.
* * * * * THURSDAY, NOVEMBER 2, 2023 ~ VOL. CCLXXXII NO. 105
DJIA 33274.58 À 221.71 0.67%
What’s
News
Business & Finance
 The Fed’s Powell hinted
that the central bank might
be done raising interest
rates for now but was care-
ful not to rule out another
increase after officials ex-
tended a pause in hikes. A1
 U.S. stocks rose after the
Fed extended its rate-rise
pause, with the S&P 500,
Nasdaq and Dow gaining 1.1%,
1.6% and 0.7%, respectively,
while Treasury yields fell. B11
 Disney said it expects to
pay Comcast’s NBCUniversal
at least $8.61 billion for its
stake in Hulu, as the compa-
nies continue complex nego-
tiations over the future of the
streaming-video service. B1
 Toyota gave most of its U.S.
auto-factory workers a 9% pay
bump and shortened the time
it takes to reach maximum
pay, a sign that gains the UAW
made in Detroit are rippling
through the auto industry. B1
 Prosecutors and defense
attorneys in the trial of FTX
founder Samuel Bankman-
Fried clashed over whether
the defendant was a liar
who stole billions of dollars
or an unconventional execu-
tive who made mistakes. B1
 Panama Canal officials
will cut available slots for
ship transits by half this
winter as extreme drought
leaves the man-made water-
way lacking enough water. B2
 Six Flags is nearing a deal
to merge with Cedar Fair
Entertainment, a move that
would combine two of the
largest regional theme-park
chains in the U.S. B3
 Panera is laying off about
17% of its roughly 1,800 cor-
porate staffers as the res-
taurant company slims down
ahead of a planned IPO. B3
World-Wide
 Airstrikes on a densely
populated neighborhood in
Gaza this week show that
Israel is waging a broader
and more ferocious war
against Hamas, an approach
that aims to destroy the
Palestinian militant group
but has sparked an interna-
tional backlash. A1
 Foreign nationals and
wounded Palestinians
crossed into Egypt from
Gaza, Egyptian and U.S. of-
ficials said, with more
than 400 people, including
some Americans, allowed
to leave in a major diplo-
matic breakthrough. A8
 A Cornell University stu-
dent was arrested after al-
legedly threatening to kill
Jewish students, the latest
in a surge of antisemitic epi-
sodes since the Israel-
Hamas war began. A3
 Rep. George Santos sur-
vived an effort in the House
to expel him while the New
York Republican faces fed-
eral fraud charges related to
his 2022 campaign. A4
 A federal judge in Florida
signaled that she is open to
delaying Trump’s criminal trial
over his handling of classified
documents set for May. A4
 Teachers in Portland, Ore.,
went on strike over compen-
sation, class size and other
issues, prompting the dis-
trict to close school for more
than 45,000 students. A3
 Cities in China are allowing
real-estate developers to cut
prices on new homes to revive
sales and are being resisted by
owners who don’t want the val-
ues of their properties to fall. A18
 Died: Bob Knight, 83, fiery
college basketball coach. A14
CONTENTS
Arts in Review..... A13
Banking & Finance B10
Business News.. B3,6
Capital Account..... A2
Crossword................ A14
Heard on Street.. B12
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 13061.47 À 1.6% STOXX 600 436.57 À 0.7%
Border Crossing Out of Gaza Opens for Some
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES
RELIEF: People walk through a gate to enter the Rafah border crossing to Egypt in southern Gaza Strip on Wednesday, as
foreign nationals and wounded Palestinians were allowed to leave in a diplomatic breakthrough. A8
Israel Turns Up Heat on Hamas
As Calls for Cooling Off Mount
Airstrikes on a densely
populated neighborhood in
Gaza this week show Israel is
waging a broader and more
ferocious war against Hamas,
an approach that aims to de-
By Dov Lieber, David S.
Cloud, Chao Deng
and David Luhnow
stroy the Palestinian militant
group but has sparked an in-
ternational backlash.
The repeated strikes on the
Jabalia neighborhood—a refu-
gee camp that has turned into
Rangers Win World Series
SEAN M. HAFFEY/GETTY IMAGES
AT LONG LAST: Texas beat the Arizona Diamondbacks, 5-0, to
capture its first championship since the franchise’s start in
1961. Bruce Bochy won his fourth title as a manager. A14
These Moms
Embrace
The Mess
i i i BY CHARLEY GRANT
Influencers share
practical tips;
Walmart budget
BY ALLIE JONES
In a world of flawless social
media “momfluencers” who
seem to have spotless houses
and an endless supply of
earth-tone outfits for their
photogenic children, one de-
cided to get real.
Markets...................... B11 “I used to think I couldn’t
Opinion................ A15-17
be a content creator because I
Personal Journal A11-12
Sports.......................... A14 don’t live in a pretty house…I
mean, look at me,” said Katie
Technology................ B4
U.S. News.......... A2-4,6 Ziemer, a 29-year-old substi-
World News.. A8-9,18
tute teacher and mother of
three, in a video posted to Tik-
> Tok earlier this year. The
video showed her getting
ready in the morning wearing
nondescript black sweatpants
and cutting fruit for her kids
Please turn to page A10
HHHH $5.00
10-YR. TREAS. À 20/32 , yield 4.790%
a warren of permanent homes
and apartment buildings—
come amid a three-week-long
air campaign by Israel that is
the most intense in its history
and rivals any aerial bombard-
ment this century, military an-
alysts said.
Israel’s campaign to elimi-
nate Hamas has faced a deluge
of criticism as the civilian
death toll has risen and the
humanitarian crisis has wors-
ened, prompting repeated calls
for Israel to agree to a cease-
fire and to end its blockade.
The ferocity of Israel’s cam-
‘Ozempic Effect’ Makes
Wall Street Exuberant
AND DAVID WAINER
The U.S. leads developed
nations when it comes to obe-
sity. Those paying close atten-
tion to the stock market and
recent corporate earnings
calls might be forgiven for
thinking the problem has
been solved.
Call it the Ozempic effect. A
new generation of highly ef-
fective weight-loss and diabe-
tes drugs known as GLP-1s has
led to fanciful assumptions on
Wall Street that spell doom
for companies that have prof-
ited from the U.S.’s obesity
problem. It has also led to
speculation that gigantic op-
portunities await those that
would benefit from the aggre-
gate weight loss.
Wild scenarios conjured up
by analysts include the notion
that junk-food companies
might pivot to selling carrot
sticks and airlines might save
on gas owing to lighter pas-
OIL $80.44 g $0.58 GOLD $1,978.80 g $6.40 EURO $1.0570 YEN 150.96
Fed Skips
Rate Hike
But Keeps
Increase
On Table
Powell hints central
bank might be done
tightening, citing
progress on inflation
BY NICK TIMIRAOS
WASHINGTON—Federal
Reserve Chair Jerome Powell
hinted the central bank might
be done raising interest rates
for now but was careful not
to rule out another increase
after officials extended a
pause in hikes.
Officials voted unanimously
on Wednesday to leave rates
unchanged at a 22-year high.
“The committee is proceeding
carefully,” Powell said during
a news conference in which he
said nothing to shift the mar-
ket’s expectation that officials
won’t raise rates in December.
Stocks climbed, with the
Dow Jones Industrial Average
up 0.7%, or nearly 222 points.
Bonds extended a rally that
began Wednesday morning
when the Treasury Depart-
ment made public plans to
slow the pace at which it is-
paign has also put pressure on warned of a mounting human- sues longer-term debt. Yields
the U.S., which has supported itarian crisis in Gaza. The on the 10-year Treasury note
Israel’s right to defend itself strikes have killed some 8,796 closed at 4.790%, down 0.084
but has increasingly stressed people in Gaza, Hamas-run percentage point from 4.874%
the importance of minimizing health authorities said. The on Tuesday. Yields fall as bond
civilian casualties and increas- figures don’t distinguish be- prices rise.
ing humanitarian aid. tween civilians and militants. At Fed officials’ September
Israel said it has hit more The strikes have also displaced meeting, most projected one
than 11,000 targets, with mis- hundreds of thousands of peo- more rate increase this year,
siles, bombs and artillery, in ple and turned large parts of but some have spoken in re-
Gaza, an area half the size of Gaza into rubble. Israel said cent weeks as though they
New York City that is home to Please turn to page A8 Please turn to page A2
about two million people. That
compares to some 1,500  Israeli settlers step up  Greg Ip: Dark mood, strong
strikes the previous time Israel West Bank attacks.......... A9 economy at odds............... A2
fought Gaza militants in 2021.  U.S. all but stopped spying  Pause on rates lifts shares,
Human-rights groups have on Hamas after 9/11........ A9 Treasury bonds................. B11
Exxon’s Giant Oil Discovery
Transforms a Tiny Nation
A jarring reality hits Guyana, the new energy powerhouse
BY KEJAL VYAS AND COLLIN EATON almost 3,000 miles to the north.
Guyana is suddenly the world’s next great
GEORGETOWN, Guyana—New supermar- energy powerhouse. Through a series of dis-
kets here are stocked with prime Texas rib- coveries starting in 2015, Exxon and its two
eyes. A recently opened waterfront hotel of- partners, Hess and Chinese oil company
fers executive suites for $750 per night. The Cnooc, have found more than 11 billion barrels
national cricket team, the Amazon Warriors, of oil off the Guyanese coast. Some oil execu-
is getting a new stadium that begins con- tives say they’ve never seen a success of that
struction next spring. scale in their careers and won’t again see one
Money is pouring into Guyana, which is like it.
quickly being transformed from one of the Flights to Georgetown now teem with for-
poorest countries in the Western Hemisphere eign oil-field workers looking to capitalize on
into the world’s fastest-growing economy, ac- the find. Last week, rival Chevron bought into
cording to the International Monetary Fund. the bonanza, agreeing to pay $53 billion in
The economic makeover is succinctly ex- stock to buy Hess, primarily to acquire Hess’s
plained by the sponsor named on the cricket nearly one-third stake in the Guyana project.
team’s jersey: Exxon Mobil, the oil giant based Please turn to page A10
No.1
sengers. References to GLP
drugs have shot higher on
company earnings calls over
the past 12 months, according
to Factiva.
in AI, Data
The reaction on Wall Street
has been extreme, creating
opportunities for cooler
heads, some analysts and in-
vestors said.
“It’s the AI of healthcare,”
Science,
said Emily Evans, health-pol-
icy analyst at Hedgeye Risk and Machine
Learning.
Management, noting that the
market is acting as though a
host of other diseases will
suddenly be cured.
To be sure, drugs such as
Novo Nordisk’s Ozempic and
Eli Lilly’s Mounjaro have Get AIP. Sign Up for a
proved highly effective and will
help some people shed pounds.
Bootcamp at Palantir.com
That should create a cascade of
health benefits, including a re- Source:
duction in the number of peo-
2023 Wisdom of Crowds (r) AI, Data Science, and Machine
Learning Market Study. (C) 2023 Dresner Advisory Services.
ple suffering from diabetes and
heart disease.
Yet, because of a variety of
constraints, the days that
Please turn to page A6

A2 | Thursday, November 2, 2023
CAPITAL ACCOUNT | By Greg Ip
Dark Mood, Strong Economy at Odds
L
ast week we learned
that the economy,
far from sliding to-
ward recession as
economists had pre-
dicted, has picked up steam
thanks to indefatigable con-
sumers.
Not only has economic
output made up ground lost
during the pandemic, it’s also
above where it would have
been had the pandemic not
happened, judging by a Con-
gressional Budget Office pro-
jection in early 2020.
The same goes for the job
market. Unemployment at 3.8%
is marginally above where it
was in January 2020. The
share of the population 15 to
64 with jobs topped a prepan-
demic peak in August.
So why are Americans so
gloomy? Confidence readings
are depressed. Some 69% of
respondents to a Wall Street
Journal survey in August said
the country is headed in the
wrong direction. President
Biden’s approval ratings are
mired around or below 40%,
and approval for his handling
of the economy is even lower.
A popular explanation for
this dichotomy is that good
feelings about jobs are more
than offset by high inflation.
There is a lot of evidence for
this, but it’s still not an en-
tirely satisfying answer.
There are two longstand-
ing surveys of consumer con-
fidence. The index produced
Fed Again
Skips Rise
In Rates
Continued from Page One
aren’t eager to hike again un-
less hotter-than-expected eco-
nomic data force their hand.
Powell echoed that senti-
ment on Wednesday by re-
peatedly highlighting how
much inflation has fallen,
rather than emphasizing the
economy’s recent strength.
“It sounds like this is a Fed
that really doesn’t want to
hike again,” said Mark Cabana,
head of U.S. rates strategy at
Bank of America.
“If they wanted to hike
again this year, Powell would
have pointed much more to
the risk that consumer spend-
ing would undo the progress
we’ve seen on inflation,” said
Diane Swonk, chief economist
at KPMG.
Wednesday’s Fed decision
comes at a delicate time for fi-
nancial markets because the
10-year Treasury yield has
risen swiftly—by nearly 1 per-
centage point—since July,
when officials last raised
Supply-Side Boom Gives Fed Breathing Room, for Now
BY GREG IP
When spending and em-
ployment grow as quickly as
they have lately, it normally
means inflation pressure is
building and the Federal Re-
serve may have to raise in-
terest rates.
But on Wednesday Fed
chair Jerome Powell sug-
gested otherwise. Demand,
he said, has indeed grown
rapidly, but so
ANALYSIS has supply. A
supply-side boom
generates the best of all
worlds: brisk growth and
falling inflation.
The Fed didn’t raise rates
this week mainly because
higher bond yields had al-
ready done some of its tight-
ening. Whether it decides to
raise rates later will depend
on the supply-side boom
continuing. That, however, is
hardly guaranteed.
Supply normally evolves
slowly with demographics,
investment and innovation,
but it fluctuated dramati-
cally during the pandemic
and its aftermath. A shift to-
ward spending on goods
from services because of
lockdowns and then stimulus
checks pressured supply
chains, leading to goods
shortages. Millions of people
left the labor force, changed
occupations or moved, re-
sulting in widespread job va-
cancies.
by the Conference Board in-
corporates attitudes about
the labor market, not infla-
tion. This index remains well
above its lows around the
2008 and 2001 recessions. No
dichotomy there.
By contrast, the University
of Michigan sentiment index
is at recession-like levels. It
appears to be more sensitive
to inflation, in part because it
asks people if they are finan-
cially worse off, and recently
40% of those feeling worse
off blame inflation.
But can inflation be the
whole story? Since peaking at
9.1% in June last year, the
consumer-price index has
fallen to 3.7%. Some gauges
put underlying inflation at
around 3%, and the Federal
Reserve thinks it is headed
gradually to 2%. Yet senti-
ment is up only moderately
since inflation began falling.
T
he puzzle deepens
when I plot the Michi-
gan index since 1978
against the “misery index”—
the simple sum of inflation
and the unemployment rate.
Based on historic correla-
tions, sentiment has been
more depressed this year
than you would expect given
the level of economic misery.
True, for a long time
wages were lagging behind
inflation, but median weekly
wages are slightly higher
now, adjusted for inflation,
Federal-funds rate target
6%
5
4
3 down inflation, he said,
2 dent that we have.”
1
0 for them to conclude they are
2000 '05
Note: Midpoint of range since 2008
rates. They lifted their bench-
mark federal-funds rate then
to a range between 5.25% and
5.5%.
Fed officials have now
skipped a rate hike for two
consecutive meetings, making
it the longest period without
an increase since they began
to lift rates from near zero in
March 2022. Since then, they
raised rates at the fastest
pace in four decades to com-
bat high inflation.
Powell’s comments
Wednesday suggest he expects
the Fed’s rate increases, along
with the continuing process of
shrinking its $7.9 trillion asset
Fed chair Powell said the labor market has had a very positive supply-and-demand rebalancing.
As a result, inflation leapt
in 2021, even though by con-
ventional metrics the econ-
omy had plenty of spare ca-
pacity. Unemployment, for
example, was above the 4%
Fed officials consider sus-
tainable over the long run.
In recent quarters, Powell
suggested, that dynamic has
gone into reverse as supply
chains have normalized and
the labor force expanded. In
September 2021, unemploy-
ment was at 4.8% and there
were 10.9 million job vacan-
cies. Two years later, unem-
ployment was lower, at 3.8%,
normally a sign of a tighter
Economic sentiment vs. economic misery
120
SENTIMENT INDEX (University of Michigan)
100
80
60
40
5%
*Adjusted for inflation Note: Median wages were elevated early in pandemic due to declines in low-wage jobs.
Sources: University of Michigan (consumer sentiment); Commerce Dept. (GDP); Labor Dept via Federal Reserve Bank of St. Louis (unemployment,
inflation, payrolls, median wage)
than at the end of 2019.
Workers are getting more
time off and more flexibility.
Federal pandemic relief
means household finances are
stronger, even now, than be-
fore the pandemic. Mean-
while, high housing and stock
prices lifted the median
household’s wealth after infla-
tion by 37% between 2019 and
2022, the largest in the his-
tory of the Fed’s survey.
Part of the problem is that
in inflationary periods, both
prices and wages rise, but
people dwell more on the
'10
Source: Federal Reserve via St. Louis Fed
portfolio, will eventually slow
the economy, said Michael de
Pass, global head of rates
trading at Citadel Securities.
“They want to maintain a
hawkish façade while believ-
ing deep down that they’ve
probably done enough,” he
said.
Officials have been trying
to balance two risks. They
don’t want to overdo rate
rises to avoid causing an un-
necessarily severe downturn.
They also don’t want to allow
inflation to reaccelerate or to
settle at levels well above
their 2% target. “Those risks
are closer to being in bal-
job market, but vacancies
had fallen, to 9.6 million.
That is largely because in
the past year the labor force
grew by about three million
people, about four times the
normal long-run rate, ac-
cording to what the Congres-
sional Budget Office esti-
mated before the pandemic.
“In the labor market,
what we’ve seen is a very
positive rebalancing of sup-
ply and demand, partly
through just much more
supply coming online,” Mr.
Powell said on Wednesday.
So even “with labor demand
still clearly remaining very
U.S. NEWS
1978–2022 2023
10 15 20
MISERY INDEX (unemployment rate + inflation)
prices. Moreover, while the
Fed targets inflation—the
rate at which the level of
prices rises—consumers also
care about the absolute level
of prices and are bothered
they remain so much higher.
The average Starbucks cof-
fee has gone from under $3
at the start of the pandemic
to $3.63 in the second quar-
ter, according to data firm
Numerator. Grocery prices
have stopped going up,
but “right now, it is still a lit-
tle bit of sticker shock,” Steve
Cahillane, CEO of Kellanova,
Nov.
No change
ance,” Powell said.
The Fed chair danced
around questions over what it
would take for the central
bank to raise rates at its next
meeting, Dec. 12-13. Pressed
over whether the Fed had
raised rates to a level that
would be sufficient to bring
“We’re not confident that we
haven’t, but we’re not confi-
The big questions for the
Fed center on what officials
are looking to see in the econ-
omy, and what it would take
'15 '20 moving in the right or wrong
direction. A continued slow-
down in inflation could allow
them to continue holding
rates steady, while any accel-
eration in price pressures
could lead them to hike again.
Swonk said she thought the
Fed would hold rates steady
next month because there
wouldn’t be enough economic
data available to convince offi-
cials to change course. “The
Fed’s pause does not equate to
a definitive end to rate hikes,
but they just won’t have the
information they need by De-
cember” to raise rates, she
said.
Since their July rate in-
crease, the economic outlook
has been buffeted by three
strong…you see wage in-
creases coming down.”
Fed officials put the U.S.’s
long-run annual potential
growth rate at 1.8%, meaning
growth above that normally
puts upward pressure on in-
flation. But Mr. Powell said
that hasn’t been true lately
because improving supply
chains and an expanding la-
bor force have temporarily
boosted potential. Indeed,
unemployment actually rose
and inflation fell between
the second and third quar-
ter, the opposite of what
would normally happen
when growth, at 4.9%, was
* *** THE WALL STREET JOURNAL.
Change since fourth quarter
of 2019
10%
0
–10
–20
–30 GDP*
Payrolls
–40 Median
weekly wage*
Consumer
sentiment
–50
25 2020 '23
formerly part of Kellogg, said
in September.
Yet sticker shock doesn’t
seem severe enough to ex-
plain the profound dissatis-
faction.
No doubt, polarization
plays a part. Democrats and
Republicans think the econ-
omy is great when their party
controls the White House and
terrible when the other party
does. Still, you’d expect Dem-
ocrats and Republicans to
balance each other out. Yet
the mood has worsened. The
share of survey respondents
forces that have differing im-
plications for policy.
First, economic activity
picked up, defying expecta-
tions of an imminent slow-
down.
Second, inflation continued
cooling. Core inflation, which
excludes volatile food and en-
ergy prices and
which peaked
at 5.6% last
year, hit a 2.8% Officials have
annualized rate now skipped a
over the April-
to-September rate hike for two
period, accord-
ing to the Com-
consecutive
merce Depart- meetings.
ment.
Third, finan-
cial conditions
have tightened amid a swift
run-up in longer-dated Trea-
sury yields, leading borrowing
costs to rise for households
and businesses. Increases in
longer-term interest rates
boost costs for mortgages,
auto loans and business debt,
all of which could slow eco-
nomic growth.
The 30-year fixed-rate
mortgage has hovered closer
to 8% in recent weeks at 23-
year highs, for example, which
is chilling home purchases.
That inflation eased as
growth strengthened this
summer highlights how the
nearly triple potential.
The possibility of higher
potential is why some Fed
officials are reluctant to
raise interest rates further
based on strong growth
alone, at least so long as in-
flation keeps falling.
Yet Mr. Powell cautioned
against extrapolating the
good news on supply, for
good reason. Labor-force
participation for 15- to 64-
year-olds is back to its pre-
pandemic level. Immigration
SUSAN WALSH/ASSOCIATED PRESS
inflows, which have ex-
panded the supply of work-
ers, may slow as the pro-
cessing backlog is whittled
down. Millions of migrants
have poured across the bor-
der seeking asylum status,
but their contribution to
supply is unclear since many
lack work permits and skills.
Higher productivity also
boosts potential growth but
of that there is as yet no
sign, despite ample hype
about artificial intelligence.
There is also evidence in-
flation may have stopped
falling. After filtering out
noisy components, several
analysts find underlying in-
flation has stabilized around
3%, a full point higher than
the Fed’s 2% target. That last
mile of inflation reduction
will likely require more slack
opening up in the economy,
and it seems unlikely to hap-
pen entirely through a con-
tinued supply-side boom.
.
saying the U.S. is headed in
the wrong direction topped
50% in the mid-2000s under
George W. Bush and hasn’t
gone below since.
I
suspect a lot of pessimism
is “referred pain.” Just as
one part of your body can
hurt because of injury to an-
other, pessimism about the
economy may reflect dissatis-
faction with the country as a
whole. There is a lot to be dis-
satisfied about: intensifying
political and cultural conflict
and intolerance, the pan-
demic, the border, mass
shootings, crime, Ukraine and
now the Middle East.
It’s hard to explain atti-
tudes otherwise. Just 37% ap-
prove of Biden’s handling of
the economy in the Journal
survey. Yet just 39% approve
of his handling of Social Se-
curity and Medicare, which is
odd since he has literally
done nothing to either.
Only 45% approve of Bi-
den’s handling of infrastruc-
ture, and 42% of how he’s
bringing back manufacturing
jobs. This is weird for a presi-
dent who signed popular leg-
islation boosting infrastruc-
ture and manufacturing.
The good news for Biden,
if you want to call it that, is
that people may not be as up-
set about the economy as
they tell pollsters. The bad
news is, they’re pretty upset
about everything else.
economy has likely benefited
from improving supply condi-
tions, including fewer bottle-
necks and shortages of goods,
freight shipping and workers.
Powell said those supply-
side improvements could al-
low inflation to continue to
fall even if economic growth is
solid, suggest-
ing that stron-
ger growth
isn’t necessar-
ily a problem
for the Fed.
“We feel like
we’re on a path
to make more
progress, and
it’s essential
that we do,” he
said.
Some former Fed officials
said there is little reason for
the central bank to keep hik-
ing rates as long as inflation
and wage growth continue to
slow gradually. In that case, “I
don’t see a reason to make
policy more restrictive,” said
Eric Rosengren, former Boston
Fed president.
Watch a Video
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Fed chair’s
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THE WALL STREET JOURNAL.
Antisemitic
Threats
Spur Arrest
Of Student
At Cornell
BY ALYSSA LUKPAT
A Cornell University student
was arrested after allegedly
threatening to kill Jewish stu-
dents, the latest in a surge of
antisemitic episodes since the
Israel-Hamas war began.
The student, 21-year-old
Patrick Dai, laid out in posts
online how he planned to kill
any Jewish student he saw on
campus, according to the U.S.
attorney’s office in New York’s
Northern District. He said he
planned to carry out a mass
shooting in a dining hall that
serves mostly kosher meals.
The Federal Bureau of In-
vestigation said it arrested Dai
on campus Tuesday. His public
defender, Gabrielle DiBella,
didn’t return a request for
comment Wednesday.
Prosecutors said Dai faces
up to five years in prison and a
$250,000 fine on a charge of
making a threat using inter-
state communications. Dai, a
college junior from Pittsford,
N.Y., made his first court ap-
pearance Wednesday afternoon
in Syracuse.
Jewish communities across
the country have been feeling
on edge over the rise in threats
and violence against them
since the war began last
month. College campuses have
been a hotbed for protests.
FBI Director Christopher
Wray told senators in a hear-
ing Tuesday that antisemitic
threats in the U.S. were reach-
ing historic levels. He said the
war has raised the threat of a
terrorist attack in the U.S.
Attorney General Merrick
Garland said the arrest at Cor-
nell on Tuesday shows the Jus-
tice Department is “focusing
our efforts on confronting and
disrupting illegal threats wher-
ever they arise.” He directed
the nation’s federal prosecu-
tors to reach out to religious
groups to assess what support
they might need as such
threats rise.
Cornell police reported the
online threat to the FBI on Sun-
day, according to court records.
There were at least four posts
over the weekend on a website
where students discuss frater-
nities and sororities. Investiga-
tors traced one of those posts
to an IP address affiliated with
Dai, according to court records.
He admitted in an FBI inter-
view Tuesday that he posted
the threats, officials said.
Broome County Sheriff Fred
Akshar said Wednesday Dai
was being held in the medical
wing of the county’s correc-
tional facility, where he is un-
der 24-hour supervision.
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* * * * Thursday, November 2, 2023 | A3
U.S. NEWS
As Unions Ride Wave, Tests Await
BY DAVID HARRISON
The United Auto Workers’
100%
Pay for UAW autoworkers, change since 2000*
20 million
Days of work lost in the U.S. due to labor disputes† igan. The union is one of hun-
dreds negotiating a new con-
tract next year.
tentative deals with Detroit
automakers mark the latest
union victory in a year of mul- 75 15
Cakmakci said he hopes to
win a 25% to 28% pay raise—
roughly twice the wage in-
Inflation
tiplying strikes and sizable crease in the last contract—as
gains in a robust labor market. Top pay rate for auto- well as more paid time off and
assembly workers
The agreements could em- more generous health benefits.
bolden other unions to take 50 10 “There’s a bit more confi-
aggressive approaches to con- dence in getting it based on
tract negotiations and fuel what other unions have done,”
more strikes in coming 25 5
he said.
months—as long as the econ- UAW President Shawn Fain
omy stays strong. wants to keep labor’s momen-
If growth cools and unem- tum going. The union will now
ployment rises, however, as 0 0 focus on organizing nonunion
many economists forecast, 2000 ’05 ’10 ’15 ’20 ’25 1981 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 plants, he said Sunday.
workers’ momentum could *Includes estimated inflation adjustment in 2023 onward. Figures are for Ford Motor but are similar at other automakers. †Work stoppages include
But how long the strike
chill and tip the balance of both strikes and lockouts, data for 2023 through September. wave lasts could depend on
power back toward employers. Sources: UAW (pay); Labor Department (inflation, days) broader economic factors,
“If there’s a recession or if such as the labor market’s
the labor market gets loose July-through-September pe- workdays to labor disputes averted a strike. strength, said Matthew John-
again, will that interfere?” riod from a year before, com- this year through September, Public support for unions son, an economist at Duke
said Susan Schurman, a pro- pared with a 4.4% gain for more than any full year since hit 71% last year, the highest University.
fessor of labor studies at Rut- nonunion workers, according 2000. level since 1965, before slip- Many forecasters expect job
gers University, referring to to the Labor Department. Hollywood writers spent ping slightly this year, accord- and wage growth to slow and
unions’ efforts. “History would One factor fueling unions’ five months on strike before ing to Gallup polls. President joblessness to rise over the
predict that it would, but his- demands is that they have winning a new contract in Biden has been one of their coming year amid the highest
tory has not been a good pre- seen pay rise faster for chief September. In October, 75,000 most outspoken backers. interest rates in more than
dictor in the last three years.” executive officers than for workers at healthcare giant The UAW strike “raises two decades.
Labor shortages since the workers since the pandemic, Kaiser Permanente won pay people’s expectations,” said “When that labor market
pandemic hit gave both union- said Kate Bronfenbrenner, a increases and higher staffing John Cakmakci, president of cools, it will probably make it
ized and nonunion workers professor at Cornell Univer- levels after walking off the job United Food and Commercial so that workers and unions
more leverage than they had sity’s School of Industrial and for three days, the industry’s Workers Local 951, which rep- have to temper what they
in decades, driving big boosts Labor Relations. In the auto largest strike on record. resents 28,000 employees at bring to the bargaining table,”
in pay and benefits. industry, CEOs now make And in August, 330,000 Meijer grocery stores in Mich- Johnson said.
Union workers, however, about 300 times what rank- drivers and package sorters at
have seen slower compensa- and-file workers make. United Parcel Service repre-
tion growth than their non- More than 300,000 union sented by the International
union counterparts because it members have walked off the Brotherhood of Teamsters rat-
© Verdura. All rights reserved.
takes time for multiyear union job so far this year, the most ified a new five-year contract
contracts to come up for re- since 2019, according to the that would bring average pay
newal. Wages and benefits for Labor Department. The U.S. and benefits for a full-time
union workers rose 3.8% in the lost more than 11 million driver to $170,000. The deal
Teachers Strike in Portland, Ore.,
Closes Schools for 45,000 Pupils
BY JENNIFER CALFAS
Teachers in Portland, Ore.,
went on strike Wednesday,
prompting the district to close
school for more than 45,000
students.
The Portland Association of
Teachers said it was the first
time the union, representing
CLAIRE RUSH/ASSOCIATED PRESS
more than 4,000 educators,
had gone on strike. The union
and Portland Public Schools
have failed to agree on com-
pensation, classroom size lim-
its and other issues in their
latest contract negotiations.
District officials have said Teachers and their backers rallied in Portland on Wednesday.
the union’s requests aren’t fi-
nancially feasible, in part be- Portland strike, which affects lupe Guerrero said, could re-
cause state funding hasn’t 81 schools, will last. sult in staffing cuts, which S AG I T TA R I U S
kept up with inflation. There The district said it is offer- could lead to higher class
November 22ND – December 21ST
is a more than $200 million ing educators a 10.9% cost-of- sizes and reduced services for
difference between the union’s living increase over three students. District leaders
proposal and their own, the years, while the union has urged state lawmakers to pro- ZODI AC PEN DANT N ECK L ACE
district said. asked for a cumulative 23% vide more funding. Hand-engraved, in diamond and 18k gold, $7,950.
Union workers have flexed cost-of-living increase. District “Funding has not kept pace Includes 19” chain and 1” pendant. All 12 zodiac signs available.
their power this year with officials said in a press brief- with the needs of our stu-
work stoppages across indus- ing Wednesday they have been dents, nor our educators,”
tries, including Hollywood, the working within the con- Guerrero said. 74 5 F I F T H AV E N U E , 12 T H F LO O R
auto industry and healthcare. straints of their budget during “Unlike a private organiza-
Strikes have also shut down months of negotiations with tion,” he added, “we don’t 212 . 7 5 8 . 33 8 8 • V E R D U R A .C O M
public schools in other cities. the union. The union’s pro- have record profits we can tap
It is unclear how long the posal, superintendent Guada- into.”
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A4 | Thursday, November 2, 2023
Judge Weighs Delay in Documents Trial
Classified-records
case against former
president faces time
crunch, she says
A federal judge in Florida
signaled Wednesday she is
open to delaying Donald
Trump’s trial over his handling
of classified documents set for
May, providing a sliver of good
news to the former president,
who has faced several legal
setbacks in recent weeks.
By Jane Musgrave in
Fort Pierce, Fla., and
Aruna Viswanatha in
Washington
Special Counsel Jack
Smith’s team was ignoring
“unavoidable realities” in forc-
ing Trump and his attorneys to
prepare for two federal crimi-
nal trials at once, U.S. District
Judge Aileen Cannon said.
Trump faces both the May
trial in Florida over whether he
improperly held on to classified
materials after he left office,
and a March trial in Washing-
ton over his alleged efforts to
overturn the 2020 election re-
sults. Trump has pleaded not
guilty in both matters.
“I’m having a hard time
seeing how realistically this
work can be accomplished on
this compressed time period,”
Cases Test Claims
That Trump Is
Ineligible to Run
BY MARIAH TIMMS
A pair of cases unfolding
this week will provide an early
test of novel legal arguments
that Donald Trump should be
disqualified from the 2024
presidential race because of his
actions surrounding the Jan. 6,
2021, riot at the Capitol.
Courts in Colorado and
Minnesota are considering
claims that a little-invoked
constitutional provision pre-
vents Trump from holding of-
fice again. Section 3 of the
14th Amendment, enacted af-
ter the Civil War, disqualifies
from public office those who
swore to defend the Constitu-
tion and then “engaged in in-
surrection or rebellion”
against the U.S.
“Trump incited a violent
mob to attack our capitol to
stop the peaceful transfer of
power under our Constitu-
tion,” lawyer Eric Olson told a
Denver judge Monday at the
start of a weeklong trial. He is
representing a group of Re-
publican and unregistered vot-
ers who want to keep Trump
off the Colorado ballot.
Trump’s legal team argues
the disqualification claims,
which are being filed in more
states, are an antidemocratic
attempt to prevent voters from
deciding the next occupant of
the White House.
Santos, Facing Charges, Avoids Expulsion in House Vote
BY KATY STECH FEREK
WASHINGTON—House law-
makers rejected an effort to
expel Rep. George Santos (R.,
N.Y.), who made a series of
bold fabrications in running
for office and faces federal
fraud charges related to his
2022 campaign.
The vote was 179 in favor
of expulsion to 213 against,
well short of the two-thirds
threshold needed to remove a
lawmaker from office. Nine-
teen lawmakers voted present
and nearly two dozen more
were absent.
While Santos has been
widely shunned in Congress,
the effort led by a group of Re-
publicans had been seen as fac-
ing an uphill battle, with top
Republicans not signaling their
support and other members of
both parties lukewarm about
expelling him. Expelling Santos
would cut into the Republicans’
narrow 221-212 majority, and
some lawmakers have said any
such move should wait until af-
ter his criminal case is resolved
or the House Ethics Committee
has completed its probe.
Former President Donald Trump has sought to delay his trials until after the 2024 election.
Cannon said.
The development came as
Trump’s son, Donald Trump Jr.,
was taking the witness stand in
New York in a civil-fraud trial
in which state Attorney Gen-
eral Letitia James alleges that
the former president inflated
his net worth in a scheme to
obtain favorable terms on bank
loans and insurance policies.
The former president denies
wrongdoing in that case.
Trump lawyer Christopher
Kise appeared at the Florida
hearing by phone because he
“President Trump didn’t en-
gage,” Trump lawyer Scott
Gessler said in opening state-
ments. “He didn’t carry a pitch-
fork to the Capitol grounds and
lead a charge to get into a fist-
fight with legislators. He didn’t
goad President Biden into go-
ing out back and having a fight.
He gave a speech in which he
asked people to peacefully and
patriotically go to the Capitol
to protest.”
In Minnesota, the state’s
highest court is taking up the
issue directly, after being peti-
tioned by a group of eight state
voters who are seeking an or-
der that bars the secretary of
state from allowing Trump on
the ballot. The plaintiffs are
represented by nonprofit Free
Speech For People, which has
filed similar challenges against
other officials, including an un-
successful bid to disqualify
Rep. Marjorie Taylor Greene
(R., Ga.). Oral arguments are
scheduled for Thursday.
Neither case is an existential
threat to Trump’s White House
bid, as the Republican front-
runner didn’t win either state
in 2016 or 2020. But a ruling
against him could provide fod-
der for similar challenges in
more crucial states, and poten-
tially force the U.S. Supreme
Court to take up the issue.
Officials in other states in-
cluding Maine and Michigan
Santos’s fate in Congress
has been up in the air since it
was disclosed in late 2022—
shortly after he was elected—
that he had made up aspects of
his personal history, ranging
from his employment history
at Wall Street banks to his
family’s connection to events
such as the Holocaust and
Sept. 11, 2001, terrorist attacks.
New York federal prosecu-
tors later charged Santos with
an array of crimes, including
for allegedly scamming politi-
cal donors, lying to the Federal
Election Commission and ille-
gally receiving unemployment
insurance benefits. Late last
month, he pleaded not guilty to
a 23-count superseding indict-
ment. He is scheduled to go to
trial in September 2024.
“I’m fighting tooth and nail
to clear my name in front of
the entire world,” Santos said
on the House floor while de-
fending his work in Congress
and reminding colleagues of
his conservative voting record.
No other lawmaker spoke in
his defense.
Santos said ejecting him
from Congress now would vio-
P W L C 10 11 12 H T G K
U.S. NEWS
is also representing Trump in
the New York fraud trial. At
the Florida hearing, Kise said
the schedule was unfair to
Trump, and that the former
president needed time to con-
fer with his attorneys and un-
derstand the legal ramifica-
tions he faces. “There’s only so
long he can focus,” Kise said.
A prosecutor with the spe-
cial counsel’s team, Jay Bratt,
urged Cannon to stick with
the schedule she had already
laid out, describing the re-
quest as just another attempt
are considering the issue.
Trump, going on the offen-
sive, filed a pre-emptive law-
suit Monday in Michigan that
asks a judge to bar Democratic
Secretary of State Jocelyn Ben-
son from keeping him off the
ballot, arguing she has no au-
thority to do so.
“Excluding
President
Trump from the Neither case is
ballot prevents an existential
him and his vot-
ers from exer- threat to
cising their con-
stitutional rights
Trump’s White
to freely associ- House bid.
ate,” Trump
lawyer David
Kallman said in
the lawsuit.
Benson, who is separately
being sued by a group of state
voters that want Trump dis-
qualified, has signaled she
agrees she doesn’t have
the power. “The Secretary has
neither the duty nor the au-
Rep. George Santos, seen Wednesday night after a bid to expel
him from the House failed, has said he will clear his name.
late “the long-held premise that
one is presumed innocent until
proven guilty” and would set a
dangerous precedent.
The resolution to expel San-
tos was led by five New York
Republicans who said Santos’s
legal troubles have been a dis-
R F A M 1 2 3 4 5 6
by Trump to delay the trial.
Cannon said she would rule
on the request soon.
Trump has faced more than
a week of bad news in the civil
trial and four separate criminal
cases he faces even as he main-
tains a commanding lead for the
Republican nomination in the
2024 presidential race. Trump
has denied any wrongdoing and
calls the cases against him part
of a “witch hunt.”
On Sunday, a federal judge
in Washington overseeing his
trial on criminal charges that
thority to prohibit a presiden-
tial candidate who lacks the
constitutional qualifications
from appearing on a primary
or general election ballot,” law-
yers for Benson wrote in an
October court submission.
Since 2021, courts and state
election boards
have heard a
number of Sec-
tion 3 eligibility
challenges
brought against
Republican con-
gressional and
local candidates
related to Jan.
6. The cases
gained little
traction, though
one notable exception was in
New Mexico, where a judge
ousted Otero County Commis-
sioner Couy Griffin from office.
A group of New Mexico resi-
dents alleged that Griffin, who
was convicted of misdemeanor
trespassing during the attack,
traction and a political liability
for the party. The five GOP
members behind the proposal
are Reps. Anthony D’Esposito,
Marc Molinaro, Nick LaLota,
Brandon Williams and Mike
Lawler, all of whom are ex-
pected to have competitive
7 8 9 O I X X **** THE WALL STREET JOURNAL.
he conspired to overturn the
2020 presidential election re-
instated a gag order barring
Trump from publicly criticiz-
ing prosecutors, potential wit-
nesses and court staff.
That came just days after
Trump was fined a second
time for violating a gag order
in the civil fraud trial in New
York state court, where his
scorned ex-confidant Michael
Cohen said Trump commanded
him to “reverse engineer” esti-
mates of his wealth.
A day earlier, a third former
Trump legal adviser, Jenna El-
lis, pleaded guilty in Fulton
IAN MAULE/GETTY IMAGES
County, Ga., where Trump is
the prime defendant in a rack-
eteering case about efforts to
overturn the 2020 election.
In Washington, U.S. District
Judge Tanya Chutkan has re-
peatedly declined Trump’s re-
quests to push back the March
2024 criminal-trial date. In
the classified documents case,
Trump has a judge who has
sided with him and his co-de-
fendants in the past, raising
the prospects he could have
better luck with her in moving
back the Florida trial date.
In July, Cannon, whom
Trump appointed to the bench,
rejected Trump’s efforts to de-
lay the trial until after the
2024 presidential campaign,
and set it for May, saying it re-
flected both the public’s inter-
est in a speedy trial and the
In court Tuesday, lawyer Eric Olson, left,
represented voters who want to keep
Donald Trump off the Colorado ballot.
Scott Gessler, above, a lawyer for Trump,
defended his actions on Jan. 6, 2021.
helped incite the Jan. 6 mob, a
charge he denied.
Left-leaning legal watchdog
Citizens for Responsibility and
Ethics in Washington repre-
sented the New Mexico plain-
tiffs and is also counsel for vot-
ers in the Colorado case
against Trump.
In Denver on Monday, the
plaintiffs called witnesses in-
cluding U.S. Rep. Eric Swalwell
(D., Calif.) and Washington,
D.C., Metropolitan Police Offi-
cer Daniel Hodges, both pres-
ent at the U.S. Capitol on the
day of the riot.
Lawyers for the challengers
played videos in court Tuesday
of Trump’s speeches claiming
the 2020 election was rigged,
as well as screenshots of his
posts on social media. An aca-
demic who studies extremism,
called by the challengers as a
witness, testified that some ri-
oters took Trump’s statements
as a call to violence.
Both Trump and Colorado’s
races next fall.
LaLota said on the House
floor that voters deserve bet-
ter than having a “total fraud
and serial liar representing
them in Congress.”
Two dozen Republicans, in-
cluding the New Yorkers be-
hind the motion, voted with
most Democrats to expel San-
tos. A total of 31 Democrats
voted with most Republicans to
keep Santos in office, with
some citing the need for due
process before taking the rare
step of expelling a member.
House Speaker Mike John-
JULIA NIKHINSON/REUTERS
son (R., La.) had suggested the
effort was premature, saying
Santos’s issues should first
play out in the legal system.
Only two House lawmakers
since the Civil War have been
expelled. Rep. Michael Myers
(D., Pa.) was expelled in 1980
after being convicted on
charges of bribery and con-
spiracy in the Abscam sting,
in which Federal Bureau of In-
vestigation operatives posed
as Arab sheikhs seeking favors
from members of Congress.
Rep. James Traficant (D.,
Ohio) was expelled in 2002 af-
.
rights of the parties.
But when Cannon scheduled
the Wednesday hearing, she
paused the October deadlines
for some pretrial motions she
had previously put in place, in-
cluding for airing disputes re-
lated to the use of specific clas-
sified information at trial.
In September, Trump’s law-
yers asked the judge to push
back the schedule, saying it
still didn’t have access to “sig-
nificant portions” of materials
prosecutors are supposed to
provide for the lawyers to pre-
pare for trial, and anticipated
asking the government to turn
over additional documents.
A preliminary review of
what prosecutors had pro-
duced suggested that “exten-
sive discovery requests, and
potentially litigation, will be
necessary to address existing
gaps,” his lawyers wrote.
In particular, Trump re-
newed his request for a trial
date “in or after mid-Novem-
ber 2024,” which would come
after next year’s presidential
election.
Prosecutors with special
counsel Jack Smith’s office
said they had already turned
over 1.28 million documents to
Trump’s legal team, including
200 transcripts of witness in-
terviews or grand jury testi-
mony, and said some of the
team’s claims were “distorted
and exaggerated.”
JACK DEMPSEY/PRESS POOL (2)
Democratic Secretary of State
Jena Griswold are named as
defendants in the case.
Griswold said in an inter-
view that she is taking a
hands-off approach and doesn’t
plan to call witnesses or pres-
ent her own evidence. She said
she plans to follow the court’s
guidance. The state’s primary
is March 5.
“I think this is a historic
case, no matter what happens,”
she said.
The Republican Party of Col-
orado has intervened in the
case. It told Judge Sarah Wal-
lace that state law gives the
party wide latitude to set rules
on choosing its nominee with-
out interference from the sec-
retary of state.
“As the Supreme Court has
recognized under our political
system, a basic function of a
political party is to select the
candidates to be offered to the
voters,” a lawyer for the party
said.
ter being convicted on felony
counts including taking bribes
and filing false tax returns.
Santos, 35 years old, has
previously vowed to clear his
name in the case.
LaLota and D’Esposito said
after the vote that it is likely
that they would bring another
expulsion motion after the
Ethics Committee releases its
findings.
Separately, the House was
considering efforts to censure
Reps. Rashida Tlaib (D., Mich.)
and Marjorie Taylor Greene
(R., Ga.). Republicans led by
Greene allege Tlaib has made
antisemitic remarks, while
Rep. Becca Balint (D., Vt.) pro-
posed to censure Greene over
her own purported antisemitic
comments and other inflam-
matory statements.
Lawmakers voted to table,
or kill, the proposal to censure
Tlaib in a 222-186 vote.
Twenty-three Republicans
sided with Democrats. The
resolution to censure Greene
didn’t get a vote on Wednes-
day night.
—James Fanelli
contributed to this article.

THE WALL STREET JOURNAL.
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A6 | Thursday, November 2, 2023 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Virginia Race Offers Test for 2024 GOP Senators Try

BY SCOTT CALVERT
To Force Votes
On Commanders
THE PLAINS, Va.—For clues
about the strength of both
parties’ messages heading
into 2024, look no further
than this suburban Northern
Virginia enclave, where Demo-
crats and Republicans are bet- BY LINDSAY WISE my colleagues here share that
ting big on a hotly contested AND NANCY A. YOUSSEF conviction. The disagreement
state Senate race. we’re having today is about tac-
Typically, such local elec- WASHINGTON—Republi- tics.” He said the holds weren’t
tions don’t have a major im- can senators ran out of pa- affecting military readiness.
pact outside their direct com- tience Wednesday night with His GOP colleagues dis-
munities. But this one could Alabama Sen. Tommy Tuber- agreed, openly criticizing Tu-
decide control of the Virginia ville’s monthslong hold on hun- berville and arguing that end-
legislature and Republican dreds of military promotions. ing his blockade has taken on a
Gov. Glenn Youngkin’s ability In a dramatic showdown, a new urgency in recent weeks
to enact conservative policies group of Tuberville’s fellow Re- because of events overseas.
on abortion, taxes and educa- publicans, most of whom have “America needs to have our
tion—making it closely military backgrounds, took to best players, most combat-ca-
watched in the run-up to next Democrat Russet Perry made a campaign stop in September. Republican Juan Pablo Segura, the Senate floor to try to con- pable leaders on the field. Right
year’s presidential race. with beard, and GOP Gov. Glenn Youngkin attended the Heritage India Festival last weekend. firm 61 of those promotions, now, that’s not happening. It
Next Tuesday’s contest pits one by one, by needs to
Republican Juan Pablo Segura, voice vote, as change,” said
FROM TOP: MANUEL BALCE CENETA/AP; VALERIE PLESCH FOR THE WALL STREET JOURNAL

a 35-year-old entrepreneur, GOP anger with Sen. Dan Sulli-

against Democrat Russet Tuberville’s hold Republican Sen. van (R., Alaska),
Perry, 39, a former Central In- spilled out into Tuberville was a colonel in the
telligence Agency officer and public view after Marine Corps
prosecutor. The seat is key to months of pri- criticized over Reserve, who
Democrats’ bid to keep their vate entreaties. led Wednesday’s
slim edge in the 40-seat Sen- At least 378
the block on GOP effort to
ate, where they have squared generals and promotions. break the holds.
off against Youngkin and Re- admirals are He was joined
publicans who narrowly lead blocked from by Sens. Joni
the House. speedy Senate Ernst of Iowa,
Virginia’s odd-year elec- confirmation because of the Lindsey Graham of South Caro-
tions traditionally offer sig- hold, which began in February. lina, Todd Young of Indiana and
nals about the electorate’s Tuberville has vowed not to Mitt Romney of Utah.
mood heading into national let the chamber fast-track All told, over more than
contests. Both parties have their confirmations, as is tra- four hours, Tuberville blocked
had recent statewide success: ditionally done, until the Pen- every promotion vote. As the
Youngkin won the governor’s tagon ends its policy of allow- night drew on, Sullivan’s
mansion in 2021, and Presi- ing troops leave and travel pitches for the officers became
dent Biden won its 13 Elec- funds for reproductive health- more pointed, referencing the
toral College votes a year ear- care, including abortion. Some leaders of China and Russia.
lier. In a campaign that Senate race this year, with weeks and thereafter if the in suburbs where the GOP has Republicans have voiced sup- “Xi Jinping is watching this
mirrors the political playbook more than $11 million raised mother’s life or health is at lost support over time, he port for Tuberville or avoided right now, going, ‘I can’t be-
across Virginia this year, through Oct. 26. If Republi- serious risk. Perry said her said. commenting publicly. Other lieve they’re not letting these
Perry is pledging to prevent a cans flip the Senate and hold priority would be to protect Youngkin’s PAC in October Republican senators say they guys command,’ ” Sullivan said.
rollback of abortion access, the House, the GOP will have a that law and enshrine abor- ran an ad that described Re- disapprove of the Pentagon “He’s loving this. So is Putin.
while Segura emphasizes edu- trifecta with Youngkin in the tion rights in the state Consti- publicans’ 15-week abortion policy but argue Tuberville’s They’re loving it. How dumb
cation, crime and cost-of-liv- governor’s office. tution. ban proposal as reasonable. holds are counterproductive. can we be, man?”
ing concerns. “This race is critical. I think Youngkin and GOP candi- In the Senate, where Demo- Tuberville objected to the After Hamas attacked Israel
“Whoever wins this seat the path to our majority goes dates are gambling by running crats have a 22-18 majority, first nominee on the list, on Oct. 7, the U.S. has sent two
probably is in the majority,” through Juan Pablo Segura,” on his abortion proposal, four races including the Se- Laura Lenderman of the Air aircraft carrier strike groups to
said J. Miles Coleman, associ- Youngkin said Saturday. given that Republicans nation- gura-Perry contest are rated Force, to be a three-star gen- the Middle East. The admiral
ate editor of Sabato’s Crystal Backed by a GOP-led legis- ally haven’t had much success competitive by the nonparti- eral deputy commander, Pa- nominated to command those
Ball at the University of Vir- lature, Youngkin could pass on the issue since the Su- san Virginia Public Access cific Air Forces, and went on ships in the region, and the ad-
ginia Center for Politics. his proposed 15-week abortion preme Court overturned Roe Project. to object to each promotion miral slated to be the deputy
The battle for the newly limit with exceptions for rape, v. Wade in 2022, said Dave The group ranks seven his colleagues requested commander of U.S. Central
drawn seat covering parts of incest and to protect the Wasserman, senior editor at House races as competitive. Wednesday, blocking them. Command, which is responsible
affluent Loudoun and Fau- mother’s life—an idea Segura the nonpartisan Cook Political Republicans have a 48-46 ma- “We stand for the most vul- for all military operations in
quier counties is shaping up supports. Existing state law Report. This year’s most com- jority in that chamber, with nerable of our society, the un- the Middle East, are both
as the state’s most expensive allows abortion until about 26 petitive races in Virginia are six seats vacant. born,” Tuberville said. “I know awaiting confirmation.

U.S.WATCH WASHINGTON
More Can Go Into
401(k) Plans in ’24
Most workers will be able
to put up to $23,000 into
their 401(k)s and similar
workplace retirement plans in
2024, up $500 from this year,
the IRS said.
The limit on contributions
to an individual retirement
account will also increase by
$500, climbing to $7,000 in
2024. People ages 50 and up
can make additional catch-up
contributions to IRAs and
401(k)-style plans, though
those limits remain $1,000
and $7,500, respectively.
The contribution limits are
WTAE/ASSOCIATED PRESS
PENNSYLVANIA
Court Rules Against Firefighters Work
Carbon Pricing To Contain Blaze
Pennsylvania can’t enforce a
regulation to make power plant
owners pay for their planet-
warming greenhouse gas emis-
sions, a state court ruled
Wednesday, dealing a setback
to the centerpiece of former
Democratic Gov. Tom Wolf’s
plan to fight global warming.
The Commonwealth Court
last year temporarily blocked
Pennsylvania from becoming
the first major fossil fuel-pro-
ducing state to adopt a car-
bon-pricing program, and the
new ruling makes that deci-
sion permanent.
CALIFORNIA
More than 1,200 firefight-
ers are attacking a big South-
ern California wildfire, and fire
officials said Wednesday they
have made inroads in contain-
ing the flames, though many
homes remain threatened.
The size of the Highland
Fire remained unchanged at
just under 4 square miles af-
ter minimal overnight activity
but containment grew to 15%,
the California Department of
Forestry and Fire Protection
said.
One firefighter was re-
ported injured as crews tack-
IMMIGRATION
Mayors Press Biden
For More Assistance
The mayors of Chicago, Den-
ver, Houston, Los Angeles and
New York are pressing to meet
with President Joe Biden about
getting federal help in manag-
ing the surge of migrants they
say are arriving in their cities
with little to no coordination,
support or resources from his
administration.
The Democratic leaders say
that while they appreciate Bi-
den’s efforts so far, much
more needs to be done to
ease the burden on their cities.
Biden has requested $1.4
billion from Congress to help

the same for Roth and pretax
401(k) and for individual re-
tirement accounts.
Some older Americans will
also be able to get larger tax
benefits from a charitable-
SNOWY TRAGEDY: At least one person died and six others giving strategy.
were hurt in a crash Wednesday on I-80 in Mercer County, Pa. —Richard Rubin
The ruling is a victory for
Republican lawmakers and
coal-related interests that ar-
gued the carbon-pricing plan
amounted to a tax, and
therefore would have re-
quired legislative approval.
—Associated Press
led the fire, aided by air tank-
ers and helicopters.
Firefighters were on the
lookout for erratic fire behav-
ior, and extremely steep and
rugged terrain also posed a
challenge, Cal Fire said.
—Associated Press
state and local governments
provide shelter and services
for migrants, after earlier
pleas from Democratic may-
ors and governors. The may-
ors in their letter are asking
for $5 billion.
—Associated Press

‘Ozempic over the past three months.

Shares of Kraft Heinz are down
13% over the same period. Her-
surged, making the dividends
they pay less attractive. But in-
vestors and analysts said the
Share-price performance, year to date
60%
Projected annual drug sales†
$60 billion

Effect’ Stirs shey is down 19%, while Coca- Ozempic effect is exacerbating Eli Lilly Mounjaro
50
Cola and PepsiCo have shed 9% those issues. +52% Wegovy
and 13%, respectively. “I think the worst-case sce- 40 Ozempic

Wall Street Meanwhile, shares of medi- nario is being priced in,” said 40 Novo
Nordisk* 30
cal-device companies have James Lewis, portfolio man-
dropped on studies that show ager and senior research ana- +44%
20
Novo’s drugs reduced the risk lyst at Bartlett Wealth Manage-
Continued from Page One of heart attack and kidney fail- ment. “There’s a big question 20 10
those drugs truly make the ure. Insulet, which makes insu- mark over accessibility.”
U.S. a slimmer nation are no- lin pumps, is down more than The drugs currently cost up- 0
where near. Among the obsta- 50% over the past three ward of $10,000 a year per 2023 ’24 ’25 ’26 ’27 ’28
cles are the high sticker price months, while Dexcom, which person, putting them out of 0
of such therapies, unpleasant manufactures glucose moni- reach for the majority of the
S&P Food & Beverage Select
side effects such as nausea tors, has fallen 29%. Zimmer more than 100 million obese
DexCom Industry Index performance,
and a sad, but inescapable Biomet, which makes knee-re- and overweight people in the
–17% past three months
fact: Americans placement U.S.
have poor eat- products, has Lewis said his fund owns –20 0%

$339B
ing habits. decreased about Costco stock and has been Zimmer
Sales of 24%. buying shares of PepsiCo as Biomet
Ozempic and The selloff staples stocks sold off. –18% –5
Wegovy, devel- gathered steam Signs that Ozempic usage is –40
oped by Novo Market value added after anecdotes actually hitting sales and prof- –10
Nordisk, and Eli and clinical tri- its of major companies are
Lilly’s Moun-
this year by als suggested scant. Insulet
jaro, are pro- drugmakers Novo even greater PepsiCo Chief Executive Ra- –60
–53% –15
jected to reach Nordisk and Eli Lilly potential for mon Laguarta recently said the Jan. 2023 March May July Sept. Nov. Sept. 2023 Oct. Nov.
$21 billion in GLP-1 drugs. In company isn’t seeing any drug-
2023 and swell October, the related impact on its business. *ADRs †Consensus analyst forecasts Source: FactSet
to $53 billion by head of Wal- Abbott Laboratories and Dex-
2028, according to FactSet. The mart’s U.S. business told com both reported surprisingly ert Ford said on the com- Dale Wettlaufer, partner at which was trading under $30
two drugmakers have added Bloomberg News that Ozempic strong earnings and robust pany’s October earnings call, Bleecker Street Capital, com- at the time, is now hovering
$339 billion in market cap this users are consuming slightly sales of their glucose-monitor- noting that consensus figures pared the current fervor to around $260.
year, a sum greater than the fewer calories when they shop ing systems. Sales of Abbott’s put the GLP-1 market at a enthusiasm surrounding the “Back then, the belief state
value of all but 18 companies in for food at the company’s Libre glucose-monitoring sys- fraction of the global diabetes low-carbohydrate Atkins Diet that Atkins was going to kill
the S&P 500. stores. tem for diabetes patients were market size. “I think early on that surged in popularity two fast food and consumer pack-
Those gains are taking a Consumer staples and other up nearly 31% in the latest those initial thoughts about decades ago. aged goods was just as pro-
bite out of other sectors. The stocks in slower-growing in- quarter. the future are generally im- McDonald’s shares, for ex- nounced. It turned out to be a
S&P Food & Beverage Select In- dustries have struggled this “I think the concerns are pacted more by emotion than ample, fell about 30% in the fantastic investment opportu-
dustry Index has declined 12% year. Interest rates have overblown,” Abbott CEO Rob- facts and data.” winter of 2003. The stock, nity,” Wettlaufer said.
 .

THE WALL STREET JOURNAL. Thursday, November 2, 2023 | A7

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A8 | Thursday, November 2, 2023
Foreigners Exit
Gaza for Egypt
After Talks
In a breakthrough,
over 400 people,
including Americans,
cross the border
BY VIVIAN SALAMA
AND SUMMER SAID
Foreign nationals and
wounded Palestinians crossed
into Egypt from Gaza Wednes-
day, said Egyptian and U.S. of-
ficials, with more than 400
people—including some Ameri-
cans—allowed to leave in a ma-
jor diplomatic breakthrough.
President Biden said he ex-
pected more U.S. citizens
would be allowed to leave over
the coming days. There were
about 45 injured among the
people who crossed via Rafah,
with 51 trucks bringing aid to
Gaza, Egyptian officials said.
The U.S., Biden said, is
“working nonstop to get
Americans out of Gaza as soon
as safely as possible.”
Several thousand foreign-
ers—mainly of Palestinian her-
itage—want to leave Gaza af-
ter nearly a month of siege
and bombardment by Israeli
forces.
U.S. officials described a
long period of intense stop-
start negotiations among mul-
tiple parties to secure the
Americans’ release, which
they hailed as a “break-
through.” Biden appealed per-
sonally to Israeli Prime Minis-
ter Benjamin Netanyahu and
Egyptian President Abdel Fat-
tah Al Sisi, he said. Biden also
thanked the government of
Qatar for its role in the talks.
Talks were complicated by
preconditions of Israel and
Egypt to any deal, and the U.S.
and Israeli policy of not talk-
ing to Hamas, according to
dog•ged
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State Department officials. In-
stead, messages were con-
veyed through Qatar.
Among other challenges,
the U.S. had to identify the
Americans, ensure they had
the proper documentation,
and secure a route from
within Gaza to the Rafah
crossing, all in an active war
zone, officials said. The U.S.
said it didn’t make conces-
sions to Hamas.
On Wednesday, the U.S. Em-
bassy in Cairo was standing by
to assist U.S. citizens entering
Egypt from Gaza through the
Rafah crossing, and officials
said the State Department
gave Americans still in Gaza
departure dates and instruc-
tions on how to leave. About
400 U.S. citizens are in Gaza
and want to leave, and with
their family members, the
number rises to roughly 1,000.
President Biden’s special
envoy David Satterfield has
shuttled among regional capi-
tals, looking in part to secure
the safe passage of Americans
out of Gaza. The U.S. pressed
Egypt’s government to give
priority to this issue as the
conflict worsened, and offi-
cials believed they would
reach a breakthrough after hu-
manitarian aid passed through
Rafah. That was a condition
Egyptian authorities set before
any civilians would be let out.
On Friday, Secretary of
State Antony Blinken is ex-
pected to head back to the re-
gion to meet with Israeli gov-
ernment officials about their
military campaign against
Hamas, and discuss regional
security and efforts to re-
spond to the humanitarian cri-
sis in Gaza. He will then travel
to other countries in the re-
gion for meetings with his
counterparts to discuss con-
WORLD NEWS
Ambulances line up at the Egyptian side of the border with the Gaza Strip in Rafah to transport people to Egyptian field hospitals.
Egyptian hospitals open to injured Palestinians Wednesday
Area of detail
ISRAELJORD.
Mediterranean Sea
EGYPT
Al-Arish Airportt
Bir el-Abd
General Hospital
5 Palestinians*
EGYPT
*Numbers of Palestinians known to have been transported to hospitals in Egypt
Note: As of 1 p.m. ET
Source: Palestinian General Authority for Crossings and Borders
cerns about a broader conflict.
Authorities at the Rafah
crossing published a list of
420 names of people that
would be allowed to leave,
most of them Jordanians. The
French foreign ministry said
five French nationals were
evacuated. The U.K Foreign
Office said in a message on X,
formerly Twitter, that the first
British nationals have crossed
into Egypt in what the British
Victor
Active Search Dog
Rescued from Redding, CA.
Photographed by Shaina Fishman
at SDF’s National Training Center.
GAZA
STRIP
Sheik Zuweid
field hospitals
16 Palestinians* Rafah
afa
Al-Arishh 76 wounded Palestinians
left the Rafah border
crossing Wednesday.
Al-Arish General Hospital
11 Palestinians* ISRAEL
20 miles
Carl Churchill/THE WALL STREET JOURNAL
Foreign Secretary James Clev-
erly called a “hugely impor-
tant step.”
Rafah has emerged as the
only potential gateway to
leave Gaza after Israel closed
its own crossings with the en-
clave in the wake of the Oct. 7
attacks by Hamas that killed
more than 1,400 people. Am-
bulances carrying wounded
Palestinians were among the
first to cross into Egypt. Cairo
Israel
Intensifies
Campaign
Continued from Page One
the attacks have destroyed
crucial military infrastructure
and killed key leaders of
Hamas, a U.S.-designated ter-
rorist organization.
Israel also said it has
moved significant ground
forces into Gaza. The troops
appear to be digging in on the
northern coastline of Gaza,
where their flank is protected
and can receive cover fire
from Israel’s navy, said Mi-
chael Horowitz, the Israel-
based head of intelligence for
the consulting firm Le Beck.
Israeli troops appear to be
making short raids into cen-
tral Gaza to attack Hamas,
then falling back to more-pro-
tected areas, he said.
The air-and-ground assault
comes after the killing of more
than 1,400 people in Israel—
the worst massacre in its his-
tory—prompted Prime Minis-
ter Benjamin Netanyahu’s
government to launch a war to
drive Hamas from power in
Gaza, where the group has
ruled since 2007.
It is a far different kind of
war than Israel has fought, at
least since it invaded Lebanon
in 1982. Its sweeping goals
have shown Israel’s willing-
ness to target Hamas’s leaders
with fewer restraints than in
the past.
The attacks and broader
bombing campaign underscore
the delicate balance Israel is
trying to strike between de-
stroying Hamas and minimiz-
ing civilian deaths in an urban
area where Hamas’s military
capabilities are interwoven
within residential neighbor-
hoods and in hundreds of
miles of tunnels beneath them.
Israel has defended its tac-
tics in the air campaign, say-
ing it has for weeks urged ci-
vilians to vacate northern Gaza
to protect themselves. More
than 800,000 people have left
their homes, many of them
fleeing south or taking shelter
in hospitals, schools and inter-
national aid facilities in hopes
of escaping the fighting.
In Tuesday’s attack, Israel
said it used airstrikes to hit a
* * THE WALL STREET JOURNAL.
said it sent a fleet of ambu-
lances to the Rafah crossing to
transfer up to 90 Palestinians
to Egyptian field hospitals.
“This is a very small step in
the right direction, but what
we need in terms of move-
ment in and out needs to be
ramped up greatly in order to
really have an impact,” said
William Schomburg, head of
sub-delegation in Gaza for the
International Committee of
the Red Cross.
The scramble to evacuate
some from Gaza is unfolding
against the backdrop of Israel’s
escalating military campaign
against Hamas. Israel is con-
ducting a ground invasion and
airstrikes across a dense urban
environment in an effort to
eradicate the militant group.
As civilian casualties
mount, Israel is facing inter-
national pressure to delay its
operations to give time for
foreign nationals to leave and
for diplomatic efforts to se-
cure the release of hostages
taken militants.
Washington accuses Hamas
of blocking them from leaving,
which Hamas denies.
Hospitals in Gaza are col-
lapsing under the flood of
Rescuers on Wednesday pulled a girl from the rubble of a
building Israeli airstrikes destroyed in the Jabalia refugee camp.
Hamas command and tunnel
network under Jabalia, killing
the commander who was lead-
ing Hamas’s forces against Is-
raeli forces operating in
northern Gaza at that time,
and who also played a pivotal
role in the Oct. 7 attacks. On
Wednesday, Israeli military
spokesman Rear Adm. Daniel
Hagari said Israel understood
civilians were in the area on
Tuesday and could be affected,
but argued the Hamas com-
mander, Ibrahim Biari, was a
legitimate military target.
The attack caused hundreds
of casualties, Gaza officials
said. Israel’s military said doz-
ens of militants were killed. It
was followed on Wednesday
by several more large strikes
in populated areas.
Israel faced a growing dip-
lomatic backlash in the wake
of Tuesday’s strike. Bolivia cut
off diplomatic relations, while
Jordan, Colombia and Chile
recalled their ambassadors.
The United Arab Emirates,
which has built friendly ties
with Israel since normalizing
relations in 2020, condemned
the strike. The United Nations
Human Rights Office, mean-
while, said it had serious con-
cerns that the attack on Jaba-
lia could be disproportionate
and amount to war crimes.
U.S. officials have been
pressing their Israeli counter-
parts to avoid civilian casual-
ties, including asking what a
senior defense official de-
scribed as tough questions
.
AGENCE FRANCE-PRESSE/GETTY IMAGES
badly wounded patients, while
shortages of fuel mean that
major health facilities are
shutting down.
Emilee Rauschenberger, a
42-year-old academic and U.S.
citizen, was visiting her hus-
band’s family in Gaza with her
five young children when the
war began. They went to the
border crossing Wednesday
morning hoping to leave but
found that a list naming for-
eigners who were cleared to
cross didn’t appear to include
Americans, Britons or Canadi-
ans except for a few working
for international organizations.
She described the situation
as chaotic and said men wear-
ing uniforms and berets on
the Palestinian side of the
border appeared to be pro-
cessing a few people at a time.
“It’s just a nightmare,” she
said. “There’s so many people
wanting to leave and very few
people getting to leave.”
Watch a Video
Scan this code
for a video on
foreigners and
some patients
leaving Gaza.
ABED KHALED/ASSOCIATED PRESS
about potential Israeli strikes
on population centers and ci-
vilian infrastructure in Gaza.
The Pentagon has empha-
sized that it is advising and
guiding Israeli forces, rather
than issuing directives or put-
ting restrictions on their use
of U.S.-provided weapons.
Tuesday’s attack reflects Is-
rael’s shift to more-bare-
knuckle tactics.
Israel’s calculus has
changed, some analysts said:
It will order strikes it might
have avoided in the past be-
cause of the risk of killing or
injuring bystanders.
Israeli officials said Hamas
fighters hide among civilians,
believing they won’t be tar-
geted, or that if they are, the
deaths of noncombatants will
produce international pres-
sure that will force Israel to
curtail the attacks before
Hamas is destroyed.
Hamas leader Azat Al-Rishq
denied the group uses civil-
ians as shields. “This adds to
the series of lies on which
their narrative is built,” he
said on his Telegram channel.
Critics said Israel might not
be complying with the require-
ments of international law to
minimize civilian casualties. Le-
gal experts said civilian infra-
structure can become a legiti-
mate military target if used by
militants, but any attack must
be proportional in terms of the
military value of the target.
—Gordon Lubold
contributed to this article.

THE WALL STREET JOURNAL.
Israeli Settlers Step Up West Bank Attacks
Shootings that left
six dead and two
communities split are
part of rising violence
QUSRA, West Bank—On the
morning of Oct. 12, Hani Odeh
was considering a problem:
How to get the bodies of four
Palestinians shot dead during
By Jared Malsin,
Fatima AbdulKarim
and Ari Flanzraich
an attack by Israeli settlers to
the cemetery near Qusra,
where he is mayor.
The four men were killed
the day before. Israeli police
are still investigating the cir-
cumstances of the deaths,
which came after Hamas’s Oct.
7 massacre of more than 1,400
people. The Israeli military
had instructed the mayor to
change the route of the cor-
tege from the hospital to avoid
inflaming the situation fur-
ther. Odeh said he complied.
People in the area already
were on edge. Odeh had asked
the military for a safe route
for the funeral after local Pal-
estinians got messages on
their phones showing masked
people carrying chain saws
and axes, with text written in
Hebrew and Arabic saying: “To
all the rats in the sewers of
Qusra, we are waiting for you
and will not feel sorry for you.
The day of revenge is coming.”
A few hours later, settlers
blocked the road to Qusra and
opened fire on the funeral
procession, killing two more
Palestinians, Ibrahim Al-Wadi,
a manager in the Palestinian
national economy ministry,
and his son, Ahmed. A video of
the incident, verified by open-
source documentation firm
Storyful, then shows unidenti-
fied people opening fire on the
procession from a civilian car.
Odeh said he scrambled out
of his car and pleaded with an
Israeli general, the same one
he said had approved the new
U.S. All but Stopped Spying
On Hamas in Years After 9/11
BY WARREN P. STROBEL
WASHINGTON—U.S. intelli-
gence agencies all but stopped
spying on Hamas and other vi-
olent Palestinian groups in the
years after the Sept. 11, 2001,
terrorist attacks on the U.S.,
instead directing resources to
the hunt for the leaders of al
Qaeda and, later, Islamic
State, U.S. officials familiar
with the shift said.
Calculating that Hamas had
never directly threatened the
U.S. and burdened with other
spying priorities, Washington
ceded the responsibility to Is-
rael, confident its aggressive
security services would detect
any threat, the U.S. officials
said. It should have been “a
well-placed bet,” one senior
counterterrorism official said.
With more than 30 Ameri-
cans dead and 10 missing,
mounting fears of a regional
war, and billions of dollars in
U.S. military hardware headed
to the Middle East since
Hamas’s Oct. 7 attacks on Is-
rael, some officials say Wash-
ington misjudged the threat to
U.S. national security.
“In terms of intelligence
failures, which really do lie
mostly on Israel, I think we
should also share some blame
for missing this event,” said
Marc Polymeropoulos, a re-
tired CIA operations officer
with extensive counterterror-
ism experience. “Ceding the
ADEL HANA/ASSOCIATED PRESS
Masked members of Hamas’s military wing at a protest in August in the central Gaza Strip.
* * * *
Gilad Gur, a 27-year-old paramedic, builds a guard post out of sandbags to beef up security at the Israeli settlement of Shiloh.
route, to disperse the assail-
ants. “He told us to go back,”
he said. “It was chaos.”
A surge in violence has hit
the West Bank since Hamas’s
Oct. 7 attacks. Much of it has
been directed at Palestinians.
Settler attacks have increased
to an average of seven assaults
a day compared with three a
day before Oct. 7, according to
the United Nations. Israeli
troops and armed settlers have
killed at least 123 Palestinians,
said its humanitarian-affairs
agency. One Israeli soldier also
was killed during the same pe-
riod. Another 1,000 Palestin-
ians were driven from their
homes in the West Bank amid
settler attacks, the U.N. said.
President Biden flagged his
concern over hard-line settlers
last week. “They’re attacking
Palestinians in places they’re
entitled to be. It has to stop
now,” he said. Biden’s national-
security adviser, Jake Sullivan,
has said Israeli Prime Minister
target to the Israelis now looks
to have had consequences.”
Current and former offi-
cials said U.S. intelligence
agencies, principally the Cen-
tral Intelligence Agency, had a
handful of analysts tracking
events in the Gaza Strip be-
fore the attacks but relied on
Israel to penetrate Hamas
with human sources and sur-
veil the group.
Biden administration offi-
cials said neither Israeli nor
U.S. intelligence warned of the
lightning raid, in which Hamas
penetrated Israel’s border de-
fenses and killed more than
1,400 people. The attacks
prompted a continuing Israeli
air and ground assault on
Gaza that the Hamas-run
Health Ministry says has killed
more than 8,700 Palestinians.
Israeli Prime Minister Ben-
jamin Netanyahu on Sunday
blamed the security failures
on the country’s defense and
intelligence services, but
hours later deleted the tweet
on X and apologized.
In public speeches in early
2023, CIA Director William
Burns warned of increased
tensions and possible violence
between Israel and the Pales-
tinians, reflecting intelligence
analysis at the time.
But the idea that the Middle
East wasn’t ripe for a new war
was reinforced in an essay on
President Biden’s foreign pol-
icy, written just before the
WORLD NEWS
Tensions Intensify in Towns
Established in 2000 on
land taken from two Pales-
tinian villages, Esh Kodesh
has long been associated
with the most extreme end
of the settler movement
and the Israeli far right.
Palestinians living in the
neighboring towns say set-
tlers from the outpost sub-
ject them to near daily ha-
rassment.
In 2012, the Israeli Su-
preme Court upheld a con-
viction against a settler
from Esh Kodesh over the
kidnapping and beating of
a 15-year-old Palestinian.
Benjamin Netanyahu has a re-
sponsibility to rein them in.
If the violence is left un-
checked, it could open a third
Hamas attacks by Jake Sullivan,
his national-security adviser.
“Although the Middle East
remains beset with perennial
challenges, the region is qui-
eter than it has been for de-
cades,” Sullivan wrote in For-
eign Affairs magazine. “The
Israeli-Palestinian situation is
tense, particularly in the West
Bank, but in the face of serious
frictions, we have de-escalated
crises in Gaza and restored di-
rect diplomacy between the
parties after years of its ab-
sence.” Sullivan later updated
his remarks in the online ver-
sion of the article.
Neither Hamas nor Gaza
was mentioned in the director
of national intelligence’s An-
nual Threat Assessment,
which highlights top threats to
the U.S. and was issued in Feb-
ruary. Senators and represen-
tatives on the congressional
intelligence committees didn’t
ask spy chiefs about those top-
ics at public hearings.
Some officials dismissed
the critiques, saying U.S. spy
agencies were properly
trained for years on a group
that had killed nearly 3,000
Americans in September 2001,
bombed American embassies
and conducted many other
deadly terrorist attacks.
“I don’t recall at the time
anybody saying you were fo-
cusing too much on al Qaeda,”
a former senior CIA official
said.
In Qusra, home to some
5,000 people, local Pales-
tinian leaders and resi-
dents said they fear their
town is under threat. They
say they are subject to fre-
quent attacks from set-
tlers from Esh Kodesh.
Olive groves have been
torched, while there was
an arson attack on a
mosque. Some residents
were killed, while other ar-
eas have been left without
electricity after settlers cut
power in what the mayor
said was part of a cam-
paign for them to leave.
front in the war, with Israel
facing a full-blown Palestinian
uprising in the West Bank in
addition to its battle in Gaza
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Thursday, November 2, 2023 | A9
the Israeli settlement of Shi-
loh, Gilad Gur, a 27-year-old
paramedic, was building a
guard post out of sandbags to
beef up security. He said he
wants the Israeli military to be
more aggressive in its offen-
sive against Hamas in Gaza.
Since Israel occupied the
West Bank in 1967, an archipel-
ago of Israeli settlements—cit-
ies, towns and small outposts—
has been built on what had been
Palestinian land, slowly putting
out of reach the idea of creating
a sovereign Palestinian state in
TANYA HABJOUQA/NOOR IMAGES FOR THE WALL STREET JOURNAL
the West Bank and Gaza, the
resolution favored by most of
the world’s governments.
Netanyahu’s government has
encouraged the expansion, ap-
proving thousands of new set-
tler-housing units this year and
looking the other way if they
turn to violence as they com-
pete with Palestinians for land,
water and other resources, say
human-rights groups.
“They see this as their mo-
ment to accomplish their po-
litical agenda,” said Allegra
Pacheco, an American lawyer
who heads the West Bank Pro-
and skirmishes with the Iran- tection Consortium, a West-
backed Hezbollah group on its ern-funded humanitarian-aid
northern border with Lebanon. group.
Before Oct. 7, the West Tal Heinrich, a spokeswoman
Bank was on the brink of a for the Israeli government, told
crisis. Armed Palestinian mili- reporters she couldn’t address
tant groups were on the rise, specific reports of violence in
threatening the position of the the West Bank.
Palestinian Authority, the Yochai Damri, chairman of
West Bank’s semiautonomous the Har Hevron Regional
government. From Jan. 1 to Council, said settlers are car-
Oct. 6 this year, 237 Palestin- rying weapons for defensive
ians and 25 Israelis were purposes only. “Nerves are
killed, according to the U.N. tense, especially since our citi-
The Hamas massacre has zens, our soldiers, our chil-
inflamed the situation further. dren, our husbands are on the
Nati Rom, a 42-year-old law- battlefield,” he said. “Every-
yer living in Esh Kodesh, an Is- thing is so much more tense.”
raeli settlement overlooking The Israeli military con-
Qusra, said violence against firmed that a confrontation
their Palestinian neighbors is broke out between settlers
now justified. It was, he said, and Palestinians “involving
normal to want to avenge the the hurling of stones” during
Hamas massacre, an Uzi subma- the procession. Israeli forces
chine gun slung over his white tried to disperse the crowd by
shirt. “Revenge is not bad. Re- firing warning shots into the
venge is natural,” said Rom, who air, the military said. Israeli
works with a pro-settler group. police are investigating the
Nearby, at the entrance to killing of the two Palestinians.
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A10 | Thursday, November 2, 2023
Influencer
Moms Show
The Mess
Continued from Page One
in a slightly messy kitchen.
“My husband and I are just
normal people who make just
about enough money to get by
every month,” she continued.
“Can’t afford to do daily or
weekly shopping hauls on here
or afford to have the wardrobe
of my dreams or decorate the
way I would like to.” Her video
has been viewed over five mil-
lion times on the platform.
A fast-growing class of influ-
encers is committed to showing
a realistic look at American do-
mestic life on social media.
While wealthier moms show off
Oil Find
Transforms
Guyana
Continued from Page One
“It’s really unique in the
world,” Chevron CEO Mike
Wirth said in an interview.
“The largest discovery in the
last decade, a high-quality re-
source…and it’s just got un-
matched growth potential.”
Since 2017, government rev-
enue in Guyana has tripled, as
has the size of its economy, ac-
cording to the IMF. By the end
of September, the country had
$1.88 billion from oil revenue
and royalties in its natural re-
source fund.
OPEC, the global oil cartel,
has courted Guyana to become
its latest member and join the
ranks of Saudi Arabia and Iraq.
So far, Guyana has said it pre-
fers the independence to pump
as much oil as it pleases.
The find is so valuable that
Exxon and its partners are
leaving nothing to chance in
putting its stamp on it, and the
country itself.
Exxon has spent close to $1
billion in the local economy
and on community outreach
across Guyana, investing far
more in the jungle-covered for-
mer British colony than it has
in other frontier markets in
Asia and Africa.
Exxon billboards loom over
Georgetown’s roadsides and
airport, plugging job opportu-
nities and promising cheaper
domestic power through a
planned power plant fueled by
natural gas from the offshore
fields. The company has bank-
rolled a money-losing port de-
velopment that would allow a
freer flow of goods, and show-
ered cash on women’s empow-
erment conferences, entrepre-
neurship workshops and local
environmental groups.
“We feel our name and our
brand is now tied to whether
this turns out to be a success
for the people of the country,”
said Exxon’s country manager,
Alistair Routledge.
Both Exxon and Guyana,
Routledge said, are working to
help the nation avoid the so-
called resource curse—the ten-
dency of countries that sud-
denly come into massive
wealth to let parts of the local
economy atrophy, while suc-
cumbing to corruption that
concentrates the riches among
the ruling elite.
The jarring new reality has
caused alarm for some locals.
Some fear their country is be-
coming a subsidiary of Exxon.
A series of court cases have
sought more oversight of the
company.
Neighboring Venezuela
claims some of the fields Guy-
ana is auctioning are within its
borders, rekindling a territorial
controversy stretching back
more than a century.
Unexpected bounty
Exxon and Hess initially had
little inkling that what’s known
as Guyana’s Stabroek block
would be so prolific.
Less than a decade ago,
John Hess, the globe-trotting
CEO of the eponymous com-
pany, couldn’t point to Guyana
on a map.
As oil prices fell in 2014, he
was looking for a way for his
company to find new bounties
of oil for cheap outside of
America’s prolific shale plays.
Hess believed U.S. output
would start to plateau some-
time in the next decade, and he
needed to plan ahead.
When Shell, then Exxon’s
partner in Guyana, pulled out
of the country after dozens of
homes that appear untouched
by the children who live in
them—with marble countertops
and creamy bouclé couches—
these women cook in dated
kitchens and record from car-
peted rooms littered with
brightly colored children’s toys.
Wearing mismatched pajamas
or T-shirts stained with baby
spit-up, they call themselves
#nonaestheticmoms.
“We don’t have the big
houses, we don’t have the beau-
tiful picture-perfect life,” said
Chelsea Delgado, a 31-year-old
stay-at-home mom of three in
Phoenix. “We are living an av-
erage, normal-person life…it’s
relatable.”
Ziemer said she was worried
when she and her family first
moved into their current rental
in Tehachapi, Calif. “I walked
inside for the first time and I
was like, ‘I cannot make videos
in this house! Look at these
cupboards, they’re so ugly, and
An American-style supermarket recently opened in Georgetown, Guyana, above. Clifton Anderson, a fish vendor, below,
blamed the oil boom for a rising cost of living. ‘At this point it feels like the government is owned by Exxon,’ he said.
STABROEK
Maturin
Guayana City
VENEZUELA GUAYANA
NA
ESEQUIBA
Land claimed by
V
Venezuela
GUYANA
Boa Vista
Sources: GuyNode (Stabroek block); ExxonMobil (Liza Field)
failed exploratory wells, Hess
pounced. Shell sold its shares
in 2014 for $1 each, giving Hess
a 30% stake in the project at
what would turn out to be a
bargain price.
Thirty-two out of 37 of the
Exxon-led group’s well tests
have turned up oil, by far the
industry’s highest success rate
in modern history, Bank of
America analysts said in a June
note. The group is expected to
pump more than one million
barrels a day throughout the
2030s, according to analyst
Schreiner Parker of energy re-
search firm Rystad.
Hess said in an interview
that he believes Guyana’s gov-
ernment will have revenues
this year of more than $1.5 bil-
lion through the production-
sharing agreement it has with
the consortium. Guyana’s GDP
per capita over the next three
or four years is expected to rise
to the level of Mexico or Brazil,
he said.
“They want us to go as fast
as we can but also as responsi-
bly as we can to develop their
oil resources and their financial
resources,” Hess said.
Exxon, which operates the
project, and its partners have
so far invested $40 billion on
offshore projects and will
spend tens of billions more on
new ones this decade.
Some of the spending is al-
ready being felt, including
through the Greater Guyana
Initiative, a 10-year, $100 mil-
lion plan to fund educational
programs and train Guyanese
students for the new economy.
At the University of Guyana,
the money has helped expand
the radio station, buy chairs for
the dentistry school, install
computer labs and add fencing
and security systems to curb
on-campus muggings, said Vice
Chancellor Paloma Mohamed
Martin.
Guyana’s oil boom has
kicked off a real-estate bo-
nanza. New shopping malls,
roads and high-end condos ca-
FROM PAGE ONE
the carpet’s brown, oh my
gosh,’ ” she said. “For a while I
was like, ‘This is so embarrass-
ing.’ ” Then, she had an attitude
shift: “Either I can just own it,
or I can continue just hiding
where we live, which is never
going to work.”
She decided to own it, she
said. In her first viral video, she
connected to her viewers by
talking about her circumstances
and saying that those with lim-
ited means weren’t alone. The
video brought her over 100,000
new followers and interest
from influencer management
companies. She now has a man-
ager who helps her book brand
deals, including Instacart.
“I get messages probably ev-
ery day from people just thank-
ing me for my content, which is
so weird to me,” Ziemer said.
“They’ll just say, ‘I see so many
of these moms who live a luxu-
rious lifestyle, and they have all
these pretty things. I can’t re-
Detail
SOUTH
AMERICA
BLOCK
Liza Field
Georgetown AT L A N T I C O C E A N
Paramaribo
SURINAME
150 miles
BRAZIL 150 km
Emma Brown/THE WALL STREET JOURNAL
ter to oil workers and execu-
tives. Investors and business-
men from Guyana’s traditional
mining and lumber sectors are
trying to cash in on rising
property values.
“I’m already getting some of
these oilmen to come by and
look at my place,” said gold
trader Sunil Boodhram, show-
ing off snapshots of luxury
housing units he built.
Fish vendor Clifton Ander-
son echoed a popular refrain
from average Guyanese who
are skeptical of oil’s benefit to
the country. “At this point it
feels like the government is
owned by Exxon,” he said,
blaming the oil boom for a ris-
ing cost of living.
Governance challenges
stemming from a deep ethnic
divide in the country have
played to the companies’ bene-
fit, former government officials
and transparency groups said.
Exxon and its partners thus
far have successfully navigated
Guyana’s contentious political
landscape, which since gaining
Exxon’s headquarters in Georgetown in June.
late to that, but you make me
feel better about my life.’ ”
The nonaesthetic moms
speak to people in practical
ways—rather than using beau-
tiful scenes to persuade you to
buy something because you
want to live like them, said
Sara Petersen, author of “Mom-
fluenced: Inside the Maddening,
Picture-Perfect World
Mommy Influencer Culture.”
“It’s something that people
can actually put to use in their
own lives,” she said.
In one video, Ziemer walked
her followers through a weekly
grocery shopping trip to Wal-
mart. Other videos give in-
structions for family meals less
than $15.
From Delgado is a tip for en-
tertaining young kids: Make a
list of items to measure around
the house, hand the kids a mea-
suring tape and send them on
their way. It’s great when you
want them “to occupy them-
independence from the British
crown in 1966 has been marked
by conflict between the coun-
try’s two largest ethnic
groups—the descendants of en-
slaved Africans and those of In-
dian indentured laborers.
“We are guests in Guyana—
it is imperative that its citizens
benefit from our presence,”
said Michelle Gray, an Exxon
spokeswoman. “We are proud
of our contributions and look
forward to decades of shared
prosperity.”
Legal action
Among the cases moving
through Guyana’s courts is one
filed against the country’s En-
vironmental Protection Agency
alleging it allowed Exxon to ob-
tain inadequate insurance that
wouldn’t fully cover an off-
shore disaster.
The case is one of seven
suits that Guyanese lawyer Me-
linda Janki has filed on behalf
of local citizens who want to
make sure that Exxon and the
.
* **** THE WALL STREET JOURNAL.
selves at a distance” so you can
get some rest, she said.
Alisha Ashour, a 31-year-old
about her family’s finances. “In
one of my videos, I even men-
tioned my husband makes less
stay-at-home mom of a toddler
in Chicago who posts day-in-
the-life videos with the handle
than $100,000 a year,” she said.
“I’m a very open book as far as
budgeting because I do want to
@momlife_of1, said she had be-
come more successful on Tik-
Tok since getting real about her
help other stay-at-home moms
that might be struggling with
the same things.”
circumstances. When she first Delgado, the stay-at-home
of started posting on the platform mom in Phoenix, has gotten a
in 2021, she was intimidated. few brand deals in the midst of
“There were no moms on posting videos about “fun and
TikTok that had a home similar frugal” outings she does with
to mine,” she said. “All these her children, which she said
houses were huge, and they had has helped her family’s finances
SUVs and white countertops while her husband is in gradu-
and hardwood floors.” She used ate school.
to use a backdrop while filming, Ziemer said she is commit-
“so you couldn’t really see my ted to showing a “humble” life,
walls and everything,” she said. no matter how many followers
But once she started posting or brand deals she gets.
videos of her two-bedroom “I am always going to be a
apartment as it is, she got more hot mess, whether I have a
interest on the platform. matching set of pajamas one
Now, she regularly posts day, or I’m still wearing my
about making life work in a husband’s boxers and a big T-
small space and speaks frankly shirt in my videos,” she said.
Jagdeo’s party came to of-
fice in 2020 after strongly criti-
cizing the oil deal, calling it un-
fairly favorable to Exxon. Since
coming into power, the ruling
party has scrapped talk of re-
negotiating the agreement.
“We didn’t want to be em-
broiled in a controversy at this
point in time,” Jagdeo said. “It
will kill the aggressive momen-
tum and growth that we
want.”
Exxon’s Routledge said rene-
gotiating the deal “would be a
huge problem for us” and
would deter others interested
in investing in the country.
KEJAL VYAS/THE WALL STREET JOURNAL (2)
In lieu of a new deal with
Exxon, Jagdeo said his govern-
ment has focused on develop-
ing its sovereign-wealth fund
to manage oil proceeds while
boosting local jobs and improv-
ing Guyana’s share of export
revenue in future projects. In
September, the government be-
gan taking bids for 14 offshore
blocks.
Under the new terms, future
developers will have to pay a
10% royalty compared with 2%
before. Corporate taxes will go
up to 10% from zero, and the
amount of annual revenue that
energy companies will be al-
lowed to take to recoup their
costs drops to 65% from
Exxon’s 75%.
Disputed waters
In recent days, officials in
Caracas blasted Guyana’s most
recent oil auction as a violation
of Venezuela’s national sover-
eignty. “Guyana is trying to
take the seas by force along
with Exxon, who has bought
out their politicians,” Venezu-
ela President Nicolás Maduro
said in a speech. “Guyana has
converted into an American
military base.”
The U.S. State Department
government comply with their said it supports Guyana, which
legal obligations. has filed a case at the United
“For the oil companies it’s Nations’ International Court of
been like taking candy from a Justice that seeks to lay rest
baby,” Janki said. to Venezuela’s claim to two-
A judge in the insurance thirds of Guyanese territory
case sided with the plaintiffs in and affirm its existing border.
May but an appellate court The case is likely to drag on
stayed the decision. If a final for years.
ruling validates the lower For now, the oil boom shows
court’s decision, it could stop no signs of slowing. Analysts
production altogether. who have studied the projects
An Exxon spokeswoman said think the amount of recover-
the company has adequate in- able oil could grow substan-
surance. tially from the current estimate
EPA director Kemraj of 11 billion barrels as the oil
Parsram declined to comment giants explore the region’s
on the litigation but denied greater depths and bring new
that his agency was beholden technologies to bear.
to Exxon’s interests. Guyana is racing against a
Among the critical voices is nascent energy transition. On
Vincent Adams, a Guyana native Tuesday last week, the Inter-
and director of Guyana’s EPA national Energy Agency pre-
from 2018 to 2020. Adams, a dicted that oil and gas demand
30-year U.S. Department of En- will peak before 2030, then
ergy veteran, said that he had slowly decline—although many
refused to sign off on new ex- in the oil industry dispute the
ploration permits for the Exxon- estimate.
led consortium until it commit- On a phone call a day ear-
ted to fully guarantee disaster lier, Guyana’s president, Irfaan
insurance. He had also tried to Ali, had urged Wirth, Chevron’s
create a 36-person team of ex- CEO, to pump the country’s oil
perts who would increase scru- as fast as possible and increase
tiny of Exxon’s activities. local job opportunities in hopes
The panel was never hired, of lifting much of the country’s
despite a $1 million grant from population out of poverty, ac-
the World Bank, said Adams, cording to people familiar with
who had been appointed by the the matter.
previous government. He said Jagdeo said that developed
his plans for expanding regula- countries have already bene-
tion were derailed when gov- fited from their fossil-fuel re-
ernment activities were halted serves and it’s time for smaller
during a monthslong election oil nations like Guyana to break
dispute in 2020. He was fired the production monopoly and
shortly after. generate income for economic
Adams said he was sidelined development.
because he was trying to hold He also rebuked pleas from
Exxon accountable, which the the U.N. and others that coun-
government denies. tries phase out fossil-fuel pro-
Guyana’s Vice President duction.
Bharrat Jagdeo brushes off “We need money from the
many criticisms as politically oil and gas sector to climate-
driven. He blames much of the proof our country and adapt to
public skepticism on the previ- climate change,” Jagdeo said.
SABRINA VALLE/REUTERS
ous government’s contract ne- “The developed world can
gotiations with Exxon, which change this, they can decarbon-
were conducted in secret and ize faster, the same people who
kept from the public more than lecture us. I’m at peace with
a year after the deal was my philosophy and con-
signed in 2016. science.”

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved.
ILLUSTRATION BY GREG CLARKE
We’ve Used Showers for Centuries.
Why Can’t Hotels Make Them Easier?
Guests would like to simply get clean without wet floors and confusing temperature controls
CARRY ON
DAWN
GILBERTSON
A
lan Benjamin was stay-
ing at a luxury hotel in
Washington in early Oc-
tober when he pressed
the plush in-room bath-
robes into emergency
service.
The doorless shower in his room
was flooding, water spilling onto
the slate tile floor.
“I literally wound up taking two
robes and making a dam so that
water would not run out of the
shower,” says Benjamin, chief exec-
utive of a company that purchases
furniture, fixtures and equipment
MY RIDE | BY A.J. BAIME
A Workhorse From 1923
Is Now a Masterpiece—
And Still in the Same Family
George de Urioste, a Cupertino, Ca-
lif., certified public accountant and
former chief financial officer of
technology companies who now
serves as a board member for tech
companies, on his 1923 Hudson
Speedster, as told to A.J. Baime.
W
hen I was 9, I discovered
my family’s 1923 Hudson
Speedster at my grand-
parents’ cabin near Lake Tahoe. I’d
never seen an antique car. The
seats were so fragmented, the wire
springs poked through the leather,
and the steering wheel had decades
of hand sweat soaked in.
The story that my paternal
grandfather, Adolfo de Urioste,
told me about this car seemed so
extraordinary, even to my 9-year-
old ears, that I dreamed of some-
day owning this Hudson and keep-
ing the story of its adventures
alive.
In 1923, my grandfather was a
salesman at a Hudson Motor Car
Co. dealership in San Francisco. Be-
cause of his relationship with the
company, he was able to purchase
this Speedster with special customi-
zations. The company imprinted his
name on the hood ornament and on
the leather spare-tire covers, and
added beveled-glass side wing win-
dows, among other upgrades.
In 1925, my grandparents used
the Hudson in their wedding and
CAROLYN FONG FOR THE WALL STREET JOURNAL (5)
drove it on their honeymoon from
San Francisco to Wyoming. I have
photographs that my grandfather
took of the car, his new wife, Mary,
and their dog named Speed in front
of the Grand Tetons.
In 1933, my grandfather used the
Hudson and its straight-six engine
as a workhorse to haul supplies
from San Francisco nearly 200
miles to build a cabin in a place
called Christmas Valley, near Lake
for hotels.
Hotel showers are a perennial
annoyance for frequent travelers.
The specific gripes evolve with the
trends in hotel bathrooms. Today’s
complaints center on fancy walk-in
showers that aren’t functional,
temperature controls that call for
an instruction manual and confus-
ing dispensers that require read-
ing glasses in the shower so you
don’t wash your hair with body
wash.
“People who design hotel show-
ers have never actually taken a
shower,” one traveler posted in a
Marriott forum on Reddit earlier
this year. A chorus of thumbs-up
followed.
Half a shower
On the list of pressing world is-
sues, hotel showers with half a
Tahoe. To get there, he had to de-
scend Highway 50 from a mountain
peak called Echo Summit, a pitch so
steep that there was grave risk of
brake failure. My grandfather would
attach rope from big logs, like an-
chors, to the rear bumper to slow
the Hudson’s descent. My grand-
mother told me she was so scared
going down this pitch, she closed
her eyes.
Their cabin in Christmas Valley is
still in the family, and it was at this
cabin that I first saw the Hudson as
a child. My grandparents used the
Speedster on their 50th
wedding anniversary, in a
family parade across San
Francisco in 1975. I rode
with them in the car. I
later used the car in my
wedding.
The Hudson Motor Car
Co. of Detroit was suc-
cessful in its day. It manu-
factured cars from 1909
into the 1950s. [In 1954,
Hudson merged with
other brands to form
American Motors Corp.] I
have my grandfather’s original sales
kit for Hudsons, which consists of
rolls of film and a projector. He
would take this sales kit to people’s
homes or businesses, then project a
presentation—an interesting mar-
keting concept in 1923.
When my grandparents passed
away in the late ’80s, I acquired the
car. It sat in my garage for years
before I could afford a professional
restoration. I made a meticulous re-
search effort to make sure the car
was restored with authenticity. The
Hudson was 100% disassembled;
the work was done by Ricky Reed
of Antique Auto Restoration in Cali-
fornia. It took three years, and the
car uses almost all of its original
parts. It looks today like it did when
THE WALL STREET JOURNAL.
door, rather than one that closes,
don’t rank high. Yet the subject
keeps coming up. Travelers feel un-
derstandably picky given the prices
they often pay for rooms.
Comedian Nate Bargatze poked
fun at them in his “Saturday Night
Live” monologue last week. Barga-
tze joked that he’s befuddled by
how the world “is so future now.”
Instead of enclosed showers, he
said, hotels now have those “half-a-
glass” showers.
“That’s the future. That’s what
they want,” he said. “In the future,
the floors are always wet.”
One traveler’s tactic, according
to the Reddit thread, is a standing
request for extra towels: “When I
check in to a hotel and they have
the half door, I call housekeeping
and request eight additional tow-
els.”
George de Urioste, seen with his
wife, Cara, spent three years having
his grandfather’s 1923 Hudson
Speedster professionally restored.
His daughters, far right, plan to use
it for whenever they get married.
my grandfather drove it off
the lot.
The Hudson is a time
capsule and has now been
in my family for a century.
My daughters have learned
to drive it. They have al-
ready reserved it for when-
ever they have future wed-
dings. I am honored to be
a caretaker of the car and
of family history. It feels
like a dream come true.
Thursday, November 2, 2023 | A11
Jill Canfield, a trade-association
attorney who lives in Virginia, says
she hates having to clamber into
such showers to turn the water on.
You never know whether you’re go-
ing to get scalded or blasted with
cold water.
“There’s no opportunity to
warm the water or test the water,”
she says. “You kind of turn it on
and jump out as fast as you can.”
And forget trying to keep your hair
dry during a quick body rinse.
While it annoys her, Canfield ac-
cepts it as a part of life on the road:
“In the end, it’s just a shower.”
Christian Super, a retired IT ex-
ecutive who lives in New Orleans,
has platinum status with Marriott
and prefers the half-glass showers
to curtained ones, but has little else
nice to say about them.
“The design is ridiculous,” he
.
says. “I don’t know who thought of
this.”
Marriott declined to comment
on its showers.
Benjamin, the D.C. guest who
uses robes as mops, says hotels
have been switching up their show-
ers to give them a more sleek, spa-
like feel, erasing the shower cur-
tain ick of old. The newer design
also makes them easier to clean.
Half a shower door takes half the
time.
Benjamin, who lives in Boulder,
Colo., says the wet bathroom floors
at his hotel were a hot topic at the
conference he attended. He says
shower changes often aren’t tested
to the degree of other changes to
the room.
“Unless you’re staying [over-
night] in the model room, you’re
not showering. You’re not flushing
the toilet,” he says.
Which is which?
No less nettlesome for some
travelers: the small print on those
big bottles of shampoo, conditioner
and body wash hotels have installed
in showers in recent years to re-
place mini bottles.
A post on the hard-to-read labels
in a Marriott Bonvoy Facebook
group last summer generated
nearly 200 comments. One of my
favorites: “Had those [bottles] at a
Courtyard last week. Had to get out
of the shower to figure out which
was which. And while we’re at it,
quit putting them on the side wall.
Put them on the front or back. I
need my elbow room.”
Hotel guests’ gripes do get re-
sults. Think about how rarely you
encounter body hugging shower
curtains today. Two decades ago, in
a survey by Westin Hotels & Re-
sorts, 20% of travelers cited “the
shower curtain sucking in and
touching you” as a top peeve.
Low water pressure was an-
other. The chain responded by in-
troducing new shower heads and
curved curtain rods that year, call-
ing it the Westin Heavenly Bath, a
follow-up to its trendsetting Heav-
enly Bed.
Don’t get British author Frances
Quinn started on hotel showers.
Quinn lives in Brighton, England,
and travels to promote her histori-
cal fiction books.
A few weeks ago at a “very nice
hotel” in Ipswich, the shower came
with laminated instructions.
“It’s a tap, for God’s sake, not a
nuclear reactor,” she says.
Quinn says she quickly studied
the instructions, then jumped in the
shower before she forgot them, be-
cause they were only printed on the
side facing away from the shower.
In the end, she gave up.
“I just took a bath,” she says.
 .

A12 | Thursday, November 2, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Workers Want More Pay, Not Prestige

The days of taking a coveted job with bragging rights are fading in the face of inflation and high housing prices

ON THE
CLOCK
CALLUM
BORCHERS

F
or a prestigious early-ca-
reer job, it’s hard to beat

Teach for America.
The program typically
admits less than 20% of
applicants, giving it the
hard-to-get-into cachet of an elite
university. Plus joining TFA’s corps
of educators in struggling schools
brings admiration for doing good
along with access to a network of
accomplished alumni. Yet the non-
profit’s ranks have dwindled from
roughly 6,000 teachers a decade
ago to about 2,200 today.
One reason stands out: pay.
Teach for America has added mil-
lions of dollars in grants to ap-
proximate signing bonuses. This
helped make this fall’s cohort 38%
larger than the last.
In the tug of war between love
and money, cash has more pull
right now. From accounting firms
to medical research labs, busi-
nesses and organizations that have
traditionally wooed candidates
with bragging rights instead of the
biggest bucks are losing out on
talent.
Inflation, housing costs,
student debt and rising in-
terest rates have many
workers saying the idea of
a prestige discount—ac-
cepting less money for a
job that is highly re-
garded—is simply imprac-
tical.
Pay has to be a major
factor when would-be
teachers can make consid-
erably more in the private
sector, says Teach for
America Chief Executive
Elisa Villanueva Beard. The
goal: regrowing to between
3,000 and 4,000 teachers.
“Our competition for re-
cent college grads is tech
companies and consulting
groups where they could be
making double,” says Vil-
lanueva Beard. “We’ve lost
a lot in the last few years.
How do you win when fi-
nances are a big deal for
folks?”
Widespread
challenge
Surveys by Gallup and
the Pew Research Center show
that compensation, always a key
piece of career decisions, has be-
come an even higher priority for
job seekers in recent years. Many
workers don’t define themselves
by their job titles like they did
before the pandemic, so they
don’t mind working for no-name
companies if those employers pay
up so they can have fuller per-
sonal lives.
One college professor who took
a pay cut to jump from a state
school to Yale several years ago
told me he’s not so sure he would
make the same decision today.
Others add that prestigious jobs
often demand long hours or time
away from family, which can make
even six-figure salaries feel dis-
counted. A former Google engineer
described feeling like he got a
raise when he made a lateral move
to a venture-backed startup be-
cause he earned more on an
hourly basis.
It’s smart to look with critical
eyes at any role that doesn’t maxi-
mize your worth, says Betsey Ste-
venson, former chief economist of
the U.S. Labor Department.
“It only makes sense to take a
pay cut for a prestigious job if you
think it’s going to ultimately pay
you more down the line by facili-
tating a faster climb up the lad-
der,” says Stevenson, now a pro-
fessor of public policy and
economics at the University of
Michigan.
Settling for more
So many scientists are snub-
bing postdoctoral fellowships that
the National Institutes of Health
Prestigious jobs often
demand lengthy travel
or long hours, reducing
their appeal.
has convened a working group to service isn’t the draw that it once
address the recruitment problem. was, so the federal government is
NIH-funded postdoc positions look dangling better pay and benefits,
impressive on résumés but come such as $20,000 signing bonuses
with first-year stipends of $56,484, for some hard-to-fill jobs with U.S.
far less than many industry roles. Customs and Border Protection.
“In biomedicine, postdocs are Even blue-chip banks and con-
running the experiments. They’re sulting firms that siphon talent
doing the cutting-edge science,” from the likes of Teach for Amer-
says Donna Ginther, a University ica have boosted salaries to remain
of Kansas economist who is part of competitive, as more workers look
the NIH working group. A postdoc past established brands to reach
shortage threatens the national for the top bids.
pipeline of medical research, she Davis Nguyen, a job coach for
adds. people trying to break into man-
Churches and synagogues are agement consulting, says histori-
warning of a looming clergy short- cally many candidates would set-
age. Being revered as a reverend tle for lower salaries if offered
or rabbi isn’t drawing people to di- positions at one of the three
vine work like it used to. best-known firms, McKinsey &
And if God is having a hard Co., Boston Consulting Group and
time, imagine what it’s like for Bain & Co., where he worked.
Uncle Sam. The honor of public Nguyen estimates the share of
FROM TOP: PHOTO ILLUSTRATION BY CHANTAL JAHCHAN FOR THE WALL STREET JOURNAL, ISTOCK (4); MARISSA MOSS
Avani Desai left a director-level
position at KPMG for a position at
a much smaller CPA firm.
his clients who are willing to leave
money on the table for a presti-
gious job has declined to about
30% during the past three years.
Most would join a lesser-known
consulting business or take a job
in a different field for $25,000 to
$35,000 more.
“Sometimes they lose out on
great talent because they can’t of-
fer more,” he says of the top-tier
companies.
Recruiting opportunity
Avani Desai felt like an oddity
when she walked away from a di-
rector-level position at KPMG in
2012. Her role at a Big Four ac-
counting firm was a mark of suc-
cess, and she believed she was on
track to make partner.
Yet she saw a higher ceiling at
Schellman, a much smaller CPA
firm based in Tampa, Fla., that
was 10 years old at the time. She
also was drawn to the option to
work from home, having spent 52
days with her then-infant son dur-
ing the first year of his life be-
cause of work-related travel. Desai
joined Schellman as an executive
vice president and became CEO in
2021.
“This was a strategic move at
maximizing my career growth and
professional contributions, and
maximizing what my financial po-
tential was going to be over time,”
she says.
Desai notices similar decisions
are now more common for her
peers and—to her delight as a
boss—for the people she recruits,
too. She says the combination of
great pay and more flexibility has
helped her poach from better-
known companies, including Mi-
crosoft and Amazon, landing hires
who wouldn’t have considered her
company in the past.

High Mortgage Rates Push that time period to warrant refi-

nancing.

Some Lenders to Make

The lenders making these offers
may not offer the lowest refinanc-
ing rates in the future, said Ted

Refinance-for-Free Offers Rossman, a consumer-spending an-

alyst at Bankrate.
Rossman believes it is typically
best to seek the lowest mortgage
BY VERONICA DAGHER tractive as they initially seem, finan- rate today without strings at-
cial advisers said. Some raise the tached and shop around for the

L
enders have a proposition for
home buyers who can’t stom-
ach an 8% mortgage rate: Buy
now, and refinance later for free.
Lenders are making these offers
because the market for mortgages
cratered as the Federal Reserve
raised interest rates to two-decade
highs to tame inflation. The average
rate on a 30-year fixed-rate mort-
gage is 7.79%, according to Freddie
Mac.
But is it a good deal for buyers?
As those buyers who have had to
put their signature down the 50-
plus times it takes to get a home
loan know, nothing about mort-
gages is ever simple.
The particulars of the offers for
refinancing later vary. Generally,
cost of the mortgage today to make
it work down the road. Others ex-
pire in just a few years. This means
you ultimately might not save any-
thing at all.
“Nothing is free,” said Bradley
Hilton, a financial planner in Atlanta.
How do refinance-for-free
offers work?
Usually, lenders who offer buy-
now-refinance-later mortgages will
give some borrowers a certificate or
another type of IOU that gives
them access to a credit that can be
used to pay for some of the costs
associated with a future refinance,
said Jacob Channel, senior econo-
mist at LendingTree.
Other lenders may roll the future
Offers to refinance for free later aren’t as attractive as they initially seem.
tion program offers a no-lender-fee
refinance.
When buyers can save
Let’s say the buy-now-refinance-
later offer covers $3,000 in future
refinancing closing costs. A home
buyer could come out ahead if it
turns out the closing costs of the
future refinance are less. You typi-
or interest rates, said Hilton, the fi-
nancial planner in Atlanta. Ask the
lender how it is able to offer free or
reduced refinancing.
If you refinance with your cur-
rent lender, you will still likely pay
third-party fees for services such as
an appraisal, said Holden Lewis,
home and mortgage specialist at
NerdWallet. The median price for a
most competitive refinancing deal
later.
There are also situations in
which you are unable to refinance
later despite having signed up for
one of these offers. If your credit
deteriorates or if your property
value drops significantly you may
not qualify, said Laurie Goodman, a
fellow at the Urban Institute.
What else should home
buyers consider?
Typical refinancing is usually an
option later if interest rates drop,
said Hilton, the financial planner.
When rates drop, loan processors
seize the opportunity to drum up
more business. You can make the
lenders compete against each
DAVID PAUL MORRIS/BLOOMBERG NEWS

buyers get the option to refinance
their mortgage later if rates fall,
without having to pay much of the
closing costs. The closing costs on a
mortgage refinance for a single-
family home averaged $2,375 in
2021, according to ClosingCorp.
While these offers could save
you money, they often aren’t as at-
closing costs into the loan amount
or waive lender fees.
Each lender’s offer is different.
Amplify, for instance, offers no-
cost, no-cash out refinances with
zero appraisal fees. CrossCountry
Mortgage provides a lender credit
of up to $1,500 toward refinancing.
Guild Mortgage’s payment protec-
cally won’t pocket the difference.
The benefits will vary depending
on which lender you choose and
what rates are in the future, said
Channel at LendingTree.
What are the downsides?
Buy-now-refinance-later mort-
gages may have higher initial fees
typical, single-family home appraisal
is $500, according to a 2023 study
by the National Association of Real-
tors.
Some of these offers also come
with a time limit. If the lender’s
credits expire after a year or two,
they might essentially become
worthless if rates don’t drop within
other for your business then, he
said.
Focus on what you can afford
now. Don’t buy the house today
with the assumption that rates will
fall in the future, said Rossman at
Bankrate.
“Sometimes things don’t go ac-
cording to plan,” said Rossman.
 .

THE WALL STREET JOURNAL. NY Thursday, November 2, 2023 | A12A

 .

A12B | Thursday, November 2, 2023 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL.
BY PETER PLAGENS
A
Los Angeles
lthough curator Diana
Nawi says in the excel-
lent catalog for “Made
in L.A. 2023: Acts of
Living” that it’s simply
not “possible to be com-
prehensive in surveying the city,”
and only 10 of the 39 artists (in-
cluding two collectives) in the ex-
hibition are Latino, the show has—
to its advantage, actually—a
distinct Hispanic flavor.
Nothing could be further from
what Ms. Nawi calls the “cool, ten-
der conceptualism and finish fe-
tish minimalism . . . that long
dominated discussions of mid- to
late-twentieth century L.A.” than,
for example, the “Valley Tours”
currently given by Vincent En-
rique Hernandez in his old Volvo.
Photographic evidence of these
five-hour meanderings through
working-class neighborhoods and
down normal commercial boule-
vards is possibly the best work in
the exhibition at the Hammer Mu-
seum in west Los Angeles. (This
spacious and superbly installed
sixth edition of the show is on
view through Dec. 31.)
“PCH and Cherry at 7 p.m.”
(2023)—Christopher Suarez’s
craftsman-like but heartfelt ce-
ramic miniature park of “small
brick-and-mortar businesses . . . as
if they were lifted from the streets
of [the artist’s] native Long
Beach”—is a kind of harbinger of
where Mr. Hernandez’s tour might
take one if it headed
a bit south. And some
of the best pictures
in the show—which is
only about one-third
painting—concern, in
a faux-naïf way, the
social geography of
these non-glitzy as-
pects of Los Angeles.
“A Trip Down Valley
Boulevard” (2022)—
and a few others—by
Michael Alvarez are
the pictorial equiva-
lents of that sculp-
ture (and, for what
it’s worth, my favor-
ites in the exhibi-
tion). Paige Jiyoung
Moon’s paintings,
such as “Towards
L.A.” (2022), of a
freeway curving
through the hills
north of downtown,
are also deceptively
primitive-looking
(she has a bachelor of
fine arts degree), but
they, too, manage to
get good-humoredly
at one of the more
salient aspects of the
city—endless driving.
Other kinds of
painting, among them abstractions
that depart from traditional rect-
angular canvases, also register fa-
vorably. At the risk of being
“listy,” I’ll cite the best big ab-
stract painting in the exhibition,
“Pink Landscape” (2023) by Victor
Estrada—a slightly surreal overall
composition of floating shapes on
a light red background—and three
large mixed-media, shape-inten-
sive, abstract wall works from the
EXHIBITION REVIEW
The Long-Ago Art
Of Adornment
BY MICHAEL J. LEWIS
St. Louis
THE OBJECTS THAT WE SEE ev-
eryday can become invisible to us
unless something causes us to see
them in a fresh and unexpected
way, such as a change in lighting
or a perceptive observation from a
friend.
“Urban Archaeology: Lost
Buildings of St. Louis,” the exhibi-
tion of architectural artifacts now
on view at the Pulitzer Arts Foun-
dation here, does this with a radi-
cal shift in context. It brings us
into intimate contact with objects
that we normally see only at a
great distance: those carved and
cast decorative elements that
crowned offices, hotels and the-
aters in those years before mod-
ernism declared ornament off-lim-
its. Brought down to eye level,
they reveal just how vast was the
range of materials and techniques
that once decorated the buildings
of St. Louis.
The objects on display come
from the collection of the National
Building Arts Center, located just
across the Mississippi in Sauget,
Ill. That organization was founded
by Larry Giles, a St. Louis preser-
vationist and Vietnam veteran,
who began picking over demolition
sites in 1973 and who amassed, be-
fore his death in 2021, the largest
ARTS IN REVIEW
ART REVIEW
Hitching an Artistic Ride
The sixth iteration of ‘Made in L.A.’ includes painting, sculpture and even a tour in an old Volvo
past couple of years by Teresa
Baker. Although not paintings
strictly speaking, the almost psy-
chedelic weavings from 2010 and
2011 by the Navajo artist Melissa
Cody also qualify. As long as I’m
mentioning favorites, the 17 (yes,
17) small, casual, vaguely figura-
tive assemblage sculptures by Te-
resa Tolliver give this “Made in
L.A.” a delicate lift.
“Acts of Living” is not a perfect
and most significant collection of
architectural artifacts in the coun-
try, spanning everything from
carved capitals and cast-iron col-
umns to entire facades.
The contrast between the exu-
berant artifacts on view and the
stringent minimalism of the Pulit-
zer’s architecture could not be
greater. It is as if Tiffany’s had in-
stalled a pop-up showroom in a
Cistercian monastery. We begin in
a barren white gallery, empty ex-
cept for a few ornamental panels
executed in sgraffito, that tradi-
tional Italian technique of building
up plaster in coats of different
color, and then cutting into the
topmost layer to make flat orna-
mental designs. The panels, which
come from a vanished Art Deco
movie palace, are vaguely Egyptian
in character—foliage with strong
outlines that swirl to fill almost
every inch of the available space.
These panels are placed casu-
ally, as if they had just arrived
from the loading dock and were
waiting to be installed. Stephanie
Weissberg, who curated the exhi-
bition together with Michael Allen
of the NBAC, told me she wanted
to remind the visitor of the fitful
journey these objects took—
scrounged from out of demolition
debris or pried from a wall just
before it fell to the wrecking ball.
And so rather than place them on
‘Gnarmageddon (Ode to JKwon)’
(2016), by Michael Alvarez, above;
installation view of ‘Made in L.A.
2023: Acts of Living,’ top
exhibition. Its six “loosely con-
ceived sections”—one concerning
“place,” two regarding the body,
another dealing with abstraction,
one consisting of craft, and a final
category concerning, perhaps inev-
conventional pedestals, she kept
them on their rough wooden pal-
lets, or on the same wheeled dol-
lies on which they arrived.
There are no explanatory la-
bels; those who want to know
more will have to seek out the ob-
ject notes that are tucked dis-
creetly away at the entrance to
the room. All this is in keeping
with the philosophy of Emily Rauh
Pulitzer, the founder of the Pulit-
zer Arts Foundation: You are sup-
posed to look, not read.
Subsequent galleries make
clear that different materials have
.
Thursday, November 2, 2023 | A13
itably these days, rator of “Acts of Living” Pablo
“politics and preser- José Ramírez offers the Watts
vation”—are, within Towers—the finest work of public
the exhibition itself, art in Los Angeles—as a guide-
almost impercepti- post to the ambience of this exhi-
ble as categories. bition. Built over 33 years by Si-
Because the show mon Rodia, an Italian stonecutter
leans toward story- who became the ur-outsider art-
telling, and because ist, the Towers are a kind of folk-
pictures tell stories avant-garde work of art, made for
better than objects, almost entirely personal reasons
the sculpture in the and located well off the beaten
exhibition is com- track. If any Los Angeles work of
paratively weak. art embodies “an act of living,”
“Inertia—Warn the Mr. Ramírez’s essay says in es-
Animals” (2023) by sence, it’s the Watts Towers. The
Ishi Glinsky, an 11- task of the exhibition at the Ham-
foot-tall, overly gar- mer, then, was to gather its more
nished version of than 250 works into an at least
the droopy ghost’s semi-comprehensible installation.
face from the Somewhat surprisingly, it works—
“Scream” horror- in large part due to the crackling
movie franchise, is plethora and variety of the art.
an attention-getter (I’ve not mentioned some inven-
(it has its own little tive ceramics, dramatic video, an
gallery), but is more in-show archive of art documents,
an amusement-park and a hand-crafted habitable
attraction than a trailer parked outside the mu-
work of art. seum.)
Being two-dimen- Ms. Nawi concludes that the
sional doesn’t, how- exhibition is akin to “a sensation
ever, save from be- of the radio on, the windows
ing rather lame the down, the sun pouring in, reading
videos that show the city as it passes by at forty-
Pippa Garner wear- five miles an hour.” I’d cheerfully
ing T-shirts printed with satires of disagree. No, the ambience and
the kinds of things that get thrust of “Acts of Living” really lie
printed on T-shirts. Ms. Garner more with Mr. Hernandez’s old
can draw, but an image of a sky- Volvo meandering slowly and at-
scraper-as-switchblade, for in- tentively around the Valley. And
stance, isn’t really witty. Neither is that’s a refreshing new take.
the cartoonish colored-pencil
HAMMER MUSEUM (2)
drawing of a female figure as a Made in L.A. 2023: Acts of Living
penis by Jibz Cameron, whose ex- Hammer Museum, through Dec. 31
cuse might be that she’s actually a
performance artist. Mr. Plagens is an artist and writer
In his catalog essay, fellow cu- in Connecticut.
A terracotta lion make an attractive dangling ear-
and pendant ring, which in a sense it is.
from the Missouri
Pacific Building
One can appreciate the entire
exhibition on its own spirited vi-
sual terms, as a tutorial in form,
materials and craft. But when you
their own pecu- read the accompanying handouts
liar qualities. An and look at the architectural
intricate sculp- ephemera, including photographs
tural relief from and blueprints, you become aware
a hotel reveals of the convulsive events that
the exquisite shook loose all these bits of stone
sharpness of line and metal. You are surprised to
that a chisel can learn that many of the buildings
coax from lime- represented here stood in the way
stone. Terra- of St. Louis’s two most ambitious
cotta, on the postwar architectural projects,
other hand, must Eero Saarinen’s Gateway Arch and
be molded and the Pruitt-Igoe Housing Complex.
baked in the Although one is celebrated as the
kiln, and works defining monument of the city and
best with deep, the other was subsequently dyna-
well-defined mited in ignominy, both had the
shadows; Louis same urban ramifications: the de-
Sullivan elevated molition of dozens upon dozens of
this to a high city blocks, and the dislocation of
art, as we see entire neighborhoods.
here in an early This is an exhibition that will
example of his affect visitors differently accord-
geometric orna- ing to their age. Older viewers
ment from the might feel a pang at seeing the
lost St. Nicholas vestiges of the thriving life of the
Hotel of 1894. The language of older downtown America that they
copper is different yet again; here remember. Younger ones are likely
it is the hammered planes and to be pleasantly surprised at the
sharp angles that matter, as in the sheer tactile richness of baked
strangely faceted lion that once clay, carved stone, and wrought
guarded the National Bank of metal; tactile richness, after all, is
Commerce, a charmingly bewil- not a property of a digital age.
dered Cubist creature.
NATIONAL BUILDING ARTS CENTER
By far the most attractive note Urban Archaeology:
of color in the entire exhibition is Lost Buildings of St. Louis
an enamel-glazed disk in lustrous Pulitzer Arts Foundation, through
celadon green, clenched in the Feb. 4, 2024
fangs of another lion, this one sur-
mounting a 6-foot-high terracotta Mr. Lewis teaches architectural
pendant from the Missouri Pacific history at Williams and reviews
Building. Reduced in size, it would architecture for the Journal.
 .

A14 | Thursday, November 2, 2023 * **** THE WALL STREET JOURNAL.

SPORTS
Texas Rangers Win World Series
With a 5-0 victory over the Arizona Diamondbacks in Game 5, the Rangers clinched their first championship

BY JARED DIAMOND the Rangers winning nine of the 11

Phoenix
The Texas Rangers announced
their intentions on Dec. 1, 2021, less
than two months after the conclu-
sion of a disastrous 102-loss season
that left the team reeling. On a sun-
soaked afternoon on the concourse
of their glistening new stadium, the
Rangers welcomed Corey Seager
and Marcus Semien, the star mid-
dle infielders meant to serve as the
pillars of an organization reborn.
The Rangers committed half a
billion dollars to lure Seager and
Semien to Texas, and the massive
investment sent a resounding sig-
nal to the rest of the baseball
world: The Rangers, a middling
franchise with little to celebrate in
the six decades of its mostly unre-
markable existence, had entered a
new era.
“We have a vision, we have a
plan, and this is how we’re going to
accomplish it,” Rangers general
manager Chris Young said that day.
“Does this scare you? Are you
afraid? Do you want to be part of
this? Do you want to do something
special that’s never been done in
Texas Rangers history?”
It took the Rangers just two
years to fulfill that promise. The
Rangers claimed their first champi-
onship with a 5-0 victory over the
Arizona Diamondbacks in Wednes-
day’s Game 5, a fitting conclusion
to one of the wackiest postseasons
ever. After Zac Gallen held them
hitless through six innings, the
Rangers broke through in the sev-
enth, scoring on an RBI single from
Mitch Garver. Texas piled on four
more runs in the ninth, punctuated
by a two-run home run by Semien.
After compiling just 90 victories
from April through September, and
barely squeaking into the playoffs,
the Rangers stormed past the pow-
After Diamondbacks pitcher Zac Gallen held the Rangers hitless through six innings, Texas broke through in the
seventh, scoring on an RBI single from Mitch Garver, pictured. Texas piled on four more runs in the ninth inning.
straight on the road, leaving the
Tampa Bay Rays, Baltimore Orioles
and Houston Astros in their wake.
Against the Diamondbacks, Seager
carried the Rangers in a way befit-
ting of his $325 million contract. He
hit three home runs in the World
Series and drove in six runs, claim-
ing MVP honors for the second
time, after winning the award with
the Los Angeles Dodgers in 2020.
Only three others have won multi-
increasing the hype around base-
ball’s newest big spenders.
It didn’t work. Not right away,
at least. The Rangers went 68-94 in
2022, a disappointing outcome that
led to the firing of manager Chris
Woodward and longtime executive
Jon Daniels, the team’s top baseball
operations official for 17 years.
In an age where “rebuilding” of-
ten translates to “tanking,” the
Rangers took a different approach.
money would act as no obstacle in
their pursuit of a title.
That was a good thing, too, be-
cause it turned out that the Rang-
ers needed to keep going. DeGrom
lasted just six outings before suc-
cumbing to elbow surgery. Martín
Pérez lost his rotation spot during
the summer. Jake Odorizzi didn’t
pitch all season because of a shoul-
der issue. So the Rangers shopped
some more, acquiring Max Scherzer
games they started in October.
That includes Wednesday’s
Game 5, when Eovaldi battled
through six shutout innings, wig-
gling out of multiple jams to fur-
ther establish himself as one of the
best October pitchers of his genera-
tion. Against Eovaldi, the Diamond-
backs went 0-for-9 with runners in
scoring position and stranded nine
men, failing to capitalize on a
prime opportunity to extend their
season.
“We had the right guy out
there,” said manager Bruce Bochy,
who left retirement this season to
guide the Rangers—and promptly
won the fourth championship of his
illustrious career.
Beyond the big names, the
Rangers received significant contri-
butions from the complementary
pieces surrounding their high-
priced stars. Outfielder Evan Carter
and third baseman Josh Jung, a
pair of homegrown rookies, proved
that they deserve a place right
alongside their more senior team-
mates. José Leclerc, the closer who
joined the Rangers organization as
a teenager way back in 2010, stead-
ied an otherwise shaky relief corps.
And, of course, there was Adolis
García.
García, the 30-year-old Cuban
outfielder, emerged as the story of
the playoffs. He set a record for the
most RBIs in a single postseason
with 22. He swatted eight home
runs, including a dramatic walk-off
blast in Game 1 of the World Series.
In February 2021, the Rangers had
dropped García from their roster,
only retaining him because nobody
else picked him up. They nearly
made a catastrophic mistake and
wound up with a slugger.
García strained his oblique mus-
cle in Game 3 and missed the rest
of the series, a potentially crushing

MARK J. REBILAS/USA TODAY SPORTS

erhouses of baseball to complete
the mission that started the mo-
ment Seager and Semien arrived.
“The wait is over,” Young said
on the field immediately after the
game, holding onto the Commis-
sioner’s Trophy as he spoke.
They did it by winning 11
ple World Series MVPs: Hall-of-
Famers Sandy Koufax, Bob Gibson
and Reggie Jackson.
The Rangers spared no expense
to ascend to these heights. At the
same time they signed Seager and
Semien, they awarded $56 million
to free-agent pitcher Jon Gray, only
With Young now in charge, they
reached back into their wallet, un-
deterred by the previous season.
They paid another $260 million or
so to rebuild their starting rotation,
highlighted by the addition of ace
Jacob deGrom for $185 million.
Again, the Rangers showed that
and Jordan Montgomery at the
trade deadline.
The depth proved essential, es-
pecially after Scherzer and Gray
sustained late-season injuries that
limited their availability in the
playoffs. Eovaldi and Montgomery
wound up anchoring the staff, with
development. In reality, it hardly
mattered.
“I couldn’t be more proud of
these guys, how they bounce back,
how resilient they are, how they’ve
dealt with things, whether it’s los-
ing streaks, whether it’s injuries,”
Bochy said.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 15 Thermometer
contents Legendary Basketball Coach
Won 3 NCAA Championships
13 14 15 20 Balkan region
16 17 18 22 First going in
23 Suggestion
19 20 21 22 from a CPA BY BEN COHEN Before the next season, the rest of his career. “I’ve
28 “The Problem Knight was accused of grab- worked up my own defini-
23 24 25 Bob Knight, the fiery bas- bing a student who had tion, and this took a long
With ___”
(“The ketball coach who won na- greeted him by saying: time,” Knight told Sports Il-
26 27 28 29 30 tional championships at In- “What’s up, Knight?” Indiana lustrated in 1981. “Discipline:
Simpsons”
documentary) diana University but whose President Myles Brand asked doing what you have to do,
31 32 33 34 furious temper eventually Knight to resign. When he re- and doing it as well as you
30 The iris is cost him his most prominent fused, Knight was fired in possibly can, and doing it
35 36 37 part of it job, died at home in Bloom- 2000 for a pattern of “defi- that way all the time.”
32 Pen points ington, Ind., his family said ant and hostile” behavior, Knight was hired by Indi-
38 39 40 41 42 43 44 45
Wednesday. He was 83 years marking the stunning end to ana in 1971 and almost im-
36 “Around the old. His family’s statement his nearly three decades at mediately upended the Big
46 47 48 49 World in didn’t cite a cause. the same school. Ten Conference. In an era of
Eighty Days” Knight was one of the He was hired again in high-scoring games, Knight’s
50 51 52 53 54 conveyance most influential college-bas- 2001 by another school teams slowed the game
37 Styling stuff ketball coaches ever. He won where he could wear one of down, milking the shot clock
55 56 57
38 Poor choice national championships at his red sweaters. He coached with a strict motion offense
Indiana Uni-
58 59 60 61 62 for the
versity in
archery team OBITUARY
63 64 65 1976, 1981 and
39 Home of the BOB KNIGHT 1987. His first
66 67 68 Curve, the 1940-2023 NCAA title
Pirates’ team was the
Double-A last in men’s college basket-
WHAT’S UP? | By David Poole affiliate ball to finish with an unde-
40 Person saying feated record and estab-
Across 26 Flying Cloud 55 Taverna 5 Blixen and lished Knight as a master at
of the 1920s, entree Black, for two “literally,”
1 Intruder’s a young age. Knight, who
e.g. often
giveaway 57 On account of 6 Suede also played for Ohio State’s
27 Read, as a feature 43 Stage hider title-winning team in 1960,
6 Degree in 58 “For they have was inducted into basket-
math? QR code 44 How to serve
sown the 7 Hemingway ball’s Hall of Fame in 1991,
29 Trims a tree, Welsh rarebit
9 “Coffee wind, and they title, and a while he was still coaching.
Cantata” say shall reap the hint to a 45 Greek But he was known out-
composer 31 Org.’s kin whirlwind” three-letter consonants side the basketball world for
source answer that 48 Outlying his red-hot demeanor during
13 Hägar’s wife, 33 AQI monitor
59 Particular fits with four communities games. Knight was the ar-
in the comics 34 Cuts off stealthy chetype of an authoritarian Knight was inducted into basketball’s Hall of Fame in 1991.
philosophy 52 Japanese
14 Sound of 35 “C’mon, play seven-letter coach. He was as volatile
insight 61 Showed mountain and violently intense as any- Texas Tech for seven sea- that emphasized crisp pass-
along” answers
again dog one in the sport, accused at sons, taking the Red Raiders ing and open layups. The
15 Mello ___ 38 Panda’s diet 8 Subjects to
63 Sixteen oz. 54 “Nope” various times in his career to the NCAA tournament four bold strategy was hugely
(Mountain an initiation
41 “Told you so!” director of punching colleagues, bul- times but fell short of repli- successful: Indiana won the
Dew rival) 64 Infuser fill ordeal
42 Brief Jordan lying subordinates and fans, cating his Indiana machine. NCAA tournament in only
16 Certain to 65 Pink wine 9 Smoke alarm head-butting players, hitting He retired in the middle of Knight’s fifth season there.
Bartlett’s 56 Pitch speed, in
receive alert opposing coaches, assaulting the 2008 season. His son, Knight next won titles in
byline 66 Ingredient baseball lingo
17 Brick-shaped a police officer and chucking Pat, inherited the job. Knight 1981 and 1987 but was immor-
46 1977 Elvis in a bag of 10 “Hands off!” 60 It may offer
candy a potted plant at a secretary. never coached again. talized in a year that didn’t
Costello song Terra chips 11 Easier to relief The most frequent target Robert Montgomery end with a championship ban-
18 Sublease 47 Shoppe 67 Hooded understand of his infamous outbursts and Knight was born in 1940 in ner. Knight granted the Wash-
62 Org. for good
19 Violinist descriptor reptile 12 Pepper rating students tirades were referees. He was Ohio and played his college ington Post writer John Fein-
Zimbalist so displeased with a call dur- basketball for the state’s flag- stein access to his 1986 team
49 Shiba ___ 68 Faithful Previous Puzzle’s Solution ing one game in the 1985 sea- ship university. He enlisted in for what would become “A
21 Pitcher before (Japanese factions son that he flung a chair the U.S. Army after gradua- Season on the Brink,” a liter-
O I L S A D O A C T F O R
MANNY MILLAN/SPORTS ILLUSTRATED/GETTY IMAGES

the closer, hunting dog) across the court. tion—he was known later in ary sensation that turned out
Down F L E A L O O T H O R N E
often 50 Players F L O U R I S H F I N I S H His indecent antics finally his career as “The General”— to be one of the bestselling
1 X, sometimes T O T A L S P E E T A
cost him his job at Indiana, and coached Army’s basket- sports books ever.
23 Pet with a who may S P E E D G A M S D A B
dewlap sack a QB 2 Doesn’t follow Y O N R E L I C H O R S after a former player named ball team from 1965 until Knight became a broad-
suit, say N O T I C E A T R A I N Neil Reed accused Knight of 1971. One of his players there caster after leaving coach-
24 Org. that 51 “Not true!” C H E R I S H H A S H I S H choking him during a prac- was Mike Krzyzewski, the ing. In that role, he called an
added a P for 53 Gertrude 3 Delicate R A D I U M WH O O P I
tice three years earlier. The Duke coach who surpassed Indiana game in 2012, end-
“Paralympic” Stein and dessert H A T S N E I L L N A P
E R A S Y N E MA S T S school investigated the al- Knight as college basketball’s ing a self-imposed exile. He
in 2019 Alice B. 4 Ancient L O I R E S I G H E D leged incident and an- all-time winningest coach. finally returned to Assembly
25 Red state? Toklas, e.g. assembly site P U N I S H B R A N D I S H nounced that Knight would It was at Army where Hall in 2020 to a standing
U S E D T O A E R E R I E
be subject to a “zero toler- Knight honed the sense of ovation and chants of
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. P E R S O N R E P R E AM
ance” policy. discipline that he carried for “Bobby! Bobby!”
 .

THE WALL STREET JOURNAL. Thursday, November 2, 2023 | A15

OPINION
The Democrats and Anti-Semitism BOOKSHELF | By Priscilla M. Jensen

After the House

last week over-
against “Islamopho-
bia.” Anti-Israel pro-
ter and son in their
kitchen.
It’s Even Pretty
On Bagpipes
whelmingly testers paraded in The insistence by
passed a resolu- front of former party activists on an
tion condemn- House Speaker Nancy Israel-Gaza equiva-

ALEXI J. ROSENFELD/GETTY IMAGES

ing Hamas for Pelosi’s house in San lence is false. Oct. 7
WONDER its attack in Francisco last Satur- was the return after
southern Israel day evening. 80 years of Jewish
LAND
Oct. 7, New Jer- Let’s revisit the extermination, an
Amazing Grace
By Daniel
sey Democrat subject of false explicit goal of both By James Walvin
Henninger
Josh Gottheimer equivalence. The Hamas and Iran, California, 216 pages, $19.95
wrote on social Hamas massacre of whose leader, Aya-

media that the 15 Democrats
who didn’t vote for the measure
were “despicable and do not
speak for the party.”
Mr. Gottheimer was only
half right. Those 15 members
from progressive constituen-
cies may in fact represent the
Democratic future. The party
of Franklin D. Roosevelt has an
anti-Semitism problem.
The party never
expected Jew-hatred
to be a feature of its
coalition. Now it is.
This week progressive ac-
tivist groups released a “Gaza
2024 statement” asserting
they won’t vote for Joe Biden
“if he does not end U.S. sup-
port for Israel’s brutal war in
Gaza.” The announcement of-
fers background on “Israeli
ethnic cleansing and genocide
in Gaza.”
An open letter this week
from 100 Columbia professors
called the Hamas massacre “a
military response by a people
who had endured crushing and
unrelenting state violence
from an occupying power.”
Because the Democrats now
consider Muslim Americans an
important part of the party’s
voting coalition, meetings were
held this week at the White
House with Muslim leaders. Mr.
Biden in his national address
last month spoke at length
‘A
some 1,400 Israelis tollah Ali Khamenei, mazing grace,” intoned the eulogist, and repeated
on Oct. 7 is described A Hamas-raided house in a kibbutz near Gaza. sits placidly ponder- it. He began to sing: “how sweet the sound, that
in media reports as ing the completion saved a wretch like me,” and the congregation, a
the worst attack on Jews most American schoolchildren of the final solution. FBI Direc- bit startled, joined in, as the pianist scrambled to accom-
“since the Holocaust.” The Ho- had a functioning knowledge tor Christopher Wray testified pany them. The singer was President Barack Obama, who
locaust, a central event of of the Holocaust and the Tuesday that Islamic State had been addressing mourners at a 2015 memorial service
World War II, is the greatest camps. No longer. Universities’ “urged its followers to target for the Rev. Clementa Pinckney and eight parishioners,
calamity in the history of the hiring and enabling of activist Jewish communities in the African-Americans murdered by a white supremacist
Jews. But that phrase, “since left-wing professors—propo- United States and Europe.” during Bible study at their Charleston, S.C., church.
the Holocaust,” manifestly has nents of the anti-Israel move- Democratic progressives This riveting moment introduces James Walvin’s
no meaning or resonance for ment called Boycott, Divest- had already pushed the party exploration of the past and present of what may be the
many recently educated Amer- ment and Sanctions—has onto the bubble with many most widely known Christian hymn in English. Mr. Walvin,
icans. It is an abstraction. affected a generation of stu- voters over litmus-test issues an emeritus professor of history at the University of York,
Readers of this column do dents. A Quinnipiac poll found like gender identity, systemic encountered the hymn during his study of the Atlantic
not need this summary, but 51% of Democrats younger racism and defunding the po- slave trade, and in “Amazing Grace: A Cultural History of
what is going on now among than 35 don’t support sending lice. Despite that, most Demo- the Beloved Hymn,” he describes its origin, transmission
the American left requires it. military aid to Israel after crats would still vote the party and flourishing survival into the 21st century.
The Jewish Holocaust ran from Hamas’s attack. line. But maybe not now. The origins of “Amazing Grace” are themselves well es-
1933 to 1945. Germany’s Nazi Political parties don’t care The Hamas person-by-per- tablished: “Faith’s Review and Expectation,” as it was
party under Adolf Hitler called much what adherents think so son slaughter is an event on a originally titled, was written in 1772 by a Church of Eng-
it “The Final Solution to the long as the votes go into their scale beyond any standard po- land clergyman who became prominent in Britain’s aboli-
Jewish Question.” The Nazis column. Maybe Democrats litical issue. The question is tion movement. But, in an
collected and sent Jews to 23 never expected Jew-hatred to whether the embrace by so earlier part of his life,
main concentration camps in be a feature of their coalition. much of the party’s emerging John Newton (1725-1807)
Europe. Extermination camps Now it is. It is possible today rank and file of anti-Semi- captained numerous slave-
included Auschwitz-Birkenau, to divide the Democratic tism—a euphemism for active trading voyages between
Treblinka, Sobibor, Belzec and Party between those who Jew hatred—will finally push West Africa and the Carib-
Chelmno. Some six million know what the Holocaust was Democrats over the line with bean and North American
Jews were murdered, often in and those who have no clue, voters, not least the histori- colonies. His ports of call
gas chambers, burned and or don’t care. For the record, cally reliable Jewish vote. included Charleston, where
dumped into mass pits. Senate Majority Leader Chuck Best case, President Biden Mr. Obama would sing his
One reason the U.S.’s Great- Schumer gave a strong floor would explicitly and publicly hymn more than two centu-
est Generation is called the statement Oct. 17, recalling drive a stake through the heart ries later.
greatest is that it includes his own family’s Holocaust of the anti-Jewish sentiment Newton “became an ac-
thousands of American GIs experience. taking over his party. Cynics tive hymn-writer at a time
who helped liberate the con- On balance, the Biden ad- will reply that the anyone-but- when hymns were relatively
centration camps. Despite the ministration’s support for Is- Trump factor will overcome new in England,” Mr. Walvin
war, the experience of seeing rael has been firm because its even this, but don’t count on informs us, but before the
the camps and the scale and representatives understand it. Rationally, many large Jew- turn of the century “Amazing
evidence of a systemized kill- the direct line between the ish donors already are pulling Grace” had crossed the Atlan-
ing of Jews was an unspeak- 1930s and Oct. 7. Testifying to the plug on giving to anti-Se- tic and appeared in no fewer than three collections of
able horror. As their relatives the Senate Tuesday, Secretary mitic fermentation tanks such hymns, with more to come as the Second Great Awakening
know, many of these soldiers of State Antony Blinken related as Harvard, Columbia and “transformed and reinvigorated” religious life in America.
would never talk about what in frankly unbearable detail Penn. The party of FDR could The importance of communal singing in American
they saw. Hamas’s dismemberment of an be next. Protestantism, and the rise of a popular method of hymn-
There was a time when Israeli father, mother, daugh- Write henninger@wsj.com. singing using easy-to-read musical notes known as “shape
notes,” meant that Newton’s composition established a
footing, among both white and black congregations, that it

The Unrestrained 2024 Front Runners
By Karl Rove ist, saying he was “disrespect-
ful to . . . voters of color.” Even
likely explanation. Either way,
he’d be better off playing
rated.” Ms. Haley is “bird-
brain” and former New Jersey
has never lost. Importantly, the music by which we know
it was not always the standard: The words of “Amazing
Grace” have been sung to a number of tunes, some
peculiar to only one or two localities. But the now-familiar
melody is from a tune originally called “New Britain,”

T
he behavior of the front-
running Democratic and
Republican presidential
campaigns is perplexing. Nei-
ther Joe Biden’s surrogates nor
Donald Trump seems to know
the value of restraint.
First there’s the rhetorical
hell Democrats rained down
on Minnesota Rep. Dean Phil-
lips after he announced he’s
running in the New Hampshire
presidential primary. Mr. Phil-
lips believes that Mr. Biden is
too old and that Democrats
will lose the White House un-
less they nominate a younger
leader.
Mr. Biden’s allies quickly
blasted away. Former Demo-
cratic National Committee
Chairman Donna Brazile pre-
dicted Mr. Phillips won’t be at
the party’s convention next
summer “unless he’s an auto-
matic superdelegate.” Demo-
cratic House colleagues called
his bid a “head scratcher” and
an “exercise in futility.” Joe
Trippi, who managed Howard
Dean’s 2004 presidential bid,
called Mr. Phillips’s entry
“clueless.”
A “senior Black Democrat”
told ABC News that by filing
for the New Hampshire pri-
mary without entering the
South Carolina contest, Mr.
Phillips is “skipping a very di-
verse state to go to a non-
diverse state.” That’s “a telltale
sign of where your values are.”
Congressional Black Caucus In-
stitute Chairman Bennie
Thompson (D., Miss.) came
close to calling Mr. Phillips rac-
Minnesota’s Democratic gover-
nor disparaged Mr. Phillips,
suggesting in a Biden fundrais-
ing email that he was doing
“crazy things” and creating
“political side shows.”
But why give the largely
unknown congressman the at-
tention? Trashing him gener-
ates more coverage of him and
his argument that Mr. Biden is
too old. That’s a statement
73% of voters, including two-
thirds of Democrats, agreed
with in an Aug. 30 Wall Street
Journal poll. Instead of flame-
throwing the Minnesotan, the
smart move for Team Biden
would have been a polite ac-
knowledgment of his entry by
a level-three underling. Then
silence by all concerned.
Keeping quiet when it’s
wise has never been the Re-
publican front-runner’s
strength, either. These days
Donald Trump can’t stop harp-
ing on the polls. In Waterloo,
Iowa, last month, he bragged,
“We’re leading by a lot.” “Na-
tionally,” he said, “we’re lead-
ing by numbers that nobody’s
actually quite ever seen.” He
claimed to be 67 points ahead
of Florida Gov. Ron DeSantis.
Actually, that day he was at
57% in the RealClearPolitics
average, 45 points ahead of
Mr. DeSantis. That’s strong
but not 67 points.
It’s strange Mr. Trump
keeps stressing and exaggerat-
ing how far ahead he is. Does
he think that will demoralize
his competitors’ supporters?
Maybe. Narcissism is a more
down the polls and saying he
expects the contest to tighten.
That would soften the blow if
he gets a surprise.
And one may well arrive. In
Iowa, where voters have seen
more of the rest of the field,
Mr. Trump’s numbers are
lower. A new poll there has him
at 43%, followed by Mr. DeSan-
tis and former South Carolina
Biden’s surrogates
attack Dean Phillips,
while Trump attacks
practically everyone.
Gov. Nikki Haley at 16% each.
While a 27-point lead is
healthy, it could shrink. Fifty-
four percent of Republicans say
they’re open to changing their
minds. Between the undecideds
and those committed to some-
one else, nearly 6 in 10 aren’t
in Mr. Trump’s camp today. Ms.
Haley especially has momen-
tum in Iowa, where she’s risen
10 points since August. Postur-
ing as having an insurmount-
able lead could make Mr.
Trump look weak if he wins
Iowa with significantly less
than 50% and someone’s nip-
ping on his tail—never mind if
he loses.
Mr. Trump combines his
bravado about the polls with
constant personal attacks on
other GOP candidates. The
Florida governor is “DeSancti-
monious” and “really over-
Gov. Chris Christie a “bum”
and “fat pig.” Shortly after
Mike Pence gracefully with-
drew from the contest Satur-
day, Mr. Trump couldn’t con-
trol himself. He lambasted his
former vice president as “very
disloyal,” “delusional” and
“not a very good person.”
He even attacks his Repub-
lican opponents’ supporters as
“disloyal RINOs” and “global-
ist special interest donors.”
A candidate who is way
ahead can afford to be gra-
cious. Why isn’t Mr. Trump?
Perhaps fearing his lead is
fragile, he believes he needs
insults to win. Maybe he
thinks there’s no downside to
smash-mouth politics. More
likely, he’s addicted to abusive
language and no one can con-
trol him.
Whatever the case, trash-
talking other Republicans and
their supporters will make it
hard to produce the enthusias-
tic GOP unity Mr. Trump
would need in a close general
election if he wins the nomi-
nation. He has more than
enough enemies; it’s perplex-
ing he wants to make more
needlessly.
Then again, this is the
strangest presidential election
in our lifetimes, which is say-
ing a lot after the past two.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
associated with the words by the 1830s and appearing
with them in the widely used 1844 collection “The Sacred
Harp.”
Mr. Walvin follows “Amazing Grace” through the next
century, describing its survival as part of the American
folk repertoire: He draws on oral histories from former
slaves to describe their memories of “shouting” it. In fact,
the song was not included in African Methodist Episcopal
hymnals until 1890, “not because the hymn was unpopular
but because of concerns about how the church would be
viewed by outside critics,” that is, as too informal and
lacking “choral discipline.” The development of gospel
music—both the white evangelical style of Dwight L. Moody
and Ira D. Sankey and the slightly later black church music
exemplified by Thomas A. Dorsey—carries the narrative
forward to the remarkable pop phenomenon that occurred
in 1970, when Judy Collins’s a cappella recording became
an international hit, selling millions of copies and entering
the British hit parade seven times over the next two years.
The hymn’s overwhelming ubiquity after that (don’t
forget the bagpipe versions) has intensified a paradoxical
secularization of what is, after all, quite an orthodox
assertion of the Christian doctrine of unearned grace. Mr.
Walvin points out that many who have encountered
“Amazing Grace” over the past 50 years or so were
The words to ‘Amazing Grace’ were written by
a clergyman with his own catalog of sins to
repent. The tune we all know came later.
“unaware that, in origin, it was a piece of sacred music.”
Not everyone, of course—during Covid lockdowns in 2020,
a London vicar attached some loudspeakers to his bicycle
and cycled through his parish, playing the Collins
recording and inviting his hearers to join him in prayer.
(At that point “Amazing Grace” took part in a different
sort of contemporary religion: When Ms. Collins saw a
video of the vicar, she was inspired to convene a “global
virtual choir” via Zoom; proceeds from their re-recording
went to the World Health Organization.)
Yet for all the secularized impact of “Amazing Grace,” it
is firmly established at the heart of American gospel
music. Mr. Walvin highlights Aretha Franklin’s “dazzling”
1972 recording as part of a concert at the New Temple
Missionary Baptist Church in Los Angeles, a rendition that

Ireland’s Tax-Cutting Success Story would feature at the center of Franklin’s double album of
the same name, as well as in a documentary film of the
performance released in 2018. “Watching that film,” Mr.
By Stephen Moore dismal welfare-state economy. ness and capital investment. left has ridiculed international Walvin writes, “it is hard to imagine the hymn’s humble
And Steve Forbes Between 1971 and 1991, its na- It worked. Even the most tax competition as a “race to origins in a quiet English village.”
tional debt as a share of gross optimistic architects of this low the bottom,” even as Ireland Mr. Walvin is compelling in his description of the deep

E
uropean Union officials
and Treasury Secretary
Janet Yellen are pushing
for a global minimum corporate
tax, and no wonder. High-tax
countries are getting bled to
death, while low-tax ones expe-
rience stunning growth.
Ireland, whose economy
grew by 12.5% last year—faster
than any other European na-
tion—is one of the greatest
tax-cutting success stories of
modern times. The Journal re-
cently reported that Ireland is
“swimming in money.” It’s a
vivid example of the Laffer
Curve, which shows that lower
tax rates can result in faster
growth and higher revenue.
In the 1990s, Ireland had a
domestic product rose from
40% to 95%, and its unemploy-
ment rate topped out just shy
of 18% in 1987. But in 1995,
It slashed its levy
on corporations and
became a magnet
for business and jobs.
Dublin implemented a contro-
versial about-face economic
plan. The country replaced its
40% corporate tax rate with a
12.5% rate, phased in over
about a decade. Ireland be-
came a magnet for new busi-
flat rate couldn’t have imag-
ined the economic recovery it
would launch. The American
Chamber of Commerce Ireland
reports that the number of U.S.
multinational companies oper-
ating in Ireland now stands at
about 950, with 209,000 em-
ployees. Only five million peo-
ple live in Ireland. This is the
equivalent of a U.S. policy cre-
ating 10 million jobs.
Ireland is an industrialized
country with one of the
world’s largest budget sur-
pluses, thanks to new tax reve-
nue, especially from big tech
and pharmaceutical companies
domiciled in Dublin. The mys-
tery is why other nations ha-
ven’t imitated the Irish. The
has raced straight to the top.
The Biden administration—
which has proposed raising the
U.S. corporate tax rate from
21% to between 25% and 30%,
as well as higher tax rates on
capital gains and dividends—
doesn’t get this at all. These
are self-defeating policies that
the Irish rejected, to their
great benefit.
Mr. Moore is an economist
with the Heritage Foundation.
Mr. Forbes is chairman and
editor of Forbes Media and co-
author of the book “Inflation:
What It Is, Why It’s Bad, and
How to Fix It.” They are co-
founders of the Committee to
Unleash Prosperity.
presence of “Amazing Grace” in Anglophone, especially
American, culture. He is less persuasive in some of his
theological observations: I find it vanishingly unlikely that
the famous 19th-century evangelist Dwight Moody
“portrayed Christ himself as a sinner . . . with whom armies
of ordinary people could identify.” The 18th-century
Church of England did not consist of a “Latin-based
priesthood” conducting “impenetrable Latin-based wor-
ship”—that had been decisively seen off 200 years earlier.
And to say that 19th-century American Protestant worship
was “suffused with the theme of salvation” seems tauto-
logical.
Still, his affection for his subject is contagious and his
engagement comprehensive, and his account is full of
fascinating detail—not least that there are 3,049
recordings of “Amazing Grace” in a special Library of
Congress collection. The list of famous singers who haven’t
recorded it might be shorter than the one of those who
have—I’m watching for the Taylor Swift version myself.
Ms. Jensen is a writer and editor in Northern Virginia.
 .

A16 | Thursday, November 2, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Ukraine-Israel Test for U.S. Democracy What the U.N. Secretary-General Left Out
Regarding your editorial “The Dis- Your editorial calls Mr. Guterres’s

T
he Beltway press likes to fret about the cerns Members claim to have: That Mr. Biden
fate of U.S. democracy, invariably be- lacks a plan to end the war; U.S. financial aid is grace of the United Nations” (Oct. remarks on the Gaza war “disgrace-
26): U.N. Secretary-General António ful.” But to explain, and to put events
cause of Republicans. But now a real paying bureaucratic salaries in Kyiv; no one
Guterres is correct when he says that in historical context, isn’t to justify. If
democratic test is arriving: knows where American weap- “the attacks by Hamas did not happen you believe that the unjustifiable
support for Israel and Ukraine. Can Washington still ons and money are ending up. in a vacuum.” But he hurts the cause events of Oct. 7 had no relationship
Can Washington’s factions rise function to provide A House bill could focus on le- of peace when he elides the real to the 56 years of Israeli occupation
above their parochial interests thal aid and trim the financial cause of the crisis. of the West Bank and Israel’s stran-
and compromise to help two military aid to allies? support that the European The Palestinian people would not glehold on Gaza, then you haven’t
U.S. friends fighting for their Union is stepping up to pro- “have been subjected to 56 years of been following the Middle East.
national survival? vide. Aid for Ukraine is already suffocating occupation” had they ac- H.D.S. GREENWAY
The House plans to vote this week on $14 bil- examined by several inspectors general, but the cepted, as the Jewish people did, the Needham, Mass.
lion in aid for Israel, and Washington is ab- House is free to add more scrutiny. U.N.’s offer of statehood in 1947; or if
sorbed with infighting over whether to combine President Biden has too often offered Ukraine they had worked toward establishing Acting through the United Nations
a state on the disputed territories Relief and Works Agency for Pales-
that measure with support for Ukraine and Tai- enough weapons to tread water but not enough
which were then occupied by Jordan tine Refugees (Unrwa), the only refu-
wan. But strip away the inside baseball and the to prevail. The political high ground for Republi- and Egypt for 19 subsequent years; or gee agency that prevents resettle-
stakes are whether America can still rally to a cans is to insist on victory, which means pushing had they and their Arab allies not re- ment, the U.N. has funded schools
common purpose, as an axis of hostility works Russia back to its pre-invasion borders or further. fused to negotiate with Israel—their and textbooks in Gaza that have
together against U.S. interests. Force Mr. Biden to transfer the long-range Army famous “three Nos”—following the taught hatred of Jews and Israel for
i i i tactical missile system at scale. Give the Adminis- 1967 Six Day War; or had they ac- the past 75 years. Many millions of
The Chinese Communist Party is forging a tration a deadline for procuring 1,000 more mis- cepted any of the offers of Palestinian dollars in financing, cement and
deeper relationship with Iran, the ventriloquist siles. This is better politics than no House offer, statehood made by Israeli govern- other materials, designated by the
for the terrorist groups now menacing Israel. which sets up the House to be cornered by the ments over recent decades. U.N. and other international donors
Tehran is working to help Vladimir Putin devas- White House and Senate at crunch time. To this day, the Palestinian leader- for civilian use, have been diverted to
tate Ukraine. These adversaries hope Washing- ship has demonstrated repeatedly, in Hamas’s construction of perhaps 300
Senate Republicans can help Mr. Johnson by
word and deed, that eliminating the miles of tunnels. Mr. Guterres should
ton will descend into dysfunction and fail to making concessions to his narrow majority. Jewish state is more important to it know that the U.N. is complicit in the
fend off aggression in Europe, the Middle East Democratic leader Chuck Schumer will have to than establishing a Palestinian state. tragedy on both sides of the Israel-
and the Pacific. abandon domestic pork and offer substantive That is the missing context. Gaza border.
The House Israel bill would help America’s concessions on border security. Fixing the bro- BARRY BEST CHARLES ICKOWICZ
premiere ally in the Middle East buy more air ken incentives in asylum policy would make a New Rochelle, N.Y. Teaneck, N.J.
defense interceptors, among other assistance. much bigger difference than dumping more
It has funds for U.S. forces working overtime in money into asylum tribunals or bailing out New
the region. The House also claws back funding York for its migrant spending.
from the Internal Revenue Service to pay for the The Senate may be tempted to jam the House Drug Use, Legalization and Our City Streets
spending, though Congress’s budget gnomes with a single bill. But the risk is ending up with
Andy Kessler’s “Three Ideas to End ber is estimated at over 170,000.
claim that adds to the deficit. nothing, which is the worst outcome. No one
Tent Cities” (Inside View, Oct. 30) Mr. Kessler rightly points out that
New Speaker Mike Johnson no doubt wants will remember if the aid passes as one bill or raises worthy points to address San shoplifting and the illicit market for
to show that his conference is now united and several. Francisco’s and the nation’s balloon- consumer goods have exploded. There
can pass bills after weeks of circular firing i i i ing homeless crisis. The column is arguably a strong connection to
squads. Mr. Johnson may even pick up a few Mr. Biden also has an obligation to behave would benefit, however, from ac- drugs here as well. A study by the
Democratic votes. But his bill won’t pass the like a Commander in Chief rather than a politi- knowledging that addiction and the California Policy Lab at UCLA found
Senate, which is working on a larger package ty- cal faction leader. That means compromising legalization of drugs is a significant that, across 15 states, half of unshel-
ing Israel, Ukraine, Taiwan and a porous south- with Republicans, even if it demands facing contributor to homelessness. tered people reported that they suffer
ern border. The Senate is correct on the com- down his left flank on immigration and domes- In 2016 California passed Proposi- from a combination of a physical- or
mon strategic thread. The House bill is tic spending. He has already rammed through tion 64, the “Adult Use of Marijuana mental-health condition and sub-
insufficient for the urgency of the moment, trillions in domestic spending that will roll out Act.” It was a monumental step in the stance abuse. As the number of peo-
wrong direction, because it normal- ple with access to drugs increases, so
which requires a real expansion of U.S. weapons for years to come.
ized the use of marijuana and THC too does the economic and health
stocks and military power. Mr. Biden might think he can blame Republi- drugs, which are addictive and detri- damage done to those at risk of
Mr. Johnson recently signaled that he sup- cans if Ukraine aid fails, but his political stand- mental to public health and safety. homelessness.
ports aid to Ukraine and the U.S.: “We can’t al- ing is on the line. If Russia rolls over Ukraine This matters because today’s mari- Mr. Kessler is on the right track,
low Vladimir Putin to prevail in Ukraine, be- next year, he will share the blame as President juana is up to 20 times as powerful but we need to look at all the root
cause I don’t believe it would stop there.” He and play into Donald Trump’s hands. as the marijuana of the past, and it is causes, including expanded drug use
said China might then make a play for Taiwan. As the world gets more dangerous, Washing- connected to a fivefold increase in and the legalization of marijuana, to
He’s right, and credit to him for political cour- ton’s political dysfunction is becoming more psychosis and schizophrenia. have a shot at solving this national
age given that support for Ukraine is toxic in dangerous as well. If Washington can’t help two According to the state, “on a single problem.
about half the Republican conference. allies defend themselves, with no U.S. troops night in 2016, more than 118,000 peo- KEVIN SABET AND JONATHAN TALCOTT
ple experienced homelessness in Cali- Smart Approaches to Marijuana
The new Speaker can help the GOP assemble fighting, the world will conclude that our adver-
fornia.” Seven years later, that num- New York and Washington
a position on Ukraine that addresses the con- saries are right about American decline.

Venezuela Breaks a Promise to Biden The Government-Fueled EV Bubble Will Burst

Regarding your editorial “Ford fighting the government EV mandates.

R
onald Reagan said “trust but verify”
when making deals with adversaries.
President Biden’s variation on the
theme, “trust and hope for the best,” is failing
America’s friends. Latest example: Venezuela’s
democratic opposition.
At issue is the Biden Administration’s Oct. 18
decision to lift sanctions in exchange for prom-
ises by the regime in Caracas to allow a free and
fair election in 2024. Two weeks later dictator
Nicolás Maduro has already broken his word.
Who would have thought?
Venezuela’s Oct. 22 opposition presidential
primary drew some 2.4 million voters to the
polls. Vente Venezuela party candidate Maria
Corina Machado won more than 90% of the bal-
lots cast. This is strong evidence that Mr. Ma-
duro would lose an honest election.
Mr. Maduro seems to agree because on Mon-
day his handpicked Supreme Court suspended
the primary results. It ordered the primary com-
mission to turn over voter information, ballots,
tally sheets and other documents. Organizers
were summoned before the attorney general,
who launched a criminal investigation last week.
The high court also ratified the regime’s ban on
Ms. Machado’s candidacy.
This crackdown on Venezuelan democrats is
business as usual for the dictatorship. But it’s
not the script the Biden Administration has been
rehearsing. On Oct. 17 Caracas and the opposi-
tion signed an electoral agreement. Secretary of
State Antony Blinken called it an “election road-
map” and “a concrete step toward resolution of
Venezuela’s political, economic, and humanitar-
ian crisis.”
He noted in a press statement that the regime
was supposed to produce, by the end of November,
a “timeline and process for the expedited rein-
statement of all candidates” who were banned. Ca-
racas was also to begin “the release of all wrong-
fully detained U.S. nationals and Venezuelan
political prisoners,” numbering around 300.
In return, the U.S. gave Mr. Maduro what he
wanted: sanctions relief. The U.S. issued a six-
month general license authorizing transactions
in oil and gas in Venezuela. And it awarded what
the State Department called “a second general
license” for Venezuela’s state-owned gold min-
ing company and “amended relevant licenses to
remove the secondary trading ban on certain
Venezuelan sovereign bonds and PdVSA debt
and equity.”
On Tuesday Mr. Blinken told Sen. Marco Ru-
bio that if the U.S. finds that Venezuela has vio-
lated its agreement with the opposition, it is
ready to reimpose sanctions. He didn’t say what
he’s waiting for.
Pays Dearly for Labor Peace” (Oct.
27): I spent 24 years selling Fords
and other brands of cars. The tax-
payer will keep paying dearly for this
labor peace and government-created
electric-vehicle bubble. None of this
is sustainable.
The auto makers are guaranteeing
higher pay and benefits while being
mandated to produce unprofitable
products that depend on taxpayer-
funded credits to be made and sold.
The United Auto Workers would have
represented the interests of their
members better had they directed
their energy and influence toward
Will Biden Enforce His Red
Line as Attacks Continue?
Your editorial “Biden’s Red-Line
Moment with Iran” (Oct. 25) states
that by repeatedly warning Iran but
doing little else, the White House
runs the “risk” that “Iran or its prox-
ies will eventually kill Americans in
these attacks.”
It isn’t only a risk. On Oct. 7,
Hamas killed at least 33 Americans.
In its endless warnings to Iran—in-
cluding the subsequent U.S. pinprick
strikes—the Biden administration is
American auto executives also have
been weak. Most of them, unlike Toy-
ota Chairman Akio Toyoda, have
failed to resist government mandates.
Recent market results, including big
losses on EVs at many auto makers,
have vindicated Mr. Toyoda’s “all of
the above” stance, serving the needs
of customers over the wants of gov-
ernment and unelected bureaucrats.
Historically, the UAW has been
very effective at negotiating its work-
ers out of jobs and their employers
into bankruptcy. Like the executives
at auto companies, union brass al-
ways make out well when the music
stops. The U.S auto industry took de-
cades to catch up to the Japanese in
quality and innovation, and even now
struggles to compete, partly because
it has always had uncompetitive labor
arrangements.
Now U.S. auto makers are con-
strained by the UAW and the govern-
ment, forcing the customer and the
market to take a back seat in product
portfolio decisions. Quality control
will continue to decline. The taxpayer
is forced to pay for the gravy train of
state-driven misallocation of capital—
from which so many others would
have benefited—as well as the bailouts
to follow when the EV bubble bursts.

Gary Gensler Loses Again increasingly reminiscent of an epi-

sode of “The Honeymooners,” where
Ralph, in an effort to get his way, re-
KARL MILLER
White Plains, N.Y.

I
s Gary Gensler ever going to win a case? The U.S. Chamber of Commerce sued, argu- peatedly says, “Alice, this is the last
On Tuesday the Fifth Circuit Court of Ap- ing that the SEC violated the Administrative time. . . .” Invariably, he does nothing Pence Need Not Be Finished
peals handed the Securities and Exchange Procedure Act by failing to quantify the rule’s and his threats prove idle, much to
I concur wholeheartedly with your
Commission Chairman an- costs and benefits. Although the amusement of the audience. A
editorial “Mike Pence Makes a Gra-
other legal defeat by scuttling The SEC chief’s stock- the SEC claimed these “cannot central character spewing hot air can
be the foundation for a rewarding sit-
cious Exit” (Oct. 30). While it might
the agency’s stock-buyback buyback rule takes a be quantified,” the agency dis- com. Not so for a nation’s foreign
be difficult to ask of him, how about
rule (U.S. Chamber of Com- regarded data that the Cham- Mr. Pence joining Nikki Haley’s
policy.
merce v. SEC.) drubbing in court. ber submitted in a public com- JAMES SPIRO
ticket? Fresh ideas combined with
The SEC in May finalized a ment that would have enabled top-level experience and leadership.
New Orleans
BILL RYCKBOST
rule requiring public compa- the agency to do so.
Holland, Mich.
nies to disclose their daily share repurchases A three-judge Fifth Circuit panel skewered
and the reason for buying back their stock. Mr. the SEC for failing to substantiate the rule’s DEI Backfires on the Military
Gensler claimed companies might buy back purported benefits and applying inconsistent The diversity, equity and inclusion
their stock to boost executive compensation, logic. While the SEC claimed the cost to com- framework has damaged the military
Pepper ...
which is sometimes tied to accounting metrics panies of disclosing proprietary information (“Patriotism’s Decline Imperils the And Salt
such as earnings per share. would be modest, it also argued the disclo- Military” by Owen West and Kevin
THE WALL STREET JOURNAL
A 2020 SEC staff study found scant evidence sures would yield valuable information for in- Wallsten, op-ed, Oct. 31), just as it
for Mr. Gensler’s suspicion, explaining that re- vestors. “The SEC cannot have it both ways,” has damaged every other institution
purchases help issuers “maintain optimal levels the judges opined. that allows it to fester. Would I want
of cash holdings and minimize their cost of cap- The panel remanded the rule to the agency to to give up years of my life only to be
told the promotion I deserved went
ital” and “on average” have “a positive effect on correct its defects within 30 days. That means
to someone with a preferred sexual
firm value.” Nonetheless, Mr. Gensler claimed the agency will have to quantify its costs and preference or skin color? Unintended
that investors would benefit from knowing why benefits as well as demonstrate that “opportu- consequences strike again.
and when shares were being repurchased. nistic or improperly motivated buybacks are a KEITH BROWN
His real motivation appears to have been to genuine problem.” The available evidence sug- Fort Lauderdale, Fla.
shame companies and help his friends in the se- gests it isn’t, which should doom the rule.
curities litigation bar sue companies over their By flooding the zone with new regulations,
Letters intended for publication should
buybacks. Companies faced potentially hefty le- Mr. Gensler is forcing businesses to pick and be emailed to wsj.ltrs@wsj.com. Please
gal bills defending against lawsuits challenging choose their legal battles. But his fast-and-furi- include your city, state and telephone
the motivation and timing of their share buy- ous rule-making is leaving the agency vulnera- number. All letters are subject to
backs, especially if they resulted in higher exec- ble to legal challenges, and he is racking up editing, and unpublished letters cannot “Just because we mate for life
be acknowledged.
utive compensation. some record of defeat. doesn’t mean I can’t look.”

THE WALL STREET JOURNAL.
Three Foreign-Policy Illusions
By Jakub Grygiel
S
imultaneous crises are
threatening global sta-
bility and taxing U.S.
power and attention.
Russia’s war in
Ukraine, Hamas and Iran’s ag-
gression against Israel and
China’s threats in the Pacific
are all products of the grand
ambitions of evil imperial re-
gimes.
The West has cultivated illu-
sions that have allowed these
threats to rise and have left it
unprepared. Three in particular
are deeply ingrained in the
American and European mind-
sets.
The first is that leaders are
responsible for wars and these
countries are our rivals only be-
cause of their bad leaders. Sec-
retary of State Antony Blinken
said of the Ukraine invasion at
the United Nations Security
Council in September 2022: “One
man chose this war. And one man
can end it.”
But the war isn’t only Vladimir
Putin’s; it is Russia’s war. In a June
2022 poll, 75% of Russians either
definitely or mostly supported the
actions of Russia’s military forces.
Bad leaders alone don’t
cause conflict, global
governance has failed, and
trade doesn’t create peace.
One respondent asserted that “war
is the locomotive of history” and
that it was time for Russia to assert
its independence. The Russian Or-
thodox Church is an instigator of
the war and has formed a deep cul-
ture of Russian nationalism and im-
perial entitlement that extends be-
The First Amendment Threat in the Trump Civil Case
By Philip Hamburger
C
an the government penalize
someone for an inaccurate
statement that wasn’t made
with bad intent, recklessness or negli-
gence, and that didn’t cause concrete
harm to an identifiable third party?
That’s the First Amendment question
underlying the civil-fraud suit against
Donald Trump. The stakes are high
for the former president—and for the
rest of us.
New York’s Attorney Gen. Letitia
James has charged Mr. Trump under
the state’s Executive Law for alleg-
edly overstating his business’s real-
estate assets. The statute, however,
has long been constitutionally sus-
pect. Although historically only
courts or their grand juries could is-
sue subpoenas, the law grants the
state’s attorney general a subpoena
power to fish through private docu-
ments. Worse, the statute autho-
rizes Ms. James to bring a civil-
fraud suit for inaccurate statements
discovered in the process.
Common-law fraud doesn’t pun-
ish mere inaccuracy. It requires the
plaintiff to prove the defendant
knowingly made a false statement of
material fact with intent to deceive,
and that the victim was injured by
his reliance on the false statement.
The Executive Law, by contrast,
defines fraud to include something
as slight as a “false pretense” in the
course of business—adding only
that the statement be “repeated” or
otherwise “persistent.” Whereas the
AI Won’t Stop People From Playing Games
By Bruce Pandolfini
And Max Raskin
T
oday’s existential questions
about artificial intelligence
began in 1997 over a chess-
board. That year, world champion
Garry Kasparov lost to a computer
named Deep Blue, forcing the chess
world to grapple with the limits of
human talent. Instead of collapsing,
chess flourished, with more play-
ers, games and communities than
ever. That should encourage the
screenwriters, poets and artists
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Rupert Murdoch
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Emma Tucker
Editor in Chief
Liz Harris, Managing Editor
Charles Forelle, Deputy Editor in Chief
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yond the Kremlin. The result is that
Russia can incur massive casual-
ties—recently around 1,000 a day,
according to some estimates—with-
out much political backlash.
The hostility of Russia, Iran,
China and even Hamas can have
deep cultural roots and popular sup-
port that allows these actors to en-
gage in lengthy and devastating
conflicts. Removing a bad leader or
regime doesn’t necessarily turn an
enemy into a responsible actor.
The second illusion is that inter-
national organizations and global
governance can overcome conten-
tious national and regional politics.
Because these institutions are the
sources of international order for
many Western policy makers, the
primary objective of their diplomacy
is to bring more states, democracies
or not, under their pacifying um-
brella. President Franklin D. Roose-
velt hoped the Soviet Union would
behave better once it joined the
degree of culpability typically re-
quired for fraud is intent to deceive,
the Executive Law requires neither
intent, recklessness or negligence.
This means the law can punish mere
untruth without any prior culpabil-
ity or subsequent concrete harm.
As Judge Arthur Engoron ex-
plained in Mr. Trump’s case in Sep-
tember, a “lack of fraudulent intent”
and a “failure to allege losses”
aren’t relevant under the Executive
Law. He even imposed sanctions on
Mr. Trump’s lawyers, fining them
$7,500 each for questioning these
New York’s Executive Law
threatens to suppress
scientific and political as
well as commercial speech.
points and declaring their doubts
“frivolous.” Judge Engoron didn’t
pause to consider that in targeting
mere inaccuracy—let alone on the
basis of a nonjudicial fishing expedi-
tion—the Executive Law might be
profoundly dangerous, even uncon-
stitutional.
The statute is utterly dispropor-
tionate, authorizing the court to shut
down a defendant’s entire business—
simply for inaccuracy. The law is so
draconian that few have challenged
it. What defendant would want to
dispute the attorney general’s author-
ity given the risk of retaliation?
who now worry that AI will leave
them unemployed.
We are a student-teacher pair.
Mr. Pandolfini watched the Ka-
sparov-Deep Blue match in person,
while Mr. Raskin started learning
the game later that year. Those
who watched the match knew how
the story would end. At some point,
if not in 1997, the algorithm would
be victorious. But that hasn’t di-
minished our zeal for the game.
Most people know someone out
there can beat them, be it Norwe-
gian chess master Magnus Carlsen
Robert Thomson
Chief Executive Officer, News Corp
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OPINION
United Nations and was willing to
postpone hard negotiations with
Moscow to have it participate in the
founding of the U.N. Western lead-
ers hoped China would become a re-
sponsible stakeholder in the global
order once a member of institutions
such as the World Trade Organiza-
tion.
But like Russia, a permanent
member of the U.N. Security Coun-
cil, China hasn’t become a benign
geopolitical actor after participating
for more than two decades in the
WTO. The formative power of inter-
national institutions has been
greatly exaggerated, and the grand
strategy based on it has left the
West unprepared for the hard com-
petition, including war, in front of
us.
The third illusion is that greater
trade and wealth produce peace. For
decades German foreign policy has
followed the principle of “change
through trade.” Berlin thought trad-
Mr. Trump’s case could therefore
become an important precedent. In
U.S. v. Alvarez (2012), the Supreme
Court emphatically declared that the
Constitution “rejects the notion that
false speech should be in a general
category that is presumptively un-
protected.” The court now needs to
clarify that laws against mere inac-
curacy are fully protected, even
when regulating business speech.
This is especially necessary in New
York, where attorneys general have
interpreted the Executive Law to
reach dissenting scientific and polit-
ical opinion, notably in their pro-
ceedings against ExxonMobil for its
climate research.
To understand the Executive
Law’s threat to free speech, con-
sider that even perjury isn’t defined
simply in terms of falsity. The gov-
ernment must prove that a defen-
dant willfully recited under oath
what he didn’t believe to be true.
The crime isn’t merely the falsity of
his statement but also his intent to
tell a falsehood.
The subsequent harm is generic—
i.e., damage to society, not a con-
crete injury to a specific person—
but the government must show,
beyond a reasonable doubt, that the
defendant acted with bad intent.
Moreover, perjury’s domain is con-
fined. Rather than generally regu-
late private speech, perjury is lim-
ited to sworn court testimony and,
by extension, statements made to
officials.
Strict liability offers another con-
or Deep Blue. But knowing Michael
Jordan exists doesn’t prevent
pickup basketball games.
Creatives have spent too much
time obsessing over the question
posed most famously by mathema-
tician Alan Turing: Can we distin-
guish between what is produced by
a computer and what is produced
by a human? Instead, we should
ask: Why do we engage in these
pursuits in the first place?
We all take joy in play—in prac-
ticing a game and learning its
rules, in bonding with a coach and
team, in the excitement of the con-
test and its result. Fans take joy in
connection. Deadheads didn’t fol-
low the Grateful Dead around be-
cause the band accurately repli-
cated studio tracks; they expected
experiences that were real, not per-
fect.
Play is the sign of an advanced
civilization not solely concerned with
survival. Philosopher Leon Kass
wrote that “liberated from the cares
of everyday life, spectators are given
privileged access to some of life’s
deepest truths. . . . Sport invites and
rewards not only game-specific skills,
but also the indispensable virtues of
determination, discipline, courage,
endurance, enterprise, perspicacity,
and mental toughness.”
Some say all human cognitive
Thursday, November 2, 2023 | A17
ing with Russia, China and other
bad actors would ease their hos-
tility and turn them into reliable
partners. The U.S. thought that
trade with China would gradu-
ally alter Beijing’s incentives by
creating a peace-loving middle
class and deeper diplomatic ties.
The Western bet that expand-
ing trade would overcome ideo-
logical differences and political
rivalries was wrong. States en-
gage in trade to become wealthy
and competitive, not peaceful.
Often they want to be wealthy
so they can attack their enemies
and dominate others. As Russia
has done with Europe since Pe-
ter the Great, China now is pur-
suing more trade with the U.S.
to gain an advantage over its
commercial partner.
MARTIN KOZLOWSKI
Trade also fosters the desire
for power. Many states that
traded and grew economically
as a result developed large
power-projection capabilities,
most often through navies. Venice in
the 11th century, Britain in the 17th,
Germany and the U.S. at the turn of
the 20th—each backed its commerce
with a powerful navy, leading to
great clashes.
Military might, not interdepen-
dence, gives states the ability to act
in their best interests without con-
straints imposed by other powers.
Our rivals have been arming while
the West, Europe especially, hoped
that trade would render military ca-
pabilities useless.
Deep enmities can’t be tran-
scended through leadership
changes, international organizations
or trade. They can be checked, and
when necessary defeated, only
through military power.
Mr. Grygiel is a professor of poli-
tics at the Catholic University of
America, a senior adviser at the
Marathon Initiative and a visiting
fellow at the Hoover Institution.
trast. This is liability without culpa-
bility—that is, without intent, reck-
lessness or mere negligence. It
ordinarily is reserved for especially
dangerous conduct, not words alone,
and requires proof that the hazard-
ous conduct caused actual harm.
The Executive Law imposes strict li-
ability simply for words, without
proof of tangible damage to any in-
dividual.
Although Ms. James’s case
against Mr. Trump concerns his
real-estate valuations, much more is
at stake. Progress depends on the
willingness of scientists and the rest
of us to try out conclusions that
may be wrong. By targeting merely
inaccurate speech, the Executive
Law thus undermines the founda-
tions of scientific inquiry and intel-
lectual exploration. As evidenced by
the state’s proceedings against Exx-
onMobil, the statute endangers the
commercial exploration of scientific
ideas and threatens the progressive
improvement of the human condi-
tion.
Rarely has there been a better
opportunity to challenge the Exec-
utive Law for its assault on our
freedom of speech. Whatever New
York’s attorney general may say,
we have a right to be wrong. Mr.
Trump should ask the courts to
vindicate that right, for his sake
and ours.
Mr. Hamburger teaches at Colum-
bia Law School and is CEO of the
New Civil Liberties Alliance.
tasks will be replaced by AI. Legal
briefs and accounting memos writ-
ten by AI programs are already
comparable in quality to their hu-
man-generated counterparts. This
may concern lawyers and accoun-
tants, although we imagine they’ll
Maybe a computer can
beat a human at chess, but
where’s the fun in that?
do just fine. But in the world of
play, good chess instructors, like all
coaches, impart the lesson early
that winning isn’t everything.
When grandmaster Tigran Petro-
sian blundered his queen in a 1956
match, he was still poised to win.
But having marred a masterpiece,
he chose to resign instead. The art-
istry was more important than the
outcome. Maybe a computer can
play chess better than we can.
Maybe it could have written this
article. But where is the fun in
that?
Mr. Pandolfini is U.S. Chess Fed-
eration national master and a chess
teacher. Mr. Raskin is an adjunct
law professor at New York Univer-
sity.
.
Islamophobia
Is a Phony
Diagnosis
By Matthew Hennessey
I
slamophobia is again the obses-
sion of progressives and the
media. “I know many of you in
the Muslim-American community,
the Arab-American community, the
Palestinian-American community,
and so many others, are outraged,
saying to yourself, here we go
again with Islamophobia and dis-
trust we saw after 9/11,” President
Biden said in his Oct. 19 prime-time
address. The Council on American-
Islamic Relations says it has re-
ceived complaints from Muslims
facing “a hostile work environ-
ment” caused by employers’ “Islam-
ophobic and anti-Palestinian mes-
saging.”
Horsefeathers. Islamophobia isn’t
real. I defy anyone to prove its ex-
istence. Same goes for homophobia,
transphobia and xenophobia. These
political “phobias” are all fictions.
They are cynically potent neolo-
gisms designed to equate conserva-
tism with mental illness.
Racism exists. So do sexism, al-
coholism and many other bad isms.
People can be cruel to each other—
and to themselves—in classifiable
ways. We have flaws rooted in hu-
manity’s fallen nature that we
should all try to overcome. But the
phobias that politicians and jour-
nalists bandy about are phony.
They exist only to stigmatize ordi-
nary political thought and intimi-
date people into silence.
Begin at the beginning: Fear and
hatred aren’t the same. Both are
powerful emotions. Some relation-
ship exists between them. But they
aren’t synonyms. Where they occur
together, fear generally comes first.
It’s a natural response to danger.
Fear comes from the gut. Its pur-
pose is to activate the instinct for
self-protection. When someone tells
you not to be afraid even though
every cell in your body is saying
you should be, chances are good
that person has an agenda.
We often hate the things we’re
afraid of precisely because of how
fear makes us feel and behave.
Someone suffering from claustro-
phobia might have an emotional
breakdown at the mere thought of
being confined in a small room. He
may say he hates it, but what he
really means is he’s terrified. The
fear and the hatred aren’t one.
Political cynics use the
term to make normal
human reactions to terror
seem crazy or bigoted.
Modern progressives relish the
opportunity to pathologize conser-
vative views, diagnosing those who
hold them as sick or crazy. When
used effectively, a term like “Islam-
ophobia” freezes its target, forcing
a denial of prejudice. A denial that
is awkward or unconvincing can be
a debate-ender.
We can tell that this is a parti-
san phenomenon because the pho-
bia diagnoses only run one way.
Liberals claim to be afraid of ram-
pant gun violence, but they don’t
describe themselves as suffering
from “gunphobia.” The other guys
are crazy, not us.
No one is afraid of Islam per se,
which is what the word “Islamo-
phobia” implies. I have met many
Christians, Jews, Hindus, Buddhists
and atheists who are intrigued by
Islam, curious about its theology
and teachings. I have never met
anyone who is afraid of it.
But many people fear becoming
the victims of Islamic terrorism.
They are afraid of being killed in
their homes or their offices, on the
street or at the theater, by wild-
eyed jihadists hopped up on syn-
thetic amphetamines. They are
afraid of car bombs and subway
stabbings. They are afraid of guys
shouting “Allahu Akbar!” while
filming themselves slaughtering in-
nocent people.
I know a lot of people who are
angry that this happened last
month. They have noticed that sim-
ilar atrocities have been happening
with frequency for decades. They
hate that it never seems to stop.
It’s rational to be afraid of Is-
lamic terror. It’s understandable to
be angry about the World Trade
Center, Bali, Madrid, London, Paris,
the Boston Marathon, San Bernar-
dino, Charlie Hebdo, the Manches-
ter Arena, the Brussels Metro, the
Orlando nightclub, Salman Rush-
die—the list goes on.
It isn’t wrong to hate the people
who live streamed the slaughter of
entire families on Oct. 7. It isn’t a
phobia to abhor senseless death de-
livered in the name of God. It may
even be laudable.
Mr. Hennessey is the Journal’s
deputy editorial features editor.

A18 | Thursday, November 2, 2023
Russia Holds Two of Its Soldiers in Killings
Moscow officials are bodies were found in a private
home with gunshot wounds.
probing the slaying The suspects, identified as
of a Ukrainian family contract soldiers from Russia’s
Far East, were taken into cus-
in occupied territory tody, the Russian investigators
said in a statement published
BY ANN M. SIMMONS Monday. Preliminary informa-
tion showed the motive for
Two Russian soldiers are the crime “was a domestic
being held in the killing of conflict,” the investigators
nine family members, includ- said, without further details.
ing two children, in Ukrainian Russia has seized control of
territory controlled by Mos- parts of the Donetsk region,
cow, in a case that has sparked which it treats as Russian ter-
anger in Ukraine and Russia. ritory, despite condemnation
Russian-occupation authori- from Ukraine, the U.S. and
ties said they launched an in- other Western countries.
vestigation following the killing Ukraine’s Donetsk Region
Friday of nine residents of the Prosecutors Office said armed
city of Volnovakha, where their men dressed in military uni-
Developers in China Cut Prices, Angering Homeowners
BY CAO LI bought homes in the same de-
velopment. Some of them
Cities across China are giv- complained to local govern-
ing real-estate developers the ment officials, accusing the
go-ahead to cut prices on new developer of disrupting the
homes to revive sales after a market, and demanded com-
two-year housing downturn. pensation for their losses. Un-
They are running into re- der pressure, the local housing
sistance from homeowners authority ordered the devel-
who don’t want to see the val- oper, a unit of China Poly
ues of their properties fall. Group, to stop the reductions
Unlike in the U.S., where and invalidate all contracts
home prices are largely deter- with the lower prices, Na-
mined by market forces, strict tional Business Daily, a Chi-
government price controls nese media outlet, reported.
have long been used in China Poly didn’t respond to re-
to help prop up real-estate quests for comment.
values. Official home-price in- Similar incidents took place
dexes for major Chinese cities, in October in Wuhan, the capi-
which climbed for years, have tal city of central China’s Hubei
held up remarkably well de- province, and in Xiamen, in the
spite a deep slump in new- southeastern Fujian province,
home sales. according to property agents
In Huizhou, a southern Chi- and local media reports. A de-
nese city near Shenzhen, one veloper in Wuhan that was part
of the country’s largest state- of another state-owned enter-
owned developers dropped its prise apologized and canceled
prices during a national holi- its recent sales.
day in early October. Apart- The conflicts show the diffi-
ments in Poly Sunshine Town, cult balance China is trying to
a large high-rise complex, strike as it tries to shore up a
were on sale for about half the slumping property sector with-
price other units went for in out angering citizens and po-
2020 and 2021. tentially causing social unrest.
The lower prices were met There is also the risk of
with strong opposition from further damaging consumer
residents who previously confidence and hurting con-
WORLD WATCH
LUIS TATO/PRESS POOL
WHO’S A GOOD RHINO? Britain’s King Charles III and Queen Camilla petted a baby rhino called Raha during a trip to the
Sheldrick Wildlife Trust on the outskirts of Nairobi, Kenya, on Wednesday during their state visit to the former U.K. colony.
VATICAN BELARUS
Pope to Attend Passports of Exiles Volcano Spews
Climate Conference Won’t be Renewed Huge Ash Cloud
Pope Francis announced Hundreds of thousands of
that he would travel to the Belarusians who fled repres-
COP 28 United Nations Cli- sion in their homeland face
mate Change Conference in the prospect of having invalid
Dubai next month, becoming documents after authoritar-
the first pontiff to participate ian President Alexander Lu-
in such an event. kashenko signed a decree
The pope’s presence at the halting passport renewals
conference will be one of his abroad.
most significant gestures An estimated 500,000 Be-
drawing attention to protec- larusians fled to the West af-
tion of the environment, ter Lukashenko was declared
which he has made a signa- the winner of the 2020 elec-
ture issue of his pontificate. tion, which was widely seen
Francis announced his as fraudulent. Many of them
plans in an interview broad- face having no valid docu-
cast on Wednesday night on ments after the Sept. 4 de-
Italy’s RAI television. He said cree halted passport renewals.
he would attend the climate Human Rights Watch has
conference for three days be- condemned what it called the
ginning Dec. 1. The conference “draconian” decision, labeling
runs from Nov. 30 to Dec. 12. it retaliation against the re-
“Our future is at stake, the gime’s “critics-in-exile” by
future of our children and putting them at risk of “polit-
grandchildren. It takes some ically motivated prosecution
responsibility,” the pope said if they have to return to Be-
about the importance of the larus to process their docu-
event. ments.”
—Francis X. Rocca —Associated Press
WORLD NEWS
form went to a private resi-
dence in Volnovakha last
month and demanded that the
family vacate the house so
Russian soldiers could move in.
When the 53-year-old
owner of the property refused,
“the attackers threatened his
family members with physical
violence and left,” the prose-
cutors office said. Russian
military personnel later re-
turned to the house and shot
all nine members of the fam-
ily, who were asleep. The vic-
tims included three women
and two children born in 2014
and 2018, it said.
The prosecutor’s office pub-
lished photos of the slain fam-
ily lying in beds, some embrac-
Year-on-year change in
new-home prices in major
Chinese cities*
15%
Top Tier
Second Tier
10 Third Tier
5 20
0 10
-5
2019 ’20 ’21 ’22
*For residential buildings in 70 large and medium-size cities in China. China divides cities into
tiers based on factors including the size of the economy and population.
†10 billion yuan=$1.37 billion.
Sources: National Bureau of Statistics via Wind (new-home prices);
the company (contracted sales)
sumption if people expect
their homes—which are
among their most valuable as-
sets—to fall in value.
“This is a tug of war among
homeowners, developers and
local governments as the mar-
ket continues to seek its bot-
tom,” said Bruce Pang, chief
China economist at Jones
Lang LaSalle.
The slumping property
market has become a signifi-
RUSSIA
Huge ash columns erupted
from Eurasia’s tallest active
volcano Wednesday, forcing
authorities to close schools in
two towns on Russia’s
sparsely populated Kam-
chatka Peninsula.
The eruptions from the
Klyuchevskaya Sopka volcano
sent ash as high as 8 miles
above sea level, officials said.
There were no reports of
injuries, but officials ordered
schools in Ust-Kamchatsk
and Klyuchy closed as a pre-
caution. Each town has a
population of about 5,000.
The 15,255-foot stratovol-
cano has been active in re-
cent years and released lava
in June.
The Kamchatka Peninsula,
which extends into the Pa-
cific Ocean about 4,100 miles
east of Moscow, is noted for
its array of active and dor-
mant volcanoes, geysers and
geothermal springs.
—Associated Press
ing—the walls of the rooms
where they slept splattered
with blood. It said a pretrial
investigation had been started
“for violation of the laws and
customs of war.” The maxi-
mum penalty for the crime is
life imprisonment, it said.
The detention of the sol-
diers marked a rare case of
Russian authorities acknowl-
edging that members of their
forces occupying Ukraine or
fighting in the country have
committed a crime against
Ukrainian civilians since Rus-
sian President Vladimir Putin
ordered the invasion of
Ukraine in February 2022.
Earlier this year, United Na-
tions investigators gathered
Country Gardenʼs monthly
contracted sales†
40 billion yuan
30
0 tively putting a floor under
’23 2022 ’23
cant drag on China’s economic
recovery, and Chinese authori-
ties and policy makers have
made numerous attempts to
resuscitate buyer demand.
Plunging sales were the
main reason property giant
Country Garden failed to pay its
international debt in October.
The defaults of dozens of
developers have spooked
many potential home buyers,
causing sales at surviving pri-
TAIWAN
China Steps Up
Intimidation
Taiwan said Wednesday
that China sent 43 military
aircraft and seven ships near
the self-ruled island, the lat-
est sign that Beijing plans no
letup in its campaign of ha-
rassment, threats and intimi-
dation.
Taiwan’s Defense Ministry
said the figure was current
for the 24 hours up to 6 a.m.
Wednesday and that 37 of
the aircraft had crossed the
median line in the Taiwan
Strait, which China no longer
recognizes as an informal di-
vider between the sides.
It said Taiwan had moni-
tored the situation, scram-
bled jet fighters, dispatched
ships and activated land-
based missile systems, all
standard responses to Chi-
nese military activities, which
include crossing into Taiwan’s
air defense identification
zone but not into its actual
airspace.
—Associated Press
* * THE WALL STREET JOURNAL.
evidence of a range of atroci-
ties that Russian forces have
committed against Ukrainians
that amount to war crimes, a
U.N. commission found. The in-
vestigators cited evidence of
killings, imprisonment, torture,
sex crimes and the deportation
of civilians, according to a re-
port released in March.
Last month, the U.N. com-
mission “documented further
evidence that Russian authori-
ties have committed indis-
criminate attacks and the war
crimes of torture, rape and
other sexual violence, and de-
portation of children to the
Russian Federation,” accord-
ing to its report submitted to
the U.N. General Assembly.
vately run property companies
to fall further. Poly’s sales
have held up relatively well
because buyers have been
gravitating toward financially
stronger state-owned develop-
ers. But like many of its peers,
the company has large inven-
tories of properties to sell.
Chinese property develop-
ers have to register their
prices with local housing au-
thorities before they can sell
homes. Government price con-
trols have helped to keep
housing values stable by effec-
developers’ sale prices.
In recent months, Beijing
has encouraged local govern-
ments to roll back most of
their home-purchase restric-
tions, as reviving sales has be-
come mission-critical for de-
velopers and the broader
economy.
The central bank has in-
structed banks to lower mort-
gage down-payment ratios, and
local governments have loos-
ened the definition of first-time
home buyers, a category that
comes with purchase subsidies
and other perks.
Large and smaller cities
have begun eliminating price
restrictions—in effect allow-
Beijing, U.S. to Hold
Arms-Control Talks
BY MICHAEL R. GORDON
The Biden administration is
preparing to hold a rare dis-
cussion with China on nu-
clear-arms control as the U.S.
seeks to head off a destabiliz-
ing three-way arms race with
Beijing and Moscow.
The meeting scheduled for
Monday is the first such talks
with Beijing since the Obama
administration and will focus
on ways to reduce the risk of
miscalculation, U.S. officials
said.
The discussion doesn’t sig-
nal the start of formal negoti-
ations to set limits on each
side’s nuclear forces, as Wash-
ington has long done with
Moscow. Instead, Monday’s
session will provide American
officials with an opportunity
to probe their Chinese coun-
terparts about Beijing’s nu-
clear doctrine and the ambi-
tious buildup of its nuclear
arsenal, which for decades has
been much smaller than the
U.S.’s and Russia’s.
“The Chinese leadership is
still preparing for long-term
competition with the United
States,” said Tong Zhao of the
Carnegie Endowment for Inter-
national Peace. “The hope is if
this exchange can be main-
tained and can happen regu-
larly in the future, that might
open up opportunities for more
substantive conversations.”
More urgently, Washington
is grappling with the chal-
lenge of how to deter twin nu-
clear threats from China and
Russia, including the politi-
cally fraught question of
whether the U.S. will need to
expand its nuclear forces in
the years ahead.
In a parallel effort, the Bi-
den administration is also try-
ing to draw Russia into sepa-
rate arms-control talks, after
Moscow pulled back from the
New Start treaty while still
observing its limits on war-
heads. The administration has
sent Moscow a confidential
paper outlining ideas on man-
aging nuclear risks now and
after that agreement, which
cuts American and Russian
long-range nuclear weapons,
.
“As the armed conflict in
Ukraine continues in its sec-
ond year, it has further con-
tributed to suffering and hard-
ships for thousands of
affected civilians,” the com-
mission said.
Russian officials have de-
nied that its soldiers inten-
tionally target civilians and
have dismissed as propaganda
reports of war crimes alleg-
edly committed by its troops.
News of the killing of the
family, whom Russian state
media reported was buried on
Tuesday, has triggered wide-
spread condemnation, includ-
ing among pro-Kremlin pun-
dits and the staunchest
supporters of Putin’s war.
ing developers to set their
own prices.
In places where there are
still limits, some companies
have offered de facto dis-
counts by giving free home
appliances, parking spaces or
even gold to those who are
purchasing apartments.
“If you only look from the
perspective of reviving the
property market, you should
let developers decide the
prices based on supply and
demand, which could result in
substantial price cuts,” said
Dan Wang, chief economist at
Hang Seng Bank China. She
added that Chinese regulators
would prefer a controlled or
gradual decline in prices, but
that goal might be hard to
achieve in practice.
Pang, the Jones Lang La-
Salle economist, referring to a
slogan commonly used by Chi-
nese regulators, said: “If
prices escalate excessively, it
contradicts the principle that
‘housing is for living, not for
speculation.’ If prices plum-
met significantly, it violates
the goals of stabilizing hous-
ing prices.”
 Heard on the Street: Beware
a Chinese fall stall.......... B12
expires in February 2026.
A senior Biden administra-
tion official said the U.S. is hop-
ing to initiate “a conversation
on what a framework after New
Start could look like” while also
reducing nuclear dangers while
tensions are high over Russia’s
invasion of Ukraine.
Russia has yet to respond
to the Biden administration’s
proposal for fresh talks, U.S.
and Russian officials say.
The opening with China
comes as Washington and Bei-
jing, after a near free fall in re-
lations over the past year, are
starting to talk about an array
of trouble spots in preparation
for a summit between Presi-
dent Biden and Chinese leader
Xi Jinping this month.
The two powers in recent
months have agreed to open
or resume channels to discuss
maritime issues, commercial
and trade matters and restric-
tions on exports of technology,
among other disagreements.
But the rapprochement is
delicate. Beijing has stiff-
armed Biden administration
requests to restore regular
contacts between military
leaders. China has yet to con-
firm Xi’s participation in a
summit, though the two sides
reached “an agreement in
principle” on the meeting.
Arms control and nonpro-
liferation, which are among
the subjects to be taken up in
Monday’s meeting in Wash-
ington, have been among the
thorniest of topics. The meet-
ing was agreed to as part of a
broader push to create a bet-
ter political atmosphere for
the anticipated summit meet-
ing, Carnegie’s Zhao said. He
said his expectations for the
arms-control discussions were
modest.
China has said little about
what it expects from the
arms-control talks. On Mon-
day, Chinese Foreign Ministry
spokesman Wang Wenbin said
that differences over Taiwan
represent the biggest obstacle
to improved U.S.-Chinese rela-
tions and said Beijing wants
to “stabilize relations.”
—Charles Hutzler
contributed to this article.

BUSINESS & FINANCE
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4237.86 À 1.05% S&P FIN À 0.63%
Disney to Pay $8.6 Billion for Hulu Toyota
Raises Pay
Minimum purchase
price is set for
Comcast unit’s
chunk of streamer
BY JESSICA TOONKEL
Disney said Wednesday it
expects to pay Comcast’s
NBCUniversal at least $8.61
billion for its stake in Hulu, as
the companies continue com-
FROM LEFT: ADIDAS ARCHIVE; MARC PIASECKI/GC IMAGES/GETTY IMAGES
Adidas faces a challenge to boost production to meet demand for retro sneakers. Above, the
1950 Adidas Samba; at right, model Bella Hadid wears Adidas Samba shoes.
Retro Adidas Sambas Are
Year’s Must-Have Sneaker
BY TREFOR MOSS
This year’s must-have
sneaker is a shoe so old it was
launched in the former West
Germany while the U.S. was
still enacting the Marshall
Plan.
Ever since its invention as
a soccer shoe in 1950 and sub-
sequent evolution into a ca-
sual sneaker, the Adidas
Samba has drifted in and out
of fashion, without ever quite
going away.
All of a sudden, the Samba
and other classic models are
everywhere, sported by every-
FTX Trial Chip Industry Looks to Rebound in Latest Swing
Nears End
With Rival
Narratives
BY CORINNE RAMEY
Prosecutors and defense at-
torneys clashed over whether
FTX founder Sam Bankman-
Fried was a liar who stole bil-
lions of dollars—or an uncon-
ventional executive who made
mistakes.
During his closing argu-
ment Wednesday, Assistant
U.S. Attorney Nicolas Roos
told jurors that almost a year
ago, when thousands of people
were trying to withdraw their
money from the collapsing
crypto exchange, their dread
turned to despair.
“Who was responsible?”
said Roos, who then turned
and pointed his finger at the
defense table. “This man,
Samuel Bankman-Fried.”
The FTX founder’s defense
attorney told jurors that pros-
ecutors were portraying Bank-
man-Fried as a movie villain.
“In the real world people mis-
judge things,” Mark Cohen
told the jury. “They make mis-
takes.”
The arguments came at the
end of the monthlong trial of
Bankman-Fried, 31 years old,
who faces seven criminal
counts, including fraud and
money-laundering offenses.
At the defense table, Bank-
man-Fried sat flanked by his
lawyers, at times his whole
body vibrating under his over-
size gray suit. His parents,
who have been a regular pres-
ence in the courtroom, were
notably absent from their seat
behind the sketch artists dur-
ing prosecutors’ presentation,
but returned when their son’s
lawyer spoke to the jury.
Over nearly four hours,
Please turn to page B2
* * * * *
S&P IT À 2.08% DJ TRANS À 0.90%
plex negotiations over the fu-
ture of the streaming video
service.
Disney’s announcement
came after Comcast exercised
its option, as part of a long-
held agreement between the
companies, to sell its minority
stake in Hulu. Disney controls
two-thirds of the service,
while Comcast owns one-third.
The payment Disney said it
will make reflects the “floor”
of what Comcast is owed.
one from celebrities and fash-
ionistas to hard-core sneaker-
heads.
Now, Adidas is racing to
capitalize on the trend as it
looks to fill an estimated
roughly $2 billion-a-year void
left by the collapse of its once
lucrative Yeezy partnership
with rapper Kanye West.
“We’ve been seeing this
groundswell of excitement”
for retro sneakers globally,
said Torben Schumacher, gen-
eral manager of Adidas Origi-
nals, a unit overseeing the
company’s heritage fashion
and sportswear. “We want to
BY JIYOUNG SOHN AND ASA FITCH
The global semiconductor
industry is bottoming out, ex-
ecutives say, signaling a re-
bound in some areas of tech-
nology and providing relief for
the U.S. government, which is
spending billions on expand-
ing chip production.
In recent weeks, executives
at Intel, Taiwan Semiconduc-
tor Manufacturing Co. and
Samsung Electronics have ex-
pressed confidence that the
worst is over for the chip in-
dustry, which had been in a
prolonged slump.
South Korea-based Sam-
sung, the world’s largest mem-
Leaders Pledge to Act
To Limit Harms of AI
BY SAM SCHECHNER
BLETCHLEY, U.K.—Here in
the English countryside, at an
estate where World War II
codebreakers cracked the Na-
zis’ Enigma encryption ma-
chine, world leaders pledged
to work together to lessen
risks of a technology they said
also poses a grave threat.
Artificial intelligence, they
said, could in its most ad-
vanced forms create cata-
strophic risks in realms in-
cluding cybersecurity and
biotechnology—or even escape
human control.
“It is sometimes worthwhile
to take science fiction seri-
ously,” said Michelle Donelan,
U.K. secretary of state for sci-
ence, innovation and technol-
ogy, quoting a codebreaker
who worked at the estate.
In a statement, issued at
the opening of a two-day sum-
mit that kicked off Wednes-
day, the U.S., China and two
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.18%
Now, the parties will enter ne-
gotiations to determine the
full value of Hulu and any ad-
ditional payment Comcast is
owed.
Hulu, which had 48 million
subscribers as of July, is
known for streaming broad-
cast shows from Fox and ABC
as well as originals like “The
Bear” and “Only Murders in
the Building.” It also has a
deep catalog of classics and an
online live-TV service. Hulu is
make sure it has a commercial
impact.”
Adidas faces a challenge to
crank up production fast
enough to meet demand. At
the start of the year, the com-
pany hadn’t anticipated boost-
ing output of its retro models,
which analysts estimate sold
under one million pairs in
2022. Then the Samba, in par-
ticular, kept selling out in
many markets faster than the
company was able to restock
the shoes.
The company reacted by
ramping up output of its retro
models, which is now increas-
ory-chip maker, on Tuesday
posted a 38% year-over-year
drop in net profit for the third
quarter, but it said customers
were getting back to normal
inventory and that production
cuts had eased the supply glut.
The company cited growing
demand related to artificial in-
telligence and new personal
computers and smartphones
incorporating more memory as
reasons for optimism.
“We think that the current
recovery that we’re seeing will
continue next year,” said Kim
Jae-june, a Samsung memory-
chip executive.
The emerging recovery of
the semiconductor market
dozen other countries pledged
closer cooperation in evaluat-
ing the risks posed by coming
AI systems—called models—
that are more powerful than
those available today, and to
consider legal frameworks to
govern their deployment.
“There is potential for seri-
ous, even catastrophic, harm,
either deliberate or uninten-
tional, stemming from the
most significant capabilities of
these AI models,” the joint
statement said, citing poten-
tial misuse of powerful AI sys-
tems by bad actors or even
loss of control of systems that
aren’t fully understood and
are hard to predict.
The pledge is the first ma-
jor international statement
that echoes warnings over a
potential existential risk to
humanity from powerful new
AI models.
Debates about how seriously
to take those warnings, and
Please turn to page B4
2–YR. TREAS. yield 4.971%
one of the few profitable
streaming services.
The streaming service’s fate
has been in question ever
since Disney acquired 21st
Century Fox entertainment as-
sets in 2019, a deal that gave
Disney majority control of
Hulu.
Under an agreement
reached that same year, both
Disney and Comcast had the
right to force a sale of Com-
cast’s stake at fair-market
ing month on month and
could reach a rate of 15 mil-
lion pairs a year or more,
Chief Executive Bjørn Gulden
said on a recent analyst call.
At those levels, if maintained,
retro sneaker sales could help
replace the lost Yeezy reve-
nue.
“We have a bigger archive
than anyone else [but] we
have not exploited that,” Gul-
den said, acknowledging that
suggests the global economy
has some resilience despite
challenges including inflation,
the war in Ukraine and the
war between Israel and
Hamas. Chips are often a bell-
wether because they are used
in many products ranging
from PCs and smartphones to
data centers and cars.
The prospect of a healthier
industry is also reassuring to
the U.S. government. Under
last year’s Chips and Science
Act, the U.S. is spending some
$53 billion to promote semi-
Please turn to page B4
 Heard on the Street: PC
boost won’t last............... B12
INSIDE
BUSINESS NEWS
Theme-park operators
Six Flags and Cedar
Fair are near a deal to
merge. B3
TECHNOLOGY
Write-downs cast
gloom over the outlook
for wind-power
companies. B4
Thursday, November 2, 2023 | B1
NIKKEI (Midday) 31954.48 À 1.12% See more at WSJ.com/Markets
value, with a minimum valua-
tion of $27.5 billion for the
whole service, or roughly $9
billion for Comcast’s stake. In
September, the companies
moved up the start date of the
Hulu negotiations to Sept. 30
from January 2024.
Disney’s initial payment,
which it must make on or be-
fore Dec. 1 of this year, is less
than $9 billion because it fac-
tors in $567 million in out-
Please turn to page B2
rival Nike—though a couple of
decades younger than Adi-
das—has historically done a
better job of monetizing its
back catalog. Nike’s ’77 Vin-
tage Blazer basketball shoe is
a recent hit, for example.
Adidas has launched its
first global marketing cam-
paign in years for what it calls
its terrace shoes—low-rise
sneakers with rubber soles—
Please turn to page B6
Standard memory-chip prices*
$6
NAND flash‡
Forecast
5 DRAM**
4
3
2
1 0
2021 ’22 ’23 ’24
*4Q 2023 is estimate †2023 is an estimate ‡512Gb TLC wafer **DDR4 8Gb
Sources: TrendForce (prices); IBS (market size)
Real-Estate Agents’
Fees to Get Revamp
BY NICOLE FRIEDMAN
AND LAURA KUSISTO
Home buyers and sellers
face the prospect of major
changes to how much and in
what way they pay their real-
estate agents, after Tuesday’s
verdict against the National
Association of Realtors and
large residential brokerages.
Those changes could range
from minor tweaks to the
commission system to a more
radical restructuring of the
residential real-estate indus-
try, such as more people buy-
ing homes without using
agents or buyers paying their
agents by the hour.
A federal jury in Missouri
found NAR and large broker-
ages conspired to keep costs ar-
tificially high and awarded $1.8
billion in damages, which could
be tripled to more than $5 bil-
lion under antitrust rules. NAR
has said it plans to appeal.
The verdict raises the pos-
.
For Most
U.S. Auto
Workers
BY SEAN MCLAIN
Toyota Motor is giving
most of its U.S. auto-factory
workers a 9% pay bump and
shortening the time it takes
to reach the maximum pay, a
sign that gains the United
Auto Workers made in Detroit
are rippling through the auto
industry.
Toyota, whose U.S. facto-
ries aren’t unionized, will in-
crease pay for most assembly-
plant workers to $34.80 an
hour from $31.86 an hour,
starting Jan 1., a spokesman
for the company said
Wednesday.
Hourly employees at Toy-
ota’s spare-parts facilities
and logistics warehouses will
receive the same pay raise,
the Japanese automaker’s
third increase this year for
blue-collar workers.
Toyota typically reviews
wages for workers twice a
year, in the spring and the
fall, to determine whether in-
creases are needed. In Sep-
tember, it increased the
hourly wage by 25 cents for
this same group of workers.
The company is cutting in
half the time it takes for
hourly employees to reach
maximum pay, from eight
years to four, the spokesman
confirmed. The UAW won a
similar gain for its union-rep-
resented members in tenta-
tive agreements struck re-
cently at General Motors,
Ford Motor and Stellantis.
Toyota regularly assesses
compensation “to ensure that
we remain competitive within
the automotive industry,”
said Chris Reynolds, the com-
pany’s head of human re-
sources in North America.
Automotive News and Reu-
ters previously reported the
Please turn to page B2
Semiconductor market size†
$600 billion Projections
500
400
300
200
100
2018 ’20 ’25
sibility of the biggest changes
in decades to how Americans
buy and sell homes, and the
costs associated with those
transactions.
In a report released ahead of
the verdict, Ryan Tomasello, a
real-estate industry analyst
with Keefe, Bruyette & Woods,
predicted the lawsuits could
lead to a 30% reduction in the
$100 billion that Americans
pay in real-estate commissions
every year and push well over
half of the almost 1.6 million
agents out of the industry.
“I have a hard time believ-
ing that this could be the ver-
dict and there’s no material
changes,” said Anthony La-
macchia, whose brokerage La-
macchia Realty has more than
500 agents in six states. “It’s
just what, and when, and what
does it lead to?”
Nothing has changed yet for
real-estate agents or for con-
sumers in the middle of trans-
Please turn to page B2
 .

B2 | Thursday, November 2, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Panama Canal to Halve Daily Sailings

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Exxon Mobil.................................A1 Novo Nordisk..............................A1

Toyota
Adidas...............................................B1
Advanced Micro
Devices.............................B11,B12
F
Ford Motor...................................B1
Forward Air...............................B12
Nvidia............................B4,B11,B12
O
Orsted..............................................B4
Increases
AJ Bell.............................................B4
Amazon.com.............................B12
B
G
General Motors........................B1
Omni Logistics.......................B12
ON Semiconductor...............B4
S
U.S. Pay
H
Boeing..............................................B6
Hess....................................................A1 Samsung Electronics...........B1 Continued from page B1
BP........................................................B4
I
SeaWorld Entertainment hourly worker pay increases
C ............................................................... B3 at Toyota.
Cedar Fair Entertainment Iberdrola.........................................B4 Siemens Energy......................B4 The UAW recently con-
............................................................... B3 Intel...........................................B1,B12 Six Flags Entertainment.B3 cluded a more-than-six-week
Chevron............................................A1 J SK Hynix........................................B4 strike at the Detroit automak-
Chipotle Mexican Grill.......B3 JPMorgan Chase..........B2,B10 Spirit AeroSystems..............B6 ers, after reaching proposed
Cnooc.................................................A1
K Stellantis.........................................B1 contracts at all three car
Comcast...........................................B1
T companies for roughly
KPS Capital Partners........B11
Country Garden.....................B12 146,000 U.S. auto workers.

JUSTIN SULLIVAN/GETTY IMAGES

Kraft Heinz.................A6,B3,B11 Taiwan Semiconductor
CVS Health.................................B11 Those agreements include
L Manufacturing.......................B1
D a 25% general wage increase
Tesla..................................................B2
Live Nation..................................B4 over four years, which the
DBS..................................................B10 Toyota Motor.............................B1
M UAW says is more than mem-
Dominion Energy...................B4 U bers have received in the past
DuPont de Nemours..........B11 McDonald’s..................................A6
Universal Entertainment 22 years combined. When
E Meta Platforms...B4,B11,B12
............................................................... B3 cost-of-living adjustments are
Microsoft............................B11,B12
EDP Renováveis......................B4 V factored in, the increase
Middleby........................................B3
Eli Lilly..............................................A1 Panama Canal officials will said daily reservation slots vessels are waiting to cross would boost the top pay for
Morgan Stanley.......................B2 Vattenfall.......................................B4
Engie.................................................B4 cut available slots for ship will be cut to 25 this month, at both sides of the canal, Detroit Three production
Equinor............................................B4 N W transits by half this winter as 22 in December, 20 in Janu- which connects the Pacific workers to about $42 an hour
Estée Lauder............................B11 Nike.....................................................B1 Walt Disney.........................B1,B3 extreme drought leaves the ary and 18 in February. Last and Atlantic oceans. Contain- at the end of the contract’s
man-made waterway lacking month, the canal had 32 daily erships that have fixed term in 2028.
enough water. transits. The waterway can schedules and have booked UAW President Shawn Fain
INDEX TO PEOPLE The changes come after
the canal had its driest Octo-
normally handle an average
of 40 transits a day.
slots months in advance
aren’t facing serious delays,
promoted the wins in Detroit
as providing momentum to a
ber on record, continuing a Rainfall levels are down by but tankers called on short union that is looking to ex-
A Heppenstall, Mark................B11 Palmer, David.............................B3 monthslong spell of warmer about a third this year com- notice to move crude or gas pand its membership in the
Abrams-Rivera, Carlos.......B3 Hess, John.................................A10 Pass, Michael de....................A2 temperatures and low rain- pared with last year, reducing can be trapped for weeks. auto industry, a goal that was
Albaugh, Jim..............................B6 I Psaros, Michael......................B11 fall. Officials already re- the water level of Gatun Lake, Ships pressed to deliver elusive in the past.
Altman, Sam..............................B4 R stricted traffic on the water- the artificial reservoir that cargoes on time may have to He has signaled that the
Iger, Bob.........................................B2
Reynolds, Chris.........................B1 way, which handles around feeds the canal’s locks, to un- bid up toll payments that are UAW’s next targets are U.S.
B J 7% of global seaborne trade. precedented low levels. several times higher than factories at Toyota, Tesla and
S
Bankman-Fried, Sam...........B1 Jae-june, Kim..............................B1 The canal administration Authorities say about 98 normal. —Costas Paris foreign-owned automakers
Bassoul, Selim..........................B3 Johnson, Matthew................A3 Schmitt, Thomas..................B12 that don’t have union-repre-
Brewin, Paige..........................B10 Schumacher, Torben.............B1 sented workers in the U.S.
L

Real-Estate
Seah, Peter................................B10 vice provided and the commis- going to be more costly mis- “When we return to the bar-
C Laguarta, Ramon...................A6 Shanahan, Pat..........................B6 sion that the broker is get- takes made.” gaining table in 2028, it won’t
Cabana, Mark............................A2 Lamacchia, Anthony.............B1 Su, Lisa.........................................B12 ting,” said Ted Tozer, a just be with the Big Three,

Fees to Get
Cahillane, Steve.......................A2 Lara, Luana Lopes..............B10 Swonk, Diane.............................A2 nonresident fellow at the Ur-  Sellers can choose whether but with the Big Five or Big
Calhoun, Dave...........................B6 Lewis, James.............................A6 T ban Institute’s Housing Fi- to offer a commission upfront Six,” Fain said on Sunday
F Litt, Jonathan............................B3 Tessier, Martin..........................B4 nance Policy Center. The most modest of the night.
Ford, Robert................................A6
G-H
M
Mansour, Tarek......................B10
Mould, Russ................................B4
Tomasello, Ryan.......................B1
W
Wettlaufer, Dale......................A6
A Revamp Such a system is likely to
work better for buyers in a
weaker market, when they
outcomes would make it op-
tional for sellers agents to of-
fer upfront to compensate the
Executives at the foreign-
car companies closely moni-
tored union negotiations in
Gelsinger, Pat..................B4,B12 would have more leverage to buyer’s agent. That would Detroit during the strike, con-
Musk, Elon.........................B4,B12 Wirth, Mike...............................A10
Gentile, Tom...............................B6 Continued from page B1 try to get the seller to cover barely differ from the current cerned it might affect their
Gupta, Piyush.........................B10 N-P Z actions. But new commission the cost. In the current mar- scenario because NAR said in business in a tight labor mar-
Hartung, Jack.............................B3 Nipper, Mads..............................B4 Zimmerman, Richard..........B3 policies could come from a va- ket, with tight inventory, sell- recent weeks that sellers ket.
riety of directions. The federal ers may have more leverage agents can make an offer of Foreign-based automakers
trial judge might require not to cover the cost. compensation as low as zero. have long spent less on labor

Prosecutor a time when Sam was proba-

bly the worst dressed CEO in
the world, and had the worst
changes to how the brokerages
operate, or real-estate broker-
ages or multiple-listing services
 Buyers pay their own agents
If sellers are banned from
Northwest MLS, a broker-
owned multiple-listing service
in Washington state, hasn’t re-
costs for their nonunionized
hourly workers, a gap that
auto executives in Detroit

Says FTX haircut,” Cohen said. Bank-

man-Fried also talked to al-
most anyone who asked, Co-
could institute new practices
on their own due to concerns
about potential liability.
paying buyers’ agents, then
buyers could be forced to
come up with additional
quired sellers to make a mini-
mum offer of compensation
since 2019.
highlighted as putting their
operations at a competitive
disadvantage. Still, companies

CEO Lied hen said.

“That made his life messy,”
the lawyer added. “But that’s
Here are some scenarios for
potential changes ahead:
cash—or go without an agent
of their own.
This could affect first-time
Thus far that has led to lit-
tle change, according to court
documents in one of the class
like Toyota and Hyundai say
they pay above market rates
in the regions where their
not a crime.”  Sellers’ agents cannot of- home buyers the most. They actions. Some 99.75% of sellers factories are located.
Continued from page B1 He said none of the wit- fer commissions upfront are the least likely to have ad- in those markets continue to Last year, the average pro-
Roos showed jurors excerpts nesses, including Bankman- The Missouri trial centered ditional savings to pay for an offer compensation to buyer duction-worker wage at a for-
of testimony from three mem- Fried’s inner circle, testified on how real-estate agents that agent on top of their down brokers, and 95% of those of- eign-owned auto plant was
bers of Bankman-Fried’s inner that the FTX founder in- represent buyers are paid. Un- payments and closing costs. fers are at rates exceeding 2%, about $24.70 an hour, about
circle, all of whom testified structed them to violate the der the current system, sellers The typical according to on par with the broader auto
they committed crimes at the law. Bankman-Fried and oth- pay their own agent’s commis- down payment the documents. industry, according to a study
direction of Bankman-Fried. ers had differences in business sion—typically 5% to 6% of a for homes pur- “Sellers and by EY for Autos Drive Amer-
He displayed a snippet of judgment, including related to home’s selling price—which is chased with New commission buyers are, with ica, a trade group represent-
computer code that he said valuing assets, Cohen told the shared with the buyer’s agent. mortgages in policies could ever increasing ing Hyundai, BMW and other
showed Alameda Research, jury. In most markets, sellers are the second frequency, avail- transplant automakers.
FTX’s sister hedge fund, had Defense attorneys required to include the quarter was come from a ing themselves Historically, the Detroit
special secret privileges on used some of their presenta- amount they will pay a buyer’s $31,500, accord- of the opportu- Three tried to match the
the exchange. tion to shore up the testimony agent in order to advertise a ing to Attom
variety of nity to negotiate lower U.S. manufacturing
“The reason it’s secret is of Bankman-Fried, who spent home on a database known as Data Solutions. directions. compensation costs of their foreign rivals,
because he knows it’s wrong,” three days on the witness a multiple-listing service. NAR In this sce- with their bro- whose factories are largely
Roos said of Bankman-Fried. stand. When questioned by his says the current system helps nario, more kers,” said Jus- collected in right-to-work
The core dispute, Roos said, lawyers, Bankman-Fried testi- buyers because it allows them agents would tin Haag, North- states in the South. As a re-
wasn’t whether Bankman- fied confidently about his role to direct their funds toward a likely offer hourly rates or a west MLS’s general counsel. sult, labor costs for the
Fried took the money but as FTX’s CEO. He acknowl- down payment. menu of services that buyers American automakers fell
whether he knew it was edged that he made mistakes The plaintiffs’ lawyers ar- could choose from, such as  New business models arise during the 2007-2009 finan-
wrong. He accused Bankman- but said he never intended to gued the current model makes touring properties, reviewing For years, well-funded cial crisis and remained lower
Fried of lying to jurors on the defraud anyone. it difficult for buyers and sell- inspection reports or looking startups have tried new busi- than where they were in the
stand. During cross examination, ers to negotiate and keeps over final contracts. Buyers ness models for paying agents mid-2000s.
“It’s not about technical Bankman-Fried struggled to commission costs high, even could choose to have the listing and they have almost univer- At the same time, those
jargon,” the prosecutor said. answer questions. He faced though technology now en- agent facilitate the transaction sally failed or adopted a more same costs for the nonunion
“It’s about deception, it’s particularly tough questioning ables buyers to find listings for both parties at a lower cost. conservative approach. A car companies have crept up
about lies, it’s about stealing, about his public statements, themselves. “Any system that makes it change to the rules for com- in the past decade, said
it’s about greed.” many of them made after One outcome favored by harder for first-time home missions could open the door Marick Masters, a labor histo-
Most jurors looked at Roos FTX’s collapse. consumer advocates is that buyers, or low- or moderate- to new ventures. rian at Wayne State Univer-
i n t e n t l y Roos had ac- buyers would pay their agents income home buyers, to have Purplebricks, a British com- sity, who wrote a book about
throughout his cused Bank- but could negotiate for the their own loyal representation pany, entered the U.S. about the history of the UAW.
presentation, man-Fried of seller to help cover that cost isn’t going to save them five years ago charging sellers The goal of the UAW is to
only occasion- Sam Bankman- lying on the as part of the deal. money,” said Rich Rosa, a a flat fee to sell their home reverse the trend where the
ally glancing at Fried’s life was stand, and said “It’s not turning the whole Massachusetts broker and much lower than the typical transplants were setting the
the screens the FTX system on its head, but it’s in- president of the National As- percentage commission. The industry standard and go
where he was messy. ‘But founder told ju- jecting market forces into the sociation of Exclusive Buyer firm burned through tens of back to where it was in the
displaying evi- rors he couldn’t process to make sure you’ve Agents. “It’s going to cost millions of dollars in the U.S. past, when the union set the
dence from the
that’s not a recall about 140 got a correlation between ser- them money because there’s before closing up shop. bar, he said.
trial. crime.’ times.
“The Defen- Cohen called
dant’s Lies to
the Public,”
said the text atop one batch of
the
ment’s
govern-
por-
trayal of his client’s testimony
Disney Sets
evidence, which included
Bankman-Fried’s media inter-
views, tweets and congressio-
unfair. Bankman-Fried did his
best to describe what hap-
pened and what he remem-
$8.6 Billion
nal testimony.
Roos peppered his argu-
ment with what came across
bered, Cohen told jurors, al-
though was less polished than
government witnesses. He
Hulu ‘Floor’
as off-the-cuff comments. He noted Bankman-Fried an-
referred to “a funny piece of swered questions with “yups Continued from page B1
CHUCK HODES/FX ON HULU/EVERETT COLLECTION

cross-examination that and yeahs.” standing “capital calls”—pay-

stuck with me,” while men- “He was himself,” Cohen ments that Comcast didn’t
tioning Bankman-Fried’s as- said. “He was Sam.” make, despite being an owner,
sertion that some low-level Cohen told jurors that while the two companies were
employees moved certain prosecutors hadn’t met their hashing out Hulu’s future.
funds. burden of proof, and that The negotiations to deter-
“Give me a break, that’s a Bankman-Fried acted in good mine Hulu’s value are ex-
lie,” the prosecutor later said, faith and didn’t intend to de- pected to be complex. Under
in response to one piece of ev- ceive anyone. the terms of the deal, each
idence. U.S. District Judge Lewis side has retained a firm to
When defense attorney Co- Kaplan said jurors would be- appraise the service’s value.
hen started his closing argu- gin deliberations Thursday, Disney retained JPMorgan A scene from ‘The Bear,’ a popular show streamed over the Hulu network.
ments Wednesday afternoon, and if no one had a conflict, while Comcast has retained
he told jurors that the govern- they might stay later than Morgan Stanley, according to Bob Iger, who is also sorting enough cash and credit to lies and kids. In September,
ment was painting his client usual that day. They might people familiar with the situ- out potential partnerships or more than cover its Hulu-re- the company launched a new
as unlikable. Prosecutors fo- even get a few perks from the ation. If the two sides’ valua- deals for ESPN, the company’s lated obligations. Disney had bundle that pairs its Disney+
cused on Bankman-Fried’s sex late night, he added. tions aren’t within 10% of operations in India and linear about $11.5 billion in cash and service and Hulu, without ads,
life, his hair and his ubiqui- “I don’t vouch for the qual- each other, Comcast and Dis- TV assets in the U.S. Disney’s $47 billion in debt as of July. for $19.99 a month.
tous T-shirts, Cohen said, as ity,” the judge said, “but you ney will agree to use a third share price has languished, Disney views Hulu, which “Maintaining access to our
he displayed photos of his cli- would be entitled to dinner.” appraiser. and the company faces a po- specializes in general-enter- content for as broad an audi-
ent on a private jet and with —James Fanelli Resolving Hulu’s future is tential proxy battle with activ- tainment programming, as key ence as possible is top-of-mind
floppy hair. and Caitlin Ostroff one of several strategic priori- ist investor Nelson Peltz. to its strategy of reaching a for us,” Iger told investors in
“We’ll agree that there was contributed to this article. ties for Disney Chief Executive Disney has said it has broad audience, beyond fami- August.
 .

THE WALL STREET JOURNAL. Thursday, November 2, 2023 | B3

BUSINESS NEWS

Chipotle’s Rising Labor Costs Panera Laying Off

17% of Corporate
To Show Up in Menu Prices Staff as It Eyes IPO
Chain warns of plans BY HEATHER HADDON ers’ experience.
Panera Bread was a public
to offset minimum- Panera Brands is laying off company for more than 25
wage increase in about 17% of its roughly 1,800 years until 2017, when Euro-
corporate staffers as the res- pean investment firm JAB
California set for ’24 taurant company slims down Holdings took it private in a
ahead of a planned IPO. $7.16 billion deal.
BY JENNIFER WILLIAMS-ALVAREZ The St. Louis-based opera- Now Panera is readying to
tor of Panera Bread, Caribou go public again, potentially as
Chipotle Mexican Grill is Coffee and Einstein Bros. Ba- early as next year, according
expecting a significant bump gels said the cuts focused on to people familiar with the
in labor costs next year be- support-staff roles, according company’s thinking. Dueñas,
cause of a new law in Califor- to an internal message viewed Einstein’s president and CEO
nia. For some of the fast-food by The Wall Street Journal. since 2019, became Panera
chain’s customers, this means Chief Executive José Al- Brands’ CEO in July, among
higher menu prices. berto Dueñas called it a diffi- several executive changes the
Starting in April, minimum cult move that will streamline company made this year in
ALLISON DINNER/EPA/SHUTTERSTOCK

wage for fast-food workers in the company and allow gen- advance of the possible IPO.
California will increase to $20 eral managers at restaurants Panera Brands said in May
an hour from the state’s cur- to operate more efficiently. A that it generated $4.8 billion
rent hourly minimum wage of Panera spokesman said the ef- in sales in its 2022 fiscal year
$15.50. The law applies to fast- forts would improve custom- across its 3,852 locations.
food chains with at least 60
national locations and will
come as the state’s minimum
wage is set to rise to $16 an
hour in January. Chipotle cur-
The company, which pays California workers $17 to $18 an hour, will have to raise that to $20. Kraft Heinz Vows to
rently pays California workers
around $17 to $18 an hour,
said Chief Financial Officer
second-biggest line item and
then you increase it by 20%, it
definitely has an impact.”
gap,” according to Hartung.
Analysts are watching
closely for signals that con-
Meanwhile, he said, companies
directly affected by the change
may feel pressure to lift pay
Avoid Item Discounts
Jack Hartung. Hartung added, “It’s signif- sumers are pulling back with elsewhere in their restaurants.
The higher wages are icant enough that it puts a inflation and interest rates up “They can’t have compres- BY JESSE NEWMAN prepandemic promotional lev-
poised to hit as Chipotle’s la- dent in our economics.” and pandemic-era savings sion of their [hourly workers] els, or offer discounts that
bor costs have risen consider- To offset the higher costs, dwindling. Chipotle’s custom- to the people who have been Inflation-weary shoppers hurt profitability.
ably in the past few years, Chipotle will raise menu ers so far continue to spend, there for a while, so every- are resisting higher grocery The company said it is still
with the competitive market prices in California. The com- with the company’s compara- body’s pay has to go up,” ac- prices, but Kraft Heinz is battling pockets of inflation
pushing workers’ pay up. The pany is still assessing the im- ble restaurant sales, which cording to Palmer. But with vowing not to discount its tied to labor, tomatoes and
company spent $616.3 million pact of the law, but Hartung typically look at transactions Chipotle’s menu prices tending products too much. sugar. Prices for its products
on labor globally for the quar- said California menu prices in restaurants open for at to fall below its peers, the com- Company president and were 7 percentage points
ter ended Sept. 30, up around will likely increase in the mid- least 13 full months, increas- pany is in a “good spot” to soon-to-be CEO Carlos higher in the third quarter
10.5% from the prior-year pe- to high-single-digit range. ing by 5% for the quarter raise prices to a level that Abrams-Rivera on Wednesday compared with year-ago levels,
riod and an increase of more This would follow a 3% price ended Sept. 30. Net income will offset higher labor costs, said price increases across while volumes and the mix of
than 50% from the same pe- increase last month, the com- rose to $313.2 million in the he said. three-quarters of the com- products sold fell 5 percentage
riod in 2020. The law in Cali- pany’s first national price lift three-month period, compared Chipotle is sensitive to the pany’s portfolio and reduced points.
fornia, where roughly 15% of in over a year. with $257.1 million a year ear- fact that some consumers’ food-stamp benefits have pres- The maker of sliced cheese
Chipotle’s more than 3,300 The finance chief doesn’t lier, and revenue increased wallets are under pressure, sured demand, but that Kraft and ketchup reported sales of
restaurants are located, will currently see a need to pull 11.3% to $2.47 billion. Hartung said, particularly in a Heinz would stay disciplined $6.6 billion, up 1% from a year
increase overall labor costs by additional levers in response For companies with fast- key demographic who are fac- when it comes to promotions. ago. The food maker’s adjusted
between 2.5% and 3% next to the higher minimum wage, food workers in California, ana- ing the resumption of student Kraft Heinz stock climbed profit of 72 cents a share beat
year, according to Hartung. such as opening fewer-than- lysts are looking at how the loan payments. But customers more than 2% on Wednesday. the 66 cents a share Wall
In California, the CFO said, planned new restaurants in wage change may hit finan- have so far stomached the in- The company said it is Street analysts had expected.
those costs will rise on aver- California, unless customers cials. Those companies that creased prices, said Hartung, planning for a higher level of Kraft Heinz raised its out-
age by 15% to 20%. “That’s a resist pricing actions. “But the don’t fall within the remit of adding that the recent pricing promotions in its current look for adjusted earnings per
huge hit,” said Hartung, add- reality is, every restaurant the law may find it more diffi- action was relatively modest. quarter, which overlaps with share in 2023 but said organic
ing that labor is Chipotle’s company in California is prob- cult to hire if they can’t meet “The average chicken bur- the winter holidays—but exec- sales growth would come in
second-highest cost at the res- ably going to have to take a the hourly $20 wage floor, said rito costs $9,” he noted. “So utives said volume trends toward the lower end of its
taurant level, behind only similar increase, so we will Evercore ISI food and restau- 3% means it’s going to be were improving and that the previously stated range of 4%
food. “Any time you take the probably still keep our value rant analyst David Palmer. about a quarter more.” company wouldn’t revert to to 6%.

– MAKES A –
GREAT GIFT
TYLER DANE HANSEN FOR THE WALL STREET JOURNAL

Six Flags has been pursuing a turnaround that includes lifting prices and investing in its parks.

Cedar Fair, Six Flags Near

Theme-Park Merger Deal PERFECTLY AGED, TENDER STEAKS

BY LAUREN THOMAS Entertainment, which rely years. ACHIEVE GIFTING

AND WILL FEUER more on travelers coming for
multiday trips.
Six Flags is nearing a deal The companies both have
to merge with Cedar Fair En- market values of about $2 bil-
tertainment, a move that lion or less.
would combine two of the Shares of Six Flags popped
largest regional theme-park more than 5% and Cedar Fair
chains in the U.S. 7% after The Wall Street Jour-
An agreement could be nal reported that a deal is im-
completed as soon as this minent. Reuters also reported
week assuming there is no that the two companies were
last-minute snag, people fa- in talks.
miliar with the matter said. Cedar Fair and Six Flags,
Cedar Fair is scheduled to re- along with other theme-park
port quarterly results on operators, have struggled af-
Thursday morning. ter sweltering summer
The company owns various weather across much of the
theme parks including Carow- country weighed on atten-
inds in North Carolina and Ce- dance in a year that analysts
dar Point in Ohio. It also oper- hoped would mark a return to
ates hotels at some of its prepandemic attendance lev-
parks. els.
The chain has long been Six Flags, helmed by Chief
viewed as an attractive take- Executive Selim Bassoul, has
over for a national brand. Last
year, SeaWorld Entertain-
been pursuing a turnaround
plan that includes raising
ment offered to buy Cedar prices, investing in its parks
Fair but was rebuffed. and accepting fewer custom-
Six Flags owns 27 parks ers than in years past.
across the U.S., Mexico and Shares of the company fell
Canada, all under the Six 45% last year and were down
Flags banner. Some of its wa- about 10% this year.
ter parks are branded under Bassoul is a newcomer to
other names. the theme-park industry. Be-
Six Flags and Cedar Fair fore taking over Six Flags in
both cater more to local cus- 2021, he had helmed industrial
tomers than bigger rivals like kitchen-equipment manufac-
Walt Disney and Universal turer Middleby for nearly 20
GREATNESS
Cedar Fair is led by CEO
Richard Zimmerman, who
started as a general manager
at the company’s Kings Do-
minion park in Virginia in
1998.
A combination would bol-
ster Six Flags’ portfolio of
parks, especially in the Mid-
west.
Cedar Fair would join a na-
tionally recognized brand,
though it isn’t clear if the
chain would rebrand any of its
parks under the Six Flags
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 .

B4 | Thursday, November 2, 2023 * *** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY WSJ.com/Tech

Wind Power Write-Downs Cast Shadow

Orsted is the latest flagged increasing risks for its Mould, AJ Bell’s investment di-
projects in the country, citing rector. “The laws of physics are
renewable-energy the lack of favorable progress coming into play with regard to
company to book on tax credits. “The signifi- how the wind turbines are
cant adverse developments made. They require large
an impairment from supply-chain challenges, amounts of concrete, steel,
leading to delays in the proj- rare-earth-based magnets and
BY GIULIA PETRONI ect schedule, and rising inter- lubricants to ensure they work
est rates have led us to this reliably in potentially hostile
A wave of impairments is decision,” said Orsted Chief environments, but the costs are
sweeping through the U.S. Executive Mads Nipper. going up, thanks to inflation,
wind-energy sector amid high The decision came a week and this is taking its toll on
interest rates, inflation and before legislative elections in manufacturers.”
supply-chain woes, forcing de- New Jersey, where wind tur- Some projects are moving
velopers to put off projects bines have become a top tar- forward. Utility Dominion En-
and casting doubts over the get for Republicans against ergy on Tuesday received a key
industry’s outlook. Democratic Gov. Phil Murphy’s federal approval for its 2.6-
Governments around the plan to have 100% of the gigawatt offshore wind project
WAYNE PARRY/ASSOCIATED PRESS

world have set ambitious tar- state’s power coming from re- in Virginia. And Orsted con-
gets to increase the share of newables by 2035. firmed its final investment de-
renewables in their energy “The industry isn’t in a cision into Revolution Wind, an
mixes, but good shape,” said Martin Tess- offshore 704-megawatt project
SUSTAINABLE their plans are ier, Stifel’s vice president of in Connecticut and Rhode Is-
BUSINESS now under equity research for utilities land. Orsted’s CEO told analysts
pressure as and renewables. “I think we’ll the company has confidence in
wind developers face a surge see a softening of long-term Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. its portfolio of European and
in financing costs. targets…and less projects will Asia Pacific construction and
Orsted, BP and Equinor be developed in the long term.” to renegotiate power-purchase agreements for an 804-mega- fall said earlier this year that development properties.
collectively written off $4.8 Project owners usually sign terms to reflect inflationary watt wind-farm project known it saw project costs rising up In Europe, policy makers
billion against U.S. offshore long-term deals outlining pressures and permitting de- as Park City Wind in Connecti- to 40% and it booked an im- recently released an action
wind projects in recent days. terms to sell electricity or se- lays. Equinor, BP’s partner on cut due to financial challenges. pairment for halting the de- plan to address the sector’s
Danish renewable-energy cure subsidies before con- the Empire Wind and Beacon SouthCoast Wind—a joint ven- velopment of the Norfolk Bo- mounting challenges.
company Orsted said Tuesday struction starts. Some are now Wind projects, booked an im- ture between Shell New Ener- reas wind farm in the U.K.
that it booked an impairment lamenting that these terms pairment of around $300 mil- gies US and Ocean Winds Germany’s Siemens Energy
charge of 28.4 billion Danish
kroner, equivalent to $4.02
billion, against its U.S. off-
don’t reflect increased costs
and say their projects aren’t
viable anymore.
lion on its U.S. portfolio. The
companies said they are as-
sessing the impact of the reg-
North America—said it would
terminate PPAs for a planned
project in Massachusetts due to
warned of worse-than-ex-
pected 2024 losses in its
wind-turbine business as it
WSJ PRO
shore portfolio and abandoned
the development of two wind
Earlier this week, BP
booked a $540 million pretax
ulators’ decision on their fu-
ture development plans.
a significant increase in pro-
jected capital expenditures and
works through quality issues
and ramp-up challenges.
SUSTAINABLE
projects off the coast of New impairment charge on three Other projects have been finance costs. Ocean Winds was “The economics of wind are BUSINESS
Jersey—Ocean Wind 1 and 2— wind projects off the coast of canceled. Earlier in October, created by Portugal’s EDP Ren- proving more difficult thanks to wsj.com/pro/
due to spiraling costs and sup- New York after regulators re- Iberdrola subsidiary Avangrid ovaveis and France’s Engie. higher costs of capital and sustainable-business
plier delays. Orsted previously jected the company’s request scrapped power-purchase Swedish developer Vatten- higher interest rates,” said Russ

The Marketplace
ADVERTISEMENT
DOJ Probes Live Nation Pacts With Venues
To advertise: 800-366-3975 or WSJ.com/classifieds BY ANNE STEELE events, and what restrictions The investigation began last and that use its Ticketmaster
AND DAVE MICHAELS those agreements might in- year and gained momentum in service.
clude, are among the practices November 2022 after Ticket- “We do not understand DOJ
BUSINESS OPPORTUNITIES The Justice Department’s in- the Justice Department is master, which Live Nation ac- to be investigating any idea
vestigation of Live Nation is probing. It is also exploring quired in 2010, crashed during that it could be anticompetitive
focusing on whether the com- whether the company’s agree- a fan presale to Taylor Swift’s for us to pay artists more than
Innovative Branded Footwear Company pany uses anticompetitive ments restrict venues’ ability Eras Tour. A Justice Depart- others,” a Live Nation spokes-
Mid-Atlantic U.S. agreements with venues and to work with other promoters ment spokeswoman declined to woman said. “Artists get paid
other partners to book top tal- or ticket services. comment. based on competitive bidding,
Seeking buyer for two flagship brands, e-commerce platform, ent and serve as the ticketing Live Nation’s heft and nego- Competitors say Live Nation and it would be strange, to say
extensive retail network, inventory provider for their shows, ac- tiating power in concert pro- pays artists much more than the least, for antitrust agencies
Nationally recognized designer and distributor of on-trend footwear cording to people familiar with motion, ticketing and venues— other promoters can afford, to say that anyone should pay
products with a 100 year+ operating history. Multi-channel the matter. including buildings it owns— and is able to do so because it artists less.”
distribution network including 2,300 accounts (over 600 active) The deals that Live Nation are at the heart of the antitrust makes money by routing shows —Brent Kendall contributed
and a proprietary D2C e-commerce platform. The ideal buyer will offers artists to land their investigation, the people said. through venues that it controls to this article.
fund the upcoming seasonal inventory commitments.
Sale process already underway.

Chips Look
Contact: Debbie Beall 2022 with rising inflation and
(443) 951-4854 • specialsituations@schgroup.com the war in Ukraine among
other factors. Consumers and
NOTICE OF SALE ANNOUNCEMENTS
To Rebound corporate tech departments
pulled back spending, and
many electronics makers were
NOTICE OF UCC PUBLIC AUCTION SALE
PLEASE TAKE NOTICE, that in accordance with applicable
provisions of the Uniform Commercial Code of the States
of Delaware and New York (as applicable), VP IRVINE
LENDER LLC, a Delaware limited liability company (the
Your Life Story
For Family. For Generations.
After Bust left with too much inventory.
Semiconductor firms—with
the exception of those closely
“Secured Party”), will sell at public auction all limited tied to the artificial-intelli-
Professional Biographers Write
liability company interests (the “Equity Interests”) held
by (i) 18831 VON KARMAN MILANI LLC, a Delaware Your Book OR We Help You Write. Continued from page B1 gence boom, such as Nvidia—
limited liability company (the “Milani Pledgor”), in
18831 VON KARMAN IRVINE DELAWARE MEZZ LLC, a Affordable & Personalized Service. conductor manufacturing, and cut production, delayed in-
Delaware limited liability company (the “Milani Pledged LegaciesandMemories.com U.S. allies including European vestments and instituted
Entity”) and (ii) 17422 DERIAN PISTOIA LLC, a Delaware
limited liability company (the “Pistoia Pledgor”, (904) 293-9893 * Since 1999 nations, Japan and South Ko- hiring freezes and layoffs. Op-
AGENCE FRANCE-PRESSE/GETTY IMAGES

and together with Milani Pledgor, individually and

collectively as the context may require, the “Pledgor”), rea are backing their own chip erating profit at Samsung hit
in 17422 DERIAN IRVINE APARTMENTS MEZZ LLC, a
Delaware limited liability company (the “Pistoia Pledged
industries with money or reg- its worst level since 2009 ear-
Entity”). The Equity Interests secure indebtedness ulatory support. Those invest- lier this year.
owing by Pledgor to Secured Party in a principal amount
of not less than $62,589,525.69 plus unpaid interest, ments are built on the premise Now, nearly four years after
attorneys’ fees and other charges including the costs to
sell the Equity Interests (“Debt”). that semiconductors are a the pandemic started, some-
Secured Party’s understanding, without making
any representation or warranty as to accuracy or
long-term growth industry. thing resembling normalcy is
completeness, is that the principal assets of (i) the Semiconductor revenue returning, although executives
Milani Pledged Entity are the limited liability company
worldwide is expected to fall caution that the recovery
THEMARKETPLACE

interests in 18831 Von Karman Irvine Delaware LLC,

a Delaware limited liability company (the “Milani
Owner”), which is the owner of the real property located by about 12% this year but re- likely won’t be as rapid as the
at 18831 Von Karman Avenue, Irvine, California (the
“Milani Property”) and (ii) the Pistoia Pledged Entity
bound next year by more than downturn that struck last year. Taiwan Semiconductor is among those sensing the worst is over.
are the limited liability company interests in 17422 11% to roughly $550 billion, Intel last week reported
Derian Irvine Apartments LLC, a Delaware limited
liability company (the “Pistoia Owner”; together with according to International better-than-expected results International Data Corp., a could limit demand for many
the Milani Owner, each, a “Senior Mezz Borrower”),
which is the owner of the real property located at 17422 Business Strategies, a chip-in- in the division that houses its tech-market researcher. products, including smart-
Derian Avenue, Irvine, California (the “Pistoia Property”;
together with the Milani Property, each, a “Property”).
dustry consulting firm. personal-computer chips, Memory chips, which are phones.
The public auction sale (“Public Sale”) will be held on The rebound would be the sending its stock up by nearly more commoditized than other Electric-vehicle sales also
November 30, 2023, at 10:00 a.m. Eastern Time, by
virtual bidding via Zoom and/or at Secured Party’s latest swing in an industry 10% the following day. types of chips, generally expe- aren’t rising as fast as some
sole option, in-person in the offices of Kirkland and
Ellis LLP, located at 601 Lexington Avenue, New York, known for frequent boom-and- Intel Chief Executive Pat rienced the sharpest price falls. chip makers had predicted,
New York 10022. The URL address and password for
the online video conference will be provided to all
bust cycles. In the first year of Gelsinger said the company’s SK Hynix, which is No. 2 in which is leading to a re-evalua-
confirmed participants that have properly registered the pandemic, demand soared expectation of 270 million PC memory chips after Samsung, tion of short-term growth
for the Public Sale. The Public Sale will be conducted by
auctioneer Matthew D. Mannion, of Mannion Auctions, for computers, smartphones, sales this year was on track, said demand was reviving and among suppliers to that indus-
LLC, New York City Division of Consumer Affairs Licensed
Auctioneer, License No. 1434494. videogame machines and data and that “we’re seeing very its business in DRAM chips, try. ON Semiconductor, which
At the Public Sale, Secured Party reserves the right
to: (i) credit bid up to the amount of the Debt; (ii) set
servers that deliver streaming healthy behavior” going into which enable devices to multi- makes chips for cars, energy
minimum price(s) for the Equity Interests; (iii) reject videos for the likes of Netflix. the last quarter of the year. task, swung to profitability in infrastructure and other indus-
bids, in whole or in part; (iv) cancel or adjourn the Public
Sale, in whole or in part; and (v) establish the terms and The result was a shortage of Demand for PCs in the third the July-September quarter. trial uses, saw its share price
conditions of the Public Sale (“Terms of Public Sale”)
which shall comply with all restrictions and obligations
chips. Panic buying by chip quarter declined 7.6% year- Still, few executives see an fall by nearly 22% on Monday
pursuant to that certain Intercreditor Agreement dated customers fattened bottom over-year, but the rate of the immediate return to the after it pointed to signs of
as of February 15, 2022 by and between Secured Party,
the holder of the pledges encumbering the collateral lines even more for semicon- annual decline has slowed, in frenzy of 2020. Smartphone dampened EV demand.
owned by each Senior Mezz Borrower and the holder of
the mortgages encumbering each Property. ductor makers. a sign that the market is past demand is still weak and eco- —Chieko Tsuneoka
Prospective and winning bidder(s) will be required to
represent in writing to Secured Party that they will
The cycle shifted in early its worst days, according to nomic uncertainty in China contributed to this article.
adhere to the Terms of Public Sale and are purchasing
the Equity Interests for their own account, not acquiring
them with a view toward the sale or distribution thereof

ADVERTISE
Leaders Vow speculative risks are a distrac- feared AI could be used as harms she said already exist—
and will not resell the Equity Interests unless pursuant
to a valid registration under applicable federal and/
or state securities laws, or a valid exemption from the tion from current problems— part of an arms race between such as bias, discrimination or
registration thereunder. The Equity Interests have not
been registered under such securities laws and cannot TODAY such as protecting elections the world’s superpowers. its ability to spread misinfor-

To Reduce
be sold by the winning bidder(s) without registration or
application of a valid exemption. The Equity Interests will from AI-created false videos. Wu Zhaohui, China’s vice mation. Several of those is-
be offered for sale at the Public Auction “as-is, where-
is”, and there are no express or implied warranties or
(800) 366-3975 “If you spend that much minister of science and tech- sues were targeted by a U.S.
representations relating to title, possession, quiet time worrying about some- nology, said at the summit executive order signed earlier
For more information
AI Harms
enjoyment, merchantability, fitness, or the like as to the
Equity Interests. The Equity Interests will be sold as a thing out there, you spend less that the country supported in- this week.
single lot, and will not be divided or sold in any lesser
amounts. THIS NOTICE DOES NOT CONSTITUTE AN
visit: time worrying about stuff ternational work to establish Those concerns also have
OFFER TO SELL, NOR THE SOLICITATION OF AN OFFER
TO BUY, THE EQUITY INTERESTS TO OR FROM ANYONE
wsj.com/classifieds right in front of your nose,” testing and assessment sys- been echoed by some digital-
IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR
SOLICITATION IS NOT AUTHORIZED.
Clegg said Tuesday. tems for AI. rights and labor groups, which
All bids (other than credit bids of the Secured Party) Continued from page B1 On Wednesday, the U.S. The threat of an AI apoca- issued an open letter criticiz-
must be for cash. In order for a prospective bidder (other
than the Secured Party) to be deemed qualified and what to do about them, are the said it would create an AI lypse at the hand of godlike ing the summit’s priorities.
eligible to bid at the Public Sale, such prospective bidder
must provide an earnest money deposit in the amount main agenda of the meeting, Safety Center as part of its machines has long been an ob- “This is about being fired
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
which includes a U.S. delegation Commerce Department, pledg- ject of pop culture fascination. from your job by algorithm, or
to an escrow account, as more fully detailed in the Terms led by Vice President Kamala ing that it would work with a But since the release of Open- unfairly profiled for a loan
of Public Sale. Within two (2) business days of the Public
Sale, the successful bidder (other than the Secured Harris, as well as executives counterpart in the U.K. to set AI’s ChatGPT, which show- based on your identity or
Party) must deliver an additional deposit so that, when
added to the original earnest money deposit, the total from leading AI companies, in- standards for benchmarking cased the new technology’s postcode,” the letter read.
deposit equals ten percent (10%) of the successful bid,
with the balance to be delivered within ten business
cluding Elon Musk and OpenAI the capabilities of AI systems, uncanny ability to produce “Small businesses and artists
(10) days of the Public Sale, including the payment of all Chief Executive Sam Altman. and gathering reporting data plausible and fluid answers to are being squeezed out, and
transfer taxes, stamp duties and similar taxes incurred
in connection with the purchase of the Equity Interests. Both of the tech executives from AI companies. questions on nearly any topic, innovation smothered.”
Parties interested in bidding on the Equity Interests
must contact Brock Cannon, Secured Party’s broker, have warned of what they say The U.K. also announced fu- it has also become a subject of
Cannon of Newmark & Company Real Estate Inc., d/b/a is the potentially destructive ture plans for AI safety sum- debate over what priorities
Newmark (“Broker”), via email at brock.cannon@nmrk.
com. Upon execution of a standard non-disclosure potential of AI, which they are mits to be hosted in South Ko- policy makers should set. Watch a Video
agreement, additional documentation and information
will be available. Interested parties who do not contact separately trying to build. rea and France the next year. In a speech Wednesday, Scan this code
Broker and register before the Public Sale will not
be permitted to participate in bidding at the Public
Others, including Meta China’s involvement in the Harris said experts should ex- to watch a
Sale. Additional information can be found at https:// Platforms policy executive and summit is seen as notable by pand their definition of AI video on
rimarketplace.com/listing/50791/ucc-disposition-
sale-indirect-interest-in-a-multifamily-development- © 2023 Dow Jones & Company, Inc. former U.K. deputy prime min- Western officials and industry safety to look at a broader set whether AI can
portfolio-irvine-ca. All Rights Reserved.
ister Nick Clegg, said those executives, as some have of risks including the societal think.
 .

THE WALL STREET JOURNAL. Thursday, November 2, 2023 | B5

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B6 | Thursday, November 2, 2023 THE WALL STREET JOURNAL.

BUSINESS NEWS

Boeing Veteran Becomes a Key Man on Outside

BY SHARON TERLEP
AND ANDREW TANGEL
Boeing has tried for years
to turn itself around. Its new
best hope is a former execu-
tive who had a front-row seat
to the jet manufacturer’s
struggles.
Pat Shanahan, a 30-year
Boeing veteran and engineer
by training, has taken over as
interim chief executive officer
of one of Boeing’s biggest and
Shanahan’s tenure there. “The burned through $136 million quite optimistic and quite troubles at Spirit when it low-
whole industry needs him to in the quarter ended Sept. 30, pleased with,” Boeing CEO ered delivery goals for its
be successful.” in line with analysts’ expecta- Dave Calhoun said. “We’ve bestselling 737 MAX jets. Pro-
Spirit, which makes 737 fu- tions. Shanahan fielded calls had, just in the last 30 days, duction of the planes has been
selages and other airframe from analysts who asked for as many interactions with Pat slowed because of misdrilled
components, recently tapped details on when the company as we’ve had over the last holes on Spirit-supplied jet fu-
Shanahan, a member of the would become cash-flow posi- year, even though we’ve had selages. Rather than exclu-
company’s board, to succeed tive and on its longer-term more than 100 people embed- sively building new planes,
Tom Gentile, who the company outlook. “Let us get through ded at Spirit.” Boeing has been working to
said resigned. The board is 2023,” he said. Boeing has at times had a root out and fix the problem.
searching for a permanent CEO. Shortly after Shanahan rocky relationship with Spirit Boeing said last week that it
Spirit was created when took over, Boeing agreed to since the plane maker spun off had begun delivering the first
Boeing sold its Wichita and provide a financial lifeline to its former subsidiary. The of the reworked 737s.
Tulsa, Okla., units in 2005. Boe- Spirit under a tentative deal quality problems with Spirit At Boeing, Shanahan

most problematic suppliers.
His mission: shape up man-
ufacturing at Wichita, Kan.-
based Spirit AeroSystems af-
ter a series of mishaps have
disrupted operations at Boe-
ing, slowing production and
leaving the plane maker short
of jets it promised to deliver
to airlines.
“Right now, there’s no per-
son more important to Boeing
than Pat,” said Jim Albaugh,
who once ran Boeing’s com-
mercial airplane unit during
ing accounts for nearly two-
thirds of Spirit’s sales; making
up much of the rest are Boe-
ing’s chief rival, Airbus, and de-
fense contractors.
Shanahan, 61 years old,
said in an interview that the
decades he spent working
with Spirit as a Boeing execu-
tive positioned him to make
needed changes. He has sat on
Spirit’s board since 2021. He
said he has recruited several
retired Boeing executives to
work at the supplier.
FELINE LIM/REUTERS
in which the plane maker
would pay higher rates and
provide Spirit with a $100 mil-
lion cash infusion to increase
Pat Shanahan. 737 and 787 production.
Spirit shares closed up
“The advantage I have is nearly 8% Wednesday. Its
that I speak the language of stock is up about 40% since
the customer,” Shanahan said. Spirit struck the deal with
“And we can be brutally hon- Boeing, but down about 20%
est with one another where year to date.
we see deficiencies, and our “The selection of Pat at ex-
teams can collaborate to re- actly this moment in time to
solve them.” sort of get them really focused
Spirit on Wednesday said it on factory performance, I’m
have been a source of friction,
and the two have sparred over
pricing and production. Spirit
executives say Boeing’s pric-
ing demands have saddled it
with contracts that are unsus-
tainable.
The supplier’s problems,
from a brief labor strike ear-
lier this year to production
flaws with its fuselages used
in Boeing’s 737 MAX jets, are
reverberating throughout the
industry.
Last week Boeing blamed
gained a reputation as an op-
erational fixer skilled at get-
ting supply chains and pro-
duction on track. He was
viewed as a contender to run
Boeing’s defense and commer-
cial units before he left in
2017 to work as deputy to Jim
Mattis, who was then defense
secretary. He later served as
acting defense secretary for six
months and was the Trump
administration’s pick to suc-
ceed Mattis but withdrew from
consideration.

Retro antisemitic remarks. The com-

pany also got a boost from its
latest “super shoe” helping
1970 and achieved cult status
following a 1986 collaboration
with hip-hop group Run-DMC.
lion for 2023 but now expects
to lose closer to $105 million,
it said in October. The con-

Sneakers Ethiopia’s Tigst Assefa break

the women’s marathon record
in September.
Most Samba models, which
typically feature a distinctive
T-shaped toe bumper made
tinuing sale of leftover Yeezy
inventory, which was en-
dorsed by antiracism groups

Are Craze One challenge Adidas faces

Continued from page B1
that include the Samba, Ga-
zelle and Superstar styles.
Fashion writers have lined
up this year to anoint the
Samba as 2023’s hottest shoe,
while celebrities such as
model Bella Hadid and actor
Austin Butler have been spot-
as it ramps up production:
Samba’s scarcity is partly
what has made it so desirable.
The company must now in-
crease availability without
blowing its cool factor and
finding itself stuck with ex-
cess inventory.
While the Samba’s renais-
sance has been largely sponta-
neous, Adidas has kept its
profile bubbling through re-
out of suede, cost between
$90 and $150 in the U.S. Adi-
das keeps classic styles, nota-
after Adidas pledged to do-
nate some of the profits to
charity, has helped boost per-
bly the top-selling black-and- formance.
white “Samba OG,” in Samba aficionados attri-
constant production, while re- bute the appeal of the sneak-
freshing the lineup every year ers to their versatility. “You
with new color combinations. can dress up, you can dress
The revival of retro styles down,” said Luca Doernbach,
has been an unforeseen posi- who estimates that his collec-
tive for Adidas, helping the tion of 14 pairs of Sambas is
company perform better this worth around $8,000.
year than executives had orig- The crown jewel is his rare

MICHAEL OCHS ARCHIVES/GETTY IMAGES

ted wearing them. Even
Rihanna—who has a sneaker
collaboration with Adidas’s
crosstown rival Puma—has
been seen sporting a pair.
That has all been welcome
publicity as Adidas attempts
to recover from the Yeezy de-
bacle, in which Adidas termi-
nated its successful collabora-
tion with West after he made
cent partnerships with Phar-
rell Williams’s Humanrace la-
bel and British designer Grace
Wales Bonner. Meanwhile,
luxury brand Gucci redesigned
the Adidas Gazelle as part of a
collaboration last spring.
The Gazelle started life in
the 1960s as an indoor sports
shoe. The Superstar made its
debut as a basketball shoe in
inally feared. Adidas shares dark green pair with gold
are up about 30% so far this stripes from 2005, said the
year, outperforming about a Berlin-based teacher. A vi-
14% drop in Nike’s stock. brant violet pair with an or-
The demise of the Yeezy ange trim is another favorite,
collaboration with West, who said Doernbach, who prefers
now goes by Ye, tipped the different styles than the
company into crisis in late black-and-white “Samba OG.”
2022. “Everybody worships
Adidas had forecast a full- something,” Doernbach said. The Adidas Superstar shoe achieved cult status following a
year loss of around $475 mil- “With me it’s Sambas.” 1986 collaboration with hip-hop group Run-DMC.

FEATURED SPEAKERS

Revathi Advaithi Richard Haass

CEO, Flex Former United States Director
of Policy Planning
Michael Bocian
Founding Partner, GBAO Rep. Kevin McCarthy
(R., Calif), 55th Speaker of the House
Lael Brainard
Director, National Economic Council Mike Wirth
CEO, Chevron
Tony Fabrizio
Partner, Fabrizio, Lee & Associates

Anand Giridharadas
Author, “Winners Take All”; “The Persuaders”

December 11-12, 2023 | Washington D.C.

OVERVIEW

PRESENTING SPONSORS The Wall Street Journal CEO Council will convene
in Washington on Dec. 11 and 12 just weeks ahead of
the crucial 2024 presidential primaries. Policy makers
and executives will discuss the most pressing themes
of the moment, including the geopolitical landscape,
the economy, energy and sustainability and how those
forces will influence business and the battle for the White
House. We’ll explore the outlook for artificial intelligence,
as well as opportunities, risks and regulatory efforts
in the nascent space. And we’ll zoom in on the key
challenges facing CEOs as they navigate ever-shifting
workplace dynamics.

CONTRIBUTING SPONSOR

MEMBERSHIP IS BY INVITATION
CEOCouncil@wsj.com.

© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ9157
 .

THE WALL STREET JOURNAL. Thursday, November 2, 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
33274.58 s 221.71, or 0.67% Trailing P/E ratio 24.29 19.91 4237.86 s 44.06, or 1.05% Trailing P/E ratio * 20.14 18.68 13061.47 s 210.23, or 1.64% 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 2.18 2.22 trading day of the past three months. Dividend yield * 1.68 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*1,018,063,534 8,353,445
Industrial Average 33337.15 33010.85 33274.58 221.71 0.67 35630.68 31819.14 3.5 0.4 7.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 582,342,587 3,088,024
Transportation Avg 14091.69 13867.01 14020.28 124.51 0.90 16695.32 13094.43 7.1 4.7 8.1 Most-active issues in late trading Decl. volume* 425,656,586 5,049,662
Utility Average 838.41 817.18 833.02 9.10 1.10 1002.11 783.08 -7.9 -13.9 -1.0 Volume After Hours Issues traded 2,977 315
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 42066.16 41607.67 42004.55 407.20 0.98 45969.67 37494.26 10.9 9.0 7.8 Advances 1,943 154
RTX RTX 5,056.8 82.88 0.73 0.89 82.89 81.90
Barron's 400 925.38 914.46 925.10 6.11 0.66 1036.97 881.58 1.8 0.5 8.7 Declines 954 149
PPL Corp PPL 4,185.1 24.95 0.25 1.01 24.95 24.63
Unchanged 80 12
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 3,878.3 423.02 0.36 0.09 438.80 420.42 New highs 29 3
Nasdaq Composite 13072.42 12875.20 13061.47 210.23 1.64 14358.02 10213.29 24.1 24.8 6.2 Roku Cl A ROKU 3,673.5 69.25 9.55 16.00 71.50 59.67 New lows 138 25
Nasdaq-100 14677.86 14441.89 14664.91 255.13 1.77 15841.35 10679.34 34.5 34.1 9.9 Host Hotels & Resorts HST 3,625.2 16.00 0.40 2.56 16.10 15.29 Closing Arms† 1.48 0.93
PayPal Holdings PYPL 3,271.9 53.52 1.86 3.60 54.05 51.05 Block trades* 4,136 99
S&P
1.05
Enbridge ENB 3,200.1 32.48 0.08 0.24 32.49 32.31
500 Index 4245.64 4197.74 4237.86 44.06 4588.96 3719.89 12.7 10.4 9.0 Nasdaq NYSE Arca
enCore Energy EU 3,187.4 3.23 0.01 0.31 3.23 3.08
MidCap 400 2381.14 2348.48 2381.14 14.74 0.62 2728.44 2326.82 0.4 -2.0 7.8 Total volume*4,545,127,219 402,400,816
SmallCap 600 1089.10 1074.56 1088.94 4.84 0.45 1315.82 1068.80 -6.1 -5.9 7.5 Percentage gainers… Adv. volume*2,767,468,573 282,816,528
Roku Cl A ROKU 3,673.5 69.25 9.55 16.00 71.50 59.67 Decl. volume*1,711,097,402 119,556,817
Other Indexes
Eventbrite EB 143.1 8.65 1.12 14.87 8.89 7.53 Issues traded 4,458 1,869
Russell 2000 1669.79 1649.06 1669.70 7.42 0.45 2003.18 1636.94 -6.7 -5.2 2.8
Advances 2,298 1,570
NYSE Composite 15024.42 14904.92 15002.55 83.35 0.56 16427.29 14455.67 3.5 -1.2 6.5 Community Health Systems CYH 133.7 2.30 0.23 11.11 2.33 2.07
Declines 1,974 292
Value Line 506.38 501.32 506.28 1.28 0.25 606.49 498.09 -3.8 -5.6 3.2 Fastly Cl A FSLY 143.5 15.80 1.55 10.88 16.26 13.90
Unchanged 186 7
NYSE Arca Biotech 4628.23 4528.83 4619.47 63.05 1.38 5644.50 4544.40 -6.2 -12.5 -3.9
Lemonade LMND 83.0 12.00 1.00 9.09 12.11 10.76
New highs 26 10
NYSE Arca Pharma 862.14 855.95 857.70 1.64 0.19 925.61 791.91 7.2 -1.2 11.8 ...And losers New lows 328 39
KBW Bank 74.51 73.43 73.99 0.10 0.13 115.10 71.71 -28.0 -26.6 -1.3 Confluent CFLT 1,476.9 18.50 -9.63 -34.23 28.13 18.46 Closing Arms† 0.72 2.02
PHLX§ Gold/Silver 111.77 109.08 110.69 -0.56 -0.50 144.37 96.97 11.5 -8.4 -7.6 Remitly Global RELY 130.1 21.70 -5.89 -21.35 28.00 21.00 Block trades* 23,779 1,927
PHLX§ Oil Service 87.99 86.25 86.61 -0.38 -0.44 98.76 69.29 7.3 3.3 46.2 SolarEdge Technologies SEDG 1,019.7 59.75 -16.04 -21.16 76.50 56.01 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3293.06 3218.24 3290.95 75.06 2.33 3861.63 2292.85 41.3 30.0 13.6 Tandem Diabetes Care TNDM 115.7 14.60 -3.15 -17.75 17.75 14.22 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 18.42 16.63 16.87 -1.27 -7.00 26.52 12.82 -34.8 -22.2 -23.7 Procore Technologies PCOR 71.4 50.89 -9.28 -15.42 62.41 49.11 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 642.65 6.00 0.94 6.2 Patriot Transportation PATI 15.60 7.92 103.13 15.81 6.95 83.0 WeWork WE 1.22 -1.06 -46.49 130.80 1.05 -98.9
MSCI ACWI ex-USA 279.53 2.17 0.78 –0.6 TG Therapeutics TGTX 10.12 2.39 30.92 35.67 5.16 68.1 Pineapple Financial PAPL 2.25 -1.75 -43.75 4.00 2.05 ...
MSCI World 2797.49 28.87 1.04 7.5 Silence Therapeutics ADR SLN 8.66 1.96 29.25 17.99 4.55 -25.2 Paycom Software PAYC 150.69 -94.28 -38.49 374.04 146.88 -52.4
MSCI Emerging Markets 915.97 0.77 0.08 –4.2 Collplant BioTech CLGN 6.64 1.29 24.11 13.97 4.27 5.6 Iridex IRIX 2.14 -1.14 -34.76 3.48 1.31 -2.3
Americas MSCI AC Americas 1601.34 16.63 1.05 9.9 Davis Commodities DTCK 4.51 0.86 23.39 9.00 2.59 ... Blue Ridge Bankshares BRBS 2.09 -1.06 -33.65 13.95 2.09 -83.5
Canada S&P/TSX Comp 19079.00 205.53 1.09 –1.6 GSE Systems GVP 2.92 0.54 22.69 11.30 1.31 -62.8 Simplify Tail Risk Strat CYA 2.07 -1.03 -33.23 15.48 2.02 -86.0
Latin Amer. MSCI EM Latin America 2230.24 42.92 1.96 4.8 Mercury General MCY 37.55 6.67 21.60 39.47 26.15 13.6 Big 5 Sporting Goods BGFV 5.47 -1.59 -22.52 13.90 5.36 -54.4
Brazil BOVESPA 115052.96 1909.29 1.69 4.8 Spectral AI MDAI 3.03 0.53 21.20 19.50 2.20 -69.6 Astec Industries ASTE 31.15 -8.89 -22.20 56.33 30.18 -23.6
Chile S&P IPSA 3048.00 … Closed –3.9 Universal Security UUU 4.85 0.83 20.65 4.87 1.50 34.4 CoreCard CCRD 16.70 -4.67 -21.85 35.48 16.61 -29.9
Mexico S&P/BMV IPC 49787.84 725.96 1.48 2.7 CASI Pharmaceuticals CASI 4.72 0.80 20.41 4.82 1.45 137.2 Estee Lauder Cl A EL 104.51 -24.36 -18.90 283.62 102.22 -45.0
EMEA STOXX Europe 600 436.57 2.91 0.67 2.7 Gravitas Education ADR GEHI 10.69 1.81 20.32 12.05 5.67 3.4 Conduent CNDT 2.60 -0.59 -18.50 4.95 2.54 -32.1
Eurozone Euro STOXX 428.81 2.90 0.68 4.6 EyePoint Pharmaceuticals EYPT 7.24 1.22 20.27 15.63 2.19 41.1 MasTec MTZ 48.98 -10.46 -17.60 123.33 45.00 -35.7
Belgium Bel-20 3377.06 20.30 0.60 –8.8 IperionX ADR IPX 9.40 1.48 18.69 18.57 4.45 94.8 Match Group MTCH 29.29 -5.31 -15.35 54.60 27.85 -36.0
Denmark OMX Copenhagen 20 2149.64 17.14 0.80 17.1 Scotts Miracle-Gro SMG 52.68 8.24 18.54 88.61 43.67 14.1 Puyi ADR PUYI 6.15 -1.11 -15.29 9.63 4.44 -7.4
France CAC 40 6932.63 0.68 7.1 Marker Therapeutics MRKR 2.81 0.41 17.08 9.68 0.67 -33.1 SSR Mining SSRM 11.76 -2.12 -15.27 17.74 11.46 -10.8
46.98
Germany DAX 14923.27 0.76 7.2
Israel Tel Aviv 1654.01
112.93
7.16 0.43 –8.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27985.44 243.53 0.88 18.0 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 722.23 3.63 0.51 4.8
Norway Oslo Bors All-Share 1509.38 0.19 10.8 ProShares UltraPro QQQ TQQQ 165,122 52.7 34.47 5.16 47.14 16.10 Canna-Global Acqn Cl A CNGL 360 5480 10.84 0.09 10.87 10.15
2.90
0.12 ProSh UltraPro Shrt QQQ SQQQ 151,956 12.1 20.57 -5.21 63.57 16.38 Investcorp Europe I Cl A IVCB 2,388 5074 10.94 ... 11.39 10.18
South Africa FTSE/JSE All-Share 69740.30 86.86 –4.5
Spain IBEX 35 9075.00 57.70 0.64 10.3 Advanced Micro Devices AMD 137,921 137.2 108.04 9.69 132.83 58.03 John Hancock Mtg-Bkd JHMB 209 3958 20.55 1.29 22.07 20.20
Sweden OMX Stockholm 764.54 –0.20 –2.2 Tesla TSLA 121,016 4.4 205.66 2.40 299.29 101.81 Invsc BS 2033 Cp Bd BSCX 235 3268 19.34 1.12 19.91 19.05
–1.50
1.08 Direxion Dly SCOND 3 BL SOXL 98,910 47.1 15.95 7.05 28.75 7.53 AllianzIM US LC Bf20 Nov NVBW 256 3086 27.09 0.73 28.71 24.45
Switzerland Swiss Market 10503.89 112.73 –2.1
Turkey BIST 100 7528.57 14.47 0.19 36.7 SPDR S&P 500 ETF Trust SPY 97,761 18.9 422.66 1.07 459.44 368.79 US Treasury 10 Year Note UTEN 992 2889 42.14 1.15 47.57 41.43
U.K. FTSE 100 7342.43 20.71 0.28 –1.5 Bit Brother Cl A BETS 76,595 1692.9 0.05 -5.74 12.00 0.04 John Hancock Multi EM JHEM 549 2471 23.19 1.09 25.86 21.45
U.K. FTSE 250 17185.89 102.84 0.60 –8.8 Cellectis ADR CLLS 75,360 142310.2 2.64 172.16 4.04 0.96 Amplify Intl Enh Div Incm IDVO 276 2219 26.52 1.41 29.08 23.98
Ford Motor F 75,330 49.6 9.91 1.64 15.42 9.63 ShoulderUp Tech Acqn A SUAC 400 2160 10.57 -0.27 11.09 10.02
Asia-Pacific MSCI AC Asia Pacific 152.25 1.59 1.06–2.2
iSh 20+ Year Treasury Bd TLT 72,105 90.2 85.10 2.17 109.68 82.42 Invsc DJIA Div DJD 695 2008 40.77 0.06 46.01 39.79
Australia S&P/ASX 200 6838.30 57.62 0.85 –2.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3023.08 4.31 0.14 –2.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17101.78 –10.70 –0.06 –13.5
India S&P BSE Sensex 63591.33 –0.44 4.5
Scan this code
–283.60
Japan NIKKEI 225 31601.65 742.80 2.41 21.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3076.77 9.03 0.29 –5.4 and track most-active stocks,
South Korea KOSPI 2301.56 23.57 1.03 2.9 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16038.56 37.29 0.23 13.4 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1379.96 –1.87 –0.14 –17.3
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004066 24593 4.1
CREDIT MARKETS Argentina peso .0029349.9933 98.0 Europe
Brazil real .2017 4.9574 –6.2 Czech Rep. koruna .04286 23.332 3.4
.7216 1.3858 2.2 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso .001116 895.68 5.6
Denmark krone
Euro area euro
.1416 7.0617
1.0570 .9461 1.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000244 4101.50 –15.4 Hungary forint .002757 362.73 –2.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007156 139.74 –1.3
A consumer rate against its Money Market/Savings Accts Mexico peso .0563 17.7662 –8.8 Norway krone .0894 11.1850 14.0
benchmark over the past year Uruguay peso .02501 39.9900 0.04 Poland zloty .2366 4.2273 –3.5
Bankrate.com avg†: 0.61% Tradeweb ICE 6.00%
14% Euro Asia-Pacific Russia ruble .01080 92.610 25.6
Wednesday Close s
CFG Community Bank 5.25% 5.00 Sweden krona .0894 11.1800 7.1
t Australiadollar .6393 1.5642 6.6
5.00% Baltimore, MD 888-205-8388 7 Switzerland franc 1.1014 .9079 –1.9
t China yuan .1367 7.3170 6.1
4.00 Turkey lira .0353 28.3231 51.5
UFB Direct 5.25% s Hong Kong dollar .1278 7.8234 0.2
Federal-funds Ukraine hryvnia .0275 36.3500 –1.4
t
3.75 0 Yen India rupee .01201 83.270 0.6
target rate San Diego, CA 877-472-9200 One year ago 3.00 WSJ Dollar Index UK pound 1.2150 .8230 –0.4
s Indonesia rupiah .0000629 15900 2.1
2.50 Valley Direct 5.25% –7 Japan yen .006624 150.96 15.1 Middle East/Africa
2.00
Money market Wayne, NJ 866-899-9900 Kazakhstan tenge .002129 469.64 1.5 Bahrain dinar 2.6522 .3771 unch
account yields 1.25 1.00 Macau pataca .1240 8.0624 0.2 Egypt pound .0324 30.8992 24.8
Vio Bank 5.25% –14
t Malaysia ringgit .2096 4.7715 8.3 Israel shekel .2491 4.0141 13.9
Oklahoma City, OK 888-999-9170 1 3 6 1 2 3 5 7 10 20 30 2022 2023
0.00 New Zealand dollar .5845 1.7109 8.6 Kuwait dinar 3.2342 .3092 1.0
TAB Bank 5.27% month(s) years
N D J F MAM J J A S O N Pakistan rupee .00354 282.250 24.5 Oman sul rial 2.5974 .3850 ...
Ogden, UT 800-355-3063 maturity Philippines peso .0176 56.810 2.0 Qatar rial .2743 3.646 –0.6
2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7309 1.3682 2.0 Saudi Arabia riyal .2666 3.7516 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007414 1348.82 6.9 South Africa rand .0540 18.5014 8.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030500 327.87 –10.8
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.00 l 5.50 5.25 Taiwan dollar .03086 32.405 5.8
Yield (%) 52-Week Total Return (%) Thailand baht .02766 36.150 4.4 WSJ Dollar Index 100.73 –0.18–0.18 4.33
Prime rate* 8.50 8.50 6.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.35 5.30 3.05 l 5.35 5.26 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2046.380 4.890 5.080 5.120 3.610 0.091 –5.661
Money market, annual yield 0.61 0.61 0.25 l 0.62 0.40
Five-year CD, annual yield 2.84 2.84 2.33 l 2.86 2.24 U.S. Treasury Long, Bloomberg 2787.030 5.080 5.230 5.280 3.610 –7.516–15.730 Commodities Wednesday 52-Week YTD
30-year mortgage, fixed† 8.22 8.22 6.36 l 8.28 5.14 Aggregate, Bloomberg 1911.470 5.500 5.700 5.740 4.180 1.121 –5.261 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.40 7.35 5.54 l 7.42 4.76 Fixed-Rate MBS, Bloomberg 1873.570 5.740 6.030 6.050 4.140 0.224 –5.315
Jumbo mortgages, $726,200-plus† 8.27 8.26 6.35 l 8.33 5.24 DJ Commodity 993.43 -4.25 -0.43 1071.61 930.59 -5.18 -5.27
High Yield 100, ICE BofA 3271.478 8.977 9.002 9.101 7.022 6.428 1.093 Refinitiv/CC CRB Index 279.08 -2.07 -0.74 290.29 253.85 -0.56 0.48
Five-year adj mortgage (ARM)† 7.12 7.02 5.33 l 7.16 3.90
Muni Master, ICE BofA 544.036 4.286 4.281 4.311 2.757 1.615 –2.406 Crude oil, $ per barrel 80.44 -0.58 -0.72 93.68 66.74 -10.62 0.22
New-car loan, 48-month 7.68 7.68 6.11 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 768.516 8.622 8.746 8.842 7.102 7.009 –4.562 Natural gas, $/MMBtu 3.494 -0.081 -2.27 7.308 1.991 -44.26 -21.92
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. 1978.80 -6.40 -0.32 2048.00 1627.30 20.24 8.74
 .

B8 | Thursday, November 2, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, November 1, 2023
Metal & Petroleum Futures March'24 3,843 3,852 3,813 3,826 –21 96,345
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest Dec 166.00 167.15 158.75 159.80 –7.50 74,260 months.
March'24 163.75 164.50 157.90 158.85 –6.05 66,156
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Wednesday Wednesday Wednesday
Nov 3.6485 3.6790 3.6360 3.6450 0.0035 1,997 Copper,Comex spot 3.6450 Wheat,No.2 soft red,St.Louis-u 5.8575
Dec 3.6530 3.6890 3.6335 3.6490 … 128,600
March 27.16 27.69 27.13 27.51 .42 435,242 Energy Iron Ore, 62% Fe CFR China-s *123.2 Wheat - Hard - KC (USDA) $ per bu-u 6.7300
May 25.77 26.25 25.76 26.12 .40 150,919
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.250 Steel, HRC USA, FOB Midwest Mill-s *800.0 Wheat,No.1soft white,Portld,OR-u 6.9750
Nov 1990.50 1990.50 1977.80 1978.80 –6.40 124
Jan 45.00 45.30 s 45.00 45.25 .45 3,001 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals Food
Dec 1993.30 2005.90 1978.20 1987.50 –6.80 371,545 BMI Lithium Carbonate, EXW China, =99.2%-v,w 22325
Jan'24 2004.80 2004.80 s 1997.00 1997.80 –6.80 6
March 44.90 44.90 s 44.90 44.90 .12 2,513 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 19925 Beef,carcass equiv. index
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Feb 2013.40 2026.00 1998.70 2007.80 –6.80 58,396 Dec 81.38 81.38 79.30 79.44 –1.78 99,244 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5275 choice 1-3,600-900 lbs.-u 284.33
April 2028.40 2045.20 2018.00 2027.10 –7.00 22,912 March'24 83.57 83.72 81.55 81.68 –1.83 64,279 Engelhard industrial 1985.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4295 select 1-3,600-900 lbs.-u 260.19
June 2051.80 2065.60 2039.20 2046.90 –7.30 12,647 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman base 1986.35 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 540 Broilers, National comp wtd. avg.-u,w 1.1313
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 408.95 –8.75 Butter,AA Chicago-d 3.1425
Nov 1110.30 –11.90 1
414.00 414.00 409.00 598 Handy & Harman fabricated 2204.85 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 167.25
Jan'24 381.50 381.75 373.70 373.70 –10.00 8,031 LBMA Gold Price AM *1997.60
Dec 1132.50 1150.50 1109.00 1114.20 –11.90 18,857 LBMA Gold Price PM *1996.90 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Cheddar cheese,blk,Chicago-d 168.50
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e 2056.08 Cotton,1 1/16 std lw-mdMphs-u 0.7644 Milk,Nonfat dry,Chicago lb.-d 118.75
Nov 922.60 –13.90 115 Maple Leaf-e 2075.85 Cotlook 'A' Index-t *93.75 Coffee,Brazilian,Comp-y 1.6285
Jan'24 944.00 944.10 925.60 930.40 –14.50 69,548 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9191
Dec 111-080 114-110 111-060 113-130 27.0 1,560,429
American Eagle-e 2075.85
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mexican peso-e 2391.67 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1650
Nov 22.645 23.015 22.555 22.685 –0.156 114 March'24 113-040 115-010 111-300 114-040 27.0 190 Flour,hard winter KC-p 17.05
Dec 22.955 23.130 22.645 22.790 –0.162 93,944 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1940.86 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.85
Dec 108-190 110-140 1-00.0 1,372,214
Austria phil-e 2075.85
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 108-210 111-060 Bran,wheat middlings, KC-u,w 143 Hogs,Iowa-So. Minnesota-u 75.66
March'24 108-200 111-020 108-180 110-110 31.0 5,722 Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.4000
Dec 81.48 83.42 80.30 80.44 –0.58 318,512 Corn,No. 2 yellow,Cent IL-bp,u 4.4600
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 22.7500 Pork loins,13-19 lb MidUS-u 1.0588
Jan'24 80.98 82.82 79.96 80.10 –0.40 211,044 Corn gluten feed,Midwest-u,w 159.8
Dec 105-290 107-065 105-275 106-275 22.0 4,681,774 Handy & Harman base 22.7500 Corn gluten meal,Midwest-u,w 580.3 Steers,Tex.-Okla. Choice-u 184.00
Feb 80.47 82.16 79.49 79.63 –0.33 111,526
March'24 106-060 107-165 106-050 107-055 23.0 9,755 Handy & Harman fabricated 28.4380 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w 254.88
March 79.95 81.49 78.98 79.13 –0.29 112,916
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% LBMA spot price *£19.0500 Hominy feed,Cent IL-u,w 138
June 78.49 79.89 77.66 77.81 –0.23 165,787 Fats and Oils
Dec 104-112 105-050 104-110 104-305 15.2 5,732,427 (U.S.$ equivalent) *23.2000 Meat-bonemeal,50% pro Mnpls-u,w 440
Dec 76.09 77.23 75.28 75.42 –0.27 150,426
March'24 104-245 105-162 104-212 105-097 16.0 13,710 Coins,wholesale $1,000 face-a 19466 4.3950 Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oats,No.2 milling,Mnpls-u
Dec 2.9281 3.0003 2.9099 2.9615 .0515 77,414 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.4800
Jan'24 2.8763 2.9346 2.8567 2.8910 .0349 53,333 Dec 101-059 101-152 101-057 101-130 6.2 4,173,872 LBMA Platinum Price PM *940.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'24 101-176 101-282 101-174 101-251 7.5 14,601 Platinum,Engelhard industrial 930.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 457.40 Soybean oil,crude;Centl IL-u,w 0.5477
Dec 2.2275 2.2850 2.1822 2.1855 –.0318 112,121 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Palladium,Engelhard industrial 1140.0 Soybeans,No.1 yllw IL-bp,u 12.6400 Tallow,bleach;Chicago-h 0.5375
Jan'24 2.2219 2.2762 2.1805 2.1838 –.0279 72,572 Nov 94.6700 94.6725 94.6675 94.6725 527,156 Aluminum, LME, $ per metric ton *2235.0 Wheat,Spring14%-pro Mnpls-u 8.7900 Tallow,edible,Chicago-u 0.5955
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan'24 94.6050 94.6350 94.6000 94.6250 .0200 370,421
Dec 3.600 3.608 3.428 3.494 –.081 157,059 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 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;
Jan'24 3.840 3.841 3.684 3.753 –.060 206,378 Aug 94.6600 .0025 10,889 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
Dec 94.5550 94.6000 94.5500 94.5800 .0200 1,604,544 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/31
Feb 3.769 3.770 3.623 3.690 –.056 67,144
Source: Dow Jones Market Data
March 3.476 3.483 3.359 3.425 –.043 164,782
April 3.248 3.258 3.154 3.221 –.025 92,824 Currency Futures
May 3.264 3.281 3.180 3.247 –.017 71,057 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .6617 t .6646
.6605 .6632 .0022 1,328 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Dec .6642 t .6684
.6640 .6669 .0023 273,060
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Nov .7203 .7225 t .7197 .7205 –.0008 161
Tracking Bond Benchmarks
Dec 478.75 480.00 472.50 475.00 –3.75 604,103
March'24 493.00 494.50 487.00 489.75 –3.25 376,486
Dec .7214 .7229 t .7199 .7209 –.0008 193,543 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
Oats (CBT)-5,000 bu.; cents per bu. Nov 1.2135 1.2164 1.2097 1.2131 –.0021 1,936
Dec 388.00 389.75 373.00 379.50 –9.75 2,261 Total Total
Dec 1.2155 1.2168 1.2098 1.2133 –.0021 224,807
March'24 402.50 403.00 393.75 398.50 –9.50 1,296 return YTD total Yield (%) return YTD total Yield (%)
Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.1039 1.1088 1.1028 1.1056 .0003 55,359
close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 1290.00 1296.75 1283.25 1291.25 4.25 2,853 March'24 1.1183 1.1191 1.1150 1.1172 .0002 647
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Jan'24 1311.00 1319.25 1304.75 1315.00 4.50 278,026 Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Nov .6335 .6402 .6322 .6381 .0036 395 1911.47 -1.8 U.S. Aggregate 5.500 4.180 5.740 1873.57 -3.0 Mortgage-Backed 5.740 4.140 6.050
Dec 431.00 432.60 424.00 430.40 –.60 156,964 Dec .6347 .6409 .6328 .6388 .0036 195,724
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1855.98 -2.4 Ginnie Mae (GNMA) 5.740 4.170 6.020
Jan'24 418.00 420.40 412.90 419.10 1.10 136,678 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .05562 .05616 .05530 .05591 .00045 85 -0.9 U.S. Corporate 1098.08 -3.2 Fannie mae (FNMA) 5.740 4.140 6.050
2841.33 6.210 4.830 6.430
Dec 51.59 51.88 49.78 49.90 –1.52 147,501 Dec .05497 .05595 .05492 .05559 .00045 198,969
Jan'24 51.01 51.26 49.30 49.39 –1.44 106,664 Euro (CME)-€125,000; $ per € 2817.58 1.2 Intermediate 6.120 4.730 6.350 1713.53 -1.7 Freddie Mac (FHLMC) 5.760 4.090 6.190
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 1.0583 1.0586 1.0522 1.0548 –.0040 2,922
Nov 16.34 16.34 16.21 16.25 .13 898 Dec 1.0596 1.0601 1.0537 1.0562 –.0040 674,289 3591.21 -5.2 Long term 6.390 5.010 6.600 544.04 -2.2 Muni Master 4.286 2.757 4.311
Jan'24 16.02 16.17 15.96 16.00 –.01 8,983
-2.2 Double-A-rated 388.71 -2.4 7-12 year 4.074 2.392 4.097
540.74 5.530 4.320 5.760
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
Dec 557.50 564.75 554.75 561.75 5.50 232,771 756.40 -0.2 Triple-B-rated 6.480 5.080 6.700 428.89 -3.1 12-22 year 4.716 3.257 4.742
Mini DJ Industrial Average (CBT)-$5 x index
March'24 585.75 591.75 583.25 589.50 4.25 109,822
Dec 33087 33418 32990 33351 216 103,373 High Yield Bonds ICE BofA 397.18 -3.6 22-plus year 5.244 4.020 5.274
Wheat (KC)-5,000 bu.; cents per bu. March'24 33422 33723 33307 33662 211 547
Dec 630.25 641.00 626.00 640.00 10.75 108,309 Mini S&P 500 (CME)-$50 x index 486.45 5.0 High Yield Constrained 9.428 7.781 9.560 Global Government J.P. Morgan†
March'24 643.25 651.50 638.25 650.50 9.25 61,673 Dec 4205.00 4264.75 4191.25 4256.00 43.75 2,140,764
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 458.11 9.0 Triple-C-rated 15.455 13.413 16.916 514.68 -1.3 Global Government 3.710 2.680 3.810
March'24 4252.25 4310.25 4237.50 4301.75 43.75 26,468
Nov 238.075 238.950 237.800 238.575 .875 6,234 Mini S&P Midcap 400 (CME)-$100 x index 3271.48 5.1 High Yield 100 8.977 7.022 9.101 760.70 -0.4 Canada 3.950 2.880 4.260
Jan'24 237.950 238.575 237.075 238.025 .825 22,931 Dec 2371.70 2389.80 2354.80 2389.20 14.10 39,726
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'24 2406.80 14.10 1 424.92 4.7 Global High Yield Constrained 9.305 7.868 9.636 335.21 0.7 EMU§ 3.600 2.461 3.790
Dec 183.550 184.150 183.025 183.625 .075 103,922 Mini Nasdaq 100 (CME)-$20 x index
Dec 14460.00 14762.00 14410.75 14744.50 254.25 256,719 327.37 6.0 Europe High Yield Constrained 7.753 6.646 8.040 619.73 -0.003 France 3.460 2.290 3.630
Feb'24 184.700 185.275 184.000 185.175 .550 71,498
March'24 14654.75 14944.00 14595.50 14928.25 255.25 2,423
Hogs-Lean (CME)-40,000 lbs.; cents per lb. U.S Agency Bloomberg Fixed Income Indices 442.78 -0.2 Germany 2.850 1.730 3.030
Mini Russell 2000 (CME)-$50 x index
Dec 71.250 72.075 69.950 70.150 –1.575 84,849
Feb'24 74.350 75.150 73.250 73.450 –1.425 52,225
Dec 1665.60 1678.20 1652.40 1676.40 8.00 552,196 1717.82 1.6 U.S Agency 5.180 4.130 5.390 271.61 -2.2 Japan 1.300 0.710 1.300
March'24 1682.30 1694.90 1670.60 1693.50 7.60 1,183
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1695.00 1708.60 1689.70 1712.00 7.40 1 1527.40 2.0 10-20 years 5.160 4.120 5.370 476.75 -0.6 Netherlands 3.160 1.970 3.320
Nov 489.00 491.00 487.00 489.50 –.50 2,415 Mini Russell 1000 (CME)-$50 x index
Jan'24 501.00 504.00 497.50 503.00 1.50 6,179 Dec 2309.00 2329.00 2303.10 2325.30 22.20 6,680 3050.78 -4.1 20-plus years 5.540 4.300 5.740 747.61 -4.5 U.K. 4.720 3.120 4.880
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 0.2 Yankee 5.900 4.670 6.110
Dec 106.53 106.99 106.45 106.72 .22 42,174
2538.16 768.52 0.03 Emerging Markets ** 8.622 7.102 8.842
Nov 17.19 17.33 17.16 17.24 .05 3,584
Dec 17.06 17.24 t 17.00 17.13 .08 5,469 March'24 106.18 106.56 106.13 106.31 .21 622 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Dec 3,806 3,825 3,781 3,794 –23 114,587 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended October 27. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 5.000 U.S. 2 4.971 t l 5.069 5.046 4.538
and demand data are available monthly only. 3.875 10 4.790 t l 4.874 4.572 4.052
0.250 Australia 2 4.475 s 4.474 4.096 3.207 -50.0 -62.6 -135.1
Inventories, 000s barrels Imports, 000s barrels per day
l

3.000 10 4.958 s l 4.934 4.498 3.774 17.4 0.0 -27.2

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 3.378 t l 3.432 3.497 2.036 -159.7 -166.7 -252.1
3.500 10 3.379 t l 3.433 3.400 2.667 -140.6 -150.1 -137.9
Crude oil and
petroleum prod 1,262,562 ... 1,266 1,224 1,268 1,268 7,906 ... 7,716 8,088 7,931 8,240 3.100 Germany 2 2.985 t l 3.029 3.211 1.935 -199.0 -207.1 -262.2
Crude oil 2.600 10 2.766 t l 2.814 2.845 2.131 -201.9 -212.0 -191.5
excluding SPR 421,893 500 421 437 422 451 6,425 ... 6,013 6,205 6,177 6,253
3.600 Italy 2 3.789 t l 3.854 4.036 2.714 -118.6 -124.6 -184.3
Gasoline 223,522 ... 223 207 224 218 557 ... 653 286 626 492
Finished gasoline 17,533 -500 17 15 17 21 54 ... 82 118 66 96 4.350 10 4.657 t l 4.732 4.778 4.257 -12.8 -20.2 21.1
Reformulated 18 ... 0 0 0 0 0 ... 0 0 0 0 0.100 Japan 2 0.157 s l 0.146 0.051 -0.043 -481.8 -495.4 -460.0
Conventional 17,515 ... 17 15 17 21 54 ... 82 118 66 96 0.800 10 0.959 s l 0.949 0.771 0.252 -382.5 -398.5 -379.4
Blend. components 205,988 ... 206 191 207 197 503 ... 571 168 561 395
0.000 Spain 2 3.422 t l 3.449 3.599 2.161 -155.2 -165.1 -239.6
Natural gas (bcf) 3,700 ... 4 3 4 4 ... ... ... ... ... …
3.550 10 3.832 t l 3.876 3.917 3.201 -95.3 -105.8 -84.5
Kerosene-type
3.500 U.K. 2 4.804 s l 4.791 4.656 3.145 -17.1 -30.9 -141.2
jet fuel 40,470 ... 42 36 42 38 102 ... 135 74 105 152
Distillates 111,295 -1,900 112 107 114 123 71 ... 116 121 96 256 4.250 10 4.499 t l 4.521 4.446 3.464 -28.6 -41.3 -58.2
Heating oil 7,942 ... 8 8 8 9 0 ... 0 0 0 1 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 103,354 ... 104 99 106 57 71 ... 116 121 96 254
Residual fuel oil
Other oils
27,460
315,712
...
...
27
316
30
297
27
316
30
300
117
531
...
...
107 245
589 1,034
114
709
190
749
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,613,836 ... 1,617 1,624 1,619 1,855 -3,380 ... -3,136 -1,374 -2,790 102
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity
Spread*, in basis points
Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals –13 n.a.
Current change week ago avg avg Morgan Stanley MS 6.250 6.02 Aug. 9, ’26 118
PACCAR PCAR 4.450 5.21 March 30, ’26 37 –12 38
Total petroleum Halliburton HAL 7.450 6.36 Sept. 15, ’39 123 –11 137
4250
product 19,869 ... 20,102 20,481 20,384 20,935 John Deere Capital … 5.150 5.64 Sept. 8, ’33 84 –9 87
Natural gas,
Finished lower 48 states 3250 Kraft Heinz KHC 6.875 6.62 Jan. 26, ’39 147 –9 n.a.
t L3Harris Technologies LHX 5.400 5.80 Jan. 15, ’27 103 –9 105
motor gasoline 8,697 ... 8,864 8,660 8,771 9,109
Kerosene-type 2250 Telefonica Europe TELEFO 8.250 6.48 Sept. 15, ’30 169 –8 n.a.
Five-year average BNP Paribas BNP 4.400 6.12 Aug. 14, ’28 144 –7 158
jet fuel 1,712 ... 1,726 1,308 1,600 1,623
t

for each week 1250

Distillates 3,682 ... 4,069 4,257 3,959 4,332 …And spreads that widened the most
Residual fuel oil 236 ... 264 272 272 359 250 America Movil SAB de CV AMXLMM 6.125 6.56 March 30, ’40 136 224 139
Propane/propylene 937 ... 826 1,034 961 ... N D J F M A M J J A S O Rio Tinto RIOLN 6.125 6.03 Dec. 15, ’33 124 12 n.a.
Other oils 4,605 ... 4,355 4,951 4,821 ... 2022 2023 Bank of America BAC 4.250 6.31 Oct. 22, ’26 150 10 144
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Nomura Holdings NOMURA 2.172 6.67 July 14, ’28 186 10 185
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Siemens Financieringsmaatschappij SIEGR 2.350 5.35 Oct. 15, ’26 58 8 n.a.
Athene Global Funding … 2.646 7.10 Oct. 4, ’31 220 7 217
Exchange-Traded Portfolios | WSJ.com/ETFresearch Citigroup C 6.000 6.57 Oct. 31, ’33 175 7 167
Closing Chg YTD Banco Santander SANTAN 2.958 6.86 March 25, ’31 205 7 202
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Closing Chg YTD SPDR S&PMdCpTr MDY 435.00 0.57 –1.8 High-yield issues with the biggest price increases…
Wednesday, November 1, 2023 SPDR S&P Div SDY 112.21 0.24 –10.3 Bond Price as % of face value
ETF Symbol Price (%) (%)
Closing Chg YTD TechSelectSector XLK 167.18 1.93 34.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 49.74 0.45 –0.2 VangdInfoTech VGT 414.49 1.64 29.8
CnsmrDiscSelSector XLY 153.98 1.24 19.2 iSh1-3YTreaBd SHY 80.98 0.22 –0.2 VangdSC Val VBR 152.77 0.66 –3.8 Toledo Hospital TOLHOS 5.325 9.11 Nov. 15, ’28 85.000 8.13 n.a.
iShRussMC IWR 66.12 0.50 –2.0 VangdExtMkt VXF 135.12 0.58 1.7
ConsStaplesSPDR XLP 67.79 –0.10 –9.1
iShRuss1000 IWB 231.68 1.03 10.1
Lumen Technologies LUMN 7.600 25.05 Sept. 15, ’39 31.938 2.66 26.500
DimenUSCoreEq2 DFAC 25.52 0.71 5.1 VangdDivApp VIG 153.85 0.49 1.3
EnSelSectorSPDR XLE 84.99 –0.23 –2.8 iShRuss1000Grw IWF 266.19 1.56 24.2 VangdFTSEAWxUS VEU 50.70 0.98 1.1 Liberty Interactive LINTA 8.500 43.16 July 15, ’29 28.250 1.96 27.000
iShRuss1000Val IWD 147.13 0.48 –3.0 VangdFTSEDevMk VEA 42.67 1.02 1.7
FinSelSectorSPDR XLF 32.57 0.65 –4.8
iShRussell2000 IWM 165.46 0.57 –5.1 VangdFTSE EM VWO 38.21 0.71 –2.0 Navient NAVI 5.625 10.73 Aug. 1, ’33 69.577 1.78 69.375
HealthCareSelSect XLV 124.80 0.21 –8.1
iShS&P500Grw IVW 67.55 1.17 15.5 VangdFTSE Europe VGK 56.52 0.68 1.9 1.58
IndSelSectorSPDR XLI 98.68 0.33 0.5
iShS&P500Value IVE 152.35 0.87 5.0 VangdGrowth VUG 271.64 1.54 27.5
Xerox XRXCRP 6.750 11.26 Dec. 15, ’39 66.777 67.158
InvscNasd100 QQQM 146.93 1.80 34.1
InvscQQQI QQQ 356.96 1.74 34.1
iShSelectDiv DVY 105.27 0.60 –12.7 VangdHlthCr VHT 226.31 0.23 –8.8 Occidental Petroleum OXY 6.450 6.66 Sept. 15, ’36 98.186 1.06 96.522
iSh7-10YTreaBd IEF 90.37 1.15 –5.6 VangdHiDiv VYM 100.92 0.47 –6.7
InvscS&P500EW RSP 136.29 0.34 –3.5
iShShortTreaBd SHV 110.07 0.03 0.1 VangdIntermBd BIV 71.54 1.04 –3.7
Hughes Satellite Systems … 6.625 12.98 Aug. 1, ’26 85.690 1.04 85.083
iShCoreDivGrowth DGRO 48.44 0.44 –3.1
iShCoreMSCIEAFE IEFA 62.94 0.93 2.1
iShTIPSBondETF TIP 103.24 0.87 –3.0 VangdIntrCorpBd VCIT 75.03 1.15 –3.2 Venture Global Calcasieu Pass VENTGL 4.125 7.27 Aug. 15, ’31 81.520 0.90 80.125
iSh20+YTreaBd TLT 85.10 2.17 –14.5 VangdIntermTrea VGIT 56.80 0.76 –2.9
iShCoreMSCIEM IEMG 46.40 1.00 –0.6
iShCoreMSCITotInt IXUS 58.45 0.97 1.0
iShUSTreasuryBd
iSh0-3MTreaBd
GOVT
SGOV
21.85
100.29
0.81 –3.8
0.02 0.1
VangdLC
VangdMC
VV
VO
193.68
199.22
1.15 11.2
0.41 –2.3
…And with the biggest price decreases
iShCoreS&P500 IVV 424.53 1.09 10.5 JPMEquityPrem JEPI 52.73 0.90 –3.2 VangdMC Val VOE 126.96 0.61 –6.1
iShCoreS&P MC IJH 237.45 0.61 –1.8 Bausch Health BHCCN 11.000 26.53 Sept. 30, ’28 58.655 –2.35 63.470
JPM UltShIncm JPST 50.00 0.04 –0.3 VangdMBS VMBS 43.12 1.37 –5.3
iShCoreS&P SC IJR 89.28 0.44 –5.7 PacerUSCashCows100 COWZ 48.03 0.61 3.8 VangdRealEst VNQ 73.37 0.62 –11.0 Dish DBS … 5.875 16.81 Nov. 15, ’24 90.000 –1.75 93.000
iShCoreS&PTotUS ITOT 92.55 0.96 9.1 ProShUltPrQQQ TQQQ 34.47 5.16 99.2 VangdS&P500ETF VOO 388.40 1.10 10.5
iShCoreTotalUSDBd IUSB 43.20 1.05 –3.9 SPDRBbg1-3MTB BIL 91.44 0.03 –0.0 VangdST Bond BSV 75.15 0.42 –0.2
Navient NAVI 6.125 7.38 March 25, ’24 99.500 –0.38 99.375
iShCoreUSAggBd AGG 93.05 1.10 –4.1 –0.37 101.909
SPDR DJIA Tr DIA 332.68 0.67 0.4 VangdSTCpBd VCSH 74.98 0.46 –0.3 Crown Cork & Seal … 7.375 6.92 Dec. 15, ’26 101.250
iShEdgeMSCIMinUSA USMV 72.20 0.63 0.1 SPDR Gold GLD 183.51 –0.32 8.2 VangdShtTmInfltn VTIP 47.28 0.30 1.2
iShEdgeMSCIUSAQual QUAL 131.18 1.03 15.1 SPDRPtfDevxUS SPDW 30.23 1.04 1.8 VangdShortTrea VGSH 57.56 0.22 –0.4 United States Cellular USM 6.700 7.39 Dec. 15, ’33 95.125 –0.36 93.712
iShGoldTr IAU 37.46 –0.35 8.3 SPDRS&P500Value SPYV 40.90 0.89 5.2 VangdSC VB 178.96 0.51 –2.5
iShiBoxx$HYCpBd HYG 72.87 0.95 –1.0 SPDRPtfS&P500 SPLG 49.72 1.08 10.5 VangdTaxExemptBd VTEB 47.52 0.46 –4.0
Royal Caribbean RCL 7.500 7.97 Oct. 15, ’27 98.438 –0.33 96.750
iShiBoxx$IGCpBd LQD 100.22 1.43 –4.9 SPDRS&P500Growth SPYG 58.55 1.23 15.6 VangdTotalBd BND 68.99 0.97 –4.0 Transocean RIG 6.800 10.74 March 15, ’38 71.440 –0.15 71.722
iShMBS MBB 87.46 1.29 –5.7 SPDR S&P 500 SPY 422.66 1.07 10.5 VangdTotIntlBd BNDX 47.86 0.56 0.9
iShMSCIACWI ACWI 90.92 1.00 7.1 SchwabIntEquity SCHF 33.22 1.03 3.1 VangdTotIntlStk VXUS 52.23 0.99 1.0 Bath & Body Works BBWI 9.375 7.47 July 1, ’25 102.901 –0.10 102.875
iShMSCI EAFE EFA 67.55 0.94 2.9 SchwabUS BrdMkt SCHB 48.98 0.99 9.3 VangdTotalStk VTI 208.86 1.00 9.2
iSh MSCI EM EEM 37.04 0.93 –2.3 SchwabUS Div SCHD 68.15 0.13 –9.8 VangdTotWrldStk VT 91.35 0.98 6.0 *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.
iShMSCIEAFEValue EFV 47.64 0.87 3.8 SchwabUS LC SCHX 49.87 0.99 10.5 VangdValue VTV 134.86 0.42 –3.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 101.20 0.43 –4.1 SchwabUS LC Grw SCHG 72.72 1.54 30.9 WisdTrFRTrea USFR 50.34 0.04 0.1 Source: MarketAxess
 .

THE WALL STREET JOURNAL. * Thursday, November 2, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Flex FLEX 25.78 0.06 JohnsonControls JCI 49.780.76 NXP Semicon NXPI 172.52 0.09 ResMed RMD 147.18 5.96 SuncorEnergy SU 32.72 0.32 UPS B UPS 139.80 -1.45
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Floor&Decor FND 82.91 0.51 JonesLang JLL 130.39 2.47 Nasdaq NDAQ 48.71 -0.89 RestaurantBrands QSR 67.06 -0.14 SuperMicroComp SMCI 252.27 12.80 UnitedRentals URI 409.48 3.21
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FomentoEconMex FMX 117.97 4.56 JuniperNetworks JNPR 26.67 -0.25 NationalGrid NGG 61.06 0.91 Revvity RVTY 82.54 -0.31 Suzano SUZ 10.35 0.13 US Bancorp USB 31.86 -0.02
that include primary market trades as well as quarters. FordMotor F 9.91 0.16 KB Financial KB 38.230.07 t NatWest NWG 4.33 -0.06 RexfordIndlRealty REXR 44.01 0.77 SynchronyFinl SYF 27.97 -0.08 US Steel X 34.25 0.36
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Fortinet FTNT 57.31 0.14 KBR KBR 58.27 0.12 NetApp NTAP 73.35 0.57 RioTinto RIO 65.08 0.74 Synopsys SNPS 475.38 5.94 UnitedTherap UTHR 224.08 1.22
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fortis FTS 40.37 0.64 KKR KKR 56.95 1.55 NetEase NTES 108.35 1.43 Rivian RIVN 16.13 -0.09 Sysco SYY 65.65 -0.84 UnitedHealth UNH 531.60 -3.96
Nasdaq ISE. standards Fortive FTV 65.19 -0.09 KLA KLAC 476.53 6.83 Netflix NFLX 420.19 8.50 RobertHalf RHI 73.98 -0.79 UnitySoftware U 25.08 -0.29
The list comprises the 1,000 largest companies
based on market capitalization.
lf-Late filing
q-Temporary exemption from Nasdaq
FortuneBrands FBIN 57.85 2.05 Kanzhun BZ -0.22 Neurocrine
14.58 NBIX 111.54 0.60 Robinhood HOOD 9.08 -0.06 T U V UnivDisplay OLED 137.08 -2.10
FoxA FOXA 30.46 0.07 KarunaTherap KRTX 173.18 6.57 NewFortressEner NFE 30.54 0.24 Roblox RBLX 31.84 0.03 UniversalHealthB UHS 125.39 -0.50
Underlined quotations are those stocks with requirements. FoxB FOX 27.90 -0.01 Kellanova K 50.600.13 NewOrientalEduc EDU 66.14 0.65 RocketCos. RKT 7.52 0.13 TC Energy TRP 35.00 0.55 UnumGroup UNM 42.46 -6.44
large changes in volume compared with the t-NYSE bankruptcy Franco-Nevada FNV 119.58 -1.97 Kenvue KVUE 18.88 0.28 NewRelic NEWR 86.64 -0.03 Rockwell ROK 266.98 4.17 TD Synnex SNX 93.00 1.32 VICI Prop VICI 27.87 -0.03
issue’s average trading volume. v-Trading halted on primary market. FranklinRscs BEN 22.55 -0.24 KeurigDrPepper KDP 30.46 0.13 NY CmntyBcp NYCB 9.49 0.01 RogersComm B RCI 37.79 0.73 TE Connectivity TEL 122.86 5.01 VailResorts MTN 211.17 -1.08
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FreeportMcM FCX 33.71 -0.07 KeyCorp KEY 10.15 -0.07 NYTimes A NYT 40.59 0.28 RoivantSciences ROIV 9.06 0.42 Telus TU 16.44 0.32 Vale VALE 14.19 0.48
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FreseniusMed FMS 16.70 0.07 KeysightTech KEYS 120.80 -1.25 Newmont NEM 37.27 -0.20 Roku ROKU 59.70 0.13 Ternium TX 36.38 -1.11 ValeroEnergy VLO 127.73 0.73
previous closing price was $2 or higher. or securities assumed by such companies. FullTruck YMM 6.52 -0.05 KimberlyClark KMB 119.47 -0.17 NewsCorp A NWSA 20.78 0.10 Rollins ROL 37.22 -0.39 TFI Intl TFII 111.73 1.11 VeevaSystems VEEV 187.05 -5.66
Futu FUTU 55.75 0.30 KimcoRealty KIM 18.10 0.16 NewsCorp B NWS 21.49 0.05 RoperTech ROP 487.15 -1.42 TIM TIMB 15.96 0.87 Ventas VTR 42.78 0.32
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and KinderMorgan KMI 16.35 0.15 NextEraEnergy NEE 58.43 0.13 RossStores ROST 115.98 0.01 TJX TJX 88.06 -0.01 Veralto VLTO 67.51 -1.49
changes in the closing prices from 4 p.m. the previous day. G H I KinrossGold KGC 5.270.06 Nike NKE 100.88 -1.89 RoyalBkCanada RY 80.30 0.42 TKO TKO 82.39 0.41 VeriSign VRSN 194.53 -5.13
KinsaleCapital KNSL 343.15 9.24 NiSource NI 25.40 0.24 RoyalCaribbean RCL 85.27 0.54 T-MobileUS TMUS 145.05 1.19 VeriskAnalytics VRSK 222.25 -5.11
GE HealthCare GEHC 68.28 1.71 TPG 28.18 0.54 Verizon
Wednesday, November 1, 2023 Net Net Klaviyo KVYO 28.46 -0.03 Noble NE 49.07 2.38 RoyalGold RGLD 104.69 0.36 TPG VZ 35.40 0.27
GFLEnvironmental GFL 28.91 0.09 NOK 3.24 -0.07 RoyaltyPharma RPRX 27.23 0.36 T.RowePrice TROW 90.97 0.47 VertexPharm VRTX 369.33 7.22
Knight-Swift KNX 48.48 -0.41 Nokia
Net Stock Sym Close Chg Stock Sym Close Chg GSK GSK 34.58 -1.12
Philips PHG 19.45 0.49 Nomura NMR 4.05 0.18 RyanSpecialty RYAN 43.17 -0.03 TaiwanSemi TSM 87.80 1.49 Vertiv VRT 40.23 0.96
Stock Sym Close Chg s Gallagher AJG 237.31 1.82
Berkley WRB 67.93 0.51 Core&Main CNM 31.16 1.08 KoreaElecPwr KEP -0.01 Nordson
6.08 NDSN 211.52 -1.07 Ryanair RYAAY 89.50 1.80 TakeTwoSoftware TTWO 133.81 0.06 Viatris VTRS 8.92 0.02
Gaming&Leisure GLPI 45.10 -0.29
BerkHathwy B BRK.B 343.75 2.42 CorebridgeFin CRBG 20.97 KraftHeinz KHC 32.20 0.74 NorfolkSouthern NSC 190.19 -0.60 SAP SAP 136.08 2.08 TakedaPharm TAK 13.65 0.05 VinFastAuto VFS 5.33 -0.10
A B C BerkHathwy A BRK.A 5237495924.00 Corning GLW 26.66
0.97 s
-0.10
Garmin
Gartner
GRMN 113.53 11.00
IT 331.92 -0.12
Kroger KR 45.390.02 NorthernTrust NTRS 66.88 0.97 S&P Global SPGI 351.40 2.09 t Tapestry TPR 26.59 -0.97 Vipshop VIPS 14.34 0.08
BerryGlobal BERY 55.77 0.77 Corteva CTVA 47.74 -0.40 LKQ LKQ 43.12 -0.80 NorthropGrum NOC 468.26 -3.17 SBA Comm SBAC 207.66 -0.97 TargaResources TRGP 84.15 0.54 Visa V 238.58 3.48
AECOM ACM 76.17 -0.38 GenDigital GEN 16.63 -0.03 NVS 94.26 0.68 SEI Investments SEIC 54.16 0.50 Target TGT 109.54 -1.25 Vistra VST 33.93 1.21
BestBuy BBY 65.97 -0.85 CoStar CSGP 73.67 0.26 LPL Financial LPLA 218.48 -6.04 Novartis
AES AES 14.85 -0.05 GeneralDynamics GD 242.70 1.39
t Bio-Techne TECH 52.83 -1.80 Costco COST 556.80 4.36 L3HarrisTech LHX 178.72 -0.69 NovoNordisk NVO 97.68 1.11 SK Telecom SKM 20.43 0.17 TechnipFMC FTI 21.88 0.36 VMware VMW 146.14 0.49
Aflac AFL 79.05 0.94 GeneralElec GE 107.25 -1.38
Bio-RadLab A BIO 277.50 2.22 CoterraEnergy CTRA 27.55 0.05 LabCorp.ofAmerica LH 203.95 4.22 NuHoldings NU 8.30 0.10 SS&C Tech SSNC 49.19 -1.06 TeckResourcesB TECK 35.46 0.12 Vodafone VOD 9.20 -0.04
AGCO AGCO 117.57 2.91 GeneralMills GIS 65.10 -0.14
Biogen BIIB 239.62 2.08 Coty COTY 9.32 -0.05 GeneralMotors GM 28.00 -0.20
LamResearch LRCX 606.66 18.44 Nucor NUE 147.99 0.20 STAG Indl STAG 34.04 0.82 t TeledyneTech TDY 368.84 -5.75 VoyaFinancial VOYA 67.72 0.95
Ansys ANSS 278.75 0.49 LamarAdv LAMR 81.99 -0.28 Nutanix NTNX 36.54 0.35 Saia SAIA 379.93 21.44 Teleflex TFX 187.51 2.76 VulcanMatls VMC 203.80 7.31
APA APA 39.61 -0.11 BioMarinPharm BMRN 84.01 2.56 Coupang CPNG 15.80 -1.20 Genmab GMAB 28.95 0.55
LambWeston LW 90.961.16 Nutrien NTR 54.16 0.46 Salesforce CRM 203.91 3.08 Ericsson ERIC 4.43 -0.03
ASE Tech ASX 7.62 0.17 BioNTech BNTX 93.45 -0.09
Birkenstock BIRK 38.50 -0.57
Credicorp BAP 126.55
CrowdStrike CRWD 178.35
1.59
1.58
Genpact
Gentex
G 33.01 -0.53
GNTX 29.07 0.39
LasVegasSands LVS 46.73 -0.73 nVentElectric NVT 49.36 1.23 Samsara IOT 22.34 -0.73 s TelefonicaBras VIV 9.54 0.63 W X Y Z
ASML ASML 608.27 10.76 LatticeSemi LSCC 54.61 -1.00 NVIDIA NVDA 423.25 15.45 Sanofi SNY 46.33 1.08 Telefonica TEF 3.76 -0.07
AT&T T 15.58 0.18 BlackRock BLK 616.21 3.93 CrownCastle CCI 92.43 -0.55 GenuineParts GPC 128.78 -0.08 WEC Energy WEC 82.56 1.17
Lear LEA 130.25 0.49 SareptaTherap SRPT 76.52 9.21 TelekmIndonesia TLK 22.92 0.92 WEX
AbbottLabs ABT 95.01 0.46 Blackstone
Block
BX
SQ
94.75 2.40
40.96 0.71
CrownHoldings CCK 80.91
CubeSmart CUBE 33.95
0.31
-0.14
Gerdau GGB 4.45 0.11
GileadSciences GILD 80.19 1.65 LegendBiotech LEGN 66.81 0.74 O P Q Sasol SSL 12.57 0.06 TempurSealy TPX 40.40 0.47 W.P.Carey
WEX 169.11 2.63
WPC 54.25 0.60
AbbVie ABBV 142.47 1.29 Leidos LDOS 101.182.06 OGE Energy OGE 34.50 0.30 Schlumberger SLB 55.86 0.20 Tenaris TS 31.83 0.51
AcadiaHealthcare ACHC 73.47 -0.04 BlueOwlCapital OWL 12.55 0.22 Cummins CMI 218.05 1.75 GitLab GTLB 42.03 -1.25 WPP WPP 43.44 0.41
Lennar B LEN.B 102.483.87 ONEOK SCHW 52.82 0.78 TencentMusic TME 7.21 -0.05
Accenture ACN 300.64 3.55 Boeing BA 189.38 2.56 Curtiss-Wright CW 200.40 1.59 GlobalPayments GPN 109.02 2.80 OKE 64.54 -0.66 SchwabC Wabtec WAB 105.80 -0.22
Lennar A LEN 111.22 4.54 ON Semi SE 40.44 -1.26 Teradyne TER 82.76 -0.51 t
Adobe ADBE 544.50 12.44 Booking BKNG 2766.23 -23.33 CyberArkSoftware CYBR 161.73 -1.91 t GlobalFoundries GFS 48.85 -0.77 ON 64.84 2.20 Sea WalgreensBoots WBA 20.63 -0.45
LennoxIntl LII 383.32
12.78 OReillyAuto ORLY 945.66 15.22 Seagate STX 71.24 2.99 Tesla TSLA 205.66 4.82
AdvDrainageSys WMS 108.19 BoozAllen BAH 123.76 3.83 Globant GLOB 169.76 -0.53 Walmart WMT 164.87 1.46
AdvMicroDevices AMD 108.04
1.36
9.54 BorgWarner BWA 37.11 0.21 D E F GlobeLife GL 116.37 0.01 LiAuto LI 34.991.18 OccidentalPetrol OXY 61.36 -0.45 Seagen SGEN 214.37 1.56 TetraTech TTEK 149.32 -1.59
TevaPharm TEVA 8.76 0.18
WarnerBrosA WBD 10.08 0.14
BostonProps BXP 53.50 -0.07 GlobusMedical GMED 45.99 0.28 LibertyBroadbandC LBRDK 83.39 0.08 Okta OKTA 68.73 1.32 SelectiveIns SIGI 106.56 2.45 WarnerMusic WMG 31.43 0.13
Aegon AEG 4.85 0.02 DTE Energy DTE 96.61 0.23 LibertyBroadbandA LBRDA 83.30-0.02 OldDomFreight ODFL 390.65 13.99 Sempra SRE 70.75 0.72 TexasInstruments TXN 143.17 1.16 WasteConnections WCN 129.75 0.25
AerCap AER 62.37 0.25 BostonSci BSX 51.66 0.47 GoDaddy GDDY 73.46 0.23
Danaher DHR 190.00 -2.02 t LibertyGlobal A LBTYA 15.19 -0.37 OldRepublic ORI SCI 53.52 -0.90 TexasPacLand TPL 1842.74 -3.21 WasteMgt
AgilentTechs A 102.86 -0.51 BristolMyers BMY 51.28 -0.25 GoldFields GFI 13.01 -0.01 27.95 0.57 t ServiceIntl WM 164.04 -0.29
Darden DRI 145.66 0.13 t LibertyGlobal C LBTYK 16.46 -0.50 OmegaHealthcare OHI ServiceNow NOW 593.48 11.63 TexasRoadhouse TXRH 103.01 1.47 Waters
agilon health AGL 16.87 -1.13 BritishAmTob BTI 30.07 0.21 GoldmanSachs GS 307.16 3.55 33.24 0.14 WAT 240.84 2.31
DarlingIngred DAR 43.70 -0.59 LibertyGlobal B LBTYB 15.61 -0.39 Omnicom SHEL 65.39 0.25 Textron TXT 75.99 -0.01 Watsco
AgnicoEagleMines AEM 47.01 0.10 BrixmorProp BRX 21.09 0.30 Grab GRAB 3.05 -0.02 OMC 74.48 -0.43 Shell WSO 358.16 9.27
Datadog DDOG 80.10 -1.37
AirProducts APD 283.41 0.97 Broadcom AVGO 852.94 11.57 Graco GGG 74.21 -0.14 LibertyFormOne C FWONK 64.91 0.22 OnHolding ONON 26.51 0.84 SherwinWilliams SHW 238.91 0.70 ThermoFisher TMO 441.11 -3.66 WeatherfordIntl WFRD 95.30 2.21
DaVita DVA 77.44 0.21 LibertyFormOne A FWONA 57.74 0.19 OpenText SHG 25.60 0.11 ThomsonReuters TRI 122.24 2.36 WebsterFin WBS 37.95 -0.02
Airbnb ABNB 119.47 1.18 BroadridgeFinl BR 170.53 -0.11 Grainger GWW 742.10 12.27 OTEX 33.48 0.08 ShinhanFin
s DeckersOutdoor DECK 593.98 -3.08 MMM 90.56 -0.39 WellsFargo WFC 39.61 -0.16
AkamaiTech AKAM 103.89 0.56 BrookfieldAsset BAM 29.43 0.76 GraphicPkg GPK 21.52 0.01 LibertySirius A LSXMA 24.99 0.50 Oracle ORCL 105.75 2.35 ShockwaveMed SWAV 213.56 7.30 3M
Deere DE 370.47 5.11 LibertySirius C LSXMK 25.12 0.57 Orange SHOP 48.79 1.60 Toast TOST 16.21 0.22 Welltower
t Albemarle ALB 122.96 -3.82 Brookfield BN 30.53 1.38 Grifols GRFS 8.09 ... ORAN 11.83 0.10 Shopify WELL 85.43 1.82
DellTechC DELL 68.67 1.76 Light&Wonder LNW 72.73 -0.38 Orix SimonProperty SPG 112.49 2.60 Toll Bros TOL 74.25 3.54 WescoIntl
Albertsons ACI 21.76 0.06 BrookfieldInfr BIP 25.09 2.45 GpoAeroportSur ASR 221.71 5.50 IX 91.00 -0.60 WCC 131.08 2.88
DeltaAir DAL 31.11 -0.14 EliLilly LLY 554.46 0.53 OtisWorldwide OTIS 76.81 -0.40 SiriusXM SIRI 4.50 0.22 TopBuild BLD 243.65 14.89 WestPharmSvcs WST 321.68 3.39
Alcon ALC 72.32 1.00 BrookfieldRenew BEPC 23.46 0.70 Guidewire GWRE 89.31 -0.82
DentsplySirona XRAY 30.84 0.43 LincolnElectric LECO 176.26 1.46 Ovintiv TTC 81.03 0.19 WesternDigital WDC 41.74 1.59
AlexandriaRlEst ARE 92.90 -0.23 Brown&Brown BRO 69.30 -0.12 HCA Healthcare HCA 225.36 -0.78 OVV 47.64 -0.36 SiteOneLandscape SITE 123.33 -14.44 Toro
DescartesSystems DSGX 72.01 -0.20 Linde LIN 387.10 4.94 OwensCorning OC 115.81 2.44 SkechersUSA SKX 46.50 -1.72 TorontoDomBk TD 55.91 0.07 WesternMidstrm WES 27.16 0.33
Alibaba BABA 82.48 -0.06 Brown-Forman A BF.A 57.67 0.25 HDFC Bank HDB 56.54 -0.01
DeutscheBank DB 11.06 0.05 LithiaMotors LAD 246.35 4.14 PDD SWKS 87.06 0.32 TotalEnergies TTE 67.05 0.45 Westlake
AlignTech ALGN 183.21 -1.38 Brown-Forman B BF.B 56.17 0.01 HF Sinclair DINO 55.77 0.39 PDD 102.93 1.51 Skyworks WLK 116.20 0.84
DevonEnergy DVN 46.21 -0.36 LiveNationEnt LYV 80.41 0.39 PG&E AOS 70.81 1.05 ToyotaMotor TM 185.78 10.60 WestRock
Allegion ALLE 98.92 0.56 Bruker BRKR 57.01 0.01 HP HPQ 26.48 0.15 PCG 16.67 0.37 SmithAO WRK 36.19 0.26
DexCom DXCM 94.13 5.30 LloydsBanking LYG 1.930.02 PNC Finl
AlliantEnergy LNT 49.50 0.71 BuildersFirst BLDR 117.47 8.95 HSBC HSBC 36.26 -0.07 PNC 113.46 -1.01 Smith&Nephew SNN 22.32 0.08 TractorSupply TSCO 190.56 -2.00 Weyerhaeuser WY 28.75 0.06
Diageo DEO 154.42 0.92 LockheedMartin LMT 452.38 -2.26 POSCO SJM 112.99 -0.85 TradeDesk TTD 70.76 -0.20 WheatonPrecMet WPM 43.09 0.84
Allstate ALL 129.75 1.62 BungeGlobal BG 106.06 0.08 H World HTHT 35.74 -1.92 PKX 76.47 -0.04 Smucker
DiamondbkEner FANG 159.41 -0.91 Loews L 65.151.14 PPG Ind SNAP 9.99 -0.02 s Tradeweb TW 90.48 0.47 Williams
AllyFinancial ALLY 24.30 0.11 BurlingtonStrs BURL 118.58 -2.45 Haleon HLN 8.14 0.05 PPG 122.97 0.20 Snap WMB 34.72 0.32
Dick's DKS 107.74 0.79 s LogitechIntl LOGI 79.03 0.40 PPL SNA 260.52 2.58 s TraneTech TT 213.50 23.19 Williams-Sonoma WSM 149.54 -0.70
AlnylamPharm ALNY 157.00 5.20 CACI Intl CACI 324.17 -0.59 Halliburton HAL 39.42 0.08 PPL 24.70 0.13 Snap-On
DigitalRealty DLR 126.47 2.11 Lowe's LOW 191.29 0.72 PTC SNOW 144.26 -0.87 TransDigm TDG 828.34 0.25 WillisTowers WTW 235.42 -0.47
Alphabet A GOOGL 126.45 2.37 CBRE Group CBRE 70.19 0.85 HartfordFinl HIG 73.86 0.41 PTC 138.89 -1.53 Snowflake
DiscoverFinSvcs DFS 82.59 0.51 t Lucid LCID 4.05
-0.07 Paccar
Alphabet C GOOG 127.57 2.27 CCC Intelligent CCCS 10.74 -0.03 Hasbro HAS 46.03 0.88 PCAR 83.15 0.62 t SOQUIMICH SQM 47.47 -0.93 TransUnion TRU 44.00 0.12 WillScotMobile WSC 38.87 -0.54
Disney DIS 81.07 -0.52 lululemon LULU 395.29 1.81 PackagingCpAm PKG 153.60 0.55 SoFiTech SOFI 7.58 0.03 Travelers TRV 169.28 1.84 Wipro WIT 4.54 -0.01
Altria MO 39.90 -0.27 CDW CDW 199.16 -1.24 HealthEquity HQY 68.10 -3.58
DocuSign DOCU 38.69 -0.19 LyondellBasell LYB 89.89 -0.35 PalantirTech PLTR 14.92 0.12 Sony SONY 85.03 1.98 Trex TREX 58.40 2.19 WoodsideEnergy WDS 22.07 0.31
Amazon.com AMZN 137.00 3.91 CF Industries CF 79.26 -0.52 HealthpeakProp PEAK 15.58 0.03
DolbyLab DLB 81.55 0.61 SO 68.43 1.13 t Trimble TRMB 40.96 -6.17 Woodward WWD 126.53 1.83
CGI A GIB 96.99 0.58 Heico HEI 158.27 -0.14 PaloAltoNtwks PANW 244.86 1.84 Southern
Ambev
Amcor
ABEV 2.58
AMCR 8.71
0.05
-0.18 CH Robinson CHRW 81.46 -0.37
DollarGeneral DG 116.36 -2.68
Heico A HEI.A 127.30 0.17 M N t ParamountA PARAA 13.57 -0.33 SoCopper SCCO 71.91 1.01 Trip.com TCOM 33.53 -0.47 WooriFinl WF 27.05 0.55
DollarTree DLTR 111.49 0.40 ... TruistFinl TFC 28.49 0.13 Workday WDAY 211.46 -0.25
MTB 112.13 -0.62 t ParamountB PARA 10.80 -0.08 SouthwestAir LUV 22.23
CME Group CME 210.92 -2.54 t HenrySchein HSIC 64.07 -0.91 t
Amdocs DOX 80.20 0.04 DominionEner D 40.22 -0.10 M&T Bank
Ameren AEE 76.84 1.13 CMS Energy CMS 54.73 0.39 Hershey HSY 187.85 0.50 MGM Resorts MGM 34.97 0.05 ParkerHannifin PH 370.47 1.56 SouthwesternEner SWN 7.16 0.03 Twilio TWLO 50.49 -0.77 WynnResorts WYNN 86.94 -0.84
Domino's DPZ 344.13 5.14 SPLK 146.88 -0.28 TylerTech TYL 370.70 -2.20 XP XP
AmericaMovil AMX 16.68 0.08 CNA Fin CNA 40.75 0.35 Hess HES 142.25 -2.15 MinisoGroup MNSO 25.48 0.17 Paychex PAYX 108.86 -2.19 Splunk 20.33 0.33
Donaldson DCI 57.81 0.15
SPOT 167.63 2.87 TysonFoods TSN 46.47 0.12 XPO XPO 77.97 2.16
AmerAirlines AAL 11.14 -0.01 CNH Indl CNHI 11.02 0.04 DoorDash DASH 75.90 0.95 HessMidstream HESM 29.46 0.08 MPLX MPLX 36.06 0.02 t PaycomSoftware PAYC 150.69 -94.28 Spotify
AEP AEP 76.48 0.94 CRH CRH 56.73 3.16 HewlettPackard HPE 15.53 0.15 MSA Safety MSA 157.66 -0.22 t Paylocity PCTY 164.14 -15.26 StanleyBlackDck SWK 84.98 -0.07 UBS Group UBS 24.03 0.57 XcelEnergy XEL 60.54 1.27
Dover DOV 129.08 -0.87 STN 61.91 0.74 t UDR UDR 31.41 -0.40 XPeng XPEV 15.50 1.02
AmerExpress AXP 146.45 0.42 CSX CSX 29.57 -0.28 Hilton HLT 151.13 -0.40 MSCI MSCI 471.85 0.30 PayPal PYPL 51.66 -0.14 Stantec
Dow DOW 48.21 -0.13 Starbucks SBUX 91.35 -0.89 t U-Haul UHAL 48.72 -0.40 Xylem XYL 94.48 0.94
AmericanFin AFG 111.12 1.76 t CVS Health CVS 68.73 -0.28 Hologic HOLX 66.69 0.52 MSP Recovery LIFW 2.71 0.24 Pearson PSO 11.72 0.18
DrReddy'sLab RDY 65.50 0.37 UHAL/B 46.65 -0.56 YPF YPF 10.35 0.42
AmHomes4Rent AMH 32.92 0.18 CadenceDesign CDNS 244.88 5.03 DraftKings DKNG 27.23 -0.39 HomeDepot HD 286.63 1.94 MagnaIntl MGA 48.24 0.15 PembinaPipeline PBA 30.93 0.15 StateStreet STT 64.74 0.11 U-Haul N
AIG AIG 62.05 0.74 CAE CAE 20.84 -0.02 HondaMotor HMC 31.37 0.62 PenskeAuto PAG 147.74 4.66 SteelDynamics STLD 109.02 2.51 US Foods USFD 39.44 0.50 Yum!Brands YUM 121.30 0.44
Dropbox DBX 26.16 -0.14 ManhattanAssoc MANH 198.14 3.16
AmerTowerREIT AMT 178.38 0.19 CaesarsEnt CZR 39.47 -0.42 Honeywell HON 183.99 0.73 ManulifeFinl MFC 17.69 0.27 Pentair PNR 58.92 0.80 Stellantis STLA 18.94 0.26 UWM UWMC 4.94 0.09 t YumChina YUMC 44.56 -8.00
DukeEnergy DUK 89.54 0.65
AmerWaterWorks AWK 118.80 1.15 CamdenProperty CPT 84.68 -0.20 HormelFoods HRL 32.44 -0.11 Maplebear CART 25.05 0.42 Penumbra PEN 194.06 2.91 Steris STE 212.95 2.97 Uber UBER 43.83 0.55 ZTO Express ZTO 23.50 -0.07
Duolingo DUOL 148.62 2.57
AmericoldRealty COLD 26.80 0.58 Cameco CCJ 41.05 0.14 DR Horton DHI 109.30 4.90 MarathonOil MRO 27.11 -0.20 PepsiCo PEP 164.87 1.59 Stevanato STVN 25.75 -2.20 Ubiquiti UI 119.25 -2.20 ZebraTech
t ZBRA 197.99 -11.44
DuPont DD 66.92 -5.96
Ameriprise AMP 317.53 2.96 CampbellSoup CPB 40.67 0.26 HostHotels HST 15.60 0.12 MarathonPetrol MPC 155.21 3.96 PerformanceFood PFGC 58.60 0.84 StifelFinancial SF 57.18 0.18 UiPath PATH 15.52 -0.01 Zillow C Z 36.46 0.21
Dynatrace DT 44.40 -0.31
Ametek AME 142.40 1.63 CIBC CM 35.50 0.23 HoulihanLokey HLI 101.98 1.46 Markel MKL 1492.68 22.16 PermianRscs PR 14.33 -0.24 STMicroelec STM 38.49 0.51 UltaBeauty ULTA 375.46 -5.85 Zillow A ZG 35.79 0.26
EMCOR EME 206.69 0.04
Amgen AMGN 260.84 5.14 CanNtlRlwy CNI 106.70 0.92 HowmetAerospace HWM 44.72 0.62 MarketAxess MKTX 217.24 3.49 PetroleoBrasil PBR 15.33 0.33 Stryker SYK 272.05 1.83 Unilever UL 47.21 -0.14 ZimmerBiomet ZBH 105.07 0.66
ENI E 32.73 0.17
Amphenol APH 81.63 1.08 CanadianNatRscs CNQ 64.70 1.17 EOG Rscs EOG 124.22 -2.03 Hubbell HUBB 279.10 9.00 Marriott MAR 188.80 0.24 PetroleoBrasilA PBR.A 14.15 0.32 SumitomoMits SMFG 9.86 0.19 UnionPacific UNP 207.56 -0.05 Zoetis ZTS 151.44 -5.56
AnalogDevices ADI 159.24 1.91 CdnPacKC CP 71.66 0.69 HubSpot HUBS 421.12 -2.65 Marsh&McLen MMC 190.05 0.40 Pfizer PFE 30.51 -0.05 SunComms SUI 113.49 2.25 UnitedAirlines UAL 34.81 -0.20 ZoomVideo ZM 60.03 0.05
EPAM Systems EPAM 216.65 -0.92
AngloGoldAsh AU 17.36 -0.48 CapitalOne COF 100.27 -1.02 EQT EQT 42.72 0.34 Humana HUM 489.36 -34.33 MartinMarietta MLM 439.17 30.23 PhilipMorris PM 89.01 -0.15 SunLifeFinancial SLF 46.12 0.45 UnitedMicro UMC 7.28 0.16 Zscaler ZS 156.65 -2.04
AB InBev BUD 56.80 -0.07 CardinalHealth CAH 93.58 2.58 JBHunt JBHT 172.95 1.08 MarvellTech MRVL 47.70 0.48 Phillips66 PSX 116.09 2.02
EastWestBncp EWBC 53.94 0.32
AnnalyCap NLY 16.25 0.64 Carlisle CSL 255.89 1.80 EastGroup EGP 166.41 3.16 HuntingtonBcshs HBAN 9.63 -0.02 Masco MAS 52.71 0.62 Pilgrim'sPride PPC 25.62 0.12
AnteroResources AR
Aon
29.78
AON 311.75
0.34
2.35
Carlyle
CarMax
CG 27.56 0.02
KMX 61.49 0.40
EastmanChem EMN 74.47 -0.26 HuntingIngalls HII 220.99 1.17
HyattHotels H 104.00 1.56
Mastercard MA 377.82 1.47
PinnacleWest PNW 75.57 1.39
Pinterest PINS 29.92 0.04 IPO Scorecard
Eaton ETN 214.83 6.92 MatadorRscs MTDR 60.91 -0.78
APi Group APG 25.78 -0.09 Carnival CCL 11.30 -0.16 eBay EBAY 38.71 -0.52 ICICI Bank IBN 22.27 0.08 t MatchGroup MTCH 29.29 -5.31 PioneerNatRscs PXD 237.87 -1.13
PlainsAllAmPipe PAA 15.38 0.23
Performance of IPOs, most-recent listed first
ApolloGlbMgmt APO 83.65 6.21 Carnival CUK 10.24 -0.12 ECL 167.21 -0.53 ICL Group ICL 4.85 0.02 MAT 19.33 0.25
Ecolab Mattel
PlainsGP PAGP 15.87 0.19
% Chg From % Chg From
AppFolio APPF 184.15 -3.42 CarrierGlobal CARR 49.66 2.00 Ecopetrol EC 12.09 0.28 IdexxLab IDXX 395.35 -4.12 McCormickVtg MKC.V 65.31 1.06
ING Groep ING 12.71 -0.13 Pool POOL 319.28 3.51 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Apple AAPL 173.97 3.20 CaseysGenStores CASY 270.21 -1.70 EdisonIntl EIX 63.97 0.91 McCormick MKC 64.11 0.21
ApplMaterials AMAT 135.29 2.94 Catalent CTLT 32.18 -2.21 t IQVIA IQV 180.01 -0.82 Primerica PRI 194.38 3.22 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
EdwardsLife EW 63.83 0.11 McDonald's MCD 261.97 -0.20
Applovin APP 36.70 0.26 Caterpillar CAT 231.83 5.78 ITT ITT 93.97 0.62 PrincipalFinl PFG 67.26 -0.42
Elastic ESTC 74.48 -0.56 McKesson MCK 459.59 4.23 2.25 –43.8 ... Webuy Global Ltd. 4.51 12.6 –15.6
Aptargroup ATR 122.93 0.66 Celanese CE 113.02 -1.49 t IcahnEnterprises IEP 16.36 -0.14 ProcoreTech PCOR 60.17 -0.92 Pineapple Financial
ElbitSystems ESLT 189.00 2.48 Medpace MEDP 251.61 8.94
t Aptiv APTV 86.08 -1.12 CelsiusHldg CELH 155.23 3.14 ElectronicArts EA 123.78 -0.01 Icon ICLR 250.00 6.04 Procter&Gamble PG 149.61 -0.42 PAPL Nov. 1/$4.00 WBUY Oct. 19/$4.00
Medtronic MDT 70.85 0.29
Cemex CX 6.14 0.17 t IDEX IEX 188.36 -3.05 Progressive PGR 159.61 1.52
Aramark ARMK 27.23 0.30 ElevanceHealth ELV 446.66 -3.43 MercadoLibre MELI 1300.01 59.27
Prologis PLD 101.60 0.85
Alpha Technology Group 4.24 6.1 –3.6 Birkenstock Holding 38.50 –16.3 –4.2
ArcelorMittal MT 22.04 0.02 Cencora COR 187.23 2.08 EmersonElec EMR 89.61 0.64 IllinoisToolWks ITW 224.54 0.42 Merck MRK 102.85 0.15
s ArchCapital ACGL 90.00 3.32 CenovusEnergy CVE 19.03 -0.05 Enbridge ENB 32.40 0.36 Illumina ILMN 106.66 -2.76 PrudentialFinl PRU 91.32 -0.12 ATGL Oct. 31/$4.00 BIRK Oct. 11/$46.00
MetaData AIU 1.02 0.03
ADM ADM 71.37 -0.20 Centene CNC 69.32 0.34 EncompassHealth EHC 62.56 ... ImperialOil IMO 58.01 1.02 Prudential PUK 21.03 0.07 Mach Natural Resources LP 18.30 –3.7 –0.2 Global Mofy Metaverse 10.87 117.4 113.1
MetaPlatforms META 311.85 10.58
AresMgmt ARES 101.71 3.12 CenterPointEner CNP 27.32 0.44 Endeavor EDR 23.47 0.71 Incyte INCY 54.37 0.44 PublicServiceEnt PEG 62.38 0.73 MNR Oct. 25/$19.00 GMM Oct. 10/$5.00
MetLife MET 59.98 -0.03
argenx ARGX 494.78 25.21 CentraisElBras EBR 7.23 0.38 EnergyTransfer ET 13.15 ... Informatica INFA 19.16 -0.02 PublicStorage PSA 242.59 3.88
Mettler-Toledo MTD 969.48 -15.72
s AristaNetworks ANET 210.84 10.47 CeridianHCM CDAY 61.69 -2.32 t EnphaseEnergy ENPH 76.73 -2.85 Infosys INFY 16.40 -0.02 MicrochipTech MCHP 71.04 -0.25
PulteGroup PHM 77.23 3.64 reAlpha Tech 17.50 75.0 –95.7 La Rosa Holdings 0.97 –80.6 –72.3
Arm ARM 50.52 1.23 t CharlesRiverLabs CRL 167.52 -0.84 Entegris ENTG 88.82 0.78 IngersollRand IR 61.99 1.31 PureStorage PSTG 34.07 0.26 AIRE Oct. 23/$10.00 LRHC Oct. 10/$5.00
MicronTech MU 69.40 2.53
ArrowElec ARW 113.70 0.29 CharterComms CHTR 406.51 3.71 Entergy ETR 97.74 2.15 Ingredion INGR 93.07 -0.51 Qiagen QGEN 37.87 0.44
Microsoft MSFT 346.07 7.96 12.17 143.4 164.6 Primech Holdings 2.80 –30.0 89.2
AspenTech AZPN 175.39 -2.36 CheckPoint CHKP 136.26 2.01 EnterpriseProd EPD 25.97 -0.07 Insulet PODD 137.72 5.15 Qorvo QRVO 87.82 0.40 Northann Corp.
t MidAmApt MAA 117.58 -0.57
s Assurant AIZ 166.48 17.58 s Chemed CHE 576.00 13.35 Equifax EFX 167.70 -1.87 Intel INTC 37.29 0.79 Qualcomm QCOM 110.89 1.90 NCL Oct. 19/$5.00 PMEC Oct. 10/$4.00
t Middleby MIDD 111.05 -1.82
AstraZeneca AZN 63.78 0.55 CheniereEnergy LNG 168.63 2.21 Equinix EQIX 739.13 9.49 InteractiveBrkrs IBKR 78.56 -1.51 QuantaServices PWR 159.62 -7.50
MitsubishiUFJ MUFG 8.55 0.15
CheniereEnerPtrs CQP 56.86 1.10 ICE ICE 108.25 0.81 QuestDiag DGX 132.53 2.43
Atlassian TEAM 177.85 -2.79 Equinor EQNR 33.22 -0.15 MizuhoFin MFG 3.53 0.09 Sources: Dow Jones Market Data; FactSet
ChesapeakeEner CHK 86.91 0.83 InterContinentl IHG 72.96 0.83
AtmosEnergy ATO 108.67
Autodesk ADSK 198.93
1.01
1.30 t Chevron CVX 143.98 -1.75
Equitable
EquityLife
EQH 25.21 -1.36
ELS 65.99 0.19 IBM IBM 145.40 0.76
Mobileye
Moderna
MBLY 35.77 0.10
MRNA 76.20 0.24
R S
Autoliv ALV 92.92 1.27 Chewy CHWY 19.14 -0.19 EquityResdntl EQR 53.19 -2.14 IntlFlavors IFF 68.06 -0.29
Borrowing Benchmarks
t MolinaHealthcare MOH 336.83 3.88 RBC Bearings RBC 218.26 -1.58
ADP ADP 210.37 -7.85 Chipotle CMG 1986.64 44.44 ErieIndemnity ERIE 275.86 -0.33 IntlPaper IP 33.61 -0.12
MolsonCoorsB TAP 58.20 0.43 RB Global RBA 65.74 0.34
AutoZone AZO 2490.72 13.59 ChordEnergy CHRD 165.35 0.03 EssentialUtil WTRG 33.65 0.19 Interpublic IPG 28.35 -0.05
monday.com MNDY 127.26 -2.73 RELX RELX 34.95 0.10
Avalonbay AVB 163.87 -1.87 Chubb CB 220.31 5.69 EssexProp ESS 207.87 -6.05 Intuit INTU 489.17 -5.78
Mondelez MDLZ 66.82 0.61 RLI RLI 135.22 1.98 wsj.com/market-data/bonds/benchmarks
Avangrid AGR 30.65 0.78 ChunghwaTel CHT 35.84 0.21 t EsteeLauder EL 104.51 -24.36 IntuitiveSurgical ISRG 270.46 8.24
MongoDB MDB 339.02 -5.57 RPM RPM 93.05 1.78
Avantor AVTR 17.41 -0.02 Church&Dwight CHD 90.27 -0.67 t Etsy ETSY 60.66 -1.64 InvitatHomes INVH 29.75 0.06
MonolithicPower MPWR 456.56 14.82 RTX RTX 82.15 0.76
AveryDennison AVY 173.87
AvisBudget CAR 164.00
-0.20
1.20
ChurchillDowns CHDN 108.91 -0.93
Ciena CIEN 42.33 0.13
Everest
Evergy
EG 402.39 6.77
EVRG 49.81 0.67
IonisPharm IONS 45.26 0.99
IronMountain IRM 59.66 0.59
MonsterBev MNST 51.65 0.55 RalphLauren RL 111.45 -1.08
Moody's MCO 312.88 4.88 s RangeResources RRC 36.69 0.85
Money Rates November 1, 2023
AxonEnterprise AXON 207.15 2.66 Cigna CI 309.41 0.21 t EversourceEner ES 53.09 -0.70
ItauUnibanco ITUB 5.43 0.12
MorganStanley MS 70.95 0.13 RaymondJames RJF 96.01 0.57
BCE BCE 37.86 CincinnatiFinl CINF 101.93 2.26 Key annual interest rates paid to borrow or lend money in U.S. and
0.73 ExactSciences EXAS 63.52 1.93
J K L Morningstar MORN 257.23 3.99 RealtyIncome O 47.99 0.61
BHP Group BHP 57.93
BILL BILL 88.26
0.87
-3.03
Cintas CTAS 509.00 1.88
CiscoSystems CSCO 52.19 0.06
Exelixis
Exelon
EXEL 21.02 0.43
EXC 39.53 0.59
Mosaic MOS 32.29 -0.19 RegalRexnord RRX 118.21 -0.20 international markets. Rates below are a guide to general levels but
JD.com JD 25.33 -0.09 MotorolaSol MSI 280.50 2.04 RegencyCtrs REG 60.65 0.39
BJ'sWholesale BJ 69.03 0.91 Citigroup C 39.60 0.11 Expedia EXPE 93.27 -2.02 JPMorganChase JPM 138.94 -0.12 MurphyOil MUR 44.81 -0.06 RegenPharm REGN 791.27 11.38 don’t always represent actual transactions.
BP BP 36.09 -0.49 CitizensFin CFG 23.17 -0.26 ExpeditorsIntl EXPD 109.92 0.67 Jabil JBL 124.82 2.02 MurphyUSA MUSA 365.36 2.67 RegionsFinl RF 14.54 0.01
BWX Tech BWXT 74.58 0.30 CivitasRscs CIVI 74.74 -0.69 t ExtraSpaceSt EXR 103.33 -0.26 JackHenry JKHY 140.35 -0.64 t NICE NICE 152.11 -2.24 ReinsGrp RGA 148.49 -0.98 Week —52-WEEK—
Baidu BIDU 104.97 -0.03 CleanHarbors CLH 147.34 -6.33 ExxonMobil XOM 105.64 -0.21 JacobsSolns J 130.16 -3.14 NIO NIO 7.45 0.15 RelianceSteel RS 262.05 7.67 Inflation Latest ago High Low
BakerHughes BKR 34.84 0.42 Cleveland-Cliffs CLF 16.76 -0.02 F5 FFIV 151.92 0.33 JamesHardie JHX 25.35 0.48 NNN REIT NNN 37.96 1.63 s RenaissanceRe RNR 226.97 7.38 Sept. index Chg From (%)
Ball BALL 47.55 -0.60 t Clorox CLX 115.38 -2.32 FMC FMC 50.01 -3.19 NOV 19.69 -0.27 RentokilInit
BancoBilbaoViz BBVA 7.99 0.16 Cloudflare NET 54.95 -1.74 s FTI Consulting FCN 217.80 5.54
JazzPharm JAZZ 127.34
JefferiesFinl JEF 32.58
0.32
0.40
NOV
NRG Energy NRG 43.86 1.48 Repligen
RTO 25.60 0.01
RGEN 131.46 -3.10
level Aug. '23 Sept. '22 Secondary market
BancoBradesco BBDO 2.70 0.31 Coca-Cola KO 56.44 -0.05 FactSet FDS 436.57 4.68 J&J JNJ 148.69 0.35 NVR NVR 5560.55147.93 RepublicSvcs RSG 148.74 0.25
BancodeChile BCH 20.87 0.39 Coca-ColaEuro CCEP 59.44 0.93 FairIsaac FICO 870.99 25.12 U.S. consumer price index Fannie Mae
BancSanBrasil BSBR 5.43 0.14 t Cognex CGNX 34.77 -1.22 Fastenal FAST 58.91 0.57 All items 307.789 0.25 3.7 30-year mortgage yields
BcoSantChile BSAC 17.63 0.23 CognizantTech CTSH 64.96 0.49 FederalRealty FRT 91.70 0.51
Core 310.817 0.23 4.1 30 days 7.276 7.338 7.495 5.244
Dividend Changes
BancoSantander SAN 3.65 0.02 CoinbaseGlbl COIN 77.81 0.69 FedEx FDX 243.23 3.13
BanColombia CIB 25.65 0.27 ColgatePalm CL 74.93 -0.19 Ferguson FERG 153.59 3.39 60 days 7.299 7.381 7.554 5.250
BankofAmerica BAC 26.40 0.06 Comcast A CMCSA 41.82 0.53 Ferrari RACE 304.98 3.34 International rates
BankMontreal BMO 75.62 0.07 ComfortSystems FIX 184.88 3.03 FidNatlFinl FNF 40.33 1.24
Amount Payable /
Other short-term rates
BankNY Mellon BK 43.17 0.67 SABESP SBS 11.96 0.42 FidNatlInfo FIS 49.28 0.17 Week 52-Week
BankNovaScotia BNS 40.76 0.29 ConagraBrands CAG 26.98 -0.03 FifthThirdBncp FITB 23.65 -0.06 Company Symbol Yld % New/Old Frq Record Latest High Low
ago Week 52-Week
Barclays BCS 6.33 -0.10 Confluent CFLT 28.13 -0.78 FirstCitizBcshA FCNCA 1356.12 -24.62
BarrickGold GOLD 16.03 0.05 ConocoPhillips COP 116.67 -2.13 FirstSolar FSLR 142.84 0.39 Increased Latest ago high low
Bath&BodyWks BBWI 29.71 0.06 ConEd ED 89.16 1.37 FirstEnergy FE 36.05 0.45 Artisan Ptrs Asset Mgmt APAM 6.6 .65 /.61 Q Nov30 /Nov16 Prime rates
BaxterIntl BAX 32.79 0.36 ConstBrands A STZ 234.21 0.06 FirstService FSV 143.35 1.88 Cognex CGNX 0.9 .075 /.07 Q Dec01 /Nov17 U.S. 8.50 8.50 8.50 6.25 Call money
BectonDicknsn BDX 253.78 1.00 ConstellationEner CEG 114.85 1.93 Fiserv FI 114.93 1.18
BeiGene BGNE 181.30 -4.98 Cooper COO 316.92 5.17 FiveBelow FIVE 174.19 0.21
Magyar Bancorp MGYR 1.4 .04 /.03 Q Nov24 /Nov09 Canada 7.20 7.20 7.20 5.45 7.25 7.25 7.25 5.00
BentleySystems BSY 48.02 -0.62 Copart CPRT 43.82 0.30 FleetCorTech FLT 228.60 3.43 Medallion Financial MFIN 5.2 .10 /.08 Q Nov30 /Nov15 Japan 1.475 1.475 1.475 1.475
NexPoint Residential Tr NXRT 6.9 .4624 /.42 Q Dec29 /Dec15 Commercial paper (AA financial)
Ryerson Holding RYI 2.6 .185 /.1825 Q Dec14 /Nov30 Policy Rates 90 days 5.43 n.a. 5.54 4.22
Utah Medical Products UTMD 1.5 .30 /.295 Q Jan03 /Dec15 Euro zone 4.50 4.50 4.50 2.00
New Highs and Lows Reduced Switzerland 2.25 2.25 2.25 1.00 Secured Overnight Financing Rate
Britain 5.25 5.25 5.25 2.25 5.35 5.30 5.35 3.05
CVR Partners UAN 33.8 1.55 /4.14 Q Nov20 /Nov13
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Australia 4.10 4.10 4.10 2.85
Value 52-Week
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Stocks Latest Traded High Low
session. % CHG-Daily percentage change from the previous trading session. Jeffs' Brands JFBR 1:7 /Nov03 Overnight repurchase
U.S. 5.36 5.35 5.40 3.73 DTCC GCF Repo Index
Wednesday, November 1, 2023 Foreign
Treasury 5.395 21.696 5.399 3.047
52-Wk % 52-Wk % 52-Wk % Amcor AMCR 5.7 .125 Q Dec12 /Nov22 U.S. government rates MBS 5.414 74.526 5.418 3.104
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BP ADR BP 4.1 .4362 Q Dec19 /Nov10
Discount
5.03 0.8 Cameco 0.2 .0864 Dec15 /Nov30
DorianLPG LPG 35.23 8.8 OverseasShip OSG
CCJ A Notes on data:
Highs DuneAcqnA
FTAI Aviation
DUNE
FTAI
10.16
39.14
...
3.6
Parsons PSN 61.73 8.0 ENI ADR
103.1 Sociedad Quimica ADR
E 4.1 .48622 Dec07 /Nov21 5.50 5.50 5.50 3.25 U.S. prime rate is the base rate on corporate
A SPAC II Rt ASCBR 0.99 -11.5
PatriotTransport PATI 15.81 SQM 10.3 .6094 Q Nov02 / loans posted by at least 70% of the 10 largest
FTI Consulting FCN
AdtalemGlbEduc ATGE 54.03 3.6 FosterLB FSTR
218.33
20.26
2.6
-0.6
PowerUpAcqn PWUP 11.80 8.7
Sprott SII 3.5 .25 Q Nov28 /Nov13 Federal funds U.S. banks, and is effective July 27, 2023. Other
RangeResources RRC 36.89 2.4
ArchCapital ACGL 90.65 3.8 Frontline FRO 22.93 2.2 RenaissanceRe RNR 227.16 3.4 Effective rate 5.3400 5.3400 5.3500 3.0900 prime rates aren’t directly comparable; lending
AristaNetworks ANET 211.75 5.2 Gallagher AJG 238.00 0.8 Special practices vary widely by location; Discount rate
Assurant AIZ 167.81 11.8 Garmin GRMN 115.32 10.7
SpectaireWt SPECW 0.13 -27.8 High 5.6500 5.6500 5.6500 3.4000 is effective July 27, 2023. Secured Overnight
Stride LRN 55.75 0.7 Atlas Energy Solutions AESI 4.0 .05 Nov16 /Nov09
BGC BGC 6.19 4.4 GlobalIndl GIC 35.47 10.2 StructureTherap GPCR 75.02 -0.6 Low 5.3100 5.3200 5.3300 3.0600 Financing Rate is as of October 31, 2023. DTCC
BeliteBio BLTE 39.58 5.0 GreatElmNts28 GECCZ 25.02 -0.1 Capital Southwest CSWC 10.3 .06 Dec29 /Dec15
Biohaven BHVN 29.62 11.2 GulfportEnergy GPOR 131.21 5.1
TabulaRasaHlth TRHC 10.44 -0.2
CVR Energy CVI 6.0 1.50 Nov20 /Nov13
Bid 5.3300 5.3300 5.3300 3.0700 GCF Repo Index is Depository Trust & Clearing
CASI Pharm CASI 4.82 20.4 IntegratedRail IRRX.U 11.08 ...
Teekay TK 7.38 5.0 Offer 5.3500 5.3600 5.3700 3.0900 Corp.'s weighted average for overnight trades in
Chemed CHE 576.27 2.4 TeekayTankers TNK 51.65 3.4 Hercules Capital HTGC 10.1 .08 Nov22 /Nov15 applicable CUSIPs. Value traded is in billions of
JourneyMed DERM 3.55 1.8
ConiferNts2028 CNFRZ 27.00 100.0 LIVCapAcqnII A LIVB 10.94 0.1 TelefonicaBras VIV 9.56 7.1 NexPoint Real Est Fin NREF 13.1 .185 Dec29 /Dec15 Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
ConnectBiopharma CNTB 1.87 21.9 LIAN Tradeweb TW 90.87 0.5
LianBio 4.34 0.7
Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
Crane CR 99.00 0.4 LogitechIntl LOGI 79.54 0.5 TraneTech TT 214.78 12.2 4 weeks 5.295 5.305 5.840 3.190
CrossAmerPtrs CAPL 23.46 1.2 NewparkResources NR 7.48 4.9 UnvlSecInstr UUU 4.87 20.6 Sources: Federal Reserve; Bureau of Labor
DeckersOutdoor DECK 598.95 -0.5 Northann NCL 12.53 14.4 UnvlTechInst UTI 9.05 3.1
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.325 5.310 5.345 4.070 Statistics; DTCC; FactSet;
DigitalHealth DHACU 12.50 4.2 OlemaPharm OLMA 15.11 12.4 Continued on Page B10 spin-off. 26 weeks 5.320 5.325 5.350 4.440 Tullett Prebon Information, Ltd.

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 43.06 +0.48 4.5 SrsEmrgMkt +0.13 2.2 LgCpGwth
15.97 52.80 +0.99 NA NHoriz 47.42 -0.14 2.4 MuShtAdml 15.51 ... 1.7 WellsI 23.31 +0.15 -2.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 25.98 +0.38 25.0 SrsGlobal 12.66
+0.13 2.5 JPMorgan R Class R2025 15.24 +0.12 4.2 PrmcpAdml r 147.97 +1.27 13.1 Welltn 39.32 +0.33 4.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 25.63 +0.13 -0.8 SrsGroCoRetail +0.29 25.9 CoreBond
17.34 9.69 +0.08 NA R2030 22.91 +0.18 4.8 RealEstatAdml 104.02 +0.61 -8.2 WndsrII 39.48 +0.25 6.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 17.61 +0.18 11.8 SrsIntlGrw +0.17 5.0 CorePlusBd
14.97 6.80 +0.06 NA R2040 25.97 +0.22 6.3 SmCapAdml 85.74 +0.44 -1.3 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.49 +0.07 -1.8 SrsIntlVal 10.79
+0.15 7.6 Lord Abbett I Putnam Funds Class A SmGthAdml 70.18 +0.19 ... ExtndIstPl 252.89 +1.32 2.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.42 +0.10 5.2 TotalBond +0.07 -0.6 ShtDurInc p
8.96 3.79 +0.01 2.9 PutLargCap p 28.97 +0.20 3.6 STBondAdml 9.86 +0.04 1.9 IdxIntl 16.73 +0.16 2.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.09 +0.10 -10.8 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 9.93 +0.04 2.4 MdCpGrAdml 79.02 +0.18 2.7
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 20.78 +0.09 -3.9 TotalBd 8.48 +0.08 -0.4 TotRetBdI 8.53 +0.09 NA 1000 Inv r NA ... NA STIPSIxAdm 23.70 +0.07 2.7 MdCpVlAdml 65.78 +0.41 -4.6
TMktIdxInstPrem 116.88 +1.14 10.5 U.S.TreBdIdx 8.36 +0.07 -1.7 TRBdPlan 8.00 +0.08 NA S&P Sel NA ... NA TotBdAdml 9.09 +0.08 -1.6 SmValAdml 65.63 +0.44 -2.2
TotalMarketIndex 14.77 +0.15 10.6 Fidelity Selects MFS Funds TSM Sel r NA ... NA TotIntBdIdxAdm 19.15 +0.09 2.6 TotBd2 8.98 +0.08 -1.7
Wednesday, November 1, 2023 TtlIntIdxInstPr 11.96 +0.12 2.1 Semiconductors r 20.78 +0.42 42.6 IIE 29.71 +0.30 5.6 TIAA/CREF Funds TotIntlAdmIdx r 27.99 +0.27 2.3 TotIntlInstIdx r 111.93 +1.06 2.3
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.76 +0.09 -1.8 Softwr 24.77 +0.21 26.1 MFS Funds Class I EqIdxInst 29.98 +0.29 10.4 TotStAdml 101.68 +0.99 10.5 TotItlInstPlId r 111.96 +1.06 2.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Tech 24.53 +0.34 37.5 GrowthI 160.89 +2.44 21.7 IntlEqIdxInst 19.98 +0.23 4.6 TxMCapAdml 218.37 +2.17 11.5 TotSt 101.66 +0.99 10.4
Total Bd 8.95 +0.08 -0.6 First Eagle Funds ValueI 45.92 +0.20 -2.6 LrgCpGrIdxInst 46.30 +0.68 24.9 TxMIn r 13.69 +0.15 3.3 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq1 31.79 +0.28 7.9 Fidelity Freedom GlbA 60.44 +0.46 4.3 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 13.71 +0.15 3.4
MuniIncmShares 10.07 +0.04 -3.5 IntlVal Inst 42.98 +0.57 11.4 US CoreEq2 28.59 +0.23 6.5 FF2030 USGroAdml 125.37 +1.95 23.7
15.13 +0.15 3.4 Franklin A1 LSGrowthY 21.36 +0.34 31.2 500Adml 391.33 +4.07 11.8
ValAdml 52.62 +0.24 -2.1 DevMktsInxInst 21.43 +0.24 3.4
AB Funds - ADV Baird Funds US Small 37.70 +0.23 -1.7 FF2040 9.39 +0.09 6.0 IncomeA1 2.12 ... -1.6 Northern Funds BalAdml 41.05 +0.38 5.5 ExtndInst 102.48 +0.54 2.7
LgCpGrAdv 82.99 +0.56 18.7 AggBdInst 9.20 +0.08 -1.5 US SmCpVal 38.56 +0.33 -0.6 Freedom2030 K 15.14 WdsrllAdml 70.05 +0.45 6.8
+0.16 3.6 FrankTemp/Frank Adv StkIdx 45.11 +0.47 NA CAITAdml 10.74 +0.01 -1.4 GrwthInst 139.81 +2.13 28.0
American Century Inv CorBdInst 9.51 +0.09 -0.8 US TgdVal 26.95 +0.19 -0.4 Freedom2035 K 13.14 WellsIAdml 56.47 +0.38 -2.2
+0.13 4.8 IncomeAdv 2.10 ... -1.5 Old Westbury Fds CapOpAdml r 161.52 +0.98 10.5 InPrSeIn 9.16 +0.08 -0.5
Ultra 68.40 +0.86 NA BlackRock Funds USLgVa 40.29 +0.23 -1.3 Freedom2040 K 9.40 FrankTemp/Franklin A LrgCpStr NA ... NA DivAppIdxAdm 41.76 +0.21
WelltnAdml 67.90 +0.58 4.1
+0.09 6.0 2.8 InstIdx 354.05 +3.68 11.8
American Funds Cl A HiYldBd Inst 6.59 ... 5.0 Dodge & Cox Growth A 113.45 +1.14 11.0 Parnassus Fds EMAdmr 31.77 +0.13 -0.6
WndsrAdml 68.36 +0.19 0.9
Idx2030InsPre 17.34 +0.17 3.4 InstPlus 354.05 +3.68 11.8
AmcpA 33.67 +0.31 12.2 BlackRock Funds III Balanced 94.07 +0.58 3.4 Idx2035InsPre 19.55 VANGUARD FDS
+0.19 4.5 RisDv A 83.23 +0.38 1.6 ParnEqFd 51.86 +0.49 11.0 EqIncAdml 80.14 +0.28 -3.3 InstTStPlus 73.10 +0.71 10.5
AMutlA 47.30 +0.24 -1.0 iShS&P500IdxK 497.28 +5.17 11.8 GblStock 13.42 +0.10 6.4 Idx2040InsPre 20.02 +0.20 5.6 Guggenheim Funds Tru PGIM Funds Cl Z ExplrAdml 86.41 +0.25 -0.5 DivdGro 34.32 +0.10 -1.8 MidCpInst 54.52 +0.24 -1.1
BalA 29.34 +0.25 3.1 BlackRock Funds Inst Income 11.79 +0.11 -0.4 Idx2045InsPre 20.83 +0.21 5.8 TotRtnBdFdClInst 22.23 +0.17 -0.6 TotalReturnBond NA ... NA ExtndAdml 102.48 +0.53 2.6 IntlVal 36.92 +0.33 3.3 MidCpIstPl 268.87 +1.19 -1.1
BondA 10.78 +0.10 NA EqtyDivd 17.85 +0.07 0.9 Intl Stk 45.11 +0.41 4.6 Fidelity Invest Harbor Funds PIMCO Fds Instl GNMAAdml 8.70 +0.09 -2.6 LifeCon 19.26 +0.16 NA SmCapInst 85.73 +0.43 -1.3
CapIBA 60.79 +0.44 -1.5 StratIncOpptyIns 8.98 ... 1.4 Stock 219.82 +1.40 3.9 Balanc 24.58 +0.26 8.6 CapApInst 83.56 +1.64 33.1 AllAsset NA ... NA GrwthAdml 139.80 +2.13 28.0 LifeGro 37.68 +0.35 NA SmCapIstPl 247.46 +1.25 -1.3
CapWGrA 54.41 +0.54 6.9 TotRet NA ... NA DoubleLine Funds BluCh 149.75 +2.32 34.1 Harding Loevner TotRt 8.09 +0.10 NA HlthCareAdml r 82.74 +0.40 -4.8 LifeMod 28.29 +0.25 NA STIGradeInst 9.93 +0.04 2.5
EupacA 50.17 +0.53 2.6 Calamos Funds TotRetBdI 8.29 +0.07 -2.0 BluChpGr K6 23.19 +0.33 34.2 IntlEq 23.51 +0.25 0.4 PIMCO Funds A HYCorAdml r 5.09 +0.02 3.9 PrmcpCor 29.46 +0.19 8.4 STIPSIxins 23.72 +0.08 2.8
FdInvA 65.12 +0.69 10.0 MktNeutI 14.55 +0.02 6.7 Edgewood Growth Instituti Contra 14.99 +0.23 25.8 Invesco Funds A IncomeFd NA ... NA InfProAd 22.48 +0.20 -0.6 STAR 24.91 +0.23 NA TotBdInst 9.09 +0.08 -1.6
GwthA 58.25 +0.69 17.7 Columbia Class I EdgewoodGrInst NA ... NA CpInc 9.07 +0.03 4.9 EqIncA 9.66 +0.05 -0.2 PIMCO Funds I2 IntlGrAdml 89.43 +0.98 -1.1 TgtRe2020 26.18 +0.20 NA TotBdInst2 8.98 +0.08 -1.6
HI TrA 8.88 +0.02 NA DivIncom I 28.53 +0.15 0.1 Federated Hermes Int GroCo 28.62 +0.47 27.1 Invesco Funds Y Income NA ... NA ITBondAdml 9.69 +0.09 -1.4 TgtRe2025 17.34 +0.15 NA TotBdInstPl 9.09 +0.08 -1.6
ICAA 45.97 +0.43 12.6 Dimensional Fds TtlRtnBdI 8.99 +0.10 -2.0 InvGrBd 9.44 +0.09 -0.9 DevMktY 35.44 -0.24 1.4 PIMCO Funds Instl ITIGradeAdml 8.02 +0.08 -0.4 TgtRe2030 32.76 +0.29 NA TotIntBdIdxInst 28.73 +0.13 2.6
IncoA 21.62 +0.14 -2.3 5GlbFxdInc 10.12 ... 4.0 Fidelity LowP 40.39 +0.20 0.8 JHF III DispVal IncomeFd NA ... NA LarCapAd 97.77 +1.01 12.4 TgtRe2035 20.32 +0.19 NA TotStInst 101.70 +0.99 10.5
N PerA 51.69 +0.47 9.3 EmgMktVa 26.92 +0.13 4.5 500IdxInstPrem 147.21 +1.53 11.9 Magin 10.94 +0.11 14.5 DispValMCI 24.62 +0.15 NA Price Funds LTGradeAdml 7.05 +0.11 -5.9 TgtRe2040 35.90 +0.33 NA ValueInst 52.62 +0.24 -2.1
NEcoA 49.15 +0.48 13.0 EmMktCorEq 20.42 +0.10 3.6 Contrafund K6 20.89 +0.31 24.2 NASDAQ 166.29 +2.68 26.1 John Hancock BlChip 137.06 +2.17 32.4 MidCpAdml 246.79 +1.09 -1.2 TgtRe2045 24.22 +0.22 NA WCM Focus Funds
NwWrldA 68.95 +0.49 3.7 IntlCoreEq 13.67 +0.14 3.6 ExtMktIdxInstPre 64.59 +0.34 2.6 OTC 16.17 +0.26 26.0 BondR6 12.68 +0.13 -1.4 DivGro 64.95 +0.35 2.2 MuHYAdml 9.72 +0.02 -2.2 TgtRe2050 40.23 +0.38 NA WCMFocIntlGrwIns 19.94 +0.18 1.4
SmCpA 55.82 +0.34 -0.5 IntSmCo 17.04 +0.14 -0.2 FidSerInt 8.37 +0.03 1.4 Puritn 21.25 +0.26 5.0 JPMorgan I Class Growth 80.21 +1.07 30.2 MuIntAdml 12.87 +0.01 -1.4 TgtRe2060 41.33 +0.39 NA Western Asset
TxExA 11.57 +0.02 NA IntSmVa 19.36 +0.16 5.1 FidSerToMarket 13.92 +0.13 10.5 SAIUSMinVolIndFd 17.51 +0.12 5.8 CoreBond 9.67 +0.08 NA LgCapGow I 59.73 +0.84 30.1 MuLTAdml 10.00 +0.02 -2.7 TgtRet2055 44.88 +0.43 NA CoreBondI NA ... NA
WshA 52.47 +0.34 4.7 LgCo 28.92 +0.30 11.8 GrowthCompanyK6 19.29 +0.31 25.3 SAIUSQtyIdx 17.44 +0.18 15.0 EqInc 21.00 +0.04 NA MidCap 90.45 +0.43 2.0 MuLtdAdml 10.51 ... NA TgtRetInc 12.35 +0.10 NA CorePlusBdI NA ... NA
 .

B10 | Thursday, November 2, 2023 THE WALL STREET JOURNAL.

BANKING & FINANCE

DOJ Policy Shift

To Spur Scrutiny
Of Deal Targets
BY DAVID SMAGALLA the operations of the business,
the capitalization of the com-
A Justice Department pol- pany and compliance with
icy shift around the disclosure laws.
of possible wrongdoing uncov- Since every policy is unique
ered in mergers and acquisi- to the transaction, it isn’t
tions reinforces the need for clear in every case it would
buyers to dive deep into a tar- cover buyers if wrongdoing
get’s compliance efforts, be- was uncovered during the
fore and after a deal closes, safe-harbor period, said Paige
SUHAIMI ABDULLAH/BLOOMBERG NEWS

corporate advisers said. Brewin, head of transactional

Under a policy announced liability at insurer QBE North
in October, an acquiring com- America. Nonetheless, having
pany that discloses potential a rep and warranty policy
wrongdoing at a company be- shouldn’t substitute for a deep
ing acquired within six months dive into a purchase.
of either side of the deal clos- “The safe harbor is not in
ing date—and fully cooperates any way a substitute for per-
and fixes the underlying prob- forming effective due dili-
DBS Group was barred from acquiring new business ventures and making ‘nonessential’ IT changes for six months. lems within a year of closing— gence,” said Brewin. “It em-
can presume it won’t be prose- phasizes the need for effective

Singapore Makes Top Bank

cuted by the Justice compliance due diligence in
Department. M&A transactions and the
The new policy’s one-year benefits of that diligence.”
“safe harbor” provision will Melissa Sawyer, a partner
likely encourage acquirers to and global head of law firm

Take a Technology Timeout

increase the amount and Sullivan & Cromwell’s M&A
speed of deal due diligence. group, said it is rare to un-
“Time kills deals. And you cover the types of issues that
don’t get the chance necessar- might require reporting to the
ily, particularly in a competi- Justice Department during
tive process, to drill down as due diligence before the deal
BY WEILUN SOON projects. Those projects are nology specialists and in- issues this year that have af- much as you might otherwise closes. Nonetheless, she added,
AND REBECCA FENG expected to be put on hold fol- vested in artificial intelli- fected its online-banking ser- like,” said Tim FitzSimons, a if compliance-related issues
lowing the regulator’s order, gence, cloud computing and vices, digital payments and se- partner in law firm King & are uncovered during the pre-
Singapore’s top financial people familiar with the mat- blockchain technologies. curities trading. The regulator Spalding’s corporate, finance close due-diligence process, it
regulator has lost patience ter said. Its recent problems are earlier ordered DBS to in- and investments practice. could have an effect on some
with the city-state’s largest DBS Chairman Peter Seah more prosaic. During a week- crease its regulatory capital “You might risk losing the deal terms.
bank after repeated disrup- said on Wednesday that senior end in mid-October, DBS’s mo- by the equivalent of $1.2 bil- deal. So it will put pressure on Quick integration of compli-
tions to its digital-banking management will be held ac- bile and online-payment ser- lion, following the “wide- diligence.” ance functions at both the ac-
services this year. countable for its digital-bank- vices went down for more than spread unavailability” of its The period after a deal quiring and target entity dur-
The Monetary Authority of ing disruptions and that their half a day. Some of the bank’s digital-banking services. closes will be particularly im- ing closing also will be
Singapore on Wednesday compensation would be af- automated-teller machines also The regulator’s latest direc- portant for acquirers to un- increasingly important, said
barred DBS Group from ac- fected. The bank apologized for went offline. DBS said at the tive for DBS requires it to stop cover any problems that need Sawyer.
quiring new business ventures the mishaps and said fixing the time the outage was caused by launching new digital prod- to be reported to the Justice “I think we could see ef-
and making “nonessential” IT problems would be its priority. a problem at a data center. ucts or add new features to its Department. Private-equity forts to expedite the compli-
changes for six months, in ef- The regulator’s penalty is a Citibank also had some Singa- mobile apps, digital-payment firms, for example, typically ance integration,” said Sawyer,
fect stopping the bank from blow for a financial institution pore digital-banking disrup- platforms or its websites un- have focused their due-dili- “so a buyer really seeking to
rolling out new technology that has focused heavily on tions around the same time. less the updates relate to se- gence efforts on the period be- put its own compliance prac-
initiatives until it proves its digital banking under the The MAS told both DBS and curity concerns. fore they sign a deal. tices to work on the target
systems are in order. leadership of Chief Executive Citi in September to investi- It also prevents DBS from “I think we’re going to see business more quickly than
DBS, which is also South- Piyush Gupta, a longtime Citi- gate why they couldn’t fully going ahead with new technol- that companies will invest as they might otherwise have
east Asia’s largest bank, has group executive who took the recover their services within a ogy infrastructure for its ex- much in due diligence after an done.”
been working with customers helm of DBS in 2009. The four-hour window permitted ternal clients. The freeze is acquisition closes [as before],” Buyers of companies in the
and partners including Chi- bank, which had the equiva- for outages, and warned it expected to last until April, said Justin Weitz, a partner at defense sector or of businesses
nese fintech giant Ant Group lent of around $553 billion in could take regulatory action. with the potential for MAS to law firm Morgan Lewis who with sensitive technologies po-
and U.S. bank JPMorgan on assets at the end of June, has DBS’s service disruptions extend it if it isn’t satisfied spent nearly a decade at the tentially stand to feel the pol-
various digital-technology hired more than 10,000 tech- were the latest in a series of with DBS’s progress. Justice Department’s criminal icy’s impact most acutely.
division. “Because if they feel U.S. authorities in recent
they have the timeline to clean months have placed increasing

Trading Startup Sues CFTC Over Election-Bet Plan up compliance, I think there
will be a greater investment in
both compliance and due dili-
emphasis on controlling for-
eign access to technology that
could have potential military
gence to try and integrate a implications amid trade and
BY PAUL KIERNAN pair of 27-year-old Massachu- nipulation around an election, presidential election, accord- company quickly and to try to political tensions, especially
AND ALEXANDER OSIPOVICH setts Institute of Technology it then makes the CFTC essen- ing to data scraped by Wake see if there’s any skeletons in with China and Russia.
graduates and backed by Wall tially an election cop,” CFTC Forest University economist the closet.” Deputy Attorney General
WASHINGTON—A financial Street veterans. Chairman Rostin Behnam said Koleman Strumpf. Some buyers and sellers Lisa Monaco emphasized in
startup is turning to the Kalshi says its contracts in October. “And I’m not com- Small-stakes bets on U.S. could obtain representations her Oct. 4 speech announcing
courts to settle a long-running would enable investors to fortable with that.” elections are possible through and warranty coverage for the policy the importance of
debate over whether Ameri- hedge against political risk. It Before George Gallup a variety of venues. their transactions, which helps taking national-security con-
cans should be able to bet on said in the lawsuit that the launched scientific opinion Since the early 1990s, the protect them financially if cerns into account when eval-
U.S. elections. CFTC’s decision to reject its polling in the 1930s, newspa- University of Iowa has been they don’t get what they think uating a target company.
Online-trading startup plan was “arbitrary, capricious pers published data from allowed to operate a small they are getting. Such policies “National security compli-
Kalshi sued the Commodity and otherwise contrary to the bookmakers to provide Ameri- election market for research, typically provide protection ance risks are widespread,
Futures Trading Commission law.” If the U.S. Court of Ap- cans with an idea of who was but wagers are limited to from financial losses resulting they are here to stay, and they
on Wednesday, arguing the peals for the D.C. Circuit ahead in an election, histori- $500 per person. from inaccuracies in areas like should be at the top of every
regulator wrongfully denied its agrees, it could ans say. They New Zealand’s Victoria Uni- financial statements, material company’s compliance risk
application to launch a market clear a path for stopped doing versity runs another small contracts, material customers, chart,” Monaco said.
for derivatives tied to results the largest U.S.- so as polling market called PredictIt, which
of congressional elections. based election Kalshi says the became more won a lawsuit against the
The lawsuit could help de- markets in regulator sophisticated, CFTC this year after the
termine whether Americans nearly a cen- however, and agency tried to shut it.
will be able to bet significant tury, some his- wrongfully betting on elec- In contrast, Kalshi says its
amounts of money on election torians say. tions became congressional-election market
outcomes, after gambling rev- A CFTC
denied its bid to less common. would serve investors and
enue in the U.S. reached a re- spokesman de- launch a market. S e v e ra l businesses looking to hedge
cord last year. Kalshi’s plan clined to com- states outlaw political risk. Some businesses
would let U.S. investors wager ment on the gambling on with a demonstrated need to
on whether Republicans or lawsuit. Agency elections—a hedge could enter trades of as
Democrats will capture the officials have previously ex- fact that was key to the much as $100 million under
SULLIVAN & CROMWELL

House or Senate in a particu- pressed reluctance to wade CFTC’s rejection of Kalshi’s Kalshi’s proposal.
KING & SPALDING

lar year. into what they see as a sensi- plan. The company was co-
The court fight pits a small tive question for U.S. democ- But demand could be high. founded in 2018 by Tarek
federal agency traditionally racy. One overseas platform, Bet- Mansour and Luana Lopes
focused on agriculture mar- “If there is a suspicion or fair.com, handled more than Lara, who studied together at
kets against a startup run by a an allegation of fraud or ma- $2 billion of bets on the 2020 MIT. Deal attorneys Melissa Sawyer and Tim FitzSimons.

New Highs and Lows Stock

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Continued From Page B9 52-Wk % 52-Wk % Etsy ETSY 59.27 -2.6 IMAC BACK 1.46 -10.4 MalibuBoats MBUU 42.91 2.8 180DegreeCap TURN 3.76 0.3 RockyBrands RCKY 11.78 2.6 Theratechnologies THTX 0.88 -1.1
EveloBiosci EVLO 0.38 -6.6 IM Cannabis IMCC 0.45 -3.1 Mannatech MTEX ... Ooma OOMA
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg 8.00 10.21 -2.9 RockyMtnChoc RMCF 3.80 -2.3 ThermoGenesis THMO 0.90 -9.0
EversourceEner ES 52.03 -1.3 IQVIA IQV 167.42 -0.5 MarinSoftware MRIN 0.31 -5.9 OramedPharm ORMP 1.71 -6.6 RubiconTech RBT 1.53 -3.6 Thoughtworks TWKS 3.18 -2.9
Stock Sym Hi/Lo Chg Aware AWRE 1.05 -4.5 ColorStarTech ADD 0.19 0.8 ExcelerateEner EE 13.70 1.3 IcahnEnterprises IEP 16.16 -0.8 MarineProducts MPX 9.36 -1.0 Organon OGN 14.58 -0.9 RumbleWt RUMBW 1.02 -2.6 Thryv THRY 16.08 -5.1
Axogen AXGN 3.45 -4.0 CommerceBcshrs CBSH 42.96 -1.0 ExtraSpaceSt EXR 101.19 -0.3 IDEX IEX 183.77 -1.6 Markforged MKFG 0.62 -2.5 OxfordIndustries OXM 82.33 -0.7 SR Bancorp SRBK 8.01 -0.6 TigoEnergy TYGO 2.44 -2.7
UraniumEner UEC 6.03 -2.5
BAIYU BYU 1.69 -4.8 CommScope COMM 1.34 -8.8 FG FGH 1.33 -2.9 IndependenceContr ICD 2.48 -4.5 MasTec MTZ 45.00 -17.6 Parts Id ID 0.10 -7.8 SSR Mining SSRM 11.46 -15.3 Timken TKR 65.71 -0.5
Vaccitech VACC 4.47 6.4
Babcock&WilcxNt26 BWSN 19.70 -4.4 CommunityHlthcr CHCT 25.81 -3.2 Figs FIGS 5.16 -4.0 indieSemicon INDI 4.67 -2.9 MastechDigital MHH 8.35 7.3 PNM Resources PNM 42.09 -0.1 Safe&GreenDevt SGD 0.92 -6.3 TonixPharm TNXP 0.46 -17.0

Lows Baijiayun
Bakkt
RTC
BKKT
2.42
0.94
2.8
-6.9
Compass COMP
CompassMinerals CMP
1.82 -4.0
23.91 2.6
FreyrBatteryWt FREY.WS
FreyrBattery FREY
0.38 -6.9 IndlTechII Wt
3.08 -1.2 InFinTAcqnWt
ITAQW
IFIN.WS
0.00 -92.5 MatchGroup
0.01 -19.5 MaxeonSolar
MTCH
MAXN
27.85 -15.3 PRA Group
5.70 -7.4 PacBiosciCA
PRAA
PACB
11.85 1.0 SafeguardSci
5.74 -3.4 Sagimet
SFE
SGMT
0.95 -1.0 TopgolfCallaway MODG
3.48 -3.0 Transalta TAC
11.59 -3.6
7.22 2.5
AMTD Digital HKD 3.94 -0.7 Bally's BALY 7.28 -14.8 Conduent CNDT 2.54 -18.5 FTC Solar FTCI 1.02 -1.9 InflaRx IFRX 1.45 -4.1 MedicennaTherap MDNA 0.15 -13.2 PagerDuty PD 19.18 -2.5 SaverOne2014 SVRE 0.33 -2.5 TransMedics TMDX 36.42 1.5
A-MarkPrecMet AMRK 25.52 -3.9 BatteryFutureWt BFAC.WS 0.03 -17.1 ConnexaSports CNXA 0.75 -3.8 Farfetch FTCH 1.41 -2.0 InMedPharm INM 0.44 -4.9 MediciNova MNOV 1.87 -1.6 PagSeguroDig PAGS 6.93 1.1 SchnitzerSteel RDUS 22.34 2.8 TravereTherap TVTX 6.35 3.7
ARBIOT ARBB 0.92 -17.1 BeamGlobal BEEM 5.22 -2.4 Conn's CONN 2.91 1.7 Fathom FTHM 2.58 -6.9 InMode INMD 18.57 -0.4 Medifast MED 67.40 -0.6 ParamountPfdA PARAP 15.13 -1.0 Seer SEER 1.58 -0.6 Tredegar TG 4.35 -2.7
ATA Creativity AACG 0.89 -1.0 BeamrImaging BMR 1.07 -10.7 ContainerStore TCS 1.56 -4.9 FinchTherap FNCH 3.53 -0.6 InnatePharma IPHA 1.81 -12.1 Medigus MDGS 2.90 -6.5 ParamountB PARA 10.51 -0.7 SenesTech SNES 0.28 -1.8 TrilogyMetals TMQ 0.43 -4.8
AXT AXTI 1.90 -3.0 BeautyHealth SKIN 3.90 -2.2 ContraFect CFRX 0.26 -12.3 FiverrIntl FVRR 20.04 -3.2 InnovAge INNV 5.04 -4.6 MesaAir MESA 0.43 -6.2 ParamountA PARAA 13.40 -2.4 SensataTech ST 30.81 -0.7 Trimble TRMB 39.57 -13.1
Accolade ACCD 6.33 2.9 Big5SportingGds BGFV 5.36 -22.5 CoreCard CCRD 16.61 -21.9 FlexSolInt FSI 1.89 -0.5 Inotiv NOTV 1.80 -2.6 MesaLabs MLAB 87.77 -5.1 PaycomSoftware PAYC 146.88 -38.5 SensusHealthcare SRTS 2.05 -3.2 Tripadvisor TRIP 14.15 -3.2
AcumenPharm ABOS 1.83 1.6 Bio-Techne TECH 51.79 -3.3 Cutera CUTR 2.84 -4.5 ForresterRes FORR 22.34 -2.9 InspireVeterinary IVP 0.58 -22.5 MetaMaterials MMAT 0.11 -4.7 PaycorHCM PYCR 18.25 -12.0 ServiceIntl SCI 52.89 -1.7 Tucows TCX 15.65 -6.8
AdaptHealth AHCO 6.92 -2.3 BioCardia BCDA 0.36 1.8 CyclacelPharmPfd CYCCP 7.00 -2.0 ForteBiosci FBRX 0.46 -6.4 IntercorpFinSvcs IFS 18.39 -1.0 MidAmApt MAA 115.56 -0.5 Paylocity PCTY 154.10 -8.5 Servotronics SVT 9.56 -3.8 UDR UDR 30.95 -1.3
Adaptimmune ADAP 0.52 -0.1 BioNexusGene BGLC 0.36 -11.7 CyclerionTherap CYCN 2.35 0.2 FortressBiotech FBIO 1.62 -6.1 IntlMediaAcqnRt IMAQR 0.02 ... Middleby MIDD 109.59 -1.6 PediatrixMedical MD 11.03 -2.2 ShoalsTech SHLS 14.31 -5.9 U-Haul UHAL 48.07 -0.8
AEternaZentaris AEZS 1.36 -3.5 Biotricity BTCY 0.95 -8.3 Cyngn CYN 0.29 -2.9 Fossil FOSL 1.43 -7.7 IntlMoneyExpress IMXI 15.76 0.2 MillenniumGrpIntl MGIH 1.09 -24.2 Peraso PRSO 0.13 -2.9 Sientra SIEN 0.59 33.0 U Power UCAR 2.55 -5.0
AevaTech AEVA 0.47 -4.5 BlackLine BL 47.27 -2.1 DZS DZSI 1.25 -1.6 FreshDelMonte FDP 21.41 -14.1 Inuvo INUV 0.12 -4.0 Minim MINM 0.76 1.2 PerimeterSolns PRM 2.79 -8.8 SigmaLithium SGML 23.76 4.7 Unisys UIS 2.60 -5.4
Agriforce AGRI 1.68 -10.3 BlueRidgeBkshs BRBS 2.09 -33.7 Dana DAN 11.10 -1.8 Frontier ULCC 3.19 -4.7 JBG SMITH Prop JBGS 12.72 1.6 MisterCarWash MCW 4.80 -4.2 PhioPharm PHIO 1.17 -1.6 SiliconLabs SLAB 74.56 -5.4 UnitedGuardian UG 5.84 -3.9
BowenAcqnRt BOWNR 0.13 -1.4 DanimerScientific DNMR 1.32 -6.3 FuryGoldMines FURY 0.31 -4.5 Joann JOAN 0.55 -4.3 MiX Telematics MIXT 4.80 -4.7 PiedmontLith PLL 25.81 -2.2 SilvercorpMetals SVM 2.12 -0.5 Upexi UPXI 1.02 -9.6
Agrify AGFY 1.20 1.6
BrookfldInfrPfdA13 BIPpA 15.00 2.6 DarioHealth DRIO 0.97 -21.1 FusionFuelGreen HTOO 0.67 -3.8 Janover JNVR 0.76 -8.7 MobivAcqnUn MOBVU 7.85 -5.5 PineappleFinl PAPL 2.05 -43.8 SingularGenomics OMIC 0.31 -0.7 VF VFC 12.85 -11.1
Airgain AIRG 3.13 -3.3
BruushOralCare BRSH 0.21 -4.0 DefinitiveHlthcr DH 5.53 -1.0 GamcoGlbGoldPfB GGNpB 21.04 -0.5 Jet.AI JTAI 1.02 -26.2 MoneyHero MNY 1.26 4.5 PlanetLabs PL 2.04 -4.6 60DegreesPharmWt SXTPW 0.09 -20.0 Valhi VHI 10.80 -1.3
Akili AKLI 0.33 4.6
Bumble BMBL 12.38 -4.0 DesktopMetal DM 0.80 -5.8 GAN GAN 0.83 -5.3 JohnsonOutdoors JOUT 47.00 0.6 Morphic MORF 19.35 0.5 PowerFleet PWFL 1.74 -4.9 60DegreesPharm SXTP Velo3DWt VLD.WS 0.08 -20.0
AlaskaAir ALK 30.75 -1.7 0.55 6.6
ButterflyNtwkWt BFLY.WS 0.03 -11.2 DiamondHillInvt DHIL 145.86 -5.9 GainTherap GANX 2.78 0.3 Joint JYNT 7.45 -3.6 MultiWays MWG 0.20 -12.0 PreludeTherap PRLD 1.66 10.1 SkeenaRscs VentyxBiosciences VTYX 14.03 0.1
Albemarle ALB 119.61 -3.0 SKE 3.41 -4.7
CFSB Bancorp CFSB 6.11 -4.8 DianaShipping DSX 3.17 -1.5 Galecto GLTO 0.50 -1.8 KoruMedSys KRMD 2.18 -1.3 MyersIndustries MYE 15.65 -2.6 Prenetics PRE 0.31 3.8 SkyWaterTech VerisResidential VRE 13.07 -1.3
AllarityTherap ALLR 0.53 -0.9 SKYT 4.73 0.2
C4 Therap CCCC 1.23 -11.4 DigiIntl DGII 23.23 -7.1 GamerPakistan GPAK 0.60 -0.5 KulrTech KULR 0.28 1.1 Napco Security NSSC 17.76 ... PrestigeWealth PWM 1.84 -8.8 SleepNumber
VerticalAerospace EVTL 0.83 -5.5
Allbirds BIRD 0.77 -6.6 SNBR 15.05 -4.9
CVS Health CVS 64.41 -0.4 DigitalTurbine APPS 4.34 -6.3 ViemedHealthcare VMD 5.90 -3.8
Allot ALLT 1.75 -3.3 GeneDx WGS 1.81 1.1 KwesstMicroSys KWE 1.35 -4.7 NFT MI 0.12 0.5 PriviaHealth PRVA 19.68 -2.9 SOQUIMICH SQM 46.84 -1.9
View VIEW 2.90 -7.6
AlphaTech ATGL 3.73 -3.6 CadrenalTherap CVKD 0.41 -2.5 DigitalOcean DOCN 19.39 -3.1 Gentherm THRM 38.21 -2.5 KaivalBrands KAVL 0.28 -9.2 NGM Biopharm NGM 0.76 -8.8 PubMatic PUBM 10.92 -1.0 SolidPowerWt SLDPW 0.07 -31.7
VirnetX VHC 3.50 -11.3
AltaEquipment ALTG 8.76 0.7 CanadaGoose GOOS 9.80 -8.7 DineBrands DIN 43.50 -9.9 GlenBurnieBncp GLBZ 4.90 -4.8 KelsoTech KIQ 0.17 -3.3 NICE NICE 149.54 -1.5 PureCycleTech PCT 4.13 -6.1 Soluna SLNH 2.09 -2.8
VisionMarineTech VMAR 1.75 6.1
AltamiraTherap CYTO 0.14 6.2 CanooWt GOEVW 0.04 17.4 Diodes DIOD 62.81 ... GlMedREIT PfdA GMREpA 23.32 -1.1 Kennametal KMT 22.08 -1.3 NaaSTechnology NAAS 2.60 -9.3 PureCycleUn PCTTU 5.93 -14.3 SonomaPharm SNOA 0.16 -0.1 VislinkTech
VISL 3.02 -0.8
AlzamendNeuro ALZN 1.49 -11.5 CareMax CMAX 1.79 -10.0 Dominari DOMH 1.82 -7.5 GlbSysWt GSDWW 0.01 -15.2 Kidpik PIK 0.47 -1.3 NanoVibronix NAOV 0.73 -10.1 PureTechHealth PRTC 17.86 ... SouthwestAir LUV 21.91 ... Visteon VC 110.19 -2.1
Amarin AMRN 0.65 0.3 CaribouBio CRBU 3.44 -1.4 Domo DOMO 7.78 -3.7 GlobalFoundries GFS 48.12 -1.6 KintaraTherap KTRA 0.48 -34.6 NatWest NWG 4.30 -1.4 PurpleInnovation PRPL 0.83 -13.4 Sphere3D ANY 0.92 -7.0 VividSeatsWt SEATW 0.86 -6.4
Ambarella AMBA 43.59 0.4 CarriageSvcs CSV 20.91 -1.9 DouglasElliman DOUG 1.64 -7.3 GlucoTrack GCTK 0.18 -3.0 Kirkland's KIRK 1.53 0.6 NemauraMedical NMRD 0.24 -4.2 QuantumScape QS 4.99 -2.5 SplashBeverage SBEV 0.53 -6.9 VorBiopharma VOR 1.62 -9.6
Ameresco AMRC 24.95 -2.4 CastorMaritime CTRM 0.33 -1.8 DragonflyEnergy DFLI 0.71 -12.6 Gogo GOGO 10.39 0.6 LaRosa LRHC 0.90 -24.2 NeptuneWellness NEPT 0.66 -6.0 QurateRetailA QRTEA 0.40 -9.2 Sportradar SRAD 8.08 -8.3 WM Tech Wt MAPSW 0.03 -12.5
AmerAcqnOpp AMAOU 5.72 ... cbdMD PfdA YCBDpA 0.92 -3.7 DrillingToolsIntl DTI 3.62 -1.3 GoldenEnt GDEN 30.38 -2.6 LanternPharma LTRN 2.38 3.2 NetLeaseOfficeProp NLOP 17.10 -10.0 QwestNts2056 CTBB 9.86 -13.1 SprucePower SPRU 3.60 -1.1 WahFuEducation WAFU 1.58 0.5
AmericanAxle AXL 6.29 -5.5 CenntroElec CENN 0.15 -4.2 DrivenBrands DRVN 10.61 -4.0 GoldenstoneAcqn GDST 9.63 0.6 Lanvin LANV 3.08 -3.4 Nevro NVRO 14.02 1.2 QwestNts2057 CTDD 10.21 -12.9 Starbox STBX 0.49 -23.1 WalgreensBoots WBA 20.14 -2.1
AmpioPharm AMPE 2.35 -1.2 CetusCapitalAcqnWt CETUW 0.02 -5.0 DuluthHoldings DLTH 4.81 -3.0 GrabWt GRABW 0.18 -0.1 Lazard LAZ 27.16 0.5 Newegg NEGG 0.52 -3.5 RENN Fund RCG 1.55 -4.6 Stratasys SSYS 9.95 -0.2 WallboxWt WBX.WS 0.16 -22.6
AmtechSystems ASYS 6.85 -3.7 Charles&Colvard CTHR 0.32 -4.7 EIDP$3.50Pfd CTApA 51.96 6.9 GreatElm GEG 1.75 -2.3 Leggett&Platt LEG 22.65 -0.4 NewellBrands NWL 6.50 -1.5 RH RH 207.26 -2.1 StryveFoodsWt SNAXW 0.00 ... WaveDancer WAVD 1.55 -3.7
AnaptysBio ANAB 15.88 1.4 CharlesRiverLabs CRL 161.65 -0.5 1847Holdings EFSH 0.57 -11.2 Greenlane GNLN 0.51 -3.7 LibertyGlobal A LBTYA 15.01 -2.4 Next.e.GO EGOX 0.63 -14.4 Radcom RDCM 7.55 -1.1 SunPower SPWR 3.75 -5.6 WernerEnterprises WERN 35.54 -0.9
Angi ANGI 1.55 -3.1 ChesapeakeUtil CPK 86.24 0.7 Electro-Sensors ELSE 3.65 -2.3 HeartTestLabs HSCS 0.20 -7.7 LibertyGlobal C LBTYK 16.27 -2.9 NKGenBiotech NKGN 2.80 -4.1 Radware RDWR 13.53 -3.6 SunriseNewEner EPOW 1.40 2.0 WesternCopper WRN 1.17 -2.5
AngioDynamics ANGO 6.06 0.8 Chevron CVX 143.82 -1.2 ElevationOnc ELEV 0.42 -8.3 HeartlandExp HTLD 11.44 2.0 LionElectric LEV 1.50 -2.5 Nogin NOGN 0.27 -4.2 RailVision RVSN 0.27 1.2 SurgePaysWt SURGW 0.82 3.6 WestrockCoffee WEST 7.93 -3.0
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AntelopeEnterprise AEHL 2.11 -5.7 ChinaPharma CPHI 0.09 1.8 EmergentBiosol EBS 1.93 -6.2 HertzGlobal HTZ 8.29 -1.2 LomaNegra LOMA 5.64 1.4 NortechSystems NSYS 7.45 6.7 RayonierAdvMatls RYAM 2.66 -0.7 SyraHealth SYRA 1.18 -3.2 WiSA Tech WISA 0.14 -2.3
AptIncmREIT AIRC 28.22 -2.3 ChinaSXTPharm SXTC 2.01 5.1 EncoreCapital ECPG 37.08 -0.7 HillmanSolns HLMN 6.46 0.6 LoopMedia LPTV 0.25 -16.4 NoEuroOil NRT 7.87 -27.1 Rayonier RYN 24.84 -0.3 TFF Pharm TFFP 0.26 1.1 XPEL XPEL 45.40 3.7
AppliedMolecular AMTI 0.13 -2.9 ChoiceHotels CHH 109.30 0.4 EndeavourSilver EXK 2.06 -1.9 HiltonGrandVac HGV 34.91 -1.5 LouisianaPacific LPX 49.47 5.6 NuScalePower SMR 3.01 -8.0 Reading A RDI 1.80 -1.6 TH Intl THCH 1.43 -8.1 XWELL XWEL 1.45 -4.6
Aptiv APTV 84.03 -1.3 ClarosMtg CMTG 9.60 -3.5 EnergemWt ENCPW 0.02 -31.1 HimalayaShipping HSHP 4.42 0.4 Lucid LCID 3.96 -1.7 Nuwellis NUWE 0.64 -5.5 Reading B RDIB 12.50 -2.3 TPG RE Fin TRTX 4.64 -4.4 XponentialFit XPOF 11.31 -8.1
Aptorum APM 1.50 -1.8 ClearmindMed CMND 0.12 15.7 EnergyFocus EFOI 1.49 4.6 HinghamSvg HIFS 147.01 1.3 LucyScientific LSDI 0.25 -3.4 Nxu NXU 0.03 -4.2 reAlphaTech AIRE 15.00 -9.6 TPG RE FinPfdC TRTXpC 13.10 -0.5 YatsenHolding YSG 0.81 0.3
ArborRealtyPfdD ABRpD 15.90 -0.8 Clene CLNN 0.36 -3.1 EnphaseEnergy ENPH 74.70 -3.6 HudsonGlobal HSON 14.66 5.7 LumenTech LUMN 0.97 -32.9 O-I Glass OI 13.56 -5.3 ReconTech RCON 0.21 -8.2 Tapestry TPR 25.99 -3.5 YumChina YUMC 41.48 -15.2
ArtemisStratWt ARTEW 0.00 -33.3 Clorox CLX 114.69 -2.0 Envista NVST 22.59 -1.2 Huntsman HUN 22.14 -1.1 LumiraDx LMDX 0.08 -17.5 ONE GroupHosp STKS 4.18 -2.7 RedRockResorts RRR 37.82 -3.6 TechTarget TTGT 23.43 -6.5 ZimIntShipping ZIM 7.65 ...
AstecIndustries ASTE 30.18 -22.2 CogentBio COGT 8.08 0.4 EquityResdntl EQR 52.57 -3.9 IAC IAC 41.39 -1.1 LuxUrbanHtlsPfdA LUXHP 23.90 0.7 Oblong OBLG 0.14 -3.4 Renalytix RNLX 0.95 -1.9 TeledyneTech TDY 364.98 -1.5 ZebraTech ZBRA 194.59 -5.5
AtmusFiltration ATMU 18.21 -1.4 Cognex CGNX 34.28 -3.4 EstablishLabs ESTA 28.69 7.8 ICU Medical ICUI 95.19 0.3 MiraPharm MIRA 1.51 -22.2 OceanPwrTech OPTT 0.27 -9.3 RenttheRunway RENT 0.50 -6.2 TelesisBio TBIO 0.72 4.0 ZeroFox ZFOX 0.59 -7.0
AvidBioservices CDMO 5.80 -4.9 Cohbar CWBR 0.88 -48.9 EsteeLauder EL 102.22 -18.9 i-80Gold IAUX 1.34 -3.6 MKS Instrum MKSI 63.44 0.2 Olaplex OLPX 1.35 -4.2 RingCentral RNG 25.08 -4.5 TempoAutomation TMPO 0.04 -44.5 ZivoBiosci ZIVO 2.20 -11.1
AvinoSilver ASM 0.40 -3.2 Cohu COHU 29.65 0.5 EternaTherap ERNA 1.21 -12.8 IGM Biosci IGMS 3.81 6.6 MP Materials MP 15.22 -3.8 OmegaTherap OMGA 1.30 -1.5 RiskOnIntl ROI 0.52 -26.4 TenonMedical TNON 0.08 -38.9 ZoomInfoTech ZI 12.36 -3.3

THE WALL STREET JOURNAL.
Fed Pause Lifts Shares, Treasury Bonds
AMD, other tech
stocks lead way,
benefiting from
decline in yields
BY DAVID UBERTI
Many investors looked to the
Federal Reserve for hints about
whether this autumn’s unusual
ascent in Treasury yields would
help finish America’s inflation
fight. The central bank’s mes-
sage: maybe.
In the tug of war between
low-risk government debt and
higher-risk eq-
WEDNESDAY’S uities, that was
MARKETS enough of a
signal to push
stocks higher Wednesday. The
Dow Jones Industrial Average
rose 0.7%, or 222 points, while
the tech-heavy Nasdaq Compos-
ite added 1.6%. The S&P 500
rose 1.1%, led by the informa-
tion-technology and communi-
cation services sectors.
Major indexes have logged
three straight monthly declines
as a run-up in Treasury yields
Esteé Lauder Warns
On Profit, Sinking Stock
BY BOWDEYA TWEH
Estée Lauder shares fell
19% Wednesday, hitting the
lowest levels in years, after
the cosmetics giant issued an-
other profit warning.
The beauty company be-
hind M.A.C, Clinique and other
brands blamed weak demand
in China, a key market, as well
as potential disruptions in
business in Israel and the
Middle East.
The stock’s plunge was
among its largest single-day
declines since at least 1995
and shares are approaching
their lowest trading levels
since 2017. The shares have
dropped 58% so far this year.
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* * * * *
drew investors to bonds’
roughly 5% returns. That dy-
namic flipped at least momen-
tarily Wednesday.
Benchmark 10-year yields
began slipping after the Trea-
sury Department said that it
would boost the size of long-
term U.S. debt auctions in the
coming months by less than
Wall Street anticipated.
The agency’s choice to in-
stead lean more heavily on
shorter-term debt issuance, in-
vestors said, could relieve up-
ward pressure on longer-term
yields. That in turn could boost
stocks, which have been hurt by
the rise in yields.
Treasury yields fell further
later in the session, pulling 10-
year yields to 4.790%, after the
Fed held interest-rates steady
again at 22-year highs.
Fed Chair Jerome Powell
said at a news conference that
the recent jump in bond yields
is pushing up borrowing costs
in ways that could ease price
pressures and slow the robust
U.S. economy. That could affect
the central bank’s monetary
policy moving forward.
The S&P 500 has gained about
10% over the same time.
Estee Lauder now expects
fiscal 2024 sales to decline as
much as 2%, compared with
its prior target of annual sales
growth between 5% and 7%.
Adjusted per-share earn-
ings are expected to fall as
much as 33% in its fiscal 2024
after projecting earnings
would rise this year.
Net earnings in Estée’s fis-
cal first quarter were $31 mil-
lion, compared with $489 mil-
lion in the prior year.
The company also said it
will launch a program to cut
operating expenses and im-
prove profit margins over the
next couple of years.
MARKETS
Index performance on Wednesday
1.75%
1.50
Nasdaq Composite
S&P 500
1.25
Dow Jones Industrial Average
1.00
0.75
0.50
0.25
0 and sliced-cheese lovers left a
–0.25 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
“Everyone is very bullish
right now on rates,” said James
St. Aubin, chief investment offi-
cer for Sierra Mutual Funds.
“But the trend is not your
friend right now.”
Wednesday’s slip in yields
opened the door for the “Mag-
nificent Seven” stocks to climb.
Turnaround Firm Raises $9.7 Billion
BY ROD JAMES
Turnaround specialist KPS
Capital Partners made light
work of raising $9.7 billion to
back corporate carve-outs, re-
structurings and special situa-
tions, strategies that tend to
perform well during times of
economic uncertainty.
The New York-based pri-
vate-equity firm said it col-
lected $8 billion for its latest
main vehicle, KPS Special Sit-
uations Fund VI, which ac-
quires control positions in
manufacturing and industrial
businesses in the U.S. and Eu-
rope.
KPS also raised $1.7 billion
for its KPS Special Situations
Mid-Cap Fund II, which tar-
gets smaller companies that
1 p.m. 2 3 4 Shares in CVS fell to their
Meta and chip maker Nvidia
led the pack by advancing more
than 3.5% apiece, while Micro-
soft posted a 2.9% gain.
But the big winner among
artificial-intelligence aligned
tech stocks was Advanced Mi-
cro Devices. Shares jumped
9.7% after executives forecast
fit the same description.
The new pools combined
are more than 36% larger than
their predecessor funds,
which both closed in 2019
with around $6 billion and $1
billion, respectively.
Co-founder and Managing
Partner Michael Psaros said
that fund investors, or limited
partners, rewarded KPS for its
record of investing success-
fully during periods when the
economy is volatile.
KPS has invested $13.8 bil-
lion since June 2020 as it
looked to take advantage of
opportunities brought about
by the Covid-19 pandemic, as
other fund managers, also re-
ferred to as general partners
concentrated on shoring up
their portfolio companies.
Thursday, November 2, 2023 | B11
robust sales of advanced AI
chips next year, putting the
firm’s stock on pace for its best
year since 2020.
Although more firms than
usual have beaten Wall Street’s
earnings estimates for the third
quarter, many investors have
instead zeroed in on projections
for clues about how companies
navigate an uncertain economic
outlook.
Kraft Heinz vowed to not go
crazy with discounts despite
some inflation-weary Ameri-
cans shunning higher grocery
costs. The bad news for ketchup
good taste in investors’ mouths:
Kraft Heinz stock climbed 2.4%.
lowest intraday value since No-
vember 2020 after the health-
care giant said 2024 earnings
would veer toward the low end
of guidance and investors
warned of higher costs from
customers on Medicare. But the
stock later clawed back most of
the losses and ended the ses-
sion 0.4% lower.
DuPont slid 8.2% after the
chemical and materials maker
Recent acquisitions by KPS
include U.K. luxury boat man-
ufacturer Princess Yachts in
February and the $3.45 billion
deal for U.S. building materi-
als supplier Oldcastle
BuildingEnvelope in February
2022.
The firm said it has $13.6
billion to invest in businesses
facing difficulties such as in-
flation, supply-chain disrup-
tions and fulfilling debt obli-
gations. KPS expects to begin
investing from its sixth main
fund next year.
Psaros described the fund-
raising market for alternative
asset classes as a “nuclear
winter,” adding that even
many repeat investors in KPS
funds did a “total reunder-
write” of the firm to try to
.
reported weak sales because of
disappointing demand for con-
sumer electronics and a soft
Chinese market.
Benchmark U.S. crude has
fallen in seven of the past nine
sessions, to $80.44 a barrel,
weighing on shares of many oil
producers.
Overseas, the Stoxx Euro
600 rose 0.7%. At midday
Thursday, Japan’s Nikkei 225
was up 1.1%, Hong Kong’s Hang
Seng Index was up 1.2% and
South Korea’s Kospi was up
1.7%. S&P 500 futures rose
0.3%.
—Sam Goldfarb, Asa Fitch
and John Keilman contributed
to this article.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. 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.
17-WEEK BILLS
Applications
Accepted bids
$162,455,278,600
$56,404,603,600
" noncompetitively $650,187,200
" foreign noncompetitively
Auction price (rate)
$0
98.234833
(5.340%)
Coupon equivalent
Bids at clearing yield accepted
5.527%
25.05%
Cusip number 912797JG3
The bills, dated Nov. 7, 2023, mature on March 5, 2024.
evaluate whether returns
from past investments re-
sulted from skillful manage-
ment or financial engineer-
ing.
Private-equity firms in the
U.S. raised $242 billion for in-
vestment funds this year
through September, less than
64% of the $381 billion they
collected in all of last year, ac-
cording to research provider
PitchBook Data.
The slower pace stems
largely from the pension sys-
tems, endowments and foun-
dations that have been main-
stay investors in private
equity becoming overexposed
and cutting back on commit-
ments to new funds.
—Laura Kreutzer
contributed to this article.

B12 | Thursday, November 2, 2023
Beware a Chinese Fall Stall
Sudden weakness in purchasing managers indexes raises prospect of another derailing of China’s recovery
In July, when worries about
China’s economic recovery were
beginning to percolate more
widely, analysts fixated on a curi-
ous bit of language from the Polit-
buro: The recovery was developing
in a winding, “wavelike” manner.
Nearly half a year later, that
characterization is looking more
apt.
After a better third quarter, the
first two important reads on
China’s economy in October both
landed with an audible thud. A
bad case of seasonal affective dis-
order may be partly to blame. But
it still isn’t a good sign for an
economy that was supposed to fi-
nally be on the mend. And there
are some worrying similarities
with the economy’s surprise stall-
out this spring.
The composite purchasing man-
agers index—produced by the sta-
UTUKU/ROPI/ZUMA PRESS
tistics bureau and combining data
from factories and the services
sector—declined to its lowest level
this year, just above the 50-point
level separating expansion from
contraction. The manufacturing
PMI from Caixin, released on
Wednesday, fell below the 50-
point mark for the first time in
three months.
There are a few important cave-
ats. For one, the long, combined
mid-autumn and Chinese National
Day holidays—which happened to
occur together this year and ran
from the very end of September
through early October—might very
well have pulled some factory ac-
Chip Makers’ PC Boost Isn’t Built to Last
It’s a testament to how odd the
chip market is right now that per-
sonal-computer demand is actually
a source of strength.
PC sales have been in a
downspin since early last year, af-
ter two years of pandemic-induced
growth. The downturn has been
such that the 7.6% year-over-year
decline in unit sales that market-
research firm IDC reported for the
third quarter counted as a notable
improvement, as sales had been
falling by double digits for the
previous five periods. IDC projects
PC shipments will total 252 mil-
lion units globally this year—down
14% from last year and the lowest
annual sales number the firm has
reported in more than a decade.
PCs have proved to be the saving
grace for Intel and Advanced Micro
Devices this earnings season. AMD
reported Tuesday that revenue for
that segment jumped 42% year over
year during the third quarter—mak-
ing it the chip maker’s only business
to show growth for the period. In-
tel’s PC revenue slipped 3% from a
year earlier, but that was far better
than the 10% drop Wall Street ex-
pected. And for both companies,
sales in their PC divisions offset
more serious weakness in their
data-center segments—which repre-
Trucking Sector Gets Its Musk vs. Twitter Saga
In most children’s games, there
are no takesies-backsies. A similar
principle seems to apply when a
company signs a pretty ironclad
contract to buy another.
Late on Tuesday, Dallas freight
forwarder Omni Logistics said it
filed a lawsuit against trucking
company Forward Air asking for
the Delaware Court of Chancery to
enforce the merger agreement that
both companies signed back in Au-
gust. This follows a statement last
week in which Forward said it
might terminate the acquisition, ar-
guing Omni—which happens to be
one of its trusted suppliers—failed
to comply with merger obligations.
This continuing soap opera is
reminiscent of when Elon Musk
stamped his signature on a $44 bil-
lion deal to buy Twitter (rebranded
as X) last year, and attempted to
get out of it. Though Musk con-
tended the company hadn’t
cracked down on spambot accounts
as much as it promised, he was
probably motivated by the realiza-
tion that the price was too high. (A
year after closing, the company es-
timates it is worth $19 billion.)
What is apparently behind the
change of heart of Forward Chief
Executive Thomas Schmitt is the
shareholder uproar after he dis-
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
A job fair at Zhengzhou University in Zhengzhou, China, in September.
tivity ahead into September.
China’s statistics bureau asserted
that seasonality was a factor in
the factory PMI’s weakness.
For another, the two surveys
sent conflicting signals on exports.
The official factory PMI showed
new export orders falling faster,
but Caixin’s survey had the decline
moderating slightly, according to
sent the pricey chips sold to tech-
nology giants operating cloud-com-
puting networks that is the chip
industry’s most crucial market.
For Intel and AMD, that market is
in a bit of a transition. The popular-
ity of generative artificial intelli-
gence has blown up demand for one
chip—the graphics processor-based
accelerator systems made by Nvidia.
Tech giants such as Microsoft,
Google, Amazon.com and Facebook
parent Meta Platforms redirected
much of their capital spending to-
ward AI-server components—bene-
fiting Nvidia primarily. Intel’s and
AMD’s combined data-center reve-
nue for the six-month period ended
September fell 11% from the same
period last year. Nvidia’s data-center
revenue is estimated to have tripled
in roughly the same time, based on
Wall Street’s consensus projections
for the company’s fiscal third quar-
ter that ended in October.
Intel and AMD are hardly giving
up on AI. Both are planning
splashy media events next month
to showcase new chips for the mar-
ket, and AMD even surprised ana-
lysts on Tuesday by projecting rev-
enue specifically for its data center
GPU chips for the current quarter
and next year. The company ex-
pects $2 billion from that product
Forward Air share price
$130 Deal with Omni
announced
120
Merger
110
blocked
100
by court
90 Merger
cleared
80
70
60
50
July 2023 Sept. Nov.
Source: FactSet
closed the deal, which led the com-
pany’s stock to drop 40%.
Investors are up in arms about
the $3.2 billion price tag placed on
Omni—a valuation of 18 times the
earnings before interest, taxes, de-
preciation and amortization it
made in 2022, when the logistics
industry was on a sugar high of
postpandemic disruptions. They
balked at the huge amount of debt
they would be taking on.
Worse, though, is they felt
tricked by the way the deal was
ON
THE
Goldman Sachs.
The more worrying signal is on
domestic demand. If one takes the
statistics bureau’s seasonality ar-
gument at face value, that means
that some of the improvement in
the September data—especially in
building-related indicators like
new housing space started and
construction employment—might
Global
l b l PC shipments
h per year
400 million
350
300
250
200
150
100
50
0 over the coming years.”
2015 ’20
Note: 2023-24 are projections
Source: IDC
line next year, which is a fraction
of Nvidia’s projected data-center
sales for the same time but would
represent a strong uplift for AMD.
Wall Street is expecting the
company’s data-center sales to
surge 58% in 2024 to $10.4 billion,
according to FactSet. That disclo-
sure helped AMD’s shares jump
9.7% on Wednesday.
But AMD’s PC revenue is ex-
pected to jump 27% next year,
while Intel’s is forecast to rise
13%. That reflects high hopes for a
structured: Omni’s private-equity
owners would be given only a
small part of their stake in For-
ward in common shares, with the
rest in the form of a huge amount
of nonvoting preferred shares.
These would pay such high divi-
dends that shareholders would be
forced to convert them, massively
diluting themselves.
Some of them were angry enough
to file for a temporary restraining
order to stop the merger, arguing
their rights were violated, but a
Tennessee court denied their re-
quest last week.
It is uncertain where all of these
legal venues will lead, beyond all
parties spending heavily on legal
fees. Activist investor Ancora, which
called for Forward to renege on the
deal and was exploring ways to oust
the directors, celebrated the U-turn
and said the board “is right to be
diligent in holding Omni account-
able for any and all noncompliance
with the agreement’s terms.”
Yet, despite an initial rebound,
Forward’s stock headed back down.
“Forward Air’s threat to termi-
nate the transaction is unenforce-
able,” Omni wrote Tuesday in an
open letter to Forward’s share-
holders.
Indeed, Forward will struggle to
be seasonal too.
Moreover, the sudden weakness
in employment—following a pol-
icy-driven bump in property-sec-
tor activity—bears a certain un-
nerving resemblance to China’s
growth stall-out in late spring.
Then, a surge of pent-up de-
mand released after the end of
China’s zero-Covid lockdowns pe-
mature market that largely logged
annual sales declines in the years
ahead of the pandemic. And at
least some of that optimism seems
tied to the belief that AI-enabled
PCs expected to hit the market
next year will be big sellers. “The
arrival of the AI PC represents an
inflection point in the PC indus-
try,” Intel Chief Executive Pat Gel-
singer said on his company’s earn-
ings call last week. Lisa Su, CEO of
AMD, predicted on Tuesday’s call
that AI PCs “will fundamentally
redefine the computing experience
But a strong market for AI PCs
’23 ’24
right out the gate hardly seems a
sure thing. Many of the PCs sold
during the pandemic will be within
the five-to-six-year replacement
cycle that is common for such de-
vices once these new AI machines
go on sale. IDC is currently pro-
jecting PC sales to grow less than
4% next year globally, and many
analysts expect the industry’s an-
nual shipments to remain in the
250-million-to-270-million range
that was the norm before the pan-
demic. Getting consumers to spend
up for smarter computers that are
still mostly used for email and web
surfing could be a tall order.
—Dan Gallagher
prove Omni’s alleged breach of
agreements and covenants per-
taining to issues such as preclos-
ing access to information, confi-
dentiality and financing of the
deal—not the least because these
have only come to the fore after
anger erupted toward Schmitt. In
an interview with The Wall Street
Journal, he appeared somewhat
repentant over how he communi-
cated with shareholders, overesti-
mating their desire for a high-risk,
high-gain investment.
Schmitt turning on Omni is hav-
ing another damaging side effect.
He can no longer openly praise the
industrial logic of the merger as
much, even though he might have
to go through with it. This is what
happened to Musk after Twitter
filed a lawsuit against him: He
was forced to buy a company he
denigrated.
Because Forward’s executives
can’t emerge from this unscathed
no matter the outcome, they might
have been better off sticking to their
guns, rather than souring the rela-
tionship with Omni from the start.
The moral of the story: When it
comes to corporate acquisitions, it
is often better to ask for permission
than to ask for forgiveness.
—Jon Sindreu
.
THE WALL STREET JOURNAL.
tered out after a few months as
underlying structural problems,
including a weak job market,
deeply damaged property develop-
ers and household risk aversion,
reasserted themselves. Recently,
September also witnessed a surge
in consumer lending and better
housing sales and starts—on a
floor space basis—in the wake of
more aggressive policy measures
to boost the property market.
But there is little sign of a real
recovery in consumer confidence
to where it sat before the pan-
demic, and before the housing-
market collapse.
And with Country Garden, one
of China’s largest developers,
fighting for survival after failing
to pay its dollar debt, the chal-
lenges to a sustainable recovery of
confidence in the housing market
remain formidable. Sales at
China’s top 100 property develop-
ers were marginally better in Oc-
tober than in September, accord-
ing to data released Tuesday by
China Real Estate Information.
It is too early to push the panic
button, but the October lending
and official real-estate data due
later this month could be telling.
At the very least, it is very early
to conclude that China’s economy
has won the many battles—against
household pessimism, shambolic
government finances and multina-
tionals’ “de-risking,” to name just
a few—needed to put growth back
on a sustainable footing.
—Nathaniel Taplin
These Cities
In the U.S.
Have the
Unhappiest
Homeowners
American home prices are back
on an upswing. Not everyone is
feeling the love.
The S&P CoreLogic Case-Shiller
National Home Price Index rose
2.6% from a year earlier in August,
S&P Dow Jones Indices reported
on Tuesday. That put the index at
a record, leaving the shallow
swoon it entered last year further
behind.
But in seven of the 20 large
metro areas covered by the na-
tional index, home prices were be-
low year-earlier levels. Count it as
a reminder that real estate is a lo-
cal affair—and that, in some lo-
cales, conditions are poorer than
in others.
The places where home prices
are down fit into two broad cate-
gories. The first are those still suf-
fering from the effects of the out-
migration the pandemic set off.
This is epitomized by the San
Francisco area, where the Case-
Shiller index shows prices in Au-
gust were down a seasonally ad-
justed 9.5% from their May 2022
peak.
The second are the places
where many people flocked after
the pandemic hit, now experienc-
ing a hangover. Phoenix, where
prices were down 6.1% from June
2022 peak, fits the bill there. But
better examples can be found in
more granular data from Zillow.
These show, for instance, that
home values in Austin, Texas,
were down 14.8% in September
from a June 2022 peak.
For homeowners in places
where prices are down, the lock-in
effect of mortgage rates is poten-
tially even more of a constraint
than for homeowners in other ar-
eas: Not only would they have to
pay a much higher mortgage rate
on any home they move into than
what they are paying now, but the
money they might fetch by selling
their home has fallen.
This could especially be an is-
sue in the places where people
flocked. San Francisco home sales
were fairly low when prices there
peaked in 2022, so not a lot of
people would lose money on a
home sale—not that selling for
less than your neighbor did is easy
to stomach. But when prices
peaked in Austin, sales were high.
Moving out of a house there could
be especially painful.
—Justin Lahart