospital in
northern Gaza, unable to
move without an ambulance,
Abu Shaban said by phone.
Abu Shaban’s name was the
only one from his family on the
exit list Thursday, despite regis-
tering his relatives as depen-
dents. As the only U.S. citizen in
his family, he said he is worried
that if he leaves without them,
they won’t be able to follow.
—Anas Baba, Dov Lieber,
Anat Peled
and Suha Ma’ayeh
contributed to this article.
HASSAN AMMAR/ASSOCIATED PRESS
drone landed on the bar-
racks, the U.S. said it
launched strikes on two
bases in eastern Syria it be-
lieved were used by Iranian
groups.
In all, there have been at
least 28 attacks on U.S. in-
stallations in Iraq and Syria
over the past two weeks,
the Pentagon said, in what
officials have described as a
response by Iranian-backed
militias to the U.S. support
of Israel.
—Nancy A. Youssef
and Gordon Lubold
measure wouldn’t block an Is-
raeli ground offensive in Gaza.
Russia also hosted a delega-
tion of Hamas officials in Mos-
cow late last month, a move
that drew protests from the Is-
raeli government.
Watch a Video
Scan this code
for a video on
Russia’s new
plan for Wagner
in Africa.
THE WALL STREET JOURNAL. Friday, November 3, 2023 | A9

G L O BA L U N I O N O F S C I EN T I S T S F O R P E AC E

An Open Letter
To the President of the United States and All World Leaders
Offering a Proven Technology for
Peace, Security, and a Swift Resolution of Conflict
Dear Mr. President and world leaders: high statistical significance, I can assure you that the results of

A
t this time, when turbulence and conflict, fear, and rage what I am proposing will be satisfactory.
are spreading in the collective consciousness of the world, We are not asking that these funds be paid directly to us as
well-wishers such as yourselves are looking for resources an organization but rather be used with third-party oversight to
and intelligence to solve these problems and create peace. train 10,000 people of your choosing in any country. This group
I urge you to consider an evidence-based, innovative solution will practice morning and evening for about an hour, together in
that will immediately dissipate tensions, bring clarity of thinking one place, advanced technologies of consciousness — the Tran-
and behavior, and create a foundation for achieving permanently scendental Meditation and TM-Sidhi program brought to light by
the highest goals of all nations. Maharishi Mahesh Yogi.
These goals include primarily peace but also the ability to pros- These consciousness-based programs have both extensive em-
per, feel secure, and safeguard the environment to support human pirical evidence and a solid theoretical framework. They are not
survival and thriving on this planet. based on intellectual, emotional, or philosophical approaches or on
The costs of this solution are minimal compared to the bud- convincing people to act in an evolutionary way. They are not based
gets projected for fighting and on faith, prayer, or seeking esoteric
war. Indeed, only a small percent- or supernatural support. They are
age of the funds requested as aid based on the fundamental nature
for Ukraine and Israel would be of reality as being consciousness
enough to maintain permanently a and the ability to access and enliv-
group utilizing this approach. Such en that consciousness.
a group would achieve much more Even a few individuals practic-
than the goals now envisioned for ing these technologies of conscious-
the use of these funds. ness, whatever their beliefs or voca-
Of the $105 billion proposed tions, have been shown to produce
for Ukraine and Israel as budgets profound benefits for the general
for war and destruction, only $20– population — and for themselves
$150 million (depending on where as well. With experimentation, we

A
the program would be demonstrat- National Demonstration Project conducted in Washington, D.C., from June 7 have found the critical number is
ed) would bring immediate relief to July 30, 1993, tested the efficacy of a consciousness-based approach using the square root of 1% of a popu-
to those countries. The demon- the Transcendental Meditation and TM-Sidhi program for reducing crime and
lation. This translates into 9,000
social stress and improving the effectiveness of government.
strable outcomes would be a sig- people to benefit the entire world
In this carefully controlled experiment, the peace-creating group increased from 800
nificant improvement in stability, a to 4,000 over the two-month period. Soon after the start of the study, violent crime population. We propose a group of
resolution of conflict, and a vision (measured by FBI Uniform Crime Statistics) began decreasing and continued to drop 10,000 as a safety factor.
of possibilities for a future of coex- until the end of the experiment (maximum decrease 23.3%), after which it began to Rather than attempting to de-
istence and cooperation among the rise again. The likelihood that this result could be attributed to chance was less than stroy enemies and multiply enmity,
nations involved and on the inter- two parts per billion (p < .000000002). The drop in crime could not be attributed to together we can destroy the enmity
national level as well. other possible causes, including temperature, precipitation, weekends, and police and
in any potential enemy and multi-
community anticrime activities (Social Indicators Research 47: 153–201, 1999).
Once this is achieved on a ply cooperation for the well-being
short-term basis, $5 billion could of all. I know that you and all great
be devoted to maintaining and expanding these positive results on leaders and philanthropists want this as well.
a permanent basis. The remaining $100 billion would be available Thank you for considering my proposal. I look forward to hear-
for whatever construction and aid are desired. ing from you, Mr. President, and from any interested party who
In case there is doubt that the solution I am proposing will work desires peace for our troubled world.
on the collective level, it would still be most helpful in bringing
many individuals health, happiness, peace, and well-being — as Yours truly,
confirmed by hundreds of peer-reviewed scientific studies. Also, Tony Nader, MD, PhD
the remaining billions of dollars would still be available to use as Chairman, Global Union of Scientists for Peace
originally planned, if necessary, to achieve any remaining security 2000 Capital Blvd., Fairfield, IA 52556 USA
goals and economic and political gains. chairman@GUSP.org
However, based on extensive previous scientific research with Media inquiries: media@GUSP.org • +1-641-418-3400

Increased Indicators of Peace and Decreased Crime in Washington DC Broad-Based Improvements

Reductions in Violence in Lebanon in US Quality of Life Indices
1.50– Demonstration
– Period
200– Time Series Prediction Without
1.25–
Homicides, Rapes, and Assaults per Week

190– Coherence-Creating Group

–
1.00– 180–
Washington, DC, USA (t = 2.75)

– 170–
0.75– 160–
Non-experimental period

Fairfield, USA (t = 2.46)

Netherlands (t = 2.98)

– 150–
Utopia, USA (t = 3.78)

Yugoslavia (t = 5.27)
Lebanon (t = 3.38)

0.50– 140–
Actual
Israel (t = 5.27)

– 130– Crime
0.25– 120–
– 110–
0.00– 100–
1/2/93–
–
1/16/93–
–
1/30/93–
–
2a/13/93–
–
2/27/93–
–
3/13/93–
–
3/27/93–
–
4/10/93–
–
4/24/93–
–
5/8/93–
–
5/22/93–
–
6/5/93–
–
6/19/93–
–
7/3/93–
–
7/17/93–
–
7/31/93–
–
8/14/93–
–

–
-0.25–

This longitudinal study, conducted during the height of the Lebanon This experiment tested the effectiveness of a large group of consciousness- This 17-year study of a large U.S. group of peace-creating experts confirmed
war in 1993–1995, demonstrated that large assemblies of peace-creating technology experts in reducing crime and social stress and improving that when the group size reached the necessary threshold, measurable
experts practicing the TM and TM-Sidhi program together measurably the effectiveness of government in Washington DC. Across two months, positive changes took place throughout the country across a wide range of
reduced the violence of war and improved progress toward peace. the group grew from 800 to 4,000; when it crossed the threshold societal indicators. These outcomes support the theory that this approach
Alternative explanations were explicitly controlled for in the study size predicted to create measurable change, crime rates plummeted. enlivens a field effect of consciousness throughout society, resulting in
analysis. Alternative models were carefully controlled for in the study analysis. widespread improvements in quality of life.

Reference: Journal of Social Behavior and Personality 17(1): 285–338, 2005 Reference: Social Indicators Research 47: 153-201, 1999 Reference: World Journal of Social Science 9 (2): 1–38, 2022
Key findings: Over the two-year experimental period (1993–1993) Key findings: During the experiment, monitored by a 27-member Key findings: During the experimental period,
during the peak of the Lebanon war at that time, independent project review board, • violent crime dropped by 18.5%
• war-related fatalities decreased by 71% (t = −6.45, p < 10−10) • homicides, rapes, and assaults (HRA crimes) in D.C. decreased by 23.3% • homicides dropped by 21.2%
• war-related injuries fell by 68% (t = −4.91, p < 10−6) • violent crimes overall (including robberies) decreased by 15.6% • traffic fatalities dropped by 20.6%
• the level of conflict dropped by 48% (t = −5.81, p < 10−8) • other accidental deaths dropped by 13.5%
Statistical significance: p < .000000002
• cooperation among antagonists increased by 66% (t = 4.96, p < 10−6) • drug-related deaths dropped by 30.4%
• infant mortality dropped by 9.2%
Statistical significance: t = 9.03, p < 10−19
Statistical significance: For the composite index of variables, p’s < .0001
PAID FOR BY THE DR. TONY NADER INSTITUTE &DTNI.MIU.EDU'
The Wall Street Journal news organization was not involved in the creation of this content
A10 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

The Failings of FTX

Sam Bankman-Fried built a crypto empire. Then

the exchange he founded collapsed, revealing that
billions of dollars of customer money was missing.
In a new series from The Journal podcast, we explore
Bankman-Fried’s meteoric rise, his devastating fall
and the trial that will determine his future. Listen
now wherever you get your podcasts.

© 2023 Dow Jones & Co., Inc. All rights reserved.

THE WALL STREET JOURNAL. **** Friday, November 3, 2023 | A11

FROM PAGE ONE

‘N Sync Sync-related websites for clues

of a new album or tour.
“I’m like, ‘Hey, can we look
fame, McDonald’s put them in
commercials. They last toured
in 2001.
to be,’” Thompson says.
Since then, Thompson has
been on a campaign to get the
pler time in my life when I just
wanted to get home from
school and listen to their new-
five dancing cats in a boy-
band-like group called the
Tabby 5. And crucially, ‘N Sync

Fans Pine at the code of the site real

quick and tell me if you see
anything funny?’” she recalls.
‘N Sync fans have since
watched wistfully as other ’90s
boy bands, including 98 De-
group to tour again. “PLEASE!!
THE WHOLE WORLD IS BEG-
GING FOR IT!!!!!” she said in a
est album,” she says.
In Orlando, Gazzia’s group
chat for mega-fans includes
star JC Chasez shows up at the
end, singing along.
“I think they like to watch us

For Encore Anyone who’s obsessed over

a band might relate. Taylor
Swift followers hunt for Easter
eggs– or hidden messages—
Continued from Page One about her next moves. Fans of
sensation that last toured in the harder stuff are currently
2001 and split soon after, es- parsing rumors that AC/DC
sentially telling their followers might be about to rock next
“Bye Bye Bye” as their hit tune year with its first major tour
went. Superfans, now in their since 2016.
30s and 40s, are convinced that Gazzia remembers taking
the musicians, the most famous the train into New York City
being Justin Timberlake, are from Pennsylvania, where her
cooking up a reunion tour, childhood bedroom is still plas-
though one hasn’t been an- tered with ‘N Sync posters, to
nounced. The fans have become try to glimpse the band on
sleuths, dissecting every ap- MTV’s “Total Request Live.”
pearance, quip and social-me- She passed her devotion on to
dia post the men make. her two young daughters, who
Gazzia has even asked the bop to ‘N Sync music on the
web engineers she works with drive to school.
to peek at the back end of ‘N At the peak of the band’s
grees, have gone on tour. Recent
activities are fueling hubbub
that ‘N Sync could do the same.
In September, Natalee
Thompson, a 41-year-old in Pas-
adena, Texas, was watching the
MTV Video Music Awards with
her daughter when she
screamed so loud her husband
bolted in to see what was wrong.
The ‘N Sync bandmates
were making a surprise ap-
pearance on the MTV show to
present the Best Pop award,
which went to Taylor Swift.
Even Swift suggested some-
thing was brewing.
“They’re going to do some-
thing and I need to know what
it is,” Swift said.
“I was right there with Tay-
lor, going, ‘Yes. girl, They have
tribute on TikTok.
Then, fueling the rumors,
two days after the MTV award
show, ‘N Sync announced it
was releasing a single together,
their first in more than two de-
cades, for “Trolls Band To-
gether,” an animated movie.
Bethany Veach, a 35-year-
old marketing manager in
Memphis, Tenn., doesn’t be-
lieve the song is all ‘N Sync has
been teasing.
“After over 20 years of not
getting anything, you’re going
to give us one song and that’s
it, done?” says Veach. “No,
that’s not enough.”
Nostalgia is a large driver
of her mission to see the band
perform together again.
“They remind me of a sim-
Jonathan Ruggiero, a county
employee and father of a new-
born in Creede, Colo.
He remembers watching
them perform with Britney
Spears, and thinking, “Oh, my
God. This is the most amazing
thing I’ve ever seen.”
Now 36, Ruggiero posts Tik-
Tok videos about tips he gets
from strangers of ‘N Sync-re-
lated sightings, such as a spot-
ting of Chris Kirkpatrick, one of
the band members, out shop-
ping and looking fitter than
usual.
Peter Sers, a 44-year-old co-
median who hosts a podcast
for ‘N Sync fans, says another
“strategic clue” came in a
Meow Mix cat food ad released
this past summer. It featured
squirm,” says Erin Joseph, a
teacher in North Baltimore,
Ohio, who runs a Facebook
group called 1 Million Strong for
an ‘N Sync Reunion Tour. “Stop
dropping hints. If it’s not going
to happen, don’t give us hope.”
Joseph, who is 36 years old,
recently turned to Alexa, Ama-
zon’s voice assistant, to ask if
the band was going on tour.
“From MTV.com,” it re-
sponded, “’N Sync’s tour will
begin May 9 in Biloxi, Missis-
sippi, and end July 30 in Her-
shey, Pennsylvania.”
She felt excited for a mo-
ment. Then she looked up the
MTV article. It was from 23
years ago. “It’s like, come on,”
Joseph says about Alexa. “She
should know these things.

Office Bust
Is Finishing
WeWork
Continued from Page One
But the company couldn’t es-
FROM LEFT: MICHAEL NAGLE/BLOOMBERG; JACK PAN/REUTERS

cape weaknesses in its business

model, which was always vul-
nerable to any softening in the
office market.
The firm signed office leases
for 10 to 20 years, freshened up
the space and generated buzz
with perks such as free beer on WeWork’s co-founder and
tap to attract younger workers. former CEO Adam Neumann
WeWork then subleased the was ousted in 2019. Left, the
space to smaller tenants at company listed through a
higher rates for as little as a merger with a special-
month at a time. That meant purpose acquisition company
customers could quickly ditch in October 2021.
their desks during a downturn
while WeWork remained on the leeway of bankruptcy court to WeWorkʼs free cash flow, WeWork occupancy rate, WeWork into a space it leased ations over the deal.
hook for rent payments. cancel or amend leases in quaterly* quaterly directly from a landlord. At We- In the first quarter of 2023,
The vast majority of We- swaths of its vast portfolio in $0billion 80%
Work, Silver’s firm was paying WeWork’s revenue fell for the
Work’s leases were signed in more than 750 buildings, a $17,000 a month for a 1,500- first time since the second
2018 and 2019, when rents move that could ripple across 70 square-foot space. Now it was quarter of 2021, ending two
peaked before the pandemic. the strained office sector. –0.25 only paying $16,000 for a new years of gradual progress. Still,
Now, amid a work-from-home 60 office more than twice as big at Mathrani remained upbeat. In
boom, tenant demand has plum- –0.50 3,300 square feet, he said. early May, he said the company
meted in major U.S. cities such Dominant force 50
Silver, who advises compa- now expected to be profitable
as New York and San Francisco, The company was co- –0.75 40 nies on their office space, said by late 2024 and had enough
where WeWork is concentrated. founded in 2010 by Neumann, a more landlords now offer fur- cash to last until then.
As of June, WeWork was former baby clothes entrepre- –1.00 30 nished space under one- or two- But the depressed office
paying over $2.7 billion a year neur who marketed the Millen- year leases—virtually unheard market kept vexing him. Many
20
in rent and interest—more than nial-oriented desk-leasing com- of before the pandemic. tenants on longer-term leases
80% of its entire revenue, ac- pany as a tech startup that –1.25 10 weren’t renewing. WeWork oc-
cording to company filings. That would become a dominant force cupancy fell to 72% in the sec-
was nowhere near enough wig- in the property sector. –1.50 0 Falling occupancy ond quarter of 2023, down from
gle room to cover the com- Neumann was a gifted sales- 2020 ’21 ’22 ’23 2021 ’22 ’23 In November 2022, WeWork 75% at the end of 2022.
pany’s other expenses and turn man who likened his company *Fourth-quarter 2019 included payments related to WeWork's canceled IPO announced it would close Cash dwindled further, down
a profit, and a worse profile to Uber and Facebook when Source: the company around 40 U.S. locations that it to just $205 million at the end
than competitors. raising cash. described as “underperform- of the quarter.
Its total losses since founding He won over top banks and payments even if it walked ing, and it projected occupancy ing.” Mathrani also set about a Mathrani departed in May,
topped $16 billion as of June, as venture-capital investors to away. In its rush to add as many would jump to a healthy 86% by giant debt restructuring to cut sparking a cascade of depar-
it churned through all the make the company worth $47 locations as quickly as possible late 2022. Many companies another of WeWork’s big costs, tures including three board
money it raised from top inves- billion by early 2019, the coun- under Neumann, the company wanted more flexibility and which was rising with interest members and several execu-
tors and lenders over the past try’s most valuable startup. We- agreed to guarantees that often shorter leases as they tried to rates. SoftBank and other lend- tives. In an email to board
decade. Even after four years of Work’s lowercase, serif-font amounted to years of rent. figure out how much space to ers canceled or converted members announcing his depar-
cuts and reorganizations under logo sprang up on buildings in It renegotiated or exited nu- rent in the emerging hybrid era, around $1.5 billion of debt. ture, Mathrani proposed taking
new management that followed more than 100 cities from Bei- merous leases, but overall rents WeWork told investors. As new debt investors came the company private and cut-
Neumann, the company was jing to São Paulo. It became the were only cut by less than 5%, Mathrani again exuded opti- in, Mathrani told them he had a ting rates to fill desks, accord-
still burning through $300 mil- largest private tenant in both Mathrani said in July 2020. mism, predicting WeWork handshake deal with WeWork’s ing to a copy of the note re-
lion of cash a quarter. New York and London and built As the country adapted to would become profitable in competitor IWG, another ser- viewed by the Journal. He also
WeWork’s failed attempts at enough desks to fit the popula- the pandemic and progress was 2022. It missed that goal. We- viced-office company previously said the company had listed its
a turnaround come as leader- tion of Baltimore. made on a vaccine, Mathrani Work had bet big on subletting known as Regus, that would stake in the Japan business for
ship at the company was consis- Growing losses and revela- predicted that summer WeWork entire floors and other larger outsource most of WeWork’s sale and was in talks to sell the
tently too optimistic about re- tions about Neumann’s erratic would become profitable in offices to companies, rather property management opera- Southeast Asia business.
turn-to-office trends in the U.S., management style caused the 2021. Instead, work-from-home than primarily to smaller firms tions to the company, according SoftBank quickly brought in
former employees and investors company to abort a planned ini- trends ossified, companies cut and individuals that were its to people who spoke with him. David Tolley, a former Black-
said, leading its executives to tial public offering in fall 2019. back on office space and vacan- first customers. Bigger tenants WeWork’s headquarters stone executive and Morgan
repeatedly push back their fore- Neumann was ousted by We- cies rose. As late as the third would be a more stable source costs would be slashed, and Stanley investment banker who
casts for profitability. WeWork, Work’s board, and SoftBank quarter of 2022, just 72% of We- of demand than startups and IWG would be in charge of run- previously helped oversee the
eager to please its landlords so stepped in to bail out the com- Work’s desks had tenants, down freelancers, the firm believed. ning its desks in what would restructuring of bankrupt satel-
that they would continue to pany, which was on track to lose from 84% in 2018. The firm lost As the office-market down- have effectively been a merger lite communications company
lease to the company in the fu- more than $3.7 billion that year. $4.4 billion in 2021, even larger turn dragged on, landlords, des- of the operations of the two big- Intelsat, as the new CEO.
ture, also didn’t ditch or renego- SoftBank committed to provid- than the $3.1 billion in 2020. perate to fill their buildings, be- gest companies in the space. WeWork had little leverage.
tiate leases as aggressively as it ing $5 billion of debt, while WeWork listed publicly gan listing office space under Mathrani believed that the deal, If it walked away from its
could. management cut costs. through a merger with a spe- shorter-term leases, competing or another proposed manage- leases, it was still on the hook
Even a more than $5 billion In February 2020, SoftBank cial-purpose acquisition com- directly with WeWork. Office ment deal with real-estate ser- for around $5 billion in corpo-
rescue package from SoftBank, brought in Mathrani, a veteran pany in October 2021, raising rents fell, suddenly making va- vices company JLL, would save rate guarantees, letters of credit
WeWork’s main financial real-estate CEO, to run WeWork, $1.3 billion from new big-name cant workspace leased from WeWork between $150 million and deposits tied to its leases.
backer, proved problematic hoping to score a quick recov- backers including real-estate in- landlords as cheap or even and $200 million. Rent and tenancy payments ate
when interest rates rose and ery. vestor Barry Sternlicht’s Star- cheaper than WeWork’s more But Mathrani’s bosses at up around 74% of the company’s
WeWork owed more on float- But his strategy for a We- wood Capital and top venture- stylish offerings. SoftBank didn’t like the plan, revenues in the second quarter,
ing-rate debt held by SoftBank Work financial turnaround was capital firm Insight Partners. In early 2022, Michael Silver, which they felt could have faced Tolley said in an earnings call.
and others. Neumann’s succes- immediately derailed when of- At that point, WeWork could chairman of real-estate services regulatory scrutiny, among There was only one formida-
sor, Sandeep Mathrani, sparred fices emptied around the globe offer investors some glimmers firm Vestian, moved his com- other complexities, according to ble card WeWork could play: the
at times with SoftBank, sinking in March 2020. of hope. Its losses were shrink- pany’s New York office out of a people familiar with the deliber- threat of bankruptcy.
his hopes for a tie up with a ri- WeWork executives In early August, We-
val that he hoped would stabi- and board members Work said in a public fil-
lize the firm, the people said. quickly considered their ing that “substantial
Mathrani and other top exec- options, people familiar doubt exists about the
utives left in the spring amid with the discussions at company’s ability to
dwindling cash. WeWork’s many the time said. It could continue as a going con-
business partners and the shrink tremendously, cern.” A bankruptcy fil-
broader real-estate world began breaking leases to get ing would likely mean
to expect a bankruptcy filing out of expensive, un- WeWork could get out of
would soon follow. profitable spaces. Alter- many leases without
A WeWork spokeswoman natively, the company having to pay landlords.
said the company “had to react could try to muddle Alexander Snyder, a
and evolve to a rapidly changing through, renegotiating portfolio manager at
environment and make deci- or ditching some leases CenterSquare Invest-
sions based on the best data we while aiming to preserve ment Management, said
had access to at the time.” The relationships with land- that even if WeWork
company said it has cut over lords. files for bankruptcy, it’s
$2.3 billion in recurring costs Mathrani favored the unlikely that it will be
since late 2019, has grown its latter approach, which shut down. Its brand
revenue since 2021 and exited would maintain We- still has value, and once
or amended 590 leases, includ- Work’s office empire. It debts and unprofitable
ing more than 90 in the first turned out to be a mas- leases are gone its fu-
MICHAEL SHORT/BLOOMBERG NEWS

half of 2023. sive bet on the office ture will look much
People familiar with the mat- market—one he would brighter. “WeWork is
ter said a near-term bankruptcy double down on over the like a cat,” he said. “It
filing was the most likely next next three years. has nine lives and we’ve
step. Plans, however, aren’t set- WeWork struggled to only gone through two
tled, and a filing could be de- exit unprofitable loca- or three of them.”
layed or a different outcome tions in part because it —Alexander Gladstone
found. was on the hook for bil- contributed
WeWork is likely to use the lions of dollars in rent A common room at a WeWork office in San Francisco in 2017. Office demand has been low since the pandemic. to this article.
A12 | Friday, November 3, 2023
FILM REVIEW | KYLE SMITH
Meg Ryan’s Romantic-Comedy Return
The actress directs and stars in ‘What Happens Later,’ in which two old flames reconnect while stranded at an airport
M
eg Ryan and David
Duchovny haven’t
had a lot of hit
movies or TV
shows lately—Ms.
Ryan hasn’t been
seen at all since she appeared in
her directorial debut, the indie
film “Ithaca,” back in 2016—but it
only takes a few minutes of their
movie “What Happens Later” to
make us remember how much we
loved these two ’90s icons in their
prime.
Trying to build a serviceable
romcom around actors in their
early 60s presents a challenge,
but the key is understanding that
nobody makes it to that age with-
out handling as much baggage as
an airport. That’s what makes Ms.
Ryan’s second directorial effort a
surprising treat, and for good
measure, the entire movie is set
at an airport, that liminal space
between two destinations that
stands for both possibility and
frustration.
Possibility and frustration de-
fine the give-and-take between the
central characters, both named W.
Davis, as they often call each
other. Ms. Ryan is Willa; Mr. Duch-
D
elving into the almost 60-
year-old Kennedy assassina-
tion, even for the very modest
purposes of a television review, is a
bit like bringing your uku-
lele to an audition for the
Chicago Symphony Or-
chestra. People have de-
voted their lives to the
subject at hand; the litera-
ture has been memorized;
the interpretations have
been fine-tuned. Besides,
as one Gen Xer of my ac-
quaintance remarked
about “JFK: One Day in
America,” how many times
can you revisit the same
subject?
How many times can
you play Mozart’s Re-
quiem? Yes, the murder of
President John F. Kennedy
is familiar territory, the
event so enormous that its
minutiae have been burned
into the brains of people
whose parents couldn’t
have been around to re-
member it as children. But
times change, approaches
evolve—and each interpre-
tation can build upon the
last, which is the element essential
to the success of this three-part
National Geographic special.
“JFK: One Day in America” takes
great pains to avoid the familiar,
opting for the kind of private, per-
sonal and nondefining footage a di-
rector might never use—not if he or
she were making the first Kennedy
assassination documentary. The
material for that movie is in the
heads of us viewers, even the youn-
ARTS IN REVIEW
ovny is William, or Bill. They’re boots, and carries a rain stick. She
ex-lovers who never married. notes that it’s Leap Day, a strange
Twenty-five years after breaking little moment carved out of ordi-
up, they run into each other when nary time, and thinks it’s an ideal
both of their planes are grounded setting for magical events. Bill, a
at a regional airport in a storm. By beleaguered man in a nondescript
coincidence, it has been 25 years suit, is a Wall Street Journal-read-
since Ms. Ryan’s last hit, “You’ve ing, Tony Robbins-quoting finan-
Got Mail,” which cial type who calls
means many of her his boss, who is half
fans are in the same his age, “infant
position as Bill— This charming Kevin.” He says,
having adored but movie reminds “I’m a leaf-blower
not seen her for a guy, not a motorcy-
long time. us why we loved cle guy.”
News of delays, The film makes
updates on the
its two stars no attempt to dis-
weather and tanta- in their prime. guise its origin as a
lizing promises of a play, a 2008 work
window when some by Steven Dietz
planes might be al- called “Shooting
lowed to take off get delivered in Star,” and so the two leads are the
the blandest possible way by a only actors we see who get speak-
never-seen airport announcer (Hal ing roles. The strength of the dia-
Liggett) whose slightly surreal logue (in a script adapted by Mr.
bulletins suggest the spirit of a Dietz, Ms. Ryan and Kirk Lynn) is
sadistic god. therefore critical. It’s a pleasure to
Or maybe he’s a helpful one, report that the 100-minute conver-
intent on giving this initially mu- sation is as wonderful as the ac-
tually resistant pair some quality tors who deliver it—by turns
time to catch up. Willa is inter- witty, wistful and revealing,
ested in healing and mysticism, steeped in an appreciation for the
wears a prairie dress with combat hard learning that comes with age.
TELEVISION REVIEW | JOHN ANDERSON
A New Assassination Interpretation
gest viewers, from the Zapruder sense of intimacy, and a consequent
film to the still photo of Lee Harvey mournfulness. It is the kind of thing
Oswald’s murder. “One Day in Amer- that might only be achieved
ica,” by using relatively unknown through offhand, innocent-by-
shots and unfamiliar angles—of stander-type material that might
Jack Ruby, for instance, skulking mean nothing out of context. Ex-
around the press-police scrum in a cept that there is no out-of-context
Dallas police station on the night with the Kennedy assassination.
before he killed Oswald; or of Jackie It may not have been the intent
Kennedy in a crowd, waiting to join of director Ella Wright to play such
her husband’s casket on the plane psychological mischief with our col-
back to Washington—generates a lective memory, but it works. And
Willa and Bill very much don’t
want to revisit the reasons for
their breakup, but as they spend a
long evening and night waiting to
board their flights (as if to signify
their opposite paths, she’s headed
to Boston, he to Austin) they work
out what went wrong, grapple
with their deepest regrets and
stumble back toward flirtation.
The romcom is fundamentally a
forward-looking genre, but “What
Happens Later” grasps that there
can be much fondness in finding
the right person with whom to
look backward. Viewers over 50
will nod with recognition at the
way the two characters weigh the
various disappointments that
cloud their memories, as well as
the inevitable feelings that the
world has changed in baffling
ways. In one amusing rapid-fire
exchange, Willa makes the case
that society has gotten better in
the last quarter-century and Bill
argues that it’s all fallen apart.
“Inclusion!” she says. “Exclusion!
Cancel culture!” he replies. “The
internet!” she adds, setting up his
perfect rebuttal: “the internet!” As
if to concede him the victory, in a
running gag the airport sound sys-
John F. Kennedy and Jacqueline
Kennedy on Nov. 22, 1963, left; Bill
Newman and Gayle Newman
covering their children in Dallas
after the president was shot, above
there is fresh material, too: Two
members of Jackie Kennedy’s Secret
Service detail, Paul Landis and Clint
Hill (who, famously, jumped on the
back of the Lincoln as the assassin
was firing at the car), reflect on the
day with a great deal of sadness and
regret. Associated Press reporter
Peggy Simpson recalls the astonish-
ment among the media that Ruby, a
“friend” of the Dallas police, was able
to penetrate a scene that was sup-
posedly so secure. Washington cor-
respondent Sid Davis provides the
kind of details that wouldn’t have
made it into his news stories, but
are fascinating regardless.
THE WALL STREET JOURNAL.
 David Duchovny and Meg Ryan;
the ’90s icons prove to be a
pleasing pair.
tem keeps playing disturbingly de-
natured cover versions of 1990s
radio hits. To realize that the cul-
ture has left you behind is to swal-
low a jagged little pill.
Lacking spectacle or scale,
“What Happens Later” is a mis-
match for the multiplex—the most
cinematic thing about it is Bartosz
Nalazek’s evocative photography,
which miraculously makes an air-
port (XNA in Arkansas) look sexy
and mysterious—but it’s a natural
fit for television, the preferred
medium for the not-young anyway.
Despite a few too-cute moments,
it’s an intimate, smart picture that
reminds us that few actresses can
deliver an arms-crossed dismissal
or a tearful confession as well as
Ms. Ryan. And in these ex-files Mr.
Duchovny proves he can explain
internal woes as deftly as he once
tracked down aliens. It’s a shame
BLEECKER STREET
these two never starred together
before. Like the film itself, the
pairing is a pleasant mix of the fa-
miliar and the new.
And not everyone
among the “last wit-
nesses”—as so adver-
tised in “JFK: One Day
in America”—was in
Dallas that morning in
an official capacity.
Buell Frazier, who still
seems rattled by what
unfolded, worked at
the Texas School Book
Depository with Os-
wald and drove there
with him on the morn-
ing of Nov. 22, 1963; he
was later questioned
as a suspect. And Dallas couple
Gayle and Bill Newman remember
how they took their two kids to see
the president, and what they saw,
and Ms. Wright cuts immediately to
a photo of the couple, covering their
children with their own bodies as
JOHN F. KENNEDY PRESIDENTIAL LIBRARY AND MUSEUM, BOSTON (2)
they all lie on what looks like part of
the infamous Grassy Knoll. A re-
markable moment then, and now,
and one that makes tangible the
kind of terror that must have been
in the November air and is among
the few details of that day that may
have slipped our minds.
JFK: One Day in America
Sunday, 8 p.m., National Geographic
Channel
Monday, Disney+ and Hulu
Mr. Anderson is the Journal’s TV
critic.
 THE WALL STREET JOURNAL. Friday, November 3, 2023 | A13

ARTS IN REVIEW
 Ray Anthony Thomas,
Lucy DeVito and Danny
DeVito in ‘I Need That’

passage finds Sam engaging

in a solo game of Sorry!,
with Mr. DeVito mustering
his considerable arsenal of
comic effects to depict a
fiercely fought combat. A
story about the provenance
of an old guitar, formerly
the property of a black Viet-
nam War veteran trauma-
tized by his experience
whom Sam once worked
with, strikes another mov-
ing note.

The comedy
considers one
man’s castle of
clutter and the
feelings it conceals.

Mr. DeVito, a master of

sharp jabs of sarcasm since
his “Taxi” days, buoys the
play with his tangy ripostes,
as when he feigns surren-
der: “Take it all! No wait
wait. Can I maybe just keep
maybe maybe one chair? A
chair, in the middle of an
empty room. Is that okay?”
But he also brings an un-
THEATER REVIEW | CHARLES ISHERWOOD fussy depth of feeling to
some of Ms. Rebeck’s finest

Danny DeVito in Deep Denial

writing, as Sam finds the
words to explain his attach-
ment to almost every object
he has ever owned. “They
keep the world from disap-
Theresa Rebeck’s ‘I Need That’ features the actor as a hoarder not ready to let go of his things pearing,” he says. “And then
you don’t disappear.”
Perhaps each little bottle

T
New York his diminutive height but to Ms. DeVito’s Broadway de- tuseness about his predica- TV set from a kit—and he cap saved does not, pace
he national pas- the force-field of his exu- but, although she has many ment, or pathology. has lost touch with his seven Ms. Kondo, spark joy, but in
time—I refer not berant acting, which ren- off-Broadway and film and But gradually, and mov- siblings. As with many surprising ways Sam’s tra-
to baseball, but to ders his small stature so TV credits), but the tire- ingly, Mr. DeVito’s obstinate hoarders, or shall we say ad- vails remind us that at least
the acquisition of quickly unnoticeable. As some “nepo baby” finger- Sam softens to reveal the dicted collectors, to Sam his they can keep sadness and
too much stuff Sam moves nimbly around pointing will not find an layers of emotional distress possessions fill an emotional emptiness briefly at bay.
and the refusal to his castle of clutter, fre- apt target here. Ms. DeVito that underlie his behavior. void that nothing else can—
get rid of a single dog-eared quently and convincingly gives a solid performance Sam’s wife died three years not even, Foster says accus- I Need That
book, worn pair of shoes or exclaiming “I’m spry!” to and shares her father’s— prior, a victim of dementia ingly, his own daughter. American Airlines Theatre,
old Playbill, as if life weren’t ward off accusations of po- and her mother Rhea Perl- at the end, and an ardent Absent high drama, the 227 W. 42nd St., New York
worth living without each— tential decline, Mr. DeVito man’s—warmth and easily reader whose books and director, Moritz von Stuelp- $69-$308, 212-719-1300,
comes under sympathetic infuses the play, which is engaging presence, if not clothes Sam cannot bring nagel (“Hand to God”), mas- closes Dec. 30
scrutiny in “I Need That,” a more a character study their status as sui generis himself to discard. Sam also sages the play’s turning
modest but likable, senti- than a complex drama, with actors. had a deprived upbringing— points effectively. An affect- Mr. Isherwood is the
ment-spritzed comedy by bustling energy and a warm Amelia is in a state of his father made the family ing and surprisingly funny Journal’s theater critic.
Theresa Rebeck, on Broad- if combative vitality. agitation approaching de-
way in a Roundabout The- Sam is playing defense spair, both gracefully ren-
atre Company production. against two loving antago- dered by Ms. DeVito, as she
The likability factor is nists: His friend of 30 years, tries to convince her father
considerably enhanced by Foster (Ray Anthony that his disorderly house The WSJ Daily Crossword | Edited by Mike Shenk
the presence of Danny De- Thomas), stops by fre- and neglected yard have put
Vito, who plays Sam, an el- quently and appears to be him in the crosshairs of the
1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
derly widower who lives Sam’s only remaining visitor fire and health departments. 14 15 16 CONTEST
happily if precariously amid aside from Sam’s adult A neighbor has reported
a lifetime’s accumulation of daughter, Amelia, who is him. Threatening letters 17 18 19
what at first glance, and played by Mr. DeVito’s from those government au-
second and third, appears daughter, Lucy DeVito. thorities have been sent—al- 26 Cause
20 21 22 23
to be an unruly welter of Paternal affection and though most of them are persistent
useless possessions: an- influence may have played a among the slender number stress to
24 25 26 27 28
cient-looking luggage, mag- part in her hiring (this is of items Sam classifies as 27 Get on the
azines decaying into yellow- garbage, and has thrown 29 30 31 32 same page
ing pulp, old board games, away. 29 Maj.’s
piles of books and rumpled  Mr. DeVito, below, and Mr. Cajoling, pleading, assur- 33 34 35 36 superior
clothing. Thomas and Mr. DeVito, ing him of his imminent 30 Melber of
Mr. DeVito has long been bottom; the play is directed eviction: All fail to make an 37 38 39 40 41 42 43 MSNBC
a singular talent, not due to by Moritz von Stuelpnagel. impression on the intransi- 35 Prefix with
gent Sam, who insists that 44 45 46 47 path
“one man’s trash is another 36 Fires
man’s treasure.” Foster, 48 49 50 51 52 53 38 83-year-old
played with a cool, laid- drummer
back simplicity by Mr. 54 55 56 41 Capital near
Thomas, mostly takes Ame- Rotterdam
lia’s side, picking apart 57 58 59 60 61 62
42 Black gunk
Sam’s continual dodging, as
63 64 65 66 67 43 Intersection
when he resorts to the pair: Abbr.
hoarder’s first line of de-
fense: “I’m organizing!” 68 69 70 45 Organisms in
“The Far Side”
The narrative trajectory
71 72 73 cartoons
is fairly predictable, as
Amelia and Foster begin to 46 Crunchy
chisel cracks in Sam’s stone- lunch
walling. (One didn’t, after SMALL ANIMALS | By Matt Gaffney 48 National
all, expect Sam to meet his flower of
The answer to 32 General on 68 Gossip page 9 Ignored the
death when a wall of his be- Mexico
this week’s contest menus couple alarm
loved possessions tumbles crossword is a 49 WWII
33 Treat with a 69 River visible 10 “Were that to
down.) At times Ms. Re- three-letter animal. menaces
Java Chip from the occur...”
beck’s writing seems to be variety Leaning 50 Military truck
ping-ponging between Ame- Across 11 Pinhead 53 Fun with nine
1 Long 34 Holy sites Tower of Pisa
lia and Foster’s arguments 12 Seal hunters’ 9s
neckwear 37 Talks like 70 Waimea crafts
for necessary Marie Kondo- Canyon’s 58 College
6 Give lip to Cindy Brady
ing and Sam’s willful ob- island 13 Start to football
10 Signs, as a 39 “Whoa!”
type? powerhouse
deal 40 Power units 71 Working on
an oil tanker, 18 Shesterkin 59 Temporary
14 Partitioned 44 Pollen fort material
say and Sikorsky,
peninsula producers
72 Harbor for two 61 Map out
15 Zero’s shape 47 Shoot the
dredger 23 What many 62 Tara of
16 Imperial breeze
73 Overturn subscriptions “Sharknado”
command 48 “Oh, I knew
Down now do 65 Malevolent
17 Push around that!”
automatically humanoid
19 Eyelid issue 51 “Truer 1 Decide not
25 Bacon 66 “Moonbeams”
20 Canada’s words...” to attend
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smallest prov. 52 Journalists, 2 Sundae’s lack
Omelette 67 Mountain
21 2023 French often 3 Variety show restaurants pass
Open champ 54 ___Dhabi performers
Świątek 55 True origin 4 “A Life Previous Puzzle’s Solution
22 Belligerent 56 Like Outdoors Is C R E A K N T H B A C H
rainforests a Life Well H E L G A A H A Y E L L O
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combinations 57 Dude Lived” E F R E M S E T U P MA N
26 Home of the 59 Down company I G U A N A U S O C I R E
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7 Director D T S L I A R E X P A T S
29 “My Ántonia” 64 Politically S O U V L A K I D U E T O
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31 Lena of waste of 8 Plopped O N E L B T E A B L U S H
“Havana” money down T A R O A S P S E C T S
JOAN MARCUS (3)

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Nov. 5. A solver selected at random will win a WSJ mug. Last week’s winner: Laura Broderick, Austin, TX.
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residents 18 and over only.)
 A14 | Friday, November 3, 2023
In the hours after the
news of Bobby
Knight’s death at age
83, the polite euphe-
mism machine was in
predictable overdrive,
the legendary chair-tossing college
basketball coach generously eulo-
gized as fiery, controversial, and
of course, the mother of all post-
humous genteelisms, complicated.
Knight would have been
amused by such restraint. This
was a man who publicly asked to
be buried upside down, in order
for his many critics to kiss his
posterior. Except he didn’t say
posterior, he used the pithier,
three-letter term, which was
Bobby Knight, effortlessly brusque
and vigorously himself, through
his many achievements and occa-
sional episodes of self-destruc-
tion.
As a college basketball coach,
the man nicknamed “The General”
stands close to alone. Nine hun-
dred and two wins, the most all-
time when he retired abruptly
from Texas Tech in 2008. He won
three national championships at
his prior stop, Indiana, where he
remains an institution, despite be-
ing fired. His legacy includes the
Hall of Famer and Hoosier Isiah
Thomas; Michael Jordan, whom
Knight championed early and
coached to an Olympic gold medal
as a collegian at the 1984 Olym-
pics; and Duke’s Mike Krzyzewski,
whom Knight coached and men-
tored at Army, and would eventu-
ally lap him as the winningest
coach in the men’s college game.
Big names crossed his orbit,
but Knight preached a team game
over any individual’s. The rigor he
cultivated while at West Point fil-
tered into his coaching philoso-
phy: he wanted his teams to play
disciplined, defensive, unselfish
ball, subjugating themselves, set-
ting picks, making passes, hunting
for the open look. Motion, motion,
motion. When you hear a basket-
ball coach barking at youngsters
to pass at least three or four
times before someone is allowed
to take a shot, that’s a homage to
MARK J. TERRILL/ASSOCIATED PRESS
The Heat and Nuggets
played in the 2023
NBA Finals in June.
The NBA Cup will be
awarded in December.
NBA’s In-Season Tournament Is Set
BY ROBERT O’CONNELL
T
here’s a new import to the
NBA, and this one, unlike Vic-
tor Wembanyama, doesn’t
block shots or dunk alley-oops. The
inaugural “In-Season Tournament,”
which will unfold over the first
quarter of the league’s calendar, is
a novelty among major U.S. team
sports. But it borrows from the way
the rest of the world has long done
the business of competition.
“Whether it’s international soc-
cer, international basketball, indi-
vidual sports here in the U. S.—golf,
tennis, racing, fighting—the idea
that you can raise multiple trophies
within a calendar season is incredi-
bly common, and appreciated by
fans,” said Evan Wasch, the NBA’s
executive vice president of basket-
ball strategy and analytics.
“There’s an untapped opportu-
nity here,” Wasch said, “a chance to
be a pioneer.”
The experiment begins on Fri-
day. Seven matchups will raise the
curtain on the tournament, which
will end with a trophy—the NBA
Cup—lifted in Las Vegas on Dec. 9.
The league’s objective is to enliven
an early stretch of its season, to
boost ratings and amplify chatter,
to grab up a greater share of the
sizable audience for live sports. But
the question is: how much will any-
body—players and fans, advertisers
and prospective media-rights part-
ners—care about a competition
manufactured out of thin air?
“We’re looking to create a new
tradition here, and as the saying
goes, new traditions aren’t created
overnight,” commissioner Adam Sil-
ver said in September. “It will be
Bobby Knight:
A Basketball Behemoth
On the legendary (and legendarily tempestuous) Hall of Fame coach
Bobby Knight.
It wasn’t glitzy, or always a
thrill to watch, but it worked.
Knight’s Hoosiers played team
basketball on their terms—or
rather, Knight’s terms—regularly
outperforming schools with more
roster firepower. (Thomas, incred-
ibly, was the only NBA All-Star he
ever coached at Indiana, Yahoo’s
Dan Wetzel noted.) His Hoosier
teams dominated the Big Ten, and
the 1975-76 club remains the last
men’s Division I men’s team to fin-
ish an NCAA championship season
undefeated. Knight’s run on the
sidelines straddled the pre-shot
clock, four corners era to 3-point-
ers and 1-and-done. Everywhere
he went, he won, won, won.
As a human, Knight was indeed
complicated—sometimes, the eu-
phemism fits. Imposing
at 6-foot-5, he could
be both brilliant
the fans and the coverage,” he
added, “which will be telling us
whether this is working or not.”
This bid for attention comes at a
moment when the NBA’s ability to
attract eyeballs holds particular
significance. The league is negotiat-
ing new media-rights deals, which
will go into effect after the 2024-25
season. Current partners ESPN and
TNT are in renewal talks but aren’t
looking to significantly increase the
estimated combined $2.6 billion
they spend to broadcast NBA
games, and streaming providers
Apple and Amazon are interested in
taking on packages of games.
The specifics of the tournament
have more in common with soccer’s
World Cup and college basketball’s
March Madness than with the NBA
playoff format that decides the
championship each June. The
league’s 30 teams have been sorted
into six groups, and the winner of
each group—plus two wild-card en-
trants—will land in a eight-team,
single-elimination bracket. The
semifinals (airing on ESPN and
TNT) and final (airing on ABC) will
take place at Las Vegas’ T-Mobile
Arena. Schedule maneuvering will
let every game but the final swap in
for a regular-season slot; only the
two teams competing for the tro-
phy will play an extra contest past
the usual 82.
The league and its partners
hope that the single-elimination
model will bring enough of a spark
to convince two crucial groups—
fans and players—to buy in. Most
NBA players haven’t appeared in a
string of winner-take-all games
since their collegiate days; the
setup could bring NCAA Tourna-
SPORTS
JASON GAY
and a bully, gracious and a tyrant,
charismatic and a boor, the defini-
tion of the coach as bigfoot.
Knight strove to graduate players
and win honorably, without break-
ing rules, but he couldn’t always
hold himself to high standards.
The Journal’s obituary described
ment-esque chaos and one-night-
only star turns that run counter to
the more predictable best-of-seven
playoff model.
“Seasons are long,” Craig Barry,
executive vice president and chief
content officer at TNT Sports, said.
“Creating a little bit of excitement,
finding ways to eventize regular
season games and get fans excited
is important.”
The new event has been met by
a mix of curiosity and skepticism
from basketball fans. Many observ-
ers online have cracked jokes about
the garish, striped courts teams
will lay down for tournament
games. Some have also noted that
the In-Season Tournament doesn’t
quite meet the standard of the con-
tests it takes inspiration from.
In European soccer, the Champi-
ons League brings together top
teams from across top domestic
competitions: the English Premier
League, Spain’s La Liga, Germany’s
Bundesliga and more.
“The reason people like the
Champions League is because we
get to see Real Madrid against
Manchester City, which doesn’t
happen all that often,” Tobias
Moskowitz, a Yale professor who
teaches sports analytics, said.
“We’re not getting that in the
NBA.”
The winning team will receive
$500,000 per player—and, Wasch
said, the possibility of legacy-boost-
ing achievements: All-Tournament
team nods and MVPs, the trophy it-
self. “If we’re seeing early indica-
tions of success, you’re going to see
a little ratcheted-up intensity than
you see during a typical regular-
season game,” Silver said.
his unvarnished record thusly:
“accused at various times in his
career of punching colleagues, bul-
lying subordinates and fans, head-
butting players, hitting opposing
coaches, assaulting a police officer
and chucking a potted plant at a
secretary.”
A coach can’t act like that any-
more, or say stuff like Knight did,
not even close, but this isn’t a
case of sensitive modern values
clashing with an old-school ap-
proach. Knight’s behavior had
plenty of critics in real time. His
inner torment, so rhapsodically
chronicled in Frank Deford’s 1981
Sports Illustrated profile “The
Rabbit Hunter”, wasn’t shielded
from view. If anything, Knight
wore his temper like one of his
cherished red sweaters. On the
verge of implosion felt like his
permanent state.
For a long time,
He Won the World Series
As a Player—and Executive
BY LINDSEY ADLER
Phoenix
CHRIS YOUNG BEAMED as he
stood in a puddle of beer in the
Texas Rangers clubhouse in Ari-
zona.
“This game will always be about
the players,” said Young, a statu-
esque former pitcher and the cur-
rent general manager of the Rang-
ers. “To see them realize their
dreams, it just makes me so
happy.”
Young, who grew up a Rangers
fan in Dallas, had just watched his
childhood team and current em-
ployer win their first World Series
in franchise history. He had
changed the trajectory of an entire
ball club and the lives of more than
26 players and many staff mem-
bers. His socks were soaked with
booze. His phone was somewhere in
a different room. His pride was per-
ceptible.
He had also just become the
first former MLB player to head a
baseball operations department for
a World Series winning team since
Ken Williams won with the White
Sox in 2005. Young had won the
World Series as a player with the
2015 Kansas City Royals. He is now
in the rare position of experiencing
the thrill of a championship from
both sides.
This, ultimately, may be base-
ball’s most exclusive club. There are
only two other baseball figures
known to have won the World Se-
ries first as a player and later as a
general manager: Stan Musial (a
three-time champion for the Cardi-
nals in the 1940s and GM of the
1967 Cardinals), and Johnny Mur-
phy (a reliever for the Yankees in
the 1930s and the GM of the 1969
Mets).
Young had unburdened a quietly
unfortunate franchise, but his re-
sponse to the victory hardly looked
Chris Young holds the trophy after the Rangers’ World Series victory.
THE WALL STREET JOURNAL.
Knight won enough basketball
games to outrun his meltdowns,
but eventually it caught up with
him. Indiana finally had enough,
and Knight would pack his
sweater for a late-career denoue-
ment in Lubbock with those Red
Raiders of Texas Tech. He won
there too—five seasons with 20 or
more wins—but he never reached
the championship heights
achieved in Bloomington.
Through it all, he retained that
fearsome, larger-than-life image.
Knight, it should be said, has
many loyalists, who point to the
coach’s overall impact and his
less-publicized acts of generosity.
(On Wednesday, ESPN’s Jay Bilas
noted how Knight cared for his
own college coach at Ohio State,
Fred Taylor, toward the end of
Taylor’s life.) In retirement,
Knight’s public edge began to neu-
tralize; he appeared in commer-
cials that lampooned the commo-
tion of his past. He mended fences
at Indiana, where in early 2020 he
appeared at an Assembly Hall
tribute in which he was feted on
court by former players including
Thomas, Quinn Buckner, Mike
Woodson and Randy Wittman.
“He had tears in his eyes—it
meant a lot to him,” said Witt-
man. Knight died at home in
Bloomington, his family said in a
statement.
He knew who he was, unapolo-
getically. For good and also to his
own detriment, Knight didn’t soft-
pedal his beliefs or his irritations.
He never faked a shiny happy
side—this was a man who wrote a
book called “The Power of Nega-
tive Thinking.” Today, there isn’t a
lot of tolerance in the workplace
for employees who chuck the fur-
niture, no matter how much talent
they have. Buckner, now the chair
of the Indiana board trustees, said
JONATHAN DANIEL/GETTY IMAGES
Wednesday he didn’t think “we
will see another coach like
[Knight] again,” and he’s right, of
course. The world has moved on,
and basketball won’t be the same
without Bobby Knight—whether
or not he’s upside down, accord-
ing to his pithy wishes.
like relief. He had proven his own
ability as an executive, but he
seemed most elated to have led a
room full of people to the best feel-
ing a ballplayer can have.
“I think it’s very important to
have people in our game that un-
derstand the evolution of a player,”
said Dayton Moore, the architect of
the 2015 Royals and a current se-
nior adviser to baseball operations
for the Rangers. “Nobody should
understand that better than a for-
mer player.”
At 6-foot-10, Young’s physical
presence is hard to miss. His vision
for the Rangers, and his perspective
as a 13-year veteran of the game,
was just as evident as the team he
shepherded celebrated the champi-
onship they had won together.
Shortstop Corey Seager won his
second World Series MVP. Second
baseman Marcus Semien celebrated
after playing in all 179 Rangers
games this year. Max Scherzer—the
veteran ace who had been acquired
midseason, while injured, returned
in the postseason, was injured
again—screamed into television mi-
crophones about the Rangers’ in-
vestment in on-field success. Jacob
deGrom, the free agent ace whose
season ended early due to injury,
was a full participant in the cham-
pagne celebration.
Consistently throughout the sea-
son, players on the Rangers and
players who spoke with the Rang-
ers in last season’s free agency sea-
son pointed to the team’s commit-
ment to winning, evidenced by the
financial commitment of ownership
and the careful crafting of a fo-
cused, competitive clubhouse by
Young.
“Just the talent on the field is
not the only criteria to be what we
would consider a successful Texas
Ranger,” Young said hours before
the Rangers won their first World
Series.
CHRISTIAN PETERSEN/GETTY IMAGES
THE WALL STREET JOURNAL. Friday, November 3, 2023 | A15

OPINION
Moving the Hunter Goal Posts BOOKSHELF | By Gary Saul Morson

The speed at
which the
money didn’t come, a frustrated
Hunter sent a July 30, 2017,
based on his political connec-
tions.” On March 1, 2018, Ame-
off from the family business.
Even if James’s $40,000 check
Moscow
Minds
White House WhatsApp message to Raymond ricore wired $200,000 to to Joe was a repayment, that
and press Zhao, a CEFC associate. It said James and Sara Biden’s per- transfer was underwritten by
corps are he was sitting with his dad, de- sonal account. That same day, Hunter’s Chinese dealings. It
moving the manded payment and warned: James wrote the $200,000 was Hunter’s “work”—taking
POTOMAC goal posts for “I will make certain that be- check to Joe. advantage of his dad’s name—
what counts tween the man sitting next to House Democrats have a that enabled Joe to be “re-
WATCH
as shameful me and every person he knows ready answer for all this, with paid.”
The Wizard of the Kremlin
By Kimberley
Biden family and my ability to forever hold a records showing an attorney Similarly, it’s highly likely By Giuliano da Empoli
A. Strassel
business is re- grudge that you will regret not trust account maintained by that Joe’s “loans” were en- Other Press, 304 pages, $16.99
markable, following my direction.” Joe’s attorneys wired $40,000 abling James to engage in

though it doesn’t change the
facts. House Oversight Com-
mittee Chairman James
Comer’s release of evidence of
family payments to Joe Biden
are a problem for the White
House, no matter the spin.
Mr. Comer has produced im-
ages of two checks made out to
Joe Biden, both drawn from an
account held by his brother
James and sister-in-law Sara.
Both entangle Joe in his family’s
sordid financial dealings and
undercut his claims that he
knew nothing. It’s a far cry from
Candidate Biden’s claim in 2019
that there was an “absolute
wall” between himself and the
Biden family business.
The committee’s account is
as follows: The first check to
Joe was written on Sept. 3,
2017, although the money trail
begins earlier with his son
Hunter. In the first half of 2017,
Hunter and business associates
negotiated a joint company
with CEFC, a Shanghai-based
energy company linked to the
Chinese government. One
email from a Hunter associate
that discussed equity stakes
suggested 10% of the joint ven-
ture be held by Hunter for “the
big guy.”
CEFC was asked to commit
$10 million in capital. When the
A week later, a Chinese
company affiliated with CEFC
sent $5 million to a joint ven-
ture between Hunter and a
CEFC associate. The same day,
that joint venture sent
$400,000 to an entity con-
trolled by Hunter. Less than a
week later, Hunter wired
$150,000 from his entity to a
company owned by James and
Sara Biden. On Aug. 28, 2017,
Sara withdrew $50,000 from
said company. The same day,
she deposited it into a per-
sonal bank account that be-
longed to her and her husband.
Prior to this deposit, the bal-
ance on that personal account
was $46.88. On Sept. 3, she cut
a $40,000 check from that ac-
count to Joe Biden. Graduates
of elementary-school math will
note that $40,000 is 10% of
$400,000.
The second check to Joe Bi-
den was written on March 1,
2018, again from James and
Sara. In 2018 James convinced
a hospital operator, Americore
Health, to lend him $600,000,
which according to a later cor-
porate bankruptcy filing was
“based upon representations
that his last name, ‘Biden,’
could ‘open doors’ and that he
could obtain a large invest-
ment from the Middle East
to James and Sara in July 2017
and $200,000 to the couple in
January 2018. The transfers,
the Democratic lawmakers say,
were “short-term loans,” and
The president’s
defense keeps
changing as new
evidence emerges.
James and Sara’s checks back
to Joe were simply repayments
and in fact read “loan repay-
ment” on the memo lines. The
White House adds that the
loans were made when Joe was
out of office, and asserts that
because the checks merely re-
pay Joe “his own money,” there
is no bribery or financial gain.
Maybe, maybe not. Mr.
Comer’s committee has asked
the White House for records
related to the loan—purpose,
interest, repayment plan? So
far, none have come. The com-
mittee is also still receiving re-
cords from its subpoenas for
certain Hunter and James ac-
counts.
The bigger point is that this
destroys the president’s long-
time claim that he was walled
business deals. Hunter’s and
James’s shenanigans were a
headache even when Joe was
vice president. Does the White
House really expect Americans
to believe that Joe didn’t ask
for any information as to his
brother’s request of nearly a
quarter-million dollars, or na-
ive enough to think that float
wasn’t in aid of the Biden fam-
ily cash register?
As House Republicans have
dug in, Team Biden’s explana-
tions have shifted. First, Joe
had “never spoken” to Hunter
about business. Then, the pres-
ident was “not in business”
with his son. Now, as per rank-
ing Oversight Democrat Jamie
Raskin, Joe “did not profit
from his family members’ busi-
ness ventures.” The goal posts
are now on another field alto-
gether. Yet the evidence—
ranging from proof that Joe
was on Hunter’s business calls
to these latest checks—is that
Joe knew about the family
cash-in on his name and lent
both his presence and his
money to that cause.
That’s the line any Republi-
can opponent will go with in
the 2024 presidential race, and
Democrats had best be honest
about Joe’s liabilities.
Write to kim@wsj.com.
‘W
e don’t belong to the same race as the rest of you,”
the Russian oligarch Boris Berezovsky tells a room
of Westerners in Giuliano da Empoli’s “The Wizard
of the Kremlin,” a novel translated into English by Willard
Wood. “The difference in mentality . . . is as great as between
an Earthling and a Martian.” This engaging novel offers a
mental map of those Martians along with a guidebook to the
red planet today. How do educated Russians, especially those
in power, perceive recent events in Ukraine? What goals do
Vladimir Putin and his aides pursue? What sort of behavior
should Westerners anticipate?
The main figure in this imaginative reconstruction of Mr.
Putin’s inner circle, Vadim Baranov, is loosely based on the
avant-garde theater director and Putin adviser Vladislav
Surkov. The book unfolds as Baranov shares his experiences
with a visiting French researcher. A scholarly treatise might
guess at how high-ranking Russians think but would not, like
this novel, phrase those guesses in the vocabulary and intona-
tion of someone who believes
them. Mr. da Empoli—a one-
time adviser to former Italian
Prime Minister Matteo Renzi—
displays a remarkable ability to
make his characters’ views
seem realistic. His
understanding of what
transpires in the Kremlin is, for
this reader, plausible,
interesting and often profound.
One difference between
Russia and the West, Baranov
observes, is that power in Russia
depends not on wealth but on
proximity to the “tsar,” as he calls
Mr. Putin. Baranov quotes his
grandfather’s observations that “the winner is always the one
whose power base is at court” and that “adulation is more
effective than talent.” Wealth can be confiscated overnight, as
when Mr. Putin arrests the billionaire Mikhail Khodorkovsky
and seizes his company. Without secure property rights, no

Do Catholics Need Questions? No, Answers
HOUSES OF Rome afraid! Open wide the doors to clamation point is like the life under the twin tyrannies
WORSHIP I came here Christ!” Last month the church vertical axis of the cross, of communism and fascism,
By Raymond 25 years ago heard uncertain trumpets and
de Souza to begin precious few bold proclama-
study for the tions along the lines of what
priesthood. John Paul would say in Balti-
October 1998 was a heady more in 1995: “Jesus Christ is
time, the 20th anniversary of the answer to the question
John Paul II’s papacy. Things posed by every human life.”
were different this year, when There were plenty of ques-
the synod on synodality came tions at this synod on synodal-
to town. It was Pope Francis’ ity—church parlance for “a
signature initiative: a sort of meeting of pastors on how
corporate retreat for several pastors should meet.” That
hundred bishops and ecclesio- kind of thing gets tiresome
crats to consider how to make quickly, so conversations
the Catholic Church more rele- veered off to consider whether
vant—to what wasn’t clear. Catholicism would do better
The meeting issued a 41- as a facsimile of liberal Angli-
page report that advances no canism: ordaining women, re-
significant doctrinal changes vising sexual morality, enhanc-
but promises further study on ing lay governance—and, of
such issues as female deacons course, trying to arrest cli-
and, strangely, what “synodal- mate change.
ity” actually means. Some of It reminded me of some-
the senior cardinals directing thing Cardinal Timothy Dolan
the process spoke of building often said when he was my
for the future, giving theologi- rector at the Pontifical North
cal laggards time to catch up American College in 1998: “No
with the “pace” of the avant- man will give his life for a
garde. The point may be to question mark; he will for an
keep the questions, consulta- exclamation point!” He says he
tions and discussions going, so got that from his NAC prede-
that the bold promise of salva- cessor, Cardinal Edwin
tion yields to the bureaucratic O’Brien, who got it from John
process of synodality. Paul II.
The contrast with 1998 was John Paul’s exclamation
striking. Then, John Paul re- point echoed Cardinal John
committed himself to the mis- Henry Newman (1801-90), who
sion given by Jesus to Peter, wrote that arguments aren’t
“the task of strengthening his as persuasive as witnesses; in-
brethren in the faith.” Memo- stead, “persons influence us,
ries traveled back to October voices melt us, looks subdue
1978, when the new pope us, deeds inflame us.” A cer-
sounded a certain trumpet in tain trumpet summons us to
St. Peter’s Square: “Be not bold faith. The preacher’s ex-
drawing us upward. As New-
man observed: “Many a man
will live and die upon a
dogma: no man will be a mar-
tyr for a conclusion.”
The articulation of dogma—
traditionally the work of
Rome—doesn’t bind the soul
as much as it frees it, in the
same way that a martyr is
free, already living beyond the
A crisis of confidence
and clarity comes into
view at Pope Francis’
‘synod on synodality.’
world’s power. Such confi-
dence and clarity have dissi-
pated in Rome in recent years.
Question marks litter the land-
scape; certainty appears to be
the problem, not the solution.
Without dogma, we’re left
only with our own conclu-
sions, which aren’t truths
worth dying for and thus
aren’t truths worth living for.
Pope Francis’ signature
phrase preceded his signature
initiative. It came in August
2013 in response to a question
about a gay priest: “Who am I
to judge?” The world likes that
question mark, an invitation to
provide its own answers.
John Paul’s signature
phrase ended in an exclama-
tion point: “Be not afraid!” Af- Father de Souza is a priest
ter spending his entire adult in Kemptville, Ontario.
John Paul could say confi-
dently that fear had no hold
over the Christian disciple.
The distinctive fearlessness he
preached inspired the courage
of the martyrs; it was the ty-
rants who were now afraid.
John Paul’s signature initia-
tive was compiling the 1992
Catechism of the Catholic
Church, which gave a beautiful
exposition to that exclamation
point. The truth was real, it
could be known, and it had its
own radiant splendor. It
wasn’t to be feared.
Rome has the feel of slip-
ping backward, toward the
confusion, chaos and corrosive
questioning of the 1970s. The
exclamation point is being
bent into a question mark.
That’s not without conse-
quence. The life of faith needs
both questions and answers.
The best questions get us to
emphatic answers on which a
life, church, culture and civili-
zation can be built.
More than 10 years into the
pontificate of Pope Francis,
Rome spent a month enter-
taining questions of widely di-
verging importance. That’s
done, though another “syno-
dality” session is planned for
next year. Questions deserve
answers. The Gospel provides
them. The church is to preach
them. Sometimes with excla-
mation points.
one can carve out a life free from the whim of the authorities.
Baranov concludes that this is actually the way things
work everywhere and that Westerners who suppose
otherwise deceive themselves: “Now, it’s clear that you in the
West, living hypocritically, think that power, vigor, force, are
a bit archaic. You believe in rules, with your lawyers
communicating by certified mail and earning million-dollar
fees.” Perhaps he is thinking of then-Secretary of State John
Kerry’s silly comment on the Russian seizure of Crimea and
incursion in Eastern Ukraine in 2014: “You just don’t in the
21st century behave in 19th century fashion by invading
another country on completely trumped up pretext,” Mr. Kerry
lectured, like an ineffectual father dealing with a teenager.
In Russian economic life, too, naked force prevails.
Efficiency does not matter. One defeats competitors by
summoning siloviki (strong people, such as FSB agents) to
intimidate or murder them. Is it any wonder that Russia’s GDP
is smaller than Italy’s? And yet Russia occupies a place on the
world stage far out of proportion to its economic power.
During the early years of his presidency, Mr. Putin tells
Baranov, Westerners treated him as if he “were the president
of Finland. Worse even, because at least Finland is a civilized
country, whereas Russia is still half-savage.” As the tsar sees
it, Westerners have continually humiliated Russia since the
fall of the Soviet Union. No longer, because Mr. Putin
understands power in a way that allows him to maximize it.
Abroad, that means fostering chaos to upset the rational
order that Westerners take for granted. At home, it means
recognizing that people are motivated not by self-interest, as
Westerners presume, but by “deep politics” acting on their
basic psychic impulses. When the tsar talks about politics,
Baranov explains, “he never mentions numbers. His language
speaks of life, of death, of honor, of country. Governing is not
an activity that can be left to . . . accountants.” For youth
especially, “there’s an existential question underlying
everything. . . . What should I do with my life?”
An imaginative reconstruction of Vladimir
Putin’s inner circle seeks to capture how
high-ranking Russians conceive of power.
Mr. Putin hired Baranov because, as a man of the theater
and television, he understood melodramatic spectacle. Stalin,
Baranov observes, was a great avant-garde artist who
grasped “that the future would be determined not by the
competition between two political programs but between two
artistic visions.” As the show trials of the 1930s illustrated,
Stalin’s medium “was the flesh and blood of his people, his

Cancel Culture Won’t Defeat Hamas
By Vivek Ramaswamy rities, financial services, lodg-
ing, training, expert advice or
law nearly identical to Flor-
ida’s on First Amendment
liberation,” not part of
Hamas. By associating with a
canvas a great nation. . . . What the poet brings to life in
imagination, the world-builder enacts on the stage of global
history.” Today’s tsar understands that Stalin remains popular
not because people have forgotten his massacres, as
intellectuals believe, but because of them.

G
ov. Ron DeSantis last
week instructed the
chancellor of Florida’s
state university system to dis-
band campus chapters of Stu-
dents for Justice in Palestine
after the group celebrated the
Oct. 7 attack and called for
protests against Israel. In
banning the group, Florida of-
ficials accused it of “know-
ingly provid[ing] material
support” to a foreign terrorist
organization—a crime under
Florida law. Nikki Haley
vowed to “pull schools’ tax
exemption status” if they
don’t “combat antisemitism in
all of its forms,” including
“denying Israel’s right to ex-
ist.”
These are textbook consti-
tutional violations. SJP ex-
pressed heinous opinions—
and the First Amendment
protects them all.
Florida accuses the group
of providing “material sup-
port” for Hamas, but the stat-
ute defines the kind of sup-
port it prohibits: “monetary
instruments or financial secu-
assistance, safe houses, false
documentation or identifica-
tion, communications equip-
ment, facilities, weapons, le-
thal substances, explosives,
personnel, or transportation.”
SJP members weren’t forging
passports or shipping weap-
ons. They were tweeting and
engaging in other protected
speech.
DeSantis and Haley
target campus speech
in an attempt to seem
tough on terror.
The Supreme Court has
said under a similar federal
law that advocacy doesn’t
count as unlawful material
support. In Holder v. Humani-
tarian Law Project (2010), the
plaintiffs wanted to provide
money and training to terror-
ist groups from Turkey and
Sri Lanka and asked the jus-
tices to strike down a federal
grounds. They declined be-
cause the law penalized con-
duct, not speech: “The statute
does not prohibit being a
member of one of the desig-
nated groups or vigorously
promoting and supporting the
political goals of the group.
What [it] prohibits is the act
of giving material support.”
SJP’s views are repugnant,
but the First Amendment is
necessary to protect speech
we hate. That’s why hate
groups, pornographers and
teenage protesters feature so
prominently in First Amend-
ment litigation. As Thomas
Jefferson explained: “We have
nothing to fear from the de-
moralizing reasonings of
some, if others are left free to
demonstrate their errors.”
Mr. DeSantis has defended
the ban, saying the group ad-
mitted “that they don’t just
stand in solidarity, that they
are part of this Hamas move-
ment.” That isn’t true: SJP’s
statement says that it is part
of “the diaspora-based stu-
dent movement for Palestine
movement halfway around the
world, a student group
doesn’t transform itself into
an arm of a terrorist organi-
zation—particularly when
there is no evidence that any
of its members have ever spo-
ken with Hamas, much less
provided money or supplies.
In recent years, colleges
have become anticonservative
cancel-culture munitions fac-
tories. They’ve disciplined
students for displaying photos
of President Trump, punished
professors for refusing to use
nonstandard pronouns, and
disinvited disfavored speakers
or tolerated mobs that
shouted them down. Fair-
weather fans of the First
Amendment like Mr. DeSantis
and Ms. Haley undermine the
conservative crusade against
cancel culture. We can’t con-
dition our pleas on whether
we agree with the views ex-
pressed.
Mr. Ramaswamy is a can-
didate for the Republican
presidential nomination.
Baranov explains that success in Ukraine is measured not
by how many towns are taken “but by the number of brains .
. . conquered.” The very idea that Ukraine—where Russian
civilization started—could be part of NATO was more than
another deep humiliation. It was an existential threat. Mr.
Putin concluded that the next “color revolution,” financed by
George Soros and the CIA, would be staged in Russia itself so
that an American puppet could become president. For a
people concerned with national honor, such an outcome had
to be resisted.
Eventually, Baranov surrenders power and resumes a private
life because he suddenly recognizes the “unjustified brutality”
of his career. As Mr. da Empoli’s novel closes, the conversation
is interrupted by Baranov’s young daughter. “I’d turned my
eyes away for a moment,” his French visitor recalls, “and when
I looked at Baranov again, his face was completely trans-
formed. He was no longer the same person.” Like a character
from “War and Peace,” Baranov has grasped that what truly
matters is not dramatic heroism but prosaic domesticity.
Mr. Morson, a professor of Slavic Languages at
Northwestern University, is the author of “Wonder Confronts
Certainty: Russian Writers on the Timeless Questions and
Why Their Answers Matter.”
Coming in BOOKS this weekend
The most important month of World War II • Tocqueville
travels the world • Charlie Chaplin vs. America • Drawing
the Mason-Dixon Line • A novel of Somerset Maugham •
The life and poetry of Anthony Hecht • & much more
A16 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Iran-Russia Military Axis Bibi Netanyahu’s Case to the Civilized World
It is sad that the prime minister of What else can explain Hamas’s inten-

R
epublican critics of aiding Ukraine claim wants Russian Su-35s, which the Congressional
that there’s no connection between Rus- Research Service (CRS) says “could represent Israel, Benjamin Netanyahu, has to ex- tions in starting this war?
plain why Israel is defending itself af- Hamas could stop the Israeli coun-
sia’s aggression and the war in Israel. the most significant upgrade of Iran’s air capa-
ter the animalistic and brutal attack teroffensive immediately if it released
They’re ignoring the major bilities in several decades.” by Hamas on Oct. 7 (“The Battle of all the hostages and surrendered un-
strategic development in the The two countries are Gen. Erik Kurilla, the leader of Civilization,” op-ed, Oct. 31). But you conditionally. But why sacrifice a pro-
last year, which is the deepen- working together against U.S. Central Command, said in only have to look around and see all paganda war merely to save its own
ing military alliance between March that “we think that will the anti-Semitic protests and pro- people’s lives and infrastructure?
Russia and Iran that threatens U.S. allies and interests. happen at some point this Hamas support at U.S. universities to HALLEY S. FAUST
U.S. interests. year." wonder what happened after so much Santa Fe, N.M.
The Journal reported Israeli officials told was gained after the Nuremberg trials.
Thursday that the U.S. has intelligence that Bloomberg this spring that Tehran also wants Many of those ignorant souls, in- Mr. Netanyahu makes a compelling
Russia’s Wagner mercenary group is planning Russian S-400 air-defense systems that would cluding a few in Congress, should argument for the civilized world on
to send air defenses to Hezbollah in Lebanon. make it far more difficult to conduct a strike spend a few hours at the Holocaust the war against terrorism and Israel’s
Museum in Washington to see for task ahead. The loss of Palestinian
Hezbollah is one of Iran’s proxy militias and has on Iran’s nuclear program. CRS points to re-
themselves the folly of their position. lives is on the Hamas terrorists who
threatened to open a second front against Is- ports that, in return for drones, Russia has pro- JOSIAN ALEXANDER PASSALACQUA prevent them from getting out of
rael. The air defenses would complicate Israel’s vided Tehran with “digital surveillance capabil- Frankfort, Ky. harm’s way. Using civilians is an old
ability to defend its cities from Hezbollah’s ities.” This helps Iran censor and suppress tactic, and the world and the press
missile attacks. internal dissent. Mr. Netanyahu asks that “we, the needs to acknowledge it.
This is merely the latest example of increas- Russia and Iran have also been collaborating civilized world” stand with him in the When the prime minister con-
ingly close Russian-Iran military ties. Iran last for several years to preserve the Assad regime fight against Hamas after it invaded cludes, “May God bless Israel, and
year began providing Russia with Shahed in Syria, which includes putting pressure on the Israel, attacked innocent civilians, may God bless all who stand with Is-
drones that helped Moscow attack Ukrainian 900 or so U.S. troops in that country. Russia has raped women and killed or kidnapped rael,” I think he left off at the end of
cities. Now Tehran is helping to build a drone provided intelligence assistance to Iran, in- children. He’s right, and Israel de- the sentence what he was really
serves the civilized world’s support. thinking: “and the rest of you can go
factory in the Russian town of Yelabuga that creased harassment of U.S. troops, planes and
But where did Mr. Netanyahu stand to hell with Hamas.”
will produce thousands of unmanned aerial ve- drones in Syria, and provided at least 17 trucks when Russia invaded Ukraine, attack- DON NOAH
hicles for military use. of weapons to Iranian-backed militias there this ing civilians in their homes, raping, Montgomery, Texas
Russia has been burning through muni- year, says the Institute for the Study of War in pillaging and kidnapping hundreds of
tions, and between November 2022 and April Washington. children? He was straddling the To those who complain that Is-
2023 Iran supplied Russia with more than An American withdrawal from Syria would fence. I hope the other leaders of the rael’s defensive actions are “dispro-
300,000 artillery shells and a million rounds squeeze the non-Islamist opposition to Assad. civilized world are less hypocritical portionate,” we must ask: Has the
of ammunition. Iran has the Middle East’s big- And it would further open a land corridor than Bibi. world ever witnessed a response
gest missile arsenal, and one concern is that through Syria and accelerate Iranian arms ship- PAUL W. HALLMANmore disproportionate than Hamas’s
it will help Russia replenish its dwindling ments to Iran’s Hezbollah militia in Lebanon. Arlington, Va.
barbaric Oct. 7 attack—and the de-
stock. United Nations restrictions on Iran’s The larger joint Russia-Iran goal is to push the cades of deadly Palestinian terrorism
Hamas wants to kill Jews and elim- that preceded it—in response to 75
ballistic missile program expired on Oct. 18, U.S. out of the Middle East.
inate Israel (see its charter) at the years of Israeli peace offers?
and Russia would surely use its Security Coun- A school of conservative isolationist thought cost of many Palestinian homes, KEN KWARTLER
cil veto to block its renewal. is that the U.S. should let powers like Russia and schools, mosques, hospitals and lives. Lake Oswego, Ore.
Iran and Russia see a mutual benefit in forc- Iran dominate their regions. Withdraw to our
ing Europe and the U.S. to defend Ukraine and shores and those countries will leave us alone.
Israel at the same time. Hamas is also an Iran But as we’ve learned in Ukraine and now Israel,
proxy militia, and last week Hamas leader those powers aren’t content with the status
Khaled Mashal said “Russia has benefited from quo. They want to expand their empires and
MAGA Recognizes Speaker Johnson As Its Own
our [attack] because we distracted the U.S. from subjugate (or in the case of Israel exterminate) “Can Speaker Mike Johnson Gov- How does he handle government
them and from Ukraine.” their neighbors. ern?” (Review & Outlook, Oct. 26). funding? The smart money isn’t yet
So what is Tehran getting in return? White America’s enemies are working together, and The nation hopes so. It was an em- betting against a government shut-
barrassing several weeks for the GOP, down. Maybe shift some dollars
House spokesman John Kirby said in December it is strategic folly to think the U.S. can treat
causing major concern from our allies around, but will he really cut off
that Iranian pilots have trained in Russia to fly them like isolated problems. Letting Russia sub- abroad. Now Mr. Johnson faces big Ukraine?
the Sukhoi Su-36 and could begin receiving the jugate Ukraine will give Vladimir Putin an open- challenges right out of the gate. JIM O’ROURKE
jet fighter “within the next year.” Tehran also ing to further help Iran against Israel. Whether or not you feel he is a San Diego
“MAGA Republican,” former President

A Warning to the Law Schools Donald Trump does.

Credibility on the right is helpful,
but Mr. Johnson holds many extreme-
Your editorial explains that “Demo-
crats are already branding Mr. John-
son a MAGA ideologue, which is un-

T
he recent outbreak of open anti-Semi-
tism on U.S. college campuses has been
shocking, and it speaks to the anti-
Western indoctrination that has been cultivated
for decades at American universities. Also
shocking has been the failure of these schools
to protect their Jewish students; Cornell Uni-
versity canceled classes on Friday after a stu-
dent made violent threats against Jews.
This demands a response at the schools and
beyond, and some good news on that score ar-
rived this week in a letter from leading law
firms to the deans of U.S. law schools. The letter
was first signed by 24 major firms, such as Sul-
livan & Cromwell and Davis Polk, and as of
Thursday afternoon had 60 signatories and
counting.
“Over the last several weeks, we have been
alarmed at reports of anti-Semitic harassment,
vandalism and assaults on college campuses, in-
cluding rallies calling for the death of Jews and
the elimination of the State of Israel. Such anti-
Semitic activities would not be tolerated at any
of our firms,” the letter says.
The letter calls on the deans to protect “the
free exchange of ideas” and warns that “as em-
ployers who recruit from each of your law
schools, we look to you to ensure your students
who hope to join our firms after graduation are
prepared to be an active part of workplace com-
munities that have zero tolerance policies for
any form of discrimination or harassment,
much less the kind that has been taking place
on some law school campuses.” That’s a not-so-
subtle warning that anti-Semites won’t be wel-
come on recruiting visits.
The letter was the idea of Joe Shenker, se-
nior chairman of Sullivan & Cromwell, who was
in Israel on Oct. 7. He tells us that after the
American Lawyer wrote about his experience,
law students began to contact him with stories
about harassment on campus. This included
verbal threats and anti-Jewish slurs, including
“gas the Jews,” that have become common since
Oct. 7. Mr. Shenker drafted the letter, worked
his contacts in the legal community, and they
sent the letter.
The anti-Jewish hate that has burst into the
open in the last month is deeply troubling and
must be resisted. If college administrators are
too cowardly to act, and to discipline or expel
the haters, then the larger society needs to ap-
ply pressure so they do. Good for Mr. Shenker
and his legal associates.
right positions. He openly desires a
nationwide ban on abortion. He spon-
sored a “Don’t Say Gay” bill in Con-
gress. He rails against marriage
equality. He believes parents don’t
have the right to healthcare for the
gender transition of their children. He
flirts with Christian nationalism. He’s
not crude like the MAGA movement
usually is; he presents himself better
and has a degree of humor. That may
help him, but his agenda won’t.
If Socrates Were Around, He’d Have a Podcast
In “Where’s Socrates When You
Need Him?” (op-ed, Oct. 31), Joseph
Epstein presents a compelling case
for the need for more robust dialogue
on important issues facing society. To
answer the question in his headline,
however, I would say that Socrates is
now doing long-form podcasts.
Qatar an ‘Honest Broker’?
Try Al Jazeera in Arabic
I read with interest Qatari Ambassa-
dor Meshal bin Hamad Al Thani’s op-
fair.” But Democrats aren’t the only
ones saying that. Republican fire-
brand Rep. Matt Gaetz joyfully as-
sures us, “If you don’t think that
moving from Kevin McCarthy to
MAGA Mike Johnson shows the as-
cendance of this movement and
where the power in the Republican
Party truly lies, then you’re not pay-
ing attention.”
MARIE GOTTFRIED
Lake Worth, Fla.
Perhaps if Mr. Epstein shifts his
gaze to alternative sources of infor-
mation, he will see that the spirit of
Socrates isn’t completely absent to-
day. I was listening to a two-hour
podcast in which the show’s host
comments several times, “Tell me
what you think about this.” If that
isn’t an invitation to dialogue, I don’t
know what is.
Unfortunately, there is a dark side
of the issue that Mr. Epstein leaves
unspoken: It is out of fear that people
are now less willing to engage in pub-
lic dialogue. Canceling people and

Sen. Tuberville’s Misguided Stand ed “Qatar Is the Mideast’s Honest Bro-

ker” (Oct. 30). I was raised in Baghdad
and attended undergraduate school
shutting down discourse is the issue.
Podcasters often risk their livelihoods
when they dialogue on “hot” topics.

A
mericans are watching a bizarre split suggested, to no avail, that he express his dis- there before immigrating to the U.S. I When the fear of public or financial
screen. Two wars are raging abroad. sent by focusing on civilian Pentagon nomi- am therefore fluent in Arabic, and I of- retribution reigns supreme, is it any
Meanwhile, much of Washington is nees who “actually make policy, as opposed ten watch the Al Jazeera TV channel wonder that Socrates is hard to find?
broadcast in Arabic out of Qatar. BETH RUTHERFORD
mired in partisan spectacles, to our military heroes,” as
He’s right about Biden GOP Leader Mitch McConnell After the Oct. 7 attacks, I was dis- Fond du Lac, Wis.
such as a fight over abortion appointed to notice that most anchors
policy in the U.S. military. policy, but he has the said earlier this week. That is there appeared impressed with
The Biden Administration better both on the politics Hamas’s massacre of Jews inside Is- No Comparison to Dresden
launched the opening salvo, wrong political targets. and the merits. President Bi- rael. They spoke with some apparent
but Alabama Sen. Tommy Tu- den’s nominee for under sec- In debunking the Nazi “Dresden
praise of Hamas’s ability to surprise
defense” (“Hamas’s Second-Stage
berville is looking like an un- retary of defense for policy the Israel Defense Forces and conduct
Strategy,” Main Street, Oct. 31), Wil-
guided torpedo. would be one example. that operation. In the times I watched,
liam McGurn needn’t even come close
A handful of Republican Senators on Meantime, Democrats are pondering a pro- there was little mention of the killing
to justifying the firebombing of Dres-
Wednesday evening tried to advance 61 military cedural change to allow military confirmations of babies or young kids attending a
den. Unlike the Allies in World War
promotions on the floor. More than 370 are on en masse. The proposal would ostensibly be music festival.
II, the Israel Defense Forces aren’t
Al Jazeera is Qatar’s official state-
hold by Sen. Tuberville. “We are in a very dan- temporary. But what an irony if Sen. Tuber- targeting civilians at all. Civilian ca-
owned TV news station. It doesn’t
gerous world right now,” Alaska Sen. Dan Sulli- ville’s only accomplishment will be diluting reflect the viewpoint of an honest
sualties in Gaza are properly identi-
van said. “America needs to have our best play- each Senator’s prerogative to review military fied as collateral damage in pursuit of
broker.
ers, most combat-capable leaders on the field. nominees. legitimate military objectives.
N. PETER ANTONE
Right now, that’s not happening.” The blockade has evolved into a larger ROBERT HELLAM
Bloomfield Hills, Mich.
Seaside, Calif.
Republicans agree that the Biden Adminis- mood association on the right for fighting wo-
tration provoked a fight when the Pentagon re- keness in the U.S. military. It isn’t obvious how
wrote its travel policy to cover leave and travel blocking promotions in bulk will improve the Emigres From Taxachusetts
expenses for service members traveling to ob- ideological direction of the institution. The Real-estate values in New Hamp-
Pepper ...
tain an abortion. In other words, the Biden real risk is that the most talented service shire reflect the result of “The Return And Salt
Pentagon deliberately waded into the most in- members decide that retirement sounds better of Taxachusetts” (Review & Outlook,
THE WALL STREET JOURNAL
flamed cultural issue in America. than a promotion—even as the U.S. military Oct. 31). Here in the lakes region, en-
The policy is legally dubious under federal weathers an acute personnel shortage and try-level housing is almost nonexis-
prohibitions for public financing of abortion. rapidly expanding security threats. tent thanks to demand created by new
GOP Sen. Roger Wicker said in a September let- “The idea that some of these officers are residents fleeing high-tax states. En-
ter that to his knowledge all of “approximately supposedly woke or desk jockeys is ridicu- try-level jobs go unfilled due to a lack
of affordable housing. Yet Massachu-
12” women had availed themselves of this al- lous,” as Sen. Sullivan put it. One example
setts voters continue to elect progres-
lowance. So dispense with the Biden talking he cites is a Marine colonel, held up for pro- sive candidates who support higher
points about how abortion underwriting is nec- motion to one-star general, who has made taxes, driving taxpayers out faster.
essary to keep a ready force. six deployments to Iraq and Afghanistan and CHUCK MCGEE
In saner times the Pentagon would drop the won a silver star for valor in a multi-hour Moultonborough, N.H.
travel policy and move on. But the Biden Ad- fire fight.
ministration knows Republicans are paying Some on the right are unloading on Sen.
Letters intended for publication should
the bigger political price as intransigents. The Sullivan and Iowa Sen. Joni Ernst for disagree- be emailed to wsj.ltrs@wsj.com. Please
press is pumping out stories about colonels ing with a fellow Republican. But these GOP include your city, state and telephone
who can’t relocate their families or get their Senators are right to alert their colleagues to number. All letters are subject to
children started in a new school. the growing political and strategic risks of editing, and unpublished letters cannot “Bill is in charge of our
be acknowledged.
Many of Sen. Tuberville’s colleagues have Sen. Tuberville’s counterproductive stand. Ethics Department.”
THE WALL STREET JOURNAL.
Biden Needs a New Foreign-Policy Team
By Garry Kasparov
O
ct. 7 wasn’t only the
greatest intelligence fail-
ure in modern Israeli his-
tory; it was also a mas-
sive failure of American
intelligence. As in Afghanistan and
Ukraine, Central Intelligence Agency
Director William Burns and national
security adviser Jake Sullivan were
shown to be clueless.
Yet not everyone was caught flat-
footed by the Hamas assault. The
anti-Zionist movement mobilized
right away, and not only in the Arab
world. As the first images of terror-
ism emerged, America’s activists be-
gan organizing on behalf of the at-
tackers. Soon they were in the
streets and on campuses across the
country. They chanted the genocidal
mantra “from the river to the sea.”
As in Ukraine, William
Burns and Jake Sullivan
failed to see an attack on
U.S. interests coming.
Many leftist organizations, college
student groups and professors, and
even some elected officials, hailed
the terror attack as resistance, ex-
posing their moral bankruptcy and
horrifying the liberal American Jews
who had considered them allies.
It was a painful realization, but
one that was past due. The left’s
anti-Semitism doesn’t get the head-
lines of neo-Nazis with torches, but
is more dangerous because it take
subtler forms.
Those who won’t go as far as en-
dorsing Hamas’s terror attacks will
tell you Hamas doesn’t represent
On Anti-Semitism, Labour Is a Cautionary Tale for Democrats
Keir Starmer is
trying to do the
right thing on Is-
rael, he really is.
Whether the leader
of Britain’s center-
POLITICAL left Labour Party
ECONOMICS will succeed is an-
other matter, and a
By Joseph C.
question of signifi-
Sternberg
cance for U.S.
Democrats.
In the weeks since Hamas’s Oct. 7
invasion of Israel, Mr. Starmer has
emerged as a supporter of the Jewish
state’s right to self-defense, by Euro-
pean standards anyway. This includes
an Oct. 11 radio interview during
which he said Israel “does have that
right” to blockade Gaza. In a speech
Tuesday, despite hemming and haw-
ing about the dangers to Gazan civil-
ians, he added that he wouldn’t sup-
port a cease-fire, as it would leave
Hamas free to carry out future at-
tacks.
The Labour leader appears to be
motivated by both political necessity
and sincerity. This is the moment
when Mr. Starmer can and must
demonstrate to U.K. voters that he
has shed the legacy of his predeces-
How Hamas Won Hearts and Minds on the American Left
By Lorenzo Vidino
S
upport for Hamas on college
campuses and in city streets
has shocked Americans. But we
shouldn’t be surprised. It’s the fruit
of an influence campaign dating
back at least 30 years.
In October 1993, the Federal Bu-
reau of Investigation wiretapped a
Philadelphia hotel room where a
dozen senior Hamas members—
some of them U.S.-based—had gath-
ered. The men had called the meet-
ing weeks after the signing of the
Oslo Peace Accords between Israel
and the Palestinian Authority. For
days they debated how to sabotage
the agreement and generate support
for Hamas among American Mus-
lims, the political class and wider
society. They correctly foresaw that
the U.S. government would desig-
nate Hamas a terrorist organization
and agreed on a strategy to frame
the conflict in religious terms for
Muslims while using more-palatable
frames for non-Muslim Americans.
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Gaza. Then why are they protesting
Israel, and not Hamas, which started
this war? Why hasn’t the Palestinian
Authority condemned the genocidal
crimes of Hamas, its sworn enemy?
At a rally in Istanbul on Oct. 28,
President Recep Tayyip Erdogan
called Hamas “freedom fighters” and
Israel a “war criminal.” Like many
other autocrats, Mr. Erdogan sees
conflict as a way to distract his peo-
ple from economic hardship and his
domestic failures. That’s especially
easy when Israel is involved, which
is why the last thing the region’s
Muslim leaders want is a peaceful
resolution to the Palestinian prob-
lem.
Moscow hosts Hamas delegations
and boasts that Russians taken hos-
tage in Gaza are getting favorable
treatment. China’s Baidu web ser-
vice erased Israel’s name from its
online maps, an ominous echo of Is-
lamist threats to wipe Israel from
the map.
This synchronized surge of anti-
Israel sentiment and Hamas’s ability
to wage such a war are symptoms of
a failure in American global leader-
ship.
Over the past three years, the Bi-
den administration has blundered
from one geopolitical disaster to an-
other. Messrs. Burns and Sullivan
lost Afghanistan, bungled the with-
drawal, and then abandoned Ukraine
to Russia—saved only by Volodymyr
Zelensky’s heroic stand in Kyiv.
Now, they have been outplayed by
Iran as well. In September, the U.S.
agreed to pay Iran more than $6 bil-
lion to release five American hos-
tages. Smirking all the way to the
bank, the ayatollah’s ministers final-
ized their plans for the biggest vic-
tory of all, one they never cease dis-
cussing: the destruction of the state
of Israel.
sor as party leader, Jeremy Corbyn,
and is ready to govern.
Mr. Corbyn’s stint at Labour’s
helm from 2015-20 was marred by
anti-Semitism. On foreign policy,
this included sympathy for Hamas
and Hezbollah, which Mr. Corbyn fa-
mously described as “our friends.”
Before becoming party leader, he
had praised a mural featuring anti-
Semitic tropes about Jews control-
ling the global economy and had
written a positive foreword for the
2011 edition of “Imperialism: A
Study,” a 1902 book that made simi-
lar arguments about banking and fi-
nance.
Voters rebuffed the party in the
2019 election, and the sharp electoral
discipline finally forced Mr. Corbyn
out of its leadership.
Mr. Starmer has since made great
strides fixing Labour. He apologized
to Britain’s Jewish community for
the sins of his predecessor and has
purged Corbynistas. This includes
Mr. Corbyn, who was expelled from
Labour’s parliamentary caucus in
2020 and is likely to be barred from
running as a Labour candidate in the
next election.
Yet now there’s reason to wonder
They plotted to create an array of
mainstream organizations to con-
duct this dual-track work.
“Let’s not hoist a large Islamic
flag, and let’s not be barbaric-talk-
ing,” one of the participants said.
“We will remain a front so that if
the [terror designation] happens, we
will benefit from the new develop-
ments instead of having all of our
organizations classified and ex-
posed.”
“I swear by Allah that war is de-
ception,” another said. “Deceive,
camouflage, pretend that you’re
leaving while you’re walking that
way.”
Thirty years later, this strategy
has proved effective. Widespread
support for Hamas’s barbaric actions
on Oct. 7 didn’t come out of thin air.
Several things gave life to the phe-
nomenon—from the identification of
Israel with “white privilege” to old-
fashioned anti-Semitism—but the
terror group’s networks in the U.S.
and Europe played a key role.
Now run largely by Western-born
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OPINION
CIA Director William Burns and national security adviser Jake Sullivan.
Amid this new humiliation, Mr.
Sullivan declared peace for our time
in Foreign Affairs magazine. After
Iran and its Hamas proxies refuted
Mr. Sullivan’s ignorance with the
blood of 1,400 Israelis, he edited his
essay for the online edition, which
had a later deadline.
The reason Messrs. Burns and
Sullivan have been wrong so often is
because they still fail to realize that
we are at war—a single war against
dictatorships and terrorists. Just as
Russia’s armies began to lose ground
in Ukraine, Hamas attacked Israel,
and Venezuela’s Nicolás Maduro
prepared a referendum asserting
territorial claims over a large part of
neighboring Guyana.
I believe in coincidences, but I
also believe in the KGB. Until we de-
feat Vladimir Putin, he will continue
to open up more fronts in his war
against America and the global
world order it leads, siphoning at-
whether the party will stay fixed. Mr.
Starmer’s support for Israel has trig-
gered something verging on a civil
war within the party. Hundreds of lo-
cal-government Labour officials, and
about a dozen members of Mr.
Starmer’s national leadership team in
Parliament, have demanded he tone
down his support for Israel and call
for a cease-fire. If anything is going
to cost Labour the next election, this
could be it.
Party discipline isn’t
enough. If you don’t
repudiate crazy ideas, you
end up following them.
The source of most of the unease
is Britain’s large Muslim voting bloc,
whose members may or may not be
overtly anti-Semitic but definitely
are “pro-Palestine.” If these voters
stay home, Labour will struggle to
win. This is the clearest evidence
that Mr. Starmer genuinely believes
what he says. From climate to taxa-
tion, he has ditched left-wing policy
activists, these networks understand
how politics and media narratives
work in the West. They frame the
conflict in religious terms to local
Muslim communities, labeling Israe-
lis as “infidels” and evoking hadiths
about the killing of Jews. On college
campuses those same networks use
the language of postcolonial theory
to tar the Israelis as “European set-
tlers.” Unsurprisingly, a few days
ago, a Hamas leader told a Vice.com
journalist that “the same type of
racism that killed George Floyd is
being used by [Israel] against the
Palestinians”—a comparison tailored
to the ears of Western progressives.
A diverse web of fellow travelers
and useful idiots have aided this in-
fluence operation—including politi-
cians in the U.S. and Europe. Jeremy
Corbyn, leader of the British Labour
Party from 2015-20, is perhaps the
best example. He called Hamas and
Hezbollah “our friends.” But Mr.
Corbyn isn’t alone. In June, politi-
cians from all over Europe attended
the European Palestinians Confer-
Notable & Quotable: Scalia
Justice Antonin Scalia speaking
at a May 8, 1997, ceremony com-
memorating victims of the Holo-
caust:
When I was a young man in col-
lege, spending my junior year
abroad, I saw Dachau. Later, in the
year after I graduated from law
school, I saw Auschwitz. I will of
course never forget the impression
they made upon me. If some play-
wright or novelist had invented such
a tale of insanity and diabolical cru-
elty, it would not be believed. But it
did happen. The one message I want
Friday, November 3, 2023 | A17
also have warned every other dicta-
tor that the U.S. wasn’t a paper ti-
ger. America’s hapless deal makers
are getting what they most feared
anyway: emboldened dictatorships
and spreading chaos.
Mr. Putin still wages war and his
cronies attack the global order from
Niger to the Nile and from Belarus
BILL CLARK/ZUMA PRESS; DREW ANGERER/GETTY IMAGES
to Venezuela. Iran’s foreign minister
comes to New York City and threat-
ens the lives of American citizens.
China prepares to invade Taiwan,
waiting for the right moment to
strike.
Enough is enough. President Bi-
den must fire Messrs. Burns and
Sullivan and select a new foreign-
policy team that understands the
concept of deterrence. Then leaders
like Defense Secretary Lloyd Aus-
tin—who acknowledges that we are
at war—can finally give our allies
the support they need.
tention and resources from Ukraine. It’s war, stupid. And like Israel,
Already, Mr. Putin’s allies in the Ukraine deserves to win, not merely
Republican Party, such as Reps. Matt survive.
Gaetz and Marjorie Taylor Greene, For Mr. Putin, Xi Jinping, Mr. Ma-
have declared their intent to under- duro and the ayatollah, this war
mine support for Ukraine, which isn’t optional. The only way these
would have disastrous consequences men can cling to power is by blam-
for Israel and other U.S. allies. ing their failures on the free world.
The Biden administration’s wait- There can be no de-escalation that
ing game has had grave conse- doesn’t include defeating them, be-
quences. Had the U.S. provided cause for them, the conflict itself is
Ukraine with ATACMS, F-16s, and the point.
tanks from day one, it could have Whether fighting anti-Semitism
destroyed Russia’s armies in the at home or standing up to terror
field and won the war before Rus- and invasion abroad, America’s lead-
sian forces became entrenched. ers and the American people must
But Messrs. Burns and Sullivan realize their way of life is under at-
feared the potential chaos of Rus- tack. You can lose a war you refuse
sian defeat more than they feared to acknowledge exists. In fact, you
Ukraine’s destruction. Now, two are sure to.
years and half a million casualties
later, Russia has dug in deep, and Mr. Kasparov is chairman of the
every Ukrainian advance will come Renew Democracy Initiative and a
at a high price. co-founder of the Russian Action
Decisive early intervention would Committee.
priorities with zero compunction to Mr. Starmer’s own dilemmas.
avoid scaring voters. Support for Is- Rather, Labour and the Democrats
rael turns out to be the risk he’s will- share a more troubling challenge: If
ing to take. you don’t repudiate the crazy, you
Good for him, and good for La- end up following it. Party discipline
bour, too. Though the election risk of is useful but it can’t fix an ideological
losing the Muslim vote gets most of problem. The current crisis is much
the media attention, Mr. Starmer more about the long-term willingness
could just as easily lose an election if of even moderate center-left leaders
he turns on Israel to retain that con- to tolerate outrageous opinions on
stituency. Centrist voters abandoned their parties’ leftward fringes.
Labour in 2019 out of concern that In the U.K., this manifested as La-
Mr. Corbyn didn’t represent British bour’s refusal over many years to
values. If Mr. Starmer softens his ap- grapple seriously with how to assimi-
proach on Israel, he’ll have to explain late immigrants, primarily Muslim
which values have led him to do so. immigrants, into British culture be-
There’s political danger in either di- fore coming to rely on them as La-
rection, and at least Mr. Starmer is bour voters. In America, it’s Demo-
choosing the morally defensible crats’ long tolerance for insanity on
“risk” of supporting Israel. the academic left. In both cases, the
Alas, the relative good news from fringe elements long regarded as
the Labour Party hints at bad news cranks by centrist leaders turn out to
for their counterparts across the At- have bolder aspirations.
lantic. American Democrats, too, are The premise of Mr. Starmer’s La-
in the midst of a civil war over their bour overhaul was that Britain’s cen-
party’s policy toward Israel and anti- ter-left needed new management. In-
Semitism in their ranks. Joe Biden, stead it and the Democrats need an
however, lacks something that Mr. ideologically reformed base. If any-
Starmer may employ: mechanisms one has any good ideas for how to
for party discipline, especially top- bring about that transformation,
down candidate selection. And even Messrs. Biden and Starmer are all
such intraparty tools haven’t solved ears.
ence in Sweden. The organizer, Amin Doha, Qatar, who is now the organi-
Abu Rashed, a well-known Hamas zation’s second in command.
supporter, was arrested weeks later Over the years, UASR organized
in the Netherlands for allegedly rais- events and joint publications with
ing millions for the terrorist organi- prominent U.S. universities. Scholars
zation. He has declared his inno- affiliated with Duke, Johns Hopkins,
cence but Dutch law allows him to Fordham and the University of
be held in pretrial detention. Maryland sat on the editorial board
of its quarterly, the Middle East Af-
fairs Journal. UASR’s executive di-
For 30 years, the terror rector Ahmed Yousef returned to
Gaza in 2005 to become senior ad-
organization has made a viser to Hamas leader Ismail Hani-
concerted effort to appeal yeh. Mr. Yousef used his experience
with American media to place op-
to Western intellectuals. eds with the New York Times and
other Western publications.
Hamas also has funding networks
Academia may be even friendlier in the West. In 2008 federal prose-
to Hamas than the leftist political cutors introduced transcripts from
world. The recent campus demon- the Philadelphia meeting as evi-
strations are evidence of the affinity, dence against the Holy Land Foun-
but the connections run deeper. The dation. The Texas-based front char-
United Association for Studies and ity, also founded by Mr. Marzook,
Research, or UASR, a think tank es- was found guilty of funneling more
tablished in Chicago in 1989, is the than $12 million to Hamas over a
brainchild of Musa Abu Marzook, a decade, the largest terrorism financ-
senior Hamas operative based in ing prosecution in U.S. history.
Hamas is more than a terrorist
organization intent on killing Jews
and eradicating Israel. It is also a
savvy international political player
that has used the West as a staging
to convey today is that you will have ground for an influence operation
missed the most frightening aspect aimed at policy makers, public opin-
of it all, if you do not appreciate ion and Muslim communities. While
that it happened in one of the most some of what Hamas does on Ameri-
educated, most progressive, most can soil is constitutionally pro-
cultured countries in the world. . . . tected, it is all in the service of its
To fully grasp the horror of the morally repugnant agenda. If, as
Holocaust, you must imagine (for it President Biden said, “Hamas is
probably happened) that the com- ISIS,” there should be no space in
mandant of Auschwitz or Dachau, politics, academia or the media for
when he had finished his day’s work, those who spin the terrorists’ talk-
retired to his apartment to eat a ing points.
meal that was in the finest good
taste, and then to listen, perhaps, to Mr. Vidino is director of the pro-
some tender and poignant lieder of gram on extremism at George Wash-
Franz Schubert. ington University.
A18 | Friday, November 3, 2023
Afghan Refugees Forced From Pakistan
Deportation drive
prompts fears about
those awaiting
resettlement to U.S.
BY SAEED SHAH
ISLAMABAD, Pakistan—
Pakistan started rounding up
tens of thousands of undocu-
mented Afghans for deporta-
tion back to the country they
fled, prompting fears that
some awaiting resettlement to
the U.S. could be swept up.
Police raids took place
across the country on
Wednesday, the deadline for
undocumented Afghans to
leave. “By midnight tonight
return to your homeland,”
warned a police officer speak-
ing into a mic in one neigh-
borhood in the port city of Ka-
rachi, television footage
showed. Mosque loudspeakers
repeated similar messages
across the country.
The deportation drive
marks an about-face for Paki-
stan, which has for decades
hosted millions of Afghans
fleeing war and poverty. The
repatriation comes after in-
creasing attacks by Pakistani
militants that Islamabad
says are being harbored by
the Taliban in Afghani-
stan since it took power in
August 2021, following
the U.S. withdrawal.
Pakistan denies any
link between the deportations
and its enmity with the Tali-
ban and says it is cracking
down on illegal immigration,
as many Western nations do.
“This is purely an adminis-
trative and legal matter,” said
a senior Pakistani official.
“This isn’t about refugees, it
is only about those illegally
resident here.”
An estimated 1.3 million
undocumented Afghans live in
Pakistan, almost half of whom
crossed the border after the
Taliban took over, arriving as
Ukraine Military Chief Calls War ‘Static’
BY IAN LOVETT
KYIV, Ukraine—The com-
mander of Ukraine’s armed
forces says the war with Rus-
sia is at risk of becoming a
stalemate, and Kyiv would
need a major upgrade in weap-
ons and technological capabili-
ties to regain the initiative.
In an interview and essay
for the Economist, Gen. Valeriy
Zaluzhniy, Ukraine’s top mili-
tary commander, said the war
was entering a new phase of
“static and attritional fighting,
as in the First World War.”
“This will benefit Russia,” he
wrote, “allowing it to rebuild
its military power, eventually
threatening Ukraine’s armed
forces and the state itself.”
The essay is a sobering as-
sessment of the state of the
war, acknowledging many of
the challenges for Ukraine
that military analysts have
Italians Put on Edge by Rumbling Supervolcano
BY ERIC SYLVERS
POZZUOLI, Italy—Diners at
restaurants around this tiny
port streamed outside while
moored boats and an eight-
story crane began to sway.
Some cats milled about, un-
fazed by the umpteenth tremor
to hit this seaside town.
“You feel that? It’s nonstop
earthquakes here,” said Luca
Averna, a part-time fisher-
man, as he paused from work-
ing on his boat. “We’re used
to it, but that doesn’t mean
we aren’t afraid.”
Pozzuoli, about 8 miles
west of Naples, has had more
than 2,500 earthquake trem-
ors in the past three months.
So far, few have been large,
but residents are on edge:
They live on top of a supervol-
cano, a classification given to
about 20 of the world’s largest
volcanoes. The constant earth-
quakes are a sign of volcanic
activity deep underground.
Vesuvius, southeast of Na-
ples, which destroyed Pompeii
in the first century A.D., is the
region’s most famous volcano.
But modern volcanologists are
far more worried about the
cluster of low-lying craters
around Pozzuoli known as
Campi Flegrei. The 80-square-
mile depression is home to
Afghan refugees leaving Pakistan gathered at a makeshift camp Thursday near the Torkham crossing at the Pakistan-Afghanistan border.
Pakistan spiraled into an eco-
nomic crisis. Islamabad says it
can no longer support them.
At least 120,000 people
have returned to Afghanistan
since the repatriation drive
was announced in September,
fearing arrest, according to
United Nations agencies. Local
television reports showed a
tide of people on the move
with their few belongings
packed on trucks and push
carts. This week, Afghans, in-
cluding women and children,
were loaded into police vehi-
cles, according to witnesses
and television footage.
In Rawalpindi, the northern
city adjacent to the capital, a
family of applicants for reset-
tlement in the U.S. said six of
been noting for months.
Zaluzhniy said Ukraine’s
counteroffensive—which be-
gan in June, bolstered by hun-
dreds of armored vehicles
from the West—is unlikely to
achieve a major
breakthrough,
and has come
at a high cost Kyiv needs a
to Kyiv’s forces. major upgrade
It was a mis-
take, he added, in weapons
to assume that
bleeding the
to make a
Russians—who breakthrough.
he claimed
have lost at
least 150,000
men—could end the war.
This year, both sides have
struggled to seize new terri-
tory. Troops spent months
building up defensive lines
last winter, while the prolifer-
ation of surveillance drones
has dramatically reduced the
Earthquakes since the start of August
Varcaturo
MONTE
NUOVO
Lake
Averno
Bacoli
Gulf of Naples
CAMPI FLEGREI
Tyrrhenian Sea
Note: Data as of Oct. 31
Source: Italy’s National Institute of Geophysics and Volcanology
more than a dozen conical vol-
canoes, several crater lakes—
and half a million residents.
Another 800,000 people live
just outside the depression.
In Campi Flegrei, like in
Yellowstone and the world’s
other supervolcanoes, the
probability of a catastrophic
eruption is low but not nil,
said Alessandro Iannace, a ge-
ology professor at the Univer-
sity of Naples Federico II.
“The difference is that in
Yellowstone, if you think the
eruption is coming, you can
send the tourists home and
WORLD NEWS
them were detained but re-
leased a day later after show-
ing their documentation. Po-
lice in Rawalpindi said 600
Afghans were picked up
Wednesday and any with valid
paperwork were let go.
Some applicants for U.S. re-
settlement said they had gone
into hiding.
Sarfraz Bugti, Pakistan’s in-
terior minister, has repeatedly
said that the expulsion of un-
documented Afghans is only
the first stage of the drive,
with documented Afghans and
those awaiting relocation to
the West to be repatriated at a
later point. There are around
two million Afghans with refu-
gee or other registered status
in the country.
effectiveness of tanks and
other armored vehicles, turn-
ing them into easy targets.
Early this year, it took Mos-
cow months to seize the east-
ern city of Bakhmut. The
Ukrainian coun-
teroffensive has
advanced barely
a dozen miles
in five months.
Now, the Rus-
sians are again
trying to take
the initiative,
with an assault
on the small
eastern city of
Avdiivka. So far,
they have barely advanced.
To break out of this stale-
mate, Zaluzhniy wrote,
Ukraine would need a big up-
grade in its capabilities on
several fronts, including air
power, mine clearance, long-
range missiles and electronic-
ITALY
Afragola
Detail
Herculaneum
MOUNT
VESUVIUS
Pompeii
5 miles
5 km
Emma Brown/THE WALL STREET JOURNAL
close the park,” said Iannace.
Residents here get frequent
reminders that they live on
top of a slumbering giant. Hy-
drogen sulfide, with its dis-
tinctive smell similar to rotten
eggs, often drifts into town
from one of the craters, dis-
placing the salty sea breeze.
“If you want to live in Poz-
zuoli, you have to learn to co-
habit with the volcano,” said
Roberto Marotta, who man-
ages a clothing shop in Poz-
zuoli. “You’re always thinking
about it, even when you sleep.
If my wife moves in bed I
“They must go back be-
cause their country is now
peaceful, no war is going on,”
Bugti said last week.
There are 25,000 Afghans in
Pakistan who fled the Taliban
takeover who are eligible for
resettlement in the U.S., Wash-
ington says. These include
those who worked with the
American military, the former
U.S.-backed Kabul government
or in professions placing them
at risk, such as journalism.
Islamabad and rights
groups say the processing of
these people is taking too long.
Habibullah Aziz, a 33-year-
old journalist who worked
with an Afghan news channel
and is awaiting relocation to
the U.S., said that he came to
warfare systems that can jam
drones and send GPS-guided
weapons off course.
These upgrades, he said,
largely depend on the West.
The supply of weapons to
Ukraine has become a conten-
tious question in the West. In
Washington, more Republi-
cans are openly opposing fur-
ther aid for Kyiv, and funds
that have been used to bolster
Ukraine are running low.
The U.S.—Ukraine’s primary
source of military aid—also is
sending military supplies to
Israel, sparking fears of short-
ages of weapons in the West.
Zaluzhniy acknowledged
Russia’s demographic and eco-
nomic advantage. With a popu-
lation three times the size of
Ukraine’s before the war began,
Moscow benefits from a war of
attrition. Russia also is better
able than Ukraine to produce
weapons on its own territory.
jump up thinking it’s a quake.”
The frequent earthquakes
are part of a phenomenon
called bradyseism, the gradual
rising or falling of a part of
the earth’s surface caused by
activity inside a volcano.
The area around Pozzuoli’s
port has risen about 11.5 feet
since the late 1960s, including
more than 3 feet since 2014, It-
aly’s National Institute of Geo-
physics and Volcanology says.
On a recent Sunday, author-
ities in Pozzuoli handed out
pamphlets titled “I’m Not
Risking It,” containing infor-
mation on how to evacuate if
an eruption appears immi-
nent, and how to act in the af-
termath of an eruption. Tips
include thoroughly washing
food that has come in contact
with volcanic ash and not
driving on ash-covered roads.
An eruption in Campi
Flegrei isn’t imminent, but
quakes have weakened the vol-
cano, making a rupture in the
crust more likely, according to
a recent study by researchers
at Italy’s national institute and
University College London.
“The quakes spooked every-
body,” local real-estate agent
Antonio Guitto said. “The
nighttime quakes are the
worst because you can’t get
back to sleep.”
THE WALL STREET JOURNAL.
Pakistan in January this year
after receiving threats from
the Taliban.
“Every minute I am in fear
of being deported to Afghani-
stan, the situation is very dan-
gerous for Afghans with or
without documents,” said Aziz.
Western countries, includ-
ing the U.S., have privately
urged Islamabad to slow down
its plans, to avoid deporting
people waiting for resettle-
ment, according to Pakistani
and foreign officials.
Hundreds of soldiers, police
and other officials from the
former U.S.-backed govern-
ment in Afghanistan have suf-
fered reprisals since the Tali-
ban took over, according to
the United Nations. The Tali-
China’s leader Xi Jinping and his wife pay their respects at a
funeral for the former Chinese Premier Li Keqiang in Beijing.
Quiet Rebuke for Xi
As Ex-Premier Mourned
BY CHUN HAN WONG
SINGAPORE—During his fi-
nal months as China’s premier,
Li Keqiang evoked two grand
waterways seen as nurturing
Chinese civilization as he tried
to reassure citizens about
their country’s future.
“The Yangtze and Yellow
rivers won’t flow backwards,”
Li said last year, arguing that
China would never reverse
course on a four-decade policy
of opening up its economy.
Those words went viral on
Chinese social media after Li’s
unexpected death of heart
failure last week, shared by
mourners to subtly rebuke top
leader Xi Jinping for seem-
ingly breaching Li’s promise.
Xi and other senior Commu-
nist Party officials gathered
Thursday at the Babaoshan
Revolutionary Cemetery in Bei-
jing to pay their final respects
to Li, each bowing before the
former premier’s body, which
was draped with a party flag
and flanked by wreaths and
honor guards, according to foot-
age aired by state television.
Chinese flags flew at half-staff
at major public spaces and gov-
ernment premises across the
country in tribute to Li, whose
remains were cremated after
the ceremony. Li’s death in
Shanghai on Oct. 27 at the age
of 68 spurred an outpouring of
grief that often eulogized the
former premier as a reformist
voice and invoked his remarks
as a veiled criticism of Xi’s au-
tocratic leadership.
Li was the Communist
Party’s No. 2 official from
2012 to 2022 and served a de-
WAKIL KOHSAR/AGENCE FRANCE-PRESSE/GETTY IMAGES
ban deny the allegations.
“Helping facilitate the safe
and efficient resettlement and
relocation of eligible Afghans
to the U.S. is a priority for the
U.S.,” said a top U.S. official.
The senior Pakistani official
said that a list of 25,000 people
in the U.S. visa pipeline was
only shared by Washington on
Oct. 31. He said the list pro-
vided inadequate information
to identify people, for instance
lacking photographs or ad-
dresses that could be used to
protect them from repatriation.
There was no comment
from Washington on the de-
tention of some of its visa ap-
plicants.
—Esmatullah Kohsar
contributed to this article.
TINGSHU WANG/REUTERS
cade as premier before step-
ping down in March. Widely
considered one of China’s
weakest premiers, he lost in-
fluence over economic policy
and became sidelined as Xi
concentrated power.
Even so, Li’s death and the
mass mourning that followed
come at a sensitive time for Xi,
who has been grappling with a
sluggish economy, record-high
youth unemployment and a
crumbling property market.
Grieving a deceased official,
observers said, offers an ave-
nue for venting anger at cur-
rent leaders.
Many people see Li as a
“mirror image” of themselves,
comparing their own repressed
lives under Xi’s autocratic rule
with Li’s “humiliated” exis-
tence as an inconsequential
premier, said Hao Qun, an ex-
iled Chinese writer who pub-
lishes under the pen name
Murong Xuecun. “When they
mourn Li Keqiang, they are
also mourning themselves.”
The deaths of top Chinese
officials have in the past
spurred public mourning that
evolved into mass protests
against incumbent leaders.
The 1989 Tiananmen Square
protests started as a gathering
to grieve the death of former
party general secretary Hu Yao-
bang. In 1976, crowds that as-
sembled on Tiananmen Square
to mourn the late Premier Zhou
Enlai, who died earlier that
year, used the occasion to criti-
cize senior officials who fanned
some of the worst excesses of
Mao Zedong’s Cultural Revolu-
tion—prompting security forces
to clear the square.
 BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4317.78 À 1.89% S&P FIN À 2.40%
Weak China Sales Pressure Apple
Company posts
fourth quarterly
revenue drop in row;
iPhone sales rise
BY AARON TILLEY
Apple said sales fell for the
fourth consecutive quarter, in-
cluding a decline in China that
came as the company faces a
broad economic slowdown in
the country and new competi-
‘Green’ Concrete Offers Hope on Climate
BY ERIC NIILER
AND AMRITH RAMKUMAR
ARLINGTON, Va.—At con-
crete plants across the world,
diesel mixer trucks take in a
polluting blend of sand,
gravel, water and cement. A
facility outside Washington,
D.C., is adding a new ingredi-
ent to clean up the process:
carbon dioxide.
The hybrid material—
known as “green” concrete—
reduces the carbon footprint
of one of the dirtiest indus-
trial sectors in the world and
is emerging as an alternative
to carbon storage options such
as underground wells and
pipelines that require regula-
tory approval and local sup-
port.
Green concrete can’t store
the billions of tons of carbon
needed to meet the world’s
climate goals, but it offers an
immediate, partial solution to
the problem of concrete emis-
sions until other options
emerge. And thanks to gov-
ernment incentives and in-
vestments by the likes of Am-
azon.com and Microsoft, it is
having a moment.
The 2022 Inflation Reduc-
tion Act introduced billions of
dollars in tax credits for com-
panies that capture carbon at
factories or from the atmo-
sphere and then sequester it
underground or in products
such as concrete.
Amazon used green con-
crete for its Arlington head-
quarters and invested directly
in CarbonCure Technologies,
a startup that manages carbon
injection for concrete plants.
Microsoft also invested in
Please turn to page B6
UAW Eyes Dimon, in Shift, Looks to European Consumers
A Tougher
Opponent
In Tesla
BY TIM HIGGINS
A fight between union
leader Shawn Fain and billion-
aire Elon Musk would be epic.
But Fain, the factory worker
who rose to the top of the
United Auto Workers, has to
first persuade the hourly em-
ployees at Tesla that his fight
is worth taking up.
The prospect of the UAW
trying to organize the world’s
most valuable automaker and
other nonunionized carmakers
in the U.S. follows the union’s
winning record contracts with
General Motors, Ford Motor
and Chrysler parent Stellantis
last month.
If Fain now tries to get non-
union auto shops organized, as
he is suggesting, the rules and
players would be much differ-
ent and risks for individual
workers possibly perceived as
greater.
At companies such as Tesla,
Toyota, Honda, Volkswagen or
Nissan, he would be counting
on workers to stick out their
necks in tussles with compa-
nies that hold a lot of power to
squash such efforts—and, in
some cases, a history of vigor-
ously fighting back. On the
heels of the UAW deals, for ex-
ample, Toyota announced this
Please turn to page B5
 Big Three agree to pay
striking workers................. B5
*****
S&P IT À 1.71%
tion from rival Huawei Tech-
nologies.
The September quarter
marks the fourth straight pe-
riod in which Apple reported
year-over-year declines in to-
tal revenue, the longest such
slump in years. Apple sales
were $89.5 billion, down less
than 1% from the previous
year and largely in line with
analysts’ estimates, even as
net income of about $23 bil-
lion exceeded expectations.
Apple shares fell by around
Projected global carbon-capture capacity by sector
900 million metric tons
Various
Direct-air capture
Power
Energy
600 Industry
300
0
2023 ’25 ’27
Source: Rystad Energy
BY JOSH MITCHELL
AND DAVID BENOIT
LONDON—Not long ago, JP-
Morgan Chase Chief Executive
Jamie Dimon insisted the Wall
Street giant would never get
into retail banking in Europe.
Now, he is all in.
Chase is preparing to
launch a digital-only con-
sumer bank in the first of sev-
eral European countries in the
next two years, said Sanoke
Viswanathan, the bank’s
global strategy chief. It is also
expanding its fledgling retail
operations in the U.K., estab-
lished two years ago as a
beachhead for the region.
The goal, Viswanathan said,
is to gain tens of millions of
new customers and tens of
billions of dollars in deposits.
INSIDE
TECHNOLOGY
Shein, which was
founded in China,
recruits Westerners to
aid its global push. B4
DJ TRANS À 1.89%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.43%
3% in after-hours trading after
a company executive said De-
cember quarter revenue would
be similar to last year.
Despite a broad market de-
cline in demand for smart-
phones, the Cupertino, Calif.,
company said its iPhone busi-
ness advanced 2.8% to $43.8
billion, matching analysts’ ex-
pectations. The tech giant re-
leased four new phones in the
iPhone 15 family in Septem-
ber, including models that
featured titanium cases and
’29 ’31 ’33
JPMorgan yearly revenue by region
$125 billion
100
75
50
25
0 miliar with the matter said.
2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22
*Through September
JPMorgan is plowing into
international retail banking,
while other big banks such as
Citigroup and HSBC Holdings
are retrenching. It is counting
MARKETS
Stocks gain for a
second straight day
after the Fed’s signal
on interest rates. B11
2–YR. TREAS. yield 4.975%
better cameras.
The company’s business in
China, its third-largest mar-
ket, shrank 2.5% to $15.1 bil-
lion, missing analysts’ esti-
mates. In the country, Apple
faces stronger domestic com-
petition and heightened gov-
ernment scrutiny.
“China has always been
the most competitive market
in the world and we think it
will continue to be like that,”
Luca Maestri, Apple’s chief
financial officer, said in an
A Vulcan Materials facility in Arlington, Va., where green
’35 concrete is manufactured. Carbon dioxide is combined with
cement, sequestering the greenhouse gas.
Latin America/
Caribbean
Asia-Pacific
Europe/
Middle East/
Africa
North America
Sources: FactSet (revenue); Current Account Switch Service (U.K. accounts)
on its brand and the rise of
digital banking—which has
made it easier for households
to switch banks—to grab a
share of some of the globe’s
Brookfield-Led Consortium Raises
Bid for Origin Energy to $10.5 Billion
BY DAVID WINNING
SYDNEY—A consortium led
SPENCER PLATT/GETTY IMAGES
by Brookfield Asset Manage-
ment raised its takeover offer
for Australia’s Origin Energy
to around US$10.50 billion,
but again ran into opposition
from a big investor that
thinks it is trying to buy the
energy retailer and generator
on the cheap.
Origin on Thursday said the
Brookfield-led group is now
offering 9.53 Australian dol-
lars, or about US$6.10, a share,
which values the company at
A$16.41 billion. The revised of-
NIKKEI 31949.89 À 1.10% See more at WSJ.com/Markets
interview.
Maestri added that the top
four bestselling phones in ur-
ban China were iPhones and
the company believes it actu-
ally gained market share in
mainland China.
During the quarter, Apple-
rival Huawei made a come-
back with a new high-end
phone after being shut out of
the market for years due to
Western technology sanctions.
The Chinese phone vendor re-
Please turn to page B2
Number of U.K. checking
accounts that switched banks
1.2 million
1.0
0.8
0.6
0.4
0.2
0
2015 ’17 ’19
biggest consumer markets.
“The world is wide open,”
Viswanathan said.
JPMorgan’s foreign retail
foray looks to upend an estab-
fer is some 8% higher than the
cash consideration of A$8.81 a
share outlined in bid docu-
ments when Origin agreed to
the acquisition in March.
Origin said it represents
the consortium’s best and fi-
nal proposal unless a rival bid-
der emerges. Origin’s shares
had closed on Wednesday at
A$9.07, signaling that the
market expected the Brook-
field-led group to return with
a higher bid.
“We are pleased to have
agreed with the consortium a
significant increase in the
cash consideration, reflecting
Friday, November 3, 2023 | B1
Six Flags,
Cedar Fair
Form Park
Dynamo
BY LAUREN THOMAS
AND WILL FEUER
Six Flags and Cedar Fair
are joining forces in a roughly
$2 billion all-stock deal to
form a powerhouse in the re-
gional theme-park industry.
Six Flags shareholders will
receive 0.58 share of common
stock in the new company for
each share they own. Cedar
Fair unit holders will receive
one share for each unit they
own. The company is struc-
tured as a master limited
partnership.
Cedar Fair units closed more
than 1% lower at $37 on Thurs-
day, giving back gains from
Wednesday, when The Wall
Street Journal reported that the
companies were in advanced
talks and that a deal could be
announced as soon as this
week. Six Flags shares closed
more than 6% higher at $22.36.
The combined company,
which would have an equity
value of around $3.5 billion,
KENT NISHIMURA FOR THE WALL STREET JOURNAL (2)
will retain Six Flags as its cor-
porate name and trade under
Cedar Fair’s ticker, FUN. It
will be based in Charlotte,
N.C., near Cedar Fair’s Carow-
inds theme park. Cedar Fair
unit holders will own about
51% of the combined company
upon closing, and both compa-
nies will get six members on a
12-person board.
The new group will have 27
amusement parks and 15 wa-
ter parks across 17 states,
Canada and Mexico, giving it
the scale and resources it
would need to compete with
bigger rivals such as Sea-
World Entertainment, Walt
Disney and Comcast’s Uni-
versal.
Sandusky, Ohio-based Ce-
dar Fair has 15 parks, includ-
ing Cedar Point in Ohio and
Dorney Park in Pennsylvania,
which drew about 27 million
visitors collectively in the U.S.
last year. Arlington, Texas-
based Six Flags has 27 parks
across North America that
brought in more than 20 mil-
lion customers in 2022.
The theme-park industry is
struggling to rebound from
Please turn to page B2
lished hierarchy of American
banks abroad. Citi has long
been the U.S. bank with the big-
gest overseas exposure, some-
thing it has tried to pare back in
recent years. JPMorgan, while
strong in investment banking
overseas, had had a more lim-
ited international footprint.
Inside JPMorgan, the move
has had skeptics. Senior execu-
tives questioned an expensive
expansion that would burn cash
for years and openly wondered
if it would last long, people fa-
’21 ’23* Some think there is more room
to run in the U.S., where it has
successfully expanded its
branch network into new
states, booking good returns.
The U.K. venture has been
losing roughly $450 million a
Please turn to page B11
the value of Origin’s assets,
people, and the company’s
strategic positioning for the
energy transition,” Origin
Chairman Scott Perkins said.
Origin shareholders are due
to meet on Nov. 23 to vote on
the transaction. But the con-
sortium faces a challenge in
gathering enough support for
the deal after AustralianSu-
per, which holds a nearly 14%
stake in Origin and is its larg-
est shareholder, rejected the
latest offer and said it
planned to vote against the
transaction.
Please turn to page B2
B2 | Friday, November 3, 2023 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Motors.........A3,B1,B5 Origin Energy.............................B1

Alphabet.................................B2,B4
Amazon.com.................A1,B1,B2
Apple..................................................B1
AustralianSuper........................B1
B HSBC..................................................B1
Barclays.........................................B11
Brookfield Asset
Management...........................B1
C K
CarbonCure Technologies B1
Cedar Fair Entertainment
................................................................ B1
Chevron.........................................B12
Cigna.................................................B3
Citigroup.........................................A1
Comcast...........................................B1
CVS Health...................................A1
D M
Delta Air Lines.........................B6
DoorDash....................................B10
E-G
EIG Global Energy.................B2
Eli Lilly...........................................B12
Goldman Sachs......................B11 Peloton Interactive...............B3
H Pioneer Natural Resources
.............................................................B12
Heidelberg Materials..........B6
Hess.................................................B12 R
Roku.................................................B11
Huawei Technologies...........B1 S
J SeaWorld Entertainment.B1
JPMorgan Chase.....................B1 Shein.................................................B4
Shell...................................................B3
Six Flags Entertainment..B1
KPS Capital Partners..........A2
SoftBank.......................................A11
L Starbucks...........................B10,B11
Lendlease......................................B4 Stellantis.........................A3,B1,B5
Liberty Global...........................A2 T
Lloyds Banking.......................B11
Tesla...................................................B1
Lululemon Athletica............B3
Toyota Motor.....................B3,B5
Lyft......................................................B5
Transfix.........................................B10
U
Meta Platforms.......................B2
Uber Technologies......B5,B10
Microsoft................................B1,B2
Moderna.......................................B11 V
Mondelez International....B2 Vulcan Materials....................B6
N-P W

HANS GUTKNECHT/MEDIANEWS GROUP/LOS ANGELES DAILY NEWS/GETTY IMAGES

Exxon Mobil..............................B12 NatWest.......................................B11 Walgreens.....................................A1
Flexport........................................B10 Novo Nordisk...................B3,B12 Walt Disney.................................B1
Ford Motor...................A3,B1,B5 Oersted.........................................B12 WeWork...........................................A1

INDEX TO PEOPLE
A Kloza, Tom.................................B12 R
Arena, Alexas............................B4 L Ron, Lior......................................B10
Auchincloss, Murray..........B12 Langa, Doug.............................B12 S
B Li, Leon...........................................B4 Salama, Jonathan...............B10
Litt, Jonathan............................B2
Bankman-Fried, Sam...........A1 Sawan, Wael............................B12
Bassoul, Selim..........................B2 M Seigerman, Evan...................B12
Bezos, Jeff...................................A2 Maestri, Luca..............................B1 Setzkorn, David........................B3
C Malone, John.............................A2 Snyder, Alexander................A11
Mathrani, Sandeep..............A11 Spataro, Tom...........................B10
Chua, Teck....................................B6
McCandless, Jett..................B10 Sternlicht, Barry.....................A11
Claure, Marcelo........................B4 The new group will have 27 amusement parks and 15 water parks across 17 states, Canada and Mexico.
Mulberry, Brian........................B2
Colassano, Jim.......................B10 T

Theme Park characters from Looney Tunes

Musk, Elon....................................B1 Park attendance, quarterly
Cook, Tim......................................B2 Tolley, David..............................A11
N 14 million and DC Comics at its parks
Cordani, David...........................B3 Townsend, Frances...............B4 Six Flags Cedar Fair
Neumann, Adam......................A1
while Cedar Fair has some

Powerhouse rights to Peanuts characters,

Cronin, John..............................B11 V
Niven, Rob....................................B6 12
D Viswanathan, Sanoke..........B1 such as Snoopy.
O The companies expect about
DeLuca, Amelia........................B6

Is Formed
W $200 million in benefits, in-
Olson, Hannah..........................B3 10
Dimon, Jamie..............................B1
Omodunbi, Olu.........................A3 West, Tony...................................B5 cluding $120 million in admin-
H Whinston, Adam.....................B4 istrative and operational cost
P 8
Hill, Ned..........................................A3 Wood, Cathie............................B11 cuts within two years of clos-
Perkins, Scott.............................B1 Continued from page B1 ing.
K Pernot-Day, Peter..................B4 Z the pandemic, when many 6 Six Flags and Cedar Fair
Kelly, David.................................B11 Put, Dirk Van de.....................B2 Zimmerman, Richard..........B2 parks were closed or operated also posted third-quarter re-
under restrictions. While de- 4 sults on Thursday. Both com-
mand in other hard-hit indus- panies reported higher atten-

Bidders Lift its business that produces and

exports liquefied natural gas.
Brookfield and EIG have ar-
tries such as cruising has
surged past prepandemic lev-
els, attendance at U.S. theme
2
dance from a year ago, though
per-customer spending in
both of the chain’s parks fell.

Offer to gued that the deal is good for

Australia, which has been
slow to shift toward cleaner
parks hasn’t yet gotten there.
“We compete for people’s
leisure time,” Cedar Fair Chief
0
2019 ’20 ’21 ’22 ’23
Note: Cedar Fair’s amusement park operations were suspended in the first quarter of 2021.
The companies are experi-
menting with dynamic pricing
and tweaking offers as they

Buy Origin energy and has instead relied

on coal to power its economy.
Origin’s Energy Markets divi-
Executive Richard Zimmerman
said, noting that competition
includes everything from
Source: the companies

sent the stock down 45% last Los Angeles and San Fran-
look to strike a balance be-
tween attracting visitors and
getting them to spend more.
sion is Australia’s fourth-larg- other theme parks to driving year, steeper than the 17% drop cisco. Cedar Fair traces its roots
Continued from page B1 est emitter of greenhouse ranges. “They can decide to in units of Cedar Fair. That set They plan to leverage Cedar to the 1870s, when its flagship
“AustralianSuper believes gases because much of the come to a theme park or they the market value of the two Fair’s recent experience roll- park, Cedar Point, opened in
the ongoing energy transition, electricity that it generates can do a lot of different things companies on roughly equal ing out splashy new rides to Sandusky, on the coast of Lake
as we move toward net zero comes from plants that burn with their weekend time.” footing. improve parks across the Six Erie. The company went pub-
by 2050, has further enhanced thermal coal. Zimmerman, an industry One Six Flags shareholder— Flags portfolio. Cedar Fair has lic in 1987 and has since
the value of strategic energy Brookfield has said it would veteran will be CEO of the Land & Buildings Investment invested in big rides—such as bought various family-owned
transition platforms, such as invest to change that through combined company. Six Flags Management, controlled by its Steel Vengeance ride in parks, such as Knott’s Berry
Origin, whether public or pri- its Brookfield Global Transi- CEO Selim Bassoul, who took Chief Investment Officer Jona- Ohio—that have become popu- Farm in Buena Park, Calif.
vate,” said a spokesperson for tion Fund, which is led by for- over in 2021, will be executive than Litt—said it would op- lar among coaster enthusiasts. Six Flags’ first park opened
the superannuation fund, mer Bank of England Governor chairman. pose the deal. The firm, which Six Flags has a larger pres- in 1961 in the Dallas suburb of
which has about A$300 billion Mark Carney and is dedicated The combined company reported a roughly 1% stake as ence in the South, and the Arlington. Like Cedar Fair, Six
in assets under management. to supporting the global tran- could provide a better value of June 30, said the deal merger would give Cedar Fair Flags expanded by buying up lo-
Origin’s stock fell more sition to clean energy. It pro- offering by for instance offer- doesn’t maximize Six Flags’ greater exposure to warmer cal theme parks across the U.S.
than 4% to a low of A$8.54 af- posed spending between A$20 ing season passes that include value, and reiterated prior markets such as Atlanta and After a 2009 bankruptcy, Six
ter AustralianSuper made its billion and A$30 billion to entry to more parks, the exec- calls for Six Flags to consider Oklahoma City, where it is Flags re-emerged the following
intentions known. build out Origin’s renewables utives said. selling its real-estate holdings. more common for parks to stay year, and its shares steadily
Brookfield and its main and storage assets over the “This strategic combination H Partners, which is Six open past Halloween and open climbed throughout the 2010s.
consortium partner, private- decade through 2033. allows us to rethink our value Flags’ biggest shareholder with earlier in the spring. The com- A key difference between
equity firm EIG Global Energy Last month, the deal was proposition,” Bassoul said. a nearly 14% stake, has agreed panies said that would smooth the two companies is that
Partners, want to break Ori- approved by Australia’s anti- Under Bassoul, Six to vote in favor of the deal. out earnings volatility. most of Six Flags’ parks oper-
gin up if they can secure con- trust regulator, which decided Flags mounted an ambitious The companies have little The combined company will ate under its namesake brand.
trol. Brookfield is seeking to its pledge to spend big on re- plan to revitalize its parks and direct geographic overlap, also have a vault of valuable Cedar Fair has maintained the
own Origin’s power-generation newable energy generation drive prices higher, accepting a though they have parks that intellectual property to bolster identities of its various parks,
division and EIG’s MidOcean trumped competition con- lower level of attendance. Inves- go head-to-head in some im- its parks. many of which have passion-
Energy unit aims to take over cerns. tors have been skeptical and portant markets, including Six Flags has long used ate local fan bases.

Apple’s Mondelez
Revenue Sales Rise as
Demand Is
Declines Still Resilient
Continued from page B1
leased the Mate 60 Pro in Sep- BY JESSE NEWMAN
tember that is reportedly able
to achieve 5G-like wireless Significantly higher prices
speeds using homegrown couldn’t keep consumers
technology. from buying snacks in the
“Huawei is going to be a third quarter, leading to a
strong headwind,” said Brian surge in sales for snack giant
Mulberry, a client portfolio Mondelez.
manager at Zacks Investment The maker of Oreos and
Management, an Apple share- Triscuits said Wednesday
holder. He said the perfor- that its revenues were strong
mance of the services unit, around the world, driven by
which grew by about 16%, was both higher prices and sales
a silver lining. volumes. By contrast, many
For the three months that food companies have been
ended in September, Huawei battling declining sales vol-
AGENCE FRANCE-PRESSE/GETTY IMAGES

smartphone sales grew by 37% umes in recent months as

from a year earlier in China, consumers push back on
while Apple’s iPhone shrank higher prices across the gro-
10%, according to Counter- cery store.
point Research. Overall smart- CEO Dirk Van de Put said in
phone sales in China fell 3% in an interview that consumers
the period, said the research often stick with their favorite
firm. chocolate and biscuit brands
China recently ordered cen- when prices rise, keeping
tral-government employees to The company’s business in China, its third-largest market, shrank 2.5% to $15.1 billion, missing analysts’ estimates. Mondelez’s products moving
not use iPhones or other for- off shelves.
eign-branded phones for work, In the midst of these hur- postpandemic slumps but also closed initial payoffs from in- most every potential Pro cus- Mondelez reported sales of
The Wall Street Journal re- dles, Apple Chief Executive confronted investors wary of vestments in artificial tomer by now, analysts said. $9 billion, up 16% from a year
ported in September. Tim Cook made a surprise, any signs of weakness. intelligence. In the quarter, U.S. smart- ago. The food maker’s ad-
The challenges in China whirlwind trip to China in Oc- Microsoft, Amazon, Meta Apple has been pushing phone shipments shrank 19% justed profit of 82 cents per
have spooked Apple investors, tober, visiting a key supplier Platforms and Google parent consumers toward its pricier from the prior year, including share outpaced the 78 cents
sending shares down more and meeting with senior Chi- Alphabet reported strong iPhone Pro models over the an 11% decline for the iPhone, per share Wall Street analysts
than 10% since the company’s nese officials. growth and improving mar- past few years to keep sales though that may be due in had expected.
record earlier in the summer. Apple’s results capped a tu- gins in areas as varied as digi- growth up even as smart- part to the iPhone 15 launch- Mondelez raised its annual
In late June, Apple became the multuous earnings season for tal advertising, e-commerce phone shipments have slowed. ing later in the month than outlook for 2023, now expect-
world’s first corporation to technology companies, one in and cloud computing, and But that growth strategy may the previous year’s model, ac- ing organic sales growth of
close with a market value which many returned to shareholders responded favor- be reaching its limits, with cording to Counterpoint Re- 14% to 15% and adjusted EPS
above $3 trillion. strong revenue growth after ably to companies that dis- Apple having likely reached al- search. growth of about 16%.
THE WALL STREET JOURNAL.
Toyota Recalls
RAV4 SUVs Over
Battery-Fire Risk
BY ALYSSA LUKPAT
Toyota Motor is recalling
more than 1.8 million RAV4
vehicles over a potential fire
risk, the company said.
Batteries in certain RAV4
cars from the model years
2013 to 2018 are too small,
which could cause them to
shift during forceful turns and
possibly catch fire, the car-
maker said Wednesday.
Toyota said it would notify
affected car owners by the
end of the year if their vehicle
is included in the voluntary
recall. The company said it
was working on a fix to the
battery problem and would
later repair the cars free of
charge.
Toyota has made hybrid
and electric-vehicle versions
of the RAV4, but those weren’t
included in the recall. The
RAV4, a compact sport-utility
vehicle, is one of the com-
Peloton Gets Revenue
Lift From Lululemon
BY SABELA OJEA
Peloton Interactive said it
expects revenue growth from its
partnership with Lululemon
Athletica in the current fiscal
quarter.
The company said its five-
year deal with Lululemon, under
which it sells co-branded apparel
and allows Lululemon Studio
subscribers to have access to
Peloton classes, will add about
$10 million to subscription reve-
nue in the fiscal second quarter
ending in December.
The companies’ co-branded
Return-to-Office Fight Is Becoming a Disability Dispute
BY LAUREN WEBER
The return-to-office battle
between workers and employ-
ers is entering a more combat-
ive phase.
Workers are filing more
charges of disability discrimi-
nation to federal and state
agencies, and an increasing
share of the charges are based
on mental-health conditions
such as anxiety, depression and
post-traumatic stress disorder.
Though agencies don’t disclose
the events leading to the
charges, the increase is driven
partly by employers requiring
that workers return to work-
Cigna Stock
Rises After
Earnings
Report
BY ANNA WILDE MATHEWS
Cigna stuck with its earn-
ings projection for next year.
Shares of the health and
drug-benefits giant rose 3.1%
to $318.89 on Thursday, as the
positive signals about 2024
came on top of third quarter
earnings that beat analysts’
expectations.
Cigna said it expects ad-
justed earnings per share of at
least $28 a share next year,
consistent with its prior pro-
jections. Chief Executive David
Cordani said the company typ-
ically delivers a 10% to 13%
compound annual EPS growth
rate and 2024 should be at the
high end of the range.
The company expects im-
proved margins on its individ-
ual business next year, after
price increases in two of its
biggest states. But the rate in-
creases could hurt enrollment.
Cigna projects its new PBM
business with Centene will be
break-even or slightly positive
next year, after costs in 2023
to prepare for its launch. The
company expects to benefit
from the introduction of bio-
similar versions of drugs, but
says in 2024 this will largely
represent the impact of im-
mune-disease therapy Humira.
pany’s top-selling vehicles. A
Toyota spokesman Thursday
declined to comment further.
The National Highway Traf-
fic Safety Administration
hadn’t listed the recall on its
website by early Thursday
morning. The agency said it
received a recall filing from
Toyota that it will post after it
has been processed.
Toyota has issued several
voluntary recalls in the past
few months, including for cer-
tain Highlander front bumpers
and Tundra fuel tubes. The
company last year recalled all
of its new battery-powered
SUVs—about 2,700 of them—
because the wheels could po-
tentially fall off.
Some of Toyota’s biggest
recalls in recent years include
a 2018 recall of more than a
million Prius and C-HR vehi-
cles because of a fire risk and
a 2016 recall of 5.8 million ve-
hicles with faulty air bags.
apparel line was launched in
October, while the app side of
the partnership went live on
Nov. 1.
The company posted higher-
than-expected revenue for the
fiscal first quarter.
The fitness-equipment com-
pany reported a loss wider than
what Wall Street expected, while
it continued to deal with declines
in its subscriber base.
Shares of the fitness-equip-
ment company rose a62 cents,
or 13%, to $5.43.
Lululemon’s shares rose $8.21,
or 2.1%, to $403.50 on Thursday.
places and denying some of
their requests for exemptions,
according to lawyers, govern-
ment officials and disability ad-
vocates.
The number of charges filed
to the Equal Employment Op-
portunity Commission alleging
discrimination against individ-
uals with anxiety, depression
and post-traumatic stress dis-
order rose by at least 16% for
each condition from 2021 to
2022. Data from multiple state
civil-rights agencies show that
in recent years, disability
charges—encompassing a but the approval rate has de-
range of conditions including
mental-health disorders, hear-
A Novo Nordisk factory in Hillerød, Denmark. The company said quarterly net profit rose 56%.
Wegovy Maker Novo Nordisk’s Profit
Surges on Weight-Loss-Drug Demand
BY DOMINIC CHOPPING
Wegovy maker Novo Nor-
disk reported soaring profit,
boosted by blockbuster
weight-loss drugs that quickly
made the Danish drugmaker
Europe’s most valuable com-
pany.
Surging demand for the
drugs has supercharged the
company’s stock price, tilted
the scales of its home economy
in Denmark and triggered a
frenzy on Wall Street over how
the treatments and others like
it might affect other indus-
tries, including snack foods.
It has made the drugs hard
to get in many places. Novo
Nordisk said Thursday it would
continue to restrict the supply
of lower-strength doses of its
Wegovy obesity medicine in
BUSINESS NEWS
The increases were driven by higher refining margins, helping offset lower integrated gas volumes, Shell said.
Shell Sets Share Buyback Plan
After Quarterly Earnings Gains
Shell’s quarterly adjusted
earnings*
$12 billion
$6.22B
10
8 slightly missed market expec-
6 The London company on
4 earnings of $6.22 billion for
2 lion in the preceding quarter,
0 expectations of $6.25 billion
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2022 ’23
*Excludes certain commodity-price
adjustments and one-time charges
Source: the company
ing impairments and autoim-
mune diseases—have overtaken
previous top complaints.
“Mental illness is at an all-
time high, and Covid was a
huge contributor,” said Hannah
Olson, whose software firm,
Disclo, helps employers manage
the disability-accommodations
process. “The other piece is re-
turn-to-office. People are ask-
ing for more things, and com-
panies don’t know how to
manage this.”
Employers still approve
most accommodation requests,
clined since early in the pan-
demic, according to Sedgwick,
the U.S. to safeguard supplies
for current patients.
With the limited supply of
Wegovy, obesity patients have
been turning to Novo Nor-
disk’s Ozempic diabetes drug
as an alternative because both
medications share the same
active ingredient. That has led
to Ozempic shortages among
patients who use it for treat-
ing their diabetes.
The company said Thurs-
day it expects continued peri-
odic supply constraints and re-
lated drug-shortage notifi-
cations while it continues to
invest and gradually expand
supply capacity.
Ozempic sales rose 46% to
23.91 billion Danish kroner, or
about $3.4 billion, in the latest
quarter while Wegovy sales
soared to 9.65 billion kroner
Friday, November 3, 2023 | B3
JASON ALDEN/BLOOMBERG NEWS
BY CHRISTIAN MOESS LAURSEN
Shell launched a $3.5 bil-
justments and one-time
charges—of $9.45 billion as it
benefited from strong natural
buyback to complete by the
time its fourth-quarter results
are released, following buy-
lion share buyback program gas and fuel demand. backs of $3 billion during the
after third-quarter earnings Shell said the quarter’s trad- third quarter. Shell had guided
rose on higher refining mar- ing gains were driven by higher for a buyback program of at
gins, oil prices and sales, but refining margins, realized oil least $2.5 billion. In addition,
prices, liquefied natural-gas Shell declared a stable dividend
tations. trading and higher upstream per share payout of 33.10 cents.
production, which all offset Overall, Shell’s third-quar-
Thursday reported adjusted lower integrated gas volumes. ter profit on a current cost of
Total oil and gas production supplies basis—a figure simi-
the quarter, up from $5.07 bil- fell 9%, mainly due to more lar to the net income that U.S.
planned maintenance at the oil companies report—was
but slightly missing market Prelude platform offshore Aus- $6.15 billion, up from $3.49
tralia, at its Trinidad and To- billion in the second quarter.
provided by Vara Research. bago operations, and produc- Cash flow from operations
Last year, Shell posted tion-sharing contract effects in was $12.33 billion.
third-quarter adjusted earn- the Pearl GTL plant in Qatar.
ings—a metric that strips out The oil-and-gas major  Heard on the Street: Deals
certain commodity-price ad- launched a $3.5 billion share don’t tempt all majors... B12
which manages leave and dis- accommodation, the suit says. limitations. As long as employ-
ability claims for employers. In “It’s an issue we’re very ees can fulfill the essential
2021, 95.6% of all requests were aware of,” Sarah DeCosse, who functions of their jobs, workers
approved. In the first half of leads the disability team in the and employers are expected to
this year, workers’ requests EEOC’s legal department, said negotiate in a so-called interac-
were OK’d 91.8% of the time, about denials of remote-work tive process to find reasonable
said David Setzkorn, leader of accommodations. “We under- accommodations.
Sedgwick’s workforce absence stand and have noted anecdot- These conversations often
and disability practice. ally that there have been a lot result in compromises between
The EEOC in September of inquiries about this basic the worker’s initial request and
sued a Georgia employer for scenario.” the employer’s preference.
declining to allow a digital Congress passed the Ameri- More companies are trying
marketing manager with anxi- cans with Disabilities Act in to boost office attendance after
ety and other mental-health 1990 to help disabled people Covid-19 ushered in an era of
disorders to work remotely participate in the labor force, remote work. Many executives
three days a week. The com- even if they need accommoda- say their companies are more
pany, a small chain of pediat- tions to perform their jobs. productive, innovative and col-
rics offices, fired the employee Employers can ask for docu- laborative when employees are
soon after she requested the mentation about a person’s in the office.
CHARLOTTE DE LA FUENTE FOR THE WALL STREET JOURNAL
It’s time for
“qualified”
to mean
qualities,
not just a
bachelor’s
degree.
from 1.16 billion kroner.
Novo Nordisk last month
preannounced sales and oper-
ating profit figures, but it said
Thursday that net profit in the
quarter jumped 56% to 22.48 Keith, Data Analyst,
billion kroner from 14.41 bil- Google Career Certificate Graduate,
lion kroner, beating a forecast STAR
of 21.59 billion kroner from
analysts in a FactSet poll.
Reported sales rose 29% to
58.73 billion kroner, compared
with a FactSet estimate of
57.78 billion kroner, driven by
sales of Ozempic and Wegovy.
Tear the paper ceiling that is keeping you
The company backed re-
from discovering over 70 million STARs: workers
cently lifted guidance, expect- Skilled Through Alternative Routes that are being
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TEAR THE PAPER CEILING.ORG
 Heard on the Street: Drugs
strain makers.................... B12
B4 | Friday, November 3, 2023 ***** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Shein Turns to Westerners Google Land Deal

Put on Scrap Pile
To Help Guide Global Push BY STUART CONDIE
BY SHEN LU SYDNEY—Four years ago,
Google and Australia’s Lend-
Shein, known for its ultra- lease rolled out a vision for a
affordable clothes shipped more than $15 billion real-es-
from China, is enlisting top tate investment in the San
Western executives in its Francisco Bay area featuring
quest to go truly global. apartments, shops and new
CHRISTOPHE ARCHAMBAULT/AGENCE FRANCE-PRESSE/GETTY IMAGES
laying off some workers while
other employees shift to hy-
brid working arrangements in
the pandemic’s aftermath.
Companies that held on to of-
fice space during the early
years of the pandemic in the
belief that worker habits
would snap back in its after-

The China-founded retailer, office space. math are adjusting to a reality

which has become increas- Now, those plans are on the where they need less room.
ingly entangled in Beijing- scrap heap, an example of U.S. Office-vacancy rates in Sili-
Washington friction, has tech leaders dumping office con Valley, which includes the
started making some of its space at a rapid clip as they Northern California communi-
products outside China and reassess commitments to the ties of San Jose, Palo Alto and
forged partnerships with workplace. Sunnyvale, had risen to 17% in
Western brands. Now it is Lendlease said its agree- June, from 11% in 2019, CoStar
globalizing its leadership ment with Google to build Group said earlier this year.
ranks as it looks to establish four neighborhoods in Silicon The situation is worse in
itself in its biggest markets, Valley has ended after the U.S. Mountain View, where the rate
especially the U.S. company reviewed its real-es- surpassed 20% this spring.
Recently, Shein tapped tate investments. It expects The collapse of its deal
Frances Townsend, a former Alphabet’s Google to pay for with Lendlease isn’t the first
Activision Blizzard executive work already done on the time that Google has reduced
who also worked in former project but didn’t quantify in a big way how much office
President George W. Bush’s The clothes retailer, founded in China, has started making products outside the country. how much it space it needs.
White House and the Justice could be. Google ear-
Department, for a six-month utive, to oversee global growth revenue and income for the sues Shein faces in the U.S. and “The exist- lier this year
consulting contract as a senior initiatives. Other new hires have first three quarters of 2023. says she is confident she can ing agreements Office-vacancy made available
adviser. If she comes on board expertise in areas where China- Shein’s small-batch, on-de- help the company with corpo- are no longer rates in Silicon for sublease 1.3
when that ends, as is being bred executives may lag, such mand manufacturing model rate governance, environmental mutually bene- million square
discussed, Townsend would be as U.S. legal and cybersecurity has contributed to its explosive compliance, data security and ficial given cur- Valley rose to feet of office
one of the most senior addi- matters, as well as Western growth, but has also raised legal issues as it matures. rent market space in Moun-
tions to Shein’s leadership standards of social responsibil- eyebrows of U.S. lawmakers “They are very focused on
17% in June from
c o n d i t i o n s ,” tain View and
lineup and the rare executive ity and corporate governance. and attorneys general, who ensuring that they comply Lendlease said. 11% in 2019. Moffett Park.
with experience in the politi- Townsend, a former White have pressed Shein to be more with U.S. laws and they want Office va- The move was
cal corridors of Washington. House adviser on terrorism transparent about its supply to comply with U.S. expecta- cancy rates in part of a pro-
Since its 2012 founding, and homeland security to chain. Critics have also tions,” Townsend said. Silicon Valley gram Google
Shein has become one of the Bush in the 2000s, held sev- slammed Shein for its environ- Shein hired sustainability began climbing during the announced in February, when
world’s biggest fashion brands eral top positions at Activision mental footprint and accused it executive Adam Whinston as Covid-19 pandemic, and it said it would incur $500
with its $2 T-shirts and $7 Blizzard, including chief com- of copyright infringement. its first head of environmental, Google’s review is a signal that million in costs to reduce its
pants. This year, the company pliance officer. Before Activi- Reports have alleged that social and corporate gover- there isn’t likely to be a big office space as it lays off
has also started operating sion, she was an executive for some of Shein’s products con- nance in 2021. The same year, take-up of empty space for workers and moves to a hy-
marketplaces in the U.S., Mex- the investment firm MacAn- tain cotton from China’s Xinji- it tapped Peter Pernot-Day, years. brid workplace.
ico, Brazil and Europe that al- drews & Forbes for 10 years. ang region, which would make who has extensive background Lendlease hadn’t expected “As we’ve shared before,
low third-party merchants to Beyond adding global ex- them subject to a U.S. import in legal and data-privacy mat- to finish the development be- we’ve been optimizing our real
sell a variety of merchandise. pertise that could help Shein ban. Shein has said it has a ters in the U.S. He is now head fore 2038. estate investments in the Bay
Through that process, tackle compliance and image “zero-tolerance policy” for of strategic communications Google and Lendlease had Area, and part of that work is
Shein’s Chinese co-founders challenges, the effort to bring forced labor and has installed for the U.S. and U.K. Shein also wanted to build neighbor- looking at a variety of options
have kept a low profile, rarely on board more diverse leader- a “robust system” to comply recruited Leon Li, a former se- hoods, including around to move our development
engaging with the press. But ship could also help boost in- with U.S. law. The company nior executive at Comcast’s cy- 15,000 new homes, in the San projects forward and deliver
starting in 2022, Shein em- vestors’ confidence ahead of a told The Wall Street Journal bersecurity division who now Jose, Sunnyvale and Mountain on our housing commitment,”
barked on a campaign to im- potential U.S. stock listing. in August it doesn’t source heads Shein’s global security View areas. said Alexa Arena, senior direc-
prove its public and govern- In its latest fundraising any cotton from China and has and risk management. Details of the project out- tor of development at Google.
ment relations. Since then it has round in May, Shein raised $2 no manufacturers in Xinjiang. Also in 2021, Shein com- lined by Lendlease had sug- Those options could include
often had recently onboarded billion but also trimmed its val- Since 2022, Shein has spent pleted a move of its headquar- gested it could comprise more bringing in other developers
Western executives address uation by about a third com- more than $1 million on lobby- ters to Singapore from Nan- than 15 million square feet of and capital partners.
public and regulatory concerns pared with a year earlier, to ing as it undergoes probes jing. Since then, the company office, residential, retail and “We appreciate Lendlease
in the international media. $66 billion. In a letter sent to into its supply chain. has taken steps to be more other space. and the work the team has
It has appointed Marcelo investors this week, Shein said Townsend is aware of the forthcoming about its business But those areas are feeling done to get us to this point,”
Claure, a former SoftBank exec- the company delivered record regulatory and compliance is- practices and responsibilities. the sting of tech companies Arena said.

SUBSCRIBER BENEFIT
THE WALL STREET JOURNAL. **** Friday, November 3, 2023 | B5

BUSINESS NEWS

Carmakers Agree to Pay Striking Workers

Employees on picket ers out of its own strike fund. bly plant in Illinois the auto-
More than 45,000 workers maker had indefinitely closed
lines are expected to in total went on strike over earlier this year.
get $100 a day from roughly six weeks, although The UAW took some conces-
certain locations were out lon- sions in the deal, said Rich
Detroit’s Big Three ger than others. Boyer, vice president of the
Unionized employees at the union’s Stellantis department,
BY NORA ECKERT Detroit automakers who were in the video address. The auto-
temporarily laid off as a result maker had sought the right to

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

Ford Motor, General Mo- of the strike also are expected close and consolidate parts de-
tors and Chrysler parent Stel- to receive similar payment pots and other facilities, such
lantis agreed to pay striking from the companies. as its North American head-
workers for their time on the In recent weeks, the union quarters, or it would close
picket lines, as part of new la- has reached tentative agree- plants and lead to job losses,
bor deals reached late last ments with each car company, the UAW said.
month with the United Auto resolving the first simultaneous “It wasn’t an easy choice or
Workers to end the union’s strike of all three in UAW his- decision,” Boyer said.
walkout. tory. The deals, if ratified, would Still, Boyer said the UAW
The move is an unusual one raise workers’ pay 25% over four won the elimination of a lower
in the union’s history of negoti- years, as well as offer them cost- pay scale for workers at the
ating with the car companies, of-living adjustments and other parts-distribution unit, a key
according to people familiar improved benefits. demand during this current
with the talks. During a livestream to union The pay is on top of the $500 a week striking workers have been receiving from the UAW. round of talks.
UAW workers who walked members late Thursday, UAW A Stellantis spokeswoman
the picket lines at the three President Shawn Fain reiter- time it takes to reach the maxi- In a statement after Fain’s two-way communication about declined to comment. Company
companies are expected to re- ated plans to organize non- mum pay. remarks, Toyota said the deci- what’s happening in the com- officials previously said the
ceive on average slightly more unionized factories of foreign “Toyota isn’t giving out sion to unionize ultimately will pany, we aim to foster positive proposal for those facilities
than $100 a day for the time automakers such as Toyota raises out of the goodness of be made by its workers, and morale,” Toyota said. was intended to modernize its
they were out on strike, the Motor. On Wednesday, Toyota their heart,” Fain said. “They that the company has “a his- Fain also outlined details of parts-distribution business, not
people said. This amount is on said it was raising wages by 9% did it now because the com- tory of stable employment and the temporary pact the union to cut jobs, and that it’s not
top of the $500 a week that the for most U.S. auto factory pany knows we’re coming for income for our employees.” reached with Stellantis, includ- leaving its North American
UAW has paid picketing work- workers and shortening the them.” “By engaging in honest, ing the reopening of an assem- headquarters.

UAW Eyes “When I worked for the Na-

tional Labor Relations Board,
which I did for a decade, we
thored tweets deemed
threatening. Tesla has denied
wrongdoing and is appealing.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell the common shares of Imperial Oil Limited. The Offer (as defined below) is made
solely by the Offer to Purchase, dated November 3, 2023, and the accompanying Issuer Bid Circular, and the related Letter of Transmittal, and Notice of Guaranteed Delivery
and any amendments or supplements thereto. The Offer is not being made to holders of the Shares (as defined below) in any jurisdiction in which the making or acceptance
of offers to sell the Shares would not be in compliance with the laws of that jurisdiction. In any jurisdiction where the securities, blue sky, or other laws require the Offer to

Tesla as
used to call those folks lovingly
‘heroes,’” said Saint Louis Uni-
versity labor-law professor Mi-
be made by a licensed broker or dealer, the Offer shall be deemed made on behalf of Imperial Oil Limited by the Dealer Manager (as defined below) or one or more brokers
This time, Tesla and the or dealers registered under the laws of such jurisdiction.
UAW are in different spots.
Today, Tesla is consistently

Possible Foe
chael Duff, who worked for the
government agency responsi-
ble for enforcing workplace
laws. “They stood up knowing
Continued from page B1 that a likely course of events
week that most of its U.S. fac- was going to be that they
tory workers would get a 9% would be harassed, coerced, in-
pay increase, bringing their timidated and, perhaps, dis-
pay closer in line to unionized charged at the end of the day.”
rivals’ hourly rates. The last time the UAW tried
This year, Fain prodded ex- to organize Tesla, CEO Musk
ecutives on behalf of his took aim directly at his own
146,000 autoworker members workers, including telling a re-
for the biggest wage increases porter in 2017
in generations. It involved his that he found
calling their employers “our one of the orga-
one and only true enemy,” pok- nizer’s efforts, CEO Elon Musk
ing at the CEOs over their pay- which included has called efforts
checks and wearing a shirt a public blog
that read “Eat the Rich.” post describing at unionizing
And, in turn, Fain, elected in safety concerns,
‘morally
March, was the one taking the “to be morally
arrows from the companies as outrageous.” outrageous.’
the workers remained largely Musk quickly
faceless and protected from went on the de-
the fray. fense, framing
Those who were part of the Tesla as David in a battle
strikes gave up regular pay but against Goliath-like forces
had the confidence that their wanting to see it fail.
jobs would likely be there “As we get closer to being a
when the fight ended. profitable company, we will be
An organizing drive is dif- able to afford more and more
ferent. It is a mixture of inter- fun things,” Musk told workers
nal employees building sup- in a 2017 memo that included
port among their colleagues the promise of eventual fro-
and outside union members zen-yogurt stations scattered
helping them through the pro- around the factory and men-
cess with training and encour- tioned erecting a roller coaster.
agement. In the process, the “It’s going to get crazy good.”
individual workers, though Ultimately, the NLRB found
protected under the law, can that Tesla violated labor laws
worry about reaction from em- via such actions as banning or-
ployers set against the idea of ganizers from wearing UAW T-
unionizing. shirts and sending Musk-au-
profitable and Musk is the
world’s richest man in large
part because of the success of
the car company. He’s also
busier as the owner of Twitter-
turned-X, which has made him
more controversial as he often
wades into cultural issues.
Tesla is also much bigger,
with plants in China, Germany
and Texas in addition to the
original one in Fremont, Calif.,
where the previous organizing
attempt oc-
curred. The
company faces
claims by the
U.S. Equal Em-
ployment Op-
portunity Com-
mission of
racial miscon-
duct at the Fre-
mont factory.
Tesla has said it
opposes all dis-
crimination and harassment.
The company doesn’t have a
roller coaster yet.
In September, amid the
early days of the Detroit strike,
Fain’s words sounded like a
test-pitch to workers at Tesla
and elsewhere. He noted the
UAW’s history of setting the
standard for pay.
“Workers in this country
got to decide if they want a
better life for themselves, in-
stead of scraping to get by
paycheck to paycheck, while
everybody else walks away
with the loot,” Fain said on
CBS.
Notice of Offer to Purchase for Cash by
Imperial Oil Limited of
Up to C$1,500,000,000 in Value of its Common Shares
At a Purchase Price of
Not Less Than C$78.50 per Common Share
And Not More Than C$94.00 per Common Share
Imperial Oil Limited, a Canadian corporation (the “Company”), is offering to purchase for cancellation a number of the Company’s common shares (each, a “Share”), having an
aggregate purchase price not exceeding C$1,500,000,000 pursuant to: (i) auction tenders in which the tendering shareholders specify the number of Shares being tendered at
a specified price (the “Auction Price”) of not less than C$78.50 and not more than C$94.00 per Share in increments of C$0.25 per Share (the “Auction Tenders”), (ii) purchase
price tenders, in which the tendering shareholders do not specify a price per Share, but rather agree to have a specified number of Shares purchased at the Purchase Price (as
defined below) to be determined pursuant to the Offer to Purchase (as defined below) (the “Purchase Price Tenders”), or (iii) proportionate tenders, in which the tendering
shareholders do not specify a price per Share, but rather agree to have a number of Shares purchased at the Purchase Price to be determined pursuant to the Offer to Purchase
that will result in them maintaining their respective proportionate Share ownership (the “Proportionate Tenders”), upon the terms and subject to the conditions described
in the Offer to Purchase, dated November 3, 2023 (the “Offer to Purchase”), and the accompanying Issuer Bid Circular (the “Issuer Bid Circular”) and the related Letter of
Transmittal (the “Letter of Transmittal”) and notice of guaranteed delivery (the “Notice of Guaranteed Delivery”) (which together, as they may be amended and supplemented
from time to time, constitute the “Offer”).
THE OFFER WILL EXPIRE AT 5:00 P.M., CALGARY TIME, ON DECEMBER 8, 2023, OR AT SUCH LATER TIME AND DATE TO WHICH THE OFFER MAY BE EXTENDED BY THE
COMPANY (THE “EXPIRATION DATE”), UNLESS WITHDRAWN.
The Offer is not conditional upon any minimum number of Shares being properly deposited under the Offer. The Offer is, however, subject to other conditions as set forth in
the Offer to Purchase.
Upon the terms and subject to the conditions of the Offer, the Company will determine a single price per Share (the “Purchase Price”), not less than C$78.50 and not more
than C$94.00 per Share (in increments of C$0.25 per Share), that the Company will pay for Shares properly tendered to and not properly withdrawn from the Offer, taking
into account the Auction Prices and the number of Shares deposited pursuant to Auction Tenders and Purchase Price Tenders. The Purchase Price will be the lowest price
that enables the Company to purchase that number of Shares pursuant to valid Auction Tenders and Purchase Price Tenders having an aggregate purchase price not to exceed
an amount (the “Auction Tender Limit Amount”) equal to (i) C$1,500,000,000 less (ii) the product of (A) C$1,500,000,000 and (B) a fraction, the numerator of which is the
aggregate number of Shares owned by shareholders making valid Proportionate Tenders, and the denominator of which is the aggregate number of Shares outstanding at
the time of the Expiration Date. All Shares the Company purchases in the Offer will be acquired at the same purchase price regardless of whether any shareholder tenders at
a lower price. For the purpose of determining the Purchase Price, Shares tendered pursuant to a Purchase Price Tender will be considered to have been tendered at a price of
C$78.50 per Share (which is the minimum price per Share under the Offer). Shares tendered pursuant to a Proportionate Tender will be considered to have been tendered at
a price per Share equal to the Purchase Price. Shares tendered by a Shareholder pursuant to an Auction Tender will not be purchased by the Company pursuant to the Offer if
the price per Share specified by the Shareholder is greater than the Purchase Price. However, because of “odd lot” priority and proration described in the Offer to Purchase, the
Company may not purchase all of the Shares tendered at or below the Purchase Price if the aggregate purchase price for Shares validly tendered and not withdrawn pursuant
to Auction Tenders at Auction Prices at or below the Purchase Price and Purchase Price Tenders (the “Auction Tender Purchase Amount”) is greater than the Auction Tender
Limit Amount. Shares not purchased in the Offer will be recredited or returned to the depositing shareholders at the Company’s expense promptly after the Expiration Date
of the Offer. The Company reserves the right, in its sole discretion, to change the purchase price range per Share and to increase or decrease the value of Shares sought in the
Offer, subject to applicable law.
As of October 30, 2023, there were 554,945,083 Shares issued and outstanding. At the maximum purchase price of C$94.00 per Share, the Company could purchase 15,957,446
Shares if the Offer is fully subscribed, which would represent approximately 2.9% of the issued and outstanding Shares as of October 30, 2023. At the minimum purchase price
of C$78.50 per Share, the Company could purchase 19,108,280 Shares if the Offer is fully subscribed, which would represent approximately 3.4% of the issued and outstanding
Shares as of October 30, 2023. The Shares are listed and posted for trading on the Toronto Stock Exchange (the “TSX”) under the symbol “IMO” and have unlisted trading
privileges on the NYSE American LLC (“NYSE American”) under the symbol “IMO”. Shareholders are urged to obtain current market quotations for the Shares before deciding
whether and at what purchase price or purchase prices to tender their Shares.
The Company expressly reserves the right, in its sole discretion, at any time and from time to time, to extend the period of time during which the Offer is open or to vary the
terms and conditions of the Offer by giving written notice, or oral notice to be confirmed in writing, of extension or variation to Computershare Investor Services, Inc., the
depositary for the Offer (the “Depositary”), and by causing the Depositary to provide to all shareholders, where required by law, as soon as practicable thereafter, a copy of the
notice in the manner set forth in the Offer to Purchase. Promptly after giving notice of an extension or variation to the Depositary, but, in the case of an extension, no later
than 9:00 A.M., Calgary time, on the next Business Day (defined herein as any day other than a Saturday, a Sunday, a statutory holiday in Calgary, Alberta or Toronto, Ontario
and a United States federal holiday) following the last previously scheduled or announced Expiration Date, the Company will make a public announcement of the extension or
variation and provide or cause to be provided notice of such extension or variation to the TSX, NYSE American and the applicable Canadian securities regulatory authorities.
The Offer will expire at 5:00 P.M., Calgary time, on December 8, 2023, unless the Company exercises its right, in its sole discretion, to extend the period of time during which the
Offer will remain open. Beneficial owners should be aware that their broker, dealer, commercial bank, trust company or other nominee may establish its own earlier deadlines
for participation in the Offer. Accordingly, beneficial owners wishing to participate in the Offer should contact their broker, dealer, commercial bank, trust company or other
nominee as soon as possible in order to determine the times by which such owner must take action in order to participate in the Offer.
In accordance with the instructions to the Letter of Transmittal, shareholders wishing to tender Shares must indicate whether he or she tenders Shares pursuant to an Auction
Tender, a Purchase Price Tender or a Proportionate Tender. If electing to tender his or her Shares pursuant to an Auction Tender, the tendering shareholder must specify the
number of Shares that it wishes to sell and the price, not greater than C$94.00 nor less than C$78.50 per Share, at which he or she is willing to sell his or her Shares to the
Company in the Offer. All Shares tendered by a shareholder who fails to specify any Auction Tender price for its Shares, or fails to indicate that he or she has tendered its
shares pursuant to a Purchase Price Tender or a Proportionate Tender, will be considered to have been tendered pursuant to a Purchase Price Tender. A shareholder who makes
an invalid Proportionate Tender, including by tendering an insufficient number of Shares, will be deemed to have made a Purchase Price Tender. Shareholders wishing to tender
Shares must follow the procedures set forth in the Offer to Purchase, Issuer Bid Circular and in the related Letter of Transmittal (and, if applicable, the Notice of Guaranteed
Delivery).
The Purchase Price will be payable in Canadian dollars; however, shareholders may elect to receive the Purchase Price in United States dollars as described in the Offer. The
risk of any fluctuation in exchange rates, including risks relating to the particular date and time at which funds are converted, will be borne solely by the shareholder wishing
to receive payment in United States dollars.
If the Auction Tender Purchase Amount is less than or equal to the Auction Tender Limit Amount, the Company will purchase at the Purchase Price all Shares so tendered
pursuant to Auction Tenders at or below the Purchase Price and Purchase Price Tenders. If the Auction Tender Purchase Amount is greater than the Auction Tender Limit
Amount, the Company will purchase a portion of the Shares so tendered pursuant to Auction Tenders at or below the Purchase Price and Purchase Price Tenders, as follows:
• first, the Company will purchase all Shares tendered at or below the Purchase Price by shareholders who own fewer than 100 Shares (the “Odd Lot Holders”) at the
Purchase Price; and
• second, the Company will purchase at the Purchase Price on a pro rata basis that portion of the Shares tendered pursuant to Auction Tenders at or below the Purchase
Price and Purchase Price Tenders having an aggregate purchase price, based on the Purchase Price, equal to (A) the Auction Tender Limit Amount, less (B) the aggregate

Uber, Lyft Settle With New York

amount paid by the Company for Shares tendered by Odd Lot Holders. Regardless of proration, the Company will always purchase at the Purchase Price, payable in cash
(subject to applicable withholding taxes, if any), a number of Shares from shareholders making valid Proportionate Tenders that results in such tendering shareholders
maintaining their respective proportionate Share ownership in the Company following completion of the Offer (subject to nominal differences due to the quantity of
Shares purchased from such shareholders being rounded down to the nearest whole number of Shares to avoid the purchase of fractional Shares). Shareholders making
Proportionate Tenders will be prorated in a separate proration pool from Shareholders making Auction Tenders and/or Purchase Price Tenders. Such proration will be
based on the number of Shares necessary for such Shareholders to maintain their existing ownership percentages.

Over Allegations of Wage Theft Payment for Shares accepted for payment pursuant to the Offer will be made only after timely receipt by the Depositary of (i) the share certificates for all Shares proposed to
be taken up in proper form for transfer, together with a properly completed and duly executed Letter of Transmittal (or a manually executed photocopy thereof) or, in the case
of a book-entry transfer, a Book-Entry Confirmation or an Agent’s Message (each as defined in the Offer to Purchase), as applicable, in lieu thereof relating to such Shares, with
signatures that are guaranteed if so required in accordance with the Letter of Transmittal, and (ii) any other documents required by the Letter of Transmittal.
In the event of proration of Shares deposited pursuant to the Auction Tenders and Purchase Price Tenders, the Company will determine the proration factor and pay for those
deposited Shares accepted for payment as soon as practicable after the Expiration Date. However, the Company does not expect to be able to announce the final results of any
BY DEAN SEAL such proration until approximately three (3) Business Days after the Expiration Date.
Deposits of Shares are irrevocable, except that Shares may be withdrawn by the shareholder (a) at any time if the Shares have not been taken up by the Company before actual
receipt by the Depositary of a notice of withdrawal in respect of such Shares, (b) at any time before the expiration of ten (10) days from the date that a notice of change or
Uber and Lyft have agreed variation (unless (i) the Company has taken up the Shares deposited pursuant to the Offer before the date of the notice of change or variation, or (ii) the variation consists
solely of an increase in the consideration offered for those Shares pursuant to the Offer where the time for deposit is not extended for greater than ten (10) days) has been
to pay a combined $328 mil- given in accordance with the terms of the Offer to Purchase; or (c) at any time if the Shares have been taken up but not paid for by the Company within three (3) Business
lion to resolve the New York Days of being taken up.
For a withdrawal to be effective, a written or printed copy of a notice of withdrawal must be actually received by the Depositary by the applicable date specified above at
attorney general’s allegations the place of deposit of the relevant Shares. Any such notice of withdrawal must be signed by or on behalf of the person who signed the Letter of Transmittal or Notice of
that the ride-hailing giants Guaranteed Delivery in respect of the Shares being withdrawn or, in the case of shares tendered in accordance with the procedures for book-entry transfer described in the Offer
to Purchase, any notice of withdrawal must be signed by such participant in the same manner as the participant’s name is listed on the applicable Book-Entry Confirmation or
cheated drivers out of their on the applicable Agent’s Message, and must specify the name of the person who deposited the shares to be withdrawn, the name of the registered holder, if different from
that of the person who deposited such shares, and the number of shares to be withdrawn. If the certificates for the Shares deposited pursuant to the Offer have been delivered
wages. or otherwise identified to the Depositary, then, prior to the release of such certificates, the depositing shareholder must submit the serial numbers shown on the particular
Attorney General Letitia certificates evidencing the shares to be withdrawn and the signature on the notice of withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to
Purchase), except in the case of shares deposited by an Eligible Institution. All questions as to the form and validity (including time of receipt) of notices of withdrawal will
James said Uber will pay $290 be determined by the Company, in its sole discretion, which determination shall be final and binding. None of the Company, the Depositary, RBC Capital Markets, as dealer
manager (the “Dealer Manager”), or any other person shall be obligated to give any notice of any defects or irregularities in any notice of withdrawal and none of them shall
million while Lyft will pay $38 incur any liability for failure to give any such notice.
million to resolve claims that Generally, if a shareholder is a Resident Shareholder (as defined in the Offer to Purchase), Shares will be considered to be capital property to the Resident Shareholder provided
that the Resident Shareholder does not hold the Shares in the course of carrying on a business and has not acquired the Shares in one or more transactions considered to be
the companies’ policies with- an adventure or concern in the nature of trade. A Resident Shareholder whose Shares might not otherwise qualify as capital property may, in certain circumstances, make an
irrevocable election under subsection 39(4) of the Income Tax Act (Canada) (the “Tax Act”) to have the Shares and every other “Canadian security”, as defined in the Tax Act,
held pay from drivers and pre- owned by such Resident Shareholder in the taxation year of the election and in all subsequent taxation years deemed to be capital property. Resident Shareholders are advised
vented them from receiving to consult their own tax advisors to determine if this election is appropriate in their particular circumstances.
DAVID PAUL MORRIS/BLOOMBERG NEWS

A Resident Shareholder who disposes of Shares pursuant to the Offer will be deemed to receive a taxable dividend on a separate class of shares comprising the Shares so sold
valuable benefits available un- equal to the excess of the amount paid by the Company for the Shares, being the Purchase Price, over their paid-up capital for purposes of the Tax Act. The Company estimates
der New York’s labor laws. that on the Expiration Date the paid-up capital per Share should not exceed $1.75 for purposes of the Tax Act. As a result, the Company expects that a Resident Shareholder
who disposes of Shares under the Offer will be deemed to receive a taxable dividend. The exact quantum of the deemed dividend cannot be guaranteed.
The settlement funds will A Non-Resident Shareholder (as defined in the Offer to Purchase) who disposes of Shares pursuant to the Offer will be deemed to receive a dividend equal to the excess of
be transferred to current and the amount paid by the Company for the Shares, being the Purchase Price, over their paid-up capital for Canadian income tax purposes. As a result, the Company expects that
Non-Resident Shareholders who dispose of Shares under the Offer will be deemed to receive a dividend. The Company estimates that on the Expiration Date the paid-up capital
former drivers in the form of per Share should not exceed $1.75 for purposes of the Tax Act. The exact quantum of the deemed dividend cannot be guaranteed. Any such dividend will be subject to Canadian
withholding tax at a rate of 25% or such lower rate as may be provided under the terms of an applicable Canadian tax treaty.
back pay. Generally, the purchase of shares from a shareholder that is a U.S. Holder (as defined in the Issuer Bid Circular) will be a taxable transaction for U.S. federal income tax
The resolution also pro- purposes. As a consequence of any such purchase, a U.S. Holder will, depending on the U.S. Holder’s particular circumstances, be treated either as having sold its Shares or as
having received a distribution in respect of such Shares.
vides for a minimum driver All shareholders should read carefully the Offer to Purchase and the accompanying Issuer Bid Circular for additional information regarding the income tax consequences of
“earnings floor,” along with participating in the Offer and should consult their financial and tax advisors.
The Board of Directors has approved the Offer. However, none of the Company, the Special Committee (as defined in the Offer to Purchase) or the Board of Directors, the Dealer
paid sick leave, proper hiring Uber agreed to pay $290 million and Lyft $38 million to Manager or the Depositary makes any recommendation to any shareholder as to whether to deposit or refrain from depositing Shares under the Offer. Shareholders are urged
and earnings notices and resolve claims that the companies withheld pay from drivers. to evaluate carefully all information in the Offer, consult their own financial, legal, investment and tax advisors and make their own decisions as to whether to deposit Shares
under the Offer, how many Shares to deposit and whether to specify a price and, if so, at what price to deposit such Shares. No director or officer of the Company has advised
other improvements to driver the Company that he or she intends to deposit Shares under the Offer.
working conditions, the AG’s ilarly deducted an 11.4% ad- applicable laws. The information required to be disclosed by Rule 13e-4(d)(1) of the Securities Exchange Act of 1934, as amended, is contained in the Offer to Purchase and is incorporated
herein by reference. The Company is also filing with the Securities and Exchange Commission an Issuer Tender Offer Statement on Schedule TO, which includes certain
office said. ministrative charge from Tony West, Uber’s chief le- additional information relating to the Offer.
Copies of the Offer to Purchase, accompanying Issuer Bid Circular and the related Letter of Transmittal and Notice of Guaranteed Delivery are being mailed to all holders of
Both Uber and Lyft deny drivers’ payments that was gal officer, said the settlement the Shares, including brokers, dealers, commercial banks and trust companies whose names, or the names of whose nominees, appear on the Company’s shareholder list or,
any wrongdoing. equal to the amount of sales resolves concerns around the if applicable, who are listed as participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of Shares. The Offer is explained in
detail in those materials.
The drivers affected by the tax and fees that should have classification of ride-hailing Questions or requests for assistance may be directed to the Depositary or the Dealer Manager, at their respective addresses, telephone numbers and emails, as applicable and
alleged misconduct largely been paid by riders, the AG’s drivers in New York and pro- as set forth below. Copies of the Offer to Purchase, accompanying Issuer Bid Circular, the Letter of Transmittal, the Notice of Guaranteed Delivery and other related materials
will be furnished promptly by the Depositary at the Company’s expense. Shareholders may also contact their broker, dealer, commercial bank, trust company or other nominee
came from immigrant commu- office said. vides drivers with more flexi- or trust company for assistance concerning the Offer.
nities and rely on their driving Both ride-hailing compa- bility as well as new benefits The Depositary for the Offer is:
jobs to provide for their fami- nies also failed to provide and protections. Computershare Investor Services Inc.
Regular Mail
lies, James said in a state- drivers with paid sick leave, “We thank Attorney Gen- Computershare Investor Services Inc., P.O. Box 7021, 31 Adelaide Street East, Toronto, ON M5C 3H2
Attention: Corporate Actions
ment. according to the attorney gen- eral James and her team for By Registered Mail or Hand Carrier
James’s office alleges that eral. their hard work in delivering a 100 University Avenue, 8th Floor, Toronto, ON M5J 2Y1
Attention: Corporate Actions
between 2014 and 2017, Uber Lyft said in a blog post that resolution that balances ac- Telephone (outside North America): 1 (514) 982-7555
Toll-Free (within North America): 1 (800) 564-6253
deducted sales taxes and cer- it has always correctly classi- countability and innovation Email: corporateactions@computershare.com
tain fees from drivers’ earn- fied drivers as independent while addressing the true The Dealer Manager for the Offer is:
RBC Capital Markets
ings when they should have contractors and that the fees needs of these hardworking Royal Bank Plaza, South Tower, 200 Bay Street, 4th Floor, Toronto, ON M5J2W7
Email: ImperialSIB@rbccm.com
been paid by passengers. Be- it charged drivers between drivers in New York,” West November 3, 2023
tween 2015 and 2017, Lyft sim- 2015 and 2017 complied with said.
 B6 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

BUSINESS NEWS

Women Hit Parity at Delta Maps a Sustainable Route

Top Business Schools Carbon-neutral plan
BY LINDSAY ELLIS plines including medicine and good for both planet
law. The first of Forté’s part- and the bottom line,
Women now make up at ner business schools to enroll
least half of full-time M.B.A. more women than men in a says airline executive
students at five top business full-time M.B.A. program was
schools, the most to reach the University of Southern BY ROCHELLE TOPLENSKY
that milestone in a given year, California in 2018, according
new data show. to the foundation. Three years Like many large companies,
The rising share of female later, Wharton became the Delta Air Lines has promised
M.B.A. candidates reflects first elite school to reach that to cut the net emissions across
business schools’ concerted benchmark. its entire value chain to zero
efforts to recruit more women Business schools have by 2050. Unlike most other
in recent years. Full-time worked deliberately for years sectors where companies’ car-
M.B.A. programs at Penn State to bolster their pipelines of fe- bon footprint primarily comes
University and the University male applicants, said Elissa from their suppliers and cus-
of Oxford hit parity for the Sangster, the foundation’s tomers, airlines’ biggest source
first time this academic year. chief executive. As conduits to of emissions usually comes
They join those at George the fast track in tech, Wall from their own use of jet fuel,

DELTA AIR LINES

Washington University, Johns Street and other parts of the
Hopkins University and the business world, M.B.A.s are
University of Pennsylvania, ac- seen as a key tool in getting
cording to the Forté Founda- more women into high-paying
tion, a nonprofit focused on leadership roles at major com-
advancing women into leader- panies. Many schools are ea-
ship roles via access to busi- ger to show they can graduate
ness education. enough top female talent to
Overall, women represent satisfy employer demand and
42% of full-time M.B.A. stu- help boost the number of
dents at the foundation’s part- women in the upper ranks of
ner schools, which include corporate management.
more than 50 of the top Targeted scholarships have
schools in the U.S., Canada helped, she says. So have
and Europe. That is up from stepped-up efforts to promote
33% a decade ago. the value of an M.B.A. degree
Women have earned the to undergraduates and recruit
majority of bachelor’s degrees current students to call female
in the U.S. since the early applicants to offer advice.
1980s. Female representation Shrijana Khanal, 24, enrolled
in M.B.A. programs has lagged at Johns Hopkins’s Carey Busi-
behind, though, even as ness School as a dual-degree
women made up bigger num- M.B.A. student this fall hoping
bers in other graduate disci- to one day be an entrepreneur.
She is banking on the M.B.A. to
help her break into leadership
roles and is interested in work-
ing in consulting.
On campus, Khanal has no-
ticed that she feels at ease in
class—unlike in her undergrad-
uate economics major and at
her first job, where there were
far more men than women. At
Carey, 51% of first-year stu-
dents are female this year.
MICHAEL PLACANCIA
which is typically their biggest
cost as well.
Delta recently appointed
company veteran Amelia De-
Luca as its chief sustainability
officer. The math graduate
joined the company straight af-
ter college, seeing a place to
use her problem-solving skills
while fulfilling her desire to
live and work overseas.
DeLuca talked to The Wall
Street Journal about Delta’s
multistage approach to cutting
its footprint, why the anti-ESG
movement doesn’t make sense
for an airline, and how she is
thinking about carbon offsets
and this year’s United Nations
climate conference.
WSJ: Where were you in De-
cember 2015 when the Paris
climate accord was signed?
DELUCA: I was leading our
trans-Atlantic network plan-
ning team. I wasn’t in sustain-
ability yet. I think it was still
an ‘Aha!’ moment for me be-
cause I already kind of realized
in my core that global collabo-
ration is needed to make true
change.
WSJ: Did you have a green
epiphany?
The carrier has pledged to cut net emissions across its value chain to zero by 2050.
solved by smart people across
all industries.
WSJ PRO: What is your favor-
ite sustainable product that
isn’t from your company?
DELUCA: There’s a great com-
pany in Atlanta called Com-
postNow. They’ve been scaling
throughout the Southern U.S. It
really works for urban com-
posting; you’re still able to par-
ticipate even if you live in an
apartment.
WSJ: Aside from flying, what is
the most carbon-heavy thing
that you do that you just can’t
kick?
DELUCA: Air conditioning. Liv-
ing in Atlanta, it would just be
very hard to live without it. But
I lived for three years in the
Netherlands and also for three
years in Mexico City. Neither
place had air conditioning. So
I’ve been on both sides of this.
WSJ: What are the most im-
portant sustainability develop-
ments in the past two years?
really important, but we do oc- we’re also going to create more
casionally have to pause and stability within a typically
really talk about it, to listen to more volatile industry when it
each other and to challenge comes to profitability.
each other to do more.
Two years ago, the net-zero WSJ: What is Delta’s part in
commitments were made. Now, building a sustainable future?
it’s becoming a business imper- DELUCA: One of our main im-
ative and the conversation is peratives is eliminating our
really: How are you building carbon footprint from flying,
this into your business? How changing how we fly so that we
are you making this economi- are no longer contributing to
cally viable? Only through hav- greenhouse gas emissions, and
ing conversations with my almost all of that comes from
peers can I better understand our jet fuel usage. We are a
how to prepare Delta for the loud and strong voice and we
future. try to use it positively through
forums and partnerships.
WSJ: What are the big sustain- Where our [onboard] prod-
ability themes coming up? ucts are coming from and go-
DELUCA: Continued partner- ing to is probably the most re-
ship and collaboration and re- latable item right now for the
framing our problems, looking average consumer. I think
at them from different angles that’s going to expand as con-
as you bring new collaborators sumers continue to understand
to the table. Another one is all their impact from travel and
things DEI [diversity, equity want to be able to travel in a
and inclusion] and social jus- more sustainable way.
tice. I’ve cared about them for
years. It’s something you’re go- WSJ: What challenges or hur-
ing to hear more of in the fu- dles to your sustainability

“I feel a sense of being able
to speak my mind without fear
of impostor syndrome in my
classes, which is a new feeling
M.B.A. student Shrijana Khanal for me,” she said.
ADVERTISEMENT
DELUCA: I was driving with my
two girls listening to this kids’
science podcast. It talked about
climate change and ended by
discussing how in 2100, when
climate change has been
largely solved, that it’s going to
be the kids that are listening to
DELUCA: A lot more people are
talking about these issues,
which is really positive, and the
Inflation Reduction Act was an
incredibly important milestone
for the United States. But it
feels like that optimism is be-
ing outpaced by a summer of
ture: Sustainability is not just plans worry you?
environmental; it is also social, DELUCA: When we think about
and we’ve got to keep both of moving the world to a more
those things in balance as we sustainable future of travel,
proceed. sustainable aviation fuel will be
part of the equation and it will
WSJ: What do you think about be the most important lever
the anti-ESG movement and that we’re going to pull. And I

The Marketplace
the podcast today, and maybe unprecedented weather pat- how does it affect what you say pull, but really, we’re creat-
their kids, who are going to be terns, climate disasters. These do? ing the lever first. We’ve made
To advertise: 800-366-3975 or WSJ.com/classifieds the ones who have solved it. real-life impacts continue to be DELUCA: We are tackling jet incredible progress, but sus-
That gave me clarity of what the rallying cry that we need to fuel—that is where our carbon tainable aviation fuel isn’t scal-
my role is: that we’ve got to be working together. emissions come from. And so, ing fast enough.
NOTICE OF SALE ANNOUNCEMENTS get a running start on this. for us, the anti-ESG rhetoric There’s been some really im-
WSJ: What are your hopes or doesn’t really make a lot of portant milestones: the Inflation
WSJ: What would you advise a expectations for this year’s sense, because what we’re do- Reduction Act, a number of off-
NOTICE OF UCC PUBLIC AUCTION SALE
PLEASE TAKE NOTICE, that in accordance with applicable
provisions of the Uniform Commercial Code of the States
Your Life Story
For Family. For Generations.
student to study?
DELUCA: Study something you
United Nations COP climate
summit?
ing is tackling our single larg-
est cost driver that is incredi-
take agreements where airlines
are committing to purchase fu-
of Delaware and New York (as applicable), VP IRVINE
Professional Biographers Write love and something that feels DELUCA: What I like about the bly volatile. If we can move ture sustainable aviation fuel
LENDER LLC, a Delaware limited liability company (the
“Secured Party”), will sell at public auction all limited Your Book OR We Help You Write. challenging. It helps you exer- COP is that all voices are at the into a future where that cost is when it’s created; government
liability company interests (the “Equity Interests”) held
by (i) 18831 VON KARMAN MILANI LLC, a Delaware Affordable & Personalized Service. cise your brain and with that table. From the business per- not coming from a finite re- loan programs; and many con-
limited liability company (the “Milani Pledgor”), in
18831 VON KARMAN IRVINE DELAWARE MEZZ LLC, a
LegaciesandMemories.com comes your ability to be able to spective. Everyone is there for source, i.e., fossil fuels, and it’s versations about SAF through
Delaware limited liability company (the “Milani Pledged (904) 293-9893 * Since 1999 solve really hard problems us- the same reason and you’re moving into renewable re- collaboration. But no one’s re-
Entity”) and (ii) 17422 DERIAN PISTOIA LLC, a Delaware
limited liability company (the “Pistoia Pledgor”, ing critical thinking, because spending from dawn till dusk sources, not only are we going ally been able to figure out why
and together with Milani Pledgor, individually and
collectively as the context may require, the “Pledgor”), climate change is going to be having conversations. Action is to bring our costs down but or how to scale it faster.
in 17422 DERIAN IRVINE APARTMENTS MEZZ LLC, a
Delaware limited liability company (the “Pistoia Pledged
Entity”). The Equity Interests secure indebtedness

‘Green’
owing by Pledgor to Secured Party in a principal amount
of not less than $62,589,525.69 plus unpaid interest, ing on new concrete mixes us-
attorneys’ fees and other charges including the costs to
sell the Equity Interests (“Debt”). ing everything from fly ash
Secured Party’s understanding, without making from coal plants or slag from
THEMARKETPLACE

Concrete
any representation or warranty as to accuracy or
completeness, is that the principal assets of (i) the steel mills to further reduce
Milani Pledged Entity are the limited liability company
interests in 18831 Von Karman Irvine Delaware LLC, cement and its emissions,
a Delaware limited liability company (the “Milani
Owner”), which is the owner of the real property located while a research team at the

Offers Hope Massachusetts Institute of

KENT NISHIMURA FOR THE WALL STREET JOURNAL

at 18831 Von Karman Avenue, Irvine, California (the

“Milani Property”) and (ii) the Pistoia Pledged Entity
are the limited liability company interests in 17422 Technology found it could cut
Derian Irvine Apartments LLC, a Delaware limited
liability company (the “Pistoia Owner”; together with 15% of concrete’s carbon foot-
the Milani Owner, each, a “Senior Mezz Borrower”),
which is the owner of the real property located at 17422 print by simply adding baking
Derian Avenue, Irvine, California (the “Pistoia Property”;
together with the Milani Property, each, a “Property”).
Continued from page B1 soda to cement before it is
The public auction sale (“Public Sale”) will be held on CarbonCure and is among mixed.
November 30, 2023, at 10:00 a.m. Eastern Time, by
virtual bidding via Zoom and/or at Secured Party’s many companies and aca- “There is a lot that we can
sole option, in-person in the offices of Kirkland and
Ellis LLP, located at 601 Lexington Avenue, New York, demic researchers experi- do to change this recipe,”
New York 10022. The URL address and password for
the online video conference will be provided to all
menting with new concrete Shell of the ClimateWorks
confirmed participants that have properly registered production methods. Foundation said.
for the Public Sale. The Public Sale will be conducted by
auctioneer Matthew D. Mannion, of Mannion Auctions, “It feels like we’re on the But the biggest reductions
LLC, New York City Division of Consumer Affairs Licensed
Auctioneer, License No. 1434494. cusp of a second industrial will come when cement plants
At the Public Sale, Secured Party reserves the right
to: (i) credit bid up to the amount of the Debt; (ii) set
revolution,” said Scott Shell, Green concrete cuts the carbon footprint of a polluting sector. switch to renewable energy,
minimum price(s) for the Equity Interests; (iii) reject an architect and industry di- while capturing and storing
bids, in whole or in part; (iv) cancel or adjourn the Public
Sale, in whole or in part; and (v) establish the terms and rector at the ClimateWorks said Teck Chua, director of activity that begins with in- industrial carbon emissions
conditions of the Public Sale (“Terms of Public Sale”)
which shall comply with all restrictions and obligations
Foundation, an environmental technical services for Vulcan gredients sourced from all before they escape into the at-
pursuant to that certain Intercreditor Agreement dated philanthropic organization. Materials, a construction-ma- over the Mid-Atlantic region. mosphere.
as of February 15, 2022 by and between Secured Party,
the holder of the pledges encumbering the collateral Concrete manufacturers terials company that operates Because concrete typically In April, cement company
owned by each Senior Mezz Borrower and the holder of
the mortgages encumbering each Property. produce roughly 30 billion the 83-year-old Arlington has to be poured no more than Heidelberg Materials signed
Prospective and winning bidder(s) will be required to
represent in writing to Secured Party that they will
tons each year to construct plant making green concrete. 90 minutes after it is mixed to an agreement with the Cana-
adhere to the Terms of Public Sale and are purchasing the world’s buildings, roads Vulcan uses carbon injec- set properly, there are already dian government to build a $1
ADVERTISE
the Equity Interests for their own account, not acquiring
them with a view toward the sale or distribution thereof and bridges, emitting several tions at more than 20 of its plants all over the world, an billion unit to capture 1 mil-
and will not resell the Equity Interests unless pursuant
billion tons of carbon dioxide roughly 140 concrete facilities existing network that could lion metric tons of carbon a
TODAY
to a valid registration under applicable federal and/
or state securities laws, or a valid exemption from the
registration thereunder. The Equity Interests have not
in the process, or roughly 7% in the U.S., producing more ease carbon storage bottle- year at the German company’s
been registered under such securities laws and cannot of the global total. Most of the than 1 million cubic yards of necks—without requiring Edmonton plant.
be sold by the winning bidder(s) without registration or
application of a valid exemption. The Equity Interests will emissions come from heating green concrete last year, or pipelines. That is too much carbon to
be offered for sale at the Public Auction “as-is, where-
is”, and there are no express or implied warranties or (800) 366-3975 limestone and clay to as high nearly 10% of its total con- “The beautiful thing about easily store in concrete. The
representations relating to title, possession, quiet
enjoyment, merchantability, fitness, or the like as to the
as 2,700 degrees Fahrenheit to crete shipments. The company concrete is there are concrete proposed Canadian plant will
Equity Interests. The Equity Interests will be sold as a For more information make cement, the material has several hundred plants producers in every single store its emissions under-
single lot, and will not be divided or sold in any lesser
amounts. THIS NOTICE DOES NOT CONSTITUTE AN visit: that binds the other ingredi- that produce crushed stone, community,” said Rob Niven, ground, and a separate facility
OFFER TO SELL, NOR THE SOLICITATION OF AN OFFER
TO BUY, THE EQUITY INTERESTS TO OR FROM ANYONE wsj.com/classifieds ents together. sand and gravel and had more chief executive of CarbonCure, under construction in Norway
IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR
SOLICITATION IS NOT AUTHORIZED.
To make green concrete, than $7 billion in total sales the Amazon- and Microsoft- will pipe 400,000 metric tons
All bids (other than credit bids of the Secured Party) liquid CO2 is sprayed inside last year. backed startup that manages of carbon dioxide a year—
must be for cash. In order for a prospective bidder (other
than the Secured Party) to be deemed qualified and the mixing drums on concrete The CO2 used in Vulcan’s the carbon injection for Vul- about half the facility’s annual
eligible to bid at the Public Sale, such prospective bidder
must provide an earnest money deposit in the amount trucks. There, it reacts with concrete is purchased from an can. emissions—to a permanent
of at least $5,000,000.00, which may be in the form of a
money order, certified or cashier’s check or wire transfer
calcium ions in the cement to ammonia plant about two The modest carbon injec- underground storage site un-
to an escrow account, as more fully detailed in the Terms form calcium carbonate, a hours away. tions are just the beginning of der the North Sea.
of Public Sale. Within two (2) business days of the Public
Sale, the successful bidder (other than the Secured mineral that is embedded in At the concrete plant, the a long process to reduce con- Such larger-scale solutions
Party) must deliver an additional deposit so that, when
added to the original earnest money deposit, the total the construction material. The liquid carbon dioxide snakes crete’s environmental impact. are needed to drastically cut
deposit equals ten percent (10%) of the successful bid,
with the balance to be delivered within ten business
rocklike calcium carbonate re- through a hose across a 50- CarbonCure offers other so- the industry’s footprint.
(10) days of the Public Sale, including the payment of all duces the amount of cement foot-tall tower where the con- lutions such as adding carbon “I think that’s great,” Ste-
transfer taxes, stamp duties and similar taxes incurred
in connection with the purchase of the Equity Interests. that is needed, cutting the crete materials are dumped dioxide at other points of the ven J. Davis, professor of
Parties interested in bidding on the Equity Interests
must contact Brock Cannon, Secured Party’s broker, concrete’s emissions by about into the mixing trucks. When production process to bolster earth system science at the
Cannon of Newmark & Company Real Estate Inc., d/b/a
Newmark (“Broker”), via email at brock.cannon@nmrk.
5% and locking away carbon the CO2 is inserted into the the emissions reductions. University of California, Ir-
com. Upon execution of a standard non-disclosure that would have otherwise mix, it resembles the fog that Microsoft is testing con- vine, said about small carbon
agreement, additional documentation and information
will be available. Interested parties who do not contact been emitted into the atmo- comes off dry ice. crete made with limestone de- injections in concrete. “But
Broker and register before the Public Sale will not
be permitted to participate in bidding at the Public
sphere. Two dozen trucks take rived from microalgae at one it’s not going to completely
Sale. Additional information can be found at https:// “Anytime we can reduce turns driving through the of its data centers in Quincy, solve the problem of all of
rimarketplace.com/listing/50791/ucc-disposition-
sale-indirect-interest-in-a-multifamily-development- © 2023 Dow Jones & Company, Inc. the amount of cement, we can plant and then to nearby con- Wash. those emissions to begin
portfolio-irvine-ca. All Rights Reserved.
reduce the amount of CO2,” struction sites, a symphony of Other companies are work- with.”
THE WALL STREET JOURNAL. Friday, November 3, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33839.08 s 564.50, or 1.70% Trailing P/E ratio 24.70 19.82 4317.78 s 79.92, or 1.89% Trailing P/E ratio * 19.69 18.68 13294.19 s 232.72, or 1.78% Trailing P/E ratio *† 28.92 23.35
High, low, open and close for each P/E estimate * 18.08 17.47 High, low, open and close for each P/E estimate * 18.55 17.03 High, low, open and close for each P/E estimate *† 25.15 21.14
trading day of the past three months. Dividend yield 2.14 2.23 trading day of the past three months. Dividend yield * 1.70 1.75 trading day of the past three months. Dividend yield *† 0.93 0.99
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

35600 4600 14300

65-day moving average

35000 4500 65-day moving average 14000
65-day moving average

34400 4400 13700

Session high 33800 4300 13400

DOWN UP
Session open Close
t

33200 4200 13100

Close Open
t

Session low 32600 4100 12800

Bars measure the point change from session's open

32000 4000 12500
July Aug. Sept. Oct. Aug. Sept. Oct. July Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,042,924,461 8,450,369
Industrial Average 33852.96 33450.03 33839.08 564.50 1.70 35630.68 31819.14 5.7 2.1 7.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 936,360,922 6,367,919
Transportation Avg 14389.44 14221.46 14285.46 265.18 1.89 16695.32 13200.71 8.2 6.7 8.4 Most-active issues in late trading Decl. volume* 101,808,104 1,929,637
Utility Average 854.75 834.96 850.92 17.90 2.15 1002.11 783.08 -6.2 -12.0 -1.0 Volume After Hours Issues traded 2,955 305
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 42844.07 42410.84 42826.38 821.83 1.96 45969.67 37494.26 14.2 11.2 8.0 Advances 2,583 209
Apple AAPL 11,461.5 171.25 -6.32 -3.56 181.90 169.33
Barron's 400 945.97 925.10 945.68 20.58 2.22 1036.97 881.58 4.6 2.7 8.8 Declines 328 80
Block SQ 8,568.4 49.84 5.86 13.32 53.45 43.95
Unchanged 44 16
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 8,318.4 429.89 -0.87 -0.20 431.04 419.15 New highs 28 1
Nasdaq Composite 13302.18 13177.64 13294.19 232.72 1.78 14358.02 10213.29 28.5 27.0 6.7 PENN Entertainment PENN 8,288.6 22.30 -0.04 -0.18 22.54 22.01 New lows 11 7
Nasdaq-100 14930.76 14792.81 14919.55 254.64 1.74 15841.35 10679.34 39.6 36.4 10.4 ProSh UltraPro Shrt QQQ SQQQ 5,099.5 19.79 0.29 1.49 19.81 19.45 Closing Arms† 0.94 0.87
Invesco QQQ Trust I QQQ 4,214.5 361.69 -1.75 -0.48 376.18 346.58 Block trades* 4,702 120
S&P
1.89
Advanced Micro Devices AMD 3,760.8 107.10 -0.73 -0.68 108.04 103.19
500 Index 4319.72 4268.26 4317.78 79.92 4588.96 3719.89 16.1 12.5 9.3 Nasdaq NYSE Arca
RTX RTX 3,738.0 82.95 0.17 0.21 83.00 82.50
MidCap 400 2432.19 2398.73 2430.75 49.61 2.08 2728.44 2326.82 2.7 0.02 7.9 Total volume*4,962,952,549 377,908,002
SmallCap 600 1118.23 1098.49 1117.89 28.95 2.66 1315.82 1068.80 -3.1 -3.4 7.7 Percentage gainers… Adv. volume*3,948,597,098 313,037,366
DigitalOcean DOCN 126.7 25.02 3.79 17.85 25.50 21.23 Decl. volume* 993,212,483 64,184,290
Other Indexes
Trupanion TRUP 60.3 26.25 3.38 14.78 26.55 22.87 Issues traded 4,294 1,713
Russell 2000 1714.61 1684.45 1714.21 44.51 2.67 2003.18 1636.94 -3.7 -2.7 3.0
Advances 3,177 1,560
NYSE Composite 15339.74 15002.55 15332.60 330.05 2.20 16427.29 14455.67 6.1 1.0 6.6 Block SQ 8,568.4 49.84 5.86 13.32 53.45 43.95
Declines 982 148
Value Line 519.30 506.28 519.11 12.83 2.53 606.49 498.09 -0.8 -3.2 3.4 Funko Cl A FNKO 331.5 8.30 0.79 10.52 8.93 7.49
Unchanged 135 5
NYSE Arca Biotech 4665.99 4597.94 4658.43 38.96 0.84 5644.50 4544.40 -4.8 -11.8 -3.8
Alignment Healthcare ALHC 65.6 7.00 0.65 10.24 7.63 6.35
New highs 13 13
NYSE Arca Pharma 875.33 857.70 871.53 13.84 1.61 925.61 791.91 9.2 0.4 11.7 ...And losers New lows 60 2
KBW Bank 77.32 74.71 77.29 3.30 4.46 115.10 71.71 -23.7 -23.4 -0.7 BILL Holdings BILL 1,945.7 64.90 -24.57 -27.46 92.50 53.15 Closing Arms† 0.81 2.36
PHLX§ Gold/Silver 112.03 110.19 111.54 0.85 0.77 144.37 96.97 15.0 -7.7 -8.3 Fortinet FTNT 1,570.7 47.60 -9.99 -17.35 57.71 43.70 Block trades* 28,993 1,886
PHLX§ Oil Service 89.66 86.96 89.52 2.91 3.36 98.76 69.29 7.5 6.8 45.4 Floor & Decor Cl A FND 152.6 71.35 -13.57 -15.98 84.92 71.35 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3388.88 3320.57 3368.54 77.59 2.36 3861.63 2292.85 46.9 33.0 14.2 WW International WW 727.5 7.30 -0.93 -11.30 8.38 6.20 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.62 15.58 15.66 -1.21 -7.17 26.52 12.82 -38.1 -27.7 -25.0 Atlassian Cl A TEAM 254.8 162.63 -18.77 -10.35 182.00 149.99 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 655.05 12.40 1.93 8.2 Baijiayun Group RTC 3.76 1.23 48.69 13.58 2.42 -48.0 Simplify Tail Risk Strat CYA 1.03 -1.04 -50.24 15.48 0.90 -93.2
MSCI ACWI ex-USA 284.98 5.45 1.95 1.3 Lemonade LMND 16.17 5.17 47.00 24.81 10.27 -25.5 Confluent CFLT 16.28 -11.85 -42.13 41.22 14.69 -28.0
MSCI World 2852.55 55.06 1.97 9.6 Rocky Brands RCKY 18.11 5.51 43.73 33.09 11.78 -18.6 reAlpha Tech AIRE 10.40 -7.10 -40.57 575.41 9.65 ...
MSCI Emerging Markets 930.62 14.65 1.60 –2.7 Alpine Immune Sciences ALPN 14.72 4.20 39.92 14.92 5.36 128.2 Net Lease Office Prop Wi NLOP 10.47 -6.63 -38.77 50.00 9.50 ...
Americas MSCI AC Americas 1633.11 31.77 1.98 12.1 8X8 EGHT 3.12 0.83 36.24 6.49 2.15 -23.0 POET Technologies POET 1.69 -1.03 -37.87 6.23 1.55 -31.3
Canada S&P/TSX Comp 19626.34 547.34 2.87 1.2 JAKKS Pacific JAKK 23.00 5.94 34.82 24.61 13.67 25.8 Remitly Global RELY 18.80 -8.79 -31.86 27.95 8.94 84.0
Latin Amer. MSCI EM Latin America 2262.77 32.53 1.46 6.3 Sinclair Cl A SBGI 14.25 3.64 34.31 22.41 9.39 -18.4 Acurx Pharmaceuticals ACXP 3.80 -1.27 -25.05 8.82 1.17 33.3
Brazil BOVESPA 115052.96 … Closed 4.8 Gray Television Cl A GTN.A 9.18 2.31 33.62 14.05 6.24 -23.6 Spectaire Holdings SPEC 2.33 -0.63 -21.28 15.40 1.29 -77.4
Chile S&P IPSA 3077.95 29.95 0.98 –3.0 Mynaric ADR MYNA 4.66 1.15 32.76 7.60 3.01 -15.3 Preformed Line Products PLPC 110.28 -28.23 -20.38 184.82 78.53 36.1
Mexico S&P/BMV IPC 49787.84 … Closed 2.7 Roku Cl A ROKU 78.05 18.35 30.74 98.44 38.26 50.6 Omnicell OMCL 29.24 -6.53 -18.26 77.14 28.76 -45.7
EMEA STOXX Europe 600 443.47 6.90 1.58 4.4 AudioCodes AUDC 10.16 2.33 29.76 21.19 7.14 -45.1 Pineapple Financial PAPL 1.85 -0.40 -17.78 3.69 1.66 ...
Eurozone Euro STOXX 436.77 7.96 1.86 6.5 Pitney Bowes PBI 3.98 0.81 25.55 4.85 2.80 30.9 Aldeyra Therapeutics ALDX 2.09 -0.45 -17.72 11.97 1.42 -62.1
Belgium Bel-20 3455.08 78.02 2.31 –6.6 Solid Biosciences SLDB 2.94 0.59 25.11 8.20 1.81 -52.0 MAX Auto Ind -3x Invr CARD 28.22 -6.00 -17.54 36.23 15.14 ...
Denmark OMX Copenhagen 20 2210.86 61.22 2.85 20.5 Via Renewables VIA 7.27 1.36 23.01 38.05 5.22 -80.1 PaxMedica PXMD 2.58 -0.54 -17.31 69.19 2.50 -91.5
France CAC 40 7060.69 1.85 9.1 Energy Recovery ERII 17.71 3.30 22.90 30.76 14.04 -3.2 Inari Medical NARI 50.99 -10.42 -16.97 83.84 48.86 -26.7
128.06
Germany DAX 15143.60 1.48 8.8
Israel Tel Aviv 1686.36
220.33
32.35 1.96 –6.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28479.39 493.95 1.77 20.1 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 736.03 13.80 1.91 6.8
Norway Oslo Bors All-Share 1520.16 10.78 0.71 11.6 Palantir Technologies PLTR 169,689 189.6 17.97 20.44 20.24 5.92 OmniLit Acquisition Cl A OLIT 3,353 27022 10.70 5.52 19.50 9.79
2.36 ProSh UltraPro Shrt QQQ SQQQ 126,457 -6.7 19.50 -5.20 63.57 16.38 PIMCO Dyn Multi Intl MFDX 1,014 4751 26.77 1.99 28.81 23.05
South Africa FTSE/JSE All-Share 71383.92 1643.62 –2.3
2.04 Tesla TSLA 124,881 7.2 218.51 6.25 299.29 101.81 IQ Candriam US LC Eq IQSU 714 3033 37.81 1.95 40.14 31.24
Spain IBEX 35 9260.40 185.40 12.5
2.49 Lumen Technologies LUMN 120,425 637.2 1.06 8.15 6.76 0.78 Invsc S&P MC Momentum XMMO 1,211 2755 78.00 1.00 83.37 70.78
Sweden OMX Stockholm 783.58 19.04 0.2
ProShares UltraPro QQQ TQQQ 115,949 7.2 36.30 5.31 47.14 16.10 Ind Tech Acqns II Cl A ITAQ 158 2693 10.95 0.24 11.45 9.76
Switzerland Swiss Market 10591.98 88.09 0.84 –1.3
Turkey BIST 100 7663.62 135.05 1.79 39.1 SPDR S&P 500 ETF Trust SPY 94,581 14.1 430.76 1.92 459.44 368.79 First Trust Mgd Futures FMF 317 2145 48.56 0.87 52.09 45.56
U.K. FTSE 100 7446.53 104.10 1.42 –0.1 Direxion Dly SCOND 3 BL SOXL 88,874 30.3 17.08 7.08 28.75 7.53 Academy Veteran Impact VETZ 520 2076 19.27 -0.11 20.66 18.98
U.K. FTSE 250 17767.30 581.41 3.38 –5.8 Nikola NKLA 76,550 3.8 1.16 10.48 3.71 0.52 Pacer CFRA-Stovall Eq Wt SZNE 111 2067 31.42 2.16 39.27 30.31
Direx 20+ YrTr Bull TMF 74,679 99.7 4.51 6.87 10.30 3.83 Cedar Fair Dep Rec FUN 2,978 1825 37.00 -1.36 47.95 34.04
Asia-Pacific MSCI AC Asia Pacific 154.31 2.06 1.35
–0.9
Apple AAPL 72,016 21.4 177.57 2.07 198.23 124.17 Innov EM Pwr Buffer Jan EJAN 2,260 1791 27.12 0.67 29.72 24.78
Australia S&P/ASX 200 6899.70 61.40 0.90–2.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3009.41 –13.67 –0.45 –2.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17230.59 128.81 0.75 –12.9
India S&P BSE Sensex 64080.90 0.77 5.3
Scan this code
489.57
Japan NIKKEI 225 31949.89 348.24 1.10 22.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3082.49 5.72 0.19 –5.2 and track most-active stocks,
South Korea KOSPI 2343.12 41.56 1.81 4.8 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16396.95 358.39 2.23 16.0 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1403.99 24.03 1.74 –15.9
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004069 24578 4.0
CREDIT MARKETS Argentina peso .0029350.1242 98.1 Europe
Brazil real .2018 4.9544 –6.3 Czech Rep. koruna .04343 23.028 2.0
.7279 1.3738 1.4 1.1
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso .001127 887.16 4.6
Denmark krone
Euro area euro
.1423 7.0270
1.0622 .9415 0.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4050.02 –16.5 Hungary forint .002781 359.62 –3.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007172 139.44 –1.5
A consumer rate against its 5-year CDs Mexico peso .0571 17.5147 –10.1 Norway krone .0896 11.1556 13.7
benchmark over the past year Tradeweb ICE 6.00% Uruguay peso .02498 40.0350 0.2 Poland zloty .2389 4.1860 –4.4
Bankrate.com avg†: 2.84% 14% Euro Asia-Pacific Russia ruble .01072 93.275 26.5
Thursday Close s
Barclays Bank 4.50% 5.00 Sweden krona .0900 11.1118 6.5
t Australiadollar .6433 1.5545 5.9
Federal-funds 6.00% Wilmington, DE 888-720-8756 7 Switzerland franc 1.1035 .9062 –2.0
China yuan .1367 7.3157 6.1
target rate 4.00 Turkey lira .0353 28.3534 51.7
Quorum Federal Credit Union 4.50% s Hong Kong dollar .1278 7.8247 0.2
Ukraine hryvnia .0276 36.2500 –1.6
t
t 5.00 Yen
0 India rupee .01200 83.306 0.7
Purchase, NY 800-874-5544 One year ago 3.00 WSJ Dollar Index UK pound 1.2203 .8195 –0.9
s Indonesia rupiah .0000631 15853 1.8
4.00 First Internet Bank of Indiana 4.59% –7 Japan yen .006646 150.47 14.8 Middle East/Africa
2.00
Five-year CD yields Indianapolis, IN 888-873-3424 Kazakhstan tenge .002145 466.21 0.7 Bahrain dinar 2.6522 .3771 unch
t 3.00 Popular Direct 4.65% 1.00 –14 Macau pataca .1240 8.0635 0.2 Egypt pound .0324 30.9005 24.8
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2105 4.7515 7.9 Israel shekel .2511 3.9830 13.0
Miami Lakes, FL 800-274-5696 2022 2023
2.00 New Zealand dollar .5898 1.6955 7.7 Kuwait dinar 3.2353 .3091 1.0
Merrick Bank 4.70% month(s) years
N D J FMAM J J A S ON Pakistan rupee .00354 282.524 24.6 Oman sul rial 2.5992 .3847 –0.1
South Jordan, UT 866-638-6851 maturity Philippines peso .0176 56.810 2.0 Qatar rial .2746 3.642 –0.7
2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7327 1.3648 1.8 Saudi Arabia riyal .2666 3.7516 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007494 1334.34 5.7 South Africa rand .0543 18.4194 8.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030425 328.68 –10.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Taiwan dollar .03095 32.309 5.4
Yield (%) 52-Week Total Return (%) Thailand baht .02779 35.980 3.9 WSJ Dollar Index 100.30 –0.44–0.43 3.87
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.30 3.05 l 5.35 5.23 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2056.640 4.850 4.990 5.120 3.610 0.717 –5.536
Money market, annual yield 0.61 0.61 0.25 l 0.62 0.40
Five-year CD, annual yield 2.84 2.84 2.39 l 2.86 2.24 U.S. Treasury Long, Bloomberg 2844.910 4.950 5.140 5.280 3.610 –5.274–15.256 Commodities Thursday 52-Week YTD
30-year mortgage, fixed† 8.16 8.28 6.36 l 8.28 5.08 Aggregate, Bloomberg 1923.840 5.430 5.600 5.740 4.180 1.846 –5.092 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.35 7.41 5.54 l 7.42 4.71 Fixed-Rate MBS, Bloomberg 1886.200 5.650 5.890 6.050 4.140 0.911 –5.111
Jumbo mortgages, $726,200-plus† 8.19 8.33 6.35 l 8.33 5.16 DJ Commodity 1002.00 8.56 0.86 1071.61 930.59 -3.28 -4.45
High Yield 100, ICE BofA n.a. n.a. 9.019 n.a. n.a. n.a. n.a. Refinitiv/CC CRB Index 282.25 3.16 1.13 290.29 253.85 1.41 1.62
Five-year adj mortgage (ARM)† 7.11 7.05 5.33 l 7.16 3.89
Muni Master, ICE BofA n.a. n.a. 4.282 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 82.46 2.02 2.51 93.68 66.74 -6.48 2.74
New-car loan, 48-month 7.68 7.68 6.12 l 7.68 3.55
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 778.757 8.414 8.754 8.842 7.102 9.012 –4.152 Natural gas, $/MMBtu 3.472 -0.022 -0.63 7.308 1.991 -41.89 -22.41
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1985.60 6.80 0.34 2048.00 1627.30 22.02 9.12
B8 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Jan'24 419.70 423.30 413.50 417.20 –1.90 136,720 March'24 107-160 108-055 107-085 107-260 20.5 11,503 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Nov .05652 .05694 .05608 .05695 .00104 45
Contract Open
Dec 50.11 50.58 49.32 50.32 .42 143,781 Dec 105-047 105-155 105-020 105-057 7.2 5,833,694 Dec .05582 .05671 .05579 .05662 .00103 203,526
Open High hi lo Low Settle Chg interest
Jan'24 49.60 50.25 49.03 50.03 .64 111,754 March'24 105-170 105-277 105-147 105-177 8.0 16,917 Euro (CME)-€125,000; $ per €
Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Nov 1.0605 1.0671 1.0571 1.0630 .0082 2,879
Nov 3.6580 3.6765 3.6580 3.6670 0.0220 1,715 Nov 16.36 16.36 16.13 16.16 –.09 863 Dec 101-144 101-162 101-109 101-125 –.5 4,264,329 Dec 1.0590 1.0687 1.0589 1.0645 .0082 677,123
Dec 3.6605 3.6925 3.6565 3.6725 0.0235 126,853 Jan'24 15.97 16.07 15.73 15.82 –.18 8,978 March'24 101-265 101-296 101-231 101-246 –.5 15,950
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Nov 1989.10 1990.30 1979.50 1985.60 6.80 49
Index Futures
Dec 562.25 569.50 557.25 565.50 3.75 230,448 Nov 94.6725 94.6725 94.6700 94.6700 –.0025 512,145
Dec 1992.00 1999.20 1986.30 1993.50 6.00 365,718 March'24 589.00 596.25 585.25 592.75 3.25 111,234 Jan'24 94.6300 94.6350 94.6200 94.6250 376,207 Mini DJ Industrial Average (CBT)-$5 x index
Jan'24 2005.00 2005.00 s 2000.40 2003.90 6.10 9 Wheat (KC)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 33358 33934 33338 33914 563 101,916
Feb 2011.30 2019.10 2007.00 2013.90 6.10 62,518 Dec 640.00 650.25 636.00 641.50 1.50 108,698 Aug 94.6575 94.6600 94.6600 94.6600 10,889 March'24 33652 34235 33652 34228 566 544
April 2032.30 2037.90 2026.40 2033.30 6.20 22,974 March'24 649.75 660.25 646.75 652.75 2.25 63,671 Dec 94.5900 94.6000 94.5750 94.5850 .0050 1,608,091 Mini S&P 500 (CME)-$50 x index
June 2051.90 2058.10 2046.70 2053.20 6.30 12,921 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 4258.50 4339.75 4257.75 4335.75 79.75 2,136,996
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 238.975 242.750 238.975 242.625 4.050 5,715 Currency Futures March'24 4303.75 4386.00 4302.25 4382.75 81.00 26,805
Nov 1106.70 –3.60 1 Jan'24 238.550 242.275 238.550 242.175 4.150 22,946 Mini S&P Midcap 400 (CME)-$100 x index
Dec 1122.00 1131.50 1109.00 1110.60 –3.60 18,930 Cattle-Live (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 2387.90 2441.00 2387.90 2439.60 50.40 39,393
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 184.000 184.850 183.925 184.675 1.050 103,378 Nov .6637 .6682 .6633 .6657 .0024 1,173 March'24 2436.80 2455.40 2407.60 2456.70 49.90 1
Nov 922.50 –0.10 115 Feb'24 185.400 186.500 185.275 186.425 1.250 74,583 Dec .6672 .6719 .6671 .6694 .0024 266,116 Mini Nasdaq 100 (CME)-$20 x index
Jan'24 931.50 942.10 919.90 930.60 0.20 67,880 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 14761.25 15017.25 14760.00 14998.00 253.50 250,973
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 70.375 73.375 70.075 73.275 3.125 83,216 Nov .7232 .7281 .7218 .7272 .0067 153 March'24 14946.00 15202.50 14941.25 15185.50 257.25 2,507
Nov 23.135 22.751 0.066 123 Feb'24 73.625 76.350 73.350 76.225 2.775 52,753 Dec .7223 .7284 .7222 .7276 .0067 200,891 Mini Russell 2000 (CME)-$50 x index
Dec 23.050 23.240 22.755 22.846 0.056 93,089 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. British Pound (CME)-£62,500; $ per £ Dec 1675.80 1723.60 1675.40 1720.70 44.30 549,585
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Nov 490.50 498.50 490.00 498.00 8.50 2,199 March'24 1699.60 1739.90 1693.50 1738.40 44.90 1,306
Nov 1.2186 1.2225 1.2150 1.2207 .0076 1,945
Dec 80.82 82.83 80.22 82.46 2.02 310,525 Jan'24 503.00 511.50 503.00 510.00 7.00 6,216 June 1730.60 1755.00 1712.30 1756.70 44.70 3
Dec 1.2157 1.2231 1.2155 1.2209 .0076 225,442
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index
Jan'24 80.44 82.44 80.01 82.16 2.06 216,454 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 2356.30 2370.30 2327.80 2369.50 44.20 6,707
Feb 79.97 81.93 79.60 81.70 2.07 115,163 Nov 17.28 17.45 17.27 17.39 .15 3,578 Dec 1.1070 1.1141 1.1067 1.1092 .0036 55,468
March 79.50 81.38 79.15 81.20 2.07 117,107 Dec 17.13 17.43 17.12 17.35 .22 5,651 U.S. Dollar Index (ICE-US)-$1,000 x index
March'24 1.1213 1.1253 1.1184 1.1205 .0033 645 Dec 106.34 106.34 105.65 105.98 –.74 43,421
June 78.00 79.86 77.88 79.77 1.96 165,290 Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec 3,810 3,867 3,809 3,865 71 112,571 March'24 105.86 105.88 105.30 105.60 –.71 654
Dec 75.51 77.11 75.48 77.05 1.63 150,461 Nov .6402 .6458 .6400 .6433 .0052 387
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'24 3,843 3,898 3,841 3,896 70 97,649
Dec .6408 .6465 .6407 .6440 .0052 192,555
Dec 2.9678 3.0400 2.9553 3.0255 .0640 76,657 Coffee (ICE-US)-37,500 lbs.; cents per lb. Source: FactSet
Jan'24 2.8952 2.9604 2.8892 2.9510 .0600 55,030 Dec 160.70 166.80 160.00 165.35 5.55 70,975
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'24 159.55 164.80 159.00 163.85 5.00 64,757
Dec 2.1943 2.2504 2.1836 2.2460 .0605 109,048 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 27.56 27.72 27.10 27.48 –.03 440,629
Bonds | wsj.com/market-data/bonds/benchmarks
Jan'24 2.1907 2.2453 2.1811 2.2401 .0563 72,509
May 26.19 26.29 25.78 26.14 .02 151,419
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec 3.506 3.520 3.401 3.472 –.022 151,917 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks
Jan 45.35 45.35 s 45.35 45.34 .09 3,213
Jan'24 3.763 3.799 3.673 3.750 –.003 212,678
March 45.00 45.10 s 45.00 45.11 .21 2,514
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Feb 3.698 3.737 3.612 3.689 –.001 68,357
Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
March 3.428 3.467 3.355 3.424 –.001 162,795
Dec 79.55 80.82 79.48 79.80 .36 97,675 Total Total
April 3.217 3.264 3.162 3.231 .010 92,627
March'24 81.80 82.98 81.68 82.24 .56 64,666 return YTD total Yield (%) return YTD total Yield (%)
May 3.251 3.297 3.195 3.264 .017 70,763
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 398.00 398.00 378.00 378.15 –30.80 558
Agriculture Futures Jan'24 370.00 370.35 353.70 354.15 –19.55 8,007 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Corn (CBT)-5,000 bu.; cents per bu. -1.2 U.S. Aggregate 1886.20 -2.4 Mortgage-Backed 5.650 4.140 6.050
1923.84 5.430 4.180 5.740
Dec 475.00 477.00 469.50 470.00 –5.00 604,646 Interest Rate Futures
March'24 490.00 492.00 484.50 485.00 –4.75 381,297 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1868.58 -1.8 Ginnie Mae (GNMA) 5.650 4.170 6.020
Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 383.50 383.50 373.75 376.50 –3.00 2,138 Dec 114-080 116-270 114-020 116-060 2-25.0 1,566,688 2867.36 -0.03 U.S. Corporate 6.110 4.830 6.430 1105.77 -2.6 Fannie mae (FNMA) 5.650 4.140 6.050
March'24 400.50 400.50 392.50 395.25 –3.25 1,707 March'24 115-020 117-190 114-220 117-000 2-28.0 212
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2829.12 1.6 Intermediate 6.050 4.730 6.350 1723.32 -1.2 Freddie Mac (FHLMC) 5.660 4.090 6.190
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov 1290.25 1306.25 1290.25 1304.00 12.75 1,755 Dec 111-050 112-310 110-310 112-160 2-02.0 1,361,992
n.a. Muni Master
3662.43 -3.4 Long term 6.240 5.010 6.600 n.a. n.a. n.a. n.a.
Jan'24 1315.25 1330.00 1315.00 1328.25 13.25 279,336 March'24 110-310 112-300 110-250 112-150 2-04.0 6,498
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 547.04 -1.2 Double-A-rated 5.450 4.320 5.760 n.a. n.a. 7-12 year n.a. n.a. n.a.
Dec 430.40 434.50 422.50 426.30 –4.10 154,657 Dec 107-065 107-280 107-025 107-155 20.0 4,684,938
763.98 0.6 Triple-B-rated 6.390 5.080 6.700 n.a. n.a. 12-22 year n.a. n.a. n.a.
High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
Cash Prices | wsj.com/market-data/commodities Thursday, November 2, 2023 n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— n.a. n.a. Triple-C-rated n.a. n.a. n.a. 517.06 -0.9 Global Government 3.650 2.680 3.810
separate from the futures price on an exchange, which reflects what the commodity might be worth in future n.a. n.a. High Yield 100 n.a. n.a. n.a. 764.06 0.05 Canada 3.880 2.880 4.260
months. 1.1 EMU§
n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. 336.57 3.546 2.461 3.790
Thursday Thursday Thursday
Copper,Comex spot 3.6670 Wheat,No.2 soft red,St.Louis-u 5.8950 n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a. 622.28 0.4 France 3.410 2.290 3.630
Energy Iron Ore, 62% Fe CFR China-s *125.4 Wheat - Hard - KC (USDA) $ per bu-u 6.7450
Steel, HRC USA, FOB Midwest Mill-s *810.0
U.S Agency Bloomberg Fixed Income Indices 444.18 0.2 Germany 2.810 1.730 3.030
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.250 Wheat,No.1soft white,Portld,OR-u 7.0000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals Food 1720.56 1.8 U.S Agency 5.170 4.130 5.390 272.42 -1.9 Japan 1.270 0.710 1.300
BMI Lithium Carbonate, EXW China, =99.2%-v,w 22325
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 19925 Beef,carcass equiv. index 1528.68 2.1 10-20 years 5.150 4.120 5.370 478.71 -0.2 Netherlands 3.110 1.970 3.320
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5275 choice 1-3,600-900 lbs.-u 285.95
3090.12 -3.0 20-plus years 5.430 4.300 5.740 753.32 -3.7 U.K. 4.630 3.120 4.880
Engelhard industrial 1993.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4295 select 1-3,600-900 lbs.-u 258.53
Handy & Harman base 1983.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 540 Broilers, National comp wtd. avg.-u,w 1.1313 2553.48 0.8 Yankee 5.840 4.670 6.110 778.76 1.4 Emerging Markets ** 8.414 7.102 8.842
Butter,AA Chicago-d 3.1200
Handy & Harman fabricated 2201.76 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 167.25
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA Gold Price AM *1982.50 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
LBMA Gold Price PM *1986.35 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Cheddar cheese,blk,Chicago-d 170.00
Krugerrand,wholesale-e 2075.37 Cotton,1 1/16 std lw-mdMphs-u 0.7680 Milk,Nonfat dry,Chicago lb.-d 118.50
Maple Leaf-e 2125.02 Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
*92.60
n.a.
Coffee,Brazilian,Comp-y
Coffee,Colombian, NY-y
1.5895
1.8715
Global Government Bonds: Mapping Yields
American Eagle-e 2125.02
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1650 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Mexican peso-e 2562.14
Flour,hard winter KC-p 17.25
Austria crown-e 1949.68 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Austria phil-e 2085.30
Bran,wheat middlings, KC-u,w 143 Hogs,Iowa-So. Minnesota-u 74.95
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Corn,No. 2 yellow,Cent IL-bp,u 4.4100 Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
Engelhard industrial 23.3000 Pork loins,13-19 lb MidUS-u 1.1398
Corn gluten feed,Midwest-u,w 159.8
Handy & Harman base 22.7350 Corn gluten meal,Midwest-u,w 580.3 Steers,Tex.-Okla. Choice-u n.a. 5.000 U.S. 2 4.975 s l 4.971 5.110 4.568
Handy & Harman fabricated 28.4190 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w 254.88 3.875 10 4.668 t l 4.790 4.682 4.059
LBMA spot price *£18.7000 Hominy feed,Cent IL-u,w 138
(U.S.$ equivalent) *22.6700 Fats and Oils 0.250 Australia 2 4.376 t l 4.475 4.096 3.278 -60.8 -48.4 -125.8
Meat-bonemeal,50% pro Mnpls-u,w 440
Coins,wholesale $1,000 face-a 19435 Oats,No.2 milling,Mnpls-u 4.3650 Degummed corn oil, crude wtd. avg.-u,w n.a. 3.000 10 4.802 t l 4.958 4.498 3.820 12.8 22.4 -23.6
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h n.a.
LBMA Platinum Price PM *n.a.
0.000 France 2 3.389 s l 3.378 3.531 2.092 -159.5 -158.1 -244.4
Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 927.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 457.40 Soybean oil,crude;Centl IL-u,w 0.5477 3.500 10 3.313 t l 3.379 3.472 2.678 -136.1 -135.6 -137.9
Palladium,Engelhard industrial 1129.0 Soybeans,No.1 yllw IL-bp,u 12.6700 Tallow,bleach;Chicago-h n.a.
*2230.5 0.5450
3.100 Germany 2 2.996 s l 2.985 3.232 1.977 -198.7 -197.3 -255.9
Aluminum, LME, $ per metric ton Wheat,Spring14%-pro Mnpls-u 8.8075 Tallow,edible,Chicago-u
2.600 10 2.722 t l 2.766 2.927 2.138 -195.2 -196.9 -191.9
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 3.600 Italy 2 3.753 t 3.789 4.037 2.725 -116.9 -181.1
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
l -123.0
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/1 4.350 10 4.569 t l 4.657 4.813 4.303 -10.5 -7.8 24.7
Source: Dow Jones Market Data
0.100 Japan 2 0.133 t l 0.157 0.060 -0.045 -485.0 -480.1 -458.1
0.800 10 0.916 t l 0.959 0.776 0.247 -375.8 -377.5 -380.9
Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.000 Spain 2 3.424 s l 3.422 3.630 2.230 -155.9 -153.6 -230.6
Closing Chg YTD 3.550 10 3.772 t l 3.832 3.993 3.220 -90.2 -90.2 -83.7
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
3.500 U.K. 2 4.747 t l 4.804 4.737 2.985 -23.6 -15.4 -155.1
Closing Chg YTD TechSelectSector XLK 170.01 1.69 36.6
Thursday, November 2, 2023
VangdInfoTech VGT 421.88 1.78 32.1
4.250 10 4.388 t l 4.499 4.569 3.399 -28.6 -23.6 -65.8
ETF Symbol Price (%) (%)
Closing Chg YTD VangdSC Val VBR 156.44 2.40 –1.5
ETF Symbol Price (%) (%) iShRussMC IWR 67.62 2.27 0.3 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdExtMkt VXF 138.44 2.46 4.2
CnsmrDiscSelSector XLY 158.00 2.61 22.3 iShRuss1000 IWB 236.11 1.91 12.2
VangdDivApp VIG 156.59 1.78 3.1
ConsStaplesSPDR
DimenUSCoreEq2
XLP
DFAC
68.67
26.05
1.30
2.08
–7.9
7.3
iShRuss1000Grw
iShRuss1000Val
IWF
IWD
271.03
150.07
1.82 26.5
2.00 –1.0
VangdFTSEAWxUS
VangdFTSEDevMk
VEU
VEA
51.74
43.63
2.05
2.25
3.2
4.0
Corporate Debt
EnSelSectorSPDR XLE 87.56 3.02 0.1 iShRussell2000 IWM 169.87 2.67 –2.6
VangdFTSE EM VWO 38.80 1.54 –0.5 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
FinSelSectorSPDR XLF 2.36 iShS&P500Grw IVW 68.86 1.94 17.7
XLV
33.34 –2.5
iShS&P500Value IVE 155.20 1.87 7.0
VangdFTSE Europe VGK 57.76 2.19 4.2 expectations
HealthCareSelSect 126.78 1.59 –6.7 VangdGrowth VUG 276.89 1.93 29.9
IndSelSectorSPDR XLI 100.71 2.06 2.5 iShSelectDiv
iSh7-10YTreaBd
DVY
IEF
107.61
90.93
2.22 –10.8
0.62 –5.1
VangdHlthCr VHT 229.80 1.54 –7.4 Investment-grade spreads that tightened the most…
InvscNasd100 QQQM 149.51 1.76 36.5
VangdHiDiv VYM 102.98 2.04 –4.8 Spread*, in basis points
InvscQQQI QQQ 363.44 1.82 36.5 iShShortTreaBd SHV 110.12 0.05 0.2
VangdIntermBd BIV 71.97 0.60 –3.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
InvscS&P500EW RSP 139.31 2.22 –1.4 iShTIPSBondETF TIP 103.71 0.46 –2.6
VangdIntrCorpBd VCIT 75.59 0.75 –2.5
iShCoreDivGrowth DGRO 49.42 2.02 –1.2 iSh20+YTreaBd TLT 87.04 2.28 –12.6
iShCoreMSCIEAFE IEFA 64.24 2.07 4.2 iShUSTreasuryBd GOVT 21.96 0.50 –3.3
VangdIntermTrea VGIT 56.96 0.28 –2.6
Barrick North America Finance ABXCN 5.700 6.25 May 30, ’41 123 –235 124
iSh0-3MTreaBd SGOV 100.33 0.04 0.2
VangdLC VV 197.26 1.85 13.2
iShCoreMSCIEM IEMG 47.22 1.77 1.1
iShCoreMSCITotInt IXUS 59.67 2.09 3.1 JPMEquityPrem JEPI 53.35 1.18 –2.1 VangdMegaGrwth MGK 232.56 1.89 35.2
America Movil SAB de CV AMXLMM 6.125 6.36 March 30, ’40 134 –223 139
JPM UltShIncm JPST 50.02 0.04 –0.2 VangdMC VO 203.94 2.37 0.1
iShCoreS&P500 IVV 432.71 1.93 12.6
iShCoreS&P MC IJH 242.56 2.15 0.3 PacerUSCashCows100 COWZ 49.06 2.14 6.1 VangdMC Val VOE 129.76 2.21 –4.1
Halliburton HAL 7.450 6.11 Sept. 15, ’39 111 –14 137
iShCoreS&P SC IJR 91.66 2.67 –3.1 ProShUltPrQQQ TQQQ 36.30 5.31 109.8 VangdMBS VMBS 43.32 0.46 –4.8
iShCoreS&PTotUS ITOT 94.38 1.98 11.3 SPDRBbg1-3MTB BIL 91.47 0.03 ... VangdRealEst VNQ 75.78 3.28 –8.1
Goldman Sachs GS 5.150 6.46 May 22, ’45 144 –11 147
iShCoreTotalUSDBd IUSB 43.49 0.67 –3.2 SPDR DJIA Tr DIA 338.39 1.72 2.1 VangdRuss1000Grw VONG 69.75 1.85 26.5
SPDR Gold GLD 184.12 0.33 8.5 VangdS&P500ETF VOO 395.78 1.90 12.6
iShCoreUSAggBd AGG 93.61 0.60 –3.5
Citigroup C 6.000 6.33 Oct. 31, ’33 166 –10 166
iShEdgeMSCIMinUSA USMV 73.18 1.36 1.5 SPDRPtfDevxUS SPDW 30.91 2.25 4.1 VangdST Bond BSV 75.19 0.05 –0.1
iShEdgeMSCIUSAQual QUAL 2.03 SPDRS&P500Value SPYV 41.64 1.81 7.1 VangdSTCpBd VCSH 75.09 0.15 –0.1
133.84 17.4
VGSH Morgan Stanley MS 3.950 6.31 April 23, ’27 168 –10 161
iShGoldTr IAU 37.60 0.37 8.7 SPDRPtfS&P500 SPLG 50.66 1.89 12.6 VangdShortTrea 57.55 –0.02 –0.5
iShiBoxx$IGCpBd LQD 101.41 1.19 –3.8 SPDRS&P500Growth SPYG 59.66 1.90 17.7 VangdSC VB 183.09 2.31 –0.2
VTEB Paramount Global PARA 4.375 8.28 March 15, ’43 328 –10 338
iShMBS MBB 87.93 0.54 –5.2 SPDR S&P 500 SPY 430.76 1.92 12.6 VangdTaxExemptBd 48.00 1.01 –3.0
iShMSCIACWI ACWI 92.72 1.98 9.2 SchwabIntEquity SCHF 33.94 2.17 5.4 VangdTotalBd BND 69.39 0.57 –3.4
VangdTotIntlBd BNDX 48.06 0.42 1.3 Banco Santander SANTAN 6.921 7.65 Aug. 8, ’33 298 –9 306
iShMSCI EAFE EFA 68.93 2.04 5.0 SchwabUS BrdMkt SCHB 49.94 1.96 11.4
iSh MSCI EM EEM 37.69 1.75 –0.6 SchwabUS Div SCHD 69.67 2.23 –7.8 VangdTotIntlStk VXUS 53.29 2.03 3.0
iShMSCIEAFEValue
iShNatlMuniBd
EFV
MUB
48.48
102.06
1.76
0.85
5.7
–3.3
SchwabUS LC
SchwabUS LC Grw
SCHX
SCHG
50.85
74.04
1.97 12.6
1.82 33.3
VangdTotalStk
VangdTotWrldStk
VTI
VT
213.01
93.21
1.99
2.04
11.4
8.1
…And spreads that widened the most
iSh1-5YIGCorpBd IGSB 49.81 0.14 –0.0 SPDR S&PMdCpTr MDY 444.35 2.15 0.4 VangdValue VTV 137.40 1.88 –2.1 12
iSh1-3YTreaBd SHY 80.99 0.01 –0.2 SPDR S&P Div SDY 114.40 1.95 –8.6 WisdTrFRTrea USFR 50.35 0.02 0.2
Nestle Holdings NESNVX 5.250 5.18 March 13, ’26 45 n.a.
Nissan Motor Acceptance NSANY 6.950 6.80 Sept. 15, ’26 202 6 n.a.
5
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Pioneer Natural Resources PXD 5.100 5.50 March 29, ’26 72 68
International Business Machines IBM 3.500 5.67 May 15, ’29 105 4 95
Money Rates November 2, 2023
Amazon.com AMZN 4.600 5.10 Dec. 1, ’25 12 3 23
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Fairfax Financial Holdings FFHCN 8.300 6.46 April 15, ’26 172 3 n.a.
guide to general levels but don’t always represent actual transactions.
L3Harris Technologies LHX 5.400 5.84 Jan. 15, ’27 105 3 105
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low Oracle ORCL 5.800 5.71 Nov. 10, ’25 73 3 72
Sept. index Chg From (%)
level Aug. '23 Sept. '22 Federal funds Secured Overnight Financing Rate
Effective rate 5.3400 5.3400 5.3500 3.8300 5.32 5.30 5.35 3.05
High-yield issues with the biggest price increases…
U.S. consumer price index Bond Price as % of face value
High 5.6500 5.6500 5.6500 4.0400 Value 52-Week
All items 307.789 0.25 3.7 Low 5.3100 5.3200 5.3300 3.8000 Latest Traded High Low
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Core 310.817 0.23 4.1 Bid 5.3300 5.3300 5.3300 3.8200 DTCC GCF Repo Index Dish DBS DISH 7.750 24.41 July 1, ’26 68.750 2.25 67.500
International rates Offer 5.3500 5.3600 5.3700 3.8300 Treasury 5.397 21.096 5.399 3.773
MBS 5.417 60.012 5.418 3.837 Navient NAVI 5.625 10.27 Aug. 1, ’33 71.800 2.22 69.125
Week 52-Week
Treasury bill auction
Latest ago High Low 4 weeks 5.290 5.295 5.840 3.190 Weekly survey Transocean RIG 6.800 10.39 March 15, ’38 73.500 2.06 71.000
13 weeks 5.325 5.310 5.345 4.070
Prime rates 26 weeks 5.320 5.325 5.350 4.440
Latest Week ago Year ago Royal Caribbean RCL 7.500 7.36 Oct. 15, ’27 100.460 2.02 97.862
U.S. 8.50 8.50 8.50 7.00 Freddie Mac
Secondary market Embarq EMBARQ 7.995 16.12 June 1, ’36 56.750 1.75 54.750
Canada 7.20 7.20 7.20 5.95 30-year fixed 7.76 7.79 6.95
Japan 1.475 1.475 1.475 1.475 Fannie Mae 15-year fixed 7.03 7.03 6.29 1.62
CSC Holdings CSCHLD 5.250 12.74 June 1, ’24 96.000 95.000
30-year mortgage yields Notes on data:
Policy Rates 1.57
30 days 7.002 7.426 7.495 5.244 U.S. prime rate is the base rate on corporate OneMain Finance OMF 6.875 6.62 March 15, ’25 100.316 98.375
Euro zone 4.50 4.50 4.50 2.00 60 days 7.026 7.470 7.554 5.250 loans posted by at least 70% of the 10 largest
Switzerland 2.25 2.25 2.25 1.00 U.S. banks, and is effective July 27, 2023. Other
Britain 5.25 5.25 5.25 3.00 Other short-term rates prime rates aren’t directly comparable; lending …And with the biggest price decreases
practices vary widely by location; Discount rate
Australia 4.10 4.10 4.10 2.85 is effective July 27, 2023. Secured Overnight –0.33
Week 52-Week Prime Security Services Borrower PRSESE 5.250 6.41 April 15, ’24 99.500 99.110
Financing Rate is as of November 1, 2023.
Overnight repurchase Latest ago high low DTCC GCF Repo Index is Depository Trust &
QVC QVCN 4.850 15.32 April 1, ’24 96.000 –0.06 96.375
U.S. 5.40 5.34 5.40 3.73 Clearing Corp.'s weighted average for overnight
Call money trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Navient NAVI 5.875 8.32 Oct. 25, ’24 97.748 97.986
U.S. government rates 7.25 7.25 7.25 5.75
Tullett Prebon rates as of 5:30 p.m. ET.
Commercial paper (AA financial) Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Discount
Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
5.50 5.50 5.50 4.00 90 days n.a. 5.50 5.54 4.22 Tullett Prebon Information, Ltd. Source: MarketAxess
THE WALL STREET JOURNAL. * Friday, November 3, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Duolingo DUOL 150.10 1.48 HCA Healthcare HCA 227.92 2.56 LibertyFormOne A FWONA 58.67 0.93 OReillyAuto ORLY 948.09 2.43 Saia SAIA 377.62 -2.31 TaiwanSemi TSM 90.48 2.68 VailResorts MTN 218.23 7.06
Market listed securities. Prices are composite dd-Indicates loss in the most recent DuPont DD 68.13 1.21 HDFC Bank HDB 57.83 1.29 LibertyFormOne C FWONK 65.69 0.78 OccidentalPetrol OXY 63.27 1.91 Salesforce CRM 208.11 4.20 TakeTwoSoftware TTWO 137.50 3.69 Vale VALE 14.49 0.30
quotations that include primary market trades four quarters. Dynatrace DT 45.58 1.18 HF Sinclair DINO 57.75 1.98 LibertySirius C LSXMK 25.75 0.63 Okta OKTA 67.99 -0.74 Samsara IOT 22.71 0.37 TakedaPharm TAK 13.87 0.22 ValeroEnergy VLO 128.96 1.23
as well as trades reported by Nasdaq BX FD-First day of trading. EMCOR EME 207.39 0.70 HP HPQ 26.84 0.36 LibertySirius A LSXMA 25.64 0.65 OldDomFreight ODFL 388.83 -1.82 Sanofi SNY 46.51 0.18 Tapestry TPR 27.33 0.74 VeevaSystems VEEV 189.91 2.86
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing s ENI E 33.36 0.63 HSBC HSBC 37.02 0.76 Light&Wonder LNW 75.02 2.29 OldRepublic ORI 27.91 -0.04 SareptaTherap SRPT 77.76 1.24 s TargaResources TRGP 90.25 6.10 Ventas VTR 43.97 1.19
Cboe, NYSE National and Nasdaq ISE. standards EOG Rscs EOG 128.65 4.43 H World HTHT 35.59 -0.15 EliLilly LLY 580.29 25.83 OmegaHealthcare OHI 33.73 0.49 Sasol SSL 12.76 0.19 Target TGT 111.07 1.53 Veralto VLTO 70.28 2.77
The list comprises the 1,000 largest lf-Late filing EPAM Systems EPAM 232.31 15.66 Haleon HLN 7.96 -0.18 LincolnElectric LECO 180.50 4.24 Omnicom OMC 76.60 2.12 Schlumberger SLB 57.36 1.50 s TechnipFMC FTI 22.44 0.56 VeriSign VRSN 200.35 5.82
companies based on market capitalization. q-Temporary exemption from Nasdaq EQT EQT 44.35 1.63 Halliburton HAL 40.59 1.17 Linde LIN 389.66 2.56 OnHolding ONON 27.58 1.07 SchwabC SCHW 54.93 2.11 TeckResourcesB TECK 36.91 1.45 VeriskAnalytics VRSK 229.87 7.62
Underlined quotations are those stocks with requirements. EastWestBncp EWBC 56.89 2.95 HartfordFinl HIG 73.62 -0.24 LithiaMotors LAD 254.63 8.28 OpenText OTEX 34.46 0.98 Sea SE 41.35 0.91 TeledyneTech TDY 373.16 4.32 Verizon VZ 35.90 0.50
large changes in volume compared with the t-NYSE bankruptcy EastGroup EGP 168.88 2.47 Hasbro HAS 46.51 0.48 LiveNationEnt LYV 82.45 2.04 Oracle ORCL 106.87 1.12 Seagate STX 71.81 0.57 Teleflex TFX 209.19 21.68 s VertexPharm VRTX 376.55 7.22
issue’s average trading volume. v-Trading halted on primary market. LloydsBanking LYG 2.01 0.08 ORAN 11.92 0.09 Seagen SGEN 214.79 0.42 Ericsson ERIC 4.55 0.12
vj-In bankruptcy or receivership or EastmanChem EMN 75.17 0.70 HealthpeakProp PEAK 16.83 1.25 Orange Vertiv VRT 39.98 -0.25
Eaton ETN 216.16 1.33 Heico HEI 161.15 2.88 LockheedMartin LMT 458.04 5.66 Orix IX 88.96 -2.04 s SelectiveIns SIGI 105.35 -1.21 s TelefonicaBras VIV 9.57 0.03 Viatris VTRS 8.93 0.01
Boldfaced quotations highlight those issues being reorganized under the
whose price changed by 5% or more if their Bankruptcy Code, or securities eBay EBAY 38.99 0.28 Heico A HEI.A 129.52 2.22 s Loews L 65.14 -0.01 OtisWorldwide OTIS 78.65 1.84 Sempra SRE 72.08 1.33 Telefonica TEF 3.86 0.10 VinFastAuto VFS 5.60 0.27
previous closing price was $2 or higher. assumed by such companies. Ecolab ECL 171.12 3.91 t HenrySchein HSIC 61.89 -2.18 s LogitechIntl LOGI 79.80 0.77 Ovintiv OVV 49.11 1.47 ServiceIntl SCI 60.79 7.27 TelekmIndonesia TLK 23.24 0.32 Vipshop VIPS 14.64 0.30
Ecopetrol EC 12.46 0.37 Hershey HSY 189.55 1.70 Lowe's LOW 194.32 3.03 OwensCorning OC 118.54 2.73 ServiceNow NOW 599.43 5.95 TempurSealy TPX 36.80 -3.60 Visa V 243.25 4.67
EdisonIntl EIX 63.63 -0.34 Hess HES 147.76 5.51 Lucid LCID 4.54 0.49 PDD PDD 101.31 -1.62 s Shell SHEL 68.55 3.16 Tenaris TS 34.60 2.77 s Vistra VST 34.66 0.73
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and lululemon LULU 403.50 8.21 PG&E PCG 16.76 0.09 SherwinWilliams SHW 245.32 6.41 TencentMusic TME 7.26 0.05
changes in the closing prices from 4 p.m. the previous day. EdwardsLife EW 65.53 1.70 HessMidstream HESM 30.22 0.76 VMware VMW 144.76 -1.38
Elastic ESTC 70.87 -3.61 HewlettPackard HPE 15.59 0.06 LyondellBasell LYB 91.96 2.07 PNC Finl PNC 119.85 6.39 ShinhanFin SHG 26.12 0.52 Teradyne TER 85.90 3.14 Vodafone VOD 9.54 0.34
ElbitSystems ESLT186.47 -2.53 Hilton HLT 152.62 1.49 POSCO PKX 80.64 4.17 ShockwaveMed SWAV 214.95 1.39 Tesla TSLA 218.51 12.85 VoyaFinancial VOYA 68.34 0.62
Thursday, November 2, 2023 Net Net ElectronicArts EA 128.28 4.50 Hologic HOLX 66.61 -0.08 M N PPG Ind PPG 124.92 1.95 Shopify SHOP 59.70 10.91 TetraTech TTEK 152.31 2.99 VulcanMatls VMC 206.82 3.02
Net Stock Sym Close Chg Stock Sym Close Chg SimonProperty SPG 115.84 3.35 TevaPharm TEVA 8.78 0.02
ElevanceHealth ELV 451.51 4.85 HomeDepot HD 294.53 7.90 PPL PPL 25.08 0.38
Stock Sym Close Chg BILL BILL 89.47 1.21 Centene CNC 68.93 -0.39 EmersonElec EMR 91.16 1.55 HondaMotor HMC 31.84 0.47
M&T Bank MTB 118.45 6.32
MGM Resorts MGM 36.25 1.28
PTC PTC 146.32 7.43 SiriusXM SIRI 4.65 0.15 TexasInstruments TXN 147.31 4.14 W X Y Z
BJ'sWholesale BJ 68.41 -0.62 CenterPointEner CNP 27.49 0.17 Enbridge ENB 33.51 1.11 Honeywell HON 186.43 2.44 Paccar PCAR 84.39 1.24 SkechersUSA SKX 47.15 0.65 TexasPacLand TPL 1797.80-44.94
A B C BP BP 36.86 0.77 CentraisElBras EBR 7.34 0.11 EncompassHealth EHC 63.26 0.70 HormelFoods HRL 33.18 0.74
MinisoGroup MNSO 25.75 0.27
MPLX MPLX 35.72 0.51 PackagingCpAm PKG 155.42 1.82 Skyworks SWKS 89.50 2.44 TexasRoadhouse TXRH 102.42 -0.59 WEC Energy WEC 83.89 1.33
SmithAO AOS 71.35 0.54 Textron TXT 77.47 1.48 WEX WEX 172.10 2.99
BWX Tech BWXT 76.90 2.32 CeridianHCM CDAY 67.08 5.39 Endeavor EDR 23.48 0.01 DR Horton DHI 114.03 4.73 MSA Safety MSA 159.09 1.43 PalantirTech PLTR 17.97 3.05
AECOM ACM 77.80 1.63 Smith&Nephew SNN 23.64 1.32 ThermoFisher TMO 447.57 6.46 W.P.Carey WPC 55.39 2.28
Baidu BIDU 107.05 2.08 CharlesRiverLabs CRL 174.71 7.19 EnergyTransfer ET 13.64 0.49 HostHotels HST 16.30 0.70 MSCI MSCI 487.02 15.17 PaloAltoNtwks PANW 250.36 5.50
AES AES 15.50 0.65 Smucker SJM 114.07 1.08 ThomsonReuters TRI 126.92 4.68 WPP WPP 44.73 1.29
BakerHughes BKR 35.51 0.67 CharterComms CHTR 412.62 6.11 EnphaseEnergy ENPH 78.92 2.19 HoulihanLokey HLI 103.92 1.94 MSP Recovery LIFW 2.62 -0.09 ParamountA PARAA 15.15 1.58
Aflac AFL 81.73 2.68 Snap SNAP 10.43 0.44 3M MMM 92.31 1.75 Wabtec WAB109.35 3.55
Ball BALL 48.84 1.29 CheckPoint CHKP 136.58 0.32 Entegris ENTG 85.71 -3.11 HowmetAerospace HWM 48.25 3.53 t MagnaIntl MGA 49.04 0.80 ParamountB PARA 11.92 1.12
AGCO AGCO 118.05 0.48 Snap-On SNA 263.37 2.85 Toast TOST 16.82 0.61 WalgreensBoots WBA 21.50 0.87
BancoBilbaoViz BBVA 8.13 0.14 s Chemed CHE 579.16 3.16 Entergy ETR 98.65 0.91 Hubbell HUBB 280.71 1.61 ParkerHannifin PH 404.58 34.11
Ansys ANSS272.85 -5.90 ManhattanAssoc MANH 200.89 2.75 Snowflake SNOW 142.75 -1.51 s Walmart WMT 165.52 0.65
BancoBradesco BBDO 2.60 -0.10 CheniereEnergy LNG 176.92 8.29 EnterpriseProd EPD 26.37 0.40 HubSpot HUBS 421.74 0.62 Parsons PSN 60.98 -0.09 Toll Bros TOL 77.93 3.68
APA APA 39.69 0.08 ManulifeFinl MFC 18.33 0.64 t SOQUIMICH SQM 47.99 1.13 TopBuild BLD 254.75 11.10 WarnerBrosA WBD 11.08 1.00
BancodeChile BCH 21.04 0.17 CheniereEnerPtrs CQP 58.62 1.76 Equifax EFX 177.91 10.21 Humana HUM481.40 -7.96 Paychex PAYX 112.47 3.61
ASE Tech ASX 7.84 0.22 Maplebear CART 26.66 1.61 SoFiTech SOFI 8.17 0.59 Toro TTC 83.70 2.67 WarnerMusic WMG 32.16 0.73
BancSanBrasil BSBR 5.59 0.16 ChesapeakeEner CHK 88.70 1.79 Equinix EQIX 763.19 24.06 JBHunt JBHT 172.46 -0.49 t PaycomSoftware PAYC 162.66 11.97
ASML ASML 631.39 23.12 MarathonOil MRO 28.02 0.91 Sony SONY 86.56 1.53 TorontoDomBk TD 58.08 2.17 WasteConnections WCN 132.78 3.03
BcoSantChile BSAC 18.02 0.39 Chevron CVX 148.76 4.78 Equinor EQNR 33.76 0.54 HuntingtonBcshs HBAN 10.34 0.71 s MarathonPetrol MPC 155.77 0.56 Paylocity PCTY171.86 7.72
AT&T T 15.73 0.15 Southern SO 70.12 1.69 s TotalEnergies TTE 68.64 1.59 WasteMgt WM 166.85 2.81
AbbottLabs ABT 95.96 0.95 BancoSantander SAN 3.80 0.15 Chewy CHWY 20.04 0.90 Equitable EQH 26.57 1.36 HuntingIngalls HII 233.85 12.86 Markel MKL 1301.30-191.38 PayPal PYPL 55.06 3.40
SoCopper SCCO 73.86 1.95 ToyotaMotor TM 186.55 0.77 Waters WAT 245.41 4.57
AbbVie ABBV 143.26 0.79 BanColombia CIB 26.56 0.91 Chipotle CMG 2035.37 48.73 EquityLife ELS 66.76 0.77 HyattHotels H 102.13 -1.87 MarketAxess MKTX 221.40 4.16 Pearson PSO 11.75 0.03
SouthwestAir LUV 23.16 0.93 TractorSupply TSCO 195.16 4.60 Watsco WSO 361.93 3.77
AcadiaHealthcare ACHC 73.24 -0.23 BankofAmerica BAC 27.62 1.22 s ChordEnergy CHRD 173.82 8.47 EquityResdntl EQR 54.19 1.00 ICICI Bank IBN 22.64 0.37 Marriott MAR 185.70 -3.10 PembinaPipeline PBA 31.77 0.84
SouthwesternEner SWN 7.36 0.20 TradeDesk TTD 75.68 4.92 s WeatherfordIntl WFRD 99.11 3.81
Accenture ACN 308.12 7.48 BankMontreal BMO 78.57 2.95 Chubb CB 218.60 -1.71 ErieIndemnity ERIE 277.95 2.09 ICL Group ICL 4.93 0.08
Marsh&McLen MMC 193.45 3.40 PenskeAuto PAG 150.79 3.05
Splunk SPLK 146.79 -0.09 s Tradeweb TW 91.53 1.05 WebsterFin WBS 39.62 2.07
Adobe ADBE 558.71 14.21 BankNY Mellon BK 44.24 1.07 ChunghwaTel CHT 36.29 0.45 EssentialUtil WTRG 34.65 1.00 IdexxLab IDXX 419.44 24.09 MartinMarietta MLM 440.74 1.57 Pentair PNR 60.24 1.32
Spotify SPOT 167.31 -0.32 s TraneTech TT 213.11 -0.39 WellsFargo WFC 40.51 1.25
AdvDrainageSys WMS 107.17 -1.02 BankNovaScotia BNS 42.87 2.11 Church&Dwight CHD 91.96 1.69 EssexProp ESS 211.76 3.89 ING Groep ING 12.63 -0.08 MarvellTech MRVL 48.90 1.20 Penumbra PEN 198.26 4.20
StanleyBlackDck SWK 86.52 1.54 TransDigm TDG 869.73 41.39 s Welltower WELL 87.80 2.37
AdvMicroDevices AMD 107.83 -0.21 Barclays BCS 6.60 0.27 ChurchillDowns CHDN 114.43 5.52 EsteeLauder EL 114.38 9.87 IQVIA IQV 190.46 10.45 Masco MAS 53.87 1.16 PepsiCo PEP 166.83 1.96
Stantec STN 62.47 0.56 TransUnion TRU 48.00 4.00 WescoIntl WCC 135.97 4.89
Aegon AEG 4.96 0.11 BarrickGold GOLD 16.05 0.02 Ciena CIEN 42.82 0.49 t Etsy ETSY 61.63 0.97 ITT ITT 99.76 5.79 Mastercard MA 382.69 4.87 PerformanceFood PFGC 59.63 1.03
Starbucks SBUX 100.01 8.66 Travelers TRV 168.95 -0.33 WestPharmSvcs WST 327.76 6.08
AerCap AER 63.88 1.51 Bath&BodyWks BBWI 30.67 0.96 Cigna CI 318.89 9.48 Everest EG 382.04-20.35 t IcahnEnterprises IEP 17.20 0.84 MatadorRscs MTDR 63.22 2.31 PermianRscs PR 14.91 0.58
StateStreet STT 66.68 1.94 Trex TREX 61.87 3.47 WesternDigital WDC 42.16 0.42
AgilentTechs A 104.47 1.61 BaxterIntl BAX 34.25 1.46 CincinnatiFinl CINF 99.89 -2.04 Evergy EVRG 51.04 1.23 Icon ICLR 253.50 3.50 MatchGroup MTCH 29.18 -0.11 PetroleoBrasil PBR 15.68 0.35
SteelDynamics STLD 111.54 2.52 Trimble TRMB 41.84 0.88 WesternMidstrm WES 28.64 1.48
agilon health AGL 16.89 0.02 BectonDicknsn BDX 255.92 2.14 Cintas CTAS 511.09 2.09 EversourceEner ES 54.28 1.19 IDEX IEX 193.59 5.23 Mattel MAT 19.41 0.08 PetroleoBrasilA PBR.A 14.46 0.31
Stellantis STLA 19.61 0.67 Trip.com TCOM 33.09 -0.44 Westlake WLK120.99 4.79
AgnicoEagleMines AEM 47.59 0.58 BeiGene BGNE 182.05 0.75 CiscoSystems CSCO 52.75 0.56 ExactSciences EXAS 62.46 -1.06 IllinoisToolWks ITW 231.71 7.17 McCormickVtg MKC.V 64.50 -0.81 Pfizer PFE 30.50 -0.01
Steris STE 212.85 -0.10 TruistFinl TFC 29.97 1.48 WestRock WRK 36.95 0.76
AirProducts APD 289.62 6.21 BentleySystems BSY 47.95 -0.07 Citigroup C 41.35 1.75 Exelixis EXEL 20.13 -0.89 Illumina ILMN 112.26 5.60 McCormick MKC 64.82 0.71 PhilipMorris PM 90.94 1.93
Stevanato STVN 26.04 0.29 Twilio TWLO 52.19 1.70 Weyerhaeuser WY 30.16 1.41
Berkley WRB 67.81 -0.12 CitizensFin CFG 24.90 1.73 Exelon EXC 40.70 1.17 ImperialOil IMO 58.56 0.55 McDonald's MCD 266.85 4.88 Phillips66 PSX 118.12 2.03
Airbnb ABNB115.50 -3.97 StifelFinancial SF 58.93 1.75 TylerTech TYL 405.75 35.05 WheatonPrecMet WPM 43.25 0.16
BerkHathwy B BRK.B 349.02 5.27 CivitasRscs CIVI 77.11 2.37 Expedia EXPE 94.84 1.57 Incyte INCY 53.97 -0.40 McKesson MCK 447.60-11.99 Pilgrim'sPride PPC 25.61 -0.01
AkamaiTech AKAM 105.27 1.38 STMicroelec STM 40.04 1.55 TysonFoods TSN 47.56 1.09 Williams WMB 35.79 1.07
t Albemarle ALB 124.62 1.66 BerkHathwy A BRK.A 5303406591.00 CleanHarbors CLH 155.04 7.70 ExpeditorsIntl EXPD 112.81 2.89 s Informatica INFA 22.58 3.42 Medpace MEDP 264.64 13.03 PinnacleWest PNW 75.17 -0.40
Stryker SYK 278.23 6.18 UBS Group UBS 24.30 0.27 Williams-Sonoma WSM 152.52 2.98
BerryGlobal BERY 57.23 1.46 Cleveland-Cliffs CLF 17.19 0.43 ExtraSpaceSt EXR 105.37 2.04 Infosys INFY 16.69 0.29 Medtronic MDT 72.09 1.24 s Pinterest PINS 30.72 0.80
Albertsons ACI 21.79 0.03 SumitomoMits SMFG 10.00 0.14 UDR UDR 32.26 0.85 WillisTowers WTW 235.01 -0.41
BestBuy BBY 66.35 0.38 Clorox CLX 123.01 7.63 ExxonMobil XOM 109.11 3.47 IngersollRand IR 65.59 3.60 MercadoLibre MELI1319.50 19.49 PioneerNatRscs PXD 245.84 7.97
Alcon ALC 73.21 0.89 SunComms SUI 116.46 2.97 U-Haul UHAL 49.89 1.17 t WillScotMobile WSC 35.46 -3.41
Bio-Techne TECH 55.41 2.58 Cloudflare NET 56.58 1.63 F5 FFIV 152.87 0.95 Ingredion INGR 94.89 1.82 Merck MRK 102.85 ... PlainsAllAmPipe PAA 15.88 0.50
AlexandriaRlEst ARE 97.87 4.97 SunLifeFinancial SLF 47.47 1.35 U-Haul N UHAL/B 47.22 0.57 Wipro WIT 4.60 0.06
Bio-RadLab A BIO 281.19 3.69 Coca-Cola KO 57.09 0.65 FMC FMC 54.69 4.68 Insulet PODD 140.44 2.72 MetaData AIU 1.01 -0.01 PlainsGP PAGP 16.39 0.52
Alibaba BABA 83.41 0.93 SuncorEnergy SU 34.18 1.46 US Foods USFD 40.16 0.72 WoodsideEnergy WDS 22.20 0.13
Biogen BIIB 241.86 2.24 Coca-ColaEuro CCEP 60.19 0.75 FTI Consulting FCN 213.56 -4.24 Intel INTC 37.70 0.41 MetaPlatforms META 310.87 -0.98 Pool POOL 326.23 6.95
AlignTech ALGN192.32 9.11 s Sunoco SUN 52.82 1.66 UWM UWMC 5.17 0.23 Woodward WWD 130.29 3.76
t BioMarinPharm BMRN 79.67 -4.34 CognizantTech CTSH 63.65 -1.31 FactSet FDS 442.26 5.69 InteractiveBrkrs IBKR 80.35 1.79 MetLife MET 60.01 0.03 Primerica PRI 200.46 6.08
Allegion ALLE 99.13 0.21 SuperMicroComp SMCI245.90 -6.37 Uber UBER 46.48 2.65 WooriFinl WF 27.74 0.69
BioNTech BNTX 92.49 -0.96 CoinbaseGlbl COIN 84.60 6.79 FairIsaac FICO 900.69 29.70 ICE ICE 106.26 -1.99 Mettler-Toledo MTD 991.21 21.73 PrincipalFinl PFG 70.53 3.27
AlliantEnergy LNT 50.26 0.76 Suzano SUZ 10.52 0.17 Ubiquiti UI 124.62 5.37 Workday WDAY 212.92 1.46
Birkenstock BIRK 40.20 1.70 ColgatePalm CL 74.80 -0.13 Fastenal FAST 59.86 0.95 InterContinentl IHG 73.23 0.27 MicrochipTech MCHP 73.60 2.56 ProcoreTech PCOR 50.47 -9.70
Allstate ALL 131.36 1.61 SynchronyFinl SYF 29.08 1.11 UiPath PATH 16.58 1.06 WynnResorts WYNN 89.75 2.81
BlackRock BLK 644.49 28.28 Comcast A CMCSA 42.50 0.68 FederalRealty FRT 93.45 1.75 IBM IBM 147.01 1.61 MicronTech MU 70.44 1.04 Procter&Gamble PG 151.44 1.83
AllyFinancial ALLY 25.96 1.66 Synopsys SNPS 478.64 3.26 UltaBeauty ULTA 380.32 4.86 XP XP 20.64 0.31
Blackstone BX 98.20 3.45 ComfortSystems FIX 187.65 2.77 FedEx FDX 247.25 4.02 IntlFlavors IFF 69.45 1.39 Microsoft MSFT 348.32 2.25 Progressive PGR 158.77 -0.84
AlnylamPharm ALNY 161.53 4.53 Sysco SYY 65.65 ... Unilever UL 47.67 0.46 XPO XPO 78.25 0.28
BlockHR HRB 42.15 0.41 SABESP SBS 12.14 0.18 Ferguson FERG 155.98 2.39 IntlPaper IP 34.05 0.44 MidAmApt MAA 120.78 3.20 Prologis PLD 104.72 3.12
Alphabet A GOOGL 127.49 1.04 UnionPacific UNP 211.39 3.83 XcelEnergy XEL 61.07 0.53
Alphabet C GOOG 128.58 1.01
Block SQ 43.98 3.02 ConagraBrands CAG 27.67 0.69 Ferrari RACE 323.42 18.44 Interpublic IPG 29.08 0.73 MitsubishiUFJ MUFG 8.65 0.10 PrudentialFinl PRU 91.67 0.35 T U V UnitedAirlines UAL 35.82 1.01 XPeng XPEV 16.54 1.04
BlueOwlCapital OWL 12.44 -0.11 t Confluent CFLT 16.28-11.85 FidNatlFinl FNF 41.58 1.25 Intuit INTU 500.35 11.18 MizuhoFin MFG 3.57 0.04 Prudential PUK 21.48 0.45
Altria MO 40.67 0.77 TC Energy TRP 36.23 1.23 UnitedMicro UMC 7.52 0.24 Xylem XYL 94.31 -0.17
Boeing BA 192.01 2.63 ConocoPhillips COP 122.02 5.35 FidNatlInfo FIS 51.36 2.08 IntuitiveSurgical ISRG 277.89 7.43 Mobileye MBLY 36.45 0.68 PublicServiceEnt PEG 63.42 1.04
Amazon.com AMZN 138.07 1.07 TD Synnex SNX 94.59 1.59 UPS B UPS 141.99 2.19 YPF YPF 10.70 0.35
Booking BKNG 2838.62 72.39 ConEd ED 90.16 1.00 FifthThirdBncp FITB 25.05 1.40 InvitatHomes INVH 30.78 1.03 t Moderna MRNA 71.23 -4.97 PublicStorage PSA 248.26 5.67
Ambev ABEV 2.61 0.03 TE Connectivity TEL 124.04 1.18 UnitedRentals URI 432.95 23.47 Yum!Brands YUM 124.27 2.97
BoozAllen BAH 122.74 -1.02 ConstBrands A STZ 238.00 4.68 FirstCitizBcshA FCNCA 1390.00 33.88 IonisPharm IONS 43.73 -1.53 MolinaHealthcare MOH 337.56 0.73 PulteGroup PHM 80.17 2.94
Amcor AMCR 8.81 0.10 Telus TU 17.23 0.79 US Bancorp USB 34.34 2.48 YumChina YUMC 45.78 1.22
BorgWarner BWA 32.26 -4.85 ConstellationEner CEG 117.19 2.34 FirstSolar FSLR 147.59 4.75 IronMountain IRM 59.35 -0.31 MolsonCoorsB TAP 57.83 -0.37 PureStorage PSTG 34.22 0.15
Amdocs DOX 80.06 -0.14 Ternium TX 36.60 0.22 US Steel X 34.24 -0.01 ZTO Express ZTO 23.93 0.43
BostonProps BXP 55.84 2.34 Cooper COO 327.36 10.44 FirstEnergy FE 36.57 0.52 ItauUnibanco ITUB 5.62 0.19 monday.com MNDY 127.67 0.41 Qiagen QGEN 38.19 0.32
Ameren AEE 78.12 1.28 TFI Intl TFII 112.57 0.84 UnitedTherap UTHR 228.18 4.10 ZebraTech ZBRA 207.00 9.01
BostonSci BSX 52.52 0.86 Copart CPRT 45.25 1.43 FirstService FSV 145.97 2.62 Mondelez MDLZ 67.97 1.15 Qorvo QRVO 85.48 -2.34
AmericaMovil AMX 17.08 0.40
AmerAirlines AAL 11.40 0.26 BristolMyers BMY 51.13 -0.15 Core&Main CNM 31.19 0.03 Fiserv FI 117.81 2.88 J K L MongoDB MDB 329.00-10.02 Qualcomm QCOM 117.36 6.47 s TIM TIMB 16.24 0.28 UnitedHealth UNH 536.13 4.53 Zillow C Z 35.50 -0.96
QuantaServices PWR 175.08 15.46 TJX TJX 89.92 1.86 UnitySoftware U 26.05 0.97 Zillow A ZG 34.74 -1.05
AEP AEP 79.24 2.76 BritishAmTob BTI 30.71 0.64 CorebridgeFin CRBG 21.71 0.74 FiveBelow FIVE 176.42 2.23 JD.com JD 25.81 0.48 MonolithicPower MPWR 471.72 15.16
QuestDiag DGX 131.33 -1.20 TKO TKO 83.46 1.07 UnivDisplay OLED141.96 4.88 ZimmerBiomet ZBH 110.20 5.13
AmerExpress AXP 150.85 4.40 BrixmorProp BRX 21.37 0.28 Corning GLW 27.38 0.72 FleetCorTech FLT 236.66 8.06 JPMorganChase JPM 141.42 2.48 MonsterBev MNST 52.66 1.01
T-MobileUS TMUS 146.50 1.45 UniversalHealthB UHS 126.11 0.72 Zoetis ZTS 160.91 9.47
Broadcom AVGO 871.30 18.36 Corteva CTVA 49.56 1.82 Flex FLEX 25.36 -0.42 Jabil Moody's MCO326.83 13.95
AmericanFin AFG 108.80 -2.32
AmHomes4Rent AMH 33.49 0.57 BroadridgeFinl BR 178.81 8.28 Cosan CSAN 13.73 0.40
JBL 124.94 0.12
Floor&Decor FND 84.92 2.01 JackHenry JKHY 141.93 1.58 MorganStanley MS 73.46 2.51
R S TPG TPG 28.99 0.81 UnumGroup UNM 42.70 0.24 ZoomVideo ZM 61.28 1.25
CoStar CSGP 74.02 0.35 s FomentoEconMex FMX 120.09 2.12 T.RowePrice TROW 94.29 3.32 VICI Prop VICI 28.59 0.72 Zscaler ZS 159.19 2.54
AIG AIG 64.36 2.31 BrookfieldAsset BAM 31.06 1.63 JacobsSolns J 133.90 3.74 s Morningstar MORN 259.48 2.25 RBC Bearings RBC 221.12 2.86
AmerTowerREIT AMT 184.15 5.77 Brookfield BN 32.12 1.59 Costco COST 555.97 0.19 FordMotor F 10.14 0.23 Mosaic MOS 33.66 1.37 s RB Global RBA 67.69 1.95
JamesHardie JHX 26.65 1.30
AmerWaterWorks AWK 124.49 5.69 BrookfieldInfr BIP 27.19 2.10 CoterraEnergy CTRA 28.07 0.52 Fortinet FTNT 57.59 0.28 MotorolaSol MSI 281.17 0.67 RELX RELX 35.31 0.36
JazzPharm JAZZ 128.84 1.50
Coty COTY 9.63 0.31 Fortis FTS 41.65 1.28 MurphyOil MUR 46.14 1.33 RLI
Dividend Changes
AmericoldRealty COLD 27.64 0.84 BrookfieldRenew BEPC 24.90 1.44 JefferiesFinl JEF 33.45 0.87 RLI 134.35 -0.87
Ameriprise AMP 331.37 13.84 Brown&Brown BRO 70.91 1.61 Coupang CPNG 16.48 0.68 Fortive FTV 65.40 0.21 s MurphyUSA MUSA 371.18 5.82 RPM RPM 94.03 0.98
J&J JNJ 150.24 1.55
Ametek AME 143.70 1.30 Brown-Forman A BF.A 59.33 1.66 Credicorp BAP 128.50 1.95 FortuneBrands FBIN 59.46 1.61 NICE NICE 158.32 6.21 RTX RTX 82.78 0.63
JohnsonControls JCI 50.86 1.08
Amgen AMGN 266.59 5.75 Brown-Forman B BF.B 57.84 1.67 CrowdStrike CRWD 182.80 4.45 FoxA FOXA 30.95 0.49 NIO NIO 7.79 0.34 RalphLauren RL 112.52 1.07
JonesLang JLL 139.53 9.14
Amphenol APH 83.10 1.47 Bruker BRKR 56.41 -0.60 CrownCastle CCI 97.55 5.12 t FoxB FOX 28.45 0.55
JuniperNetworks JNPR 26.87 0.20 NNN REIT NNN 38.84 0.88 s RangeResources RRC 37.35 0.66 Amount Payable /
AnalogDevices ADI 164.34 5.10 BuildersFirst BLDR 121.25 3.78 CrownHoldings CCK 81.03 0.12 Franco-Nevada FNV 122.06 2.48
KB Financial KB 38.84 0.61 NOV NOV 20.48 0.79 RaymondJames RJF 99.41 3.40 Company Symbol Yld % New/Old Frq Record
AngloGoldAsh AU 17.65 0.29 BungeGlobal BG 105.47 -0.59 CubeSmart CUBE 34.80 0.85 FranklinRscs BEN 23.53 0.98 s NRG Energy NRG 45.13 1.27 RealtyIncome O 50.03 2.04
KBR KBR 50.37 -7.90 Increased
AB InBev BUD 58.13 1.33 BurlingtonStrs BURL 126.26 7.68 Cummins CMI 217.94 -0.11 FreeportMcM FCX 35.01 1.30 NVR NVR 5698.91138.36 t RegalRexnord RRX 99.58-18.63
KKR KKR 58.72 1.77
AnnalyCap NLY 16.90 0.65 CACI Intl CACI 326.12 1.95 Curtiss-Wright CW 204.28 3.88 FreseniusMed FMS 17.25 0.55
KLA KLAC 489.34 12.81 NXP Semicon NXPI 177.59 5.07 RegencyCtrs REG 62.15 1.50 Broadstone Net Lease BNL 7.9 .285 /.28 Q Jan12 /Dec29
s AnteroMidstream AM 12.95 0.31 CBRE Group CBRE 71.70 1.51 s CyberArkSoftware CYBR 173.49 11.76 FullTruck YMM 6.83 0.31 Nasdaq NDAQ 49.86 1.15 RegenPharm REGN 818.79 27.52 CDW Corp. CDW 1.2 .62 /.59 Q Dec12 /Nov24
Kanzhun BZ 14.71 0.13
AnteroResources AR 30.43 0.65 CCC Intelligent CCCS 10.78 0.04 Futu FUTU 55.79 0.04 NationalGrid NGG 61.78 0.72 RegionsFinl RF 15.43 0.89 Huntington Ingalls Inds HII 2.2 1.30 /1.24 Q Dec08 /Nov24
CDW CDW 206.67 7.51 D E F KarunaTherap KRTX 169.14 -4.04
NatWest NWG 4.51 0.18 ReinsGrp RGA 148.76 0.27
Aon AON 321.25 9.50
APi Group APG 27.50 1.72 CF Industries CF 80.32 1.06 DTE Energy DTE 98.81 2.20
G H I Kellanova K
Kenvue
51.73 1.13
KVUE 19.23 0.35 NetApp NTAP 74.73 1.38 RelianceSteel RS 265.04 2.99
Main Street Capital MAIN 7.2 .24 /.235 M Jan12 /Jan05
ApolloGlbMgmt APO 84.12 0.47 CGI A GIB 99.71 2.72 Danaher DHR 192.98 2.98 GE HealthCare GEHC 69.25 0.97 KeurigDrPepper KDP 30.86 0.40 NetEase NTES 109.76 1.41 RenaissanceRe RNR 208.61-18.36 Reduced
AppFolio APPF 187.94 3.79 CH Robinson CHRW 81.43 -0.03 Darden DRI 146.88 1.22 GFLEnvironmental GFL 28.28 -0.63 KeyCorp KEY 10.99 0.84 Netflix NFLX 424.71 4.52 RentokilInit RTO 26.13 0.53 Big 5 Sporting Goods BGFV 1.0 .125 /.25 Q Dec15 /Dec01
Apple AAPL 177.57 3.60 CME Group CME 212.57 1.65 DarlingIngred DAR 43.87 0.17 GSK GSK 34.17 -0.41 KeysightTech KEYS 123.20 2.40 Neurocrine NBIX 113.39 1.85 Repligen RGEN 136.54 5.08
ApplMaterials AMAT 138.51 3.22 CMS Energy CMS 55.51 1.27 Datadog DDOG 79.24 -0.86 s Gallagher AJG 242.20 4.89 KimberlyClark KMB 121.05 1.58 NewFortressEner NFE 29.98 -0.56 RepublicSvcs RSG 151.71 2.97 Stocks
Applovin APP 37.36 0.66 CNA Fin CNA 40.42 -0.33 Gaming&Leisure GLPI 45.95 0.85 KimcoRealty KIM 18.53 0.43 NewOrientalEduc EDU 66.42 0.28 ResMed RMD 150.10 2.92
DaVita DVA 77.81 0.37 Hycroft Mining Holding HYMC 1:10 /Nov15
Aptargroup ATR 123.58 0.65 CNH Indl CNHI 11.26 0.24 s DeckersOutdoor DECK 600.99 7.01 Garmin GRMN 114.45 0.92 KinderMorgan KMI 16.90 0.55 s NewRelic NEWR 86.91 0.27 RestaurantBrands QSR 69.09 2.03
NY CmntyBcp NYCB 9.89 0.40 Revvity Motus GI Holdings MOTS 1:15 /Nov02
t Aptiv APTV 77.20 -8.88 CRH CRH 56.76 0.03 Deere DE 373.56 3.09 Gartner IT 337.59 5.67 KinrossGold KGC 5.30 0.03 RVTY 83.95 1.41
CSX CSX 30.39 0.82 NYTimes A NYT 41.63 1.04 RexfordIndlRealty REXR 45.10 1.09 Tenon Medical TNON 1:10 /Nov02
Aramark ARMK 27.87 0.64 DellTechC DELL 68.65 -0.02 GenDigital GEN 17.17 0.54 KinsaleCapital KNSL 344.35 1.20
ArcelorMittal MT 23.10 1.06 CVS Health CVS 69.64 0.91 Newmont NEM 37.96 0.69 RioTinto RIO 66.27 1.19
CadenceDesign CDNS 244.48 -0.40
DeltaAir DAL 32.02 0.91 GeneralDynamics GD 244.01 1.31 Klaviyo KVYO 30.32 1.86
NewsCorp A NWSA 21.25 0.47 Rivian Foreign
ArchCapital ACGL 85.94 -4.06 t DentsplySirona XRAY 28.54 -2.30 GeneralElec GE 107.78 0.53 Knight-Swift KNX 49.08 0.60 RIVN 17.59 1.46
ADM ADM 72.42 1.05 CAE CAE 21.33 0.49 NewsCorp B NWS 22.10 0.61 RobertHalf RHI 75.83 1.85 Argo Group Intl Pfd A ARGOpA 7.8 .4375 Q Dec15 /Nov30
DescartesSystems DSGX 72.97 0.96 GeneralMills GIS 66.24 1.14 Philips PHG 20.18 0.73
AresMgmt ARES 103.53 1.82 CaesarsEnt CZR 40.63 1.16 DeutscheBank DB 11.34 0.28 GeneralMotors GM 28.80 0.80 KoreaElecPwr KEP 6.11 0.03 NextEraEnergy NEE 59.91 1.48 Robinhood HOOD 9.48 0.40 Assured Guaranty AGO 1.7 .28 Q Nov29 /Nov15
argenx ARGX 492.24 -2.54 CamdenProperty CPT 87.58 2.90 t Genmab GMAB 27.94 -1.01 KraftHeinz KHC 33.51 1.31 Nike NKE 105.08 4.20 Roblox RBLX 33.56 1.72 Bunge Global BG 2.5 .6625 Q Mar01 /Feb16
DevonEnergy DVN 47.27 1.06
s AristaNetworks ANET 211.68 0.84 s Cameco CCJ 42.84 1.79 Gentex GNTX 29.54 0.47 Kroger KR 45.40 0.01 NiSource NI 25.78 0.38 RocketCos. RKT 8.10 0.58 Centerra Gold CGAU 3.7 .0504 Q Nov29 /Nov15
DexCom DXCM 93.67 -0.46
Arm ARM 52.82 2.30 CampbellSoup CPB 41.28 0.61 GenuineParts GPC 130.69 1.91 LKQ LKQ 43.45 0.33 Noble NE 51.19 2.12 Rockwell ROK 258.60 -8.38 Enbridge ENB 7.9 .6393 Q Dec01 /Nov15
Diageo DEO 157.80 3.38
ArrowElec ARW 119.96 6.26 CIBC CM 37.38 1.88 Gerdau GGB 4.59 0.14 LPL Financial LPLA219.57 1.09 Nokia NOK 3.35 0.11 RogersComm B RCI
DiamondbkEner FANG 163.24 3.83
Nomura NMR 4.09 0.04 RoivantSciences ROIV 9.06
39.93 2.14 Fresh Del Monte Produce FDP 3.3 .20 Q Dec08 /Nov15
AspenTech AZPN 171.95 -3.44 CanNtlRlwy CNI 108.91 2.21 Dick's DKS 110.61 2.87 GileadSciences GILD 81.23 1.04 L3HarrisTech LHX 183.06 4.34 ... GSK ADR GSK 4.0 .33978 Q Jan11 /Nov17
Assurant AIZ 163.79 -2.69 s CanadianNatRscs CNQ 67.92 3.22 GitLab GTLB 41.65 -0.38 LabCorp.ofAmerica LH 205.16 1.21 Nordson NDSN 217.23 5.71 Roku ROKU 78.05 18.35
DigitalRealty DLR 130.24 3.77 Janus Henderson Group JHG 6.3 .39 Q Nov30 /Nov13
AstraZeneca AZN 64.18 0.40 CdnPacKC CP 73.39 1.73 GlobalPayments GPN 112.00 2.98 LamResearch LRCX 623.28 16.62 NorfolkSouthern NSC 191.86 3.02
DiscoverFinSvcs DFS 85.20 2.61 Rollins ROL 37.69 0.47
Atlassian TEAM181.40 3.55 CapitalOne COF 104.65 4.38 GlobalFoundries GFS 50.38 1.53 LamarAdv LAMR 92.17 10.18 NorthernTrust NTRS 70.10 3.22 Natural Health Trends NHTC 14.3 .20 Q Nov24 /Nov14
Disney DIS 83.29 2.22 RoperTech ROP 494.05 6.90
AtmosEnergy ATO 111.38 2.71 CardinalHealth CAH 93.78 0.20 DocuSign DOCU 39.88 1.19 Globant GLOB 177.03 7.27 LambWeston LW 93.71 3.03 NorthropGrum NOC 475.77 7.51
RossStores ROST 118.32 2.34 Noble NE 3.1 .40 Q Dec14 /Nov15
Autodesk ADSK 199.24 0.31 Carlisle CSL 263.35 7.46 GlobeLife GL 115.87 -0.50 LasVegasSands LVS 48.69 1.96 Novartis NVS 94.08 -0.18 SSR Mining SSRM 2.4 .07 Q Dec11 /Nov13
DolbyLab DLB 83.49 1.94 RoyalBkCanada RY 83.56 3.26
Autoliv ALV 93.13 0.21 Carlyle CG 28.84 1.28 GlobusMedical GMED 46.29 0.30 LatticeSemi LSCC 56.45 1.84 NovoNordisk NVO 100.93 3.25 TERNIUM ADR TX 7.9 1.10 SA Nov21 /Nov13
DollarGeneral DG 117.43 1.07 RoyalCaribbean RCL 88.32 3.05
CarMax KMX 63.64 2.15 NuHoldings NU 8.23 -0.07
ADP ADP 218.56 8.19 DollarTree DLTR 114.01 2.52 GoDaddy GDDY 75.19 1.73 Lear LEA 127.79 -2.46 RoyalGold RGLD 106.63 1.94 Thomson Reuters TRI 1.5 .49 Q Dec15 /Nov16
Carnival CCL 11.90 0.60 GoldFields GFI 12.79 -0.22 LegendBiotech LEGN 64.78 -2.03 Nucor NUE 151.26 3.27
AutoZone AZO 2546.02 55.30 DominionEner D 41.08 0.86 RoyaltyPharma RPRX 27.48 0.25
Carnival CUK 10.78 0.54 GoldmanSachs GS 313.76 6.60 Leidos Nutanix NTNX 37.36 0.82 Special
Avalonbay AVB 167.92 4.05 Domino's DPZ 348.38 4.25 LDOS 103.18 2.00 RyanSpecialty RYAN 43.39 0.22
CarrierGlobal CARR 49.97 0.31 Grab GRAB 3.13 0.08 Lennar B Nutrien NTR 55.39 1.23
Avangrid AGR 31.83 1.18 Donaldson DCI 58.96 1.15 LEN.B 107.16 4.68
nVentElectric NVT 49.44 0.08
Ryanair RYAAY 93.48 3.98 Berry (bry) BRY 6.2 .09 Nov29 /Nov15
Avantor AVTR 18.20 0.79 CaseysGenStores CASY 270.75 0.54 DoorDash DASH 87.79 11.89 Graco GGG 75.86 1.65 Lennar A LEN 115.86 4.64 SAP SAP 138.58 2.50 Corebridge Financial CRBG 4.2 1.16 Nov22 /Nov13
Caterpillar CAT 239.12 7.29 Grainger GWW 756.29 14.19 s LennoxIntl LII 382.41 -0.91 NVIDIA NVDA 435.06 11.81
AveryDennison AVY 176.21 2.34 Dover DOV 133.26 4.18 S&P Global SPGI 375.92 24.52 Main Street Capital MAIN 7.2 .275 Dec27 /Dec20
AvisBudget CAR 186.98 22.98
AxaltaCoating AXTA 29.00 0.65
Celanese CE 115.57 2.55
CelsiusHldg CELH 162.01 6.78
Dow DOW 48.99 0.78
DrReddy'sLab RDY 64.54 -0.96
GraphicPkg GPK 21.89 0.37 LiAuto
Grifols
LI 35.33 0.34
GRFS 9.04 0.95 LibertyBroadbandA LBRDA 85.66 2.36
O P Q SBA Comm SBAC 217.40 9.74
SEI Investments SEIC 55.31 1.15 Sources: FactSet; Dow Jones Market Data
AxonEnterprise AXON 210.27 3.12 Cemex CX 6.43 0.29 DraftKings DKNG 28.98 1.75 GpoAeroportuar PAC 123.29 3.50 LibertyBroadbandC LBRDK 85.67 2.28 OGE Energy OGE 35.53 1.03 SK Telecom SKM 20.71 0.28
BCE BCE 39.06 1.20 Cencora COR 192.18 4.95 Dropbox DBX 26.43 0.27 GpoAeroportSur ASR 224.00 2.29 LibertyGlobal C LBTYK 16.98 0.52 ONEOK OKE 66.65 2.11 SS&C Tech SSNC 51.16 1.97 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and
BHP Group BHP 59.03 1.10 CenovusEnergy CVE 19.52 0.49 DukeEnergy DUK 89.89 0.35 Guidewire GWRE 89.92 0.61 LibertyGlobal A LBTYA 15.64 0.45 ON Semi ON 66.63 1.79 STAG Indl STAG 35.19 1.15 ratio; SO: spin-off.

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
Sunoco SUN 52.98 3.2 Airgain AIRG 3.12 -3.1 ChimeraInvt CIM 4.45 -1.8 Etsy ETSY 58.20 1.6 KaryopharmTherap KPTI 0.75 -3.2 Omnicell OMCL 28.76 -18.3 SilvercorpMetals SVM 2.12 ...
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE SynovusFinPfdD SNVpD 25.51 -0.1 Albemarle ALB 116.35 1.4 ChinaJoJoDrug CJJD 0.18 -1.2 EveloBiosci EVLO 0.30 -19.3 Kennedy-Wilson KW 11.91 -4.2 1895Bancorp BCOW 6.00 -3.5 SiNtxTech SINT 0.40 -6.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low AllegiantTravel ALGT 60.76 -2.3 ChinaPharma CPHI 0.09 2.0 FirstMajestic AG 4.38 -14.3 KY FirstFedBncp KFFB 4.29 -1.6 OramedPharm ORMP 1.67 5.3 SkeenaRscs SKE 3.34 -1.7
TIM TIMB 16.30 1.8
in the latest session. % CHG-Daily percentage change from the previous trading session. SOQUIMICH SQM 46.48 2.4
TabulaRasaHlth TRHC 10.50 0.9 Allient ALNT 25.43 -10.2 ChoiceHotels CHH 109.19 1.4 FlexSolInt FSI 1.83 0.5 Kidpik PIK 0.42 -8.9 Organon OGN 12.65 -10.5
TargaResources TRGP 90.50 7.2 Allot ALLT 1.50 -12.5 Cohbar CWBR 0.87 -2.2 ForemostLithiumWt FMSTW 0.25 56.7 KintaraTherap KTRA 0.38 -17.8 PoetTech POET 1.55 -37.9 SolGelTech SLGL 1.16 -3.8
Thursday, November 2, 2023 SolarEdgeTech SEDG 63.25 -4.0
TechnipFMC FTI 22.57 2.6 AmtechSystems ASYS 6.84 5.2 ColliersIntl CIGI 83.38 -6.8 ForresterRes FORR 22.27 2.0 KronosBio KRON 0.79 -5.1 PTC Therap PTCT 17.53 -2.1
52-Wk % 52-Wk % 52-Wk % AnghamiWt ANGHW 0.01 -29.0 ColorStarTech ADD 0.18 3.9 ForteBiosci FBRX 0.45 4.3 KymeraTherap KYMR 9.60 4.6 PapaJohn's PZZA 60.66 -3.5 SonicFoundry SOFO 0.41 -2.3
Teekay TK 7.67 -1.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SonomaPharm SNOA 0.16 5.3
TeekayTankers TNK 54.11 1.0 AnnovisBio ANVS 6.01 -1.1 CompassMinerals CMP 23.67 -4.3 FoxB FOX 26.20 2.0 LifezoneMetals LZM 7.43 -7.2 PatriotNatBncp PNBK 6.14 0.3
Crane CR 100.15 1.9 Moog B MOG.B 118.37 3.4 AntelopeEnterprise AEHL 2.03 -5.1 Conduent CNDT 2.43 0.4 FranklinCovey FC 32.19 -9.2 LindbladExped LIND 5.47 2.7 PaycomSoftware PAYC 146.15 7.9 SplashBeverage SBEV 0.52 -3.4
Highs CyberArkSoftware CYBR 177.12 7.3 Moog A MOG.A 119.85 2.9
TelefonicaBras VIV
TotalEnergies TTE
9.63 0.3
68.83 2.4 AptevoTherap APVO 0.25 -6.9 Confluent CFLT 14.69 -42.1 GabelliMultPfdE GGTpE 22.30 -0.8 LineageCell LCTX 1.00 0.9 PediatrixMedical MD 9.15 -11.8 StaarSurgical STAA 34.31 -16.9
DeckersOutdoor DECK 602.50 1.2 Morningstar MORN 260.00 0.9 Aptiv APTV 71.01 -10.3 ContraFect CFRX 0.23 -0.5 GainTherap GANX 2.63 -4.9 LionGroupWt LGHLW 0.01 -6.3 Peraso PRSO 0.13 0.1 Stagwell STGW 3.83 5.6
A SPAC II ASCB 12.02 -3.5 Tradeweb TW 92.03 1.2
DorianLPG LPG 39.15 11.6 MountainCrestIV MCAF 12.11 5.8 Ashland ASH 70.82 0.5 CoreCard CCRD 16.26 1.0 GeneDxWt WGSWW 0.00 0.5 LumenTech LUMN 0.78 8.2 PineappleFinl PAPL 1.66 -17.8 Starbox STBX 0.47 -0.4
AdtalemGlbEduc ATGE 54.26 1.1 TraneTech TT 216.71 -0.2
ENI E 33.45 1.9 MurphyUSA MUSA 382.04 1.6 Assertio ASRT 2.06 ... CorEnergyInfrPf CORRpA 3.83 -6.7 GeneDx WGS 1.80 -2.1 MiraPharm MIRA 1.48 -1.3 PortmanRidge PTMN 16.95 -0.4 Stericycle SRCL 37.78 1.2
Afya AFYA 17.57 3.0 UltraparPart UGP 4.31 2.9
EnergySvsofAmerica ESOA 4.95 ... NRG Energy NRG 46.26 2.9 SturmRuger RGR 45.35 -16.4
UnvlSecInstr UUU 4.92 -12.2 AstecIndustries ASTE 28.97 -4.3 CorEnergyInfr CORR 0.55 2.2 Genmab GMAB 27.74 -3.5 MagnaIntl MGA 46.71 1.7 PowerFleet PWFL 1.64 -1.1
Agilysys AGYS 89.25 2.4 Synlogic SYBX 1.61 4.0
EssaPharma EPIX 5.43 10.1 NewRelic NEWR 86.93 0.3 AtaraBiotherap ATRA 1.17 -5.6 Criteo CRTO 22.10 -12.0 Glatfelter GLT 1.44 -3.7 MariaDB MRDB 0.40 2.1 PrestigeWealth PWM 1.77 -0.5
AlkamiTech ALKT 21.24 10.2 UnvlTechInst UTI 9.41 4.3 SyraHealth SYRA 1.15 1.6
FTAI Aviation FTAI 41.06 1.3 NewMarket NEU 490.62 -1.8 BP Prudhoe BPT 4.38 -6.2 CrossCtyHlthcr CCRN 15.65 -13.8 GrabWt GRABW 0.18 11.4 MarriottVacations VAC 79.07 -7.2 ProFracWt ACDCW 0.00 -35.0
AlmacenesExito EXTO 7.03 -0.1 VSE VSEC 59.74 8.3 TandemDiabetes TNDM 14.43 -14.4
FomentoEconMex FMX 120.43 1.8 NewparkResources NR 7.54 1.4 BTBrandsWt BTBDW 0.08 -20.0 DHI Group DHX 2.57 4.8 GreatElm GEG 1.72 1.5 MasTec MTZ 44.65 1.0 ProvidentFin PROV 11.25 -5.9
AlphaStarAcqn ALSA 11.50 0.1 Vaccitech VACC 4.54 -0.9 Thryv THRY 15.99 4.9
G-IIIApparel GIII 26.88 5.1 NextGenHlthcr NXGN 23.93 ... Bakkt BKKT 0.91 ... DZS DZSI 1.24 -0.8 HNR Acqn HNRA 9.36 -3.9 MediciNova MNOV 1.86 0.5 PureCycleTech PCT 4.08 3.6
AmerEagle AEO 18.48 3.9 VertexPharm VRTX 376.84 2.0 TigoEnergy TYGO 2.39 -6.3
Gallagher AJG 242.42 2.1 Northann NCL 15.00 20.0 BeamrImaging BMR 0.91 0.5 DareBioscience DARE 0.39 -4.1 HashiCorp HCP 18.91 -2.1 MesaLabs MLAB 87.21 1.4 PureCycleTechWt PCTTW 1.30 -9.1
AnteroMidstream AM 12.96 2.5 Vistra VST 35.04 2.2 TreviTherap TRVI 1.60 -5.7
GenieEnergy GNE 20.51 ... OlemaPharm OLMA 15.80 5.4 Belden BDC 60.55 -12.7 DarioHealth DRIO 0.68 ... HeclaMiningPfB HLpB 50.70 -2.5 MiX Telematics MIXT 4.75 1.2 PureTechHealth PRTC 17.85 ...
Archrock AROC 14.05 4.6 Walmart WMT 166.19 0.4 TriSalusLifeSci TLSI 4.11 -5.9
GoldenHeaven GDHG 21.99 13.3 OmniLitAcqn OLITU 15.74 3.0 Big5SportingGds BGFV 5.00 -8.3 DataKnights DKDCU 5.22 -17.1 HenrySchein HSIC 60.01 -3.4 Moderna MRNA 62.55 -6.5 RaniTherap RANI 1.82 -0.5
AristaNetworks ANET 214.26 0.4 WeatherfordIntl WFRD 99.21 4.0 TurboEnergy TURB 1.19 2.4
GraniteConstr GVA 44.93 4.0 OmniLitAcqnA OLIT 19.50 5.5 BioCryst BCRX 5.21 -1.6 DatChatWt DATSW 0.03 49.0 HepionPharm HEPA 4.16 -5.5 MolecularTemp MTEM 4.56 -1.8 reAlphaTech AIRE 9.65 -40.6
BeliteBio BLTE 39.80 0.6 Welltower WELL 88.07 2.8 UnitedGuardian UG 5.83 1.0
GreatElmNts28 GECCZ 26.00 0.8 PCConnection CNXN 57.46 5.0 BioMarinPharm BMRN 76.02 -5.2 DentsplySirona XRAY 26.27 -7.5 HiltonGrandVac HGV 34.41 0.9 MoneyHero MNY 1.20 -8.3 RebornCoffee REBN 0.26 -7.4
BellRing BRBR 45.10 -0.6 WhiteHorseNts2028 WHFCL 27.41 -0.6 ValensSemiconWt VLN.WS 0.03 -0.2
GulfportEnergy GPOR 134.84 2.8 Park-Ohio PKOH 28.00 21.3 BioNexusGene BGLC 0.36 1.6 DineBrands DIN 43.39 0.6 i-80Gold IAUX 1.28 -3.7 MotusGI MOTS 5.38 -16.9 RegalRexnord RRX 97.18 -15.8 VectorGroup VGR 9.86 2.6
Biohaven
CASI Pharm
BHVN
CASI
31.00
4.95 3.0
... HCM Acqn A HCMA
HNI HNI
11.06
38.00
0.1
3.1
PennyMacNts28 PMTU
Pinterest PINS
24.65
31.24
0.7
2.7
Lows BitBrother
Brightcove
BETS
BCOV
0.04 -3.9
2.50 -8.1
DistokenAcqnWt DISTW
DouglasElliman DOUG
0.01 -28.9
1.58 3.7
IcahnEnterprises IEP
InariMedical NARI
16.04 5.1
48.86 -17.0
NCS Multistage NCSM
NaaSTechnology NAAS
12.38 -3.0
2.20 -15.2
RegionalHealth RHE
RegionalMgmt RM
1.80 -8.5
20.91 -10.5
VirBiotech VIR 7.72 5.1
VislinkTech VISL 3.01 0.3
CONXWt CONXW 0.31 40.1 Informatica INFA 23.16 17.8 QuantumFin QFTA 11.37 3.9 ACELYRIN SLRN 8.91 ... BrightSphere BSIG 15.23 -0.3 DrillingToolsIntl DTI 3.60 -0.8 InFinTAcqnWt IFIN.WS 0.01 12.9 NationalFuelGas NFG 48.60 2.7 RenttheRunway RENT 0.44 -9.8 Visteon VC 108.66 -1.3
Cameco CCJ 43.11 4.4 IntlMediaAcqn IMAQU 11.60 0.6 RB Global RBA 67.93 3.0 AGBA Wt AGBAW 0.01 -31.1 CF Bankshares CFBK 14.69 3.0 DuluthHoldings DLTH 4.77 -0.2 InflaRx IFRX 1.34 -13.6 NemauraMedical NMRD 0.24 -6.0 Replimune REPL 13.09 -4.5 Volcon VLCN 1.04 -5.3
CanadianNatRscs CNQ 68.05 5.0 JourneyMed DERM 3.62 0.6 RamacoRscsA METC 12.85 -0.1 AMN Healthcare AMN 70.33 -4.8 CFSB Bancorp CFSB 6.01 -1.3 ENDRA LifeSci NDRA 0.87 3.1 Inotiv NOTV 1.76 -2.2 NetLeaseOfficeProp NLOP 9.50 -38.8 RockyMtnChoc RMCF 3.72 4.4 vTvTherap VTVT 0.38 -2.4
CareTrustREIT CTRE 22.34 1.1 Kadant KAI 238.37 1.0 RangeResources RRC 37.47 1.8 ARBIOT ARBB 0.81 -5.4 CISO Global CISO 0.09 5.3 EncoreCapital ECPG 34.74 10.4 Intercure INCR 0.99 5.5 Nevro NVRO 13.98 2.5 ShuaaPtrsI Wt SHUAW 0.03 -42.0 Wallbox WBX 1.43 -3.3
CarlyleCreditPfdA CCIA 25.18 0.5 LennoxIntl LII 395.08 -0.2 SCE III Pfd SCEpH 24.55 0.7 ATA Creativity AACG 0.88 -1.0 CRA Intl CRAI 81.29 -14.1 EndeavourSilver EXK 2.04 -1.9 Intergroup INTG 25.69 -2.2 NY Mortgage NYMT 7.23 -1.3 SSR Mining SSRM 11.14 -1.8 WallboxWt WBX.WS 0.13 16.8
Chemed CHE 583.54 0.5 LeonardoDRS DRS 20.32 1.9 SafetyShot SHOT 1.59 13.4 AXT AXTI 1.89 6.2 CalidiBiotherap CLDI 1.50 -15.9 EnergemWt ENCPW 0.02 -16.6 Joann JOAN 0.54 -2.7 NoEuroOil NRT 7.69 1.9 Safe&GreenDevt SGD 0.77 -17.5 WernerEnterprises WERN 35.02 ...
ChordEnergy CHRD 173.85 5.1 Loews L 65.80 ... SelectiveIns SIGI 108.18 -1.1 ActiniumPharm ATNM 4.46 -15.5 CanoHealthWt CANO.WS 0.01 18.6 EnergyFocus EFOI 1.47 -7.0 JaguarGlblGrowthI JGGCU 4.50 -4.2 NovaLifestyle NVFY 1.74 -11.3 SangamoTherap SGMO 0.44 -22.1 WheelerREIT WHLR 0.57 -7.6
ConcordAcqnIII CNDB.U 11.18 4.7 LogitechIntl LOGI 79.90 1.0 Shell SHEL 68.74 4.8 Adaptimmune ADAP 0.52 2.6 CareMaxWt CMAXW 0.08 -45.6 Envela ELA 3.67 -2.6 JowellGlobal JWEL 1.85 -5.1 NuSkinEnts NUS 16.20 -9.5 scPharm SCPH 5.00 -3.8 WillScotMobile WSC 34.40 -8.8
ConcordAcqnIII A CNDB 11.00 ... MarathonPetrol MPC 159.65 0.4 StealthGas GASS 5.98 1.6 AevaTechWt AEVA.WS 0.03 0.3 CetusCapitalAcqnWt CETUW 0.02 -10.4 Envista NVST 20.00 -7.6 KwesstMicroSys KWE 1.31 -1.4 OceanBiomedical OCEA 1.60 -0.6 SeresTherap MCRB 0.91 -35.3 XWELL XWEL 1.39 0.9
ConstellationI CSTA.U 11.10 -0.2 MereoBioPharma MREO 2.22 3.5 Stride LRN 55.94 -0.6 Agriforce AGRI 1.54 -7.5 ChesapeakeUtil CPK 84.10 2.3 EternaTherap ERNA 1.16 8.1 KaivalBrands KAVL 0.28 -1.1 OceanPwrTech OPTT 0.25 3.6 Servotronics SVT 9.04 -3.5 ZeroFox ZFOX 0.58 -1.5

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
IntlIdxInstPrem 43.87 +0.81 6.5 SrsEmrgMkt +0.27 4.0 LgCpGwth
16.24 53.79 +0.99 20.3 NHoriz 47.85 +0.43 3.3 MuShtAdml 15.54 +0.03 1.9 WellsI 23.61 +0.30 -1.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 26.46 +0.48 27.3 SrsGlobal 12.91
+0.25 4.5 JPMorgan R Class R2025 15.44 +0.20 5.6 PrmcpAdml r 151.14 +3.17 15.5 Welltn 39.86 +0.54 5.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 26.22 +0.59 1.5 SrsGroCoRetail +0.33 28.3 CoreBond
17.67 9.74 +0.05 -0.7 R2030 23.25 +0.34 6.4 RealEstatAdml 107.42 +3.40 -5.2 WndsrII 40.23 +0.75 8.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 17.94 +0.33 13.9 SrsIntlGrw +0.35 7.4 CorePlusBd
15.32 6.84 +0.04 -0.6 R2040 26.43 +0.46 8.2 SmCapAdml 87.71 +1.97 0.9 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.55 +0.06 -1.1 SrsIntlVal 10.96
+0.17 9.3 Lord Abbett I Putnam Funds Class A SmGthAdml 71.67 +1.49 2.1 ExtndIstPl 258.99 +6.10 5.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.67 +0.25 7.5 TotalBond +0.07 0.2 ShtDurInc p
9.03 3.79 ... 2.9 PutLargCap p 29.59 +0.62 5.9 STBondAdml 9.86 ... 1.9 IdxIntl 17.06 +0.33 4.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.19 +0.10 -9.1 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 9.94 +0.01 2.6 MdCpGrAdml 81.00 +1.98 5.2
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 21.34 +0.56 -1.3 TotalBd 8.54 +0.06 0.3 TotRetBdI 8.59 +0.06 NA 1000 Inv r 93.13 +1.75 NA STIPSIxAdm 23.70 ... 2.7 MdCpVlAdml 67.22 +1.44 -2.5
TMktIdxInstPrem 119.17 +2.29 12.7 U.S.TreBdIdx 8.40 +0.04 -1.2 TRBdPlan 8.06 +0.06 NA S&P Sel 66.95 +1.24 NA TotBdAdml 9.14 +0.05 -1.1 SmValAdml 67.23 +1.60 0.2
TotalMarketIndex 15.06 +0.29 12.8 Fidelity Selects MFS Funds TSM Sel r 73.40 +1.41 NA TotIntBdIdxAdm 19.23 +0.08 3.1 TotBd2 9.03 +0.05 -1.1
Thursday, November 2, 2023 TtlIntIdxInstPr 12.20 +0.24 4.2 Semiconductors r 21.34 +0.56 46.4 IIE 30.18 +0.47 7.2 TIAA/CREF Funds TotIntlAdmIdx r 28.54 +0.55 4.3 TotIntlInstIdx r 114.11 +2.18 4.3
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.82 +0.06 -1.1 Softwr 25.01 +0.24 27.3 MFS Funds Class I EqIdxInst 30.57 +0.59 12.6 TotStAdml 103.68 +2.00 12.6 TotItlInstPlId r 114.14 +2.18 4.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Tech 24.98 +0.45 40.0 GrowthI 163.35 +2.46 23.5 IntlEqIdxInst 20.35 +0.37 6.5 TxMCapAdml 222.58 +4.21 13.6 TotSt 103.65 +1.99 12.5
Total Bd 9.01 +0.06 0.1 First Eagle Funds ValueI 46.73 +0.81 -0.9 LrgCpGrIdxInst 47.15 +0.85 27.2 TxMIn r 13.98 +0.29 5.4 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq1 32.41 +0.62 10.0 Fidelity Freedom GlbA 61.16 +0.72 5.5 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 14.00 +0.29 5.5
MuniIncmShares 10.19 +0.12 -2.4 IntlVal Inst 43.47 +0.49 12.6 US CoreEq2 29.15 +0.56 8.6 USGroAdml 128.33 +2.96 26.7
FF2030 15.36 +0.23 5.0 Franklin A1 LSGrowthY 21.85 +0.49 34.2 500Adml 398.73 +7.40 13.9
ValAdml 53.60 +0.98 -0.2 DevMktsInxInst 21.89 +0.46 5.6
AB Funds - ADV Baird Funds US Small 38.56 +0.86 0.5 FF2040 9.56 +0.17 7.9 IncomeA1 2.15 +0.03 -0.2 Northern Funds BalAdml 41.64 +0.59 7.1 ExtndInst 104.95 +2.47 5.1
LgCpGrAdv 84.58 +1.59 21.0 AggBdInst 9.26 +0.06 -0.8 US SmCpVal 39.55 +0.99 1.9 WdsrllAdml 71.37 +1.32 8.8
Freedom2030 K 15.36 +0.22 5.1 FrankTemp/Frank Adv StkIdx NA ... NA CAITAdml 10.82 +0.08 -0.6 GrwthInst 142.54 +2.73 30.5
American Century Inv CorBdInst 9.57 +0.06 -0.2 US TgdVal 27.61 +0.66 2.0 WellsIAdml 57.20 +0.73 -1.0
Freedom2035 K 13.36 +0.22 6.6 IncomeAdv 2.13 +0.03 -0.1 Old Westbury Fds CapOpAdml r 164.59 +3.07 12.6 InPrSeIn 9.19 +0.03 -0.2
Ultra 69.70 +1.30 26.4 BlackRock Funds USLgVa 41.08 +0.79 0.6 LrgCpStr NA ... NA
WelltnAdml 68.82 +0.92 5.5
Freedom2040 K 9.57 +0.17 7.9 FrankTemp/Franklin A DivAppIdxAdm 42.50 +0.74 4.7 InstIdx 360.75 +6.70 13.9
American Funds Cl A HiYldBd Inst NA ... 6.7 Dodge & Cox Growth A 115.77 +2.32 13.3 Parnassus Fds EMAdmr 32.23 +0.46 0.8
WndsrAdml 69.77 +1.41 3.0
Idx2030InsPre 17.60 +0.26 4.9 InstPlus 360.75 +6.70 14.0
AmcpA 34.35 +0.68 14.5 BlackRock Funds III Balanced 95.33 +1.26 4.8 Idx2035InsPre VANGUARD FDS
19.87 +0.32 6.3 RisDv A 84.51 +1.28 3.2 ParnEqFd 52.72 +0.86 12.9 EqIncAdml 81.81 +1.67 -1.3 InstTStPlus 74.54 +1.44 12.7
AMutlA 48.15 +0.85 0.7 iShS&P500IdxK 506.69 +9.41 13.9 GblStock 13.67 +0.25 8.4 Idx2040InsPre 20.38 +0.36 7.5 Guggenheim Funds Tru PGIM Funds Cl Z ExplrAdml 88.14 +1.73 1.5 DivdGro 34.85 +0.53 -0.3 MidCpInst 55.79 +1.27 1.2
BalA 29.77 +0.43 4.6 BlackRock Funds Inst Income 11.88 +0.09 0.3 Idx2045InsPre 21.23 +0.40 7.9 TotRtnBdFdClInst 22.38 +0.14 0.1 TotalReturnBond NA ... NA ExtndAdml 104.96 +2.48 5.1 IntlVal 37.58 +0.66 5.1 MidCpIstPl 275.15 +6.28 1.2
BondA 10.84 +0.06 -1.9 EqtyDivd 18.26 +0.41 3.2 Intl Stk 45.85 +0.74 6.4 Fidelity Invest Harbor Funds PIMCO Fds Instl GNMAAdml 8.75 +0.05 -2.1 LifeCon 19.47 +0.21 3.8 SmCapInst 87.71 +1.98 0.9
CapIBA 61.75 +0.96 0.1 StratIncOpptyIns NA ... 2.1 Stock 223.89 +4.07 5.8 Balanc 24.92 +0.34 11.3 CapApInst 85.10 +1.54 35.6 AllAsset 10.44 +0.11 NA GrwthAdml 142.53 +2.73 30.5 LifeGro 38.31 +0.63 7.4 SmCapIstPl 253.16 +5.70 0.9
CapWGrA 55.43 +1.02 8.9 TotRet 9.45 +0.06 NA DoubleLine Funds BluCh 152.69 +2.94 36.7 Harding Loevner TotRt 8.13 +0.04 NA HlthCareAdml r 83.70 +0.96 -3.7 LifeMod 28.68 +0.39 5.6 STIGradeInst 9.94 +0.01 2.6
EupacA 51.27 +1.10 4.9 Calamos Funds TotRetBdI 8.34 +0.05 -1.5 BluChpGr K6 23.66 +0.47 37.0 IntlEq 23.84 +0.33 1.8 PIMCO Funds A HYCorAdml r 5.15 +0.06 5.1 PrmcpCor 30.06 +0.60 10.6 STIPSIxins 23.72 ... 2.8
FdInvA 66.38 +1.26 12.1 MktNeutI 14.60 +0.05 7.1 Edgewood Growth Instituti Contra 15.20 +0.21 27.5 Invesco Funds A IncomeFd 10.14 +0.04 NA InfProAd 22.57 +0.09 -0.2 STAR 25.30 +0.39 5.5 TotBdInst 9.14 +0.05 -1.0
GwthA 59.44 +1.19 20.1 Columbia Class I EdgewoodGrInst 37.72 +0.96 20.5 CpInc 9.16 +0.09 6.0 EqIncA 9.81 +0.15 1.4 PIMCO Funds I2 IntlGrAdml 91.18 +1.75 0.9 TgtRe2020 26.46 +0.28 4.3 TotBdInst2 9.03 +0.05 -1.1
HI TrA 8.98 +0.10 4.8 DivIncom I 29.07 +0.54 2.0 Federated Hermes Int GroCo 29.16 +0.54 29.5 Invesco Funds Y Income 10.14 +0.04 NA ITBondAdml 9.75 +0.06 -0.7 TgtRe2025 17.56 +0.22 5.3 TotBdInstPl 9.14 +0.05 -1.0
ICAA 46.78 +0.81 14.5 Dimensional Fds TtlRtnBdI 9.04 +0.05 -1.4 InvGrBd 9.50 +0.06 -0.3 DevMktY 36.04 +0.60 3.1 PIMCO Funds Instl ITIGradeAdml 8.08 +0.06 0.4 TgtRe2030 33.23 +0.47 5.9 TotIntBdIdxInst 28.86 +0.13 3.1
IncoA 21.96 +0.34 -0.7 5GlbFxdInc 10.12 ... 4.0 Fidelity LowP 41.09 +0.70 2.5 JHF III DispVal IncomeFd 10.14 +0.04 NA LarCapAd 99.64 +1.87 14.5 TgtRe2035 20.63 +0.31 6.6 TotStInst 103.69 +1.99 12.6
N PerA 52.73 +1.04 11.5 EmgMktVa 27.34 +0.42 6.2 500IdxInstPrem 149.99 +2.78 14.0 Magin 11.13 +0.19 16.5 DispValMCI 25.14 +0.52 NA Price Funds LTGradeAdml 7.19 +0.14 -4.0 TgtRe2040 36.49 +0.59 7.3 ValueInst 53.60 +0.98 -0.2
NEcoA 50.03 +0.88 15.0 EmMktCorEq 20.75 +0.33 5.3 Contrafund K6 21.19 +0.30 26.0 NASDAQ 169.26 +2.97 28.3 John Hancock BlChip 139.30 +2.24 34.6 MidCpAdml 252.55 +5.76 1.2 TgtRe2045 24.65 +0.43 8.0 WCM Focus Funds
NwWrldA 70.06 +1.11 5.4 IntlCoreEq 13.94 +0.27 5.7 ExtMktIdxInstPre 66.15 +1.56 5.1 OTC 16.41 +0.24 27.9 BondR6 12.77 +0.09 -0.7 DivGro 66.12 +1.17 4.1 MuHYAdml 9.83 +0.11 -1.1 TgtRe2050 40.96 +0.73 8.4 WCMFocIntlGrwIns 20.43 +0.49 3.9
SmCpA 56.84 +1.02 1.3 IntSmCo 17.38 +0.34 1.8 FidSerInt 8.40 +0.03 1.8 Puritn 21.53 +0.28 9.9 JPMorgan I Class Growth 81.64 +1.43 32.5 MuIntAdml 12.96 +0.09 -0.7 TgtRe2060 42.08 +0.75 8.4 Western Asset
TxExA 11.66 +0.09 -0.9 IntSmVa 19.68 +0.32 6.9 FidSerToMarket 14.19 +0.27 12.6 SAIUSMinVolIndFd 17.80 +0.29 7.6 CoreBond 9.73 +0.06 -0.7 LgCapGow I 60.73 +1.00 32.3 MuLTAdml 10.11 +0.11 -1.6 TgtRet2055 45.70 +0.82 8.4 CoreBondI NA ... NA
WshA 53.46 +0.99 6.6 LgCo 29.47 +0.55 14.0 GrowthCompanyK6 19.67 +0.38 27.8 SAIUSQtyIdx 17.73 +0.29 16.9 EqInc 21.46 +0.46 -3.3 MidCap 92.47 +2.02 4.2 MuLtdAdml 10.55 +0.04 0.9 TgtRetInc 12.45 +0.10 3.3 CorePlusBdI NA ... NA
 B10 | Friday, November 3, 2023
FLEXPORT
A warehouse in Los Angeles operated by freight forwarder Flexport, which has laid off workers this year.
Venture-Capital Firms Cool
On Supply-Chain Startups
BY LIZ YOUNG
Venture-capital firms that
once provided supply-chain
technology startups with hefty
backing at gaudy valuations
have been tightening their
pursestrings this year, pushing
some of the businesses to slash
costs, cut staff and look for
other ways to survive in a weak
freight market.
Thinning investor support
contributed to the collapse of
digital freight startup Convoy,
which ceased operations in Oc-
tober just 18 months after top-
ping out at a $3.8 billion valu-
ation.
Tech-focused freight for-
warder Flexport, shipment-
tracking provider project44
and load-matching specialist
Transfix are among high-val-
ued startups in the U.S. that
have laid off workers in the
past year as deteriorating ship-
ping demand eroded reserves
that had been built up in a se-
ries of big funding rounds.
Venture firms concluded
404 deals totaling $5.7 billion
for logistics companies in the
first half of this year, down
DoorDash Narrows Its Quarterly Loss
As Revenue, Orders Climb to Records
BY PREETIKA RANA
DoorDash delivered its
strongest quarter since going
public in 2020, reporting re-
cord revenue and orders, as
well as its narrowest loss.
The company’s results, re-
ported late Wednesday,
trumped Wall Street’s expec-
tations, as people ordered in
more than they did at the
height of the pandemic.
DoorDash also projected
better-than-expected growth
and adjusted earnings for the
current quarter.
Its stock soared nearly 16%
in Thursday’s trading. Shares
are up more than 50% this
year through Wednesday’s
close.
Total order value on the
app rose 24% to $16.75 billion,
Starbucks Stock
Jumps After Profit
Exceeds Estimates
BY DEAN SEAL
Starbucks logged higher
revenue in its fiscal fourth
quarter, boosted by customers
spending more and ordering
more often.
Shares rose 9.5% to close at
$100.01 on Thursday, up $8.66.
Through Wednesday, the
stock had been down nearly
8% this year.
The coffee chain’s compara-
ble sales, which adjust for
store openings and closings,
were driven by a 4% rise in
average ticket size and a 3%
increase in transactions.
Outside of North America,
Starbucks’ average ticket
from 727 deals totaling $22.7
billion during the same period
last year, according to Pitch-
Book Data.
VC funding for the sector
skyrocketed to a peak of more
than $62 billion in 2021, ac-
cording to PitchBook figures, as
supply-chain disruptions dur-
ing the Covid-19 pandemic put
a spotlight on tech companies
touting tools to help solve
widespread shortages.
The pullback from investors
has left some startups pinned
between weak freight markets
and a lack of capital as they ap-
proach the point when inves-
tors typically look for an exit
around seven years in, experts
say.
New York-based Transfix,
which uses technology to
match trucks to available loads
from retailers and manufactur-
ers, bucked the trend last
month when it raised $40 mil-
lion at an undisclosed valua-
tion. The backing came after
the 10-year-old startup pushed
back plans last year to go pub-
lic through a merger with a
special-purpose acquisition
company.
DoorDash’s shares rose nearly 16% after its earnings release.
beating analysts’ predictions.
The company’s core restau-
rant business stayed strong,
while its grocery business
doubled.
sizes were down, but more
than offset by a jump in
transactions.
Starbucks’ operating mar-
gin, meanwhile, was boosted
by higher prices.
The company’s quarterly
sales climbed 11.4% to $9.37
billion, topping analyst projec-
tions for $9.29 billion, accord-
ing to FactSet.
Earnings rose to $1.22 bil-
lion, or $1.06 a share, from
$878.3 million, or 76 cents a
share, in the same quarter a
year ago.
Adjusted earnings also
were $1.06 a share due to a
lack of restructuring, transac-
tion or other one-time items
BANKING & FINANCE
“I don’t have a crystal ball
on when the public market will
come back, I don’t really have a
crystal ball on when acquisi-
tions are making sense,” said
Jonathan Salama, a co-founder
of Transfix who replaced Lily
Shen as chief executive in
March. “For us right now, it’s
going to be very opportunistic
and we’re going to focus on our
business.”
Chicago-based project44,
which makes software to track
goods moving through global
transportation markets, has
gone through two rounds of
layoffs this year. The company
raised $80 million last year at a
valuation of $2.7 billion. Chief
Executive Jett McCandless said
in an emailed statement that
the company’s revenue is up
30% this fiscal year, but that
the job cuts will help project44
better control costs as it pre-
pares for a public stock offer-
ing at some point.
“Investors have increasingly
emphasized profitability over
growth due to the market chal-
lenges,” McCandless said. “We
are on course to be profitable
with our current capital re-
DoorDash’s revenue
climbed 27% to $2.16 billion,
beating forecasts. Advertising
helped lift revenue.
The total number of orders
Starbucks global same-store
sales, change from a year
earlier
80%
60
40
20
0
–20
–40
FY2019 ’20 ’21 ’22
Note: Latest fiscal quarter ended Oct. 1
Source: the company
during the quarter.
Analysts had been project-
ing adjusted earnings of 97
cents a share.
Starbucks opened 816 new
stores in its fourth quarter,
ending the fiscal year with
38,038 locations in total.
That is 26 more stores than
analysts had been forecasting.
sources and on the right trajec-
tory for an IPO.”
Other freight-technology
companies have tried to reset
their businesses by aligning op-
erations with more traditional
logistics companies.
Uber Freight, the truck bro-
kerage arm of San Francisco-
based Uber Technologies, ac-
quired technology-focused
logistics services provider
Transplace in 2021 for about
$2.25 billion, expanding its rev-
enue stream from straightfor-
ward load-matching—similar to
the business Convoy was in—
into higher-end transportation
management.
Uber Freight counts Uber as
its majority shareholder but
also has raised money from
venture-capital investors. Lior
Ron, chief executive of Uber
Freight, said the operation’s
software-as-a-service technol-
ogy now accounts for half its
business. “Diversification to-
tally matters,” said Ron.
Freight-market prices, from
ocean shipping to domestic
trucking, have retreated in the
past year as shipping demand
has waned.
on the app rose 24% to a bet-
ter-than-expected 543 million.
The company said order fre-
quency accelerated to another
record.
DoorDash trimmed its loss
to $75 million, its best show-
ing since it became a public
company.
MICHAEL NAGLE/BLOOMBERG NEWS
Its adjusted earnings before
interest, taxes, depreciation
and amortization came in at
$344 million, its strongest
ever.
The company projected that
total order value on its app
would come in at between $17
billion and $17.4 billion for the
current quarter, higher than
expected.
Its forecast of adjusted
Ebitda of between $320 mil-
lion and $380 million also
topped expectations.
+8%
’23
The coffee chain’s comparable sales were driven in part by a 4% climb in average ticket size.
THE WALL STREET JOURNAL.
CFOs Hold Off
On Paying Bills
In Real Time
BY KRISTIN BROUGHTON ciency and irrevocability of
the payments.
With real-time payments, In his previous role as U.S.
chief financial officers can pay treasurer at Computershare,
their suppliers in seconds, but an Australia-based share-
many CFOs are holding off on holder-services company, Spa-
using them in the back office, taro worked on a project dur-
waiting to see if the value ul- ing the pandemic to add real-
timately outweighs the costs. time payments to the
The Federal Reserve in July company’s treasury-manage-
rolled out FedNow, a real-time ment platform, alongside
payments system that allows checks and other electronic
businesses and consumers to payments. But the project ran
move money instantly. The into hurdles, in part because
launch aims to expand access adding a real-time payments
to faster payments to more fi- option required investments
nancial institutions and their in time and resources from
customers. A similar pay- the company as well as its
ments system from the Clear- banks and software providers,
ing House, a payment network he said.
owned by large financial insti- Three percent of treasurers
tutions, launched in 2017. use the FedNow payment sys-
Both services offer instant tem, while an additional 39%
settling and clearing at all plan to do so in the future, ac-
times of day. Other payment cording to a survey published
methods can take longer or in October from the AFP. The
aren’t available around the remainder said they were un-
clock. sure or had no plans to use
For CFOs, a key selling FedNow. The survey, con-
point of real-time payments is ducted around the time the
the ability to closely manage Fed started its real-time pay-
working capital. Companies ments service in July, in-
can use the systems to pay cluded 310 treasury execu-
their bills on the last possible tives, nearly 80% of whom
day, meaning they can hold on were from publicly traded and
to their cash longer. Real-time private U.S. companies, while
payments can also provide fi- the remainder were from non-
nance chiefs with the cer- profits and government agen-
tainty of know- cies.
ing exactly Meanwhile,
3%
when their pay- 12% of treasur-
ments will set- ers said they
tle and clear. use the Clear-
But despite ing House’s
the selling Percent of corporate real-time pay-
points, demand
in the back of-
treasurers who use ments network,
with an addi-
fice hasn’t the FedNow system tional 20% say-
taken off yet, of payment. ing they plan to
bankers and do so, accord-
payments exec- ing to the AFP
utives said. survey.
Availability is one factor. “As interest rates rise, your
While larger banks are mostly ability to manage your cash
hooked up to at least one real- flow down to the second is an
time payments system, many extremely important element
smaller financial institutions of management for CFOs and
don’t yet have access. To com- treasurers,” said Jim Colas-
plete transactions, both send- sano, a senior vice president
ers and receivers must have a of real-time payments product
deposit account that is con- development at the Clearing
nected to the system. House.
Costs are another sticking Over 120 banks and credit
point. Real-time payments are unions are hooked up to the
more expensive than some FedNow service, according to
other types of payments. the Federal Reserve. The
Companies may want to make Clearing House’s real-time
adjustments to their back-end payments service, meanwhile,
systems to transact in real is available at 400 financial
time. And it is simply difficult institutions. There are roughly
to get companies to change 9,000 banks and credit unions
long-established processes for in the U.S., according to data
how they pay their bills. from the Federal Deposit In-
“It’s reconfiguring a lot of surance Corp. and the Na-
business processes that have tional Credit Union Adminis-
been in place for a long time. tration.
Quite frankly, there needs to “We’ve heard a good deal
be a strong business case to of excitement from businesses
make that effort worthwhile,” around the opportunities that
said Tom Hunt, director of instant payments offer,” said
treasury services and pay- Nick Stanescu, senior vice
ments at the Association for president at the Fed and busi-
Financial Professionals, a pro- ness executive for the FedNow
fessional organization. service. Many companies still
Tom Spataro, chief treasury rely on checks and manual in-
and banking officer at claims voices and see instant pay-
administrator and restructur- ments as a way to speed up
ing adviser Kurtzman Carson cash flow, simplify invoicing
Consultants, plans to use real- and reduce errors, he said.
time payments at his com- The Fed hasn’t yet dis-
pany, though he is assessing closed total payment volumes
where it makes the most on its FedNow service. During
sense, such as payroll, vendor the third quarter, the Clearing
payments or replacing checks. House processed $34.3 billion
“We’ll look at it,” said Spa- in transactions on its real-
taro, who said he started his time payments system, up
job on Wednesday. He from about $19.7 billion dur-
cited benefits including effi- ing the year-earlier period.
GABBY JONES/BLOOMBERG NEWS
THE WALL STREET JOURNAL.
Stocks Extend Post-Fed Rally
All 11 sectors of S&P
500 end higher, led
by energy, utility,
consumer shares
BY JACK PITCHER
Stocks rose broadly Thurs-
day, gaining for a second day
after Federal Reserve Chair Je-
rome Powell signaled that the
central bank may be done lift-
ing interest rates for now.
The S&P 500 rose 1.9%. The
Dow Jones Industrial Average
gained 1.7%,
THURSDAY’S while the Nas-
MARKETS daq Composite
rose 1.8%.
All 11 S&P 500 sectors
closed higher, with energy,
utilities and consumer-discre-
tionary shares among the top
advancers. The rate-sensitive
real-estate sector led the way,
rising 3.1%. Mortgage rates fell
slightly this week, dropping for
the first time in nearly two
months.
Bond yields retreated. The
yield on the benchmark 10-
year Treasury note fell to
4.668% from 4.79% Wednesday.
Yields fall as bond prices rise.
Watch a Video
Scan this code
for a video with
Dion Rabouin
on what’s next
for the Fed.
Goldman Names 608 Managing Directors
BY ANNAMARIA ANDRIOTIS
Goldman Sachs on Thurs-
day promoted 608 employees
to the role of managing direc-
tor, a smaller group than the
last class two years ago.
The 2021 class was a record,
with 643 employees promoted
to managing director. But the
2023 class is still much bigger
than the previous few classes
before the pandemic. The 2019
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0122
*****
Index performance on Thursday
2.00%
1.75
1.50
1.25
1.00
0.75
0.50
0.25
0 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
Traders took solace in com-
ments Powell made Wednes-
day at his news conference,
where he repeatedly high-
lighted how much inflation has
fallen.
“Yesterday’s meeting makes
me much more convinced that
they’re done hiking,” said Da-
vid Kelly, chief global strate-
gist at J.P. Morgan Asset Man-
agement. “I think it was a little
more dovish than people ex-
pected.”
With yields falling more
than a fifth of a percentage
point over the course of two
days, riskier assets are getting
a boost.
Cathie Wood’s ARK Inno-
class, for example, had 465 em-
ployees.
New managing directors are
granted access to the bank’s
leadership training program,
private investment funds and a
personal wealth adviser. Their
typical base salary is $400,000.
Goldman is in the midst of
an overhaul that largely in-
volves refocusing on its tradi-
tional Wall Street businesses,
and the bank has all but aban-
The New Money Rules For Kids
In a four-part series, WSJ Audio explores the new ways younger
generations are learning about spending, the digitization of money
and how we can teach children to prosper in a changing financial world.
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exclusive audio, with WSJ Special Access.
L I S T E N N OW
MARKETS
S&P 500
Nasdaq Composite
Dow Jones Industrial Average
1 p.m. 2 3 4 S&P 500 futures were flat.
vation exchange-traded fund,
which invests largely in un-
profitable-but-growing tech-
nology companies that are sen-
sitive to interest rates, added
more than 8% Thursday.
Traders’ attention will turn
to Friday morning’s October
payrolls report. Indications
that the job market remains
hot could complicate the Fed’s
interest-rate plans and send
yields higher again. Powell was
careful not to rule out another
rate increase.
The number of Americans
seeking unemployment bene-
fits held at historically low lev-
els in October, the Labor De-
partment said Thursday.
doned its short foray into con-
sumer lending. The class re-
flects Goldman’s recommit-
ment to its core revenue-
producing businesses. Some
47% of newly named managing
directors are in the bank’s in-
vestment banking and trading
division.
Another 24% are in asset
and wealth management. The
bank has been emphasizing
that unit as a way to smooth
Starbucks was among the
S&P 500’s best performers,
adding 9.5% after the coffee-
shop chain said customers
were spending more and or-
dering more often.
Television streaming plat-
form Roku’s shares soared 31%
after higher-than-expected
revenue and upbeat sales
guidance.
Brent crude settled at
$86.85 a barrel.
Overseas, The Stoxx Europe
600 added 1.6%. At miidday
Friday, Hong Kong’s Hang Seng
Index was up 2.4%, South Ko-
rea’s Kospi was up 1% and the
Shanghai Composite was up
0.9%. Japanese markets are
closed Friday for a holiday.
AUCTION RESULTS
Here are the results of Thursday'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.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 7, 2023, mature on Dec. 5, 2023.
EIGHT-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated Nov. 7, 2023, mature on Jan. 2, 2024.
out the ups and downs of trad-
ing and deal making.
Just 2% of the new manag-
ing directors are in Platform
Solutions, which houses much
of the consumer-lending efforts
that Goldman is now pulling
back on.
The bank has conducted sev-
eral layoffs since last fall that
have affected a range of em-
ployees, including managing di-
rectors.
Friday, November 3, 2023 | B11
Dimon
Turns to
Europe
Continued from page B1
year.
Chase is spending heavily
on developing software and IT
infrastructure, on advertising
and on incentives and rela-
tively high interest rates on
deposits to lure new custom-
ers. Chase doesn’t yet offer
loans or other products that
earn interest.
“They don’t have a deep
knowledge of the markets
they’re entering. So they are
starting from scratch in that
context,” said John Cronin, an
analyst at Goodbody. “The
transportability of the credit
decisions and the experience
they’ve gained may not trans-
late” in Europe, he said.
Under Dimon, JPMorgan,
the top U.S. retail bank, long
resisted entering foreign mar-
$276,880,438,000
kets given the cost of leasing
$95,686,476,000 and staffing brick-and-mortar
$4,988,505,800
$100,000,000
branches.
99.588556 “On the retail side, we’ve
(5.290%)
5.400%
always said we’re not going to
67.08% go retail overseas,” Dimon
912797HN0 said at a conference in 2018.
“You’ll be losing money pretty
much the rest of your life.”
$230,518,180,600
What changed Dimon’s
$85,613,488,600
$1,449,078,100 mind? Digital banking, which
$0
99.175556
has slashed the cost of enter-
(5.300%) ing new markets.
5.433%
Eight in 10 Chase custom-
62.38%
912797HX8 ers in the U.S. use digital
banking. By 2018 the company
began studying other markets
to expand in digital banking,
including in Latin America,
Europe and the U.K.
In 2021, it bought a 40%
stake in Brazilian startup digi-
tal lender C6 Bank. In the U.K.
that year, it bought digital
wealth manager Nutmeg Sav-
ing and Investment and
launched Chase digital bank-
ing, initially offering checking
accounts through an app.
Four big banks—Barclays,
HSBC, Lloyds Banking Group
and NatWest Group—have
long dominated the U.K. retail
market. Their grip has loos-
ened as a batch of startups,
along with Chase, entered the
market.
In the three years through
2021, the share of U.K. check-
ing accounts at the big four
fell to 64% from 68%, accord-
ing to Financial Conduct Au-
thority, a regulator.
Chase and Nutmeg com-
bined have over 2 million U.K.
customers, £15 billion (equiva-
lent to $18 billion) in deposits
and £5 billion in assets under
management.
In September, the U.K. gov-
ernment announced a big rule
change that will pave the way
for JPMorgan’s expansion. Of-
ficials said they would ease
ring-fencing rules that require
banks with more than £25 bil-
lion in deposits to split their
retail- and investment-bank-
ing operations. The new rule
will lift the threshold to £35
billion.
Viswanathan said Chase
U.K. has focused on signing up
customers on the app and will
offer credit cards over the
next year, followed shortly
thereafter by personal loans—
products that will generate in-
come. The bank hasn’t decided
whether to offer mortgages.
Chase and other new banks
on the scene are benefiting
from higher interest rates,
which have made households
more willing to shift savings
to accounts that earn higher
interest.
In the year through Sep-
tember, 1.4 million U.K. check-
ing accounts switched lenders,
a 55% increase from the prior
year, according to the U.K.’s
Current Account Switch Ser-
vice, a program that allows
consumers to switch banks
seamlessly.
EMILY ELCONIN/BLOOMBERG NEWS
JPMorgan’s Jamie Dimon.
 B12 | Friday, November 3, 2023
Higher Rates Can Be Good News
Federal Reserve policy makers
appear disinclined to raise interest
rates again. But neither do they
expect to be cutting rates soon,
and when they do, they don’t
think they are going to be cutting
them by all that much.
This higher-for-longer prospect
has been unsettling for investors
and is part of why long-term rates
have risen so much over the past
several months. But if Fed policy
makers are right about their abil-
ity to keep rates high—and it is a
big if—then the economy could be
in a very good place.
Wednesday’s Fed decision went
pretty much the way investors ex-
pected it would. The central bank’s
policy-setting committee left its
target for overnight rates on hold
at a range of 5.25% to 5.5%, but
left the door open for future rate
increases. Fed officials believe that
SANDY HUFFAKER/THE WASHINGTON POST/GETTY IMAGES
Eli Lilly’s Mounjaro is expected to receive FDA approval as an obesity treatment before year-end.
Obesity Drugs Strain Makers
Eli Lilly’s blockbuster diabetes
medication Mounjaro is expected to
receive Food and Drug Administra-
tion approval as an obesity treat-
ment before the end of the year,
which would lead to a surge in de-
mand. Whether there will be enough
of the drug is a different question.
Lilly and its competitor, Den-
mark’s Novo Nordisk, which
makes Ozempic and its sister drug
Wegovy, are struggling to meet
skyrocketing demand for their
medications. There is no quick fix
for that given the complexity of
building out manufacturing capac-
ity for the injections. Both compa-
nies are investing billions of dol-
lars a year to try to catch up.
On Thursday, the companies re-
ported impressive growth from
their diabetes and obesity portfo-
lios. Sales of Novo’s obesity medi-
cine Wegovy soared 734% to $1.37
billion, while Ozempic, which is
used off-label for weight loss, saw
sales rise 56% to $3.4 billion.
Mounjaro, which is also prescribed
off-label for obesity, posted $1.4
billion in sales for Lilly. Novo was
Some Oil Giants Don’t Seem Tempted by Merger Mania
Oil bosses in Europe are intent
on closing the valuation gap with
their American rivals. This doesn’t
automatically mean they will follow
Exxon Mobil and Chevron down
the megamerger path.
“M&A is not really on our minds,
if I’m honest,” BP interim boss
Murray Auchincloss said on the
company’s earnings call this week
when asked for his reaction to
Exxon Mobil’s and Chevron’s recent
multibillion-dollar spending spree.
With oil at around $90 a barrel,
BP thinks it makes sense to exploit
the 36 billion barrels already in its
portfolio rather than rush out to
buy more. The company plans to
grow its U.S. production by 7% an-
nually between now and 2030 but
also wants to bulk up on businesses
that should do well during the en-
ergy transition, such as electric-ve-
hicle charging.
Shell, which released solid third-
quarter results on Thursday, also
said it would prioritize running
what it already owns as efficiently
as possible. And CEO Wael Sawan
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
With chances of a recession receding, the Fed sees a more resilient economy
the run-up in long-term rates will
effectively do some of their work
for them in restraining the econ-
omy, and are heartened by how in-
flation, while still too high, has
cooled over the past year. But if
inflation does reaccelerate, they
are ready to tighten more.
After the meeting, futures mar-
kets put the chances of the Fed’s
policy committee raising rates by
a quarter point at its final meeting
of 2023, next month, at about 1 in
5.
Easing isn’t on the Fed’s radar,
though—especially with continued
strength in the job market, as well
as last week’s Commerce Depart-
ment report showing that gross
domestic product grew at a 4.9%
annual rate in the third quarter.
“The committee is not thinking
about rate cuts at all,” said Fed
Chair Jerome Powell at his post-
up 3.3% at the close Thursday
while Lilly closed 4.7% higher.
Novo’s head of North America op-
erations Doug Langa said during the
company’s earnings call that it will
continue restricting access to We-
govy to make sure existing patients
can continue to access the drug. The
company added that its sales out-
look reflects “continued periodic
supply constraints and related drug
shortage notifications across a num-
ber of products and geographies.”
Lilly faces its own constraints.
Even without an official obesity nod,
the company said that in the quarter
it experienced intermittent delays
fulfilling orders of “certain Moun-
jaro doses given significant demand,
which affected volume.” It has been
boosting capacity at its new facility
near Durham, N.C., and is building a
second factory in the state.
Lilly’s management said Thurs-
day it was all hands on deck as the
company works to increase capac-
ity. It is hoping to learn from
Novo’s mistakes. The Danish com-
pany bungled the launch of We-
govy, leading to repeated short-
Price/earnings multiples
14 times Exxon Mobil
Chevron
Shell
12 BP
10
8
6
4
Jan. 2023 Nov.
Source: FactSet
told The Wall Street Journal that
the company is better off spending
billions of dollars on its own shares
right now. “We are a better invest-
ment than many other inorganic
options out there.”
Shell and BP may be less relaxed
about the American deals than they
ON
THE
meeting news conference.
When policy makers last offered
rate projections, after their Sep-
tember meeting, their median
forecast called for a target range
on rates at the end of next year
just a quarter percentage point
lower than now, and at this point
they seem unlikely to change that
forecast. On the other hand, Pow-
ell said the current stance of pol-
icy is restrictive—a view that over
time rates at this level will cool
the economy to the point that they
will need to be cut.
But a belief that the country can
weather rates near their current
level for the next year is in itself
remarkable, suggesting the econ-
omy has reserves of strength that
at least until recently weren’t ade-
quately appreciated. Powell
pointed to the increasing size of
the labor force—the consequence
ages that lost the company
valuable time in establishing a
lead in the obesity-drug market.
“Novo’s GLP-1 supply con-
straints continue to be an issue,
throttling growth as the company
de-prioritizes Wegovy starting
doses to support existing pa-
tients,” wrote BMO Capital Mar-
kets analyst Evan Seigerman.
“This makes room for Lilly’s
tirzepatide (Mounjaro’s active in-
gredient) into expected approval
in obesity by year-end.”
Morgan Stanley analysts re-
cently forecast the global anti-obe-
sity market would be worth $77
billion by 2030. Mounjaro, Ozem-
pic and Wegovy are injectables,
which are complex to make. Some
oral medications in clinical trials,
such as Lilly’s orforglipron, are
smaller molecules, which are sim-
pler to make. Supply constraints
may only be remedied when orals
come to market, the analysts
said. It is a good problem to have
but, for now, supply is expected to
be the gating factor for both com-
panies’ growth. —David Wainer
are willing to admit in public. And
there is speculation that the two
companies could merge, with
smaller businesses or even with
each other. But European oil com-
panies’ lower stock market valua-
tions make all-share offers for U.S.
assets tricky. High energy prices
mean they are still producing
plenty of cash that could be used
for acquisitions. But Shell and BP
are more cautious about long-term
demand for oil than their American
peers.
Besides, Shell and BP aren’t
cheaper than Exxon Mobil and
Chevron because of their smaller
size—shareholders are dubious
about the Europeans’ clean energy
investments. Headlines this week
about turmoil in U.S. offshore wind
won’t help to boost confidence in
renewables. In its latest quarterly
results, BP took a $540 million im-
pairment on its New York offshore
wind farm projects. And shares of
Danish wind-farm developer Orsted
tanked more than 20% Wednesday
after it halted two U.S. projects that
of more people entering the job
hunt and a recovery in immigra-
tion—and remaining pandemic sav-
ings held by households as some of
the things that might be helping
power the economy. He noted the
Fed’s staff, which removed its re-
cession forecast in September,
doesn’t foresee a downturn.
The longer the Fed can hold off
on cutting rates, the more likely it
will seem that the just-right, or
neutral, rate for when inflation
reaches the 2% target, has moved
up. In their September projections,
policy makers continued to esti-
mate their target rate will average
2.5% in the longer term—essen-
tially their forecast of the neutral
rate. That has basically been their
forecast since mid-2019, but their
confidence in that estimate seems
to be deteriorating.
A higher neutral rate would
Christmas Could Bring
Lower Gasoline Prices
Fueling up typically becomes
cheaper in the winter months when
people drive less. This year there is
something extra weighing on U.S.
gasoline.
Retail prices have come down
about 9% over the past month, ac-
cording to GasBuddy. Wholesale
gasoline prices also are down
around 9%.
For refiners, this means gasoline
is barely profitable: The difference
between what they can fetch for
selling a barrel of wholesale gaso-
line minus the cost of U.S. bench-
mark crude oil—a measure also
known as a crack spread—is about
$11 a barrel. Add in the cost of pro-
cessing, labor and compliance with
the federal renewable volume obli-
gations, and some Gulf Coast refin-
ers are already losing money on
making gasoline, according to Tom
Kloza, global head of energy analy-
sis for OPIS.
So why keep making it? The
heavier distillate fuel refiners get
from refining has been command-
ing high enough prices to keep op-
erations profitable. Refiners can’t
pick and choose what kind of fuel
to produce—a barrel of crude oil
will always yield some mix of
lighter and heavier fuel. This means
that as long as diesel prices remain
high, refiners will keep converting
crude oil to diesel, creating addi-
tional gasoline in the process.
Gasoline inventory is already
fuller than usual. As of the week
ended Oct. 27, there were around
224 million barrels of gasoline in
storage, about 2% more than the
trailing-five-year average at this
time of year, according to the U.S.
Energy Information Administration.
Meanwhile, the market is still
signaling refiners to keep running.
The WTI 3:2:1 crack spread, or the
difference between two barrels of
gasoline and one barrel of diesel
minus the three barrels of crude oil
it takes to produce it, is about $22
a barrel, which is still profitable on
the whole for refiners.
What could put upward pressure
no longer make sense financially.
European oil majors would first
need to agree on where to invest
before they could justify a big
merger. Shell and BP have already
changed tack with their green in-
vestments. BP says it will focus on
biofuels and EV charging, where re-
turns are higher than wind and so-
lar. The company will only invest in
renewable power to take carbon
emissions out of its own business.
Shell also wants to use renewable
power to reduce emissions in day-
to-day operations and thinks its
trading division will eventually gen-
erate profits trading green energy.
Ironically, last month’s mega-
mergers in the U.S. have been help-
ful: Exxon Mobil and Chevron have
fallen in value since announcing
their respective takeovers of Pio-
neer and Hess, narrowing the
trans-Atlantic gap further. Weak
third-quarter results may also have
played a role.
The real game-changer for Shell
and BP would be if public market
investors began to give them credit
THE WALL STREET JOURNAL.
come with a lot of benefits. For
one, it would mean that if a reces-
sion hits, the Fed would have more
room to cut rates, lessening the
chances of hitting zero and having
to resort to bond buying and other
extraordinary measures in order
to resuscitate the economy. More-
over, higher neutral rates are of-
ten due to stronger productivity
and an ability for the economy to
grow more quickly.
There is much that could go
wrong. Inflation could reaccelerate,
prompting the Fed to raise rates to
the point that a downturn becomes
inevitable. The lagged effects of the
Fed’s past rate increases, plus the
jump in mortgage and other long-
term interest rates, could prove
more than the economy can take.
But if investors want to wish for
something, it might be that the Fed
is right on rates. —Justin Lahart
Price per barrel
NY Harbor ultra low sulfur diesel
NY Harbor RBOB gasoline
Crude oil WTI
$200 a barrel
150
100
50
0
2019 ’20 ’21 ’22 ’23
Source: FactSet
on gasoline prices? One possibility
is an abnormally warm winter,
which could reduce demand for
heating oil and move distillate
prices lower, leading refiners to cut
back on both distillate and gasoline
production. Warmer weather could
also encourage more driving. A
surge in fuel exports—either from
China or from new refining proj-
ects—could make diesel cheaper
and lead to less refining overall,
supporting gasoline prices.
But industry analysts are broadly
skeptical that large refining proj-
ects can start producing meaning-
ful amounts of fuel within the next
six months. The Chinese govern-
ment has signaled it won’t issue
new fuel export quotas this year,
according to S&P Global Commod-
ity Insights. And of course geopolit-
ical events—say, a disruption to
production in the Middle East—
would send all fuel prices up.
Conversely, a severe winter is
likely to drive up demand for distil-
lates and could discourage driving.
But winter storms also have the po-
tential to shut down refineries and
reduce fuel production.
Barring some wild cards, though,
signs point toward a winter of ex-
pensive trucking fuel and cheaper
gasoline. —Jinjoo Lee
for their low-carbon assets. The 10
biggest constituents of the S&P
Global Clean Energy Index trade at
a multiple of 17 times forecast
earnings, much higher than fossil-
fuel companies in Europe or state-
side.
But that will take a very long
time. The wall of cash looking for
green energy investments needs to
see much more progress—perhaps
40% or 50% of profits coming from
low-carbon businesses, or a larger
share of capital expenditure being
spent on clean energy—to feel com-
fortable holding oil-and-gas stocks.
No one seems to agree on how
quickly the world’s energy system
can cut emissions. Exxon Mobil
doesn’t see demand for oil falling at
all between now and 2050, while
the International Energy Agency
thinks peak oil demand is just a
handful of years away.
That makes it tough for tradi-
tional energy companies to know
which way to jump, making the
case for a European megamerger
even less clear. —Carol Ryan
 MANSION
$44.1 Million Black &
A beachfront White
compound in San Checkered floors
Diego sets a get a new, softer
record. M12 look. M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, November 3, 2023 | M1

Buyers Take a
Shine to Gilded
Age Homes
They may not be not railroad barons or heiresses,
but these homeowners appreciate the history and architecture
behind grand homes from the turn of the 20th century

Approximate renovation cost

$1.1 MILLION

KAREN A. PALMER FOR THE WALL STREET JOURNAL (4); CHATEAU DE VERSAILLES/T. GARNIER (B&W)

BY E.B. SOLOMONT

G
rowing up in the 1980s, Chad
Wyckoff always felt he should have
been born a century earlier: He
loved ballet, opera and historic
homes.
So when he moved to Ohio from New York
City a few years ago, he refused to look at
homes less than 100 years old. In 2020, he paid
$150,000 for a Colonial Revival built around
1906 for the president of a local varnish com-
pany. Located in the Dayton View Historic Dis-
trict, it has original stained-glass windows, a tin
ceiling in the kitchen and six fireplaces.
New construction homes are “generic” and
lack personality, said Wyckoff, a 40-year-old
marketing manager. “I loathe open concept.”
After replacing the home’s roof, electrical and
HVAC and restoring the first floor, Wyckoff sold it Russell Jackson, left, bought his roughly 13,000-square-foot home
Please turn to page M8 in St. Louis for $1.1 million in 2013.

HOUSE CALL | CHRIS BOTTI

Living Life at 140 MPH in California

When not on tour or recording with musicians like Lady Gaga, the trumpeter races cars on a track outside his house

BY MARC MYERS

Chris Botti, 61, is a Grammy-win-

ning jazz and pop trumpeter who
has toured and recorded with
Lady Gaga, Sting, Paul Simon and
Joni Mitchell, among others. Four
of his albums reached No. 1 on
Billboard’s jazz chart. His latest is
“Vol. 1” (Blue Note). Edited from
an interview.

Even though I had Hot Wheels

ROGER KISBY FOR THE WALL STREET JOURNAL (2)

as a kid, I was never a car guy.

That changed in 2022 when I
lived in Los Angeles. I needed a
car, so I figured I’d buy a Porsche. Chris Botti at home runs about 5 miles.
Less than a year after taking own- his villa at the My passion for driving fast was
ership, I realized I also needed a Thermal Club a short evolution. After I bought
track. So I bought a home in one in California, my car, I headed out to the Porsche
of the few private-racetrack com- and, left, his Experience Center in Anaheim,
munities in the country. The McLaren 720S where you can drive fast on their
course behind my three-bedroom in his driveway. Please turn to page M4
M2 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Elton John’s Atlanta Condo Quickly Sells

For Millions Over the Asking Price

Asking price: $4.995 million

Only a few weeks af-
I
UPDATE
ter hitting the mar-
ket, Elton John’s At-
lanta home has sold
for $7.225 million,
five more apartments in the build- priced it so the price would go up,
ing over the next few decades, af- rather than list for an ambitious
ter discovering Atlanta was an price and potentially have it sit on
easy city to fly in and out of the market,” he said.
while he was touring. “The The apartment’s connection to
city adopted me and I John created a “frenzy” among
adopted it,” John previ- potential buyers who weren’t ac-
ously told The Wall tively looking, Mizell said. The
Street Journal. gallery space was also part of the
Listing agent Chase Mizell of Atlanta that sold for With views of the appeal, he said, attracting buyers
Atlanta Fine Homes Sotheby’s In-
ternational Realty declined to
just under $14 mil-
lion in 2019.
city’s skyline, the apart-
ment has a gym, a mas-
with substantial art collections.
Mizell declined to say if the buyer
identify the purchaser, but said Spanning about sage room, and a spalike is an art collector.
the buyer is local and paid all 13,500 square feet, SOLD primary bathroom clad in Betsy Akers of Atlanta Fine

some 45% more than its asking
price, the listing agent said.
The “Rocket Man” singer, who
primarily lives in England, had
used the condo as his U.S. home
base for decades. He put the
apartment on the market for
$4.995 million in September after
recently wrapping up his farewell
tour.
cash. The four-bedroom unit was
priced to attract attention, and it
worked, Mizell said. “We had a
John’s residence was
cobbled together over
many years. The Eng-
$7.225
ton of interest right out of the lish singer, known for
MILLION
13,500 sq. ft.,
gate,” he said. hits like “I’m Still
4 bedrooms, gym
The deal will be among priciest Standing” and “Candle
condo sales in Atlanta’s history, in the Wind,” pur-
according to the local multiple chased a roughly 2,500-square-
listings service. The most expen- foot duplex at the Park Place on
sive was a condo at the St. Regis Peachtree around 1992. He bought
FROM TOP: BARTOLOTTI MEDIA/ATLANTA FINE HOMES SOTHEBY’S INTERNATIONAL REALTY (2); CAISA RASMUSSEN/ASSOCIATED PRESS; ALEX ZAROUR/VIRTUALLY HERE STUDIOS; JAMIE MCCARTHY/GETTY IMAGES
onyx.
Mizell said it was
somewhat difficult to
Homes Sotheby’s International
Realty, who represented the
buyer, declined to comment.
price the condo because The Park Place building has
it is so unique. The resi- about 250 apartments, Mizell
dence is spacious but has said. The unit comes with nine re-
an unconventional floor served parking spaces and six pri-
plan, with large spaces John used vate storage units, plus five wine-
to showcase his photography col- storage units.
lection. “We strategically under- —E.B. Solomont

Actress Halle Berry Lists
Beachfront Malibu Home
Growing up in Ohio, the actress
Halle Berry dreamed of living
near the ocean. In 2004, the year
she starred in “Catwoman,”
she paid $8.5 million for
a contemporary beach-
front house in Malibu,
Calif., property re-
cords show.
“I’ve always loved
the ocean,” Berry said
in an email, adding that
the house has high ceil-
ings, floor-to-ceiling win- FOR SALE
dows and bright light.
Now after years of us-
ing the home as a week-
$18
end getaway, the “Mon-
MILLION
1,500 sq. ft.,
ster’s Ball” star is listing
3 bedrooms
the house for $18 million.
“I’m looking to create
a new magical space,” she said.
With about 60 feet of beach
frontage, the house is located in
Malibu Cove Colony, a gated area
She lived in the house full time
for a year before it became a
weekend getaway. She started
spending Christmas there with her
family, which was a “new phenom-
enon” for her after a childhood in
just off Pacific Coast Highway, ac- Cleveland, where “Christmas was
cording to listing agent Richard always full of ice, cold weather
Ehrlich of Carolwood Estates, who and snow angels,” she said.
is marketing the property Ehrlich said the house has
with colleague Cooper curved lines throughout that evoke
Mount. Measuring the ocean. In the main living area,
about 5,100 square the ceiling has an undulating de-
feet, the three-bed- sign and a circular skylight. “It
room house has mul- feels very much like you’ve entered
tiple decks and balco- into a beautiful yacht,” he said.
nies facing the Pacific The primary bedroom has a
Ocean, said Ehrlich. fireplace and a sitting area. A loft
Berry said she was ini- that Berry used as an office has a
tially drawn to the seclu- fireplace and street-facing deck.
sion of the house. “My
home sits on a beach but it
feels very private because
The house also has a roof deck.
Ehrlich said the luxury market
is slower than it was last year be-
it’s at the end of the cul- cause of high interest rates. Un-
de-sac, so there were like Los Angeles, however, Malibu
never any crowds,” she doesn’t have a mansion tax.
said. The house was origi- “There is certainly a desire for
nally built in the 1990s, and Berry ‘done’ and stylish homes,” he said.
said she did a complete remodel af- Berry won an Academy Award
ter buying it. “I reimagined it for for “Monster’s Ball.”
The property has 60 feet of beach frontage.
my way of living,” she said. —E.B. Solomont

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THE WALL STREET JOURNAL. Friday, November 3, 2023 | M3

MANSION
BY SARAH PAYNTER INSIDE STORY of Mexico and a lagoon, Schemmel

B
said.

Home or Art Gallery?

ill and Elaine Crouse After buying the house, the
have spent years assem- Crouses spent millions on a reno-
bling a massive collec- vation that included installing a
tion of art deco posters, water feature and redoing the
circa-1930s glassware, and cock- roof, plumbing and kitchen. They
tail shakers. So when they started also redid the landscaping, includ-
looking for a new home in Sara- ing adding a rock garden. They
sota, Fla., they wanted a house
Bill and Elaine Crouse used their Florida property to showcase their massive even commissioned a local artist
that would provide the right back- collection of art deco posters, glassware and cocktail shakers to paint a Mondrian-inspired mu-
drop for their collections. ral on the side of a small building
When they on the property,
found a home that said Bill.
reminded them of One of their art
Piet Mondrian’s deco posters is 14
famed abstract feet long. To hang
paintings from the it in the house,
1920s and ’30s, they hired a crane
they knew it was to lower it onto a
the right fit, said balcony, where six
Bill Crouse, an 81- people carried it
year-old venture inside and
capitalist and au- mounted it in a
thor of the book third-floor hallway,
“The Art Deco the largest wall in
Posters: Rare and the home, Bill said.
Iconic.” The Crouses
“We bought the have often brought
house specifically experts, including
because we Christie’s auction-
thought it would eers and academ-
be so perfect for ics, to give lectures
our collections,” on their collections
said Elaine Crouse, in their living
71, a trustee at the room or bar area,
Ringling College of Elaine said.
Art and Design in Although they
Sarasota. “Even are sad to say
though this house goodbye to the
has lots of glass, it house, the Crouses
also has lots of said they are sell-
walls to display ing because they
artwork.” plan to downsize
After buying the to a smaller resi-
waterfront home dence in Sarasota.
in 2014 for about $9 million, they The Crouses spent millions renovating the house, where nearly every wall is hung with art deco posters. They have also sold their apart-
outfitted it with museum-quality ment in Manhattan, but still have
lights and treated windows to homes in Pittsburgh and North
prevent sun damage to their art. their shared interest in 1920s and to the city’s shows and museums, solid and void spaces. “Some of Carolina, they said.
To display their cocktail-shaker ’30s art, according to Bill, former they said. Their current home is that may translate in my architec- Their other houses also display
collection, they installed custom worldwide president at New Jer- located in a gated community on ture,” he said. their collections, and they plan to
shelving near a bar with a lighted sey-based Ortho Diagnostics and a Siesta Key, about 6 miles from “What first drew me to the decorate their new residence with
onyx countertop. Nearly every former partner at HealthCare Ven- downtown, according to listing house was the form,” said Elaine. their posters, but about 1,000 of
wall has several art deco posters tures, a biotechnology venture- agent Joel Schemmel of Premier “It is made of several cubes, so them will remain in storage. A
hanging on it. capital firm based in New Jersey Sotheby’s International Realty. you’re always looking at rectan- crane returned to the Sarasota
Now, with the couple downsiz- and Massachusetts. Around the Designed around 2000 by ar- gles and squares. I happen to house earlier this year to remove
ing, they are listing the art-cen- time they married in 2006, they chitect Guy Peterson, the house think modernist homes work very the 14-foot poster, which is now
tric, five-bedroom home for $21 moved to Florida for the state’s has four distinct rectangles that well on the water, wherever you on loan to an art deco exhibition
million. tax benefits and weather, he said. evoke the geometric art of Mon- are in the world.” in New York.
When the Crouses met on a After a decade on Casey Key, drian, Bill said. Peterson said that The roughly 7,800-square-foot Ultraluxury home sales in Sara-
blind date in New York City about 15 miles south of downtown he loves the organization of Mon- house sits on a roughly 1.5-acre sota have slowed in the past year,
around 2000, they bonded over Sarasota, they wanted to be closer drian’s line work and his use of lot with frontage on both the Gulf said Schemmel.
RYAN GAMMA (3)

Custom shelving displays the Crouses’ cocktail-shaker collection.

OF ANY STATEMENTS OR REPRESENTATIONS MADE ABOUT THE PROJECT. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION
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M4 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

MANSION

trumpet lessons and my mother

cold-called Fred Sautter, the prin-
cipal trumpeter in the Portland
Symphony. She asked if he’d give
me lessons. He said yes.
Mom drove me up every week,
80 miles each way, and waited
outside during my lesson. I
learned a ton from him. My older
brother, Dan, also turned me on to

Botti on Life a lot of music and set a high bar.

With my father out of the house,
Dan became a father figure, push-

At 140 MPH ing me to be more driven. He was a

Continued from page M1
1.3-mile track without fear of
street traffic or speeding tickets.
You also get to test your Porsche
and improve your driving skills.
I was hooked. About two
months later, while on tour in To-
kyo, I visited the Porsche Experi-
ence there. One of the instructors
took me out in a Porsche GT4 RS
and drove it like it was meant to
be driven. The noise coming from
the engine was an exhilarating
symphonic sound. That day
changed everything.
Back home in L.A., I asked a
friend where I could drive my car
fast, safely and often. He recom-
mended the Thermal Club in
Thermal, Calif. After a visit, I
bought my home there and now
drive my cars up to 140 mph on
the track when I’m not on tour.
It seems strange, but I find
track driving relaxing. Currently, I
own three cars—a Porsche GT4
720S. The GT4 RS’s tires are
treadless slicks designed for the
track. The McLaren 720S is my
daily street ride and I love it. And
the GT4 can be driven on both the
track and the street.
My emotional, passionate side
was switched on early. I was born
in Portland, Ore., but when I was
4, my family moved to Pavia, Italy,
about an hour south of Milan.
My father, Lido, was a profes-
sor at Oregon State who taught
was heartbreaking.
Back in Oregon, we lived in Cor-
vallis, 1½ hours south of Portland.
I went into the second grade,
which was tough. I was teased for
barely being able to speak English.
I didn’t talk in school for about six
months. By the time I could speak
English fluently, I was comfortable
being by myself.
In third grade, I loved “Brian’s
Song,” a 1971 TV movie. My par-
ents bought me the album “Henry
Botti, above, with one of the three
sports cars he drives on the track
at the Thermal Club, left, where he
owns a three-bedroom villa, top.
Brass on Ivory,” which included
Doc playing the theme’s melody
on the trumpet.
I had just started on cornet,
which was small enough for me to
play. I’d been born three months
premature, so I was a small kid.
After hearing the album, I stayed
up to see Doc on the “Tonight
Show” with Johnny Carson.
Watching him play, I knew that’s
what I wanted to do. When I was
10, my parents divorced, but their
split wasn’t tough on me. It
seemed like a natural progression.
My dad had already moved up to
Portland to take care of his mom.
world-class runner, which moti-
vated me. I started transcribing
great trumpet solos and even kept
an accomplishment log.
I didn’t hang out much. All the
things people loved about Ore-
gon—nature, the mountains and
the ocean—held nothing for me. I
couldn’t wait to get to New York.
My jazz career started in Port-
land’s jazz clubs at age 14. I lived
with my grandmother and father
while gigging there. At 16, I’d drive
up from Corvallis to Portland in
my red VW Bug. Since I started
playing jazz early, I could impro-
vise fluidly. But I was still a work
in progress. Because I was born so
early, the mechanics of my throat
and chest weren’t fully developed.
In school, my grades weren’t
great. In my junior year, I wanted
to attend Mount Hood Community
College in Portland to finish high
school and play gigs. My principal
and teachers agreed, as did my
mom. I graduated on schedule.
I attended Indiana University,

RS, a Porsche GT4 with a DeMan
4.5-liter engine and a McLaren
Botti in Pavia, Italy, where he lived
with his family in the late 1960s.
Italian and English. He had taken
a group of college kids to Pavia to
study for two years. My mother,
Shirley, who was Scottish, was a
homemaker and loved playing
classical piano.
Two years in Italy was a very
positive, joyous start for me. We
lived in a four-story modern
apartment building, and our
downstairs neighbors, the Binas-
sos, had three boys. To this day,
we keep in touch.
I spent kindergarten and first
grade there before we returned to
the States. I still remember being
on the train in Pavia as it slowly
pulled out of the station. My
mother’s best friend, Mrs. Bi-
nasso, was crying on the platform.
Then she began running with the
train and waving. It was like
something out of Italian cinema.
They were like sisters, and my
mother was being taken away. It
Mancini and Doc Severinsen:
CHRIS’S HANG
Favorite home spot? At the dining
room table. My kitchen and dining
room are in open space. From my
chair, I can see the track outside.
Your new album? “Vol. 1” is a col-
lection of my favorite ballads.
Hopefully, Blue Note will give us
two more volumes.
Early inspiration? Miles Davis’s
“My Funny Valentine” from his 1965
album “Miles Davis in Concert.”
Why? Unlike other trumpeters,
Miles’s sound was tender, dark and
nocturnal. There was a human
quality about it. 
In junior high school, I started
ROGER KISBY FOR THE WALL STREET JOURNAL (4); CHRIS BOTTI (FAMILY PHOTO); JACK VARTOOGIAN/GETTY IMAGES
which had and still has one of the
country’s finest music schools.
There, I studied with Bill Adam. Af-
ter 3½ years, he helped me work
through my throat and chest issues.
My big break came when Sting
asked me to give up my sideman
career in 1999 and join his band. I
took the job and remained until he
fired me in 2001. That’s when he
insisted on me being his opening
act. Bigger opportunities followed.
My villa at the Thermal Club
came fully furnished. Best of all,
the racetrack is right outside my
window.
I haven’t been back to Pavia
since 1990. But whenever I play
the Blue Note in Milan, all the Bi-
nassos come out.
On most days now, the track is
wonderfully loud. The roar is hyp-
notic and musical. I just love the
feeling of driving fast and hearing
the throaty sound of the engine.

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THE WALL STREET JOURNAL. Friday, November 3, 2023 | M5

MANSION
THE MARKET

The Decline of the ‘Cloffice’

As workers return to the office, home offices and Zoom rooms are not as big of a selling point

BY LIBERTINA BRANDT from-home setups is

I
dwindling. A recent study by
n April 2020, real-estate Zillow found that key words
agent Ivan Estrada found like “home office” and “clof-
a home in the Encino, Ca- fice” were mentioned signifi-
lif., neighborhood for cantly less during the first six
around $2.6 million with an months of 2023 compared
office space large enough to with the same period last year.
accommodate his client’s Home offices are not as big
work-from-home a selling point as
schedule. The they were during
home office, he
said, was a nonne-
54%
fewer Zillow listings
the pandemic, ac-
cording to luxury
gotiable feature. with the keyword agent Carrie Holle
More than three ‘cloffice’ in the first with Compass in
years later, Es- half of 2023 Carmel, Ind. “Back
trada, with Doug- compared with first then, if I had dual
las Elliman in Bev- half of 2022 spaces that could
erly Hills, has the act as home of-
property back on fices, I would put
the market for $4.395 million, that in the first few lines of
but with one major difference: my listing description” she
The home office is staged as a said. “But now, it may or may
living room. not be mentioned.”
Real-estate agents are in- Zillow senior economist Jeff
creasingly hitting snooze on Tucker analyzed the total
advertising home offices. The number of US home sales from
reason, Estrada said, is be- January 1 through June 30 and
cause the push from prospec- found that, of those that had a
tive home buyers for work- listing description, the key-

FROM TOP: BILL PURCELL FOR THE WALL STREET JOURNAL; DOUGLAS ELLIIMAN REAL ESTATE
The keywords ‘home office’ and ‘Zoom room’ appeared in 41% fewer Zillow listings in the first half of
2023 compared with the first half of 2022. The living space, below, used to be set up as a home office.

words “home office” and
“Zoom room” appeared in 41%
fewer listings compared with
listings from the same time
last year. The keyword “clof-
fice,” which was coined to de-
scribe the transformation of a
closet into a work space, ap-
peared in 54% fewer listings. It
is unusual for the mention of
previously popular features,
like home offices, to decline so
rapidly in the span of a year,
Tucker said. His study found
that even the general term “of-
fice” was down 0.4% compared
with last year.
People are not necessarily
getting rid of their home of-
fices, but with hybrid work
schedules becoming more
common, buyers are shifting
their focus to other amenities
during their home search, ac-
cording to Jeff Checko, a Ten-
nessee-based home builder
and director of relocation for
the Ashton Real Estate Group
of RE/MAX Advantage. With
word limits on platforms like
Zillow, Checko said his team is
now back to highlighting fea-
tures like the quality of kitch-
ens. For luxury homes, Holle
added, home offices have al-
ways been a must, so buyers
know the space is there, or
they know there is a room that
can be converted into one.
The shift in homebuyer fo-
cus is what led Estrada and his
client to ditch the home office
earlier this year and stage the
room as an additional living
space off the primary suite.
“During the pandemic it
was ‘I need a place for a gym
or an office,’ especially when
it came to clients of mine with
kids,” he said. “But that hasn’t
come up in a while.”

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M6 | Friday, November 3, 2023
This Renovated Historic Hotel
Has a Real ‘Eye’ For Art
John Hensley turned the old building into a forever home for him and his extensive art collection
BY RUTH BLOOMFIELD
D
uring its more than
500-year history, the
White Lion Hotel has
played many roles; as a
coaching inn, a venue for upmar-
ket balls and parties, a provincial
theater, and now as a house.
The driving force behind its lat-
est incarnation as a family home
is John Hensley, who bought the
building 17 years ago, for about
$291,000. The building stands in
the small market town of Eye,
which is in the county of Suffolk,
about 100 miles east of central
London.
Back then, Hensley lived 12
miles away from Eye, in the vil-
lage of Wetherden, and wasn’t
thinking of living in Eye. What he
did want was a place to store and
display his extensive art collection
and he thought the spacious,
3,184-square-foot building would
do the job admirably.
Life, however, got in the way of
his plans. Although he bought the
building in 2006, he didn’t get
LIVING HISTORY
around to doing anything with it.
“I had a young family at the time,
and my business was taking up
too much of my time,” said Hens-
ley, CEO of Antistat, an electron-
ics and pharmaceutical company.
“It was just a bit too much hassle
and so I just left it languishing,
MANSION
for more than 10 years.”
The catalyst for action was the
end of Henlsey’s marriage, shortly
before the start of the pandemic
in 2020. “I needed somewhere to
live,” he said. “I decided to con-
vert it, and it quickly became a bit
of a passion project.”
Purchase price: $291,000
Renovation costs: $790,000
The timber-framed White Lion
Hotel dates from the 15th century,
according to Historic England, the
public body which preserves the
nation’s landmark buildings. At
that time, Eye was a stop on the
road from London to the city of
Norwich and the White Lion was a
The side entrance to the building shown in the 1940s, left, and above
after its recent renovation, with columns added around the door.
THE WALL STREET JOURNAL.
John Hensley, his partner, Lara
Newson, and his dog, Clive
place for travelers to rest, refresh
themselves and collect fresh
teams of horses. It was, according
to a report on the town by Mid
Suffolk Council, the local govern-
ment, Eye’s “most distinguished
public house.” Its reputation was
enhanced when it was extended,
in the mid-18th century, with a hall
used as a local assembly room
where balls and concerts were
hosted for the local gentry.
In the 1980s, the main section
of the building was converted into
a small theater that operated until
2005. Hensley, who is 57, bought
it a year later.
“It was in a dreadful state,” he
said. “There was damp and decay
everywhere, and there were areas
where the ceiling had collapsed.”
Hensley hired Suffolk-based
Beech Architects to redesign the
layout of the building which,
when he took it on, had an audito-
rium in the first-floor assembly
room, plus a ticket office, bar and
toilets. The upper floor contained
rudimentary living space.
Work began in late 2020. Be-
tween then and May 2022, Hens-
ley spent around $790,000 on ren-
ovating and converting the White
Lion into a stylish three-bedroom,
two-bathroom house, overseeing
operations from a rented home
nearby. “I wanted to do justice to
it, and restore it sympathetically
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (3); ALAMY (HISTORICAL)
THE WALL STREET JOURNAL.
The principal bedroom, filled with pieces from Hensley’s art collection, including a large nude by Pierre Henri
Vaillant, painted in 1930. The blue wall paint was selected to show off the colors in the piece.
working with artisans,” he said.
Because of the age and history
of the building, by law all the
work had to be carried out using
traditional building methods. This
meant using wool insulation in
the walls, replacing rotten win-
dows with bespoke copies, and
having all the ornate ceiling plas-
terwork in the main auditorium
painstakingly repaired.
“Looking back it was a fabulous
journey, but at the time, it was
hard,” said Hensley. “As soon as
you took a layer off you realized
there was all this damp and decay
underneath. The walls all had to
be replastered, and we had to use
lime plaster to be historically ac-
curate. It was a huge money pit.”
The centerpiece of the property
is the high-ceilinged kitchen/living
room, which occupies the former
theater auditorium. Its elegant wall
panels have been restored, and its
walls painted a blue-gray. The
color provides a backdrop to some
of Hensley’s extensive collection of
oil paintings. Lighting and drama
is provided by three Murano glass
chandeliers. Hensley shares the
house with his lurcher dog, Clive,
who likes to lounge upon a green
velvet sofa. A back door leads out
to a small, walled backyard.
The kitchen is streamlined and
modern, with a textured anthra-
cite-colored Corian work top, a
rough-timber bar and gray Leicht
Kitchen cabinets.
The old box office, which faces
Eye’s main street, has been sec-
tioned off into a store, which is
rented out. The former theater
bar is now a spacious entrance
hall, painted a rich green and dec-
orated with more of Hensley’s art
MANSION
collection. Exposed brickwork
from one of the building’s original
chimney stacks provides a side
wall for a modern timber stair-
case with a glass balustrade.
Overlooking the auditorium, on
the second floor, is a minstrel’s gal-
lery, which Hensley said was origi-
nally used by musicians when the
building was an assembly room. It
is now a bedroom with exposed
beams and a free-standing bathtub.
The en suite primary bedroom
is dominated by a life-size nude
The world’s most extraordinary
wildlife are relying on us to survive.
Thank you for becoming a friend.
The entrance hall is filled with art.
portrait by French artist Pierre
Henri Vaillant, painted in 1930,
said Hensley. The blue paint on
the walls was selected to show off
this monumental artwork. “The
Friday, November 3, 2023 | M7
whole room was designed around
the painting, and then we couldn’t
get it up the stairs,” said Hensley.
“We ended up having to take the
window out and winch it in.”
Hensley shares his pub/theater/
house with Clive, with regular vis-
its from his partner, Lara Newson,
52, the managing director of a
training company, and his three
children, who are aged 15, 19 and
23. While he knows he has spent
more on the project than he could
possibly hope to make if he put it
VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (5)
up for sale (the average sale price
in the county stands at $368,631,
according to government data), he
is comfortable with his choices.
“There is an obsession with
property being people’s pension,
their wealth fund,” he said. “For
me this project was more than
that, something to throw myself
into at a difficult time in my life
when my marriage ended, and it
has given me a home.”
M8 | Friday, November 3, 2023
Gilded Age
Homes
Continued from page M1
this year for $210,000. Now
he’s living in another Gilded
Age home next door that he
inherited from his late par-
ents. “It’s a passion for
me—I want to preserve any
home or structure I can for
future generations,” he said.
Over the past decade,
Gilded Age homes have ex-
perienced something of a re-
naissance, with popular TV
shows like HBO’s “The
Gilded Age” sparking inter-
est in grand homes built
around the turn of the 20th
century. Covid also helped
boost the appeal of these
homes, real-estate agents
said, because they have
large rooms that can be
closed off to create distinct
living spaces.
“You can’t have two,
three, four people doing
Zoom calls and schooling in
a gigantic white box with
no walls,” said Bonnie Spin-
dler of Corcoran Icon Prop-
erties, who lives in a
circa-1893 mansion in San
Francisco.
But cavernous homes
with vast entertaining
spaces can place a heavy
burden on owners responsi-
ble for their upkeep, agents
said. Houses with intricate
moldings and original mill-
work also tend to have
leaky cast-iron pipes and
knob-and-tube wiring.
“You really have to be in-
vested in something like
this, because if you have to
restore or update it, it is a
bit of a commitment, shall
we say,” said Max Armour
of Compass, who is cur-
rently marketing a San
Francisco Gilded Age man-
sion for $32 million with
colleague Karen Mendel-
sohn Gould.
Historians generally de-
scribe the Gilded Age as the
period of rapid economic
growth between the 1870s
through the early 1900s.
Homes built during that
time were designed to
showcase the massive
wealth and prosperity of
their owners.
Rather than a singular
style, Gilded Age homes are
known for extravagant ma-
terials and construction, in-
cluding wood, stone and
plaster work done by arti-
sans. Common features in-
clude libraries, art galleries
and salons, as well as
sweeping staircases, sliding
doors and ballrooms.
People who can afford to
buy these properties today
are often drawn to the
built-in artistry and sense
Chad Wyckoff’s five-bedroom home in Dayton, Ohio, was built around 1904. Wyckoff, who said he is passionate about
preserving historic houses, decorated the home with period furniture.
Size: 4,000 square feet
of history they convey, Ar-
mour said.
“It’s deeper than just be-
ing a status symbol,” he
said. “It’s a sense of pride
of ownership.”
A decade ago, when at-
torney Russell Jackson relo-
cated to St. Louis from New
York, local real-estate
agents tried, to no avail, to
steer him to the city’s afflu-
ent suburbs. “I wasn’t going
to just move into a condo
or something modern,” said
Jackson, who grew up in
Missouri.
Instead, he landed in a
roughly 13,000-square-foot
mansion in the city’s Cen-
tral West End neighbor-
hood. Built more than a
century ago for a tobacco
heiress, it has a marble
stairway and glass-and-
bronze interior doors. Jack-
son bought it for $1.1 mil-
lion in 2013 from the estate
of philanthropist Lucianna
Gladney Ross, whose father
was a founder of the 7UP
company, records show.
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MANSION
He has since spent about
that much updating the
house and decorating with a
mix of art deco, antique and
modern pieces. Over the
years, Jackson, who lives in
the house with friend
Alex Gutierrez, said he’s
hosted salons for profes-
sional musicians and Christ-
mas parties. He’s even got-
ten to know Gladney Ross’s
family, and said they’ve
spent hours playing piano
In the Hamptons, a circa-1889 house has 12 bedrooms and nine fireplaces. It is part of the Ocean Avenue Historic District,
which includes about 15 of the area’s first summer cottages, according to Elizabeth Wohl, one of the listing agents.
and singing together. “It’s
fun to be part of the history
of the house,” he said.
Gilded Age houses reflect
a bygone way of life. When
Patrick and Natividad Quinn
bought a circa-1883 house
in Hoboken, N.J., for $1.25
million in 2000, they dis-
covered ornate doorknobs
and finishes on the main
entertaining floors that
grew increasingly plain on
higher floors, where staff
THE WALL STREET JOURNAL.
would have lived. And in
East Hampton, N.Y., a
circa-1889 house has 12
bedrooms, which allowed
extended family to gather
each summer, said Carolyn
Jabs, whose late mother-in-
law owned the house for
nearly five decades. Built-in
bookshelves made it easy to
detach from technology.
“The next thing you know,
people are reading on the
front porch,” she said.
Asking price:
$10.995 million
© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8274
Set on approximately an
acre, the roughly 7,100-
square-foot house has nine
fireplaces. It is listed for
$10.995 million with Eliza-
beth Wohl and James J.
MacMillan of Brown Harris
Stevens. Wohl said it is part
of the Ocean Avenue Historic
District, which includes
about 15 of the area’s first
summer cottages.
Kyle Shiroma, 52, and
Gerhard Spillmann, 63,
bought their circa-1909
home in Centerville, Iowa,
for $425,000 in 2021.
Known as Drake Hall, the
roughly 13,000-square-foot
house had been used as a
retail space for years, so
they set about converting it
back into a residence,
which they want to open up
for small events, including
garden weddings.
Shiroma, who produces
the Los Angeles Pottery
Show, said they were drawn
to the home’s sturdiness and
beautiful detail, along with
the large scale of the rooms,
including a third-floor ball-
room with a separate en-
trance. The house has eight
bedrooms, including three
originally used for staff.
“This house was made for
entertaining—literally,” he
said.
The couple said they are
using historical photos and
original architectural draw-
ings to slowly restore the
home. “Our motto is to re-
store, not remodel,” said
Spillmann. “I don’t need to
put my ego stamp on it.”
They estimated the project
will cost $1.2 million; so far
they said they have spent
about $180,000.
They said they are con-
templating what to do with
a 14-by-14-foot bathroom
with floor-to-ceiling tiles on
the second floor, since they
are not sure if the cast-iron
pipes leak. “We’re in that
dilemma,” Spillmann said.
“Do we risk a flood?” They
still need to add a kitchen.
Andrew Martorano and
his husband, Blake Reynolds, FROM TOP: MATTHEW ALLEN FOR THE WALL STREET JOURNAL (3); BROWN HARRIS STEVENS (2)
found bats in the attic of
their circa-1910 home in At-
tleboro, Mass., which they
bought for $615,000 in 2019.
 THE WALL STREET JOURNAL.
Estimated restoration cost:
$1.2 million
Kyle Shiroma, right, and Gerhard Spillmann bought their
circa-1909 home in Centerville, Iowa, for $425,000 in 2021.
Martorano, 39, who works
for a healthcare consulting
company, said the bats got
into the roughly 5,100-
square-foot house through
an old-fashioned insulation
system that vents air out
through small openings in
the eaves of the attic. They
have since closed the holes
and installed an internal
vent that lets air out but
prevents insects and birds
from entering.
“The one thing you have
to be aware of is, ‘What’s
inside these walls?’ ” Mar-
torano said. “Is it struc-
tural? It is horsehair? Is
there nothing?”
Aside from the bats,
Martorano said the six-bed-
room house was in excel-
lent condition with “old-
world charm” when they
bought it. But he and Reyn-
olds still faced the onerous
task of diverting pipes from
the septic system to the
city sewer line and replac-
Restoration cost:
Over $200,000
FROM TOP: GRANT WEBSTER FOR THE WALL STREET JOURNAL(4); R. BRAD KNIPSTEIN; ANDREW MARTORANO; TAN PHAM PHOTOGRAPHY
Andrew Martorano and Blake Reynolds paid $615,000 for a circa-1910 house in Attleboro,
Mass. They discovered that bats had gotten into the attic through the insulation system.
Patrick and Natividad Quinn bought a circa-1883 house in Hoboken, N.J., with ornate
doorknobs and finishes on the main entertaining floors, but plainer features on higher floors.
ing lead pipes outside the
house.
While gut-renovating a
first-floor bathroom, the
couple found original blue-
prints for the house, which
have been helpful.
He estimated they in-
vested well over $200,000
into the home, which was
briefly listed for $879,000
this summer. Martorano
said they got a few offers
but got “super emotional”
about leaving, so they de-
cided to stay.
“At the end of the day,
you truly put in your blood,
sweat and tears and your
money—all of your money,”
Martorano said. Still, “there
is some type of comfort to
think, ‘We did this. We’re
good stewards of the
home.’ ”
Once restored, Gilded Age
homes can command a pre-
mium among buyers who
appreciate history, real-es-
tate agents said. Moreover,
Friday, November 3, 2023 | M9
MANSION
tential buyers know what to
expect, she said.
Many Gilded Age home-
owners say the expense and
bother are worth it for the
features and history they
love. Spindler, who paid
$570,000 for her roughly
10,000-square-foot San
Francisco mansion in 1995,
said the upkeep on the
property is constant, but
it’s worth it for the 12-foot
ceilings, stained glass win-
dows and elaborate wood-
in major cities these homes conditioning or a pool, and 100 years old,” she said. work.
are often located in prime there are push-button light Her marketing is “leaning She bought the house
locations. switches. into” the home’s historic “because I loved it,” she
For example, Armour “Not everybody is going status, to entice old-house said. “Not because I thought
said his listing in San Fran- to buy a house that’s over lovers and make sure po- I’d make money on it.”
cisco, which was built
around 1900, sits on a cor-
ner lot a block from the
Asking price:
Presidio, a national park
$32 million
site. The roughly 11,000-
square-foot house has 10
bedrooms spread over five
levels, with views of San
Francisco Bay and the
Golden Gate Bridge. “The
location that they picked
130 years ago, still to this
day, is numero uno,” Ar-
mour said.
Still, Gilded Age houses
sometimes lack the modern
conveniences buyers want.
Patrick Quinn said the
fact that his five-story
Hoboken house didn’t have
an elevator was a major
“detraction” when he and
his wife decided to down-
size a few years ago. They
spent about $1.4 million to
restore the house, which This Gilded-Age mansion in San Francisco has views of San Francisco Bay and the Golden
they bought for around Gate Bridge from every level. The Dutch Colonial-style house was built around 1900.
$1.25 million. After listing
it for $5.25 million in 2017,
they sold it for $3.5 million
earlier this year with listing
agent Jon Sisti of Corcoran
Sawyer Smith. “I didn’t put
an elevator in because I’d
JOURNALISTS DON’T
have to change too much of
the inside structure,” Quinn
‘JUST WRITE STORIES.’
said. “But I can’t tell you
how many people looked at
the property and wanted
that.” THEY RECORD HISTORY.
Wohl originally listed the
East Hampton home for
$11.5 million in February,
but has since reduced the
price. The house is very
large and requires updates,
she said. It doesn’t have air
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
Restoration cost: and others share career advice at
$1.4 million dowjonesnewsfund.org/careers.
 M10 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

MANSION
COMPARISON SHOPPING

This Flooring Style

HOUSTON

$29
MILLION
5 bed, 11 bath,
15,000 sq. ft.
Checks All The Boxes
The trend that became popular in kitchens and mudrooms during the 2010s
is getting a softer, more luxe upgrade

BY SARAH PAYNTER SALT LAKE CITY // $9.95 MILLION

C
heckered floors have
graced the Palace of
CLOCKWISE, FROM TOP: PATRICK BERTOLINO FOR MARTHA TURNER SOTHEBY’S INTERNATIONAL REALTY; DEMETRIOS FLORES/SHOTS BY DEMETRIOS; SUMMIT SOTHEBY’S INTERNATIONAL REALTY`

Versailles and countless

1950s-era diners. But
over the past decade, they have
become more popular, appearing
in more luxury-home mudrooms,
kitchens and conservatories. Now,
the style could be changing, de-
signers say.
Checkerboard floors are popu-
lar choices in foyers, porches and
laundry rooms.
After a decade of checkerboard
frenzy, designers are opting for
softer variations of the trend.
The style can be executed at
any price point, from hand-se-
lected Carrara marble to painted
hardwood floors.
Entryways, porches and other
transition spaces often use check-
erboard patterns to set a formal
tone for the house, said interior
designer Holly Waterfield of TB-
HCo in Brooklyn. They are also of-
CHICAGO // $4.5 MILLION ten used in high-traffic areas such
as kitchens and laundry rooms be-
cause of their durability, she said.
The pattern is often used to
achieve an elegant look while
making a strong statement, said
interior designer Shea McGee of
Studio McGee in Salt Lake City.
“It’s a really great way to dab-
ble in a bolder look in the home 5 bedrooms, 11 bathrooms, 12,000 sq. ft.
without feeling like it’s risky,”
said McGee.
The pattern works well in clas- $85 million house in Beverly Hills anywhere, but softer palettes and
sical, traditional, Spanish colonial with checkerboard floors. lower-contrast variations are be-
or East Coast traditional home The style became increasingly coming more popular, said McGee,
styles, said Los Angeles developer popular in the 2010s, said McGee. adding that she likes to pair soft
and broker Santiago Arana of The Designers agreed that the stark white marble with gray limestone,
7 bedrooms, 6 bathrooms, 6,500 sq. ft. Agency, who recently listed an black-and-white style isn’t going slate or beige limestone tiles.

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THE WALL STREET JOURNAL. Friday, November 3, 2023 | M11

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Luxury Portfolio International®
has some of the most diverse
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Equal Opportunity Employer and pledged to the letter and spirit of Equal Housing Opportunities.
M12 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

Mystery Buyer Sets a Record Outside San Diego

A beachfront compound near Home Federal Savings & Loan in
San Diego has sold in an off-mar- San Diego. After he died, Dyer
ket deal for $44.1 million, accord- said, she and her siblings voted to
ing to San Diego County Assessor sell the property.
Jordan Marks. “We enjoyed the house and
The “monumental” deal is a re- beach for decades and we made a
cord for the county, said Marks. lot of good memories,” she said,
The compound, on just over an but beachfront properties are ex-
acre, is located in Del Mar, a few pensive to maintain, and she and
houses down her siblings have their own lives.
SOLD from a prop- “This allows another family to

$44.1 erty purchased

by Microsoft
move in and make their own
memories.”
MILLION co-founder Bill
Gates and then-
Last year, however, Marilyn
Fletcher alleged in a lawsuit that
8 bedrooms,
wife Melinda Investors Leasing Corp. and its
pool
French Gates shareholders tried to evict her from
for $43 million the property in order to sell it. Her
in 2020, records show. complaint alleged that the share-
The seller is a corporation tied holders removed her belongings
to descendants of C.E. Toberman, from the guesthouse, changed the
a California real-estate developer. locks and posted a “No Trespass-
The buyer’s identity is unknown. ing” sign. In July, a San Diego court
Located on Sandy Lane, the ruled in favor of the shareholders.
The beachfront property is just over an acre.
property has a ranch-style main “It was an unfortunate situa-
residence, a guesthouse and a de- tion, but it was resolved in ILC’s
tached apartment, with eight bed- property is it is over an acre on the of Investors Leasing Corp., which on the street, all of which have favor,” Dyer said.

JOHN LEONFFU/WARM FOCUS

rooms combined, according to real-
estate agent Brian Guiltinan of the
Guiltinan Group, who represented
the buyer and seller. There is also
a tennis court and swimming pool.
“The real significance to the
sand,” said Guiltinan, adding that
is the largest parcel on the beach.
Toberman built the house in
the 1950s, according to Wendy
Fletcher Dyer, one of his great-
grandchildren. Dyer is president
owns storage facilities in Nevada
and California and is the legal
owner of the house.
Dyer, who was raised in a house
four doors down, said at one point
her relatives owned seven houses
been sold off over the years. She
said her late father, Charles “Kim”
Fletcher, lived in the house with
her stepmother, Marilyn Fletcher,
until his death in 2019. Kim
Fletcher was president and CEO of
Marilyn Fletcher couldn’t be
reached for comment.
—E.B. Solomont
 See more photos of notable
homes at WSJ.com/RealEstate.

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Source: Ipsos Affluent Survey USA Spring 2022 Adults 18 or older, HHI $125,000+.
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All Rights Reserved.
THE WALL STREET JOURNAL. Friday, November 3, 2023 | M13

N O RT H T E X AS ’ #
1 LU X U RY B R O K E R AG E

Nothing compares to what’s next.

CEO Russ Anderson on the question he gets a lot — and always loves answering

H
BRIGGSFREEMAN.COM

WHAT THE
CEO SAYS
ANDERSON, ANYTIME
Don’t miss Russ Anderson’s
weekly thoughts, always on
briggsfreeman.com/blog
ow does your brokerage con-
tinue to get the best agents?”
We get that question a
lot. And it’s always fun to an-
swer. In fact, we just brought on more top
talent in several of our offices — Fort Worth,
Turtle Creek, Southlake — and in our grow-
ing Commercial Division, too.
I know why they come. One of the most
powerful reasons is that they often know an
agent who’s already with us — and they have
been watching that agent flourish.
That’s the best. Here are some other rea-
sons why real estate’s finest agents — whether
we find them or they find us — are at Briggs
Freeman Sotheby’s International Realty.
Reputation. Our agents are the most re- ing, impactful company meetings, seamless
spected in the industry, backed by the world’s transaction management, even a one-stop
most powerful real estate network — Sothe- portal for client-relationship management,
by’s International Realty® — and by our own marketing assets, contracts and more.
local legacy, a sterling reputation since 1960. The takeaway: Our agents are freed to
Culture. Everyone hears about how nice do what they do best: connect great people
our agents are and how helpful our staff is. with great homes and properties.
It’s all true. There is a culture here of excel- Do you know of a great agent? Drop me
lence, integrity, respect and fun. And, there is a line. I know exactly where they belong.
a real spirit of giving back to the communi-
ties where we live and work.
Marketing, training and tech. An agent’s
business tends to boom when they join this RUSS ANDERSON
brokerage. Why? We have in-house market- President and CEO
ing professionals, unique marketing tools, Briggs Freeman Sotheby’s International Realty
personal marketing advisors, continual train- randerson@briggsfreeman.com

CHIHUAHUA, MEXICO / 27,458± ACRES LONGVIEW, TEXAS / GATED COMMUNITY / 1.6+ ACRES LAKEWOOD / DALLAS, TEXAS / 1.06 ACRES
Los Pilares / Price upon request 13 Thorntree / $1,250,000 3503 Hillbrook Street / $4,095,000

NEWLY PRICED

ALEX TRUSLER / 214-755-8180 / atrusler@briggsfreeman.com

JAMES SAMMONS III / 214-701-1970 / jsammons@briggsfreeman.com JEANNIE NETHERY / 214-803-3787 / jnethery@briggsfreeman.com KARLA TRUSLER / 214-682-6511 / ktrusler@briggsfreeman.com

BLEU CIEL / HARWOOD DISTRICT / DALLAS, TEXAS

3130 N. Harwood St #1906 / $3,395,000
© 2023 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

To Ann Henry,
you are family.
Her mother and husband were
luxury agents. Her daughter is,
too. Her other daughter and a son JASON CLARK / 662-279-9191 / jclark@briggsfreeman.com

are in the title industry. Ann Henry

lives luxury real estate — and has
WILLOW BEND / PLANO, TEXAS
made a second family out of clients,
contractors, designers, inspectors, 5217 Seascape Lane / $1,875,000
lenders and more. (She’ll name
names if you ask her.) She’s the
Dallas native with a worldwide family,
too: the incomparable Sotheby’s
International Realty® network of
almost 27,000 experts in more than
80 countries and territories. Ann has
access — anywhere — to off-market
opportunities, unique properties,
other top agents and more. Instincts,
information, marketing, magic:
For Ann, it’s all about family.

VICKI FOSTER / 214-642-8966 / vfoster@briggsfreeman.com

Ann Henry
Global Real Estate Advisor THE MAYFAIR / TURTLE CREEK / DALLAS, TEXAS
214-546-6712 3401 Lee Parkway #1903 / $1,295,000
ahenry@briggsfreeman.com
©2023 Each Office is Independently Owned and Operated.

RALPH RANDALL / 214-533-8355 / rrandall@briggsfreeman.com

HALL ARTS RESIDENCES / DALLAS, TEXAS GRANBURY, TEXAS JACKSBORO, TEXAS / JACK COUNTY / 800± ACRES
Luxury Residences from $3,800,000 400 River Bank Lane / $540,000 TDR Ranch / $8,700,000

CINDI CAUDLE / 214-991-2990 / ccaudle@briggsfreeman.com JOSEPH ROMERO / 817-606-7175 / jromero@briggsfreeman.com SHELLE CARRIG / 214-450-8782 / scarrig@briggsfreeman.com

214-350-0400 FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN

M14 | Friday, November 3, 2023 THE WALL STREET JOURNAL.

MANSION
ANNOTATED ROOM

A Night Out at Home

This basement remodel gave a young couple an intimate retreat in the convenience of their own house

BY VAISHNAVI NAYEL TALAWADEKAR As parents of two young children, they wanted to For colors, the homeowners were keen on mono-

S
ince buying their Hinsdale, Ill., home for $1.7
million in 2018, one couple—a physician and a
health-care project manager, aged 36 and 37
respectively—had made many changes. The
only thing left on their checklist was a basement re-
fresh. They decided to tick that task off the list in
2022, tapping interior designer Laura Chappetto Flynn
of Element Design Network, with whom they had previ-
ously collaborated on other areas of the home. She
helped them turn the lackluster 850-square-foot space
into an entertainment haven.
create an escape equally ideal for marvelous cocktail
parties and quiet date nights. “We wanted the feel to
be that of a luxury speakeasy, to give the feeling of
being out at a chic bar, even if just escaping to the
lower level,” says the wife.
In a bid to maximize function, Chappetto Flynn com-
partmentalized the layout to include a striking wine
cellar, a high-gloss bar area, a built-in leather ban-
quette, and a spacious lounge with a recessed TV and
floor-to-ceiling porcelain for the fireplace. She also de-
signed a clever passageway to seamlessly connect the
adults’ space with the children’s den on the same floor.
chrome. The challenge was muting the color without
muting the character. “Adding just enough texture,
tonal variations, and bits of décor was key to creating
the right amount of visual interest,” says Chappetto
Flynn, who opted for materials such as velvet, leather
and wood to give the space a tactile edge.
Gone are the days when the homeowners would
need to plan days in advance for a swish soiree or a
no-curfew movie night. “The basement makes any-
thing possible,” says the husband.
Here are some design elements that make up this
$244,000 basement remodel.

1. The fireplace was inspired by a boutique

hotel lobby that had left the homeowners Cost: $244,000
enchanted. “The clients had gone out of
town at the beginning of the renovation
process and loved the experience of walk-
ing into a hotel lobby and being cocooned
in marble. They felt like they were some-
where special,” says Chappetto Flynn. To
recreate that feeling, she opted for an An-
tolini Tech Calacatta Lincoln porcelain slab
for the surround. The fireplace is a Wood-
land Direct design. // Price: $18,600 ex-
cluding surround

2. A 72-inch Machinto coffee table by RH 1

anchors the room. “The chic, modern de-
sign is effortlessly luxurious and was the
perfect option for this space,” says Chap-
petto Flynn. // Price: $3,860

3. Maddox Sofas by RH, upholstered in 3

Performance velvet, bask in the glow of 4
the fireplace. // Price: $6,900 each
2
4. RH’s Wren Swivel Chairs in a Perennials
textured linen weave provide a welcome
spot for solo lounging. // Price: $3,700 each

5. A Kane Relaxed Carpet in the color Pre-

mium underpins the seating area. “It’s a du-
rable, stain-resistant carpet that will look 5
perfect for years to come,” says Chappetto

JARED POWELL
Flynn. // Price: $10,550 including installation

UNDER
HIS HANDLER’S GUIDANCE,
HE WILL SCOUR THE DEBRIS
IN SEARCH OF SURVIVORS.
NE VER UNDERESTIM ATE

DOG
THE TENACITY OF A STRAY

Chester
Found as
a stray in
Burbank, CA.

From shelter dog to search dog, help us write the next underdog story.
Your donation helps us train dogs like Chester to strengthen
America’s disaster response system.
Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org.

UNDERDOGS OVERCOME. Not a real disaster site.*