For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 34945.47 g 45.74 0.13%
What’s
News
Business & Finance
 Retailers foresee U.S.
price increases ebbing as
more of them feel the sting
of shoppers pulling back on
purchases of discretionary
items in response to tighter
household budgets. A1
 U.S. stocks ended mixed,
with the S&P 500 rising 0.1%
and the Nasdaq gaining slightly
less than that. The Dow in-
dustrials fell about 0.1%. B11
 UAW employees at Gen-
eral Motors approved a new
4½ year labor contract, end-
ing a tumultuous months-
long bargaining process by a
slim margin of votes. B1
 Inflation is falling faster
than expected across ad-
vanced economies, marking
a turning point in central
banks’ two-year battle
against surging prices. A2
 Alibaba said it scrapped
its plan to spin off and list
its cloud-computing division,
citing the impact of U.S. curbs
on the export of high-perfor-
mance chips to China. B1
 Hyundai said it would sell
cars on Amazon.com when
that option becomes avail-
able next year, allowing buy-
ers to bypass dealerships. B1
 Thousands of unionized
Starbucks workers went on
strike on a busy sales day
for the coffee chain in a bid
to bring the company back
to the negotiating table. B3
 Morgan Stanley agreed
to pay a fine of $6.5 million
over the financial-services
provider compromising mil-
lions of customers’ personal
information. B10
 Apple plans to support a
standard that will improve mes-
saging with Android phones
and enable new features. B4
World-Wide
 The Israeli military re-
leased footage of a tunnel
opening from within the
largest hospital in Gaza, the
first evidence to support its
claims that Hamas’s vast
tunnel network runs under-
neath the medical facility. A1
 The House Ethics Commit-
tee said it found substantial
evidence that Rep. George San-
tos stole money from his cam-
paign and committed other
misdeeds, igniting new calls
for his immediate expulsion by
colleagues and prompting the
embattled lawmaker to say he
won’t run for re-election. A1
 Xi Jinping sought to en-
list American corporations’
help in easing bilateral ten-
sions, emphasizing the room
for the U.S. and China to
work together. A8
 An investigating prosecu-
tor’s report is expected to
criticize Biden’s handling of
classified documents but the
probe likely won’t result in a
criminal case, people familiar
with the matter said. A4
 More Americans are filing
for bankruptcy to get rid of
their student debt and the Jus-
tice Department expects the
number to continue to rise as
more lawyers and borrowers
become aware of the option. A4
 California authorities ar-
rested a 50-year-old man in
connection with the death of
Jewish protester Paul Kes-
sler during simultaneous pro-
Israel and pro-Palestinian
rallies earlier this month. A3
 A jury in Canada convicted a
man of murder and attempted
murder for ramming a Muslim
family with a truck in what
authorities described as a hate
crime and terrorist act. A7
CONTENTS
Arts in Review. A10-11
Banking & Finance B10
Business News....... B3
Crossword................. A11
Heard on Street.. B12
Mansion............... M1-14
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
* * * * FRIDAY, NOVEMBER 17, 2023 ~ VOL. CCLXXXII NO. 118
NASDAQ 14113.67 À 0.1% STOXX 600 451.27 g 0.7%
Driven From Myanmar, Refugees Turn to Indonesia
AMANDA JUFRIAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
ESCAPE: A boat with about 250 Rohingya, persecuted in Myanmar, waits off the coast of Aceh province, Indonesia, on
Thursday, as some came ashore for water and food. Local officials said nearly 600 refugees have arrived in Aceh this week.
FDIC Chair, Known for Temper, on
us ,
Ignored Bad Behavior at Agency
l
e
al a
ci on
BY REBECCA BALLHAUS
The FDIC’s No. 2 legal official
left a ranting, cursing voicemail
for an employee criticizing her
er s
work in 2019. The federal bank
regulator paid that employee a
m er
$100,000 settlement because of
it, former officials said.
The legal official kept his job.
Last year, Chairman Martin
Gruenberg promoted him to be-
m rp
come the federal agency’s gen-
eral counsel.
Now, Gruenberg is under fire
for his leadership at the Federal
co Fo
Santos Hit
With New
Calls for
Expulsion
n-
After Probe
BY KATY STECH FEREK
no
WASHINGTON—The House
Ethics Committee said Thurs-
day that it found substantial ev-
idence that Rep. George Santos
stole money from his campaign
and committed other misdeeds,
igniting new calls for his imme-
diate expulsion by colleagues
and prompting the embattled
lawmaker to say he won’t run
for re-election.
“Representative Santos
sought to fraudulently exploit
every aspect of his House can-
didacy for his own personal fi-
nancial profit” and “blatantly
stole from his campaign,” the
committee’s report said. The
committee said Santos’s con-
duct “warrants public condem-
nation, is beneath the dignity of
the office, and has brought se-
vere discredit upon the House.”
The Ethics Committee, led
by Chairman Michael Guest
(R., Miss.) and ranking mem-
ber Susan Wild (D., Pa.), said
it concluded that there was
substantial evidence that San-
tos (R., N.Y.) knowingly caused
his campaign committee to file
false reports with the Federal
Election Commission; used
campaign funds for personal
Markets...................... B11 purposes; engaged in fraudu-
Markets Digest..... B8
Opinion................ A13-15
lent conduct in connection
Sports.......................... A12 with Santos-linked campaign
Technology................ B4 company RedStone Strategies
U.S. News.............. A2-6 LLC; and filed false financial
World News......... A7-8
disclosure statements.
While the committee was
> unsparing in its descriptions
of Santos’s “grave” actions
and urged lawmakers to take
appropriate action, it stopped
short of directly calling for
Please turn to page A4
10-YR. TREAS. À 23/32 , yield 4.444%
Deposit Insurance Corp. after a
Wall Street Journal investiga-
tion found a longtime toxic at-
mosphere with few conse-
quences for bad behavior
prompted women to quit.
He was grilled in Congress in
response to the investigation.
“What the hell is going on at
the FDIC?” asked Louisiana Re-
publican Sen. John Kennedy.
Gruenberg said harassment
and discrimination are “com-
pletely unacceptable” and said
the agency doesn’t tolerate it.
Yet Gruenberg and deputies
10-year U.S. Treasury yield
5.0%
4.9
Treasury announces
borrowing plans
4.8
4.7
–0.091 pct. pt.
4.6
4.5
4.4
Oct. 16 Nov.
Source: Tradeweb ICE Closes
Feud Disrupts Billionaire’s Puerto Rico Bet
BY CAITLIN MCCABE
John Paulson made a for-
tune on Wall Street betting
the housing market would col-
lapse. His reinvention as a
property tycoon opening
Puerto Rico to the wealthy is
proving trickier.
If You Haven’t Checked Your Mail
In Weeks, You’re Not Alone
i i
Americans say they like old-fashioned mail
but aren’t in much of a rush to get it
BY TE-PING CHEN agement would return it to the
post office. “It was all in caps,”
When Raleigh, N.C.-based says Turner, who’d been check-
tech worker Brittany Sharnez ing hers only every few
Turner, 29, got an irritated text months. “I knew I was one of
message from her building the people they were yelling
management, she knew
she deserved it.
The text message
notified all residents
that if they didn’t pick
up their mail in a
timely fashion, man- You’ve got mail
OIL $72.90 g $3.76
have been involved in decisions
over high-level examples of al-
leged sexism, harassment and
racial discrimination in which
the agency didn’t take a hard
line with individuals accused of
misconduct, according to cur-
rent and former FDIC officials.
Gruenberg himself has built
a reputation for bullying and for
having an explosive temper, the
officials said. Over nearly two
decades at the FDIC—including
leading the agency from 2011 to
2018 and becoming chairman a
second time last year—Gruen-
Bonds
Get
A Lift
Weak investor
appetite for long-
Thursday
4.444%
term U.S. debt has
pushed the
Treasury to get
more flexible with
how it borrows,
and Wall Street
likes the new
approach. The
government cut
back this month on
expected increases
in long-term bonds,
favoring more
short-term debt.
B10
The 67-year-old has spent
hundreds of millions of dol-
lars over a decade buying and
developing luxury resorts,
condos and high-rise offices
in the U.S. territory. The is-
land’s government has intro-
duced tax breaks to attract
rich home buyers and busi-
i
at.”
Turner felt sheep-
ish, but also re-
lieved: “I was like,
it’s not just me.”
Please turn to
page A6
WSJ.com
GOLD $1,983.90 À $23.80
ly
berg has berated and cross-ex-
amined staffers, questioned
their loyalty and accused them
of keeping information from
him, they said.
The FDIC hired an external
investigator to look into Gruen-
berg’s behavior in 2008, when
he was vice chairman, after he
allegedly lost his temper with a
senior female FDIC official and
castigated her.
Gruenberg is known as a mi-
cromanager and has a tempera-
ment that made employees re-
Please turn to page A9
Retailers See Price
Increases Ebbing
BY SARAH NASSAUER
AND SUZANNE KAPNER
The era of price hikes for
consumer goods is waning.
Sellers of everything from
cargo pants to patio furniture
resorted to raising prices on
items to cover higher operating
costs early in the pandemic. In
many cases, they were able to
boost profits by doing it.
More recently retailers have
been stung by the pull back in
purchases of discretionary
items as shoppers’ budgets
have been stretched and
nesses, and Paulson has said
the opportunity is akin to Mi-
ami before its epic boom in
the 1980s.
This is a significant wager
for Paulson, who has a mixed
investment record since the fi-
nancial crisis. But any prog-
ress has been overshadowed
INSIDE
BUSINESS & FINANCE
As inflation cools,
prices for holiday feasts
look more manageable
this year. B1
HHHH $5.00
EURO $1.0853 YEN 150.73
Israel Says
It Found
Tunnel
At Gaza
Hospital
Military cites video
from facility as
criticism mounts
over the operation
BY SUNE ENGEL RASMUSSEN
AND DOV LIEBER
The Israeli military re-
leased footage of a tunnel
opening from within the larg-
est hospital in Gaza on Thurs-
day, the first evidence to sup-
port its claims that Hamas’s
vast tunnel network runs un-
derneath the medical facility.
With pressure mounting on
Israel to show proof to justify
sending troops into the Al-
Shifa Hospital, Israel said it
was still in the process of
combing through the complex.
.
Hamas has denied the claims
that it has used the medical
facility as a command center
and has requested that the
hospital be reviewed by inter-
national organizations.
The search of the hospital
presents Israel with a political
and diplomatic challenge.
Finding a command center at
Al-Shifa would help Israel le-
gitimize to Western nations
that support its decision to
send troops into a hospital.
But if its intelligence turns out
to be faulty, it would increase
international scrutiny of the
broader military campaign.
Staff at the hospital have
described a perilous situation
there due to fighting in the vi-
cinity of the complex and a
loss of power from a lack of
fuel, which has significantly
hurt the ability of staff to
Please turn to page A7
 Man arrested in death of
Jewish protester............... A3
 Israel detains many
Palestinian workers......... A7
prices remain elevated for es-
sentials such as food. Now, in-
flation has cooled in many cat-
egories, which could further
pressure their sales growth.
“We may be managing
through a period of deflation
in the months to come, and
while that would put more
unit pressure on us, we wel-
come it, because it’s better for
our customers,” said Walmart
Chief Executive Doug McMil-
Please turn to page A2
 Heard on the Street: A high
bar at Walmart................. B12
lately by a split with a busi-
ness partner who recently
served as Paulson’s point man
in Puerto Rico, Pakistan-born
Fahad Ghaffar.
The dispute erupted into
public view in September,
when the 39-year-old business-
Please turn to page A2
MANSION
Inside Katy Perry’s
legal battle over a $15
million California
estate. M1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
Global Inflation Fight Turns a Corner
BY TOM FAIRLESS Europe, in particular, is on drove up prices in the first effect of increasing rates by 4 ber. The eurozone also reported summer, according to data
AND PAUL HANNON the brink of recession. Yields place, especially the Covid-19 or 5 percentage points,” Ger- a decline in inflation to 2.9% in from Refinitiv.
on government debt in Europe pandemic and Russia’s war in lach said. October from 4.3% in Septem- Markets had priced a 30%
Inflation is falling faster and the U.S. have slumped as Ukraine. These crimped global Even countries where infla- ber. Consumer prices were probability of another rate in-
than expected across advanced investors start to price in ear- supply chains, reduced the tion has proved the most stub- lower than a year earlier in crease by the Fed, from its cur-
economies, marking a turning lier interest-rate cuts. number of people in the work- born, such as the U.K., have Belgium and the Netherlands. rent level of 5.25% to 5.5%, un-
point in central banks’ two- For months this year, econo- force and fueled energy-price started to show progress. Con- The cooling of consumer til publication of U.S. inflation
year battle against surging mists puzzled over why growth increases, especially in Europe. sumer prices in October were prices has persuaded some Eu- data on Tuesday. That proba-
prices. and inflation hadn’t slowed As those forces subside, price up 4.6% from a year earlier, ropean policy makers that the bility has now fallen to 5%, ac-
Declines in consumer-price more in response to interest- pressures naturally ease. decelerating from the 6.7% rate battle to tame inflation has cording to Deutsche Bank ana-
growth, to below 5% in the U.K. rate hikes. Now, there is grow- Inflation was also given a of inflation recorded in Sep- been won, and in a shorter pe- lysts. The prospect of a Fed
last month and around 3% in ing evidence that higher bor- boost by demand-side factors, tember and the slowest in- riod than in the 1970s, when a rate cut by May soared from
the U.S. and eurozone, are fuel- rowing costs are biting hard such as trillions of dollars of crease since October 2021, the comparable surge in prices oc- 23% on Monday to 86% by
ing expectations that central with a delay. government stimulus spending statistics agency said Wednes- curred. “We’re in the process Tuesday‘s close.
banks could take their feet off “It’s definitely a turning in the U.S., as well as pent-up day. Economists had expected of exiting the inflationary cri- In the U.S., inflation is ebb-
the brakes and pivot to cutting point for inflation,” said Stefan demand and savings from con- to see a slowing to 4.8%. sis,” said France’s Bruno Le ing as the labor market and
interest rates next year. Gerlach, a former deputy gov- sumers that accumulated dur- “The U.K. no longer looks Maire before meeting with his consumer spending cool but
That would provide wel- ernor of Ireland’s central bank. ing the pandemic. That, econo- like such a major outlier when fellow European Union finance remain solid. This has bol-
come relief to a global econ- “Investors may be surprised at mists say, is why underlying it comes to inflation,” said ministers last week. stered forecasts that price
omy that is struggling outside how rapidly central banks cut inflation remains strong nearly Bruna Skarica, an economist at Investors are also more op- pressures will keep easing
the U.S., increasing the pros- interest rates next year, maybe four years after the start of the Morgan Stanley. timistic. They are pricing in in- without a recession.
pects of a soft landing from a by 1½ percentage point.” pandemic, and why rate in- News of the U.K. decline fol- terest-rate cuts by the Federal In Europe, the economic
historic series of interest-rate The sharp declines in infla- creases were needed to bring it lowed Tuesday’s report of a Reserve and European Central backdrop is more challenging,
increases without large in- tion across continents under- down. larger-than-expected drop in Bank starting next spring, and with headwinds to growth
creases in unemployment. score how common factors Lower inflation “shows the U.S. inflation to 3.2% in Octo- by the Bank of England next from a number of sources.

Price Hikes items. Macy’s sales fell 7% in

the quarter to $4.86 billion,
while net income fell by more
Walmart's comparable store
sales, change from a year
earlier*
Share-price and index
performance, year to date
much lower than points earlier
in the pandemic. Falling goods
prices will help overall infla-
loan payments, Rainey said.
Sales accelerated this month
when holiday deal promotions

Ebbing for than half to $43 million.

The average price of food,
beverage, beauty and other
10%
4.9%
40%
Gap
tion return to the Federal Re-
serve’s 2% annual target, but
they are also a sign of broadly
started in earnest, he said.
Walmart’s stock fell 8% in
Thursday trading, amid high
+21.2%
Retailers everyday items fell about 3%
in the most recent quarter
compared with the previous
8

6
20

one, Christina Hennington,
Continued from Page One Target’s chief growth officer
lon on a conference call Thurs- said earlier this week. The re-
day. Walmart would need to lief could spur more discre-
0
S&P 500
17.4%
softer demand. U.S. retail sales
in October posted the first
monthly decline since March,
investor expectations and the
company raising its full-year
sales and profit outlook.
Walmart helped by slowing auto sales Some brands are seeing an
10.1% and lower gas prices, according opportunity to talk up price
4 –20 to the Commerce Department. cuts and value promotion in
Walmart executives hit a their marketing.

.
further reduce expenses as tionary spending, she said, but 2 –40 cautious tone on the health of Vans recently lowered
prices fall further, he said. the inflation over years in Macy's the consumer Thursday. Sales prices on some of its classic

ly
–35.4%
The shifting landscape has food, household essentials, of groceries and health-and- sneakers by about $5. “I think
companies cautiously ap- pets and baby will “take a 0 –60 wellness products grew, while we’re in an economy where
proaching the holiday shop- while to overcome.” FY2021 ’22 ’23 ’24 Jan. Nov. general merchandise fell, in- value matters,” Bracken Dar-
ping season, which for many
retailers is the biggest sales
period in the year. For shop-
pers, that trend could mean
As a result of higher food
prices, consumers now are
buying less, with some seeking
out more store brands and
on
*Excludes fuel; most recent quarter ended Oct. 27
Sources: FactSet (performance); the company (sales)

ity to raise prices as a sign of struggled to make ends meet,

lower prices than last year shifting purchases to value-ori-
us ,
the strength of their products.
“the days of proudly talking
cluding apparel, home items
and toys, according to Wal-
mart, the nation’s largest re-
tailer. It gained shoppers in
rell, the CEO of Vans parent
VF, told analysts in October.
In some stores it posted signs
that read “Inflation Has Not
the most recent period, but Been Rad,” noting it had ad-

and deals later in the season ented grocery chains or larger Consumers are continuing to about price increases are be- the amount spent per visit in- justed pricing on some shoes
l

as retailers seek to avoid a packs, which can be cheaper pay more for items at some hind us,” said Simeon Siegel, creased at a slower pace than to “preinflation levels.”
e
al a

glut of unsold merchandise. per unit. That has pressured brands, including Ralph Lau- an analyst with BMO Capital in previous quarters. In recent months, Walmart
“Consumers are under pres- sales volumes for companies ren and Coach. At Macy’s, av- Markets. “It’s no longer the There was a marked slow- has focused on lowering
sure and they are continuing to from Kraft Heinz to Kellanova, erage selling prices were up badge of honor it once was.” down in spending in the last prices to drive more store vis-
ci on

shift into experiences and away the new snacking business
from the categories we sell,” formed from the breakup of
Macy’s CEO Jeff Gennette said. Kellogg earlier this year.
Revenue at some compa- “We certainly feel like the
nies is already on the decline. consumer has taken enough
er s
5.2% in the recent quarter
compared with a year ago, but
executives said the increase
was driven more by changes
to what consumers were buy-
Prices for some goods re-
main higher than they were a
year ago. Physical video-
games, office supplies and
footwear are among catego-
two weeks of October, Chief its. Earlier this year, the re-
Financial Officer John David tailer brought the price of a
Rainey said in an interview. If packet of instant ramen noo-
the quarter had ended before dles from one brand down by
those weeks of slower sales, about 30 cents. Executives

At Target, third-quarter reve- pricing and are working hard ing rather than inflation. ries where the average price “you probably wouldn’t have planned for the price change
nue fell more than 4% from to mitigate any potential “Blazers are a trend right per unit was at least 6% heard that tone from us,” he to make the noodles Wal-
m er

the prior year, and executives needs to take more pricing,”
said that weakness hit nearly Kellanova CEO Steve Cahillane
every sales category besides told investors this month.
beauty. Target earns most of Companies in recent years
its revenue from nonfood have boasted about their abil-
m rp
now,” said Tony Spring, Macy’s
president and CEO-elect. “Blaz-
ers cost more than T-shirts.”
As the economy has cooled
and as more consumers have
higher in October than the
same month last year, accord-
ing to data from market-re-
search firm Circana.
Those increases are still
said. mart’s top-selling item by vol-
Weather could have played ume sales.
a role, as well as people hav- —Jesse Newman
ing less money to spend as a and Greg Ip
result of resuming student- contributed to this article.

Billionaire’s Ghaffar said the two be-

came close. Paulson attended
Ghaffar’s wedding, and the
co Fo

Island Bet pair spent time together out-

side of work, the younger
businessman said.

Disrupted Paulson’s lawyers, Terrence

and Darren Oved, said Paulson
treated Ghaffar with the same
courtesy that he treats all the
Continued from Page One people he works with. “There
man sued Paulson. Ghaffar was nothing special in their
claimed he had been misled relationship,” they said.
into investing $17 million in a Paulson, meantime, is fight-
Puerto Rican company that ing another legal battle back
owns luxury-car dealerships. in New York, which also in-
n-

In a later court filing, Ghaf- volves Puerto Rico. There, he

far’s lawyers said Paulson was is entangled in divorce pro-
angry to discover Ghaffar ceedings and a related $1 bil-
stood to earn some $290 mil- lion-plus lawsuit with his wife
VANESSA SERRA DIAZ/ZUMA PRESS

no

lion from the Puerto Rican of more than two decades,

real-estate ventures due to a Jenica, from whom he first
profit-sharing agreement. filed for divorce in 2021.
That made Paulson “extremely The duo didn’t have a pre-
jealous and hostile,” and he nuptial agreement, and Jenica
ultimately fired his former Paulson has said she has suf-
partner, they wrote. fered at least $1 billion in
Paulson’s lawyers denied damages. Among other things,
that Ghaffar was misled over John Paulson, left, has spent hundreds of millions of dollars buying and developing resorts, condos and offices in Puerto Rico. the two sides have sparred
any investments. They filed a over a series of family trusts
nearly $190 million lawsuit of court filing, Russo and his col- Paulson was worth $3.5 bil- He met a Paulson staffer on Ghaffar an “unemployed that Jenica Paulson and her
their own under antiracke- leagues said Paulson’s investi- lion, down from more than $13 the ground, and soon after, small-time commercial real-es- lawyer allege her husband se-
teering legislation. gation was a sham, undertaken billion in 2014. Ghaffar and the billionaire tate investor” who sought out cretly created. “She is asking
The lawsuit accused Ghaffar to justify avoiding paying Paulson’s property portfolio held a meeting. Paulson and begged for a job. for only what the law pro-
of embezzling assets to fund Ghaffar what he was due. in Puerto Rico spans a collec- According to Ghaffar, the In the end, Paulson said in an vides,” said Robert S. Cohen,
an extravagant lifestyle for Paulson, a former merger- tion of hotels and resorts that discussion turned to two other interview, he hired Ghaffar at Jenica’s attorney, adding that
himself and his family and en- arbitrage specialist, made his line the island’s beaches, as beachfront resorts both men the recommendation of his em- this meant “a fair share of the
gaging in “years of criminality, name by betting against sub- well as two office buildings in were interested in buying, and ployee in Puerto Rico. “It made marital assets.”
deceitful machinations and un- prime mortgages and banks as the territory’s capital, San Paulson invited the younger sense for him to join an estab- James T. Smith, a partner
derhanded self-dealing.” the U.S. housing market un- Juan. Also, construction is un- man to come work for him. “I lished firm and start working at at Blank Rome and lawyer for
The lawsuit alleges that raveled. His hedge-fund firm, der way on the Vanderbilt told him I had my own com- a midlevel to start learning the Paulson, said Jenica’s allega-
Ghaffar billed $3.4 million of Paulson & Co., generated Residences, a 66-unit residen- pany, I wasn’t looking for a ropes,” Paulson said. tions are false and that “sadly,
personal expenses to Paulson’s profit of some $20 billion tial tower. job,” Ghaffar said. “He asked As Paulson’s Puerto Rican anyone can ask any amount of
companies. That tally includes from the trades. Paulson’s first foray into me to become a consultant holdings grew, so did Ghaffar’s money in a lawsuit, no matter
more than $100,000 of Louis In the following years, he Puerto Rican real estate was and see if I can get those ho- responsibilities. He ultimately how ridiculous the claim is.”
Vuitton purchases, $20,000 struggled to consistently re- in 2013, when his hedge fund tels in contract.” oversaw all of the billionaire’s Another sticking point in
for an evening’s nightclubbing create that magic. A big bet bought control of a resort de- Paulson’s lawyers have dis- investments on the island, the pair’s relationship: the
in Las Vegas and $14,000 for a on gold waxed and waned. velopment in an enclave puted Ghaffar’s account. In an Paulson’s lawyers said in a fil- 2020 purchase of a Puerto Ri-
vacation at Dubai’s Burj Al Other plays, including on fi- known as Bahia Beach, includ- October complaint, they called ing last month. can condo.
Arab hotel, according to Paul- nancial stocks and a Chinese ing a St. Regis hotel.
son’s lawsuit. forestry company, also soured. He met Ghaffar shortly af-
In an interview, Paulson de-
nied firing Ghaffar over how
In 2020, Paulson quit manag-
ing outside money and turned
terward. Then 29, Ghaffar was
a relative newcomer to the ter-
CORRECTIONS  THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL. * * Friday, November 17, 2023 | A3

U.S. NEWS

Ambulances in Rural
Areas Can’t Keep Up
Waits can exceed
an hour as services
close down or travel
far to reach patients
BY SHANNON NAJMABADI

MERRIMAN, Neb.—Call 911

in this northwest Nebraska
town and the ambulance re-
sponding will likely be coming
from South Dakota.
If that crew isn’t available,

SHANNON NAJMABADI/THE WALL STREET JOURNAL (2)

the ambulance might drive
from Valentine, Neb., 60 miles
away in a different time zone.
Or from Gordon, where the all-
volunteer staff includes em-
ployees of a grocery store,
bank, veterinary office and
farmers’ co-op.
“You’re looking at an hour or
longer for a response,” said
Rose Chappell, the last emer-
gency medical technician in
Merriman, which had to shut
down its ambulance service. Judi Claussen, left, works in the Martin, S.D., hospital’s radiology department and volunteers for the ambulance service. Rose Chappell, the last emergency
This patchwork has become medical technician in Merriman, Neb., said the town’s ambulance service had a crew of about 10 when she joined in the early 2000s. It has since shut down.
the norm in many parts of
America, putting some people the American people do not doors, there is no agency “re- cal services are provided by the patient isn’t transported to be on call—now regularly treat
at greater risk of death or seri- understand how different it is quired to step up and fill that cross-trained firefighters, pri- a hospital. people who call 911 for minor
ous injury as rural residents are out there,” said Andy Gienapp, gap,” said Micheal Dwyer, a vol- vate companies or hospital em- “We don’t control the calls ailments.
getting older and small hospi- deputy executive director of unteer firefighter and emer- ployees. we get, and we don’t deny “We get phone calls because
tals are closing. the National Association of gency medical technician with Industry experts say patient calls,” said Michael Christensen, people in our area don’t have
Buck Buckles, a rancher, said State EMS Officials. Arlington Fire and Rescue in bills alone can’t cover the cost chief executive officer of the cars,” said Judi Claussen, who

.
the Merriman ambulance ser- Rural ambulance services Nebraska. of providing ambulance ser- hospital in Martin, S.D., 18 works in the hospital’s radiol-
vice picked him up after he fell have been strained by a Merriman’s ambulance ser- vices in a rural area—where miles north of Merriman. ogy department and volunteers

off a horse in 2015, at age 74,
breaking a shoulder and seven
ribs. “If I had still been laying
there waiting for an ambulance
to come from Valentine, 75
miles away, or Hyannis, 70
miles away, I might have been
dead,” he said.
largely unprofitable business
model, the pressure of the
pandemic and recent struggles
to hire people willing to un-
dertake extensive training and
work a high-pressure job for
free, emergency medical per-
on
sonnel say.
us ,
ly
vice is the first in Nebraska to emergency medical officials Grandma might have a bruise for the ambulance service with
close due to lack of a workforce, might respond to just 100 calls after falling down the stairs, he her husband, a city councilman,
said Allan Urlis, a year but still said—a 911 call the ambulance and her daughter, the hospital’s
spokesman for
the state’s De-
partment
Health and Hu-
of At least 4.5
million people
require hun-
dreds of thou-
sands of dollars
to buy and fuel
likely wouldn’t be paid for if the
woman is treated at the scene—
or “Grandma might have some-
thing horribly wrong—she fell
lab technician.
In Merriman, Chappell said
she joined the town’s ambu-
lance service in the early
man Services. ambulances. down, banged her head and has 2000s, when it had a crew of

At least 4.5 million people Most state and local gov- The state, which nationwide live Medicare, a a closed head wound that will about 10 people. Over time,
l

nationwide live in an ambu- ernments aren’t required to is conducting an federal health kill her in an hour.” some of the Merriman ambu-
in an ambulance
e
al a

lance desert, where they are fund ambulance services the assessment of insurance plan The pressure on ambulance lance volunteers grew old. Oth-
farther than a 25-minute drive way they do law-enforcement emergency med- desert. for seniors and services comes as many are ers moved away. Younger resi-
from an ambulance station, ac- offices. ical services some people seeing increased demand. dents didn’t sign up.
ci on

cording to a 2023 study. In Ne-
braska, more than 80% of
emergency medical providers
are volunteers working in
sparsely populated areas
More than 55 ambulance
providers have closed since
December 2021, according to a
log of news reports compiled
by the American Ambulance
er s
statewide, has with disabilities, Christensen’s hospital owns By 2017, the service was
offered grants and Medicaid, a an ambulance service that re- down to Chappell and one other
to replace rural ambulances and joint state and federal program sponds to 911 calls across 2,000 emergency medical technician.
reimburses some education and for those with low in- square miles, including parts of He resigned. Chappell was un-
training costs. comes, typically don’t reim- two Indian reservations, three comfortable with answering

where there are too few calls Association and the Academy Ambulance services are burse the full amount charged economically distressed South calls by herself. The ambulance
to justify having full-time staff, of International Mobile Health- funded by a mix of patient bills, for an ambulance ride, those Dakota counties and a swath of went into storage. It hasn’t re-
m er

according to a 2019 study. care Integration. donations, taxes and fees. In experts say. Medicare typically Nebraska. The ambulance’s nine sponded to 911 calls in more
“I think that the majority of As departments close their some places, emergency medi- doesn’t pay for an ambulance if volunteers—paid $2 an hour to than five years.

Man Is Arrested in Death of Jewish Protester in California

m rp

BY GINGER ADAMS OTIS ney said the case is under re- placed on administrative leave An autopsy revealed skull would continue to monitor the
co Fo

California authorities ar-
rested a 50-year-old man in
connection with the death of
Jewish protester Paul Kessler
during simultaneous pro-Is-
rael and pro-Palestinian rallies
earlier this month.
JLTV/ASSOCIATED PRESS
view and a charging decision
is pending.
His bail will be set at $1
million, the sheriff’s office
said.
Alnaji couldn’t be reached
for comment. It couldn’t be
determined whether he had a
Thursday, the Ventura County
Community College District
said.
Kessler, 69, suffered a head
injury at the rallies in Thou-
sand Oaks, Calif. He was taken
to an area hospital where he
later died, police said.
fractures, swelling and bruis-
ing of the brain, injuries con-
sistent with a fall, according
to Christopher Young, Ventura
County’s chief medical exam-
iner. The cause of Kessler’s
death was certified as blunt-
force head trauma.
case.
“This arrest shows that vio-
lence towards our Jewish
community will not be toler-
ated,” the organization said.
The Israel-Hamas war has
elevated tensions in the U.S.
Jewish and Muslim Ameri-

The Ventura County Sher-
iff’s Office arrested Loay Al-
naji of Moorpark, Calif.,
Thursday on suspicion of in-
voluntary manslaughter. The
n-
lawyer.
Alnaji has taught computer
classes at Moorpark College,
according to the California
community college’s online
Witnesses at the rallies
said Kessler had been involved
in an altercation with counter
protesters and then fell and
hit his head, according to po-
The sheriff’s office said it is
seeking additional information
and looking for more wit-
nesses and video.
The Jewish Federation of
cans have reported more ha-
rassment, intimidation and as-
saults, and there have been
frequent demonstrations on
college campuses and in cities

Paul Kessler Ventura County district attor- database of classes. He was lice. Greater Los Angeles said it across the country.

Mistrial Is Declared
no

In Breonna Taylor Case

BY JENNIFER CALFAS
A federal jury failed to
reach a verdict on civil-rights
charges against a former Lou-
isville, Ky., police officer in-
volved in the 2020 botched
raid that killed Breonna Taylor
and fueled nationwide pro-
tests against racial injustice
and policing.
U.S. District Judge Rebecca
Grady Jennings declared a
mistrial in the case Thursday
after the jury said it couldn’t
reach a consensus following
days of deliberation, according
to the Justice Department.
Brett Hankison, the former of-
ficer, was charged with violat-
ing the civil rights of Taylor,
her boyfriend and her neigh-
bors when prosecutors said he
blindly fired 10 shots into her
home. The federal charges
carry a maximum penalty of
life in prison.
Hankison pleaded not guilty
and testified he sought to pro-
tect fellow officers. The mis-
trial comes more than a year
after a Kentucky jury found
him not guilty of wanton en-
dangerment in a state trial.
Taylor, a 26-year-old emer-
gency-medical technician, was
asleep with her boyfriend in
March 2020 when police
forced entry into her apart-
ment. Officers had secured a
warrant, which was later
found to be flawed, to search
her home in connection with a
drug case. Her boyfriend, Ken-
neth Walker, believing the po-
lice were intruders, fired one
shot with a handgun, hitting
one officer in the leg. Police
responded by firing more than
30 bullets, several of which hit
Taylor.
Taylor’s death helped in-
spire protests over racial in-
justice and policing in the
summer of 2020 following the
murder of George Floyd in
Minneapolis. Civil-rights ac-
tivists and celebrities called
for the state to bring criminal
charges against several offi-
cers. Her killing eventually
prompted federal indictments
for four former Louisville po-
lice officers, including Hanki-
son, and a Justice Department
investigation into Louisville
police department practices.
The trial, held in the U.S.
District Court for the Western
District of Kentucky, lasted
about two weeks. The jury be-
gan its deliberations Monday.
Lawyers representing Hanki-
son didn’t immediately respond
to a request for comment.
Prosecutors said the actions
of Hankison, an officer with 17
years of experience, during the
raid defied police training and
protocol. Prosecutors also said
Hankison fired shots through a
covered sliding-glass door and
window while unable to see if
anyone was inside, after gun-
fire from two other officers
had already stopped.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Friday, November 17, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

McConnell Tested in Ukraine Aid Fight Bankruptcy

Gains Favor
BY SIOBHAN HUGHES

WASHINGTON—The Senate
raise his hand when Sen. Steve
Daines (R., Mont.) asked sena-
tors to match a commitment by
For Student
battle over Ukraine aid has be-
come a legacy-defining issue
for Minority Leader Mitch
Thune, the No. 2 in party lead-
ership, to retire the remaining
debt of the National Republi-
Borrowers
McConnell as the Republican is can Senatorial Committee.
facing questions over his grip McConnell said those in- BY GABRIEL T. RUBIN
on power. stances didn’t show anything.
The Kentucky lawmaker, a He said that he had already WASHINGTON—More Amer-
dominant force in Republi- talked to Johnson many times icans are filing for bankruptcy
can politics for two decades, before and that it isn’t unusual to get rid of their student debt.
insists that assistance to Kyiv for him to remain silent. The increase came after the
should be part of a broad for- On retiring the NRSC debt, Biden administration made it
eign-aid package, which propo- McConnell rolled out statistics easier for student borrowers to
nents see as boosting its about the Senate Leadership apply for bankruptcy by over-
chances for passage. Fund, the outside super PAC he hauling its guidelines last No-
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

That approach, while also established, which together vember. The government now
favored by the White House, with a sister group raised al- supports borrowers’ use of
has run into resistance from most $400 million last election bankruptcy to eliminate student
some GOP colleagues who say cycle. He underlined how the debt when they meet certain
Ukraine should be considered groups have helped GOP candi- economic hardship conditions.
in its own bill—or rejected out- dates who aren’t close McCon- That is a sharp change from the
right—testing McConnell’s nell allies, such as Sens. Ron old, far more adversarial proce-
ability to rally enough GOP Johnson (R., Wis.) and J.D. dure borrowers found confus-
votes to pass the measure. Vance (R., Ohio). ing and intimidating.
“This rises above your typi- “One of the most persistent The application numbers re-
cal domestic political dispute,” GOP rivals are increasingly outspoken in opposing Senate Minority Leader Mitch McConnell. critics of me the whole time main extremely small, with just
said McConnell in defending he’s been here is Ron Johnson. 632 borrowers using the new
his stance on Ukraine, in its for the day he steps down. led House, Republicans are week Sen. Tom Cotton (R., We spent $40 million—$40 process from last November
second year of fighting invad- McConnell said the chatter looking at a narrower package Ark.) joined a GOP group that million—in Wisconsin, so that through September, according
ing Russian forces. “I think about succession doesn’t trou- that combines Ukraine aid and tried to get an up-or-down vote he could eke out a tiny vic- to Justice Department data re-
that the country’s future, and ble him and the GOP bench is border-policy measures. on an aid package for Israel tory,” McConnell said, referring leased Thursday. Still, that is an
the Western world’s future, de- on his side. “It’s not at all sur- Many Republicans in the only, breaking with McCon- to the senator’s 1 percentage increase from recent levels.
pends upon winning this,” he prising given my age and how House and some in the Senate nell’s road map. point re-election win in 2022. The average annual rate of
said in a recent interview. long I’ve been in this job, that prefer a different path that im- Other Republicans including He added that Vance, a critic of borrowers using bankruptcy to
At 81 years old, McConnell there are others who may be mediately funds Israel—by far Cornyn—who previously served Ukraine funding, got $35 mil- eliminate student loans was
has had a difficult year. He has looking at it,” McConnell said. the most popular slice—and as whip alongside McConnell— lion from McConnell-aligned around 480 before the pan-
been slowed by health set- “I don’t find that offensive, nor then circles back later for pushed for border-policy provi- groups. demic pause on payments. The
backs, and many of his closest do I find it affecting my ability Ukraine money. It is part of a sions to be included in the aid In a statement, Johnson said growth is notable because
Senate allies retired after the to lead because the people fight by some rank and file Re- package. McConnell later that he won in 2016 without Americans weren’t required to

.
last Congress. Former Presi- most likely to succeed me, publicans against what they agreed those provisions needed McConnell’s support. He said make student-loan payments
dent Donald Trump has railed agree with me,” he said. see as a long-running leader- to be included to secure GOP the McConnell super PAC “con- until last month. The depart-

ly
against Ukraine aid on the Still, the speculation about ship tactic of jamming disliked support, creating tensions with tributed to my campaign in ment expects those numbers to
campaign trail and said he his future has fueled anxieties policies through Congress. Democrats. 2022 hoping to win the major- continue to rise as more be-
wants McConnell out as leader. about his ability to muscle “He’s going to be beaten on In driving to hold back his ity, not because he appreciates come aware of the option.
GOP rivals are increasingly
outspoken in crossing him.
While McConnell has vowed
to remain Senate GOP leader
through the fresh aid for Kyiv
favored by Democrats and
some Republicans, part of com-
plicated talks also involving
on this,” said Sen. Rand Paul (R.,
Ky.). “The big kitchen sink ap-
proach to having Ukraine, Tai-
wan, Israel, border—all that
party’s isolationist wing,
McConnell is also fighting off a
perception that he is less en-
gaged than he used to be.
my candor.”
Vance said he appreciates
McConnell’s efforts to elect Re-
publicans included himself.
The bankruptcy policy shift
is one part of the administra-
tion’s efforts to forgive debts
for eligible student borrowers.
through the end of the current new funds for Israel, Taiwan huge bill—I think it’s dead on He remained silent during a But, he said in a statement, The White House has made
us ,

Congress, potential succes- and border enforcement. A bi- arrival.” closed-door Senate Republican “I’m confused as to why he debt forgiveness a central part
l

sors, including Sens. John partisan Senate group is dis- Paul is a regular critic of lunch organized by Sen. Mike feels the need to pat himself on of its pitch to younger voters.
e
al a

Thune (R., S.D.), John Bar- cussing how to structure bor- McConnell, but some Republi- Lee (R., Utah), at which new the back for doing his job, or More than three million bor-
rasso (R., Wyo.) and John der-policy measures that could cans who typically align with House Speaker Mike Johnson what this has to do with his rowers have had $127 billion of
Cornyn (R., Texas) have been ride in tandem with a broader McConnell are now causing (R., La.) was the invited guest. desire to march in lockstep their federal student loans
ci on

quietly positioning themselves aid package, while in the GOP- headaches for him as well. This At a different lunch, he didn’t with Joe Biden on Ukraine.” flagged for cancellation, despite
a Supreme Court ruling in June
that blocked relief for millions

Report Likely to Criticize Biden in Records Case

more student-loan holders.
Debt forgiveness is a win for
er s

many, but comes at a cost to

taxpayers. Republicans have
m er

criticized President Biden’s stu-

BY ARUNA VISWANATHA and Global Engagement, a The Federal Bureau of In- documents. Some of the items dent loan policies as overstep-
AND SADIE GURMAN Washington-based think tank, vestigation obtained a warrant found contained handwritten ping his legal authority and us-
and in the garage of his home to search Trump’s Mar-a-Lago notes that investigators were ing taxpayer funds to support
The prosecutor investigating in Wilmington, Del., alongside home in Palm Beach, Fla., in scrutinizing. people who should repay.
m rp

why classified documents his vintage Corvette. August 2022 after more than a Attorney General Merrick The Justice Department last
ended up at President Biden’s Among those Hur spoke to year of negotiations between Garland’s January appoint- November released guidelines
home and former office is pre- were Secretary of State Antony Trump’s lawyers, the National ment of Hur, who had been for prosecutors that set specific
paring a report that is expected Blinken, who was an aide to Archives and later the Justice named by Trump as a U.S. at- requirements for borrowers to
to be sharply critical of how he Biden in the Senate and his na- Department, and after Trump’s torney, heightened political prove economic distress. When
co Fo

and his longtime aides handled tional security adviser when lawyers said all documents had pressure on the White House a borrower files for bankruptcy,
DOUG MILLS/PRESS POOL

the material, but the probe he was vice president; current been returned. Trump has and the Justice Department. the government calculates
isn’t likely to result in a crimi- White House national security been charged with improperly The department now finds it- whether expenses equal or ex-
nal case, according to people adviser Jake Sullivan; top withholding classified docu- self in an unprecedented sce- ceed the person’s income. If so,
familiar with the matter. White House political aide ments and obstructing justice nario in which three different the Justice Department de-
Since his appointment in Steve Ricchetti; and Biden’s by allegedly trying to have sur- special counsels are investigat- clares the borrower can’t rea-
January, Special Counsel Robert former chief of staff Ron Klain. veillance footage deleted that ing the president, his son and sonably pay the debt, and that
Hur has interviewed roughly The probe has focused on President Biden revealed how some of the doc- Trump, who is likely the presi- it should be discharged.
100 of Biden’s aides, colleagues who handled the documents uments were being handled. dent’s chief rival for the 2024 In nearly all cases where that
and family members, including and what procedures they fol- prosecutor in Iowa. That team He has pleaded not guilty. campaign. has happened in the past year,
his son, Hunter, culminating in lowed in doing so, the people has worked largely under the From the outset of Hur’s in- In August, Garland named judges have accepted the gov-
a two-day interview with the said. Hur is expected to release radar, proceeding as a separate vestigation, it appeared crimi- Delaware U.S. Attorney David ernment’s argument and agreed
president last month. a lengthy report in the next special counsel, Jack Smith, is nal charges against Biden or Weiss as a special counsel to to a full or partial discharge.
n-

The documents in question couple of months, potentially prosecuting former President his aides would be unlikely. continue his prosecution of The new process assesses
date to Biden’s time as vice before the end of this year. Donald Trump for his reten- With the cooperation of Bi- Hunter Biden, the president’s whether a borrower’s present
president during the Obama Representatives for Hur, the tion of such material after he den’s personal legal team, the son, after plea talks broke inability to pay will likely per-
administration as well as his White House, Hunter Biden left the White House. FBI searched the Penn Biden down. Weiss filed felony gun sist in the future, taking into ac-
no

days in the U.S. Senate. The and President Biden’s legal Trump’s supporters have ac- Center shortly after Nov. 2 of charges against Hunter Biden, count factors such as retire-
number of interviews Hur’s team declined to comment or cused the Justice Department last year, when Biden aides who pleaded not guilty last ment age, disability, long-term
team has conducted indicates didn’t respond to requests for of a double standard in treat- found classified material there month. The earlier plea deal, unemployment or if the bor-
it cast a wide net in trying to comment. ment. Biden’s supporters have and surrendered it to the Na- which Weiss and the younger rower didn’t finish their degree.
answer questions about how Hur has assembled a small pointed to the president’s legal tional Archives. Agents later Biden had agreed to before it The prior system involved
the material was packed and team of prosecutors, including team’s cooperation and swift also searched Biden’s homes in fell apart, had faced Republi- the government diving into
handled and wound up at an some from the Maryland U.S. moves to inform the National Rehoboth Beach, Del., and Wil- can criticism. borrowers’ financial history in
office Biden used at the Penn attorney’s office he used to Archives of the documents’ dis- mington, Del., where they —C. Ryan Barber an attempt to prove they
Biden Center for Diplomacy lead, and a former top federal covery as a key difference. turned up further classified contributed to this article. hadn’t demonstrated hardship.

Santos Faces paign donations but wasn’t

registered to do so, paid Santos
more than $176,000, according
an incident with his campaign
staff who in December 2021,
nearly a year before his elec-
case is resolved or the House
Ethics Committee completed its
probe. With the report now re-

Calls for to a tax form that termed it

nonemployee compensation.
Santos dismissed the re-
tion, presented him a 141-page
report raising questions about
his college degrees and money
leased, opposition to expulsion
appeared to melt away.
Rep. Nicole Malliotakis (R.,

Expulsion port, calling it a “disgusting

politicized smear” in a post on
social media. He said he would
management background.
They encouraged him to drop
out of the race; three staffers
N.Y.), who voted against the
earlier measure, said: “In light
of this report, Santos should
TOM WILLIAMS/CQ ROLL CALL/ ZUMA PRESS

remain in office “up until I am quit when he declined to do so. resign or face expulsion.” Rep.
Continued from Page One allowed” but wouldn’t stand Ethics Committee members Gerry Connolly (D., Va.), who
Santos to be expelled. for re-election in 2024, saying said in the report that they voted “present” previously,
The report said Santos im- his “family deserves better encouraged House members to said that Santos should be ex-
properly used campaign dona- than to be under the gun from read the report and to “take pelled “without delay.”
tions to pay off his credit the press all the time.” Law- any action they deem appro- Only two House lawmakers
cards, purchase Botox treat- makers declined to expel him priate and necessary…to fulfill since the Civil War have been
ments and buy goods and ser- from Congress in a vote ear- the House’s Constitutional expelled. Rep. Michael Myers
vices at Hermès, Sephora and lier this month. Santos, 35 mandate to police the conduct (D., Pa.) was expelled in 1980
OnlyFans. The report said that years old, had faced almost no of its members.” after being convicted on
RedStone, which solicited cam- chance of re-election in his GOP Rep. George Santos says he won’t seek re-election. Guest, the Ethics Commit- charges of bribery and con-
district, which includes parts tee chairman, said he plans to spiracy in the Abscam sting,
of Long Island and Queens. at Wall Street banks to his investigating the allegations file an expulsion resolution on in which Federal Bureau of In-
A spokesman for Speaker family’s connection to events against Santos since February. Friday. Wild, the top Democrat vestigation operatives posed
Mike Johnson (R., La.) said such as the Holocaust and the Committee investigators on the panel, said she would as Arab sheikhs seeking favors
the speaker found the report’s Sept. 11, 2001, terrorist attacks. said that Santos didn’t pro- also back expulsion. from members of Congress.
findings “troubling.” Johnson Federal prosecutors in New vide all of the information The report’s findings boosted Rep. James Traficant (D.,
encouraged “all involved to York later charged Santos with they requested during their support in the House for remov- Ohio) was expelled in 2002 af-
consider the best interests of an array of crimes, including for review, contradicting his in- ing Santos, a step that most ter being convicted on felony
the institution as this matter allegedly scamming political do- tentions to clear his name, members were unwilling to take counts including taking bribes
is addressed further,” the nors, lying to the Federal Elec- they said. Investigators said earlier this month when five and filing false tax returns.
spokesman said. tion Commission and illegally they considered whether to New York Republicans forced a
Santos’s fate in Congress receiving unemployment insur- subpoena Santos but deter- vote on the issue.
Order by has been up in the air since it ance benefits. He pleaded not mined that it could delay their That earlier vote fell well Watch a Video
12/15 for
Christmas! was disclosed in late 2022— guilty to a 23-count supersed- report and that his testimony short of the two-thirds required Scan this code
shortly after he was elected— ing indictment. He is scheduled “would have low evidentiary to remove him from of- for a video on
Your Legacy
Brought to Life that he had made up aspects of to go on trial in September. value given his admitted prac- fice. Many lawmakers at the the House ethics
Family Crest Rings - Research Included his personal history, ranging Lawmakers on a House Eth- tice of embellishment.” time said any such move should panel’s findings
JOHN-CHRISTIAN.COM 888.646.6466 from his employment history ics subcommittee have been The report also highlighted wait until after his criminal on Santos.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Discord Arises
Over Treating
Preemie Babies
FDA crackdown on
probiotics leaves
fewer tools to help
protect infant guts
BY LIZ ESSLEY WHYTE
For years, hospitals around
the world have tried to pro-
tect prematurely born babies
from life-threatening gut dis-
ease by giving them probiot-
ics. Then last month, Ameri-
can hospitals stopped.
The Food and Drug Admin-
istration had linked an infant’s
recent death to one of the
products. It warned doctors
about using them in preterm
infants without getting agency
permission first, and pushed
Abbott Laboratories and an-
other major manufacturer, In-
finant Health, to stop selling
them.
The moves opened a deep
rift over how to take care of
the tiniest, most vulnerable pa-
tients as their numbers grow
because of medical advances.
Most probiotics have been
sold for years as dietary sup-
plements, which don’t get the
same close FDA scrutiny as
prescription drugs. Doctors
who support their use for pre-
mature babies say they have
been proved to protect fragile
guts, and halting their use
jeopardizes young patients.
“The number of potential
lives lost from doing this is, I
think, huge,” said Dr. Keith
Barrington, a neonatologist in
Montreal who wrote two blog
posts criticizing the agency’s
moves. Other supporters of
probiotics recently sent letters
to the FDA and posted on so-
cial media criticizing the
agency’s actions.
But agency officials and
no
NOT ALL DANGERS
COME WITH
WARNING LABELS
If you’re 60 or older, talk to your pharmacist or doctor about getting vaccinated
against RSV today. RSV vaccines, including Pfizer’s, are available.
other doctors worry that,
without rigorous testing and
stringent manufacturing, the
products themselves are a
health risk. To ensure they
safely work in premature ba-
bies, the agency has de-
manded companies conduct
studies and manufacture ac-
cording to pharmaceutical-
grade standards.
“If there was one product
that was remarkably benefi-
cial, we would hope everybody
would use it,” said FDA Com-
missioner Dr. Robert Califf.
“Let’s demonstrate it, and it
becomes the standard of care.”
The differences won’t be
resolved quickly. Studies are
expensive and can take years.
Infant Bacterial Therapeu-
tics, a Swedish company, is
running a clinical trial that
will likely wrap up next year,
allowing it to apply for drug
approval for its probiotic.
During a meeting with con-
cerned doctors last week, the
FDA said it would take steps
to help stream-
line other test-
ing efforts, but
a probiotic sup- A disease
porter said the known as NEC
agency didn’t
answer all affects 9,000
questions about
its thinking.
Babies who
are born before
premature
babies yearly.
37 weeks of
us ,
pregnancy are
l
considered preterm. More than
e
al a
one in 10 births worldwide are
premature, according to the
World Health Organization.
ci on
Complications from the births
are the leading cause of death
among children under 5 years.
Neonatologists in the U.S.
and other developed countries
er s
have learned to help smaller
and smaller babies stay alive.
m er
m rp
co Fo
n-
U.S. NEWS
Jennifer Canvasser, with her infant son, started an NEC advocacy group after he contracted the disease 10 years ago and died.
As they treat tinier babies, the give probiotics, as do a major-
medical challenges mount, in- ity in several European coun-
cluding a swift-onset disease tries. About 40% in the U.S.
known as necrotizing entero- did before the FDA’s actions,
colitis, or NEC. according to recent surveys
NEC affects about 9,000 of and neonatologists’ estimates.
the 480,000 infants born pre-
maturely in the U.S. each year,
according to the National In- Healthy microbes
stitutes of Nearly all of the products
Health. consist of live bacteria in-
The condi- tended to help create a healthy
tion often de- community of microbes in the
velops in the gut. Scientists don’t know ex-
second or third actly how they work, but sus-
week of life. In pect they prevent harmful
on
some cases,
holes develop
in the bowels of
infants, allow-
bacteria from overwhelming
the bowels.
But the bacteria in the pro-
biotics can migrate to other
ing bacteria to areas of the body, including
leak out and in- the bloodstream, causing in-
fect other parts of the body. fection. Bacteria helpful in one
Victims’ abdomens can swell, place in the body can be
impairing their breathing. harmful in another.
Surgeons sometimes must re- The FDA said that is what
move infected sections of in- happened earlier this year
fants’ guts. Infants who sur- when an infant died after tak-
vive can be left severely ing a probiotic made by Infi-
disabled. nant. The agency found the
To help prevent NEC, bacteria invading a preterm
nearly all neonatal units in baby’s bloodstream to be an
Australia and New Zealand exact genetic match to those
Friday, November 17, 2023 | A5
in the hospital’s probiotic. It
didn’t provide more details
about the case.
Infinant, a privately held
company founded by Univer-
sity of California, Davis, re-
searchers, said it is cooperat-
ing with the FDA in its
investigation into the death
and had voluntarily recalled its
product, called Evivo MCT Oil.
Abbott pulled its product,
called Similac Probiotic Tri-
ly
Blend, from the market after
the agency told the company it
was both an unapproved drug
and an adulterated food addi-
tive. The company, which said
it sold the product to about
200 hospitals and generated
$1 million in annual sales, said
it didn’t see a “short-term
path” to addressing FDA’s con-
cerns and selling it again.
Neonatal units across the
U.S. halted use of the probiot-
ics because popular versions
were no longer available and
the FDA warned doctors
against using probiotics for
preterm babies outside of clin-
ical trials.
“I was stunned,” said Jenni-
Learn more at
BewareofRSV.com
fer Canvasser, who started an
NEC patient advocacy group
after her infant son died 10
years ago, weakened by the
disease. “To think about fami-
lies having one potential less
way to prevent this devastat-
ing disease is just concerning.”
A rift over data
.
Probiotics supporters say
the FDA disregarded the evi-
dence favoring probiotics for
preterm babies, saying that
they likely save hundreds of
infants for every one probi-
otic-caused infection, which
can be treated with antibiotics.
An analysis of more than
100 studies involving more
than 25,000 premature in-
fants, published last month in
the journal JAMA Pediatrics,
found that probiotics contain-
ing multiple strains of bacte-
ria were associated with re-
duced deaths and NEC.
The American Academy of
Pediatrics in 2021 called the
data on probiotics “conflict-
ing” and didn’t recommend
them for premature babies.
PP-RES-USA-0191 October 2023 ©2023 Pfizer Inc. All rights reserved. October 2023.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Friday, November 17, 2023
CALIFORNIA
Man Who Assaulted Singer Sues Combs, PG&E Gets Approval
Pelosi Spouse Guilty Alleges Abuse
David DePape was found
guilty in an attack on former
House Speaker Nancy Pelosi’s
husband last year that deep-
ened fears of political vio-
lence.
DePape, 43 years old, was
charged in federal court last
year with attempted kidnap-
ping of a federal officer or
employee and assault of an
immediate family member of
a federal official. A jury found
him guilty Thursday on both
counts, the Justice Depart-
ment said.
Prosecutors said DePape
broke into the Pelosi home in
San Francisco on Oct. 28,
2022, in search of the Califor-
nia representative before
striking Paul Pelosi, 83, with
a hammer. Federal prosecu-
tors said DePape told police
he had planned to kidnap the
then speaker, and “break her
kneecaps.”
The attack left Paul Pelosi
with skull fractures and other
severe injuries.
—Joseph Pisani
Everyone’s
Mailboxes
Overflow
Continued from Page One
Americans generally give
high marks to the mail, with
the U.S. Postal Service enjoying
stronger approval ratings than
any other federal agency except
the National Park Service, ac-
cording to Pew Research Cen-
ter. But with many communica-
tions and bills now online,
people aren’t in as much of a
rush to get it.
The number of Americans
who say they get the mail at the
first opportunity dropped by 9
percentage points in the past
five years, down to 77%, accord-
ing to USPS surveys. The de-
cline is even more pronounced
among millennials and boomers.
Turner pays her bills online
and rarely gets personal mail,
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* *** THE WALL STREET JOURNAL.
U.S. NEWS
NEW YORK
CALIFORNIA
U.S.WATCH
To Bury Power Lines
The former romantic part- California regulators on
ner of music producer and en- Thursday gave PG&E approval
trepreneur Sean “Diddy” to bury hundreds of miles of
Combs filed a federal lawsuit power lines to reduce wildfire
Thursday accusing him of risk in coming years, but the
physical and mental abuse amount fell short of the com-
that spanned roughly a decade. pany’s full request.
In the suit filed in New The California Public Utili-
York, R&B singer Cassie, who ties Commission voted to al-
was once signed to Combs’s low the company to bury
Bad Boy Records label, ac- 1,230 miles of power lines be-
cused him of using drugs and tween 2023 and 2026 in a
alcohol to control her during process known as under-
their relationship. The pair grounding. The company,
first met in late 2005, when whose power lines have ig-
she was 19 years old and he nited numerous deadly fires
was 37, the suit said. in recent years, had re-
“I am finally ready to tell quested permission to bury
my story, and to speak up on roughly 2,000 miles over that
behalf of myself and for the period to reduce fire risk.
benefit of other women who The commission green-
face violence and abuse in lighted the undergrounding
their relationships,” said as part of a broader spending
Cassie, whose given name is plan that would allow PG&E
MARCO BELLO/REUTERS
Casandra Ventura. to raise rates to make invest-
Combs’s attorney Ben Braf- ments in its gas and electric
man said the mogul “vehe- systems. The company esti-
mently denies” the allegations mates that residential bills
and accused Ventura of having will increase by 3.6% a year
attempted “blatant blackmail.” on average through 2026. SWAMPED: A community in Davie, Fla., was awash in floodwaters Thursday. A storm system
—Ginger Adams Otis —Katherine Blunt that dropped up to 9 inches of rain across parts of South Florida this week has moved on.
public service. Since the inter-
net, more Americans have also
begun to see mail as “vintage
In Atlanta, lawyer Caila
Coleman, 35, is preparing to
send out pregnancy announce-
trieve it, and smaller boxes can
become readily overstuffed.
“I will not walk the extra
a block or so away, and she es-
timates she saves about an
hour weekly by sparing herself
and authentic,” says Lynn
Heidelbaugh, a curator at the
National Postal Museum.
ments via mail, but since
friends don’t frequently check
their mail and have mostly
foot, or maybe two feet, it
takes to go to the door of my
mailroom,” says Jeanne Spar-
the daily walk.
“In the winter, it’s just a lost
cause,” she says.
In Springfield, Mo., elemen-
tary school teacher Alex Wiley,
35, says he loves the rusty,
seen her social media an-
nouncement anyway, she’ll
send just six cards.
row, 53, a communications and
leadership consultant who lives
in a condo building in Chicago.
Younger Americans tend to
check their mail less frequently
than previous generations.
evocative creak of the mailbox “Our generation learned “Whatever’s in there stays in Only 55% of Gen Z reports get-
BRITTANY SHARNEZ TURNER
.
door, and checks it daily. “The about mail with ‘Blue’s Clues.’ there.” ting the mail at least five days
anticipation is wonderful,” he It was cool seeing the mail get The popularity of USPS In- a week, compared with 83% of
ly
says, adding that he and opened on the show,” she says, formed Delivery—a free service boomers, USPS surveys show.
friends have exchanged letters referring to the 1990s Nickel- that allows recipients to pre- Still, USPS says, its surveys
for years. odeon series that featured an view mail photos via email be- also show younger Americans
Ads and solicitations fill up
Brittany Sharnez Turner’s mail.
on “It’s very romantic,” says
Joe Rian, 64, a letter carrier
who has delivered on the same
route for 30 years in a Minne-
animated dog and mailbox.
“Apparently we grew up and
were just like, nah.”
Coleman, who pays bills on-
fore it’s physically delivered,
and now boasts 59 million sub-
scribers—has also made it eas-
ier for users like Sparrow to ig-
have also increasingly come to
value the mail, and spend the
most time sorting, opening and
reading their mail.
so what’s delivered is mostly apolis suburb, of the mail. “On line, visits her mailbox a couple nore their physical mailboxes. In Windsor, Vt., Michael Me-
us ,
ads and solicitations. Emptying Valentine’s Day, who doesn’t of times a year. She’s received “There’s no need for me to tivier’s 8- and 10-year-old
l
her mailbox, she says, feels like love a card?” Rian, whose route multiple texts over the years check it,” says Sparrow, who daughters make a daily pil-
e
al a
a thankless chore. As a child, consists of single-family from apartment managers ask- says she only sees something grimage down their house’s
she’d race to look for letters or homes, says his customers tend ing her to empty her box. On that spurs her to make the trip driveway after school to get
cards in the mail, but that ex- to be prompt in their retrievals. one occasion, her letter carrier once or twice monthly. the mail. By then, Metivier, 44,
ci on
citement is gone, she says: Even as USPS package vol- texted her to say her mailbox Not regularly checking the has already checked it as part
“This is not what 8-year-old umes have risen, first-class sin- was full. mail has its perks, says Sadie of a midmorning break. He
me thought I’d be getting in gle-piece mail volume—a cate- In interviews, letter carriers Schroeder, a 32-year-old social leaves the junk mail behind,
the mail as an adult.” gory that includes letters, bill said mail tends most often to media manager in St. Paul, though, so his children won’t
The mail, of course, remains payments and cards—has languish in apartment build- Minn., who checks hers be disappointed by an empty
er s
a mainstay of delivery, espe- dropped by more than 26% ings, where tenants sometimes monthly. Her house’s mailbox is box: “I want to give them
cially in rural areas, and a core since 2018. have to make a detour to re- located in a cluster with others something to look forward to.”
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THE WALL STREET JOURNAL. NY Friday, November 17, 2023 | A6A

Teens can lose track of

their time online, too.
YouTube automatically
reminds teens to take
a break, or switch off

.
ly
for bed. on
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T        l  ll  g 13–1. T fi
more safety features for kids and teens, visit youtube.com/myfamily

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A6B | Friday, November 17, 2023 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL.
Israel Detains Many Palestinian Workers
Thousands are
accused of being
Hamas agents,
which they deny
BY OMAR ABDEL-BAQUI
When Hamas launched the
Oct. 7 attacks that killed more
than 1,200 people in Israel, Ma-
her Skaik, a 62-year-old from
the Gaza Strip, was working in
the Tel Aviv neighborhood
where he had been a pastry
maker for more than two years.
A week later, Skaik said,
police came to the apartment
he shared with several other
Palestinian workers and took
them into custody. Skaik was
detained for a few days.
“We were workers with le-
gal permits,” said Skaik, who
was later released. “The war
happened while we were in-
side Israel…Why are we being
punished for it?”
The Oct. 7 attacks and the
war that followed upended a
system under which Israel in
recent years provided work
permits to some 18,000 Pales-
tinians from the Gaza Strip,
where unemployment and pov-
erty rates are high. The Gazans
provided an important labor
pool for key sectors of the Is-
raeli economy, including agri-
culture and construction. The
money they earned helped
boost living standards in Gaza,
Canadian Jury Convicts Man of Murder in Attack on Muslim Family
BY PAUL VIEIRA
A jury in Canada delivered
a guilty verdict on four counts
of first-degree murder and
one count of attempted mur-
der against a 22-year-old man
who struck and killed a Mus-
lim family with a vehicle in
what authorities described as
a hate crime and terrorist act.
The deaths in the June 2021,
in the southwestern Ontario
Tunnel Is
Cited at
Hospital
Continued from Page One
treat patients.
The Israeli military said on
FADI ALWHIDI/REUTERS
Thursday that it found the
dead body of a woman who
had been abducted from Kib-
butz Be’eri on Oct. 7 and held
hostage by Hamas. The body
of Yehudit Weiss, whose hus-
band was killed in the Hamas
attack, was found in a home
near the Shifa Hospital, the
military said, which also con-
tained AK-47s and rocket-pro-
pelled grenade launchers.
no
The Israeli military has re-
leased limited evidence so far
for its allegation that Hamas
ran a significant command
center in the hospital or that
the tunnel network is con-
nected to complexes used by
the group beneath the hospital.
“This is a very delicate op-
eration, given how quickly it
could turn into a bloodbath,
which is why this is likely to
be slow rather than fast,” said
Michael Horowitz, Israel-
based head of intelligence for
the consulting firm Le Beck.
The director of Al-Shifa Hos-
pital, Mohammad Abu Salmiya,
earlier in the day said Israeli
soldiers had taken bodies from
the hospital’s courtyard. The
Israeli military declined to
comment on the claim. Abu
Salmiya said there were still
more than 650 patients, 500
medical staff, and 5,000 dis-
placed persons in the hospital.
An Israeli military official
said information relating to
the estimated 240 hostages
Hamas took during its Oct. 7
raid on Israel had been found
on computers and other de-
vices, and was now being
transferred for further investi-
gation. “The soldiers are pro-
ceeding one building at a
time, searching each floor, all
while hundreds of patients
and medical staff remain in
the complex,” the official said.
International organizations
expressed their concern over
the toll the conflict was taking
on Palestinian civilians. Health
authorities in Hamas-run Gaza
said that more than 11,000
people, mostly children and
women, have been killed there
Palestinian laborers arrived at the Kerem Shalom crossing after being sent back to the Gaza Strip earlier this month.
which has been under a 16-year
blockade from Israel and Egypt.
It is unclear how many Gaza
residents were in Israel at the
time of the attacks. But in the
aftermath, Israeli authorities
canceled permits and rounded
up thousands of the workers.
Detainees said Israeli forces
on
city of London, shocked the
us ,
country and drew condemna-
l
tion. Prime Minister Justin
e
al a
Trudeau described it as a ter-
rorist attack, and local authori-
ties said it was an act rooted in
ci on
hatred against Muslims. Along
with murder charges, prosecu-
tors also filed terrorism charges
against Nathaniel Veltman.
Veltman is scheduled to be
er s
sentenced Dec. 1, at which time
the presiding judge is expected
m er
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co Fo
Injured Palestinians are treated at another Gaza hospital
Thursday after the Israeli operation at Al-Shifa Hospital.
n-
since the war began. The fig-
ures don’t distinguish be-
tween civilians and militants.
The World Health Organiza-
tion has recorded at least 137
attacks on healthcare in Gaza,
where nine out of 35 hospitals
are partially functioning and
the rest have shut down, ac-
cording to Palestinian health
authorities. Due to power, oxy-
gen and water cuts, doctors
are performing surgeries on
children without anesthetics,
in the light from mobile
phones, while newborns on life
support are dying.
On Thursday, 20 trucks en-
tered Gaza with aid from Eu-
ropean countries and other
nations, bringing the total
number of trucks sent into the
Gaza Strip since the war
erupted to 952, according to
Egyptian officials. Another
roughly 100 trucks were ex-
pected to enter Gaza later on
Thursday.
Israel said that Hamas’s
continued use of the hospital
for military purposes jeopar-
dized its protected status un-
der international law, and a
failure to produce convincing
evidence for the claim is
likely to stoke further inter-
national criticism.
“The U.S. and European na-
tions have come out strongly
in support of Israel’s right to
self-defense, especially in the
early stages after the October
7 attack. There was a desire
to give Israel time and space
to pursue its military re-
sponse in Gaza,” said Hugh
Lovatt, senior policy fellow
and an expert on the conflict
with the European Council on
Foreign Relations.
“What has happened since
then, though, is that Israel’s
massive and disproportionate
WORLD NEWS
accused some of them, without
evidence, of being Hamas
agents, which they denied.
Many of the Gazans were
held in Israeli prisons, where
they said they faced mistreat-
ment that included beatings,
underfeeding and being uri-
nated on. Detainees also said
to begin to consider whether
his crimes constitute a terror-
ist act. First- and second-de-
gree murder convictions under
Canadian criminal laws carry a
life sentence. The local prose-
cutor’s office couldn’t be
reached for comment.
Christopher Hicks, a lawyer
for Veltman, didn’t respond to
a request for comment. Cana-
dian Broadcasting Corp. said
Hicks told reporters in Wind-
use of armed force has,
whether intended or not,
mostly affected Gaza’s civilian
population,” Lovatt said. “The
extent of the response has re-
duced the time Israel has to
pursue a military response”
with European backing, he said.
Separately, the Israeli mili-
tary published a photo of
weapons it said were located
in Al-Quds Hospital, which
was fully evacuated a few
days ago. The image showed
several rifles, more than a
dozen magazines and gre-
nades, hand-held radios, and
what looks like materials to
create explosives. The army
also published photos from in-
side a tunnel whose entry
point was located a few hun-
dred yards from Al-Rantisi
Hospital.
Israeli Defense Minister
Yoav Gallant said Israeli
forces had managed to clear
up Hamas resistance in the
western part of Gaza City, the
area surrounding the hospital,
and began what he called “a
new phase” in the war. “The
more we continue to intensify
this operation and increase
the pressure…the greater our
chances of retrieving the hos-
tages increases,” he said.
Israel has called on Al-Shifa
to be evacuated—a process
medical professionals have
said is extremely complicated
and risky because of the criti-
cal condition of many patients
and the continued fighting
outside the hospital.
Medical staff at Al-Shifa
said an evacuation of patients
and doctors would need the
assistance of an international
body.
—Saeed Shah, Chao Deng
and Summer Said contributed
to this article.
they had no access to telecom-
munications and had no way to
reach their families for weeks.
“The conditions were horri-
ble. We drank water from the
toilets because there was
barely any water or supplies,”
said Tareq Abu Jabal, a 48-
year-old cleaner from Gaza
sor, Ontario—where the trial
was held—that his client was
in shock. Hicks had argued the
jury should find his client
guilty of manslaughter because
Veltman didn’t intend to kill
members of the Afzaal family.
Five members of the Afzaal
family were out for a walk in
the northwest part of London
when Veltman, driving a
pickup truck, struck them at an
intersection as they waited to
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Friday, November 17, 2023 | A7
Daniel Hagari, a spokesman
for the Israeli military, said he
saw footage that allegedly
showed Israeli forces beating
Palestinian detainees, although
it wasn’t clear if they were
from Gaza or the West Bank.
He said the Israeli military is
investigating. “It is against our
moral values. It is against the
IDF code,” he said, referring to
the Israel Defense Forces.
The Israeli government said
it released more than 2,900
Gazan workers back into the
enclave on Nov. 3. Since then,
Israel has released smaller
groups into the strip, includ-
ing 980 Gazan workers who
were stranded in Israel, ac-
cording to the United Nations.
Israel said it would continue
to hold an unspecified number
of Gazan detainees until Nov. 30
HAITHAM IMAD/EPA/SHUTTERSTOCK
under emergency provisions
and that a judicial review would
be conducted. The workers,
many of whom were held with-
out charges or trials, became
undocumented when Israel, af-
ter the Hamas attacks, canceled
their work permits. Israel used
that as legal justification to
round them up, say Israeli attor-
City, who said he was taken to neys and human-rights groups.
various detention centers, Hassan Jabareen, founder of
where he said he was beaten. Israeli legal center Adalah,
Israeli officials from several said lawyers advocating for the
agencies—including Israel Po- detainees face a dilemma. “If I
lice, the Ministry of Justice ask for them to be released—to
.
and the prime minister’s of- where? To Gaza, a war zone?”
fice—didn’t respond to re- —Fatima AbdulKarim
ly
quests for comment. contributed to this article.
cross a road. Veltman was later At the trial, jurors reviewed a
arrested at a parking lot about video of a police detective inter-
4 miles from the attack. viewing Veltman following his
Killed on that evening were arrest. In the video, which runs
Talat Afzaal, 74; Salman Afzaal, over two hours, Veltman said he
46; Madiha Salman, 44; and had “done so much research be-
Yumnah Afzaal, 15. The youn- fore I did what I did,” and dis-
gest member of the family, a cussed “becoming a minority in
boy, was seriously injured. your own country.” He added
Police said at the time they what happened was “damaging
believed the Afzaal family to my soul, but that’s the only
were targeted because of their thing they are going to respond
Islamic faith. to. You have to be extreme.”
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Friday, November 17, 2023
JEFF CHIU/ASSOCIATED PRESS
Chinese leader Xi Jinping speaks with business leaders during the Asia-Pacific Economic Cooperation conference in San Francisco.
Xi Asks U.S. Business Leaders
To Help Ease Growing Tensions
After speech, some
are disappointed by
his lack of plans to
bolster economic ties
BY LINGLING WEI
AND CHARLES HUTZLER
SAN FRANCISCO—Foreign
capital is fleeing China. Yet on
his first trip to the U.S. in six
years, Chinese leader Xi Jin-
ping didn’t make a pitch to
win back American businesses
and investors.
Instead, at a Wednesday
night dinner in San Francisco
with U.S. corporate chiefs and
other guests, Xi sought to en-
list American corporations’
help in easing bilateral ten-
sions, emphasizing the room
for both nations to work to-
gether—a theme of his meet-
ing with President Biden ear-
lier in the day.
“China is pursuing high-
quality development, and the
United States is revitalizing its
economy,” he told the business
leaders. “There is plenty of
room for our cooperation.”
The absence of any mention
of trade and investment, let
alone reassurance for busi-
nesses jarred by an increasingly
tough environment in China,
surprised and dismayed some of
the executives, who described it
as a missed opportunity.
“I, too, was disappointed
that Xi didn’t take the oppor-
tunity to address the Ameri-
can business community’s
concerns about the operating
no
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GreatFutures.org
Hopes Are Revived for Pandas’ Return to America
Chinese leader Xi Jinping’s
suggestion that Beijing
would send new pandas to
the U.S. was a symbolic at-
tempt to find areas of coop-
on
eration as tensions simmer.
A steady repatriation to
us ,
China of pandas from U.S.
l
zoos in recent years has
e
al a
appeared as a marker of
faltering bilateral relations.
ci on
Suddenly, talk of pandas is
resurfacing, with warm and
fuzzy remarks by China’s
er s
environment in China,” said
Andy Rothman, an investment
m er
strategist at Matthews Asia, a
U.S.-based fund manager, “or
to share his thoughts on how
his domestic economic poli-
cies might evolve.”
m rp
The business leaders
greeted Xi with a standing
ovation as the Chinese leader
went on stage, introduced by
insurer Chubb CEO Evan
co Fo
Greenberg. In attendance were
chief executives including Ap-
ple’s Tim Cook and Black-
Rock’s Larry Fink, along with
leaders and senior executives
from Qualcomm, Boeing,
Blackstone, KKR, Pfizer, FedEx
and other large U.S. firms,
which all invest in China and
collectively have trillions of
dollars in market value.
Xi’s cooperation message
sounded tone deaf to some in
n-
the audience as the risks for
WORLD NEWS
leader about them as “en-
voys of friendship between
the Chinese and American
peoples,” reviving expecta-
tions that Beijing would
dispatch new sets of the
popular animals to the U.S.
The last remaining pandas
in the U.S. reside in Atlanta’s
zoo, but are set to be sent to
China next year.
“Should a decision be
made by [China] to restore
some of the pandas to the
businesses operating in China
have increased substantially.
Western management consul-
tants, auditors and other
firms have been hit with raids,
investigations and detentions.
New espionage and data-secu-
rity laws threaten to criminal-
ize routine business activities.
“He offered no hints of con-
cessions to business or even in-
terest in more investment in the
Chinese economy,” said a senior
U.S. business executive who at-
tended the dinner. “The speech
was propaganda at its finest.”
In some corners, however,
Xi was applauded for follow-
ing through with a visit to the
U.S., even if he spoke in gener-
alities. “He could have had a
speech that was more aggres-
sive and nationalistic, defend-
ing China,” said Sadek Wahba,
an investor who chairs an in-
stitute on strategic competi-
A SPLASH OF RED: A sommelier poured 2023 Beaujolais Nouveau wine as people bathed in a red-colored hot water bath on
Thursday, the day of the Beaujolais Nouveau official release, at a hot spring resort in Hakone, Japan.
SPAIN
Prime Minister
Wins Re-Election
Spain’s parliament re-
elected Pedro Sánchez as
prime minister, following
months of political uncer-
tainty and widespread pro-
tests after the center-left
politician promised an am-
nesty for Catalan separatists
in return for their support.
Sánchez got 179 votes on
Thursday, barely passing the
176 needed to gain a majority
in the lower house of parlia-
United States, we would ob-
viously welcome them back,”
said National Security Coun-
cil spokesman John Kirby.
Xi made his comments
during an address to Ameri-
can CEOs. Hours later, Presi-
dent Biden indicated, in re-
sponse to a reporter’s
question, that he still sees Xi
as dictator. A Chinese Foreign
Ministry spokeswoman called
the remark “irresponsible.”
—James T. Areddy
tion at Wilson Center. “Maybe
it’s a false sense of comfort,
but in my view it’s a positive.”
U.S. officials have said
Washington would try to get
Beijing to back off on its pres-
sure on American companies
through newly established
working groups between the
two governments.
Wendy Cutler, vice president
of the Asia Society Policy Insti-
tute and a former senior U.S.
trade official, who attended the
dinner, said, “All eyes will now
be on the working groups to
see whether they will go be-
yond the ‘talk shop’ mode to
achieve meaningful outcomes.”
Xi came to San Francisco
with the dual mission of stabi-
lizing relations with the U.S.
and restoring investor confi-
dence in China’s economy.
—James T. Areddy
contributed to this article.
WORLDWATCH
ment. The seven conservative
Catalan separatists from the
Together for Catalonia party
who supported Sánchez and
his left-wing coalition partner
Sumar proved to be enough
to seal the victory.
A snap election in July,
called by Sánchez after his
left-wing coalition’s poor
showings in local and regional
elections, proved inconclusive.
Sanchez, who has been prime
minister since 2018, has led a
caretaker government since
the July election.
—Eric Sylvers
* *** THE WALL STREET JOURNAL.
Ireland Boomed
During Pandemic,
Now Loses Steam
BY PAUL HANNON GDP, change from
previous quarter
It was one of very few econ-
omies to get a boost from the 60%
pandemic. That unusual divi- 50 U.S.
dend is now unraveling, in a Ireland
fresh blow to Europe’s already 40
weakened growth outlook.
Home to large U.S. technol- 30
ogy and pharmaceutical com- 20
panies that saw their sales
boom during the pandemic, 10
tiny Ireland recorded annual
0
growth of 10.5% on average
between 2020 and 2022, while –10
other economies contracted 2021 ’22 ’23
under the effect of lockdowns.
No other country grew as Note: Seasonally and inflation adjusted
at annualized rates.
fast during this time apart Sources: Commerce Department (U.S.);
from smaller Guyana, which Eurostat (Ireland)
enjoyed an oil boom. For Ire-
land, the Covid-induced spurt ply chains that took off in the
crowned a decade that saw 1990s has built closer ties be-
the country’s economy double tween distant economies, such
in size while the rest of the as Ireland and China. Initially,
eurozone grew by 13%. these ties gave Ireland direct
Now that boom has run its exposure to China’s meteoric
course. By the end of the third growth. Now they are a source
quarter, Ireland’s economy of vulnerability.
was 4.7% smaller than a year China’s market is more im-
earlier, the largest decline re- portant to Irish exporters than
corded by any European coun- it is to any other EU country ex-
try over that period. According cept Germany. According to the
to the Economic and Social Re- EU, 6.8% of Germany’s overseas
.
search Institute, the country’s sales were destined for China in
leading think tank, the econ- 2022, while the world’s second-
ly
omy is on course for its largest largest economy accounted for
annual contraction since 2009. 6.4% of Ireland’s exports. Ex-
Having helped European ports to China accounted for
growth figures look better in 2.8% of Germany’s total eco-
the past decade,
Ireland is drag-
nomic output
during that year,
10.5%
ging them down. and 2.6% of Ire-
The European land’s gross do-
Union’s statis- mestic product.
tics agency said Irish econo-
the eurozone Annual growth mists expected
contracted by an
annualized 0.4%
Ireland recorded on the nation’s ex-
ports to cool
in the three average between this year after
months through 2020 and 2022. the strong
September. Ex- growth re-
cluding Ireland, corded since
the region’s the start of the
gross domestic product was flat. pandemic. In particular, they
The reversal in Ireland’s expected demand for pharma-
contribution to European ceutical companies to weaken
growth has been sharp and as the world economy re-
sudden. At the start of 2023, opened and fewer medicines
the EU expected Ireland’s were needed to fight Covid.
economy to grow by 5.5% this All this happened, as did an
year. On Wednesday, it said it unexpected drop in semicon-
anticipates Ireland’s economy ductor sales, something Irish
to contract by 0.9%. Partly as economists think might reflect
a result, the EU projects the a U.S. ban on the sale of semi-
eurozone economy to grow by conductors to China.
0.6% this year, having earlier The difficulties faced by
forecast a 1.1% expansion. Ireland’s U.S. tech and pharma
It isn’t yet clear whether the businesses have had a limited
slowdown marks a pause or the impact on the rest of the coun-
end of Ireland’s decadelong try’s economy. The jobs mar-
growth. Yet there are signs that ket is starting to weaken, with
the period of rapid globaliza- the unemployment rate rising
tion that began with the fall of to 4.8% in October from a low
communism in the late 1980s, of 4.1% in May. Still, the Inter-
and which opened Ireland’s national Monetary Fund says
path to prosperity, has ended Ireland is well placed to adapt
and that the world is becoming to changes in the global econ-
more economically fragmented. omy given its “strong funda-
The rearrangement of sup- mentals and sound policies.”
FRANCK ROBICHON/EPA/SHUTTERSTOCK
RUSSIA formation about the Russian
military and ordered that she
Artist Imprisoned serve her term in a penal col-
For Antiwar Tags ony, according to information
A Russian artist accused of published by the Vasileo-
replacing price tags in a super- strovsky District Court.
market with antiwar messag- “Call my action whatever
ing was sentenced to seven you want…I will remain with
years in prison, in the latest my opinion and my truth. I
example of the Kremlin’s ef- don’t think that this or that
forts to crush everyday oppo- truth should be forced by law,”
sition to its war on Ukraine. Skochilenko told the court, ac-
A court in St. Petersburg cording to an audio message
Thursday found Aleksandra posted on the Telegram chan-
Skochilenko, a 33-year-old nel Free Sasha Skochilenko,
artist and musician, guilty of which documented her case.
knowingly spreading false in- —Ann M. Simmons
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
FDIC Head
Ignored Bad
Behavior
Continued from Page One
luctant to present to him and
contributed to some officials’
decisions to leave the agency,
officials said. Multiple current
and former officials referred to
him as a “screamer,” despite his
sleepy demeanor in congressio-
nal hearings.
Some FDIC officials said they
had never seen Gruenberg be-
have inappropriately, and what
some employees described as
bullying others described as his
prosecutorial nature. Several
former officials said Gruenberg
has high expectations for his
staff, and many more junior em-
ployees said he had treated
them respectfully.
An FDIC official said the
agency “has no higher priority
than to ensure that all FDIC em-
ployees work in a safe environ-
ment where they feel valued
and respected. Sexual harass-
ment or discriminatory behav-
ior is completely unacceptable.
We take these allegations very
seriously.” The agency has hired
a law firm to conduct a review
of the agency’s culture, and will
“take appropriate actions to ad-
dress” the issues it identifies,
she said.
The agency declined a re-
quest to interview Gruenberg.
On Wednesday, Rep. Bill Hui-
zenga (R., Mich.) asked Gruen-
berg whether he was aware of
the incidents of misconduct in
the Journal’s investigation, not-
ing that many of them hap-
pened “under your watch.”
Gruenberg said he wasn’t,
and that the investigative and
disciplinary process is typically
handled by the legal division.
“The board is generally kept out
of that,” he said.
On Thursday, two Republi-
cans on the FDIC board called
for Gruenberg and the agency’s
general counsel to recuse them-
selves from the investigation
into workplace culture. The
agency had earlier in the day
canceled a scheduled public
meeting of its board. Some Re-
publican senators called on Gru-
enberg to resign.
Festering problems
Employees said bad work-
place behavior has festered at
the agency for years because
top administrators didn’t fully
address problems, whether in
regional offices or in the Wash-
ington headquarters. When em-
ployees did raise such issues,
they said they believed the
agency swept the problems un-
der the rug.
Those allegations weren’t ex-
clusive to Gruenberg. A top
FDIC official said that in 2009,
she told previous Chairman
Sheila Bair, who ran the agency
from 2006 to 2011, that a pro-
spective senior hire had sexu-
ally harassed her years earlier.
After consulting Gruenberg,
who had advocated for the hire,
Bair went ahead and hired the
no
man, who ended up working in
an adjacent office to his ac-
cuser.
Later, under Gruenberg’s
leadership, the agency’s director
of its Office of Minority and
Women Inclusion was accused
of discrimination, including tell-
ing a Black employee that slav-
ery was “not all bad.” Gruen-
berg’s deputy reassigned the
director to a job in the training
division, according to legal fil-
ings. The FDIC in the filings
said the reassignment wasn’t a
demotion and his pay wasn’t
reduced.
“When an employee comes
to management to voice a con-
cern, they always take manage-
ment’s side,” said Stephanie Gil-
Former FDIC Chairman Sheila Bair in 2011. Gruenberg, then vice chairman, is at left. Guards and FDIC staff open a Silicon Valley Bank branch in Santa Clara, Calif., in March after the bank’s collapse.
* * Friday, November 17, 2023 | A9
FROM PAGE ONE
liard, a Black senior had cornered her in his office during a difficult time in the fi- such that they are afraid to FDIC’s most senior official in
administrative specialist in
Washington who left the agency
late at night at the Fed. Bair’s
response, she said, was cold.
nancial industry.
Morale among employees
speak out about the issues they
are facing for fear of repercus-
charge of diversity and inclu-
sion was the subject of so many
in 2018 after filing a different “That was a long time ago. sions,” they wrote, according to allegations of unfairness.”
lawsuit alleging discrimination
and a hostile work environ-
He’s 74. You don’t have to
worry about that now,” McIner-
has plunged in recent years.
The FDIC last year dropped to
No. 17 from No. 8 in 2021 in the
FDIC and congressional offi-
cials.
Pereira denied making the
slavery comment when internal
ment. The agency denied her al-
legations but paid her a
$250,000 settlement that year,
ney said Bair responded.
Bair raised the allegation
with Bradfield, who denied it, a
agency workplace rankings. The
list, put together by the non-
profit Partnership for Public
McWilliams told the Journal
she was concerned by the letter
and the agency crafted changes
investigators asked him about
it, but said he might have noted
the “remarkable” number of
according to officials. Prior to former official said. She also Service, is closely tracked by to address the concerns, includ- Confederate flags after a recent
filing her lawsuit, Gilliard said brought it to Gruenberg, who the agency. Its decline was ing making ratings and promo- trip to South Carolina. “Perhaps
she reached out to Gruenberg to had been pushing for Bradfield driven in part by a 10-point tion systems more merit-based. in the course of such a conver-
ask for help but didn’t hear to be hired, the former official drop in its score for effective Discrimination allegations sation, something similar came
back. said. Gruenberg said he had leadership by senior leaders. persisted, and the union filed up,” investigators wrote.
In the Journal’s investigation never heard such allegations In 2016, Gilliard, the Black multiple grievances in the fol- In 2020, Pereira, who is His-
published earlier this week, about Bradfield and remained senior administrative specialist lowing years alleging discrimi- panic, sued the FDIC over his
based on interviews with more supportive of hiring him. who sued the agency over dis- nation against Black employees. reassignment, accusing the
than 100 current and former Bradfield’s office ended up crimination and harassment al- When Gruenberg returned to agency of discriminating
FDIC employees, female em- next to McInerney’s. On his first legations, said in legal filings head the agency in 2022, two against him by demoting him to
ployees described a sexualized, day, she recalled, she heard his that her supervisor and super- Republican senators wrote the a “dead-end” position and call-
boys’ club environment in re- voice and began to cry. visor’s boss had sex in the FDIC FDIC to ensure the agency ing the complaints about him
gional offices and said they frivolous and false. His lawyer
felt they were consistently declined to comment.
given fewer opportunities FDIC Chairman Ryan, who retired in 2018,
than their male counterparts. Martin didn’t respond to a request for
The employees said the Gruenberg, comment.
agency has been hesitant to and the President Biden last year
impose harsh discipline on Washington nominated Gruenberg, now 70,
managers accused of miscon- headquarters. to lead the agency for a second
duct, in several instances His leadership term. During the confirmation
moving supervisors who is under fire process, Republican investiga-
were the subject of com- after tors on the Senate Banking
plaints to other offices rather employees Committee asked employees
than imposing harsher mea- said in a WSJ about Gruenberg’s temper, cur-
sures. investigation rent and former officials said.
The independent federal that there One incident they examined
agency of fewer than 6,000 were few was the 2008 meeting in which
KEVIN LAMARQUE/REUTERS
employees is one of the na- consequences Gruenberg berated a senior fe-
tion’s top regulators, tasked for alleged male official for not clearing
with supervising U.S. banks harassment with him the timing of a coming
and insuring de- and bias at senior management conference,
posits. It is the bank which he couldn’t at-
funded by insur- regulator. tend.
ance premiums Bair, then the
paid by banks in- chairman, was told it
stead of the fed- was part of a pattern
eral budget. Con- of behavior and
.
gressional tapped an external in-
interest has pri- vestigator to examine
ly
marily come in the incident, officials
response to bank said.
crises, such as On Wednesday,
ELIZABETH FRANTZ FOR THE WALL STREET JOURNAL
the bank failures
this spring. An
internal review
after the failures
on Gruenberg initially
told the House Finan-
cial Services Commit-
tee in sworn testi-
cited the FDIC’s mony that he had
us ,
struggles to re- never been investi-
l
tain examiners as gated for inappropri-
e
al a
part of the rea- ate behavior. Later in
son it didn’t de- the day, after the
AL DRAGO/BLOOMBERG NEWS
tect problems Journal contacted the
ci on
with some of the FDIC for comment,
banks earlier. Gruenberg said he
Before joining wanted to correct the
the FDIC, Gruenberg spent “At that point I felt testimony and con-
nearly two decades on Capitol like there was nothing I firmed he had been
er s
Hill, where he also developed a could do,” McInerney the subject of the
reputation for his temper, ac- said. “I could have gone 2008 inquiry.
m er
cording to those who worked to HR and said it was traumatic. parking garage. She said both wouldn’t “revert back to a toxic A White House official said it
with him. Some aides recalled But when you do that, it ruins supervisors had discriminated workplace” under his leader- supports the agency’s decision
hearing him shouting from the your career—you’re frozen out against her, including by treat- ship. They asked for records in- to conduct an investigation of
hallway. of everything because you’re a ing her more harshly than her cluding complaints, investiga- the workplace culture and re-
As senior counsel to former troublemaker.” white colleagues and passing tions and settlements. ferred other questions to the
m rp
Sen. Paul Sarbanes, a Maryland McInerney said she was her over for promotions. Gruenberg declined to pro- FDIC.
Democrat, Gruenberg played a awed by Bair’s smarts and deft The agency moved but failed vide the records, citing privilege A high percentage of employ-
key role in crafting the Sar- leadership, but ultimately felt to strike Gilliard’s deposition on and privacy considerations, and ees have spent decades at the
banes-Oxley Act of 2002, which let down by her. the alleged affair between her instead described his efforts to agency, creating little incentive
among other measures empha- Bradfield left the agency supervisors—which included bolster diversity programs at for change, some employees say.
co Fo
sized the importance of the about a year after he joined and “references to ‘fellatio’ and the the agency, including meeting The agency pays unusually well
“tone at the top” and senior died in 2017. His family didn’t ‘garage car incident’”—from the with the leadership of an em- for a government organization.
leaders’ responsibility for the respond to a request for com- record, arguing they were irrel- ployee resource group for Black The average tenure of FDIC
culture of their organization. ment via an attorney. evant, according to emails and employees, according to the re- employees is 25 years. A fifth of
Harrel Pettway, the legal offi- Despite the decision, former legal records. sponse reviewed by the Journal. its workforce was eligible to re-
cial who had left the ranting employees said Bair was more Gilliard left the agency in The FDIC is involved in on- tire last year—6 percentage
voicemail for an employee, re- attuned to the well-being of the 2018. Her female supervisor going litigation over a decision points more than the govern-
ceived a letter of reprimand af- agency’s rank-and-file than Gru- was demoted and left the fol- in 2016 to reassign Segundo ment-wide percentage—and
ter the 2019 incident, former of- enberg. She launched an effort lowing year; the male supervi- Pereira, the former director of employees typically stay about
ficials said. He remained the No. to reform the agency’s culture sor received a title downgrade the diversity office, to a senior eight years after that, according
2 in the legal division, and as and improve communication but got a pay raise and still adviser role in the FDIC’s Cor- to an inspector general report.
Jelena McWilliams, who led the between leadership and em- works at the agency. porate University, which runs Officials joke that FDIC stands
FDIC from 2018 to 2022, was ployees. The agency ranked No. the examiner training program. for “Found Dead in Chair.”
n-
leaving the agency along with 1 among best agencies in its Pereira had faced multiple com- The leadership issues could
her general counsel, she tapped size category to work in 2011, Racism allegations plaints of harassment and dis- weaken the agency’s ability to
Pettway to serve as his acting her final year as chairman. The The FDIC continues to battle crimination, according to legal do its job, current and former
replacement. agency remained atop the list allegations of racism more than documents. employees said. In addition to
Gruenberg, who took over as until 2017. two decades after the agency Employees had complained examining banks’ ledgers, the
acting chairman when McWil- When the financial crisis hit, paid more than $15 million in to senior FDIC leaders and the regulator is also meant to scru-
liams left, named Pettway gen- many employees said they be- 2000 to settle charges of race agency’s inspector general that tinize a bank’s management and
eral counsel days later. lieved she championed the discrimination and cronyism in Pereira was discriminating personnel practices, as well as
Pettway didn’t respond to re- agency and bolstered its rele- promotions made by more than against Black employees and overseeing diversity and inclu-
quests for comment. vance, which strengthened mo- 3,000 Black employees in a creating a hostile work environ- sion efforts.
In 2009, former Chairman rale. class-action lawsuit. ment. Among their complaints “The financial market is
Bair prepared to hire Michael Bair could also be combative, As of 2022, minorities repre- was that he had told a Black moving at lightning speed. I
Bradfield, a former Federal Re- particularly with senior agency sent a quarter of executive employee that slavery was “not don’t think the FDIC is on
serve official and protégé of officials, former employees said. managers, and women repre- all bad” around 2015. course to keep pace, because
onetime Fed chairman Paul Vol- A Journal article in 2009, as the sent 35%, according to annual Barbara Ryan, the chief oper- they’re not attracting and re-
cker, to become general counsel. nation was emerging from the diversity reports. ating officer and deputy to Gru- taining the best and brightest,
About that time, a senior FDIC financial crisis, identified frus- In September 2018, an anon- enberg at the time, reassigned especially as it relates to youn-
official said she told Bair the tration among FDIC employees ymous group of Black employ- Pereira. In a deposition, she ger employees,” said Candice
man had sexually harassed her with Bair’s “head-cracking” ees wrote to former Chairman said that when she learned an Nonas, a former senior resolu-
and others at the Fed decades management style. McWilliams to express concerns “unprecedented number” of tions specialist at the FDIC.
earlier. She asked Bair not to Bair declined to comment on about their treatment under complaints had been filed “They need to re-examine lead-
hire him. criticism of her leadership style. Gruenberg, during his earlier against Pereira, she “became ers who maintain the status
The official, deputy general Her supporters told the Journal stint as chairman. very concerned about the repu- quo.”
counsel Roberta McInerney, she demanded a high level of “The culture at the FDIC for tation of the FDIC, should it be- —Lisa Schwartz
said she told Bair that Bradfield performance from employees African-American employees is come known externally that the contributed to this article.
FROM LEFT: T.J. KIRKPATRICK/BLOOMBERG NEWS; NOAH BERGER/AGENCE FRANCE-PRESSE/GETTY IMAGES
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

ARTS IN REVIEW

J
oe and Gracie are living FILM REVIEW | KYLE SMITH
an ordinary life at a beau-
tiful house on an island in
Savannah, Ga. She’s got a
thriving business as a
baker; he works in radiol-
ogy. They’ve got kids, dogs and a
‘May December’:
view of the sea. The family is sta-
ble and placid. Once in a while,
though, they find someone has
mailed them a box of excrement.
A Trenchant Tabloid Drama
Meanwhile, a famous actress has Todd Haynes’s film follows a famous actress studying a woman with a notorious criminal past
come to visit for several days.
“May December,” a finely
tuned drama from director Todd
Haynes (“Far From Heaven,” “I’m
Not There”) that is playing in a
few theaters ahead of its Dec. 1
Netflix release, is a low-key suc-
cessor to “The Scarlet Letter” for
the age of mass media. There
aren’t many taboos left, but here
is one: Joe (Charles Melton) was
in seventh grade, and Gracie (Juli-
anne Moore) was a 36-year-old
married mom whose son was one
of his classmates, when they
started a sexual relationship.
That was back in the early ’90s,
when the tabloids blasted out
headlines about the “pet shop ro-
mance,” after the place where the
two met. Now it’s 24 years later,
and a casual observer might ask:
Who was hurt by their affair? Isn’t
this merely a moral question? Gra-
cie’s seemingly permanent place
on the sex-offender registry seems
like one of many indicators of
overkill directed at punishing this
woman, who clearly poses no
threat to the community. (She
spent years in prison and even
gave birth to the couple’s first
child there.) She is in the strange
position of being a moral outcast

.
in an age when “transgressive” is
normally high praise.

ly
The visiting actress, Elizabeth,
is played by Natalie Portman, who
like the ever-reliable Ms. Moore is
an Oscar winner. She turns her
part into an even juicier one than
the lead, serving as a sneaky audi-
ence surrogate (she gets to ask the
on
questions we have) who at first
us ,

seems merely as though she wants

l

to get at the truths she needs to

e
al a

play Gracie but gradu-

ally reveals a more
sinister side. A bit full Portman provoke the audience to
ci on

Natalie Portman and Julianne

of herself, despite Moore, above, and Charles Melton, wonder whether Elizabeth is the
merely being famous left; the film is loosely based on true villain. However, Joe, a loving
for starring in a the true story of teacher Mary father who seems at peace with
cheesy series called Kay Letourneau everything that has happened,
“Norah’s Ark,” Eliza- may be more wounded than he
er s

beth sees her project appears. He raises monarch but-

as a prestige indepen- ter to talking points. Joe and Gra- terflies as if to prove to himself
m er

dent movie, although cie’s relationship (inspired by the that he can nurture new life in
Gracie’s story was pre- 1990s case of Mary Kay Le- the correct way.
viously filmed as a tourneau, a teacher who had an “May December” is being de-
quickie made-for-tele- affair with a 12-year-old student scribed as a dark comedy, but for
vision effort. That de- to whom she was later married the most part it isn’t; for his en-
m rp

tail makes “May De- for 14 years) serves as a means to tire career Mr. Haynes has had to
cember,” among other plumb questions that rarely come deal with the somewhat reductive
things, a mordant up in movies. (Is there social charge that he is campy, and
comment on the thin value to public shaming?) Despite that’s unfair. To be campy is to
line between trashy appearances, Gracie’s crime, we traffic in superficial mockery, and
co Fo

exploitation and Oscar
bait. As surely as tab-
loids once did, Eliza-
beth is determined to
milk the situation for
all it’s worth. She lets
slip that she thinks of
the whole mess as just
one of many “stories”
she has been involved with over
the years, and the choice of that
word is another indicator of her
NETFLIX (2)
(from a story she devised with
her husband, Alex Mechanik) is
not a defense of Gracie. As such
to promote a slogan or a cause,
it’s a model to all of those self-
satisfied message movies that
learn in several deftly written
scenes, was far from a victimless
one. One especially smart in-
stance of Elizabeth’s research in-
troduces Gracie’s son Georgie
(Cory Michael Smith), who was in
Joe’s class at school when the af-
fair began. “It ruined my life,” he
notes casually. After two minutes
with him, it’s hard to disagree.
Yet Georgie passes along a de-
tail from Gracie’s past that casts
this penetrating, inquisitive, tex-
tured film is anything but superfi-
cial. It suggests our lives are infi-
nitely more complicated than they
appear from the outside, it resists
being smug, and though it leaves
us with uncertainty, that mode is,
for once, justified rather than
lazy. Any five audience members
might have five different take-
aways, which tells you there is a
lot going on here. I was left with

tabloid nature. it’s a tonic. In its refusal to flat- confuse repeating favored clichés her actions in a whole new light. this thought: How well do we re-
n-

Samy Burch’s sensitive script ten out the bumps of its situation with artistry and reduce charac- Meanwhile Mr. Haynes and Ms. ally know anyone, even ourselves?
no

TELEVISION REVIEW | JOHN ANDERSON (Johnny Ramey). It is a

A Tireless Catalyst
relationship with which
even Rustin’s closest
allies—the real-life A.
Philip Randolph (a ter-

For Civil Rights

rific Glynn Turman) or
Anna Hedgeman (CCH
Pounder)—could have a
big problem.

T
he opening scene of a movie is our expectations. Isn’t King always
like the bread at a restaurant. the center of the historical-movie
Competence, attention to de- action? Wasn’t Rustin a supporting
tail and even your plans for the eve- player in the fight for civil rights?
ning can be determined by a mouth- Maybe, but it is Mr. Domingo’s Rus-
ful. Character, dynamics and history tin who rules “Rustin” as well as
can be established in a morsel. the day: By presenting King with a
That kind of moment arrives in litany of the preacher’s own accom-
“Rustin” courtesy of director George plishments he convinces him to join
C. Wolfe, who follows an effectively the protest. “Use your power,” he
soundless school-desegregation tells King. One of the principal les-
montage set in 1954 with a noisy sons of “Rustin” is that power and
1960 meeting of civil- energy are not the
rights activists plan- same thing.
ning to disrupt the Mr. Domingo is a
Democratic conven- Rustin was force of nature in
tion in Los Angeles; essential to the this film, delivering a
they want to strong- complex, highly sym-
arm the Kennedys planning of pathetic portrayal,
into fulfilling their but he also deter-
promises. The nay-
the 1963 March mines what the
sayer in the group— on Washington. movie actually is,
and the first charac- while preventing it
ter on whom we from going awry. The
focus—is the Rev. screenplay by Julian
Martin Luther King Jr. (Aml Breece and Dustin Lance Black
Ameen), who has been invited to (“Milk,” “J. Edgar”) provides many,
lead the demonstration but who in many opportunities for earnest
very measured, pastoral tones has speechifying and ardent appeals to
declined. “I am not your man.” a national conscience. But Rustin,
“Who says you are not our whose activism was years-long at
man?!” demands Bayard Rustin this point, who had faced down big-
(Colman Domingo), organizer ex- ots everywhere, and whose gayness
traordinaire, who not only seizes was as repellent to much of black
the room and the argument—physi- leadership as it would have been to
NETFLIX
Colman Domingo as Bayard Rustin
in director George C. Wolfe’s
Netflix film
ments, so ironically immune to dis-
paragement, that his words never
sound like a speech. In his mouth—
in which a missing tooth, lost to
Southern police for not moving on a
bus, tempers the flamboyance of
his manner—the words of Messrs.
Breece and Black are strong and
real, though they do have to share
space with Rustin’s ever-present
cigarette, at least when it is not ele-
gantly seesawing between his fore-
fingers. (It isn’t healthy, one sup-
poses, but one attraction of the
period piece must be the opportu-
nity it provides directors to fill their
air with smoke. Very cinematic.)
One of the two intertwining nar-
1963 March on Washington. (Sel-
dom have the details of a public
demonstration—lavatories, water
fountains, peanut-butter-and-jelly
sandwiches—been so dramatically
rendered and recited as they are by
Rustin’s young followers.) The other
storyline is about Bayard’s sexuality.
The irony involved in a civil-rights
movement ostracizing a gay man is
a major component of “Rustin.” The
NAACP’s Roy Wilkins (Chris Rock,
in a rather stiff portrayal) and U.S.
Rep. Adam Clayton Powell Jr. (a
brilliant Jeffrey Wright) can’t get
past their personal repugnance for
Rustin, but even the more enlight-
ened members of the movement
see him as a public-relations liabil-
ity. Rustin doesn’t help himself by
frequenting the wrong places, or
beds, or by beginning an affair with
“Rustin” does suc-
cumb to sentiment, es-
pecially once the
March on Washington
succeeds and the lead-
ers of the civil-rights
movement are invited
to the White House—
without Bayard, who
declines to go along,
though whether he
was actually invited is
a question. Walter
Reuther, president of
the United Auto Workers and an ar-
dent activist for equal rights, was a
major player in the event yet is all
but ignored here; he’s in the credits,
but I missed him. Despite the pro-
tests of Hedgeman, which are in
the film, no woman gave a speech
at the March on Washington and
James Baldwin, among others, was
excluded from the program. The im-
plication is that Bayard Rustin
would have been excluded, too, if
anyone else could have accom-
plished what he did. Few people
could do what Mr. Domingo does ei-
ther, as it happens, and Oscar vot-
ers should include him in their bal-
loting plans.
Rustin
Friday, Netflix

cally and oratorically—but grabs the many white Americans, is so prac- rative arcs of “Rustin” involves his a young married pastor, the com- Mr. Anderson is the Journal’s TV
movie itself by the shirt, disturbing ticed and disarming in his argu- practical planning of the landmark posite character Elias Taylor critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 17, 2023 | A11

ARTS IN REVIEW
The cast of ‘Spamalot’; the
Monty Python musical was
last on Broadway in 2009

joyous life when the knights

are ordered (long story) to
put on a Broadway show.
Nik Walker is also ter-
rific as Sir (Dennis) Gala-
had, who agrees to leave his
“anarcho-syndicalist com-
mune” when he falls under
the spell of the Lady of the
Lake, tossing aside his radi-
cal leanings to instantly ac-
quire a posh accent. And the
“Saturday Night Live” alum
Taran Killam makes for a
wonderfully confused Sir
Lancelot, who rushes to the
rescue of a distressed dam-
sel only to find she’s a he.
Not to worry—his non-dam-
sel, Prince Herbert (a dizzy
Ethan Slater), coaxes him to
embrace the gay knight
within.
The lyrics and book have
been modestly updated to
include of-the-moment ref-
erences to the “Funny Girl”
star Lea Michele and, but of
course, Taylor Swift and
Travis Kelce. These do not
feel forced, but entirely in
keeping with the all-em-
bracing lunacy.
With this production, first
seen at the Kennedy Center
in Washington, Mr. Rhodes
establishes himself as a top-
shelf musical-theater direc-
THEATER REVIEW | CHARLES ISHERWOOD tor. His long experience as a
choreographer is a distinct
asset here, with the spirited,

King Arthur and His Coconuts loopy dances, including a

.
chorus of frantically tapping
knights and a cheerleading

ly
squad, adding immeasurably
‘Spamalot’ returns to Broadway in a blissfully funny revival directed and choreographed by Josh Rhodes to the pleasure.
And there’s an added bo-
on
W
nus, aside from the endor-
New York couple of hours of deliri- and his questing knights, with prime talent that there Side of Life,” from the phin rush: You can skip that
as “Spa- ously funny escapism at a written by Eric Idle (book, isn’t a smidgen of a lull in movie “Life of Brian,” and core workout for a day. Pi-
malot” re- time when the world seems lyrics and music) and John the proceedings. Christo- even brings a note of for- lates, begone! The energy
ally this to be getting grimmer by Du Prez (music), loosely pher Fitzgerald makes a lorn pathos to the part, expended laughing nearly
us ,

funny the the day? Among other adapted from the 1975 meaty meal of the role of when Arthur laments that nonstop for 2 1/2 hours will
l

first time things, this joyously juvenile movie “Monty Python and Patsy, Arthur’s loyal ser- he is utterly alone, as poor prove a tonic for any flabby
e
al a

around? and sublimely funny trav- the Holy Grail.” vant, capering after him Patsy stands stalwartly by abs.
The thought caromed esty of legend reminds us James Monroe Iglehart, while clapping together two his side.
around my mind in between that people in the Middle who won a Tony as the Ge- coconut shells to provide his Michael Urie plays Sir
ci on

heady bouts of pure glee as
I watched the new Broad-
way revival of the musical,
directed and choreographed
by Josh Rhodes, a rising
Ages were probably as buf-
foonish—and bloodthirsty—
as they are today.
Mr. Rhodes has assem-
bled a cast of terrific actors
er s
nie in “Aladdin,” portrays
Arthur as a deliciously
pompous doofus, his rich
baritone never dropping its
plummy orotundity. His sing-
dim-witted master with the
illusion that he is actually
astride a horse. Mr. Fitzger-
ald also leads with gusto
what is probably the best-
Robin, who is attracted to
join the Round Table not for
the fighting—ew!—but for
the “dressing up” and
“dancing.” Mr. Urie’s Robin
Spamalot
St. James Theatre, 246 W.
44th St., New York, $39-
$299, 888-985-9421, closes
April 28

star now fully risen. In to ham up a veritable hurri- ing, likewise, is amusingly known Monty Python song, proves a hilariously quiver- Mr. Isherwood is the
prospect the notion of a re- cane as they sing and dance infused with Arthur’s lofty “Always Look on the Bright ing coward, but springs to Journal’s theater critic.
m er

vival struck me as prema- this willfully dopey retelling sense of pious righteousness.
ture. “Spamalot” again, al- of the legend of King Arthur In the lone female role,
ready? The show closed on as the Lady of the Lake,
Broadway in 2009 after a Leslie Rodriguez Kritzer fi- The WSJ Daily Crossword | Edited by Mike Shenk
run of almost four years. nally gets the plum Broad- 1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
m rp

But within just a few The cast joyously way role her talents de-
blissful minutes any reser- performs this serve. With a voice capable 14 15 16 CONTEST
vations were vanquished. In of pyrotechnical, top-that-
fact the arrival of this pro- willfully dopey Mariah-Carey feats, and a 17 18 19
duction, blazing like a burst matchless sense of low com-
musical retelling of 32 Discreet
co Fo

of summer sunshine as win- edy, she sends the show’s 20 21 22

emails
ter draws near, seems per- a medieval legend. temperature up a notch or
33 “That wasn’t
fectly timed. Who could re- two whenever she steps on- 23 24 25 26
sist the impulse to bask in a stage. Which is not fre- supposed to
quently enough, as the Lady 27 28 29 30 31 happen...”
herself makes clear in her 34 “Rendezvous
delicious second-act solo, 32 33 34 35 36 With ___”
moaning, “Whatever hap- (Arthur C.
pened to my part?” 37 38 39 40 41 Clarke book)
Still, since we get to 35 “So?”
hear Ms. Kritzer sing, with 42 43 44 38 Candy holder
the silly self-seriousness it with legs
invites, the show’s funniest 45 46 47 48 49 39 “Begging your
n-

tune, the Andrew Lloyd pardon...”

Webber spoof “The Song 50 51 52 53 54
40 1982 Robin
That Goes Like This,” and Williams title
later watch her cavort in a 55 56 57 58 59
role
no

feathered-and-sequined
60 61 62 63 41 ___dire (jury
jumpsuit redolent of Cher
selection
in the 1970s (Bob Mackie
64 65 66 part)
could sue), gratitude for
her presence far outstrips 46 Ad on the
regret that it isn’t more 67 68 69 tube
pronounced. 47 Black Sea
In any case, the produc- peninsula
tion is so richly stocked SOUND LOGIC | By Matt Gaffney 48 Aide
The answer to 36 Cherbourg 64 Red Sesame 11 Hasn’t fully 49 Band with a
this week’s contest chess piece Street repaid lightning bolt
Christopher Fitzgerald and crossword is a 37 New resident 12 Amusing logo
James Monroe Iglehart, left, movie of the 1980s. marketing 65 “Wish you’d Martha 51 JPEG, say
and Nik Walker and Leslie push from told me 52 Breakout
Across 13 Game
Rodriguez Kritzer, below Moët & sooner!” featuring a maker
1 City by Arches
National Park Chandon? 66 One of the 12 deserted 53 Performed
5 Unpleasant 42 Dot follower, Olympians world without
looks often 67 Lamb or 18 Additionally speaking
10 Quad quarters 43 Del Shannon’s Spam 19 Drawn sailor 54 Mountain
“When ___ 68 One way to 24 Temporary Dew maker
14 Joe Bruin’s You”
sch. play the piano waves 55 Thing
44 Binary digits 69 Calf-length 25 Basilica 56 Depressed
15 Filtering
brand 45 Actor who dress feature area
became an Down 26 Jay of “Last 57 Austen
16 Like the astronaut in
visiting team 1 Crunk, funk or Comic classic
2021 at age 90 punk Standing” 61 Bawl
17 Massage a
47 Spiced tea 2 Soccer goalie 29 Shiraz is there 62 Possessive in
bunch of eels’
scalps? 50 Reason Guillermo 30 “Follow me” the past
Dracula 3 Cause to 31 Tastes 63 Smoked stuff
20 Super suffix
dropped out worry
21 Maggie’s halfway Previous Puzzle’s Solution
sister through the 4 Cartoon crash P E R M I N I M MA D AM
22 Beginning marathon? sound A T E A N O D E O D E T O
5 Player in a pit S T A R T F R OM B L AM E
23 Shrimp dish 55 Clarifying T U P E L O S E T H I C
served in a Latin words 6 ___Pointe C E R E S R I B A L D
dining hall? 58 Cheddar (Detroit S O L O S T E N E T S I A
27 90 degrees suburb) I P A D S B I D S S E A R
descriptor F O R E MA Z E S A F I T
from norte 7 Spring flower
MATTHEW MURPHY/EVAN ZIMMERMAN (3)

59 Make even T R E S I C E R C L O S E
28 Aristotle 60 Award- 8 When you’ll E T C A S K O F A I R E D
classic show up, R O L A N D N O O N E
winning I D I O M O C A R I N A
32 “Hamilton” philatelist of roughly
I N P U T B O T H S I D E S
role western 9 Singer Smith T E S L A A B E E T E R A
35 Pallid Florida? 10 “Shoot!” S T E T S S I D R A S O P
▶ Email your answer—in the subject line—to crosswordcontest@wsj.com by 11:59 p.m. Eastern Time Sunday,
Nov. 19. A solver selected at random will win a WSJ mug. Last week’s winner: Toby Golick, New York, NY.
Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. Void where prohibited. U.S.
residents 18 and over only.)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Friday, November 17, 2023
Harbaugh Accepts the Big Ten’s Ban
The Michigan football coach was poised to battle the conference’s suspension in court before a late agreement
BY ANDREW BEATON
AND RACHEL BACHMAN
M
ichigan coach Jim Har-
baugh agreed to accept the
three-game suspension is-
sued by the Big Ten Conference
over sign-stealing allegations
against the Wolverines football
program, a stunning twist less
than a day before the sides were
set to appear in court over the
ban.
The agreement resolves a legal
war that erupted last week when
the Big Ten levied the unusual
mid-season penalty against Har-
baugh, whose team is undefeated
and chasing a national title even as
it fended off accusations of cheat-
ing.
Hours after the Big Ten had
suspended Harbaugh under the
conference’s sportsmanship policy,
lawyers representing him and the
school’s board of regents rushed to
Washtenaw County court seeking a
temporary restraining order that
would stay his suspension. The
parties were due to meet in court
Friday morning—before both sides
abruptly resolved the matter on
Thursday afternoon, when the
court docket con-
firmed that the
pending case had
been voluntarily dis-
missed.
While Harbaugh
decided to accept
the suspension, the
conference agreed to
close its investiga-
tion into the matter.
Michigan said that
the Big Ten also reit-
erated that it isn’t
aware of any infor-
mation that Har-
baugh was involved
in the alleged sign-
stealing scheme. The
NCAA’s investigation
of the matter is on-
going.
“Coach Harbaugh,
with the University’s
support, decided to
accept this sanction
to return the focus
to our student-ath-
letes and their performance on the
field,” the university said in a
statement.
Michigan’s alleged wrongdoing
centers around a since-resigned
staffer, Connor Stalions, who re-
portedly bought tickets to games
for the team’s upcoming oppo-
nents. Although sign-stealing is not
prohibited, the in-person scouting
of opponents is against NCAA by-
laws.
The decision to resolve the mat-
ter will keep Harbaugh off the
Baltimore
At first glance, it
looked like an ordinary,
unexceptional, very old
baseball card.
It was not. It was a
missing link.
This was him, alright. The
no
Babe. The most famous player
baseball has ever produced, cap-
tured here before the legend, the
pinstripes, the 714 home runs, the
seven World Championships, the
single MVP award (you could only
win one in those days), the cigars,
the celebrity, the cartoon-like he-
roics in the Bronx, and that 86-
year, since-broken curse which
tormented the foolish club that
unloaded him, the Red Sox.
In the card, he looked young.
He was young–19 years old. The
card is from 1914, when Ruth
wasn’t far removed from his time
at St. Mary’s Industrial School for
Boys. He’s a rookie for his home-
town Baltimore Orioles, then a mi-
nor league outfit with the Interna-
tional League. Everyone knows
The Babe began as a pitcher, but
it’s right there on the card, in all
caps: RUTH PITCHER.
He’s svelte! I should clarify:
svelte-ish. Babe’s a big person,
clearly, even under his ball cap
and coat.
Confession: I’m not a big base-
ball card guy.
I bought some as a kid, but I
was equally interested in that brit-
tle slice of gum that came with ev-
ery pack, and lost its flavor within
two seconds. My eyes glaze over
when people start to talk about
their card collections, even though
my mother tells me she’s held on
to a few shoeboxes of mine in the
attic. I would almost rather hear
someone talk about their NFL fan-
tasy team.
Settle down. I said almost.
But even I knew this Ruth card
BABE RUTH MUSEUM
was valuable, extraordinary, worth
a visit.
If I wanted confirmation, I
needed only to look at the armed
guard sitting on a stool next to its
on
us ,
l
e
al a
ci on
er s
m er
sidelines for Saturday’s game
against Maryland—and the regu-
lar-season finale against No. 2 Ohio
m rp
State, its fiercest rival. Harbaugh is
still allowed to coach the team dur-
ing the week. No. 3 Michigan beat
Penn State 24-15 last Saturday
with Harbaugh absent and offen-
co Fo
sive coordinator Sherrone Moore
serving as acting head coach.
In a statement, the Big Ten said
that Michigan’s decision to with-
draw its lawsuit “is indicative of
the high standards and values that
This Card Could Be Worth $10 Million
n-
A Babe Ruth rookie card from 1914 has hit the auction market. The sale lasts through Dec. 3.
display case. Other guards lurked
around, I was told. This card was
precious cargo, protected like a Pi-
casso, making a brief pit stop at
its former home, the Babe Ruth
Birthplace and Museum, before be-
ing auctioned off and sold to the
highest bidder.
The auction began Wednesday.
Within hours, bidding for the Babe
rookie had hit $5.25 million. The
sale, which is being run by Robert
Edward Auctions and lasts
through Dec. 3, has lofty expecta-
tions. That $5.25 million bid may
be a speed bump on the way to
eight figures.
SPORTS
the Conference and the University
seek to uphold.”
“The Big Ten Conference’s com-
mitment to student-athletes,
sportsmanship and the Commis-
sioner’s duty to protect the integ-
rity of competition will never wa-
ver,” the Big Ten said in a
statement. “The University of
Michigan is a valued member of
the Big Ten Conference and the
Conference will continue to work
cooperatively with the University
and the NCAA during this process.”
JASON GAY
Ten million? It’s possible.
Could this Ruth rookie top the
all-time amount paid for a baseball
card, which was the $12.6 million
last year for a close-to-flawless
1952 Mickey Mantle card?
“We think the record is within
striking distance,” Brian Dwyer,
the president of Robert Edward
Auctions, told me at the Ruth Mu-
seum.
Phew. Here’s why the Ruth
card–held for generations by its
original owners, a Baltimore fam-
ily, until it was sold privately in
2021 to an unknown buyer for an
undisclosed amount–is such a big
Jim Harbaugh agreed to accept the baugh, a 59-year-old former quar-
Big Ten’s three-game suspension.
Left, Michigan beat Penn State
without Harbaugh on the sideline.
ly
The announcement represented
a surprise move for both sides,
which had traded aggressive legal
letters in recent days. Early this
month, ahead of the Big Ten’s
sanction of Harbaugh, Michigan
president Santa Ono had emailed a
warning to Big Ten commissioner
Tony Petitti that levying a punish-
ment before completing an investi-
gation would violate the confer-
ence
bylaws. Warde Ma-
nuel, the school’s
athletic director,
assailed the deci-
sion, saying Har-
baugh was “con-
10-0
Record of Michigan’s football
victed and team heading into Saturday’s with the team’s re-
penalized without game at Maryland
due process.”
Petitti made his
stance clear in a
Nov. 10 letter to Manuel, detailing
the Big Ten’s reasoning of its pun-
ishment of Harbaugh and adding:
“The Conference recognizes that
additional disciplinary actions may
be necessary or appropriate if it
receives additional information
concerning the scope and knowl-
edge of, or participation in, the im-
permissible scheme.”
In that letter, Petitti also out-
lined the conference’s findings,
saying that Michigan “engaged in
deal:
One, it’s the first known card
depicting the towering lefty slug-
ger. The card, which was part of a
promotion by a local newspaper,
the Baltimore News, is extremely
scarce: There are only 10 of them
known, and one hasn’t hit the
market in more than a decade.
This one is in good shape: it’s been
given a grade of VG 3, the VG
“very good,” from the grading
agency SGC.
But also: It’s the Babe! This is a
charismatic cultural figure with a
reach far beyond sports; who once
justified making a salary higher
THE WALL STREET JOURNAL.
an organized, extensive,
years-long in-person ad-
vance scouting scheme
that was impermissible.”
Harbaugh received
notification of his sus-
pension via social media
as the team’s plane was
landing in State College,
Pa., around 5 p.m. that
Friday, a day when
courts were closed in ob-
servance of Veterans
Day. Harbaugh and the
university quickly sought
a temporary restraining
order to block the ban,
and while they were un-
able to get a hearing be-
fore the showdown
against Penn State, there
was hope that this Fri-
day’s hearing could get
Harbaugh back to finish
off the regular season.
Then, under 24 hours
before that scheduled
court date, the two sides
dropped arms.
The decision repre-
sents yet another incred-
ible twist for one of the
most prominent coaches
in college football. Har-
terback, returned to his alma
mater in 2015 after successful
.
coaching jobs in both college and
the National Football League.
Now, Harbaugh won’t be roam-
ing the sidelines against Maryland
and Ohio State as the Wolverines
push for a spot in the Big Ten
Championship game—and the Col-
lege Football Playoff.
A spokesperson for the football
team said on Wednesday that Har-
baugh planned to travel to Mary-
land for Saturday’s game regard-
less of whether he would be
permitted to coach
during the game.
Other Big Ten
schools had been
outraged by the al-
leged sign theft,
which coincided
cent football suc-
FROM TOP: SCOTT MAPES/ZUMA PRESS; MATTHEW O’HAREN/REUTERS
cess. Michigan has
beaten Ohio State in
back-to-back years
after the Buckeyes had won eight
straight in the game known as The
Game. The Wolverines have also
reached the College Football Play-
off in each of the last two seasons.
They’re favorites to reach the
conference championship and the
playoff again this season. If they
make it to those games, they’ll
have an extra reward: Jim Har-
baugh back on the sidelines.
—Laine Higgins
contributed to this article.
than President Hoover by saying,
“Why not? I had a better year.”
“It’s the dawn of the Great
Bambino,” said Dwyer.
“When I hold that card, I think
of Babe Ruth looking back at me
as a 19-year-old,” he continued.
“Being exposed to the world–not
just baseball–for the first time.
Babe Ruth goes beyond card col-
lecting. He’s gigantic.”
A major Ruth sale would place
this card in a collectible trinity
with the ’52 Mantle and another
iconic card: the “T-206” Honus
Wagner, which pops up for sale
now and again. In 2011, a group of
Baltimore-area nuns auctioned off
a T-206 they’d received from the
donation of an estate; that card
sold for $262,000. More recently, a
T-206 Wagner sold for $7.25 mil-
lion.
Why are prices soaring?
“This is an opportunity to park
money away in something that
historically has shown it’s not go-
ing to go down in value,” said
Dwyer.
Rare cards are far from alone in
their skyrocketing values; Dwyer
pointed to a recent Sotheby’s sale
of a 1962 250 GTO Ferrari for $51.7
million.
“I think there is a class of high
net worth individuals [who] recog-
nize that these statement pieces–
these incredibly rare high quality
assets–will perform well and store
value for them,” he said.
I am not one of these high net
worth individuals. But the next
time I am back at my mother’s, I
am going to dig into those old
shoeboxes and figure out if I have
enough cards to buy myself a su-
peryacht. Or at least lunch at Chi-
potle.
I’m not saying there’s a Babe
Ruth. There definitely isn’t. But if
anyone wants to give me $10 mil-
lion for a uncared-for, corners-
bent Rickey Henderson, bubble
gum stain on the back, I will listen
to all serious bidders. Even if you
want to talk about your NFL fan-
tasy team.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
The GOP’s Energizer Bunnies
A
day
modern-
Aesop
might have
fun with to-
day’s House
Republicans,
POTOMAC say with an
WATCH update of
“The Tortoise
By Kimberley
and the
A. Strassel
Hare.” Con-
sider that
GOP warren of Energizer
bunnies, currently doing all it
can to ensure it never wins
the noble race in which it
claims victory is so vital.
Speaker Mike Johnson on
Tuesday passed another ex-
tension of government fund-
ing, giving the House and
Senate a few more months to
hammer out new spending
bills. Ninety-three Republicans
Lawmakers are in a
hurry for victory, but
the tortoises have a
better approach.
voted against the extension
(and their new speaker), ne-
cessitating Democratic sup-
port for final passage. Give
the GOP holdouts credit for at
least forgoing a motion to de-
pose Mr. Johnson for working
with the other side.
They did, however, take to
the House floor (and the
press) to denounce with rab-
bit-like energy their tortoise-
like Republican colleagues
who supposedly don’t under-
stand how important is total
victory at this moment. To
listen to the speeches, only
the hares care about reckless
spending. Only they are sick
and tired of the Biden ad-
Reverberations of Music From the Holocaust
HOUSES OF New York From tunes about the joys of education and extinguishing Say,” a song written by Hirsh
WORSHIP “Jews, have gefilte fish and skipping hatred.
By Avram faith,” Mor-
Mlotek dechai Ge-
birtig, the
c e l e b ra t e d
Yiddish poet, wrote in 1940.
“Revel, dance,” he pleaded:
“There was once a Haman, his
end awaits.” Though the Nazis
would murder Gebirtig in
Kraków, Poland, two years
later, his songs continue to be
sung today.
My family knows a bit
about this. The preservation
of Yiddish song is something
of a household business. I
grew up singing Yiddish Holo-
caust songs before I knew
English nursery rhymes. My
paternal grandparents, Yosl
and Chana Mlotek, uncovered
the culture of a people nearly
destroyed and made Yiddish
song accessible for new gener-
ations. My father, Zalmen,
helped revitalize Yiddish mu-
sical theater stateside.
To us the Holocaust wasn’t
merely a piece of history; it
was home. While my grandfa-
no
ther wouldn’t speak about the
world he lost in Eastern Eu-
rope, his work reflected it. He
didn’t share memories of his
childhood or parents, but the
songs he played on his man-
dolin colored a joyous Jewish
life.
His notes painted a beauti-
ful, if sobering, portrait of
what it means to be Jewish.
To Slow Climate Change, Curb Methane First
By Fred Krupp
M
any environmentalists
are understandably
skeptical about a cli-
mate gathering that will be led
by the chief executive of the
United Arab Emirates’ national
oil company. But the meeting,
which begins Nov. 30 in Dubai,
could have a positive outcome
if the oil and gas industry
makes a verifiable commit-
ment to cut methane pollu-
tion.
Reducing methane pollu-
tion is the most effective way
to slow the rate of global
warming in the short term,
according to the United Na-
tions Environment Program.
Cutting carbon-dioxide emis-
sions is important for long-
term climate health, but re-
ducing methane pollution now
will result in lower global
temperatures than we’d other-
wise see in the next decade.
Methane can trap 80 times
as much heat as carbon diox-
ide in the first 20 years after
its release into the atmo-
sphere, before it is chemically
ministration’s undermining
constitutional rights and
prosperity. Only they worry
about reducing the debt and
maintaining the resources
for national security. Only
they care about winning this
race.
And to prove it, the next
day 19 conservatives ex-
pressed their fury by linking
arms with Democrats to tank
one of those annual appro-
priations bills, thereby blow-
ing up an actual tool by
which Republicans might ac-
tually achieve spending re-
straint. Talk about a self-sab-
otaging nap in the middle of
a marathon.
Great outrage doesn’t equal
great strategy. Or any strat-
egy. The rebels project a vi-
sion of valiant Republicans,
wielding shutdowns and
threats, sprinting over the
finish line, kicking dust on
wailing progressives, who fi-
nally bow to spending reality.
Back in the real world, there
exists not one example of a
government shutdown pro-
ducing notable spending re-
ductions—much less dramatic
reform. Back in the real world
there exists only a GOP that
narrowly runs half of one
branch of government.
This grandstanding is
mainly (and unfortunately)
serving to diminish the ac-
tual threat: even bigger gov-
ernment outlays. Senate Ma-
jority Leader Chuck Schumer
and fellow spenders are ra-
diating their intention to
saddle the House with yet
another omnibus. Remember
last year’s? A $1.7 trillion,
4,155-page pile, the size and
last-minute nature of which
served to facilitate obscene
us ,
levels of additional spend-
l
ing. True, this week’s con-
e
al a
ci on
school hoping the rebbe
er s
wouldn’t find out, to songs of
sweeping contempt for those
m er
responsible for the murder of
the Jews, Yiddish song is like
a time machine. It spans con-
tinents, political parties and
wars, and recounts survival,
m rp
hope and despair. In this way
it captures a certain disso-
nance, which is part of what
makes me proud to be Jewish.
Yiddish song expresses that
co Fo
suffering is an inescapable
feature of life but that we may
dwell in its surprising trea-
sures and contradictions.
It is, of course, often diffi-
cult to recognize both aspects.
I’ve been accosted several
times in Manhattan in recent
years for wearing my kippah
in public. As a grandchild of
Holocaust survivors, I know
1939 wasn’t that long ago,
when Madison Square Garden
n-
was filled to capacity by the
German American Bund.
Hamas’s Western cheerleaders
since the barbarous assault on
Oct. 7 have revealed that per-
haps such hatred never left.
As Rabbi Abraham Joshua
Heschel (1907-72) observed:
“In a free society some are
guilty, all are responsible.”
Anti-Semitism is a communal
cancer that requires a whole-
of-society response. To this
end, I believe the arts can be
a potent tool in advancing
broken down. The methane
released this year will cause
as much warming over the
next decade as all the CO2
emissions from all fossil fuels
burned this year, according to
estimates based on peer-re-
viewed studies.
It can trap 80 times
as much heat as CO2
in the first 20 years
after being emitted.
These climate talks are the
industry’s chance to show it is
ready to be part of the climate
solution. Recent actions are
worrisome: Exxon and Chev-
ron are spending billions to
buy other oil and gas compa-
nies, BP and Shell have weak-
ened their commitments to
reduce climate pollution, and
a new report predicts an in-
crease in fossil-fuel produc-
tion through 2030.
The industry must shift its
course and commit to serious
Speaker Mike Johnson
tinuing resolution means
that such an omnibus won’t
drop at Christmas, but
there’s nothing stopping it
from dropping a few weeks
later.
This is why the Senate has
passed a mere three spend-
ing bills—which were lumped
as one “minibus” package.
It’s why it is debating dump-
ing the other nine into an
artfully described “maxibus.”
It’s why it is busting the
spending limits set in this
spring’s debt deal. Mr.
Schumer—who is doing all he
can to slow-roll the Senate
appropriations process—has
a clear goal. He wants to by-
pass House-Senate confer-
ences on individual bills (the
best forum for House Repub-
licans to force spending cuts
and policy changes) so that
the Senate can again jam its
counterpart with one giant
take-it-or-leave option to
keep government humming.
Sen. Roger Wicker, ranking
on
member of the Armed Ser-
vices Committee, this week
had to put a hold on the con-
tinuing resolution just to get
Mr. Schumer to agree to a
formal conference on the de-
fense authorization bill.
Glick (1922-44), a poet and
“Amid Falling Walls,” or
Tsvishn Falndike Vent in Yid-
dish, is a new musical debut-
ing this month at the National
Yiddish Theatre Folksbiene at
the Museum of Jewish Heri-
tage in New York City. The
show tells the story of the
perseverance of the Jewish
spirit during the Holocaust as
expressed through Yiddish
Yiddish song narrates
stories of how Jews
treasured life amid
terrible suffering.
song. Many of its songs were
collected by my grandmother,
with a score arranged by my
father and a libretto written
by me. The work includes
firsthand testimony from sur-
vivors, recounted in their own
poetry and music. Much of
the material was written and
performed in ghettos, caba-
rets, partisan forest encamp-
ments, concentration camps
and clandestine theaters in
the 1930s and ’40s. Though
many of the young authors
were murdered in the course
of the war, their voices live on
in this production.
The name “Amid Falling
Walls” comes from “Never author in New York.
methane reductions. Investor-
owned and national oil com-
panies should pledge to keep
methane emissions below
0.2% of natural-gas produc-
tion, an ambitious target but
one that some operations
have already achieved. For
some companies, that would
mean cutting methane pollu-
tion by 80%. Because global
temperatures are rising and
cuts to methane pollution
could help counteract that,
the fossil-fuel industry should
meet these targets by 2030,
not 2050.
Accountability should back
up the industry’s commit-
ments. Companies should sign
up for the U.N. Environment
Program’s Oil and Gas Meth-
ane Partnership, which re-
quires participants to submit
their emissions data for inde-
pendent verification. Also, my
organization—and others with
similar programs—will soon
launch satellites into orbit to
monitor methane pollution
around the world. Much of the
emissions data collected will
be open-source and available
The much-maligned tor-
toises get all this. This
week’s two-step CR—which
extends funding for four bills
to Jan. 19 and the rest to
Feb. 2—is specifically de-
signed to pressure the Sen-
ate to break out individual
TOM WILLIAMS/ZUMA PRESS
bills and go to conference.
As House Republicans note,
at least one of the bills in-
cluded in the first deadline
has already passed both
chambers—so there’s no rea-
son not to start conference
on it immediately. Confer-
ences would not only mini-
mize the potential for “om-
nis” or “maxis” or “minis”
but also give Republicans
the negotiating power to
bend spending levels down-
ward. They would also move
Congress back toward some-
thing approaching regular
order.
But it won’t happen if the
Republican hares block the
House from passing its own
remaining five bills—out of
anger over the CR, or over
losing this or that amend-
ment, or over not getting
their every policy desire. The
holdouts are right about one
thing: Endless CRs are no
way to enact spending re-
form. The question is: When
do they choose to get on
board with the only strategy
that will?
Granted: “Slow and steady
wins the race” isn’t an in-
spiring political cry. But it
beats the sweaty socks off
“fast, loud and going no-
where.” Republicans can en-
gage in rousing rhetoric, or
they can win some modest
spending gains, prove they
can govern, and build a ma-
jority better positioned to
enact deeper reforms.
Write to kim@wsj.com.
partisan fighter based in
Vilna, Lithuania. The piece be-
came so popular that it spread
to different ghettos and parti-
san units, becoming the rally-
ing anthem of the Jewish un-
derground. It was later
retitled “The Partisans’
Hymn” before Glick was killed
by the Germans.
Much of the material from
“Amid Falling Walls” was
saved thanks to Shmerke
Kaczerginski (1908-54), an-
other partisan and poet from
Vilna. After surviving the
war, he traveled to displaced-
person camps across Eastern
Europe to interview survivors
wherever he could find them,
in hotels and hostels, and col-
lect their songs. Each song is
a testimony linked to a mo-
saic of individual stories and
experiences.
Nobel laureate and Holo-
caust survivor Elie Wiesel
once observed that when you
listen to a witness, you be-
come one. The horrors of the
Holocaust are of a piece with
Hamas’s atrocities today. They
are real and evil but beyond
human comprehension. Yid-
dish song allows us to focus
on how Jews lived and cre-
ated, honoring the art that
survived.
Mr. Mlotek is a rabbi and
to all, including scientists and
activists. If companies fail to
meet their commitments, we
will know it.
Cutting methane isn’t the
only action the industry needs
to take. It must embrace the
goals of the Paris climate
agreement, ramp up invest-
ment in renewable energy, and
support electrification of vehi-
cles and buildings wherever
possible. It should also accel-
erate the development and de-
ployment of the low- and
zero-carbon fuels and feed-
stocks needed to help ships,
planes and heavy industry be-
come less dependent on fossil
fuels.
The result of these climate
talks must be more than
words on paper. Diplomatic
agreements are important, but
we also need significant
short-term action. An industry
agreement to cut methane
pollution would be a huge and
verifiable accomplishment.
Mr. Krupp is president of
the Environmental Defense
Fund.
Friday, November 17, 2023 | A13
BOOKSHELF | By Max Watman
I’ll Have What
He’s Having
The Dish
By Andrew Friedman
Mariner, 288 pages, $29.99
M
idway through Andrew Friedman’s “The Dish,” the
author visits the packing facility of Nichols Farm in
Marengo, Ill., at 3:30 a.m. “The sky above may be
dark as squid ink,” he tells us, “but here the business day is
well underway.” On the loading dock, he watches as restau-
rant delivery specialist Marc Hoffmeister loads the refriger-
ated 16-foot cargo box of a Chevy Express 4500—peaches,
corn, delicate greens, cherry tomatoes. This is an odd place
for a stranger, with or without a notebook, and an employee
asks him what he’s doing there. He tells her who he’s there
to write about. “She nods, smiles kindly, gestures around at
the co-workers buzzing about: ‘All the people nobody sees.’ ”
Even those of us who work behind desks have, of late, be-
come intimately familiar with the words “supply chain”—
shortages during Covid sparked a much greater awareness
of the strange linkages that put paper towels on shelves,
tires on cars, and cheese on sandwiches. All around us, myr-
iad figures coordinate to bring together the elements needed
for commerce. Nowhere is
this process more fascinating
than in a restaurant.
Every day, thousands upon
thousands of plates are
dropped in front of restaurant
patrons, each of them a point
of intersection on a web that
radiates outward through the
waitstaff, the cooks, the butch-
ers, the truckers, the farmwork-
ers. Every leaf of lettuce, every
.
drift of parsley, every crab came
from somewhere. Mr. Friedman
ly
chose to write about one plate,
which was served to him on Sat-
urday, July 24, 2021, in the Avon-
dale neighborhood of Chicago, at a restaurant called Where-
withall. The restaurant, which had been closed to protect
people from Covid-19, had been open again for four weeks.
The savory course of that night’s tasting menu was “dry-
aged strip loin, tomato, sorrel.” That’s Mr. Friedman’s “Dish.”
What follows is a thorough, lively work of on-the-ground
reportage. The paths to the dish are long. “The tomato that
co-stars in Wherewithall’s strip loin dish requires a mini-
mum maturation time of approximately seventy days,” Mr.
Friedman writes, “three months from seed to plate.” The au-
thor takes the reader on an adventure to places we don’t
normally visit—gardens, farms, the abattoir. None of the
processes are romanticized here. One farmer seems almost
apologetic about the utilitarian nature of his cattle business
with its concrete feeder, pile of manure and unadorned
sheds. These aren’t Instagram-ready sets; they’re jobsites.
Mr. Friedman met a bunch of very different individuals,
and presents them with a generous, kind eye. In these pages,
the ink is even, democratic—the heroes are guys like Mr.
Hoffmeister and Edilberto Cassaruvias Avila, who came to
the United States from Guerrero, Mexico in the mid-1980s.
He works at Wyncroft winery in western Michigan, which
makes Wyncroft Shou, a “classic Bordeaux blend of three
red wine varietals (Cabernet Sauvignon, Cabernet Franc, and
Merlot) that is the foundation of our dish’s sauce.”
The cooks at Wherewithall design their menu each week
around what is available from the purveyors on whom they
rely, buying as geographically close to the restaurant as they
can. Chefs can muse about what they want, but their imagi-
nations will consistently brush up against the realities of
what’s available: Mr. Friedman shares a remarkable story
about a Chicago chef who asked a farmer what he needed to
get rid of—the “whaddaya got?” strategy of menu design—
and ended up with a dish that became the hallmark of her
restaurant: Wood Oven Roasted Pig Face. Discussions must
be had and decisions made, and then, no matter how close
the farm is to the kitchen, trucks must be driven. It’s com-
plicated work to get the right stuff to the right place, and
Wherewithall is but one of many stops.
A supply-chain investigation reveals
how a plate of dry-aged strip loin ends
up on a table in a Chicago restaurant.
In the restaurant, Mr. Friedman observes scrupulously. He
provides enough robust detail that a person with a fair bit
of kitchen knowledge could, I suspect, get very close to
cooking that week’s tasting menu from Wherewithall. We
follow members of the staff as they work, and we learn the
paths that led them to this moment. Thomas Hollensed, the
sous chef, grew up in Hattiesburg, Miss., and learned to cook
with his grandmother. He spent some unhappy times in mili-
tary boarding schools, got himself sent back home by claim-
ing a “sudden and debilitating fear of climbing up and down
stairs on crutches” after an accident, and found the work he
loves in the kitchen of an events venue.
Mr. Friedman has an interesting idea about careers. He pro-
poses that people end up where they are because of a “portal,”
a key moment in life, from which they emerge dedicated to
what they’re going to do. For anyone who wonders how peo-
ple got where they are (or who wonder, like I do, what it is
that many people even do), this will scratch an itch. In gen-
eral, “The Dish” crackles with positivity. Johnny Clark, the
owner of Wherewithall with his wife, Beverly Kim, once
worked in South Korea under chef Im Ji-ho—a masterful ec-
centric known as “the wandering chef” for his focus on forag-
ing—where he learned that “there doesn’t need to be some
full on anger/ego situation; you can cook for happiness.”
But this is, after all, the restaurant business. Andrew
Friedman had, no doubt, turned in his manuscript well be-
fore the sewer line underneath Wherewithall broke, which
proved to be the final straw for the ambitious startup. Read-
ers who want to taste Johnny Clark and Beverly Kim’s cui-
sine will have to find it at their other restaurant, Parachute.
Knowing that Wherewithall was not long for this world, like
knowing that the ship is going to hit an iceberg, or that Ro-
meo is going to drink the poison, only heightens the satis-
factions of Mr. Friedman’s book. We can, after all, still visit
its pages.
Mr. Watman is the author of “Harvest: Field Notes From
a Far-Flung Pursuit of Real Food.”
Coming in HOLIDAY BOOKS
The last ships from Hamburg • William Faulkner’s stories
• The Confederate general who defied the South • Magic
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business, science, music & more to give this holiday season
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

U.S. CEOs on the Chinese Menu Why Should Gazans Leave the Middle East?

W
hatever the merits of this week’s China 2025” industrial policy. Danny Danon and Ram Ben-Barak, many to consider adopting the policy
summit between President Biden Mr. Xi has been happy to sacrifice foreign two Israeli parliamentarians, contend of deporting foreign nationals who
that “The West Should Welcome Gaza support Hamas.
and Chinese President Xi Jinping, business interests to consolidate his control. His
Refugees” (op-ed, Nov. 14). I propose Republican senators have called for
there was no reason for U.S. strangulation of Hong Kong’s amending their argument to “The implementing this policy here in
business leaders to trip over Business leaders give Xi rule of law has sent foreign Middle East Should Welcome Gaza America. Under the Biden administra-
themselves to get in on the ac- Jinping a standing businesses packing. Beijing’s Refugees.” tion’s open-border policy, millions of
tion. Yet there they were repression of Uighur Muslims Hundreds of millions of people illegal migrants have been allowed en-
Wednesday evening, kowtow- ovation for showing up. has created reputational dan- wish to improve their lives through try. Among these aliens is an untold
ing to Mr. Xi at a dinner that gers for U.S. manufacturers. Its emigration; that is a positive impulse number of criminals, terrorists and
delivered China a propaganda military threats against Taiwan in itself. But not all those who wish agents of foreign powers such as
coup and the CEOs an embarrassment. run the risk of a destructive war. to come to North America and West- China.
The dinner, for which ticket prices ranged Beijing has also been willing to detain em- ern Europe—Gazans and others—can Set aside the shortsightedness,
up to $40,000, sounds like some affair. Mr. Xi ployees of foreign companies for what appear pile in. Also, cultural and religious from the Israeli vantage point, of
practices often clash. seeding American and Western soci-
received a standing ovation for taking the stage to be political reasons. Longstanding West-
Far better, as I wrote in a 2021 ar- eties with more people who hate Is-
before he said a word. He garnered more ap- ern complaints such as theft of intellectual ticle, if would-be emigrants generally rael and support its enemies. America
plause—from an audience including Apple’s property and corporate espionage (cyber or “remain within their own cultural cannot and should not accept more
Tim Cook to executives from Qualcomm and otherwise) go unaddressed by Beijing—and zone. That is where they most readily people from sick societies, never
Boeing—for delivering such memorable plati- often are part of the Communist Party’s eco- fit in, where they can stay truest to mind likely terror supporters and
tudes as “there is plenty of room for our coop- nomic plan. their traditions, best find economic anti-Semites. That is an act of na-
eration” between the U.S. and China. These and other problems make doing busi- roles, most easily can return home, tional suicide.
The hollowness of Mr. Xi’s remarks under- ness in China a challenge for many companies, and least disrupt the host society.” TONY BADRAN
scores how no one can claim they attended to and many are diversifying their supply chains Gazans’ skills and energy have much News editor, Tablet Magazine
learn more about the opaque intentions of the and investment out of China. Executives under- to offer Middle Eastern countries. Charleston, S.C.
DANIEL PIPES
leader of the world’s second-largest economy. standably want to protect their assets in China
President, Middle East Forum Watching Palestinian activists
They were there as a show of political support, while they’re doing this, and no one expects Philadelphia march through European and Ameri-
which they presumably hope Mr. Xi’s Communist CEOs to denounce Chinese leaders. can streets screaming, “There is only
Party regime will eventually reward. But that doesn’t require fawning over Mr. Messrs. Danon and Ben-Barak’s one solution,” “Globalize the Intifada”
Talk about not knowing what time it is. Two Xi, especially when there are real political proposal that America and other and “From the river to the sea,” I
decades ago, China appeared to be on a path costs for doing so at home. It’s a safe bet Mr. Western nations take in tens of thou- must admit I am in no hurry to bring
toward economic reform and following the Xi hoped to create an appearance that Ameri- sands of refugees from Gaza is sheer in thousands of Gazan refugees who
rules of global trade and order. At the time can business is on his side lobbying against lunacy. have grown up on a diet of hatred
some Western executives found that meeting a firmer line on China policy in Washington. Since Oct. 7, American and Euro- and disinformation from their totali-
Chinese officials was an opportunity to explain An embarrassing number of Wall Street CEOs pean cities have been witnessing tarian government.
their businesses and persuade Beijing to pursue already handed Beijing a public-relations vic- mass anti-Israel rallies displaying I’m not sure that would be a win
grotesque anti-Semitic slogans. The for the West.
more opening. Mr. Xi still makes occasional tory when they showed up for a financial-in-
rise in anti-Semitism has led the cen- JERRY LEVY
gestures toward welcoming foreign business, dustry summit in unfree Hong Kong earlier ter-left government coalition in Ger- Atlanta
as when Beijing tried to court financial inves- this month.

.
tors earlier this year. All of this will hurt their image in the U.S.,

ly
It should be clear by now, however, that especially among those on the political right
something else is happening. Mr. Xi has who are increasingly skeptical of big business
spent most of his tenure since 2012 tighten- but whom business needs to fend off regulatory
Sickle-Cell-Disease Research vs. Bureaucracy
on
ing the Communist Party’s grip on the econ- and tax assaults from the political left. Share-
omy. This has come with a drive toward eco- holders might ask whether cozying up to Mr.
nomic nationalism, such as the “Made in Xi really serves their interests.
Cruel and unfair. That’s all I can
think when I read “Biden’s Race
Against a Cure” (Review & Outlook,
Nov. 14). Sickle-cell disease is ex-
the docket with the bipartisan Sickle-
Cell Disease Cure Act. Americans are
not a cruel people, nor are we racist.
This would be a real way to demon-
tremely painful, disfiguring, disabling strate it.
us ,

TikTok’s Osama bin Laden Fiasco and deadly. DOUGLAS A. KRAMER, M.D.
l

The gene evolved in Africa for a Middleton, Wis.

e

T
al a

very good reason. A single copy of

ikTok’s hot new social-media influencer university campuses that some young Ameri- the gene protects against malaria. It is a real triumph for bureaucracy
is . . . Osama bin Laden. Yes, the terrorist cans in 2023 can apparently read Osama bin But two copies of the gene, one from when one huge government agency,
ci on

who plotted 9/11 went viral this week, and Laden’s justifications for 9/11 and see a reflec- each parent, result in sickle-cell dis- the Food and Drug Administration,
not in a good way. Users have tion of what they’ve been ease. According to the World Health approves a new medication developed
been posting videos to the Chi- Many young Americans taught about “settler colonial- Organization, 95% of malaria cases at great cost, and another rules that
nese-owned app, urging their regularly get news on the ism.” To some degree, those world-wide in 2021 were in Africa, Medicare and Medicaid won’t pay for
followers to read bin Laden’s who embarrass themselves on resulting in 588,000 deaths, 80% of its use. The government spins its
er s

2002 “letter to America,” while
suggesting he was on to some-
Chinese-owned app. whom were children under 5. Having wheels at great expense and few pa-
social media are merely publi-
one copy of the gene is very impor- tients are helped. With great labor
cizing who they are in ways
m er

tant, even today. and cost, no cure is provided: Our

thing. “I will never look at this that could not have been re- If there were ever a way to show government at work.
country the same,” one user said. vealed in an earlier age. that we care about black children, it RICHARD E. RALSTON
The videos racked up hundreds of thousands A serious question, though, is how and how would be for our politicians to risk Americans for Free Choice in Medicine
of views. TikTok said Thursday it is “aggres- much these platforms are shaping American ed- being trampled as they stampede to Newport Beach, Calif.
m rp

sively removing” such content. “The number of ucation and political discourse. According to a
videos on TikTok is small and reports of it Pew Research Center poll published this week,
trending on our platform are inaccurate,” the 14% of American adults “say they regularly get You Don’t Owe Your Vote to the Major Parties
company said. Then it blamed critics and jour- news from TikTok.”
nalists for noticing, saying that all the attention That’s lower than the figure for Facebook Third-party candidates don’t major parties (“No Labels Stirs Con-
co Fo

threaten, steal or bleed votes from cern Among Some Democrats,” U.S.
was driving more traffic to the posts. The Brit- (30%), but higher than Twitter (12%), despite
the traditional parties’ candidates. All News, Nov. 11).
ish newspaper the Guardian unpublished its the latter’s prominence among journalists. As votes belong to the individual voters, This entitlement on the part of
copy of the bin Laden letter, posted in 2002, be- expected, TikTok has the biggest following not to one or the other of the two Democrats and Republicans is part of
cause it was being “widely shared on social me- among those ages 18 to 29, about a third of what has been long broken in this
dia without the full context.” whom reported regularly getting news on the country’s two-party system. It forces
An archived version of the text shows bin social site. Rep. Gaetz Goes on Offense all voters into the pigeonholes of the
Laden espousing Islamism; denouncing licen- There is plenty of controversy to go around respective two parties.
tiousness, including “your President Clinton’s with regard to how social sites present, moder-
And ‘Removes All Doubt’ By their actions, the Democrats
immoral acts”; calling AIDS “a Satanic American ate, downgrade, and delete user content. But In his Nov. 4 letter, Rep. Matt Gaetz and Republicans are creating more
Invention”; and, of course, ranting about “the TikTok is a particular case, given its Chinese (R., Fla.) is dismissive of the journalis- independents with each election cy-
Jews.” He says Muslims are “the inheritors of ownership and the way it now speaks to Amer- tic standing of The Wall Street Jour- cle. Next year may be the biggest
nal. “You used to be important,” he election cycle, if not the definitive
the real Torah that has not been changed,” ica’s youth. Would the U.S. have let the Soviet
n-

writes. It seems to this reader, how- one, for independent and third-party
which he claims makes them the rightful heirs Union buy MTV in the 1980s? How can Ameri- ever, that the Journal is very impor- candidates. If so, the Democratic and
to the land he calls Palestine: “The creation of cans trust that TikTok is really trying in good tant to Mr. Gaetz, as he often quotes Republican parties will have only
Israel is a crime which must be erased.” faith to stop its platform from being used to extensively from the editorials and op- themselves to blame.
It should be a cause for contemplation on spread ideological poison?
no

eds. Mr. Gaetz, keep reading along States should be required to put all
with the rest of us who appreciate ex- third parties and independent candi-
cellent reporting and opinions. dates on their ballots every election
$10 Billion More for Iran PAUL STEWART cycle. Not to do so restricts citizens’
Quincy, Mass. rights to vote. Claims of “saving our

A
fter the Oct. 7 rampage by Hamas, rael have had to be evacuated, with more than democracy”—by voting only for the
I am so grateful that Mr. Gaetz, choices the parties give us—are bet-
which is armed and funded by Iran, 200,000 civilians internally displaced.
with seven of his colleagues and all ter suited to a fake democracy.
many Americans wanted to know: Since Oct. 17 Iranian proxies have also car- the Democrats, have this country SCOTT A. MUGNO
Would President Biden still re- ried out 56 attacks—and headed in the right direction with Russellville, Ala.
lease $6 billion to Tehran? All Biden renews a counting—on U.S. troops in House Speaker Mike Johnson. Dis-
six Senate Democrats up for sanctions waiver that Iraq and Syria, injuring 59. In rupting the system is one thing.
re-election in competitive other words, Iran has been at- Leading and coming up with work- Time to Take Us Off the Road
states joined Republicans in helps fund terrorism. tacking Americans on average able solutions for the border, the
Regarding Andy Kessler’s “Autono-
calling on the President to twice a day for a month. budget and foreign affairs are some-
mous Cars Beat EVs” (Inside View,
freeze the money. In years past, U.S. policy thing very different.
Nov. 13): I drive a 2018 Ford—the last
Under pressure, the White House relented, has allowed Iraq to import Iranian electricity JOSEPH KOCH
year to have a CD player that lets me
signaling that it will block the $6 billion—for only if the payments were kept in escrow in the Moseley, Va.
hear clearly the vocalizing of the late
now—but evidently not because it has changed Trade Bank of Iraq and denominated in Iraqi di- Glenn Gould—with a five-speed man-
Mr. Gaetz’s letter is a classic exam-
its mind on the wisdom of financing Iran. On nars. The Biden Administration is now allowing ple of the old saying, “It is better to
ual transmission. But as much as I
Tuesday the State Department reissued a sanc- far larger payments and has introduced a mech- have enjoyed driving, I have to admit
remain silent and be thought a fool
tions waiver that gives Iran access to more than anism for Iran to move the funds through that the American road has become a
than to speak and remove all doubt.”
$10 billion. France, Germany and Oman. death cult, at worst, with morally
He said it all.
negligent drivers, at best. Bring on
The waiver, first issued in July and now re- This is likely so the money can be changed to HENRY BARRON
the autonomous adult baby carriages.
newed for another four months, allows Iran ac- euros, which are more readily convertible, says Denver, N.C.
GRAHAM COMBS
cess to revenue from Iran’s electricity ship- Richard Goldberg of the Foundation for Defense Mishawaka, Ind.
ments to Iraq. The State Department says this of Democracies. Even if the money goes for “hu-
is necessary to keep the lights on in Baghdad. manitarian purposes”—as the U.S. contends— Preparing for Benefit Cuts
That oil-rich Iraq remains dependent on Iran for this frees up funds for terrorism. Iran sends some “Older Americans Are Better Off
gas and electricity is its own scandal, but the $700 million to Hezbollah and at least $100 mil- Than Ever”? (op-ed by John Cogan
Pepper ...
excuse doesn’t wash. lion to Palestinian terrorists annually. and Daniel Heil, Nov. 10). I’m not feel- And Salt
The July waiver was part of an unwritten nu- The Biden Administration had tried to keep ing it, but I see where this is going.
THE WALL STREET JOURNAL
clear agreement with Iran. Giving Iran access its sanctions waiver classified, but Rep. Bill Hui- Geezers are doing fine and don’t need
to these billions could never pass Congress, so zenga (R., Mich.) was able to enter much of it Social Security at current levels, the
authors claim. Reducing benefits can
Mr. Biden bypassed it. The idea was to quiet the into the Congressional Record. Mr. Biden has
then free up money to do things that
region until after the 2024 U.S. election. also quietly let the international embargo on appeal to younger voters, such as
How little peace the money has bought is Iran’s missile program lapse and relaxed oil- canceling student debt.
clear. Even on the nuclear front, new United Na- sanctions enforcement, yielding a surge in Ira- ROGER BUSLER
tions inspector reports show that Iran’s stock- nian oil exports that has brought the regime Clarksville, Tenn.
pile of highly enriched uranium continues to tens of billions of dollars.
grow, Reuters reported Wednesday. Iran now Secrecy has been the Biden pattern on Iran,
Letters intended for publication should
has enough for three nuclear bombs. and for good reason: Its policy is unpopular. A be emailed to wsj.ltrs@wsj.com. Please
After Oct. 7, the White House was quick to Nov. 10-13 poll finds that 70% of Americans, in- include your city, state and telephone
distance Iran from the attack. But Israel has cluding 58% of Democrats, think the President number. All letters are subject to
since faced thousands of rocket attacks by Ira- has been “too accommodating” to Iran. Obama- editing, and unpublished letters cannot
be acknowledged.
nian proxies on five fronts. Entire regions of Is- era habits have proved hard to break. “Careful. It could be a trap.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Unions Go
After East
Coast Ports
By Peter Tirschwell
T
he last major longshore work-
ers strike on the East Coast
was in 1977. In the nearly half
century since the nation’s Atlantic
and Gulf ports have been quiet. This
has given such retailers as Home
Depot, Amazon, Target and IKEA
the confidence to redirect sizable
volumes of merchandise shipped in
containers from the West Coast, a
hotbed of labor activism, through
Savannah, Ga., Charleston, S.C.,
Norfolk, Va., and New York.
That may soon be over. The la-
bor peace that has been a founda-
tion of East Coast supply chains is
now under threat. The president of
the East and Gulf Coast dockwork-
ers union, the International Long-
shoremen’s Association, told mem-
bers on Nov. 4 to stash away
money in preparation “for the pos-
Dockworkers threaten a
strike for increased wages
and for control of the
longshore workforce.
sibility of a coast-wide strike.” He
declared the union will refuse to
extend its current contract with
ocean carriers, which expires on
Sept. 30, 2024.
Dockworkers want to claim a
share of the record profits earned
during the pandemic. International
Longshoremen’s Association presi-
dent Harold Daggett said he ex-
pects ocean carriers to “deliver a
landmark compensation package.”
Container lines, however, are expe-
riencing a plunge in freight rates.
They are now barely in profit-mak-
ing territory. A.P. Moller-Maersk,
the world’s second largest con-
tainer line, reported on Nov. 3 a
third-quarter profit plunge of 94%
and said it would lay off 10,000
employees.
West Coast dockworkers, repre-
sented by a rival union, received a
32% wage increase in addition to a
one-time $70 million bonus for
working through the pandemic. The
Journal of Commerce reported that
the East Coast union, believing the
Biden administration was insuffi-
ciently supportive of those dock-
workers, plans to meet with Donald
Trump about potentially supporting
his candidacy.
The other destabilizing issue
hanging over the East and Gulf
Coast negotiation is the union’s
longstanding desire to represent
nonunionized container port dock-
workers at South Atlantic ports. To
accomplish this feat, they would
have to undo a system that dates to
the beginning of container shipping
in the 1950s. The union saw an
opening in 2021, when a $1 billion
container facility was opened at
Charleston, the first new container
terminal in the U.S. in more than a
decade. Citing a clause in its collec-
tive-bargaining agreement that
opens the door for it to represent
workers at any newly opened
Southeastern facility, the union
no
sued two ocean carriers for $300
million. That prompted the carriers
to divert ships from the new termi-
nal and led to a countersuit by
South Carolina.
The union won the case on ap-
peal. South Carolina has petitioned
the Supreme Court to review that
decision. But there remains the like-
lihood the issue could complicate
the negotiations ahead of the
union’s strike deadline next Septem-
ber. The contract language regard-
ing the union’s right to represent
historically nonunion labor is vague,
but the union is on record stating
that one of its goals for the negotia-
tions is to ensure full control of the
East Coast longshore workforce.
Which would mean dominance over
U.S. supply chains.
Mr. Tirschwell is vice president
of global intelligence and analytics
at S&P Global Market Intelligence
and chairman of the TPM shipping
conference.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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A Secessionist Crisis in Spain
By José María Aznar
T
he democracy Spain re-
gained in 1978 faces a criti-
cal moment. The party of
Pedro Sánchez, acting
prime minister since July,
is trying to make his role official by
offering concessions to secessionists,
unleashing a constitutional crisis.
July’s national elections threw
Spain into upheaval, with the major
parties all falling short of governing
either on their own or through a
likely coalition. That elevated re-
gional parties into key blocs that Mr.
Sánchez’s Spanish Socialist Workers’
Party has a history of courting. For
the past five years, the Socialists
have ruled the country in a coalition
with Podemos, a populist extreme
left-wing force. Among the Socialists’
supporters in Parliament is the Bildu
party, political heirs of the terrorist
group ETA.
To secure a coalition behind Mr.
Sánchez, the Socialists this month
granted sweeping concessions to the
Catalan separatist Junts party in ex-
change for its support. The alliance
leaves the Socialists relying on the
votes of a fringe group, led by Carles
Puigdemont, that tried to engineer
the secession of Catalonia in 2017.
Spain’s Supreme Court deemed the
failed effort criminal, involving sedi-
tion and embezzlement. Mr. Puigde-
mont, then head of the Catalan Re-
gional Government, fled to Belgium
in 2017. In European elections in
2019, he won a seat in the European
Parliament. In 2021 that body voted
to strip him of his parliamentary im-
munity, putting him at risk of extra-
dition to Spain and prosecution. But
There’s
on
Biden Plies Xi for a Fentanyl Deal Beijing Can’t Deliver
nothing
wrong in principle
us ,
with the sort of
l
summit that oc-
e
al a
curred this week
between President
POLITICAL Biden and Xi Jin-
ci on
ECONOMICS ping. But there is
something wrong
By Joseph C.
with the pointed
Sternberg
denial of reality
that is coming to
er s
mark the American approach to such
meetings.
m er
The central problem in such a ne-
gotiation is that what Mr. Xi might
want to offer the U.S., he can’t de-
liver, and what he could deliver, he
doesn’t want to offer. It’s not clear
m rp
whether Washington understands the
difference.
An example of the former is the
grand bargain the two sides have
struck concerning fentanyl. China for
co Fo
years has been a major producer of
this dangerous synthetic opioid and
the chemicals used to make it. Previ-
ous efforts to enlist Chinese aid in
cracking down on fentanyl-related
trade have failed as Beijing never
fully delivered on its promises.
Maybe this time will be the charm,
although probably not. Mr. Xi com-
mitted to throttle production of some
of the chemicals used to make fenta-
nyl. It’s not yet clear what Mr. Biden
gave Mr. Xi in return, but the U.S.
n-
had been widely expected to lift sanc-
tions on a state-security organ ac-
cused of oppressing Muslim Uyghurs
to secure an agreement on drugs.
The Hamas Big Fish Who Got Away
By Laura Blumenfeld
P
resident Biden warned Israel not
to be “consumed by rage,” even
as Prime Minister Benjamin Ne-
tanyahu promised “mighty vengeance”
against Hamas. But revenge isn’t the
only anger at play, or even the most
corrosive. The fury that’s eating Is-
rael’s war cabinet is regret. No matter
how the military responds, there’s a
sense that it’s too late.
“We blew it,” Maj. Gen. Yoav Gal-
lant, now Israel’s defense minister,
told me following a Sept. 6, 2003,
airstrike on Hamas leadership. (I
was a Washington Post reporter.)
Eight senior Hamas commanders, in-
cluding bomb makers and developers
of Qassam rockets, had met for lunch
on the ground floor of a Gaza home.
It was a rare daylight appearance of
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OPINION
A Spanish flag at a protest outside Parliament in Madrid, Nov. 15.
the deal with the Socialists erases
that scenario.
Acceding to Mr. Puigdemont’s con-
ditions, the Socialists granted am-
nesty to potentially hundreds of peo-
ple who participated directly or
indirectly in the failed 2017 seces-
sion. The Socialists also agreed to es-
tablish commissions to review court
The Socialists make a
deal with the fringe group
behind the seditious 2017
effort in Catalonia.
decisions affecting prosecuted sepa-
ratists, accompanied by international
mediation—as if Catalonia and Spain
were at war. This is all to make sure
the secessionists’ demands for am-
nesty, national recognition of Catalo-
nia, and the forgiveness of billions of
Don’t expect this to be a break-
through on fentanyl. The problem
isn’t that Mr. Xi is orchestrating
some sort of cunning plan to addict
Americans to deadly narcotics. It’s
practically the opposite. To the ex-
tent Beijing sees strategic merit in al-
lowing this trade to continue, it’s
probably because Communist Party
leaders are making a perverse virtue
out of necessity. They can’t stop this
drug trade, so they may as well try to
make some advantage of it.
Fentanyl is churned out by a Chi-
nese pharmaceutical industry com-
posed of thousands of minimally reg-
ulated private-sector companies.
These companies do what every
other private-sector company does in
every other industry in China: what-
ever they can get away with. Which
is a lot in a country where the Com-
munist Party exercises substantially
less centralized control than one
would expect.
In many ways, Beijing’s interests
align with Washington’s on the drug
trade. Mr. Xi doesn’t benefit from tol-
erating an enormous black market
beyond the party’s control. The cor-
ruption that accompanies this behav-
ior is a political threat to a party that
understands graft is a major vulnera-
bility in the eyes of the Chinese pub-
lic. Nor is Beijing likely to welcome
the large financial flows that come
with drug trafficking, or the alleged
participation of Chinese banks in
money laundering for cartels.
Yet Mr. Xi probably finds himself
powerless to shut down the drug
Mohammed Deif, Hamas’s shadowy
military leader.
“The terrorist dream team” is
how Avi Dichter, then head of Shin
Bet, Israel’s internal security agency,
described the guest list at the time.
Mr. Dichter, Gen. Gallant and other
Israeli security officials in the 2003
war room plunged into hours of de-
bate about what size bomb to drop
in Gaza, weighing the risks of civil-
ian casualties.
Palestinian children were playing
outside the home. It was “a tragic
dilemma,” one general said, a lose-
lose decision of the sort they had ar-
gued and anguished over many times
before. Mr. Dichter advocated for an
all-out assault. The defense minister
at the time called it “a once-in-a-life-
time opportunity.” In the long run,
several argued, it would save Israeli
and Palestinian lives.
Inside the Gaza home, Hamas’s
political chief, Ismail Haniyeh, was
spooning rice onto the plate of Sheik
Ahmed Yassin, Hamas’s spiritual
founder, when the Israeli air force
F-16 released its ordinance onto the
roof. The explosion shook the dining
room, Mr. Haniyeh told me after-
ward. Dust rained down from the
ceiling. He looked up.
“We are hit, Sheik,” Mr. Haniyeh
said, laughing bitterly.
But at the last minute, the Israelis
had replaced the 1-ton lethal payload
with a quarter-ton bomb. They
wanted to spare civilians. The
smaller bomb, Israeli officials con-
cluded, was a moral and public-opin-
ion imperative. The government’s le-
gitimacy depended on domestic and
international support and sympathy.
Friday, November 17, 2023 | A15
The accord challenges the histori-
cal and political foundations of de-
mocracy in Spain. It calls into ques-
tion Spain’s status as a state
governed by the rule of law, while
compromising the idea of alternating
power, the equality of all Spaniards
before the law, the separation of
powers, and the independence of the
VIOLETA SANTOS MOURA/REUTERS
judiciary. All this in an attempt to put
in office a prime minister who prizes
personal ambition above the stability
of the nation he serves.
What was signed in Spain isn’t an
agreement but rather a surrender to
secessionist blackmail. It will fuel
territorial tensions, not relieve them.
Many Socialists expressed outrage at
the move, which they see as an as-
euros in debt are met. And there is sault on democracy.
more. The agreement envisages the The Socialist Party is carrying out
possibility of part of Spain, Catalonia, the whole operation without a man-
exercising internal self-determina- date from the ballot box to do so.
tion—a violation of the country’s Amnesty wasn’t on the Socialists’
constitutional principles. electoral program. During the cam-
The Socialists, in exchange for paign several party leaders explicitly
power, have crossed a line considered rejected it and three days before the
unbreachable three months ago. election, so did Mr. Sánchez.
Given the de facto abrogation of the Spain is more than its govern-
Constitution, Spain is on the brink of ment. The country has an organized
constitutional collapse. civil society, institutional credibility,
Professional associations of Span- and the will not to be swept away by
ish judges and prosecutors, as well as an impulse to destroy liberty. That
the Council of the Judiciary, which will is unwavering in defending—
supervises the country’s courts and through peaceful means—our democ-
judges, have unanimously sounded racy, our citizens’ rights, and the in-
the alarm. They point out the danger dependence of our judges and courts.
posed to the rule of law by an uncon- In this uncertain hour, Spaniards
stitutional amnesty—not to mention know that a house divided against it-
other measures in the pact between self cannot stand. I am sure that the
the Socialists and secessionists. The clear thinking and civic commitment
European Commission expressed con- of all Spaniards will prevail.
.
cern and raised questions to the
Spanish government about the am- Mr. Aznar served as Spain’s prime
ly
nesty deal. minister, 1996-2004.
trade. Doing so would disrupt weakness as of strength. So why was
pharma and chemicals industries Washington reportedly ready to offer
with an enormous legitimate side and a major concession on sanctions in
the jobs and tax revenue that brings. exchange for a promise Mr. Xi might
He isn’t averse to an anticorruption already want to fulfill but likely
drive now and then, especially if it can’t?
helps him consolidate power by elim- Especially when left unresolved
inating rivals, but one wonders if he’s are items on which Mr. Xi can act and
ready to poke this particular bear. chooses to do so in a way that pro-
vokes the U.S. Chief among these are
Beijing’s threatening posture toward
China can’t risk cracking Taiwan and the menace China in-
creasingly poses to freedom of navi-
down on its wildcat gation in the South China Sea.
pharma industry as its
Mr. Xi doesn’t control China’s vast
web of wildcat pharma firms, but he
economy wobbles. does control the military. That, com-
bined with America’s strategic and
economic interests in containing
Observers have noted that Mr. Xi’s China’s territorial ambitions in Asia,
enthusiasm for counternarcotics co- makes these matters the only things
operation with Washington has worth talking about at a summit be-
waned as Sino-U.S. relations have tween a Chinese leader and a U.S.
chilled in recent years. Surely there is president. In this area Mr. Biden this
an element of causation here, but week secured a resumption of mili-
also a lot of correlation. China’s tary-to-military communication be-
economy has sputtered badly since tween the U.S. and China, which
2020 as the property market im- helps but is only a modest step given
plodes, foreign investment and trade the scale of the challenge.
slow, and unemployment (especially Restraining Chinese military ambi-
among youth) soars. That would ex- tions becomes primarily a matter of
plain why Mr. Xi seems unwilling to American deterrence, meaning the
create for himself the political-econ- thoughtful dangling of carrots and
omy migraine that would come with swinging of sticks. Those carrots and
a fentanyl crackdown at the behest of sticks aren’t available if they’ve been
an unfriendly Washington. wasted securing Mr. Xi’s agreement
None of which morally excuses Mr. to measures he’ll struggle to deliver
Xi’s inaction on the drug plague af- anyway. If we’re going to have more
flicting America, but rather suggests of these summits—again, not a bad
that his acquiescence to this state of thing in principle—next time let’s try
affairs could as easily be a sign of to do the reverse.
All eight Hamas leaders fled the war. The uneven 2011 deal, the prime
house, alive. minister’s detractors say, inspired
When I asked Gen. Gallant about Hamas’s hostage-taking operation
the decision to replace the 1-ton last month, an effort to empty Is-
bomb, he seethed: “You either attack rael’s security prisons again.
or you don’t.” Hostage negotiations are espe-
“Three moral successes don’t cially vexing for Mr. Netanyahu,
equal one operational success,” Mr. given his family history. While free-
Dichter said, rapping the edge of his ing Jewish hostages at Entebbe in
desk with his wedding band. He is 1976, his brother Yoni was killed at
now Israel’s agricultural minister. age 30. His mother, Cela, once
“We failed. Period.” showed me Yoni’s letters, chess set
and dented dog tags. She sat alone
on a Friday evening in the Jerusalem
Israel had an opportunity home where she had raised her sons.
Proud of Yoni’s life, she saw futility
to kill Mohammed Deif in his death.
in 2003, and Yahya Sinwar “I was angry. What for?” Cela said
looking back some 20 years after the
was in prison until 2011. Entebbe rescue mission. Why had
the Israeli government refused to
negotiate with the hijackers who
Today, Mr. Deif commands were seeking the release of 53 pris-
Hamas’s military wing, the Izz ad-Din oners? “Thousands of prisoners are
al-Qassam brigades. An Israeli gen- released today. For that, Yoni had to
eral who took part in the 2003 ordi- be killed? It wasn’t worth it.”
nance debate and is now serving in Today Benjamin Netanyahu says
the government said in a recent in- there will be “no cease-fire without
terview that his daughter’s best the release of our hostages.” Civilian
friend was murdered by Hamas at the casualties are painfully high, and ris-
music festival. “We made a mistake,” ing. Mr. Netanyahu has set a stiff
he said, voice heavy with sorrow. military objective: total elimination
“We should have killed them.” of Hamas, with Messrs. Deif and Sin-
A second spectral mistake chasing war as top targets. Israel had both
Israel’s war cabinet is Yahya Sinwar, years ago and let them go. They’re
Hamas’s Gaza leader. The Israel De- now in Gaza, underground, almost
fense Forces now identify him as certainly laughing. There is no light
“the face of evil.” Together with Mr. at the end of Hamas tunnels. And no
Deif, Mr. Sinwar is believed to have end to regret until they’re dead.
masterminded the Oct. 7 massacre.
In 2011 Mr. Netanyahu exchanged Ms. Blumenfeld is a senior fellow
more than 1,000 Palestinian convicts at Johns Hopkins School of Ad-
for a single Israeli soldier, Gilad vanced International Studies and au-
Shalit. The swap included Mr. Sin- thor of “Revenge: A Story of Hope.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

Apps slower
than New York

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 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2023 Dow Jones & Company. All Rights Reserved.
S&P 4508.24 À 0.12%
Alibaba Scraps Cloud Unit Spinoff
Chinese tech giant
cites the effect of
U.S. export ban on
advanced chips
BY RAFFAELE HUANG
SINGAPORE—Washington’s
latest curbs on the export of
high-performance chips to
China are beginning to bite.
Alibaba on Thursday said it
had scrapped its plan to spin
off and list its cloud-computing
division, citing the impact of
the export controls that took
Lower Inflation Cools Off Thanksgiving Costs
Average cost of a classic
Thanksgiving meal
$60
50
40
30
20
1990 ’95 2000 ’05
*Based on seasonally adjusted consumer-price indexes for all items, airfares and unleaded regular gasoline
Sources: American Farm Bureau Federation (cost of Thanksgiving meal; Urner Barry (turkey prices); Labor Department (consumer prices)
KIRK MCKOY/LOS ANGELES TIMES/GETTY IMAGES
Consumers are estimated to spend about 2% more on Thanksgiving dinner this year, compared with a 14% increase last year.
Hyundai to Be First Carmaker
Selling New Models on Amazon
BY RYAN FELTON
AND SEAN MCLAIN
Hyundai Motor customers
who want to skip the dealer-
ship will have a new option
next year: shopping on Ama-
zon.com.
The South Korean auto-
maker announced the move
Thursday with Amazon at the
Los Angeles Auto Show. Start-
ing in 2024, U.S. auto dealers
will be able to sell new vehi-
cles on the tech company’s
platform, making Hyundai the
first automotive brand to offer
such an option for customers.
“Despite the industry’s fo-
BUSINESS
Starbucks baristas
strike on ‘Red Cup Day’
to force
negotiations. B3
* * * *
S&P FIN À 0.32% S&P IT À 0.68%
effect late last month. The re-
strictions “may materially and
adversely affect” the cloud
business’s ability to offer prod-
ucts and services and to per-
form under existing contracts,
Alibaba said, adding that it
would focus on the division’s
growth.
The e-commerce and cloud
service giant originally
planned to hive off the busi-
ness and target a listing by
May 2024. That was part of a
historic restructuring plan
that would break the behe-
moth into six main business
groups.
Wholesale turkey prices, by year
$2.00 per pound
1.75
1.50
1.25
1.00
’10 ’15 ’20
1 5 10 15 20 25 30 35 40 45 50
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no
cus on improving this experi-
ence, customers continue to
express frustration with the
process,” José Muñoz, chief
operating officer of Hyundai
Motor, said at the auto show.
“They see how easy it is to
buy all the products on Ama-
zon, and they want that con-
venience when buying a car.”
The companies said the ar-
rangement will allow custom-
ers to purchase a new car on-
line and then either pick it up
or have it delivered.
Prospective buyers will be
able to search on Amazon’s
website for available vehicles in
their area by model, color and
INSIDE
AUTOS
Cruise is suspending
an internal program
that allows employees
to cash out shares. B2
THE WALL STREET JOURNAL.
DJ TRANS g 0.99% WSJ $ IDX g 0.02%
Alibaba also Thursday said
it has put on hold the initial
public offering plan of its gro-
cery arm Freshippo, blaming
weak market conditions.
Falling stock prices, China’s
sputtering economic recovery
and geopolitical tensions have
largely turned away foreign in-
vestors from Chinese IPOs.
New listings in Hong Kong,
where many Chinese compa-
nies come to list, raised about
$4.6 billion this year, down
58% from the same period last
year and far below 2021 levels,
according to Dealogic.
Alibaba’s American deposi-
Cumulative change in consumer prices
since January 2019*
100%
2022
75
50
25
2021
2023
2020 0
WEEKS -25
on
2019
features, and then complete the
process using their chosen pay-
ment and financing options.
As part of the companies’
partnership, Hyundai will in-
clude Amazon’s Alexa technol-
ogy in cars beginning in 2025,
the companies said.
The plan underscores how
the traditional car-buying ex-
perience is continuing to be
upended. During the Covid-19
pandemic, automakers ex-
panded at-home delivery pro-
grams during lockdowns,
while dealers broadened their
websites to help customers
tour showrooms virtually.
Please turn to page B2
Wells Fargo Pressured for Failing to Monitor Crime
BY BEN EISEN AND BEN FOLDY
JOHN G MABANGLO/EPA/SHUTTERSTOCK
Wells Fargo is struggling
with its regulatory obligation to
monitor financial crime, the lat-
est challenge in the bank’s
yearslong effort to recover from
a series of scandals.
Regulators issued the bank
formal orders to be better at
catching criminals who may be
using its accounts or products,
according to people with knowl-
edge of the matter. At the same
time, the bank is facing a law-
suit claiming it allowed an al-
leged $490 million Ponzi
scheme to operate.
2–YR. TREAS. yield 4.840%
tary receipts dropped 9% on
Thursday to close at their low-
est level since May. The
broader Nasdaq Golden Dragon
China Index of U.S.-listed Chi-
nese stocks fell 3.1%.
The Biden administration
has tightened restrictions on
China’s ability to buy advanced
semiconductors, especially arti-
ficial-intelligence chips, making
it tougher for U.S. companies to
sell existing products in China.
The move was made to close
perceived loopholes in export
controls announced a year ago.
The U.S. is clamping down
over concerns about the use of
Gasoline
All items
Airfare
’20 ’21 ’22 ’23
The deal would allow customers to buy a Hyundai online and pick it up or have it delivered.
The regulators are focused
on the bank’s consumer-watch-
ing systems, not any specific cli-
ent or event, but the lawsuit’s
allegations suggest what can go
wrong when a bank’s monitor-
ing systems fail.
A Wells Fargo spokeswoman
said the bank disputes the law-
suit’s allegations and has coop-
erated with law-enforcement of-
ficials in their investigation.
Banks play a crucial behind-
the-scenes role in monitoring
the movement of money to pre-
vent crimes such as laundering
and terrorism.
The regulators privately re-
Friday, November 17, 2023 | B1
NIKKEI (Midday) 33422.93 g 0.00% See more at WSJ.com/Markets
advanced chips in cyberwar-
fare, espionage and the coun-
try’s military development, but
such chips are also crucial for
training artificial-intelligence
models and operating data cen-
ters.
Tencent Holdings, the Chi-
nese social-media and video-
game giant, said Wednesday
that the U.S. chip curbs would
affect its business of leasing AI
chips through cloud services
but would be less damaging for
Please turn to page B4
 Heard on the Street: Cloud
plan falls to Earth........... B12
BY PATRICK THOMAS
There is no avoiding rela-
tives this year. Thanksgiving
gatherings are expected to
look a lot more like they did
prepandemic, as prices for
turkey and travel moderate.
Inflation is easing overall.
American families are ex-
ly
pected to gather in pre-Covid-
size crowds of nine people on
average, according to turkey
seller Butterball—as big as or
bigger than last year’s
Thanksgiving.
Consumers also might
catch a break on travel. Gaso-
line prices are down from this
time last year, and airfare has
been falling overall, though
peak periods—such as holi-
days—might still cost you.
Food prices aren’t rising at
the same rapid clip as last
year. Consumers are esti-
mated to spend about 2%
more on Thanksgiving dinner
this year, compared with a
14% increase last year, ac-
cording to market research
firm Circana. Turkey and eggs
are much cheaper than a year
ago, while some baking ingre-
dients, such as sugar, are a
bit pricier.
Many of the factors that
sent food inflation soaring
since 2022 have abated. Com-
modity prices for staples such
as wheat, corn and some
cooking oils that soared after
Russia’s invasion of Ukraine
at the start of 2022 have de-
clined.
Avian influenza infections,
which decimated U.S. poultry
flocks in 2022 and early 2023,
slowed earlier this year, send-
ing egg and turkey prices
down closer to historical av-
erages. While the virus has
Please turn to page B2
buked Wells Fargo several times
since early last year for im-
proper oversight of criminal ac-
tivity in its consumer bank, the
people said.
Concerns were identified by
the Federal Reserve and the Of-
fice of the Comptroller of the
Currency in what are known as
matters requiring attention and
matters requiring immediate at-
tention. The bank’s fix-it work
is continuing, and a public pen-
alty such as a consent order
hasn’t been ruled out, the peo-
ple said.
Last year, after the concerns
were identified, Wells Fargo re-
GM’s
Workers
Back Deal
In Close
Voting
BY NORA ECKERT
United Auto Workers em-
ployees at General Motors ap-
proved a new 4½-year labor
contract, ending a tumultu-
ous monthslong bargaining
process by a slim margin of
votes.
Workers voted 54.7% to ap-
prove the labor deal, accord-
ing to a UAW spreadsheet, in
a nail-biter count that came
down to the final facilities af-
ter several major factories re-
jected the contract.
The UAW hasn’t officially
announced the results and
didn’t respond to a request for
comment. GM declined to
comment.
The historic deal will see
worker base wages increase
.
25% over the life of the con-
tract, the return of cost-of-liv-
ing adjustments and the abil-
ity to strike over plant
closures.
Voting is still under way at
Ford Motor and Chrysler-par-
ent Stellantis. Workers at
those two companies are sup-
porting the agreements by
wider margins than at GM,
based on the UAW data.
Starting in the summer, the
UAW bargained over new la-
bor contracts for about
146,000 workers at GM, Ford
and Stellantis. In mid-Septem-
ber, it began its first simulta-
neous strike against the three
Detroit automakers, and it
reached tentative labor deals
with the companies last
month.
Workers at several GM fac-
tories and dozens of parts-dis-
tribution facilities were off the
job over the roughly six-week
strike as part of the UAW’s
targeted strategy. The walkout
cost the Detroit automaker
about $200 million a week in
profit, executives said in late
October.
GM shares fell 2.4% Thurs-
day to $27.48.
UAW President Shawn Fain
and his team of outsider labor
activists orchestrated a bar-
gaining campaign that took
many auto executives by sur-
prise and kept the White
House and Wall Street on
edge. Fain’s public updates to
members and frequent jabs at
Please turn to page B2
MILO HESS/ZUMA PRESS
placed its executive responsible
for compliance with the Bank
Secrecy Act, which requires
banks to keep records and file
reports relating to illegal activ-
ity. Neither the regulatory re-
bukes nor the personnel move
was previously disclosed.
Wells Fargo is rebuilding its
sprawling risk and control ap-
paratus so it can better prevent
and catch problems. The 2016
revelation that employees cre-
ated millions of fake customer
accounts to meet sales goals led
to heightened scrutiny in every
corner of the bank.
Please turn to page B10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Friday, November 17, 2023 NY * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
Average price, change ffrom a year earlier

A G P Pumpkin pie mix Rolls Green beans Sweet potatoes

Abbott Laboratories............A5 General Motors.................B1,B2 Palo Alto Networks............B11
Alibaba..........................B1,B11,B12 PG&E.................................................A6
20%
Goodyear Tire & Rubber
Alphabet..............................B4,B12 ............................................................... B6 R
Amazon.com......................B1,B12
H Rite Aid..........................................B4
Apple.......................................B4,B12 0
Halliburton..................................B11 S
B
Honda Motor.............................B2 Shoe Carnival...........................B11
Baker Hughes..........................B11 Hyundai Motor..................B1,B6 Siemens........................................B11 –20
Bath & Body Works...........B11
Hyzon Motors...........................B6 Six Flags EntertainmentB11
Berkshire Hathaway............B4 2020 ’23 ’20 ’23 ’20 ’23 ’20 ’23
Berry Global..............................B11 I Starbucks.......................................B3
BlockFi.............................................B4 Infant Bacterial Stellantis.........................................B1
Therapeutics...........................A5 T Green peas Pie shells Turkey Fresh cranberries
Burberry................................B3,B11
C Infinant Health.........................A5 Tencent............................................B1
20%
Carlsberg........................................B3 J Tesla........................................B2,B12
Cisco Systems.........................B11 Johnson & Johnson.............B4 Toyota Motor.............................B2
Tyson Foods...............................B2
Costco Wholesale................B12 M 0
D V
Macy’s.............................................B11
David's Bridal............................B4 Marathon Petroleum.........B11 Vista Outdoor..........................B11
Diageo............................................B12 Meta Platforms.....................B12 W –20
E Microsoft.....................................B12 Walmart.......................A1,B11,B12 2020 ’23 ’20 ’23 ’20 ’23 ’20 ’23
EQT...................................................B11 Morgan Stanley....................B10 Wells Fargo..................................B1
E.W. Scripps...............................B11 N WeWork.........................................B4 Source: American Farm Bureau Federation Ming Li/THE WALL STREET JOURNAL
F Nikola................................................B6 X
pumpkin-pie mix and dinner November compared with last pretty quickly,” said Jay
Ford Motor...................................B1 Nvidia.....................................B4,B12 X............................................................B3
Lower rolls increased the year, according to the research
most—3.7% and 3%, respec- firm Urner Barry. The average
Jandrain, the chief executive
of Butterball, the largest U.S.
INDEX TO PEOPLE Inflation tively. Since dinner rolls are retail price for a 16-pound tur-
often prepared in-store, the key is $27.35, down 5.6% from
turkey processor by volume.
He said he expects more fam-
Farm Bureau said, they could last year, according to the ilies will look for heavier
A H S
Akeroyd, Jonathan................B3
B
Hennington, Christina........A2
J
Saglimbene, Anthony........B11
Schrap, Matt..............................B6
Cools Costs show the effect of rising su- Farm Bureau.
permarket wages.
The main
Even though wholesale
prices have
birds this year in anticipation
of larger gatherings.
Some Americans’ tables
Sherstennikov, Denis...........B3
comfort for plunged, con- will instead feature hams and

$61.17
Barra, Mary.................................B2 Jafar, Neda................................B10
Continued from page B1 families this sumers might smaller, 24-ounce chickens,
Siegel, Simeon..........................A2
C Jandrain, Jay..............................B2 re-emerged and killed mil- year will be not see drastic called Cornish game hens, for
K Skarica, Bruna...........................A2
Cahillane, Steve.......................A2 lions more birds since the turkey prices, discounts. Gro- the holidays, said Thomas
Spring, Tony................................A2 start of October, it hasn’t yet which soared cery stores lock Wenrich, senior director of
Chiavarone, Steve.................B11 Knutzen, Erik............................B11
Cook, Tim..............................A8,B4 L
Stumbaugh, Gregg................B6 affected prices enough to last year be- Cost for a typical in their pur- culinary at Tyson Foods.
T show up at the supermarket. cause of the chases with Thanksgiving outpaces Easter
Crew, Debra..............................B12
Lau, Martin..................................B4 The American Farm Bu- deadly bird flu
Thanksgiving feast processors for Tyson Foods’ best ham-
D Lejuez, Paul...............................B12 Tsai, Joe.........................................B4
reau Federation estimates outbreak that for 10 people early in the selling season of the year,
Darrell, Bracken.......................A2 M V that the typical Thanksgiving has led to the this year. year, and many and Cornish game hen sales
F McMillon, Doug........................A1 Vogt, Kyle......................................B2 feast for 10 will come in at death of more paid higher more than double, he said.

.
Fink, Larry....................................A8 Meeks, Parker...........................B6 W $61.17, a 4.5% decline from than 62 million prices after the Retail prices for ham and
last year’s record-high price birds, accord- bird flu had hit whole chickens have re-

ly
G Muñoz, José................................B1
Wenrich, Thomas...................B2
Musk, Elon...................................B3
tag. That is still 25% higher ing to the Agriculture De- flocks in states such as Minne- mained relatively stable since
Gennette, Jeff...........................A2 Y than in 2019, the Farm Bu- partment. sota. Still, plenty of promo- last year. Watch out in the
Gillis, Jim.......................................B6 R reau said. Wholesale prices, or what tional deals can be expected at beef case, though: Sirloin
Yaccarino, Linda.......................B3
Girsky, Steve...............................B6
Greenberg, Evan.....................A8
Gwinn, Blake............................B10
Rainey, John David...............A2
Rogachevsky, Anton............B3
Rothman, Andy.......................A8
Z
on
Zhang, Daniel..........................B12
Among the side dishes sur-
veyed by the agricultural
trade group this year, a can of
retailers pay turkey suppliers, stores this year, according to
for a typical 16-pound bird are industry officials.
down 32% for the first week of “The industry did rebound
steaks were up 11% in October
compared with a year ago, as
beef prices soar.
us ,

Cruise Suspends Worker Stock Program Hyundai ing steps online were the most
l

satisfied among all buyers in

e
al a

the study, Cox said.

BY MIKE COLIAS To Sell Cars In the email, Vogt refer- Cruise said it is working employee startup to more
Tesla pioneered the direct-
to-consumer sales approach in
ci on

enced the troubles Cruise has with GM to determine how it than 2,000 employees. In the the industry, a model that has
General Motors’ Cruise is
suspending an internal program
that allows employees to cash
On Amazon had in recent weeks, including
pulling hundreds of robot
taxis off the roads of San
can offer competitive compen-
sation packages to employees in
the future. The company is con-
early years it attracted bil-
lions of dollars in outside in-
vestment from Japan’s Soft-
since been adopted by competi-
tors such as Rivian and Lucid.
Hyundai and Amazon said
out shares in the driverless-car Francisco and other cities, af- sidering financial incentives to Bank, Honda Motor, Microsoft the new arrangement would
er s

company, citing the need to re- ter California regulators sus- keep key technical talent, peo- and other companies. Continued from page B1 create another way for dealers
value the business after a pe- pended the company’s autono- ple familiar with the plan said. In April 2021, Cruise said a Hyundai said that initially to build awareness of their se-
m er

destrian accident led it to halt mous-vehicle permit. The In the email, Vogt said the fresh funding round that in- only 15 to 20 dealers will be lection and offer a convenient
robotaxi services last month. suspension fol- company’s com- cluded an investment from able to sell their vehicles on buying option to customers.
Cruise notified employees lowed an inci- mercialization Walmart assigned a $30 bil- Amazon, but that it will ex- “What we see here is a
of the decision Thursday in an dent during plans and reve- lion valuation to the company. pand it to more by the end of highly competitive industry,
email from Chief Executive which a driver- Cruise started nue targets A GM spokeswoman declined next year. “Is this going to but that is also edging to-
m rp

Kyle Vogt, which was viewed less Cruise car the program in have been to comment on Cruise’s most help us sell more cars? We be- wards e-commerce and we re-
by The Wall Street Journal. collided with a pushed out in recent valuation. lieve so,” said Muñoz. ally think we can help custom-
The autonomous-driving pedestrian, March 2022 as a light of its re- Stock options are the pri- Amazon said it expects to ers here,” Fan Jin, Amazon
startup, majority owned by who became cent setbacks. mary way for tech companies increase car brand offerings by director of vehicle sales, said.
GM, told employees that the pinned under-
way to compete GM CEO to attract and keep employees the end of next year as well. Jin declined to say how Ama-
co Fo

regular quarterly offer to sell neath the car for tech talent Mary Barra has in the competitive battle for Consumers in recent years zon would make money on car
shares would be canceled as it and was touted Cruise’s top technical talent, but work- have warmed to the idea of sales.
re-evaluates the program. dragged, regu- growth poten- ers normally must wait until skirting the car dealer, partic- Los Angeles-based auto
Cruise started the program lators said. tial as a core the company’s shares start ularly when it comes to newer dealer Mike Sullivan says he
in March 2022 as a way to “The events that occurred part of the automaker’s ad- trading publicly. Vogt has de- electric-vehicle models. has made e-commerce sales and
better compete for top tech over the past month and a vanced-technology strategy. scribed Cruise’s program as a More EV buyers in 2022 home deliveries for years. But
talent by offering as an alter- half have materially changed GM had outlined for investors way to “provide IPO-like li- were open to the idea of buy- the Amazon-Hyundai partner-
native to stock options, be- the situation that existed at a goal for Cruise to generate quidity and potential upside ing a car fully online com- ship will help him better serve
cause its shares don’t trade the time of our last valuation,” $1 billion in revenue in 2025, for employees.” pared with gas-powered vehi- the needs of today’s customers.
publicly. Under the program, Vogt said in the email. and said it had the potential GM spent $206 million to cle buyers, according to a “We know we’ve got to meet
the price of the shares is In a statement, GM said its to bring in $50 billion by the purchase Cruise employees’ study from Cox Automotive, our customers where they are,
based on a valuation assigned commitment to Cruise and end of the decade. shares in the first nine an industry-research firm. and much of that time, that’s
by an outside firm, and shares commercializing the technol- GM acquired Cruise in months of the year, according Customers who completed on their phone or laptop,” he
n-

are purchased by GM. ogy remains steadfast. 2016, building it from a 40- to a regulatory filing. more than half of the car-buy- said at the auto show.
no

Notice to Warrantholders of
Tri-Continental Corporation
of Distribution from Net Assets
This notice is to inform Warrantholders of Tri-Continental Corporation
(the “Corporation”), as required by its Charter, that the Corporation
on November 16, 2023, declared a distribution of $0.3775 per
share (composed of $0.2765 from ordinary income and $0.1010
from capital gain) payable on December 19, 2023, to the holders
of Common Stock of record at the close of business on December
11, 2023. The capital gain portion of the distribution will be paid in
additional shares of Common Stock or, at the option of the Common
Stockholder, 75% in shares and 25% in cash; 50% in shares and 50%
in cash; or 100% in cash.
The number of shares of Common Stock that each Warrant is entitled
to purchase and the price at which the shares are purchasable may
be adjusted, pursuant to the Corporation’s Charter, for additional
shares of Common Stock issued in payment of the distribution.
However, there is no adjustment to be made for cash paid out to
Common Stockholders, and cash payments will tend to reduce the
net asset value of the Common Stock subsequently purchasable on
the exercise of Warrants.
REBECCA COOK/REUTERS

Each Warrant now entitles holders to purchase 24.19 shares of

Tri-Continental Common Stock at a price of $0.93 per share. If holders
wish to exercise their Warrants in order to receive the December
distribution, they should do so on or before December 7, 2023, in
order to ensure that they become a Common Stockholder of record by
December 11, 2023.
To exercise Warrants, complete and sign the Form of Election on the
GM workers voted 54.7% to approve the labor deal. UAW members from a GM plant in Michigan picket on Sept. 29. back of the certificates. Then send the certificates, together with the
necessary payment, to:

GM’s tions—with initial asks includ-

ing a 40% wage increase and
32-hour workweek—would
felt stinted on retiree benefits.
Fain and his team sought
the return of such pension
himself, but it can’t be to the
detriment of our represented
team members and the indus-
Regular Mail
Tri-Continental Corporation
P.O. Box 219371
Express Mail
Tri-Continental Corporation
c/o SS&C GIDS, Inc.

Employees make it harder to reach a

deal.
GM workers and people fa-
programs for all workers in
this round of talks, a goal they
didn’t reach.
try,” Barra said Sept. 29.
The UAW is now turning to
organizing nonrepresented
Kansas City, MO 64121-9371 430 W 7th Street, STE 219371
Kansas City, MO 64105-1407

Back Pact miliar with the company said

the voting result was close for
a few reasons. One was that
About 36,000 GM workers
submitted votes on the deal,
according to the UAW spread-
workers at factories owned by
foreign automakers and elec-
tric-vehicle manufacturers,
Checks should be drawn to the order of Tri-Continental Corporation.
Any questions regarding Warrants or the distribution should be
addressed to Tri-Continental Corporation at the above-listed
addresses or by calling 800.345.6611, Option 3. You can also visit
GM’s older employees who sheet, roughly three-quarters which has been a challenge for the Corporation’s website at columbiathreadneedleus.com/investor/
Continued from page B1 were hired when the company of its union-represented em- the 88-year-old labor union. for information relating to the Corporation.
auto executives marked a offered traditional defined- ployees. Union organizers have been
stark departure from the tra- benefit pensions felt the deal Leaders of the Detroit auto- putting out feelers at facilities November 17, 2023 Ryan C. Larrenaga, Secretary
ditional UAW way of conduct- didn’t provide the same gains makers, including GM Chief across the U.S. Meanwhile, ex-
ing negotiations behind closed for them as for newer em- Executive Mary Barra, op- ecutives at Toyota Motor, Tri-Continental Corporation
doors. ployees. posed the new UAW tactics, at Honda Motor and other for- 290 Congress Street
Industry observers said Meanwhile, factory workers times vocally condemning eign automakers have raised Boston, Massachusetts 02210
they were concerned Fain’s who were hired after the auto- them. wages for their nonunionized 800.345.6611, Option 3
approach of riling up workers maker ended its traditional “It is clear Shawn Fain workers following the UAW
and raising their expecta- pensions roughly 15 years ago wants to make history for deals.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Starbucks Baristas Strike on ‘Red Cup Day’
Labor negotiations
haven’t progressed
much since last
year’s walkout
BY ALYSSA LUKPAT
Thousands of unionized
Starbucks workers went on
strike Thursday on a busy
sales day for the coffee chain
in a bid to bring the company
back to the negotiating table.
Baristas walked out on the
company’s annual “Red Cup
Day” promotion for the sec-
ond straight year, according to
the union representing them.
During the promotion, Star-
bucks gives customers a free
reusable cup when they order
a holiday drink.
The union, Starbucks Work-
ers United, said it wanted the
company to bargain over pay
raises, increased staffing and
other concerns. The first Star-
bucks baristas voted to union-
ize in 2021 after that year’s
red cup promotion.
The union and Starbucks
offered differing estimates of
how many stores were in-
cluded in the strike. The com-
pany said a few dozen stores
Musk Says He Agrees
With Antisemitic Post
BY JENNIFER CALFAS
Elon Musk agreed with a
post on X that said Jewish peo-
ple hold a “dialectical hatred”
of white people, eliciting a new
round of criticism that he pro-
motes antisemitic views.
Musk, the billionaire owner
of X Corp., formerly Twitter,
responded to a user’s post
Wednesday that espoused an
antisemitic conspiracy theory
with: “You have said the actual
truth.”
Musk seemed to qualify his
response in a later post, agree-
ing with another user who said
it was unfair to say Jewish
communities “promote dialec-
tical hatred towards white”
people. “This does not extend
to all Jewish communities,”
Musk replied, “but it is also not
just limited to the ADL,” refer-
ring to the Anti-Defamation
League, a Jewish advocacy
group.
The posts come amid a re-
cord level of antisemitic inci-
dents reported in the U.S., and
as Jewish and Muslim Ameri-
cans experience a rise in ha-
rassment during the Israel-
Hamas war. Musk, currently
considered the world’s richest
X Corp. Loses
Bid to Scrap
FTC Order
no
BY ELIZABETH WOLLMAN
A federal judge denied X
Corp.’s request to modify or
terminate a consent order be-
tween the social-media com-
pany acquired by Elon Musk
last year and the Federal
Trade Commission over how
the platform handled users’
information.
In a decision Thursday, U.S.
Magistrate Judge Thomas Hix-
son in the Northern District of
California said his court
lacked the power to grant X
relief from another tribunal’s
orders. The judge also denied
X’s request to stop a deposi-
tion of Musk by the FTC.
The company didn’t re-
spond to a request for com-
ment.
In May 2022, the platform
then known as Twitter agreed
to new oversight by the FTC
and a $150 million penalty to
settle a federal privacy suit. In
October of that year, Musk ac-
quired Twitter in a deal val-
ued at about $44 billion.
The company, renamed X,
asked the court in July to ter-
minate the settlement, saying
that the FTC imposed new and
burdensome demands after
Musk’s acquisition, treating
its May 2022 order “as license
for invasive scrutiny.”
The government said the
increased requests for infor-
mation were because Musk
“directed at least five rounds
of terminations, layoffs or
other reductions in X Corp.’s
workforce.”
* * * *
The union wants the company to bargain over pay raises, increased staffing and other concerns.
were affected but most re-
mained open. A union spokes-
man said around 5,000 work-
ers at roughly 200 stores were
expected to be on strike
Thursday.
person, has come under fire
on
from Jewish advocacy organi-
zations because of a reported
rise in antisemitic posts on X
since he took over the platform
us ,
last year.
l
A lawyer for Musk didn’t re-
e
al a
spond to a request for com-
ment.
In September, Musk said he
ci on
was “against antisemitism” and
against “anything that pro-
motes hate and conflict” in a
conversation with Israeli Prime
Minister Benjamin Netanyahu.
er s
X said earlier this year it was
working to combat antisemi-
m er
tism on its platform.
Linda Yaccarino, chief exec-
utive of X, said in a post Thurs-
day the company has been
clear about its efforts to halt
m rp
antisemitism and discrimina-
tion. Yaccarino’s post didn’t
name Musk.
“X’s point of view has al-
ways been very clear that dis-
co Fo
crimination by everyone should
STOP across the board,” Yacca-
rino said.
Musk on Wednesday was re-
sponding to an X user’s post
promoting a conspiracy theory
that contends Jewish people
are bringing nonwhite immi-
grants into the U.S.
n-
The luxury-goods company beat market expectations for the first half of its fiscal year.
Burberry Backs Down on Guidance
BY MICHAEL SUSIN
Burberry Group warned that
the global slowdown in luxury
demand is hurting its perfor-
mance and that it is unlikely to
achieve its guidance if the trend
continues, despite beating mar-
ket expectations for the first
half of its fiscal year.
If weak demand persists, the
British luxury-goods company
said Thursday, it is unlikely to
achieve previous guidance of
low double-digit revenue
growth in fiscal 2024, and ad-
justed operating profit will be
toward the lower end of the
market’s expected range of
£552 million to £668 million,
equivalent to $685.4 million to
$829.5 million.
The luxury industry has
BUSINESS NEWS
Union workers said on so-
cial media that baristas were
on strike in Cleveland; New
York City; Philadelphia, Rich-
mond, Va.; and Washington,
D.C.
Russia Arrests Two Executives
At Seized Local Carlsberg Unit
BY SAABIRA CHAUDHURI
Russian authorities have
arrested two senior employees
at brewing giant Carlsberg’s
seized local subsidiary, the
latest sign of tension between
the Kremlin and Western busi-
nesses amid the war in
Ukraine.
The two employees are ac-
cused of fraudulently transfer-
ring the rights to the Baltika
beer brand in several coun-
tries to entities associated
with Carlsberg, according to
the official Telegram channel
of the St. Petersburg court
press service.
The employees were named
as Denis Sherstennikov and
Anton Rogachevsky, who
served as president and vice
president of the Baltika brew-
ing company respectively. The
statute under which the men
have been charged says the
punishment is imprisonment
for up to 10 years.
Carlsberg said Thursday
that the allegations against
the men were fake.
Russia in July unexpectedly
seized Carlsberg’s local opera-
seen a slowdown in sales
growth as inflation and high
interest rates squeeze con-
sumer spending.
However, Burberry main-
tained its medium-term tar-
get of £4 billion in annual
revenue.
“While the macroeconomic
environment has become more
challenging recently, we are
confident in our strategy to re-
alize our potential as the mod-
ern British luxury brand, and
we remain committed to
achieving our medium- and
long-term targets,” Chief Exec-
utive Officer Jonathan Akeroyd
said.
Currency-exchange head-
winds are expected to ease to
around £110 million for reve-
nue and £60 million for ad-
Friday, November 17, 2023 | B3
asked customers to support who serve them every
them. day. “We love our customers
Employees on strike are and hope they respect us,” she
calling the move a “red cup said. “At the end of the day
rebellion” on what they say is they’re paying $7 for not-so-
one of the company’s busiest good coffee.”
sales days. Workers at about 360 of
In lower Manhattan Thurs- the company’s roughly 9,000
day morning, Starbucks baris- U.S. company-owned stores
tas and a handful of support- have voted to unionize. Union-
ers standing outside a cafe on ized baristas are a small por-
Astor Place booed customers tion of the company’s work-
who walked inside. “Grinch!” force but have gained traction
one protester yelled at a man since 2021, when workers in
crossing the picket line. Other Buffalo, N.Y., voted to form the
customers decided not to en- first labor union at a Star-
ter after seeing the protesters. bucks cafe.
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
Workers outside the cafe Negotiations haven’t pro-
said chants including, “Star- gressed much since last year’s
bucks, Starbucks, you should “Red Cup Day” walkout, when
know union busting’s got to workers went on strike at
go.” The store had a small more than 100 stores. Star-
group of customers inside, bucks Workers United has said
where it was difficult to hear company representatives had
the chants outside over the walked out of negotiations
music playing on the speakers. when they couldn’t agree on
Mary Baca, a 22-year-old the bargaining format.
barista on strike, said the As- Starbucks, the world’s big-
tor Place store was staffed gest coffee chain by sales, has
Thursday with managers and said it prefers to maintain a
workers from other locations. direct relationship with work-
Starbucks said Thursday She wants the company to of- ers instead of working
morning that it was aware of fer more consistent schedules through a labor union. Work-
the move by the union and and higher pay. ers have said a union is the
was ready to negotiate. Star- She said she hoped the best way for them to obtain
bucks Workers United said the strike would persuade cus- better compensation and
strike was its biggest ever and tomers to support the workers treatment.
.
ly
selves caught up in the eco-
nomic battle between Russia
and the West that is playing
out in parallel to the fighting
in Ukraine.
Some Western-owned as-
sets have been seized and
companies have struggled to
wind up operations in Russia.
Arrests of executives con-
nected to Western companies
are rare and could serve as
ILYA VYDREVICH/TASS/ZUMA PRESS
another warning shot to mul-
tinationals looking to with-
draw from Russia or go
against the government.
Last year, Russian prosecu-
tors warned companies in-
cluding Coca-Cola, McDonald’s
and Procter & Gamble that au-
Denis Sherstennikov, one of the employees named, at a thorities could arrest leaders
hearing in a St. Petersburg court on Thursday. who criticized the govern-
ment.
tions. That move came shortly evolved into targeting innocent Carlsberg last month said it
after the Danish beer maker employees,” Carlsberg said. had told the Russian govern-
had struck a deal to leave Rus- Russian media also re- ment that it was terminating
sia. The charges against the ported Thursday that local au- all license agreements for its
two men relate to alleged thorities had conducted raids brands in the country and said
wrongdoing before the sei- on Baltika’s offices and the it was continuing to look for
zure, the court said. residences of the two arrested legal options to protect its
“It is appalling that the ef- executives. employees and operations
forts of the Russian state to jus- The arrests are the latest there.
tify their illegal takeover of our sign of how some Western —Kate Vtorygina
business in Russia has now businesses have found them- contributed to this article.
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The board raise its interim
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equivalent to 23 cents, from
16.5 pence.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Friday, November 17, 2023 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Apple Backs Common Alibaba entity, accounting for 12.3% in cloud, the U.S. chip restrictions
the July-September quarter. may also affect Alibaba’s busi-
Alibaba has bet heavily on nesses more generally by limit-

Scraps generative AI, joining a fierce ing its ability to upgrade tech-

Messaging Protocol
rivalry with OpenAI as well as nologies, the company said
domestic peers including Baidu Thursday.

Spinoff and Tencent. It embeds its AI

model within its cloud service
and leases AI capabilities to
The gloomy picture came as
Alibaba reported that revenue
in the July-September quarter
cloud customers. Last month, it rose 8.5% from a year earlier to
Change is expected Continued from page B1 upgraded its large language $30.8 billion. It also swung to a
its Al model development in model, Tongyi Qianwen, and profit of $3.8 billion in the
to improve texting the near term. Chairman Joe quarter and
between iPhone and Tencent had stockpiled Tsai said that said it would
chips including Nvidia’s its cloud busi- pay its first-
Android users H800—developed especially for ness has served The company’s ever dividends
the Chinese market after last half of China’s bet on to shareholders.
BY SARAH E. NEEDLEMAN year’s export curbs—and is at- AI model com- Some other
tempting to use its inventory panies. generative AI parts of Ali-
Apple plans to support a more efficiently, while also U.S. sanc- baba’s overhaul
standard that will improve seeking Chinese-made AI train- tions are spur-
puts it in rivalry remain on track.
messaging with Android ing chips, said President Mar- ring Chinese with OpenAI. Alibaba’s inter-
phones and enable new fea- tin Lau. tech companies national com-
MANAURE QUINTERO/BLOOMBERG NEWS

tures, helping quell the blue- Alibaba Cloud is Asia’s big- to accelerate re- merce business,
bubble/green-bubble debate gest public cloud-service pro- search to de- including e-
around texts. vider, according to market-in- velop cutting-edge AI without commerce platforms AliExpress
Alphabet-owned Google telligence firm IDC, competing relying on the latest American and Lazada, is set to raise
has long pushed for Apple to with Amazon Web Services, chips. That includes studying money from external investors,
adopt a communication proto- Microsoft Azure and Google techniques that could allow the company said. That group’s
col called rich communica- Cloud. Within Alibaba, the them to achieve state-of-the- revenue jumped 53% in the
tions systems, or RCS, that cloud division is the second- art AI performance with fewer quarter.
aims to replace traditional largest business by revenue af- or less powerful chips. —Dave Sebastian contributed
text messaging with more ro- Texting is often split along a blue bubble/green bubble divide. ter its domestic e-commerce Beyond the impact on the to this article.
bust industrywide chat fea-
tures. Such a change could unlikely to burst the green- utive Tim Cook signaled at a
help ease a stigma for users of blue bubble divide, but they tech conference that he was
its Android operating system. might make text exchanges opposed to shaking up the
“We believe the RCS Uni- between iPhone and Android iPhone’s sticky digital ecosys-
versal Profile will offer a bet- users more productive and tem. When an audience mem-
ter interoperability experience less divisive. ber complained that he and
when compared to SMS or Some teens have described his mother were having trou-
MMS,” Apple said, referring to peer pressure to ditch smart- ble sharing certain videos,
older messaging standards. phones with Google’s Android Cook responded: “Buy your
“This will work alongside operating system because it mom an iPhone.”
iMessage, which will continue makes the group-chat bubbles Google has run a

JADE GAO/AGENCE FRANCE-PRESSE/GETTY IMAGES

to be the best and most secure green. Others reported being #GetTheMessage campaign
messaging experience for Ap- ostracized or singled out after this year, putting up adver-

.
ple users.” switching away from iPhones. tisements on billboards in cer-
Apple’s announcement “Everyone deserves to com- tain cities urging Apple to

ly
Thursday means iPhone and municate with each other in adopt the messaging standard.
Android users will have more ways that are modern and se- In 2022, Android domi-
evenhanded texting experi- cure, no matter what phone nated the global smartphone
ences. Higher-quality photo
and video sharing, read notifi-
cations and other features un-
available in Android-iPhone
they have,” a Google spokes-
woman said. The company
welcomed Apple’s shift, noting
that Google has worked with
on
market, with an 81.2% market
share compared with 18.8% for
Apple, according to IDC. In the
U.S., Android made up 52.4%
exchanges could become avail- the mobile industry to acceler- of the market compared with
us ,

able. Apple said it would add ate the adoption of RCS. Apple’s 47.6%, the market-in- China’s ability to buy chips has been curbed. News of the Biden-Xi Jinping summit seen in Beijing.
l

support for RCS later next In recent years, new iMes- telligence firm said.
e
al a

year, though the iMessage sage features such as Apple’s Apple’s about face comes

WeWork Bankruptcy Adds

platform itself will remain ex- 3D-like digital avatars known after it said earlier this month
clusive to the company’s as memojis have become a that sales fell for the fourth
ci on

hardware. reason to own an iPhone, consecutive quarter, though

When an Android user is though they don’t generate its iPhone business advanced

To New Jersey’s Growing List

engaging in a text conversa- revenue for the company di- 2.8% to $43.8 billion, matching
tion with an iPhone user, the rectly. Much of this will re- analysts expectations. The
iPhone user’s responses are main exclusive to Apple de- tech giant released four new
er s

green rather than blue. vices. phones in the iPhone 15 family

The coming changes are Last year Apple Chief Exec- in September.
BY AKIKO MATSUDA
m er

and their legal advisers. His- to bankruptcy data provided

WeWork’s chapter 11 filing
last week marked at least the
seventh large bankruptcy filed
m rp
torically, bankruptcy courts in by New Generation Research.
Wilmington, Del., and New In the prior 12-month period
York attracted major corpo- ended November 2022, only
rate filings, but other venues one large case—real-estate de-

in New Jersey since last No-
JOURNALISTS DON’T vember, signaling the state’s
increasing popularity as a des-
‘JUST WRITE STORIES.’ tination for companies seeking
to restructure their debt.
co Fo
also gained traction.
For New Jersey, the most
recent large filings began last
November with cryptocur-
rency lender BlockFi, followed
velopment firm National Re-
alty Investment Advisors—
was filed in New Jersey. The
number of large cases in the
current 12-month period end-

Rulings viewed as favorable
to companies in chapter 11
and a stable roster of veteran
THEY RECORD HISTORY. bankruptcy judges in the state
have been part of the appeal
for companies looking for pre-
dictability in the outcome of
their cases.
Judges with many years on
the bench have
accumulated a
stack of deci-
sions, which Rulings in the
n-
by four major cases in April:
the second bankruptcy filing
of Johnson & Johnson’s LTL
Management, wedding-gown
chain David’s Bridal, home-
goods chain Bed Bath & Be-
yond and Berkshire Hatha-
way-owned former talcum
powder supplier Whittaker,
Clark & Daniels.
Last month,
Rite Aid, a
Philadelphia-
ing November was the highest
in the past five years.
“I don’t think it’s sudden.
We’ve had some notable fil-
ings,” said Michael Kaplan,
chief judge of the U.S. Bank-
ruptcy Court’s New Jersey dis-
trict. In the early months of
the pandemic, Modell’s Sport-
ing Goods, kitchen-supply
chain Sur La Table, and the
parent company of apparel
brand New York & Co., all filed

helps bank- state are seen based drug- in New Jersey.

ruptcy advisers store chain, More cases are coming to
to pick a venue as favorable to filed for bank- New Jersey because its courts
for their clients, ruptcy in New have been overseen by the
the companies
no

said Robert Jersey to deal same group of judges for the

Lawless, a law that file.
professor at the
University of Il-
linois. The com-
panies and their advisers are
“obviously happy with the New
Jersey court” in terms of how
it rules, Lawless said.
Venue rules under the U.S.
bankruptcy law allow compa-
nies to file their cases outside
of their headquarters or
where they have primary op-
erations as long as they have
an affiliate in the jurisdiction
they choose. As a result, se-
lecting a venue has been an
important part of strategic
planning for prospective filers
with hundreds
of lawsuits al-
leging the com-
pany oversup-
plied prescription painkillers
that helped fuel the nation’s
opioid epidemic.
While BlockFi, LTL Manage-
ment and Bed Bath & Beyond
listed New Jersey as their
main addresses, the other four
filers are based primarily out-
side of the state.
New Jersey’s share of large
bankruptcies—with liabilities
of more than $100 million—
nationwide rose to 5%, com-
pared with less than 2% the
previous 12 months, according
past eight years, allowing pro-
spective filers to know what
to expect, Kaplan said.
Michael Sirota, a veteran
bankruptcy attorney with New
Jersey-based law firm Cole
Schotz, said Kaplan’s handling
of the first LTL bankruptcy
that was transferred from
North Carolina helped put
New Jersey on the map.
In his 2022 ruling, Kaplan
affirmed J&J’s use of a strat-
egy known as the Texas Two-
Step, in which J&J set up the
subsidiary and placed it under
bankruptcy to manage its talc
liabilities. The ruling was later
reversed by an appeals court.

Why the Biggest Roadblock for Driverless Cars Is Driver Distrust

JUSTIN SCHORR RESCUE CAPTAIN/SFFD

Learn more about the impact your

journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at Driverless-car makers have been rolling out more self-driving
vehicles. But the increase also raises the probability of driverless
dowjonesnewsfund.org/careers. cars being involved in accidents. Scan this code for a video
with George Downs on how companies are working to build
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THE WALL STREET JOURNAL. Friday, November 17, 2023 | B5

COURTESY OF SIDE GALLERY/

STREETLIGHT TABLE/ SAM CHERMAYEFF, 2021/
The Global Forum for Design
December 6-10, 2023
Miami Beach, Florida
Preview Day/ December 5
Public Days/ December 6-10, 2023

#DesignMiami/
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ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
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B6 | Friday, November 17, 2023
Hydrogen Gains Traction With Truckers Goodyear
To Close
Some operators say
it lets vehicles drive
farther, faster, but is
far behind EV tech
BY PAUL BERGER
Jim Gillis is making a big bet
on hydrogen-powered big rigs.
Gillis, president of the Pa-
cific region for Collierville,
Tenn.-based IMC, will take de-
livery in the coming weeks of
his first hydrogen electric fuel-
cell Nikola trucks long before
the technology is proven and a
refueling network is set up.
“I am always worried about
first-generation technology,”
said Gillis, who expects to be
running 50 of the rigs by the
end of 2024. “As fancy as it all
looks, I know going into it that
we are going to have some
problems.”
The company is among
many looking to overhaul their
fleets to meet impending re-
quirements for zero-emissions
commercial trucks in Califor-
nia. Many of those truckers
are focused on battery-cell rigs
that essentially bulk up elec-
tric-vehicle technology from
the passenger-car industry for
18-wheelers. Hydrogen is gain-
ing a following among some
heavy-duty truck operators
who see it as the industry’s
best path toward zero-emis-
sion technology, especially for
rigs traveling long distances.
Hydrogen offers longer
trips and faster refueling than
battery-cell technology, sup-
porters say, while allowing
trucks to haul heavier loads
because they aren’t carrying
industrial-scale batteries.
But the development of hy-
drogen-vehicle technology and
fueling infrastructure remain
years behind battery-electric
trucks and regulatory de-
mands are bearing down on
the carriers.
California is requiring that
beginning Jan. 1, new trucks
calling at the state’s seaports
no
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A Nikola hydrogen fuel cell truck at the Los Angeles Auto Show on Thursday.
be zero-emission vehicles. The
state is requiring that a grow-
ing share of truck sales and
fleets in the state run on clean
fuels, with a goal of phasing
out diesel big rigs over the
next two decades. Those are
the toughest rules in the U.S.
hitting diesel trucks, and in-
dustry experts say similar
mandates in other states are
likely to follow as regulators
watch California’s rollout.
The regulations triggered a
run on diesel rigs as carriers
add to their fleets ahead of
the Jan. 1 bar against new die-
sel trucks at ports. Truckers
are buying zero-emission vehi-
cles, an expensive undertaking
that is backed by state and lo-
cal grants.
Battery-electric and hydro-
on
gen fuel-cell big rigs start at
us ,
about $450,000, triple the cost
l
of a diesel truck. Truckers say
e
al a
they are only able to afford the
rigs with subsidies from the
state of California and local
ci on
agencies such as the region’s
ports. Their purchases depend
on the promise that a fueling
infrastructure will emerge
over the next few years.
er s
m er
m rp
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BUSINESS & FINANCE
Battery-electric big rigs
have gotten a head start on hy-
drogen trucks. More than a
dozen companies in California
are delivering freight using
battery-electric heavy-duty
trucks, according to the Harbor
Trucking Association, which
represents truckers operating
at the state’s big ports.
Hydrogen-powered trucks
are only just starting to trickle
into California and hydrogen-
fueling stations are years be-
hind their battery-electric
peers. “We’re still in kind of
this beta-testing mode,” said
Matt Schrap, chief executive
of the Harbor Trucking Asso-
ciation. “Outside of Nikola,
you’re just not seeing large
commercial deployment in
North America.”
Truckers say battery-elec-
tric trucks are good for short
trips ferrying shipping con-
tainers between ports, rail
yards and warehouses. But
they are finding the trucks less
useful for longer trips of 100
miles or more because of the
limited range of batteries and
the hours it takes to recharge.
Battery-electric heavy-duty
A GIFT FROM US
THE WALL STREET JOURNAL.
of Biagi Bros’s 230-truck fleet
must be zero-emission by Jan-
uary 2027. Stumbaugh said he
expects almost all of the zero-
emission trucks the company
buys between now and then
will be hydrogen-powered, in-
cluding 10 Nikola trucks that
are due in December.
“We can fuel those trucks
in half an hour rather than
plugging in an electric and
waiting four hours to charge
it,” he said. Battery-electric
“just doesn’t work for us.”
Nikola Chief Executive Steve
Girsky said the company’s aim
is to have nine public fueling
sites in California by the mid-
DAVID SWANSON/REUTERS
dle of 2024. The sites will be a
mix of the company’s “Hyla”-
branded fueling stations and
third-party fuel providers close
to the state’s major ports.
The company is working
with Voltera, a third-party
power provider, to develop a
trucks today can travel about network of 50 Hyla hydrogen-
300 miles and take at least sev- fueling stations around major
eral hours to recharge. Some trucking corridors nationwide
truckers say they are barely get- over the next five years.
ting more than 150 miles out of “Our job is to make sure
the trucks between charges. there’s a supply of hydrogen
Hydrogen trucks have a everywhere there’s custom-
range of up to 500 miles and re- ers,” Girsky said.
fueling takes about 30 minutes. The refueling may be faster
The fuel-cell trucks are several than charging, but filling a hy-
thousand pounds lighter than drogen truck is expensive be-
battery-electric rigs, letting cause the market for the fuel
truckers haul heavier, revenue- is still very small.
generating loads. Parker Meeks, chief execu-
Nikola is the front-runner tive of hydrogen-truck maker
so far in the hydrogen-truck Hyzon Motors, said hydrogen
ly
field, but traditional manufac- is two to four times more ex-
turers including Kenworth, pensive per gallon than diesel.
Hyundai Motor and Volvo Meeks believes the price of
Trucks are also developing hy-
drogen fuel-cell big rigs.
Napa, Calif.-based trucking
company Biagi Bros recently
hydrogen should fall toward
parity with diesel over the
next three years as the fuel
becomes more common.
completed a two-month trial IMC’s Gillis said he has no
with a hydrogen-powered choice but to invest in hydro-
Nikola truck. Gregg Stumbaugh, gen trucks. His company does
the company’s corporate equip- regular round trips of about
ment director, said that because 300 miles between ports and
of its superior range and quick warehouses in the southern
refueling time his drivers got Central Valley and Southern
twice as much work out of the California’s high desert. “Those
truck each day compared with locations are just beyond the
battery-electric trucks. reach of these battery-electric
Under California’s rules, 10% vehicles,” Gillis said.
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Receive a $10 Amazon.com Gift Card*
Pair of
German
Plants
BY SABELA OJEA
Goodyear Tire & Rubber
will shut down two of its man-
ufacturing facilities in Ger-
many as part of a turnaround
plan in Europe, the Middle
East and Africa, according to a
Securities and Exchange Com-
mission filing.
The tire manufacturer on
Thursday said its Fürsten-
walde and Fulda plants will be
permanently closed to lower
its production expenses and
improve its competitive posi-
tion in the Europe, Middle
East and Africa region, lead-
ing to about 1,750 job reduc-
tions.
The cost-cutting plan, ap-
proved on Wednesday, re-
places measures that dated to
May 31 to reduce production
at Fulda by about 50%.
The company expects pre-
tax costs associated with the
plan of $575 million to $600
million. The majority of the
expenses are forecast to be
booked by 2025 and the re-
.
maining by the end of 2027.
Goodyear Tire & Rubber
also said it seeks to achieve
annual run-rate savings of
about $60 million by the end
of 2025, $100 million by the
end of 2026 and $120 million
by the end of 2027.
The company has three
other manufacturing sites in
Germany, located in Hanau,
Riesa and Wittlich, according
to its website.
On Wednesday, Goodyear
announced it was exploring
strategic alternatives for some
units, including its chemical
business and Dunlop brand of
tires, as it optimizes its port-
folio.
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THE WALL STREET JOURNAL. Friday, November 17, 2023 | B7

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. FirstCitizBcshA FCNCA 1450.80 -27.53 KKR KKR 66.03 -0.22 Noble NE 45.79-2.09 Saia SAIA 411.70 -5.93 TakedaPharm TAK 13.72 0.04 VailResorts MTN 222.51 -2.05
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FirstHorizon FHN 12.16 -0.34 KLA KLAC 545.39 -0.01 Nokia NOK 3.54-0.05 Salesforce CRM 221.45 2.03 Tapestry TPR 30.10 -0.78 Vale VALE 15.20 0.13
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FirstSolar FSLR 154.51 2.09 Kellanova K 52.20 -0.10 Nomura NMR 4.07 -0.02 Samsara IOT 26.58 -0.05 TargaResources TRGP 83.85 -2.42 ValeroEnergy VLO 121.92 -3.76
that include primary market trades as well as quarters.
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FirstEnergy FE 37.04 0.22 Kenvue KVUE 19.61 0.01 Nordson NDSN 231.72-1.83 Sanofi SNY 46.35 0.93 Target TGT 129.94 -0.52 VeevaSystems VEEV 175.32 -1.46
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fiserv FI 124.83 -0.41 KeurigDrPepper KDP 31.78 -0.11 NorfolkSouthern NSC 208.34 1.33 SareptaTherap SRPT 82.98 -0.78 TechnipFMC FTI 20.14 -1.09 Ventas VTR 44.65 0.19
Nasdaq ISE. standards FiveBelow FIVE 180.00 -4.07 KeyCorp KEY 12.08 -0.11 NorthernTrust NTRS 74.64 -0.24 Sasol SSL 12.40 -0.31 TeckResourcesB TECK 35.30 -0.30 Veralto VLTO 70.88 -3.03
The list comprises the 1,000 largest companies lf-Late filing FleetCorTech FLT 231.99 -3.87 KeysightTech KEYS 132.80 -0.39 NorthropGrum NOC 463.88 -1.11 Schlumberger SLB 52.11 -1.57 TeledyneTech TDY 389.65 -3.35 VeriSign VRSN 209.32 2.77
based on market capitalization. q-Temporary exemption from Nasdaq Flex FLEX 26.38 -0.43 KimberlyClark KMB 121.71 0.16 Novartis NVS 94.06 0.26 SchwabC SCHW 55.67 -0.41 Teleflex TFX 213.64 2.05 VeriskAnalytics VRSK 237.55 -0.24
Underlined quotations are those stocks with requirements. Floor&Decor FND 89.01 -1.00 KimcoRealty KIM 18.78 -0.17 NovoNordisk NVO 99.53 3.10 Sea SE 37.90 -0.59 Ericsson ERIC 4.84 -0.03 Verizon VZ 36.18 0.18
large changes in volume compared with the t-NYSE bankruptcy s FomentoEconMex FMX 125.89 -1.33 KinderMorgan KMI 16.82 -0.10 NuHoldings NU 7.85-0.32 s Seagate STX 75.59 1.04 TelefonicaBras VIV 10.38 ... VertexPharm VRTX 343.00 -6.34
issue’s average trading volume. v-Trading halted on primary market. FordMotor F 10.16 -0.31 KinrossGold KGC 5.43 0.11 Nucor NUE 154.94 -1.63 Seagen SGEN 212.91 0.84 Telefonica TEF 4.00 0.02 Vertiv VRT 42.84 -0.66
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FTNT 50.42 -0.64 KinsaleCapital KNSL 352.94 4.10 NTNX 38.92 -0.53 Sempra VTRS 9.17 -0.19
whose price changed by 5% or more if their reorganized under the Bankruptcy Code,
Fortinet Nutanix SRE 72.19 0.21 TelekmIndonesia TLK 22.93 -0.19 Viatris
Fortis FTS 41.04 ... Klaviyo KVYO 26.85 -1.85 Nutrien NTR 57.19 -1.06 ServiceIntl SCI 59.77 -0.77 TempurSealy TPX 39.22 -1.26 VinFastAuto VFS 5.75 -0.42
previous closing price was $2 or higher. or securities assumed by such companies.
Fortive FTV 67.63 0.19 Knight-Swift KNX 51.63 -1.58 nVentElectric NVT 52.63 -0.56 ServiceNow NOW 652.28 1.38 Tenaris TS 33.55 -0.97 Vipshop VIPS 15.31 -0.47
FortuneBrands FBIN 66.16 0.24 Philips PHG 20.92 -0.04 NVIDIA NVDA 494.80 5.92 Shell SHEL 64.60 -0.69 TencentMusic TME 8.47 0.22 Visa V 248.57 0.46
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FoxA FOXA 30.08 -0.39 KoreaElecPwr KEP VST 34.74 0.04
changes in the closing prices from 4 p.m. the previous day. 6.84 0.14 SherwinWilliams SHW 269.30 5.12 Teradyne TER 90.74 -0.63 Vistra
FoxB FOX 28.14 -0.32 KraftHeinz KHC 33.81 0.25 O P Q ShinhanFin SHG 27.86 0.13 Tesla TSLA 233.59 -9.25 VMware VMW 149.65 0.44
Franco-Nevada FNV 120.98 0.92 t Kroger KR 42.66 -1.85 SHOP 67.28 -0.57 TetraTech TTEK 163.73 5.50 Vodafone VOD 9.17 0.02
Thursday, November 16, 2023 Net Net FranklinRscs BEN 24.55 -0.01 LKQ OGE Energy OGE 35.07 0.60 Shopify
LKQ 45.05 -0.62 VoyaFinancial VOYA 70.16 -1.10
Stock Sym Close Chg Stock Sym Close Chg FreeportMcM FCX 35.54 -0.46 LPL Financial LPLA 221.02 -0.47 ONEOK OKE 65.52 -0.60 SimonProperty SPG 120.42 -0.12 TevaPharm TEVA 8.76 -0.20
Net ON Semi ON 69.46 -1.67 SimpsonMfg SSD 154.92 -0.74 TexasInstruments TXN 151.89 0.02
VulcanMatls VMC 212.27 1.40
Stock Sym Close Chg FreseniusMed FMS 19.26 -0.02 L3HarrisTech LHX 186.26 -0.04 5.13 -0.06 TexasPacLand TPL 1612.58 -70.21
BeiGene BGNE 189.17 -7.37 ConocoPhillips COP 111.99 -3.04 OReillyAuto ORLY 971.99 -1.35 SiriusXM SIRI
W X Y Z
FullTruck YMM 6.92 -0.25 LabCorp.ofAmerica LH 210.73 0.81 SkechersUSA SKX 51.61 -0.94 TexasRoadhouse TXRH 110.18 -0.21
BentleySystems BSY 53.09 ... ConEd ED 91.13 0.58 OccidentalPetrol OXY 60.31 -0.99
A B C Berkley WRB 69.77 1.23 ConstBrands A STZ 236.59 -2.95
Futu FUTU 59.53 -2.62 LamResearch LRCX 700.44 2.54
Okta OKTA 69.62 -0.79 Skyworks SWKS 93.37 -0.67 Textron TXT 76.79 -0.78 WEC Energy WEC 82.37 0.94
LamarAdv LAMR 96.61 0.46 OldDomFreight ODFL 397.79 -4.95 SmithAO AOS 75.64 0.64 ThermoFisher TMO 472.47 1.93 WEX WEX 172.72 -5.65
AECOM ACM 86.99 -0.12 BerkHathwy B BRK.B 359.86 3.07 ConstellationEner CEG 121.67 -0.04 G H I LambWeston LW 95.70 0.87 OldRepublic ORI 28.34 0.27 Smith&Nephew SNN 25.55 -0.14 ThomsonReuters TRI 136.73 3.34 W.P.Carey WPC 56.91 0.61
AES AES 16.91 -0.10 BerkHathwy A BRK.A 5466354135.01 Cooper COO 340.57 -0.94
CPRT 49.31 0.09 71.92 0.40 LasVegasSands LVS 49.12 -0.16 OmegaHealthcare OHI 31.70 0.22 Smucker SJM 111.27 0.43 3M MMM 95.71 0.39 WPP WPP 43.50 -0.82
Aflac AFL 81.11 0.69 BerryGlobal BERY 63.58 2.34 Copart GE HealthCare GEHC
LatticeSemi LSCC 58.91 -1.74 OMC 76.97 -1.20 Snap SNAP 12.07 -0.13 Toast TOST 14.25 -0.27 Wabtec WAB 114.75 -0.13
AGCO AGCO 116.11 -2.51 BestBuy BBY 66.75 -2.13 Core&Main CNM 33.65 -0.30 GFLEnvironmental GFL 30.03 -0.48 Omnicom
GSK 34.44 0.30 Lear LEA 133.69 -2.21 ONON 27.13 -0.64 Snap-On SNA 274.72 -0.32 Toll Bros TOL 85.14 -0.08 WalgreensBoots WBA 20.75 -0.80
Ansys ANSS 301.66 3.09 Bio-Techne TECH 60.90 0.01 CorebridgeFin CRBG 19.46 -0.21 GSK OnHolding
28.38 -0.29 GXO Logistics 57.01 -0.69 LegendBiotech LEGN 63.58 -1.39 OntoInnovation ONTO 135.15 -2.01 Snowflake SNOW 160.97 -2.06 TopBuild BLD 290.77 0.68 Walmart WMT 156.04 -13.74
APA APA 35.85 -1.46 Bio-RadLab A BIO 304.50 -2.39 Corning GLW GXO
CTVA 46.97 0.24 Gallagher AJG 245.51 4.80 Leidos LDOS 104.67 -0.29 OTEX 38.52 0.05 SOQUIMICH SQM 47.38 -4.12 Toro TTC 86.05 -0.90 WarnerBrosA WBD 10.32 -0.24
ASE Tech ASX 8.51 -0.02 Biogen BIIB 229.46 -0.17 Corteva OpenText
CSAN 14.94 0.16 Gaming&Leisure GLPI 45.50 -0.26 Lennar A LEN 127.08 0.23 ORCL 114.67 0.61 SoFiTech SOFI 6.71 -0.66 TorontoDomBk TD 60.90 -0.39 WarnerMusic WMG 31.24 -1.61
ASML ASML 680.87 2.87 BioMarinPharm BMRN 87.21 0.15 Cosan Oracle
CoStar 82.24 -0.02 Garmin GRMN 119.13 0.29 Lennar B LEN.B 117.49 1.15 Orange ORAN 11.90 0.06 Sony SONY 87.60 0.48 TotalEnergies TTE 66.43 -0.92 WasteConnections WCN 135.01 0.99
AT&T T 15.88 0.12 BioNTech BNTX 99.70 -1.01 CSGP
COST 578.58 -18.20 Gartner IT 420.10 2.32 LennoxIntl LII 405.11 1.48 Orix 88.98 -0.41 Southern SO 70.27 1.50 ToyotaMotor TM 190.40 1.29 WasteMgt WM 171.44 0.27
AbbottLabs ABT 100.26 2.26 Birkenstock BIRK 42.21 0.99 Costco IX
GEN 20.40 0.64 LiAuto LI 38.87 -1.66 OtisWorldwide OTIS 83.92 0.66 SoCopper SCCO 74.87 -0.44 TractorSupply TSCO 203.06 -4.44 Waters WAT 266.20 -0.74
AbbVie ABBV 138.28 0.68 BlackRock BLK 714.90 6.06 CoterraEnergy CTRA 26.33 -0.82 GenDigital
AcadiaHealthcare ACHC 73.95 -0.97 Blackstone BX 103.70 -0.58 Coty COTY 10.82 -0.01 Generac GNRC 113.48 2.70 LibertyBroadbandC LBRDK 83.67 -0.91 Ovintiv OVV 43.85 -1.56 SouthwestAir LUV 24.29 -0.65 TradeDesk TTD 66.30 -1.75 Watsco WSO 383.47 1.59
CPNG 15.86 0.09 GeneralDynamics GD 245.26 -0.50 LibertyBroadbandA LBRDA 83.51 -1.07 OwensCorning OC 129.29 -0.53 SouthwesternEner SWN 6.72 -0.13 Tradeweb TW 92.30 1.03 WeatherfordIntl WFRD 91.96 -4.01
Accenture ACN 327.32 1.82 BlockHR HRB 44.73 -0.83 Coupang
Adobe ADBE 602.06 6.75 Block SQ 56.28 -0.02 Credicorp BAP 124.87 1.26 s GeneralElec GE 118.94 2.64 LibertyGlobal C LBTYK 17.28 -0.29 PDD PDD 113.05 -1.37 Splunk SPLK 150.88 -0.18 TraneTech TT 226.54 0.83 WebsterFin WBS 42.59 -0.04
LibertyGlobal A LBTYA 16.07 -0.27 SPOT 175.28 1.52 TransDigm TDG 986.95 -7.21 WellsFargo WFC 42.53 -0.31
AdvDrainageSys WMS 118.76 -0.72 BlueOwlCapital OWL 13.57 -0.14 CrowdStrike CRWD 204.27 -0.02 GeneralMills GIS 65.02 0.33 PG&E PCG 17.75 0.24 Spotify
AdvMicroDevices AMD 119.83 1.83 Boeing BA 206.60 -2.11 CrownCastle CCI 104.12 0.86 GeneralMotors GM 27.48 -0.66 LibertyGlobal B LBTYB 16.12 -0.28 PNC Finl PNC 129.34 0.38 StanleyBlackDck SWK 90.10 -0.25 TransUnion TRU 56.70 -0.59 Welltower WELL 86.77 0.49
Aegon AEG 5.37 0.22 Booking BKNG 3128.85 8.03 CrownHoldings CCK 83.36 -0.77 Genmab GMAB 31.96 0.25 LibertyFormOne A FWONA 57.15 -0.29 POSCO PKX 90.07 -0.80 Stantec STN 70.47 0.23 Travelers TRV 171.69 2.15 WescoIntl WCC 146.93 -0.47
AerCap AER 67.55 -0.28 BoozAllen BAH 127.83 1.07 CubeSmart CUBE 39.29 0.10 Gentex GNTX 30.55 -0.13 LibertyFormOne C FWONK 63.48 -1.09 PPG Ind PPG 135.16 1.54 Starbucks SBUX 107.21 1.18 Trex TREX 66.00 -0.42 WestPharmSvcs WST 344.23 -1.75
AffirmHldgs AFRM 24.54 -1.44 BorgWarner BWA 33.82 -0.31 Cummins CMI 223.42 -0.33 GenuineParts GPC 137.47 -0.40 LibertySirius A LSXMA 26.35 0.21 PPL PPL 26.02 0.22 StateStreet STT 69.29 -0.44 Trimble TRMB 42.81 -0.56 WesternDigital WDC 46.01 -0.02
AgilentTechs A 114.19 0.59 BostonProps BXP 55.23 -1.79 Curtiss-Wright CW 211.00 -1.99 Gerdau GGB 4.99 0.04 LibertySirius C LSXMK 26.37 0.23 PTC PTC 152.83 -1.85 SteelDynamics STLD 109.88 -1.38 Trip.com TCOM 35.36 -0.43 WesternMidstrm WES 27.78 -0.46
Light&Wonder LNW 85.33 -0.10 s Paccar PCAR 90.91 0.46 Stellantis STLA 19.92 -0.53 TruistFinl TFC 31.45 -0.46 Westlake WLK 128.14 -0.35
AgnicoEagleMines AEM 48.71 0.90 BostonSci BSX 54.67 0.82 CyberArkSoftware CYBR 187.74 1.71 GileadSciences GILD 74.52 -0.52
GTLB 48.55 -0.43 EliLilly LLY 588.75 0.21 TWLO 61.55 -0.61 WestRock
AirProducts APD 273.60 -0.02 BristolMyers BMY 50.84 -0.73 GitLab PackagingCpAm PKG 155.49 -2.91 Steris STE 203.42 -0.11 Twilio WRK 37.59 -1.11
Airbnb ABNB 126.28 -2.07 BritishAmTob BTI 31.19 -0.18 D E F GlobalPayments GPN 111.81 -2.65 LincolnElectric LECO 194.65 -1.01 PalantirTech PLTR 19.77 -0.18 Stevanato STVN 26.55 -1.73 TylerTech TYL 417.68 0.01 Weyerhaeuser WY 31.74 0.02
s Linde LIN 408.39 5.64 PaloAltoNtwks PANW 242.30 -13.88 STMicroelec STM 45.36 -0.20 TysonFoods TSN 48.33 0.02 WheatonPrecMet WPM 45.87 1.28
AkamaiTech AKAM 111.37 -0.69 BrixmorProp BRX 21.44 -0.49 DTE Energy DTE 103.33 1.26 GlobalFoundries GFS 56.42 0.28
Albemarle ALB 122.60 -5.12 Broadcom AVGO 959.55 -15.85 Danaher Globant GLOB 183.09 -2.83 LithiaMotors LAD 267.66 -14.43 ParamountA PARAA 16.51 -0.37 Stryker SYK 291.55 7.91 UBS Group UBS 25.44 -0.02 Williams WMB 34.75 -0.63
DHR 209.11 0.95 LiveNationEnt LYV 89.10 -0.09 UDR 33.00 -0.36 s Williams-Sonoma WSM 171.45 10.06
Albertsons ACI 20.97 -0.45 BroadridgeFinl BR 181.21 0.89 Darden GlobeLife GL 117.41 0.80 ParamountB PARA 12.76 -0.41 SumitomoMits SMFG 9.62 0.15 UDR
DRI 155.68 -0.14 2.09 -0.02
Alcon ALC 69.57 -0.96 BrookfieldAsset BAM 33.47 -0.10 DarlingIngred DAR 41.57 -2.43 s GoDaddy GDDY 92.23 0.15 LloydsBanking LYG s ParkerHannifin PH 426.44 -2.64 SunComms SUI 122.96 1.70 UFP Inds UFPI 109.86 -0.67 WillisTowers WTW 242.63 1.19
34.07 -0.39 Datadog GoldFields GFI 12.95 0.04 LockheedMartin LMT 445.59 0.45 Parsons PSN 62.59 0.26 SunLifeFinancial SLF 50.25 -0.18 U-Haul N UHAL/B 51.91 -0.70 WillScotMobile WSC 38.82 -0.29
AlexandriaRlEst ARE 103.81 -1.90 Brookfield BN DDOG 109.12 -0.32 s
GoldmanSachs GS 336.67 -0.93 Loews L 67.06 0.53 Paychex PAYX 116.49 -0.65 SuncorEnergy SU U-Haul UHAL 54.50 -0.42 s Wingstop WING 227.72 3.60
Alibaba BABA 79.11 -7.96 BrookfieldInfr BIP 27.51 -0.12 DaVita DVA 94.73 0.26 32.39 -0.96
AlignTech ALGN 203.12 -1.94 BrookfieldRenew BEPC 26.45 0.32 DeckersOutdoor DECK 615.46 -16.87 Grab GRAB 3.29 -0.13 s LogitechIntl LOGI 84.93 -0.36 PaycomSoftware PAYC 173.65 -3.46 Sunoco SUN 53.76 -0.32 US Foods USFD 42.36 -0.47 Wipro WIT 4.68 ...
Graco GGG 79.57 -0.04 Lowe's LOW 202.28 -2.57 Paylocity PCTY 149.01 -5.17 SuperMicroComp SMCI 283.67 -4.11 UWM UWMC 5.68 -0.03 WoodsideEnergy WDS 20.29 -0.61
Allegion ALLE 105.95 -0.72 Brown&Brown BRO 73.20 0.89 Deere DE 378.56 -2.31
Grainger GWW 795.05 0.25 Lucid LCID 4.28 0.06 PayPal PYPL 56.82 -1.43 Suzano s Uber UBER 54.42 0.66 Woodward WWD 133.52 -1.12
AlliantEnergy LNT 49.48 0.16 Brown-Forman A BF.A 59.30 -1.48 DellTechC DELL 72.54 -0.40 SUZ 10.92 0.04
Brown-Forman B BF.B 57.69 -1.53 GraphicPkg GPK 22.35 -0.31 lululemon LULU 420.28 -11.91 Pearson PSO 11.87 0.07 SynchronyFinl SYF 28.91 -0.85 Ubiquiti UI 115.85 -4.45 WooriFinl WF 29.45 0.25
Allstate ALL 134.75 3.18 DeltaAir DAL 35.51 -0.25
GRFS 9.46 0.06 LyondellBasell LYB 96.23 -1.01 PembinaPipeline PBA 31.80 -0.44 Synopsys UiPath PATH 18.00 -0.67 Workday WDAY 231.95 0.44
AllyFinancial ALLY 27.16 -0.53 Bruker BRKR 61.47 -0.52 DescartesSystems DSGX 80.80 0.81 Grifols SNPS 533.45 4.13
GpoAeroportuar PAC 135.91 4.01 PenskeAuto PAG 151.93 -7.62 Sysco UltaBeauty ULTA 405.55 -9.78 WynnResorts WYNN 86.06 -1.40
AlnylamPharm ALNY 168.97 -2.08 BuildersFirst BLDR 130.35 1.69 DeutscheBank DB 11.85 0.01 M N SYY 70.67 0.17
Unilever UL 47.71 -0.19 XP XP 23.31 -0.10
Alphabet C GOOG 138.70 2.32 BungeGlobal BG 105.93 -0.20 DevonEnergy DVN 44.29 -1.23 GpoAeroportSur ASR 227.25 2.06 Pentair PNR 62.89 -1.10
Alphabet A GOOGL 136.93 2.31 BurlingtonStrs BURL 129.93 -5.88 DexCom DXCM 104.77 2.66
Guidewire GWRE 96.45 -0.97 M&T Bank MTB 123.47 -1.82 Penumbra PEN 223.67 -4.21 T U V UnionPacific UNP 219.36 1.28 XPO XPO 86.51 0.83
CACI 322.00 -2.36 Diageo HCA Healthcare HCA 240.42 -0.65 MGM Resorts MGM 40.21 -0.42 PepsiCo PEP 167.71 0.46 UnitedAirlines UAL 39.28 -0.66 XcelEnergy XEL 60.70 0.61
Altria MO 40.70 -0.05 CACI Intl DEO 139.68 -3.46
78.05 -0.55 HDFC Bank HDB 57.79 -0.73 PerformanceFood PFGC 61.66 -0.69 TC Energy TRP 36.12 -0.46 UnitedMicro UMC 7.60 -0.03 XPeng XPEV 16.23 -1.16
Amazon.com AMZN 142.83 -0.37 CBRE Group CBRE DiamondbkEner FANG 152.50 -3.29 MinisoGroup MNSO 26.61 -0.45
HF Sinclair DINO 52.79 -1.80 MPLX PermianRscs PR 12.90 -0.46 TD Synnex SNX 97.61 -1.46 UPS B UPS 146.91 -0.26 Xylem XYL 101.26 1.02
Ambev ABEV 2.79 -0.01 CCC Intelligent CCCS 11.32 -0.01 Dick's DKS 115.35 -2.47 MPLX 35.47 -0.03
Amcor AMCR 9.28 -0.07 CDW CDW 215.51 -3.41 s DigitalRealty DLR 135.15 0.55 HP HPQ 28.21 -0.26 MSA Safety MSA 165.83 -0.15 PetroleoBrasil PBR 15.55 -0.23 TE Connectivity TEL 131.34 0.16 UnitedRentals URI 474.36 -5.15 YPF YPF 10.21 -0.04
80.11 -0.31 HSBC HSBC 38.04 -0.43 PetroleoBrasilA PBR.A 14.65 -0.12 Telus TU 17.67 -0.20 US Bancorp USB 37.32 0.14 Yum!Brands YUM 127.83 1.21
Amdocs DOX 82.24 0.64 CF Industries CF DiscoverFinSvcs DFS 84.20 -1.46 MSCI MSCI 524.27 2.52
GIB 102.37 0.69 Disney H World HTHT 35.96 -0.95 MSP Recovery LIFW 6.73 -0.10 Pfizer PFE 29.77 -0.42 Ternium TX 36.57 0.30 US Steel X 34.43 0.07 YumChina YUMC 45.84 ...

.
Ameren AEE 76.78 -0.90 CGI A DIS 94.51 0.58
Haleon HLN 8.25 0.04 PhilipMorris PM 91.28 -0.45 TFI Intl TFII 115.81 -0.96 UnitedTherap UTHR 226.63 -2.63 ZTO Express ZTO 24.04 -0.27
AmericaMovil AMX 17.70 -0.03 CH Robinson CHRW 81.86 -1.39 DocuSign DOCU 42.62 -0.76 MagnaIntl MGA 54.57 -0.86
PSX 113.53 -0.91 TIM TIMB 17.40 -0.35 UnitedHealth UNH 539.82 1.41 ZebraTech ZBRA 215.48 -1.48

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AmerAirlines AAL 12.19 -0.23 CME Group CME 212.19 1.13 DolbyLab Halliburton HAL 37.18 -1.26 ManhattanAssoc MANH 221.25 -0.08 Phillips66
DLB 87.77 -0.89 TJX 88.37 -1.06 UnitySoftware U 28.90 -1.29 Zillow C
AEP AEP 77.38 0.85 CMS Energy CMS 57.50 0.42 DollarGeneral DG 117.81 -5.18 HartfordFinl HIG 76.35 1.00 ManulifeFinl MFC 18.81 -0.18 PinnacleWest PNW 72.39 0.02 TJX Z 40.71 0.17
AmerExpress AXP 159.05 -0.38 CNA Fin CNA 39.74 0.52 DollarTree HealthpeakProp PEAK 16.55 -0.40 Maplebear CART 25.04 -0.86 Pinterest PINS 31.27 -0.39 T-MobileUS TMUS 147.49 0.29 UnivDisplay OLED 162.43 -1.20 Zillow A ZG 39.17 0.05
DLTR 113.70 -5.02 TPG 33.84 0.12 UniversalHealthB UHS 134.45 1.55 ZimmerBiomet ZBH 111.55 1.05
AmericanFin AFG 109.63 -0.72 CNH Indl CNHI 10.02 -0.32 DominionEner D Heico HEI 169.97 -0.10 MarathonOil MRO 24.75 -0.66 PioneerNatRscs PXD 232.35 -2.85 TPG
46.87 -0.36
CRH 59.19 0.08 Domino's Heico A HEI.A 136.15 0.07 MarathonPetrol MPC 145.10 -5.23 PlainsAllAmPipe PAA 15.28 -0.16 T.RowePrice TROW 97.47 -0.89 UnumGroup UNM 42.08 -0.48 Zoetis ZTS 176.54 1.92
AmHomes4Rent AMH 36.30 -0.03 CRH DPZ 374.74 -6.69
AIG 64.12 0.64 CSX CSX 31.33 0.34 Donaldson HenrySchein HSIC 68.76 1.17 Markel MKL 1381.00 2.14 PlainsGP PAGP 15.71 -0.24 TaiwanSemi TSM 98.54 -0.26 VF VFC 17.19 -0.58 ZoomVideo ZM 63.40 -0.34
AIG
AmerTowerREIT AMT 199.11 3.23 CVS Health CVS 68.25 -0.88 DoorDash
AmerWaterWorks AWK 130.99 0.54 CadenceDesign CDNS 266.99 1.20 Dover
AmericoldRealty COLD 27.15 0.51 CAE

Ametek
CAE 20.85 0.03 Dow

AME 153.97 0.87 CamdenProperty CPT 87.57 -1.32 DraftKings

DCI 59.96 -1.02
DASH 95.09 -0.07
DOV 137.54 -1.29
DOW 51.44 -0.09

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on HSY 195.84 1.31 MarketAxess MKTX 226.70 -0.85
HES 141.46 -2.71 Marriott
HessMidstream HESM 30.52 -0.06 Marsh&McLen MMC 198.32 2.84
Ameriprise AMP 344.20 0.73 CaesarsEnt CZR 45.64 -0.87 DrReddy'sLab RDY 66.37 0.65 HewlettPackard HPE 15.74 -0.71 MartinMarietta MLM 460.01 5.13
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HLT 167.17 1.75 MarvellTech MRVL 54.66 -2.51

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POOL 347.37 -3.22 TakeTwoSoftware TTWO 154.85 0.91 VICI Prop
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ProcoreTech PCOR 55.82 -0.63
Procter&Gamble PG 152.83 1.41
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Amgen AMGN 269.00 -1.90 Cameco CCJ 43.94 0.77 Dropbox Hologic HOLX 72.63 0.62 Masco MAS 59.37 0.13 Progressive PGR 159.94 2.27
DBX 26.46 -1.08

The Marketplace
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Amphenol APH 89.55 0.51 CampbellSoup CPB 41.13 0.63 DukeEnergy DUK 90.18 1.60 HomeDepot HD 306.44 -1.75 Mastercard MA 397.10 0.27 Prologis PLD 110.27 -0.24
AnalogDevices ADI 179.84 -0.94 CIBC CM 38.95 -0.15 Duolingo HondaMotor HMC 31.80 0.12 MatadorRscs MTDR 56.16 -2.15 PrudentialFinl PRU 94.63 0.02
DUOL 207.94 2.88
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AngloGoldAsh AU 17.12 0.11 CanNtlRlwy CNI 114.09 -0.11 DuPont Honeywell HON 190.71 1.16 MatchGroup MTCH 31.58 -0.40 Prudential PUK 22.87 -0.37
DD 70.59 -0.28
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BUD 61.11 -0.08 CanadianNatRscs CNQ 63.93 -1.43 Dynatrace HormelFoods HRL 32.66 -0.08 Mattel MAT 18.91 -0.25 PublicServiceEnt PEG 63.46 0.58 To advertise: 800-366-3975 or WSJ.com/classifieds
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AB InBev DT 51.08 0.12

AnnalyCap NLY 17.75 -0.08 CdnPacKC CP 71.64 0.09 EMCOR DR Horton DHI 127.63 -0.27 McCormickVtg MKC.V 65.94 0.11 PublicStorage PSA 259.51 -1.08
EME 209.71 -5.05
AnteroResources AR 25.52 -1.33 CapitalOne COF 105.01 -0.99 ENI HostHotels HST 17.07 -0.09 McCormick MKC 66.04 0.17 PulteGroup PHM 86.97 -0.07
E 32.33 -0.29
Aon AON 333.66 3.96 CardinalHealth CAH 103.30 1.50 EOG Rscs HoulihanLokey HLI 104.43 -0.30 McDonald's MCD 276.12 5.73 PureStorage PSTG 36.16 -1.57
EOG 120.70 -2.37
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APi Group APG 29.15 0.06 Carlisle CSL 273.46 -6.82 EPAM Systems EPAM 255.95 2.64 HowmetAerospace HWM 51.53 -0.02 McKesson MCK 450.78 4.40 Qiagen QGEN 39.40 -0.01
NOTICE OF SALE
ApolloGlbMgmt APO 86.40 -0.14 Carlyle CG 31.44 -0.36 EQT Hubbell HUBB 289.59 0.18 Medpace MEDP 281.47 -0.89 Qorvo QRVO 93.86 -1.34
EQT 40.05 -1.28
AppFolio APPF 199.45 -0.91 CarMax KMX 64.15 -3.78 EastWestBncp EWBC 61.66 -0.24 HubSpot HUBS 465.67 -2.65 Medtronic MDT 74.88 0.86 Qualcomm QCOM 128.70 -0.22
Apple AAPL 189.71 1.70 Carnival CCL 14.81 0.24 EastGroup Humana HUM 512.91 6.12 s MercadoLibre MELI 1469.55 27.00 QuantaServices PWR 183.30 -0.42
EGP 168.45 -2.58
s ApplMaterials AMAT 154.81 -0.56 Carnival CUK 13.22 0.21 EastmanChem EMN 81.80 0.68 JBHunt JBHT 178.67 -3.27 Merck MRK 101.99 0.64 QuestDiag DGX 134.93 -0.52 NOTICE OF UCC ARTICLE 9 PUBLIC SALE OF ASSETS OF
Applovin APP 38.93 -1.52 CarrierGlobal CARR 52.68 0.33 Eaton HuntingtonBcshs HBAN 10.91 -0.09 MetaData AIU 1.03 0.01 IAP GLOBAL SERVICES, LLC AND IAP WORLDWIDE SERVICES, INC
ETN 226.80 1.15 R S
Aptargroup ATR 127.55 -0.16 Carvana CVNA 32.36 -1.80 eBay HuntingIngalls HII 234.57 -0.33 MetaPlatforms META 334.19 1.48
EBAY 40.18 -0.44 Agent Sale at Public Auction
Aptiv APTV 79.15 -1.14 CaseysGenStores CASY 281.31 -1.44 Ecolab HyattHotels H 113.64 1.14 MetLife MET 62.03 0.21
ECL 185.13 1.84 RBC Bearings RBC 240.22 -3.00
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ICICI Bank IBN 22.26 -0.25 Mettler-Toledo MTD 1049.73 -7.29 November 28, 2023, at 10:00 a.m. (prevailing Eastern Time)
Aramark ARMK 27.65 0.61 Catalent CTLT 39.74 0.18 Ecopetrol EC 11.80 -0.12 RB Global RBA 61.46 1.81
CAT 248.21 -2.88 EdisonIntl ICL Group ICL 5.04 -0.09 MicrochipTech MCHP 82.16 -0.34
ArcelorMittal MT 23.41 -0.02 Caterpillar EIX 65.99 0.72 s RELX RELX 36.79 0.51 PLEASE TAKE NOTICE that, pursuant to Section 9-610 of the New York Uniform Commercial Code (“UCC”), the
ArchCapital ACGL 83.71 1.05 Celanese CE 127.87 0.58 EdwardsLife EW 67.47 0.46 IdexxLab IDXX 466.64 6.08 MicronTech MU 76.67 -0.47 authorized agent (“Agent”) for secured lenders (“Secured Lenders”) to IAP Global Services, LLC, a Delaware limited
RPM RPM 102.09 0.53
ING Groep ING 13.67 0.02 s Microsoft liability company (“Parent”), IAP Worldwide Services, Inc., a Delaware corporation (“Borrower”), and together with
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ADM ADM 73.92 -0.32 CelsiusHldg CELH 50.04 -1.55 Elastic ESTC 73.57 -2.38 MSFT 376.17 6.50 RTX RTX 80.23 0.19
AresMgmt ARES 101.98 -1.81 Cemex CX 6.88 -0.12 ElbitSystems ESLT 197.61 0.45 IQVIA IQV 204.79 -1.04 MicroStrategy MSTR 489.08 -16.87 those certain guarantors (collectively, the “Debtors”), intends to offer to sell, or cause to be sold, at a public sale
RalphLauren RL 120.70 -3.22
argenx ARGX 485.23 -1.76 Cencora COR 196.91 3.69 ElectronicArts EA 133.40 -1.03 s ITT ITT 107.83 0.37 MidAmApt MAA 121.80 -1.36
Rambus RMBS 65.38 -1.14 on November 28, 2023, at 10:00 a.m. (prevailing Easter Time), at the offices of Winston & Strawn LLP, 200 Park
AristaNetworks ANET 213.30 -0.44 CenovusEnergy CVE 17.47 -0.44 ElevanceHealth ELV 463.61 6.89 IcahnEnterprises IEP 17.26 -1.31 Middleby MIDD 122.98 -1.55 RangeResources RRC 33.47 -1.02
Avenue, New York, NY 10166 (the “Public Sale”), all right, title, and interest of the Debtors in, under, and to the
CNC 73.21 -0.02 EmersonElec EMR 87.50 -0.34 Icon ICLR 269.06 0.26 MitsubishiUFJ MUFG 8.34 -0.03 Sale Assets. The Sale Assets may be sold in one or more lots and may be subject to inclusions or exclusions as the
Arm ARM 54.23 -1.20 Centene RaymondJames RJF 103.21 -0.80
IDEX IEX 197.59 -1.49 Agent may determine.
ArrowElec ARW 123.97 -1.00 CenterPointEner CNP 27.66 0.23 Enbridge ENB 32.90 -0.50 MizuhoFin MFG 3.33 -0.03 RealtyIncome O 53.09 0.62
AspenTech AZPN 182.04 1.57 CentraisElBras EBR 8.33 0.19 Endeavor IllinoisToolWks ITW 239.02 1.50 Mobileye MBLY 41.01 0.27
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EDR 24.32 -0.20 RegalRexnord RRX 115.12 -2.38 “Sale Assets” means all of the Debtors’ right, title, interest, claims, and demands in and to all of the Collateral, as
Assurant AIZ 159.94 0.12 CeridianHCM CDAY 67.24 -2.02 EnergyTransfer ET Illumina ILMN 95.20 -4.97 Moderna MRNA 76.55 0.20 described those certain loan documents, wheresoever located, together with the proceeds thereof, that are pledged
13.18 -0.18 RegencyCtrs REG 61.31 -0.91
AstraZeneca AZN 63.80 0.67 CharlesRiverLabs CRL 189.56 1.99 EnphaseEnergy ENPH 90.67 -2.14 ImperialOil IMO 55.51 -0.99 s MolinaHealthcare MOH 365.35 0.90 to the Agent as of the time of the Public Sale and capable of being conveyed pursuant to Article 9 of the UCC.
RegenPharm REGN 796.54 4.16
Atlassian TEAM 186.50 -0.82 CharterComms CHTR 412.85 -4.75 Entegris Incyte INCY 53.99 -0.99 MolsonCoorsB TAP 58.99 -0.73
ENTG 103.13 0.29 RegionsFinl RF 16.08 -0.12 Sale Assets shall not include assets that are not owned by the Debtors or subject to a lien in favor of the Agent,
AtmosEnergy ATO 114.05 0.52 CheckPoint CHKP 140.70 -0.40 Entergy Informatica INFA 24.31 -0.13 monday.com MNDY 168.55 -2.67
ETR 98.85 0.53 ReinsGrp RGA 157.51 -0.97 other than certain assets being made available by the Debtors directly or third-party sellers of related assets, as
Autodesk ADSK 215.02 -1.09 Chemed CHE 585.91 8.14 EnterpriseProd EPD 25.99 -0.25 Infosys INFY 17.27 -0.09 Mondelez MDLZ 70.62 0.63 RelianceSteel RS 271.84 0.10 further set forth in the bidding procedures. The Assets secure the repayment of the indebtedness of Borrower and
Autoliv ALV 99.85 -2.29 CheniereEnergy LNG 173.83 2.04 Equifax IngersollRand IR 70.20 0.49 MongoDB MDB 389.07 -3.51
EFX 200.38 1.78 RenaissanceRe RNR 204.36 2.22 Guarantors to the Secured Lenders pursuant to the Credit Agreement.
ADP ADP 229.91 -0.55 CheniereEnerPtrs CQP 57.65 -0.80 Equinix Ingredion INGR 102.79 -0.75 MonolithicPower MPWR 536.98 -10.62
EQIX 780.37 -0.63 RentokilInit RTO 28.68 -0.17
AutoZone AZO 2658.23 -28.19 ChesapeakeEner CHK 81.13 -2.12 Equinor Insulet PODD 174.76 1.27 MonsterBev MNST 55.10 -0.32 The Agent holds security interests in the Sale Assets to secure the timely payment and performance of the Debtors’
EQNR 31.59 -1.03 Repligen RGEN 151.51 -4.42
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Avalonbay AVB 169.82 -1.14 t Chevron CVX 141.77 -2.28 Equitable s Intel INTC 43.35 2.74 Moody's MCO 353.57 2.87 obligations to the Secured Lenders, and the Debtors are in default of their obligations to the Secured Lenders.
EQH 27.85 -0.28 RepublicSvcs RSG 158.88 1.86
Avangrid AGR 31.67 0.13 Chewy CHWY 19.95 -1.18 EquityLife InteractiveBrkrs IBKR 78.50 -1.68 MorganStanley MS 79.66 -0.02
ELS 69.95 0.57 ResMed RMD 148.90 -3.25 The Public Sale is subject to certain bidding procedures and any prospective bidder must enter into a confidentiality
Avantor AVTR 19.29 s
... Chipotle CMG 2173.10 17.29 EquityResdntl EQR 55.44 -0.48 ICE ICE 112.27 1.22 s Morningstar MORN 270.76 1.90 RestaurantBrands QSR 70.81 0.42 agreement to be eligible to receive any due diligence materials, the bidding procedures, or to become a qualified
AveryDennison AVY 189.17 0.20 ChordEnergy CHRD 157.73 -5.32 ErieIndemnity ERIE 280.99 3.12 InterContinentl IHG 75.72 0.02 Mosaic MOS 36.78 -0.53 Revvity RVTY 88.20 -0.95 bidder in order to participate and bid at the Public Sale. Potential bidders must contact Candlewood Partners,
s IBM 153.06 0.48 s MotorolaSol MSI 317.26 3.14
AvisBudget CAR 185.95 -6.75 Chubb CB 222.00 3.78 EssentialUtil WTRG 35.31 -0.11 IBM RexfordIndlRealty REXR 47.05 -0.25 attn Steve Latkovic, via email at sjl@candlewoodpartners.com to obtain the form of confidentiality agreement, the
AxaltaCoating AXTA 30.86 -0.12 ChunghwaTel CHT 36.73 0.11 EssexProp IntlFlavors IFF 74.64 0.64 MurphyOil MUR 42.42 -1.28 bidding procedures, and access to due diligence materials.
ESS 211.57 -2.01 RioTinto RIO 67.65 -0.21
AxonEnterprise AXON 222.76 1.68 Church&Dwight CHD 92.88 1.23 EsteeLauder EL 122.62 -3.45 IntlPaper IP 33.62 -0.45 MurphyUSA MUSA 363.94 -3.57
Rivian RIVN 16.39 -0.85 The Agent reserves the right, in its sole discretion, to cancel the Public Sale at any time, or to cause the Public Sale
BCE BCE 39.39 -0.11 ChurchillDowns CHDN 119.98 -1.78 Etsy Interpublic IPG 29.83 -0.41 NICE NICE 195.15 16.06
ETSY 70.15 -1.59 RobertHalf RHI 79.78 -0.30 to be adjourned from time to time, without further notice or publication other than by announcement at or prior
BHP Group BHP 60.38 -0.22 Ciena CIEN 44.22 -2.17 Everest Intuit INTU 556.95 1.41 NIO NIO 7.40 -0.54
EG 399.31 9.29 Robinhood HOOD 7.94 -0.39 to the Public Sale.
67.60 -3.83 Cigna 282.24 -0.74 Evergy
IntuitiveSurgical ISRG 303.95 10.73 NNN REIT NNN 39.02 0.02
BJ'sWholesale BJ CI EVRG 50.33 0.06 Roblox RBLX 38.36 -1.40
35.02 -0.57 CincinnatiFinl CINF 101.08 -0.30 EversourceEner ES
InvitatHomes INVH 33.54 0.30 NOV NOV 18.73 -0.93 THE SALE OF THE SALE ASSETS IS “AS IS AND WHERE IS” AND NO SECUREDLENDER OR AGENT MAKES ANY,
BP BP 57.48 0.23 RocketCos. RKT 8.93 -0.10
BWX Tech BWXT 77.01 0.62 s Cintas CTAS 553.44 6.20 ExactSciences EXAS 61.17 -1.95 IonisPharm IONS 48.54 -1.23 s NRG Energy NRG 47.57 0.06 Rockwell ROK 272.78 2.61
AND EACH SECURED LENDER AND AGENT DISCLAIMS ANY, REPRESENTATION OR WARRANTY OF ANY KIND WITH
IronMountain IRM 62.03 -0.16 RESPECT TO THE SALE ASSETS.
Baidu BIDU 109.29 -3.55 CiscoSystems CSCO 48.04 -5.24 Exelixis EXEL 20.98 -0.25 NVR NVR 6290.59 -1.58 RogersComm B RCI 42.20 -0.34
s ItauUnibanco ITUB 6.20 0.05
BakerHughes BKR 33.24 -1.42 Citigroup C 44.67 -0.21 Exelon EXC 39.48 -0.19 NXP Semicon NXPI 200.80 0.05 RoivantSciences ROIV 9.02 -0.05
Ball BALL 51.87 -0.10 CitizensFin CFG 27.08 -0.24 Expedia EXPE 129.82 -0.51 Nasdaq NDAQ 53.54 0.22 Roku ROKU 89.50 -1.60
BancoBilbaoViz BBVA 8.87 0.03 CivitasRscs CIVI 68.14 -2.94 ExpeditorsIntl EXPD 117.81 -0.59
J K L NationalGrid NGG 63.44 1.47 Rollins ROL 39.64 0.61 BANKRUPTCIES
BancoBradesco BBDO 2.74 -0.01 CleanHarbors CLH 164.14 -0.77 ExtraSpaceSt EXR 130.10 0.10 JD.com JD 28.08 -0.51 NatWest NWG 4.99 -0.13 RoperTech ROP 525.10 4.22
BancodeChile BCH 21.50 -0.03 Cleveland-Cliffs CLF 17.04 0.02 ExxonMobil XOM 102.46 -1.20 JPMorganChase JPM 151.45 1.71 NetApp NTAP 76.79 -2.13 RossStores ROST 120.15 -3.82
n-

BancSanBrasil BSBR 6.50 0.18 Clorox CLX 139.05 1.04 F5 FFIV 161.05 -3.70 Jabil JBL 130.78 -1.95 NetEase NTES 112.35 -2.73 RoyalBkCanada RY 87.01 -0.60
BcoSantChile BSAC 18.69 -0.15 Cloudflare NET 70.70 -0.11 FMC FMC 53.43 -1.27 JackHenry JKHY 153.41 -0.43 Netflix NFLX 466.95 5.01 RoyalCaribbean RCL 103.69 1.59 IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
THEMARKETPLACE

BancoSantander SAN 3.99 0.06 Coca-Cola KO 57.15 -0.06 FTI Consulting FCN 219.91 1.12 JacobsSolns J 133.10 -3.90 Neurocrine NBIX 108.77 -1.94 RoyalGold RGLD 113.80 2.62
BanColombia CIB 27.23 -0.38 Coca-ColaEuro CCEP 60.16 -0.14 FactSet FDS 464.28 5.74 s JamesHardie JHX 31.94 0.98 NewFortressEner NFE 35.17 -0.78 RoyaltyPharma RPRX 26.53 -0.29 In re: ) Chapter 11
BankofAmerica BAC 29.54 -0.08 CognizantTech CTSH 68.48 0.07 s FairIsaac FICO 1034.06 13.10 JazzPharm JAZZ 121.79 -3.61 NewOrientalEduc EDU 68.99 1.22 RyanSpecialty RYAN 44.97 -0.27 MALLINCKRODT PLC, et al., ) Case No.23-11258 (JTD)
1
BankMontreal BMO 80.70 -0.54 CoinbaseGlbl COIN 96.92 -1.23 Fastenal FAST 60.66 0.55 JefferiesFinl JEF 34.75 -0.27 NY CmntyBcp NYCB 9.07 -0.27 s Ryanair RYAAY 114.65 0.50
Debtors. ) (Jointly Administered)
s NOTICE OF (I) OCCURANCE OF EFFECTIVE
no

BankNY Mellon BK 46.48 -0.09 ColgatePalm CL 75.98 0.51 FederalRealty FRT 92.54 -1.75 J&J JNJ 150.10 1.30 NYTimes A NYT 44.27 -0.07 SAP SAP 148.59 0.07
BankNovaScotia BNS 44.02 -0.19 Comcast A CMCSA 42.41 -0.12 FedEx
DATE AND (II) ENTRY OF ORDER APPROVING
FDX 254.94 -2.48 JohnsonControls JCI 51.92 0.05 Newmont NEM 36.56 0.19 S&P Global SPGI 403.98 1.92
(A) THE DISCLOSURE STATEMENT AND
Barclays BCS 6.94 -0.05 s ComfortSystems FIX 193.77 -5.58 Ferguson FERG 165.06 1.30 JonesLang JLL 153.86 -0.65 NewsCorp B NWS 21.97 0.08 SBA Comm SBAC 236.01 2.16 (B) CONFIRMING THE FIRST AMENDED
BarrickGold GOLD 15.88 0.27 s SABESP SBS 13.31 0.28 Ferrari RACE 354.01 2.33 JuniperNetworks JNPR 26.82 -0.85 NewsCorp A NWSA 21.07 0.19 SEI Investments SEIC 58.30 -0.08 PREPACKAGED JOINT PLAN OF
Bath&BodyWks BBWI 30.10 -2.20 s EngGr-Cmg CIG 2.72 0.06 FidNatlFinl FNF 44.41 -0.03 KB Financial KB 41.50 0.04 NextEraEnergy NEE 56.60 -0.40 s SK Telecom SKM 22.21 0.28 REORGANIZATION OF MALLINCKRODT
BaxterIntl BAX 35.45 0.14 EngGr-Cmg C CIG.C 3.66 0.09 FidNatlInfo FIS 53.90 -0.56 KBR KBR 52.17 -0.38 Nike NKE 107.61 -0.21 SS&C Tech SSNC 54.76 -0.42 PLC AND ITS DEBTOR AFFILIATES UNDER
BectonDicknsn BDX 235.07 1.31 ConagraBrands CAG 28.08 -0.07 FifthThirdBncp FITB 27.13 -0.18 KE Holdings BEKE 15.48 -0.38 NiSource NI 25.77 0.02 STAG Indl STAG 35.24 -0.38 CHAPTER 11 OF THE BANKRUPTCY CODE
TO ALL CREDITORS, INTEREST HOLDERS, AND OTHER
PARTIES IN INTEREST:
PLEASE TAKE NOTICE that on October 10, 2023, the
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
United States Bankruptcy Court for the District of Delaware
(the “Bankruptcy Court”), entered an order [Docket No.
522] (the “Combined Order”) confirming the First Amended
HomologyMed FIXX 0.46 -35.0 NGM Biopharm NGM 0.60 -11.3 SidusSpace SIDU 0.06 -9.2 Prepackaged Joint Plan of Reorganization of Mallinckrodt plc
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American IM Cannabis IMCC 0.41 -6.9 NLS Pharm NLSP 0.26 -34.4 Soligenix SNGX 0.38 -7.1 and its Debtor Affiliates Under Chapter 11 of the Bankruptcy
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest IN8bio INAB 0.88 -2.0 NauticusRobot KITT 1.62 -2.4 Starbox STBX 0.28 -5.6 Code [Docket No. 17] (as the same may have been modified,
session. % CHG-Daily percentage change from the previous trading session. IndependenceContr ICD 2.21 -0.9 Netcapital NCPL 0.25 -17.8 Sunworks SUNW 0.28 -10.0 supplemented, and amended, the “Plan”)2 (attached as
IndonesiaEnergy INDO 2.82 -8.0 NetScout NTCT 19.74 -4.4 SurfAirMobility SRFM 0.87 -21.1 Exhibit A to the Combined Order) and approving the Disclosure
Thursday, November 16, 2023 InspiratoWt ISPOW 0.01 -50.8 Next.e.GO EGOX 0.38 -14.4 TFF Pharm TFFP 0.21 0.9 Statement for Prepackaged Joint Plan of Reorganization of
InstilBio TIL 0.33 -0.5 NineEnergy NINE 1.84 -8.7 TXO Partners TXO 17.23 -1.7 Mallinckrodt plc and its Debtor Affiliates Under Chapter 11 of
52-Wk % 52-Wk % 52-Wk % IntensityTherap INTS 2.08 -11.0 Nogin NOGN 0.17 -34.2 TargetHosp TH 10.74 -3.2 the Bankruptcy Code [Docket No. 18] of the above-captioned
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg KaivalBrands KAVL 0.17 -5.6 OceanBiomedical OCEA 1.03 -9.8 TargetHospWt THWWW 1.15 -11.2 debtorsanddebtorsinpossession(collectively,the“Debtors”).
KintaraTherap KTRA 0.32 -5.2 OneMedNet ONMD 3.71 7.0 TelesisBio TBIO 0.41 -6.7 PLEASE TAKE FURTHER NOTICE that the Effective Date
LogitechIntl LOGI 85.56 -0.4 B.RileyPfdB RILYL 16.35 -7.3
Highs MakeMyTrip
MercadoLibre
MMYT 43.31
MELI 1485.95
-0.7
1.9
BRileyFin6.50%SrNt RILYN
Beachbody BODY
16.03 -4.7
0.13 10.3
Koss
Kroger
KOSS
KR
2.62
42.57
-8.5
-4.2
Organon
OrionEnergySys
OGN
OESX
10.91
0.90
-5.3
-3.1
TransCodeTherap
TrinityBiotech
RNAZ
TRIB
0.25
0.37
-9.5
-4.9
occurredonNovember14,2023.
PLEASE TAKE FURTHER NOTICE that the Combined
AG Mortgage PfdC MITTpC 20.49 0.4 LM Funding LMFA 0.31 -15.7 PacGE pfC PCGpC 15.60 -4.6 TrinityPlace TPHS 0.24 -8.7
Microsoft MSFT 376.35 1.8 BioraTherap BIOR 1.26 -3.7 Order, the Plan, and copies of all documents filed in these
AITransportation AITRU 10.19 0.1 LeaflyWt LFLYW 0.02 -20.0 PanbelaTherap PBLA 0.52 -2.3 TuanChe TC 0.30 -4.1
MolinaHealthcare MOH 369.50 0.2 BitBrother BETS 0.03 -11.3 chapter 11 cases may be obtained free of charge by visiting
Agilysys AGYS 91.61 -3.1 LineageCell LCTX 0.93 -3.8 PasitheaTherap KTTA 0.29 -9.0 22ndCentury XXII 0.31 -12.4
Morningstar MORN 271.30 0.7 BlueOceanWt BOCNW 0.01 -33.3 the website maintained by the Debtors’ solicitation agent,
AlphaTech ATGL 31.57 136.2 LionElectricWt LEV.WS 0.07 -8.0 PatriotNatBncp PNBK 4.55 -1.5 ViaOptronics VIAO 0.99 -9.9
MotorolaSol MSI 317.34 1.0 Boxlight BOXL 1.03 -8.0 Kroll Restructuring Administration LLC (the “Solicitation
AngelOakMtgREIT AOMR 10.28 1.3 LucyScientific LSDI 0.18 1.1 PediatrixMedical MD 8.58 -9.4 Velo3D VLD 1.04 -24.8
Myomo MYO 3.21 -2.3 BrilliantEarthA BRLT 2.04 -4.3 Agent” or “Kroll”), at https://restructuring.ra.kroll.com/
ApplMaterials AMAT 157.76 -0.4 LuminarTech LAZR 2.69 -17.7 PetVivoWt PETVW 0.13 9.1 Velo3DWt VLD.WS 0.02 -50.0
NRG Energy NRG 48.58 0.1 BruushOralCare BRSH 0.15 -7.0 mallinckrodt2023. Copies of the Combined Order, the Plan,
ArcosDorados ARCO 11.60 8.5 MaiaBiotech MAIA 1.33 ... Phunware PHUN 0.13 -6.9 VertexEnergy VTNR 3.61 -8.5
NatlHealthcare NHC 75.61 1.1 CPS Tech CPSH 2.35 -2.1 and all documents filed in these chapter 11 cases may also be
AresAcqnII A AACT 10.38 0.3 M3-BrigadeIIWt MBAC.WS 0.01 -9.1 PlanetGreen PLAG 0.37 -2.4 Volcon VLCN 0.20 -64.5
NewburyStreetA NBST 11.56 -0.4 Captivision CAPT 1.15 -18.8 obtained by calling the Solicitation Agent at 844.245.7926
ADVERTISE
BRF BRFS 2.83 9.4 MainzBiomed MYNZ 1.05 -5.0 PresidioPropPfdD SQFTP 12.60 -2.6 W&T Offshore WTI 3.53 -2.9
NewcourtAcqnA NCAC 11.45 ... CareMax CMAX 0.91 -13.3 (TOLL-FREE), 646.440.4855 (INTERNATIONAL), e-mailing the
BV Financial BVFL 11.33 1.1 MaxeonSolar MAXN 4.89 -14.9 PrestigeWealth PWM 1.75 -1.6 Wang&Lee WLGS 0.40 -18.4
NewMarket NEU 513.53 -0.1 CarismaTherap CARM 2.35 -1.6 Solicitation Agent at MALLINCKRODT2023INFO@RA.KROLL.
BarrettBus BBSI 110.87 -0.8 MedAvail MDVL 2.01 6.3 ProKidney PROK 1.17 -11.5 WearableDevices WLDS 0.32 -12.1

TODAY
NorthernRevivalUn NRACU 11.45 1.8 Cato CATO 6.54 -4.2 COM. You may also obtain copies of any pleadings filed in
BluegreenVac BVH 73.97 0.5 MediciNova MNOV 1.71 ... Psychemedics PMD 2.12 -0.9 WheelerREIT WHLR 0.20 -12.8
NubiaBrand NUBIU 11.10 1.7 Cazoo CZOO 0.18 3.4 these chapter 11 cases for a fee via PACER at:http://www.deb.
ChengheAcqnIUn LATGU 13.90 0.1 micromobility.com MCOM 0.02 -11.1 Quantum QMCO 0.35 -12.9 WiSA Tech WISA 0.13 -1.3
OppFi OPFI 3.08 9.7 Cepton CPTN 2.38 -12.3 uscourts.gov.
Chipotle CMG 2177.77 0.8 MilestonePharm MIST 2.18 -1.8 Rallybio RLYB 1.98 -15.0 XortxTherap XRTX 2.20 -4.6
Paccar PCAR 91.64 0.5 Chevron CVX 140.74 -1.6
MobivAcqn MOBV 3.70 -14.3 Replimune REPL 10.26 -7.5 XilioTherap XLO 1.10 -2.6 PLEASE TAKE FURTHER NOTICE that the Bankruptcy
Cintas CTAS 557.08 1.1
ComfortSystems FIX 202.90 -2.8
ParkerHannifin PH
QuickLogic QUIK
434.04
10.67
-0.6
4.0
ChicagoRivet CVR
ChickenSoupPfdA CSSEP
15.32 -2.9
6.80 -5.0
MoneyHeroWt MNYWW
MullenAuto MULN
0.03
0.17
-29.5
-1.9
SEALSQ
Scilex
LAES
SCLX
1.17
1.06
-8.3
-15.1
Zentek
ZivoBiosci
ZTEK
ZIVO
1.10
1.19
-3.6
-5.0
(800) 366-3975 Court has approved certain discharge, release, exculpation,
injunction,andrelatedprovisionsinArticleIXofthePlan.
SABESP SBS 13.32 2.1 ChinaAutoSys CAAS 3.04 0.6 PLEASE TAKE FURTHER NOTICE that the Plan and its
RELX RELX 36.81 1.4 NFTGaming NFTG 0.27 -2.2 Seer SEER 1.46 -11.4 ZivoBiosciWt ZIVOW 0.14 -13.6
EngGr-Cmg
COPEL
CIG
ELP
2.75 2.3
9.61 0.2
RaveRestaurant RAVE 2.64 -0.4 Cingulate CING
CollectiveAudience CAUD
0.28 -3.0
1.63 -14.6
For more information provisions are binding on the Debtors,the Reorganized Debtors,
and any Holder of a Claim or an Interest and such Holder’s
Ryanair RYAAY 114.70 0.4
CymaBayTherap CBAY
DailyJournal DJCO
18.66 1.1
324.00 0.1
SAP SAP 149.66 ... CompoSecureWt CMPOW 0.31 -2.7 visit: respective predecessors,successors,and assigns,whether or not
SK Telecom SKM 22.21 1.3 CorEnergyInfr CORR 0.41 -15.2 the Claim or the Interest of such Holder is Impaired under the
DigitalRealty
DimenGlbxUS
DLR
DFGX
136.55 0.4
51.00 0.3
SLM Pfd B
Safe&Green
SLMBP 69.20
SGBX 1.35
1.8
82.0
Cricut CRCT
CrownElectrokin CRKN
7.14 -3.2
0.17 -1.8
Dividend Changes wsj.com/classifieds Plan,andwhetherornotsuchHoldervotedtoacceptthePlan.
PLEASE TAKE FURTHER NOTICE that the Plan and the
Eltek ELTK 12.90 -3.9 CyclerionTherap CYCN 1.87 3.7 Combined Order contain other provisions that may affect your
SafetyShot SHOT 3.34 28.1
enCoreEnergy EU 3.79 3.9 DallasNews DALN 3.72 -1.8 Amount Payable / rights.YouareencouragedtoreviewthePlanandtheCombined
Seagate STX 75.64 1.4
FTAIAviationPfdD FTAIM 25.22 0.8 DavisCommodities DTCK 1.20 -6.9 Orderintheirentirety.
SteelPtrsPfdA SPLPpA 23.53 ... Company Symbol Yld % New/Old Frq Record
FairIsaac FICO 1046.45 1.3 11.57 ... Draganfly DPRO 0.54 -2.7 Dated: November 14,2023, /s/ Michael J.Merchant ,RICHARDS,
twoA TWOA
FidelityD&D FDBC 53.50 2.6 LAYTON & FINGER, P.A., Mark D.Collins (No.2981),Michael J.
FomentoEconMex FMX 128.63 -1.0
Uber UBER 54.51 1.2 ESGL Wt ESGLW 0.00 -25.8 Increased
UltraparPart UGP 5.08 1.4 EaglePharm EGRX 8.32 -2.2 Merchant (No.3854),Amanda R.Steele (No.5530),One Rodney
Forestar FOR 31.95 -1.7 EchoStar SATS 9.53 -3.3 Agilent Technologies A 0.8 .236 /.225 Q Jan24 /Jan02
UnvlTechInst UTI 11.45 16.1 Square, 920 N. King Street, Wilmington, Delaware 19801,
GeneralElec GE 118.96 2.3
UraniumEner UEC 6.17 4.2 EdibleGarden EDBL 0.38 -14.5 Amkor Technology AMKR 1.2 .0787 /.075 Q Dec26 /Dec05 Telephone: (302) 651-7700, Facsimile: (302) 651-7701, Email:
GoDaddy GDDY 92.72 0.2 EnlivenTherap ELVN 10.36 -4.8 Nike Cl B NKE 1.4 .37 /.34 Q Jan02 /Dec04 collins@rlf.com, merchant@rlf.com, steele@rlf.com -and-
VTEX VTEX 6.79 -0.9
Graham GHM 18.43 -2.0 EsportsEnt GMBL 0.03 -8.3
Williams-Sonoma WSM 172.37 6.2 Royal Gold RGLD 1.4 .40 /.375 Q Jan19 /Jan05 George A. Davis (admitted pro hac vice), Anupama Yerramalli
GyreTherap GYRE 13.87 4.9 EstrellaImmuno ESLA 1.20 -4.0 (admitted pro hac vice), Adam S.Ravin (admitted pro hac vice),
Wingstop WING 227.92 1.6 Village Bank & Trust VBFC 1.8 .18 /.16 Q Dec01 /Nov24
HCI Group HCI 82.50 2.8 EternaTherap ERNA 1.05 -2.1 Hugh K.Murtagh (admitted prohacvice),LATHAM &WATKINS
HamiltonLane
HarmonyGold
HLNE
HMY
94.44 -1.6
5.60 1.5
Lows FaradayFuture
Fisker
FFIE
FSR
0.52 -22.7
2.81 -14.1
Stocks LLP, 1271 Avenue of the Americas, New York, New York 10020,
Telephone: (212) 906-1200, Facsimile: (212) 751-4864, Email:
HollysysAuto HOLI 23.08 0.8 AchillesTherap ACHL 0.74 -2.9 FlexSolInt FSI 1.36 -24.3 SenesTech SNES 1:12 /Nov17 george.davis@lw.com, anu.yerramalli@lw.com, adam.ravin@
ITT ITT 109.49 0.3 AdamsRscs AE 28.50 -2.9 FlotekIndustries FTK 3.07 4.2 trivago ADR TRVG 1:5 /Nov17 lw.com,hugh.murtagh@lw.com -and- Jason B.Gott (admitted
Intel INTC 43.40 6.7 AdicetBio ACET 1.10 -3.3 GEN Restaurant GENK 7.03 -1.9 pro hac vice),Asif Attarwala (admitted pro hac vice),LATHAM &
IBM IBM 153.35 0.3 Aditxt ADTX 3.83 -13.6 GRI Bio GRI 1.00 -4.2 Foreign WATKINS LLP,330 NorthWabash Avenue,Suite 2800,Chicago,
IntlGeneralIns IGIC 12.43 0.2 AirT AIRT 16.81 -12.6 GamerPakistan GPAK 0.50 -8.8
6.26 0.8 0.07 -6.7
NXP Semiconductors NXPI 2.0 1.014 Q Jan05 /Dec13 Illinois 60611, Telephone: (312) 876-7700, Facsimile: (312)
ItauUnibanco ITUB AlaunosTherap TCRT GamidaCell GMDA 0.26 -12.3 993-9767, Email: jason.gott@lw.com, asif.attarwala@lw.com,
J.Jill JILL 31.87 1.0 Alector ALEC 3.66 -0.8 GeneDx WGS 1.16 14.0 Suncor Energy SU 4.8 .397 Q Dec22 /Dec01
CounselforDebtorsandDebtorsinPossession
JamesHardie JHX 31.99 3.2 Allot ALLT 1.41 -16.0 Getaround GETR 0.14 -17.6 United Maritime USEA 13.5 .075 Q Jan10 /Dec22 1
A complete list of the Debtors in these chapter 11 cases may
Kingstone KINS 2.59 8.4 AmerGold&Silver USAS 0.21 -4.5 GreenPlains GPRE 25.05 -4.2
Special be obtained on the website of the Debtors’claims and noticing
Kyndryl KD 18.26 1.3 AmplifyEnergy AMPY 5.84 -2.6 Greenlane GNLN 0.48 -0.9 agent at https://restructuring.ra.kroll.com/mallinckrodt2023.
LIVCapAcqnII A LIVB 10.99 ... Amplitech AMPG 1.50 -3.8 GromSocialEnts GROM 1.12 -6.3 Magyar Bancorp MGYR 1.3 .07 Dec12 /Nov28 The Debtors’ mailing address is 675 McDonnell Blvd.,
LeoHldgsII A LHC 11.89 6.4 AmylyxPharm AMLX 11.82 -7.3 HH&L Acqn Wt HHLA.WS 0.01 -33.3
Sources: FactSet; Dow Jones Market Data Hazelwood,Missouri63042.
LexeoTherap LXEO 11.19 0.7 AnaptysBio ANAB 13.56 -0.9 HNR Acqn A HNRA 2.78 -55.7 2
Capitalized terms not otherwise defined herein have the
LifewayFoods LWAY 15.45 2.6 AppliedUV AUVI 0.14 -3.3 Hanryu HRYU 0.47 -17.9 © 2023 Dow Jones & Company, Inc.
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: meaningsascribedtotheminthePlanandtheCombinedOrder,
Linde LIN 408.96 1.4 AquaBountyTech AQB 1.72 -10.3 HennessyAdvsrs HNNA 6.33 -1.4
All Rights Reserved. asapplicable.
Loews L 67.22 0.8 ArenaGroup AREN 2.47 -22.6 HepionPharm HEPA 2.55 -1.9 spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34945.47 t 45.74, or 0.13% Trailing P/E ratio 25.42 20.86 4508.24 s 5.36, or 0.12% Trailing P/E ratio * 19.69 19.35 14113.67 s 9.84, or 0.07% Trailing P/E ratio *† 30.37 24.27
High, low, open and close for each P/E estimate * 18.72 18.40 High, low, open and close for each P/E estimate * 19.72 17.72 High, low, open and close for each P/E estimate *† 26.43 22.31
trading day of the past three months. Dividend yield 2.08 2.03 trading day of the past three months. Dividend yield * 1.70 1.68 trading day of the past three months. Dividend yield *† 0.84 0.93
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

35400 4550 14000

65-day moving average 65-day moving average

65-day moving average 34800 4450 13750

34200 4350 13500

Session high 33600 4250 13250

DOWN UP
t

Session open Close

33000 4150 13000
Close Open
t

Session low 32400 4050 12750

Bars measure the point change from session's open

31800 3950 12500
Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov.
*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* 896,062,030 9,748,615
Industrial Average 35022.46 34818.03 34945.47 -45.74 -0.13 35630.68 31819.14 4.2 5.4 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 251,854,919 5,136,349
Transportation Avg 14999.48 14702.74 14813.48 -148.50 -0.99 16695.32 13298.36 4.6 10.6 6.1 Most-active issues in late trading Decl. volume* 635,356,949 4,554,151
Utility Average 868.91 861.11 862.61 4.88 0.57 1002.11 783.08 -6.1 -10.8 -2.0 Volume After Hours Issues traded 2,936 323
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44777.49 44524.49 44717.76 -23.71 -0.05 45969.67 37910.34 12.7 16.1 6.2 Advances 1,086 135
Fox Corp Cl B FOX 6,844.9 27.86 -0.28 -1.00 28.26 27.86
Barron's 400 984.37 971.42 974.83 -9.54 -0.97 1036.97 881.58 1.8 5.9 6.8 Declines 1,761 175
Fox Corp Cl A FOXA 6,413.1 30.08 … unch. 30.22 30.08
Unchanged 89 13
Nasdaq Stock Market ChargePoint Holdings CHPT 5,976.4 2.23 -0.90 -28.75 3.15 2.15 New highs 46 4
Nasdaq Composite 14130.45 14033.79 14113.67 9.84 0.07 14358.02 10213.29 26.6 34.8 5.8 Energy Transfer ET 4,317.3 13.21 0.03 0.23 13.21 13.18 New lows 26 12
Nasdaq-100 15842.63 15738.22 15833.17 15.99 0.10 15841.35 10679.34 35.6 44.7 9.6 Enbridge ENB 4,034.1 32.90 … unch. 33.10 32.90 Closing Arms† 1.59 0.53
SPDR S&P 500 ETF Trust SPY 3,396.9 450.68 0.45 0.10 450.87 428.80 Block trades* 4,022 109
S&P

.
0.12
Blackstone Sec Lending BXSL 3,302.6 27.88 -0.14 -0.50 28.02 27.22
500 Index 4511.99 4487.83 4508.24 5.36 4588.96 3783.22 14.2 17.4 7.5 Nasdaq NYSE Arca

ly
Gap Inc GPS 3,250.4 15.75 2.08 15.22 15.88 13.66
MidCap 400 2540.74 2507.64 2515.57 -26.39 -1.04 2728.44 2326.82 0.8 3.5 5.3 Total volume*4,545,182,503 362,257,002
SmallCap 600 1174.20 1155.13 1158.55 -18.50 -1.57 1315.82 1068.80 -4.3 0.1 4.2 Percentage gainers… Adv. volume*1,518,359,450 159,005,136
Mural Oncology MURA 321.0 5.31 1.51 39.74 6.03 3.80 Decl. volume*2,974,363,881 201,708,316
Other Indexes
Russell 2000
NYSE Composite
Value Line
1797.00 1767.42 1773.76 -27.46 -1.52
15767.51 15663.71 15716.55 -48.47
540.96 533.56 535.34 -5.62
-0.31
-1.04
on 2003.18 1636.94
16427.29 14599.05
606.49 498.09
-3.6
3.2
-3.0
0.7
3.5
-0.2
-0.2
4.0
0.3
Gap Inc
Alkermes
Ross Stores
GPS
ALKS
ROST
3,250.4
59.1
15.75
25.11
506.7 127.40
2.08
1.74
7.25
15.22
7.45
15.88
25.11
6.03 127.45 115.08
13.66
23.37
Issues traded
Advances
Declines
Unchanged
4,431
1,412
2,825
194
1,831
757
1,055
19
NYSE Arca Biotech 4789.85 4733.74 4749.20 -38.16 -0.80 5644.50 4544.40 -8.0 -10.1 -5.1
Biomea Fusion BMEA 90.6 9.76 0.43 4.61 9.76 9.10
New highs 48 36
us ,

NYSE Arca Pharma 870.98 864.05 870.04 5.14 0.59 925.61 791.91 6.0 0.2 9.1 ...And losers New lows 131 7
l

KBW Bank 82.85 81.68 82.24 -0.37 -0.45 115.10 71.71 -21.7 -18.5 -3.1 5,976.4 2.23 -0.90 -28.75 3.15 2.15 Closing Arms† 0.98 0.89
e
ChargePoint Holdings CHPT
al a

PHLX§ Gold/Silver 115.13 112.02 113.35 1.77 1.59 144.37 103.31 0.5 -6.2 -7.5 Applied Materials AMAT 2,352.7 143.15 -11.66 -7.53 156.50 143.05 Block trades* 27,443 1,991
PHLX§ Oil Service 84.89 81.34 82.39 -3.07 -3.60 98.76 69.29 -3.9 -1.8 30.9 Allogene Therapeutics ALLO 73.0 2.60 -0.21 -7.47 2.81 2.60 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 3733.48 3689.73 3724.10 12.01 0.32 3861.63 2453.49 37.0 47.1 13.1 Fate Therapeutics FATE 710.2 2.25 -0.13 -5.46 2.38 2.25 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.42 13.68 14.32 0.14 0.99 26.52 12.82 -40.2 -33.9 -13.9 KLA KLAC 96.2 527.01 -18.38 -3.37 548.38 523.21 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 683.62 –0.54 –0.08 12.9 Alpha Technology Group ATGL 29.83 17.20 136.18 31.57 3.73 ... HNR Acquisition Cl A HNRA 3.00 -3.77 -55.69 13.93 2.78 -70.4
MSCI ACWI ex-USA 296.73 –1.02 –0.34 5.5 Northann NCL 8.90 2.91 48.58 22.40 3.12 ... Timber Pharmaceuticals TMBR 1.25 -1.09 -46.58 3.39 1.20 -23.2
MSCI World 2973.00 –2.19 –0.07 14.2 Hongli Group HLP 5.17 1.24 31.55 8.68 1.00 ... Sigma Additive Solutions SASI 3.07 -1.37 -30.86 14.58 2.39 -74.2
MSCI Emerging Markets 982.25 –1.26 –0.13 2.7 Safety Shot SHOT 2.92 0.64 28.07 3.34 0.26 142.2 VNET Group ADR VNET 2.61 -0.93 -26.27 6.83 2.53 -52.1
m rp

Americas MSCI AC Americas 1706.41 0.95 0.06 17.1 BioVie BIVI 3.86 0.71 22.54 14.38 2.31 -24.8 Children's Place PLCE 21.45 -7.11 -24.89 48.88 14.27 -44.9
Canada S&P/TSX Comp 20053.07 –4.82 –0.02 3.4 Paranovus Ent Tech PAVS 2.73 0.48 21.24 6.70 1.40 8.3 Arena Group Holdings AREN 2.94 -0.86 -22.63 16.50 2.47 -77.0
Latin Amer. MSCI EM Latin America 2461.15 13.34 0.55 15.6 WeBuy Global WBUY 6.02 1.01 20.16 11.11 3.00 ... CEL-SCI CVM 2.23 -0.65 -22.57 3.33 1.04 -26.2
Brazil BOVESPA 124639.24 1473.48 1.20 13.6 Jin Medical International ZJYL 10.82 1.70 18.67 29.82 4.84 ... Gambling.com GAMB 10.86 -2.78 -20.38 14.83 8.11 12.5
Chile S&P IPSA 3221.41 –25.68 –0.79 1.5 Royalty Management RMCO 5.18 0.80 18.36 22.97 4.02 -48.1 GSE Systems GVP 3.11 -0.74 -19.22 11.30 1.31 -51.4
co Fo

Mexico S&P/BMV IPC 52469.36 –327.11 –0.62 8.3 Sonos SONO 13.29 1.94 17.09 21.98 9.78 -23.4 Ebix EBIX 4.62 -1.04 -18.37 32.87 3.11 -76.2
EMEA STOXX Europe 600 451.27 –3.25 –0.72 6.2 Universal Tech Institute UTI 11.25 1.56 16.10 11.45 5.57 51.2 Luminar Technologies LAZR 2.74 -0.59 -17.72 10.55 2.69 -66.4
Eurozone Euro STOXX 450.59 –1.87 –0.41 9.9 Locafy LCFY 6.30 0.81 14.75 16.79 4.74 10.5 Augmedix AUGX 4.49 -0.94 -17.31 5.97 1.01 259.2
Belgium Bel-20 3506.41 –24.79 –0.70 –5.3 ADDvantage Techs AEY 2.98 0.38 14.71 19.60 2.10 -83.8 Lanvin Group Holdings LANV 3.35 -0.69 -17.08 22.81 3.01 -66.6
Denmark OMX Copenhagen 20 2170.93 2.74 0.13 18.3 MIRA Pharmaceuticals MIRA 3.38 0.43 14.58 7.98 1.33 ... PaxMedica PXMD 2.02 -0.40 -16.53 69.19 1.65 -92.3
7168.40 10.7 CorMedix CRMD 3.80 0.47 14.11 6.09 2.57 -4.5 GrShr 1.75x Long BABA Dly BABX 16.41 -3.11 -15.95 40.94 16.05 ...
France CAC 40 –41.21 –0.57
Germany DAX 15786.61 38.44 0.24 13.4
Israel Tel Aviv 1721.96 16.88 0.99 –4.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 29258.10 –208.83 –0.71 23.4 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 753.91 –8.91 –1.17 9.4
Norway Oslo Bors All-Share 1500.37 –29.26 –1.91 10.1 Tesla TSLA 135,734 12.1 233.59 -3.81 299.29 101.81 T. Rowe Price US Equity TSPA 725 7446 27.82 0.24 27.96 22.34
ProSh UltraPro Shrt QQQ SQQQ 127,344 -5.5 16.28 -0.15 58.29 16.02 Sizzle Acquisition SZZL 260 4121 10.95 0.18 11.00 10.11
South Africa FTSE/JSE All-Share 73736.61 –1063.68 –1.42 0.9
n-

0.28 ProShares UltraPro QQQ TQQQ 88,328 -19.3 43.13 0.16 47.14 16.10 AllianzIM US LC Buffer10 DECT 356 3848 27.39 0.06 27.94 23.65
Spain IBEX 35 9667.40 26.70 17.5
812.56 3.9 Intel INTC 86,262 130.7 43.35 6.75 43.40 24.73 Rigel Resource Acqn Cl A RRAC 1,203 3204 10.94 0.00 11.10 10.17
Sweden OMX Stockholm –8.61 –1.05
micromobility.com MCOM 84,832 57.2 0.02 -11.06 27.70 0.02 iSh MSCI USA Size Factor SIZE 246 2725 119.79 -0.54 128.30 110.07
Switzerland Swiss Market 10643.07 –65.12 –0.61 –0.8
Turkey BIST 100 7780.68 114.81 1.50 41.2 Esports Entertainment GMBL 82,580 647.6 0.03 -8.31 23.80 0.03 Chenghe Acquisition Cl A CHEA 479 2530 10.93 0.18 11.49 10.21
no

U.K. FTSE 100 7410.97 –75.94 –1.01 –0.5 Cisco Systems CSCO 78,924 359.9 48.04 -9.83 58.19 45.16 Global X MSCI Norway ETF NORW 175 2126 23.72 -2.43 27.10 22.55
U.K. FTSE 250 18351.48 –325.00 –1.74 –2.7 iShares China LC ETF FXI 77,623 130.5 26.10 -4.08 33.38 24.85 ProShares Inflation Exp RINF 434 2041 33.89 -1.11 35.37 30.82
LumiraDx LMDX 74,987 708.7 0.14 36.64 1.61 0.08 ESH Acquisition Cl A ESHA 808 2028 10.16 -0.10 10.17 10.05
Asia-Pacific MSCI AC Asia Pacific 160.74 –0.29 –0.18 3.2
Direxion Dly Semi 3 Bear SOXS 74,718 13.1 8.53 -0.23 44.14 8.17 SPDR S&P SC 600 ESG ESIX 215 1985 25.68 -1.61 28.58 23.69
Australia S&P/ASX 200 7058.40 –47.50 –0.67 0.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3050.93 –21.91 –0.71 –1.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17832.82 –246.18 –1.36 –9.9
65982.48 0.47 8.5
Scan this code
India S&P BSE Sensex 306.56
Japan NIKKEI 225 33424.41 –95.29 –0.28 28.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3133.05 0.93 0.03 –3.6 and track most-active stocks,
South Korea KOSPI 2488.18 1.51 0.06 11.3 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17171.18 42.40 0.25 21.5 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1415.34 0.17 0.01 –15.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004117 24291 2.8
CREDIT MARKETS Argentina peso .0028353.4800 100.0 Europe
Brazil real .2056 4.8637 –8.0 Czech Rep. koruna .04436 22.542 –0.1
Canada dollar .7269 1.3757 1.5 Denmark krone .1455 6.8721 –1.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001135 881.34 3.9 Euro area euro 1.0853 .9214 –1.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000245 4087.45 –15.7 Hungary forint .002879 347.33 –7.0
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007079 141.26 –0.2
A consumer rate against its Five-year ARM, Rate Mexico peso .0580 17.2275 –11.6 Norway krone .0914 10.9402 11.5
benchmark over the past year 6.00% Uruguay peso .02518 39.7150 –0.7 Poland zloty .2482 4.0293 –8.0
Bankrate.com avg†: 6.98% Tradeweb ICE 14% Asia-Pacific Russia ruble .01119 89.350 21.2
5-year Florence Savings Bank 5.25% Thursday Close 5.00 Yen Sweden krona .0944 10.5889 1.5
s Euro Australiadollar .6472 1.5451 5.3
adjustable-rate 7.00% Florence, MA 800-644-8261 t 7 s Switzerland franc 1.1254 .8886 –3.9
China yuan .1381 7.2420 5.0
mortgage (ARM) 4.00 Turkey lira .0350 28.6112 53.1
The Torrington Savings Bank 6.25% t Hong Kong dollar .1282 7.8013 –0.1
t 6.00 0 Ukraine hryvnia .0276 36.2500 –1.6
One year ago 3.00 India rupee .01202 83.208 0.6
Torrington, CT 860-496-2152 UK pound 1.2413 .8056 –2.5
Indonesia rupiah .0000646 15488 –0.5
5-year Treasury 5.00 Texas Bank and Trust Company 6.63% 2.00 –7 s Japan yen .006634 150.73 15.0 Middle East/Africa
note yield Longview, TX 903-237-5500 WSJ Dollar Index Kazakhstan tenge .002164 462.13 –0.2 Bahrain dinar 2.6529 .3770 –0.03
t 4.00 1.00 Macau pataca .1244 8.0395 –0.1 Egypt pound .0323 30.9283 24.9
FirstBank 6.75% –14
Malaysia ringgit .2133 4.6885 6.4 Israel shekel .2675 3.7381 6.0
Scottsdale, AZ 866-964-3444 1 3 6 1 2 3 5 7 10 20 30 20222023
3.00 New Zealand dollar .5971 1.6748 6.3 Kuwait dinar 3.2415 .3085 0.8
Apple Federal Credit Union 6.88% month(s) years
D J FMAM J J A S O N Pakistan rupee .00347 288.350 27.2 Oman sul rial 2.5978 .3849 –0.02
Fairfax, VA 800-666-7996 maturity Philippines peso .0180 55.710 0.1 Qatar rial .2746 3.641 –0.7
2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7422 1.3474 0.5 Saudi Arabia riyal .2666 3.7505 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007737 1292.55 2.4 South Africa rand .0544 18.3738 7.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030446 328.45 –10.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Taiwan dollar .03133 31.917 4.2
Yield (%) 52-Week Total Return (%) Thailand baht .02840 35.210 1.7 WSJ Dollar Index 99.07 –0.02–0.02 2.60
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.32 5.32 3.79 l 5.35 5.23 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2083.740 4.670 4.860 5.120 3.610 –0.291 –5.079
Money market, annual yield 0.60 0.61 0.29 l 0.62 0.39
Five-year CD, annual yield 2.84 2.84 2.42 l 2.86 2.26 U.S. Treasury Long, Bloomberg 2927.930 4.770 4.920 5.280 3.610 –7.407–14.309 Commodities
30-year mortgage, fixed† 7.92 7.95 6.36 l 8.28 4.97 Aggregate, Bloomberg 1956.600 5.220 5.420 5.740 4.180 0.572 –4.670 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.21 7.26 5.54 l 7.42 4.75 Fixed-Rate MBS, Bloomberg 1922.970 5.420 5.590 6.050 4.140 –0.418 –4.519
Jumbo mortgages, $726,200-plus† 7.98 8.00 6.35 l 8.33 5.06 DJ Commodity 978.55 -17.06 -1.71 1058.44 930.59 -6.24 -6.69
High Yield 100, ICE BofA 3364.123 8.273 8.526 9.101 7.022 8.470 1.155 Refinitiv/CC CRB Index 271.31 -5.50 -1.99 290.29 253.85 -2.26 -2.32
Five-year adj mortgage (ARM)† 6.98 6.97 5.33 l 7.16 3.77
Muni Master, ICE BofA 563.659 3.746 3.895 4.311 2.757 2.312 –1.455 Crude oil, $ per barrel 72.90 -3.76 -4.90 93.68 66.74 -10.71 -9.17
New-car loan, 48-month 7.69 7.69 6.44 l 7.69 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 790.980 8.207 8.364 8.842 7.102 5.527 –4.723 Natural gas, $/MMBtu 3.062 -0.128 -4.01 7.308 1.991 -51.92 -31.58
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. 1983.90 23.80 1.21 2048.00 1737.40 12.67 9.02
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, November 17, 2023 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures March 1399.00 1402.00 1368.00 1375.00 –24.50 172,999 March'24 114-120 115-180 114-100 115-110 1-03.0 18,549 March'24 .6533 .6541 .6484 .6494 –.0040 853
Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Contract Open Dec 108-080 108-300 108-070 108-275 20.5 4,636,186 Dec .05751 .05780 .05742 .05767 .00022 230,528
Dec 469.30 471.60 453.40 466.80 –2.40 103,062
Open High hi lo Low Settle Chg interest March'24 .05663 .05691 .05656 .05680 .00023 167
Jan'24 451.90 454.00 438.20 449.20 –2.80 159,968 March'24 108-190 109-095 108-190 109-075 21.0 67,622
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Nov 3.6930 3.7035 3.6930 3.7045 –0.0130 1,317 Dec 53.05 53.06 51.55 51.63 –1.42 71,230 Dec 105-195 106-012 105-185 105-310 12.7 5,954,453 Dec 1.0863 1.0909 1.0844 1.0869 .0008 687,016
March'24 3.7495 3.7775 3.7210 3.7370 –0.0180 82,955 Jan'24 52.41 52.41 50.77 50.84 –1.58 136,611 March'24 106-010 106-160 106-007 106-137 13.7 143,546 March'24 1.0913 1.0953 1.0889 1.0913 .0007 11,829
Gold (CMX)-100 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Nov 1965.30 1982.70 1964.60 1983.90 23.80 196 Jan 16.93 17.43 s 16.85 17.25 .31 8,736 Dec 101-152 101-210 101-151 101-196 4.4 4,099,967 Index Futures
Dec 1963.00 1991.10 1959.00 1987.30 23.00 220,371 March 17.17 17.61 s 17.17 17.44 .30 947 March'24 101-282 102-028 101-280 102-016 5.6 81,731
Mini DJ Industrial Average (CBT)-$5 x index
Jan'24 1971.50 1999.70 s 1971.30 1997.70 23.00 2,465 Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 35045 35091 34879 35019 –31 99,362
Feb 1983.80 2011.10 1979.30 2007.50 23.20 196,098 Dec 562.25 562.50 547.00 553.50 –7.00 108,268 Nov 94.6700 94.6725 94.6700 94.6700 –.0025 507,410
March'24 35350 35404 35219 35340 –34 1,016
April 2003.20 2029.80 2000.20 2026.90 23.30 29,508 March'24 590.25 590.75 575.25 581.00 –7.00 195,966 Jan'24 94.6700 94.6700 94.6650 94.6700 367,946
Mini S&P 500 (CME)-$50 x index
June 2022.70 2050.20 2020.10 2046.80 23.30 19,317 Wheat (KC)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Dec 4514.25 4529.50 4501.75 4523.25 4.00 2,181,386
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 639.00 644.00 626.75 627.25 –12.50 50,694 Sept 94.6525 94.6525 94.6475 94.6500 949,680
March'24 4563.00 4578.75 4550.75 4572.50 3.75 39,747
1047.20 10.80 1 March'24 645.75 t651.75 634.25 636.00 –12.25 108,767 Dec 94.6200 94.6350 94.6200 94.6275 .0050 1,437,768
Nov Mini S&P Midcap 400 (CME)-$100 x index
Dec 1040.00 1055.50 1023.00 1049.60 9.30 17,127 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 2547.00 2556.50 2514.00 2522.40 –27.30 38,839
Platinum (NYM)-50 troy oz.; $ per troy oz. Nov 229.600 230.000 229.125 229.375 –.050 3,059 Currency Futures March'24 2575.50 2575.50 2570.60 2542.40 –24.80 2
897.10 1.80 115 Jan'24 230.700 230.700 226.550 227.500 –3.400 22,783 Mini Nasdaq 100 (CME)-$20 x index
Nov Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan'24 900.10 909.40 894.30 902.80 0.80 74,681 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec .6641 .6685 .6634 .6671 .0031 260,645 Dec 15846.75 15906.75 15796.75 15897.50 8.25 273,187
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 177.525 177.625 174.375 174.750 –3.025 48,059 March'24 .6740 .6785 .6735 .6771 .0031 2,484 March'24 16052.50 16102.50 15997.25 16096.25 7.50 4,207
Nov 23.575 23.900 23.320 23.892 0.407 12 Feb'24 178.500 178.575 175.050 175.325 –3.450 106,393 Canadian Dollar (CME)-CAD 100,000; $ per CAD Mini Russell 2000 (CME)-$50 x index
Dec 23.510 24.165 23.350 23.933 0.395 62,346 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec .7312 .7315 .7262 .7270 –.0042 198,314 Dec 1805.70 1813.50 1770.50 1779.40 –29.10 534,215
Dec 71.025 71.600 70.100 71.475 .425 44,122 March'24 .7323 .7325 .7273 .7281 –.0042 4,701 March'24 1822.00 1831.40 1789.00 1797.90 –29.40 1,737
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Feb'24 74.800 75.700 73.900 75.625 .725 72,607 British Pound (CME)-£62,500; $ per £ June 1815.80 –28.90 10
Dec 76.60 76.63 72.16 72.90 –3.76 96,133
Jan'24 76.71 76.80 72.37 73.09 –3.70 339,112
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 1.2420 1.2459 1.2379 1.2420 –.0001 209,827 Mini Russell 1000 (CME)-$50 x index
Jan 529.00 539.00 526.50 537.50 5.50 5,026 March'24 1.2415 1.2465 1.2388 1.2428 –.0001 2,677 Dec 2468.00 2474.20 2461.70 2471.90 –.10 6,549
Feb 76.74 76.83 72.53 73.19 –3.61 124,609
Milk (CME)-200,000 lbs., cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index
March 76.59 76.77 72.62 73.28 –3.44 112,444
Nov 17.16 17.17 17.14 17.15 .05 3,545 Dec 1.1306 1.1329 1.1271 1.1290 –.0008 56,068 Dec 104.23 104.44 103.88 104.23 –.03 36,341
June 76.00 76.16 72.42 73.04 –3.07 154,255 17.50 17.51 17.06 17.11 –.34 6,067
Dec March'24 1.1419 1.1442 1.1387 1.1403 –.0010 749 March'24 104.00 104.05 103.52 103.86 –.03 764
Dec 73.94 74.10 70.94 71.34 –2.72 158,421 Cocoa (ICE-US)-10 metric tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 3,974 4,040 3,974 4,004 65 24,453 Dec .6514 .6523 .6466 .6477 –.0039 194,878 Source: FactSet
Dec 2.8709 2.8863 2.7340 2.7502 –.1185 54,394 March'24 4,026 4,075 4,019 4,043 51 147,700
Jan'24 2.7901 2.8023 2.6599 2.6722 –.1189 71,905 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 181.50 182.20 175.70 176.10 –4.70 12,297
Dec 2.1992 2.2013 2.0900 2.1011 –.1007 60,451 March'24 175.35 176.35 170.55 171.20 –3.95 103,598 Bonds | wsj.com/market-data/bonds/benchmarks
Jan'24 2.1796 2.1798 2.0697 2.0760 –.1043 105,034 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec 3.151 3.265 3.028 3.062 –.128 93,579
March
May
27.10
25.77
27.42
26.05
27.01
25.69
27.19
25.86
.04
.05
429,383
151,209
Tracking Bond Benchmarks
Jan'24 3.326 3.407 t 3.188 3.239 –.123 286,551 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Feb 3.273 3.350 t 3.150 3.189 –.119 83,906 Jan 44.90 45.75 s 44.75 45.00 … 2,695
highs and lows for different types of bonds
March 3.100 3.166 t 2.978 3.019 –.110 177,002 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec 78.23 79.49 77.91 78.68 .27 21,606 Total Total
April 2.990 3.048 t 2.875 2.920 –.101 96,906
March'24 80.95 81.77 80.25 80.88 –.13 98,326 return YTD total Yield (%) return YTD total Yield (%)
May 3.053 3.098 2.944 2.973 –.105 81,319
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High

Agriculture Futures Jan 400.00 408.00 400.00 408.00 10.00 7,316 Mortgage-Backed Bloomberg Fixed Income Indices
March 383.20 393.20 383.20 393.05 9.85 1,249
Broad Market Bloomberg Fixed Income Indices
Corn (CBT)-5,000 bu.; cents per bu. 1956.60 0.4 U.S. Aggregate 5.220 4.180 5.740 1922.97 -0.6 Mortgage-Backed 5.420 4.140 6.050
Dec 471.00 476.25 465.25 474.75 4.00 419,785 Interest Rate Futures
March'24 488.75 494.25 483.50 493.25 4.75 520,627 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1900.46 -0.2 Ginnie Mae (GNMA) 5.460 4.170 6.020
Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Dec 352.25 353.50 343.50 351.25 –.50 2,186 Dec 118-120 120-050 118-110 119-250 1-12.0 1,578,862 2929.88 2.1 U.S. Corporate 5.840 4.830 6.430 1129.00 -0.7 Fannie mae (FNMA) 5.410 4.140 6.050
March'24 367.50 371.75 360.50 369.00 –1.25 2,368 March'24 119-070 120-310 119-060 120-200 1-13.0 8,638
2871.86 3.1 Intermediate 5.780 4.730 6.350 1754.40 0.5 Freddie Mac (FHLMC) 5.400 4.090 6.190
Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan 1385.00 1387.75 1353.75 1360.25 –24.75 290,404 Dec 114-080 115-180 114-060 115-100 1-02.0 1,331,884 3792.96 0.001 Long term 563.66 1.3 Muni Master 3.746 2.757 4.311
5.980 5.010 6.600
560.23 0.8 Double-A-rated 5.220 4.320 5.760 401.12 0.8 7-12 year 3.520 2.392 4.097
782.32 2.8 Triple-B-rated 6.120 5.080 6.700 450.45 1.7 12-22 year 4.148 3.257 4.742
Cash Prices | wsj.com/market-data/commodities Thursday, November 16, 2023
High Yield Bonds ICE BofA 420.89 2.1 22-plus year 4.704 4.020 5.274
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—

.
499.19 7.7 High Yield Constrained 8.780 7.781 9.560 Global Government J.P. Morgan†
separate from the futures price on an exchange, which reflects what the commodity might be worth in future

ly
months. 470.63 11.9 Triple-C-rated 14.457 13.413 16.118 524.10 0.5 Global Government 3.480 2.680 3.810
Thursday Thursday Thursday 1.1
3364.12 8.1 High Yield 100 8.273 7.022 9.101 771.97 Canada 3.730 2.880 4.260
Copper,Comex spot 3.7045 Wheat,No.2 soft red,St.Louis-u 5.7550
Energy Iron Ore, 62% Fe CFR China-s *132.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6025 434.47 7.1 Global High Yield Constrained 8.732 7.868 9.440 341.41 2.5 EMU§ 3.360 2.461 3.790
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w

Gold, per troy oz

Metals
71.250
14.000
Steel, HRC USA, FOB Midwest Mill-s
Battery/EV metals
BMI Lithium Carbonate, EXW China, =99.2%-v,w
BMI Lithium Hydroxide, EXW China, =56.5% -v,w
BMI Cobalt sulphate, EXW China, >20.5% -v,m
on*950.0

20425
19525
5275
Wheat,No.1soft white,Portld,OR-u
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
6.8750

277.02
332.34 7.6 Europe High Yield Constrained 7.316 6.646 8.022
U.S Agency Bloomberg Fixed Income Indices
1734.88 2.6 U.S Agency 5.010 4.130 5.390
631.24
448.89
275.77 -0.7
1.9
1.2
France
Germany
Japan
3.230 2.290 3.630
2.670 1.730 3.030
1.150 0.710 1.300
Engelhard industrial 1977.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4295 select 1-3,600-900 lbs.-u 250.33 1539.61 2.8 10-20 years 4.990 4.120 5.370 485.78 1.3 Netherlands 2.940 1.970 3.320
us ,

Handy & Harman base 1980.10 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 540 Broilers, National comp wtd. avg.-u,w 1.1330
3170.36 -0.5 20-plus years 5.230 4.300 5.740 774.34 -1.1 U.K. 4.340 3.120 4.880
l

Handy & Harman fabricated 2197.91 Butter,AA Chicago-d 2.5975

Fibers and Textiles 167.00
e
LBMA Gold Price AM *1973.40 Cheddar cheese,bbl,Chicago-d 2594.00 2.4 Yankee 5.610 4.670 6.110 790.98 3.0 Emerging Markets ** 8.207 7.102 8.842
al a

LBMA Gold Price PM *1958.20 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Cheddar cheese,blk,Chicago-d 160.00
Milk,Nonfat dry,Chicago lb.-d 120.00 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Krugerrand,wholesale-e 2064.45 Cotton,1 1/16 std lw-mdMphs-u 0.7738
Cotlook 'A' Index-t *91.05 Coffee,Brazilian,Comp-y 1.7791 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Maple Leaf-e 2084.30
ci on

American Eagle-e 2084.30 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0085
Mexican peso-e 2401.37 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u
Flour,hard winter KC-p
1.9750
17.60
Global Government Bonds: Mapping Yields
Austria crown-e 1948.75 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.89 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Austria phil-e 2084.30
Bran,wheat middlings, KC-u,w 135 Hogs,Iowa-So. Minnesota-u 73.84
Silver, troy oz.
Corn,No. 2 yellow,Cent IL-bp,u 4.4900 Pork bellies,12-14 lb MidUS-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Engelhard industrial 24.3000 Pork loins,13-19 lb MidUS-u 1.0271
Corn gluten feed,Midwest-u,w 165.6
er s

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Handy & Harman base 23.8230 Steers,Tex.-Okla. Choice-u 177.00
Corn gluten meal,Midwest-u,w 592.2 Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
Handy & Harman fabricated 29.7790 Cottonseed meal-u,w 350 Steers,feeder,Okla. City-u,w 264.25
LBMA spot price *£18.7700
5.000 U.S. 2 4.840 t l 4.914 5.096 4.363
Hominy feed,Cent IL-u,w 148
m er

(U.S.$ equivalent) *23.4100 Fats and Oils 4.500 10 4.444 t l 4.535 4.709 3.693
Meat-bonemeal,50% pro Mnpls-u,w 440
Coins,wholesale $1,000 face-a 20183 Oats,No.2 milling,Mnpls-u 4.2625 Degummed corn oil, crude wtd. avg.-u,w n.a. 0.250 Australia 2 4.244 t l 4.246 4.050 3.179 -61.1 -68.5 -120.8
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.4500 3.000 10 4.562 s 4.543 4.468 3.738 1.4 4.5
l 11.9
LBMA Platinum Price PM *897.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 907.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 465.90 Soybean oil,crude;Centl IL-u,w 0.5295 0.000 France 2 3.279 t l 3.329 3.454 2.092 -157.6 -160.2 -229.4
m rp

Palladium,Engelhard industrial 1045.0 Soybeans,No.1 yllw IL-bp,u 13.1900 Tallow,bleach;Chicago-h 0.5100 3.500 10 3.149 t l 3.199 3.409 2.487 -129.4 -132.9 -120.6
Aluminum, LME, $ per metric ton *2205.0 Wheat,Spring14%-pro Mnpls-u 9.2600 Tallow,edible,Chicago-u n.a.
3.100 Germany 2 2.967 t l 3.012 3.161 2.094 -188.7 -191.9 -229.2
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; 2.600 10 2.598 t l 2.645 2.789 1.997 -184.4 -188.4 -169.5
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/15 3.600 Italy 2 3.562 t l 3.673 3.978 2.654 -129.2 -125.8 -173.2
Source: Dow Jones Market Data
4.200 10 4.342 t l 4.430 4.764 3.936 -10.1 -9.8 24.3
co Fo

0.100 Japan 2 0.061 s l 0.060 0.043 -0.039 -479.4 -487.1 -442.5

Exchange-Traded Portfolios | WSJ.com/ETFresearch 0.800 10 0.791 t l 0.797 0.755 0.245 -365.2 -373.1 -344.8

Closing Chg YTD 0.000 Spain 2 3.425 t l 3.478 3.577 2.321 -143.0 -145.3 -206.6
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 3.550 10 3.568 t l 3.657 3.904 3.010 -87.2 -68.2
-87.4
TechSelectSector XLK 183.18 0.50 47.2
Thursday, November 16, 2023 Closing Chg YTD 3.500 U.K. 2 4.541 t l 4.620 4.705 2.970 -31.4 -31.1 -141.6
ETF Symbol Price (%) (%) VangdInfoTech VGT 455.79 0.22 42.7
Closing Chg YTD 4.250 10 4.154 t l 4.231 4.484 3.147 -29.8 -54.6
ETF Symbol Price (%) (%) iShRussMC IWR 70.50 –0.61 4.5
VangdSC Val VBR 161.69 –1.20 1.8 -28.8
VangdExtMkt VXF 144.62 –1.17 8.9
CnsmrDiscSelSector XLY 166.03 –1.03 28.5 iShRuss1000 IWB 246.83 0.09 17.2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
VangdDivApp VIG 162.02 –0.02 6.7
ConsStaplesSPDR XLP 69.58 –1.23 –6.7 iShRuss1000Grw IWF 287.94 0.27 34.4
VangdFTSEAWxUS VEU 53.37 –0.41 6.4
iShRuss1000Val IWD 153.85 –0.33 1.5
DimenUSCoreEq2
EnSelSectorSPDR
DFAC
XLE
27.07
82.95
–0.40
–1.95
11.5
–5.2 iShRussell2000 IWM 175.88 –1.62 0.9
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
44.94
40.23
–0.22
–1.03
7.1
3.2
Corporate Debt
FinSelSectorSPDR XLF 34.83 0.40 1.8 iShS&P500Grw IVW 72.01 0.17 23.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
VangdFTSE Europe VGK 60.07 –0.22 8.4
HealthCareSelSect XLV 128.51 0.43 –5.4 iShS&P500Value IVE 162.19 0.07 11.8
IndSelSectorSPDR XLI 104.94 0.02 6.9 iShSelectDiv DVY 109.57 –0.42 –9.1
VangdGrowth VUG 295.37 0.43 38.6 expectations
233.30 0.27 –5.9
n-

VangdHlthCr VHT
InvscNasd100 QQQM 158.80 0.09 45.0 iSh7-10YTreaBd
iShShortTreaBd
IEF
SHV
92.47
110.37
0.75 –3.5
0.05 0.4
VangdHiDiv VYM 104.67 –0.44 –3.3 Investment-grade spreads that tightened the most…
InvscQQQI QQQ 385.95 0.09 44.9
VangdIntermBd BIV 73.26 0.65 –1.4 Spread*, in basis points
InvscS&P500EW RSP 144.79 –0.33 2.5 iShTIPSBondETF TIP 104.35 0.37 –2.0
VangdIntrCorpBd VCIT 77.33 0.66 –0.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShCoreDivGrowth DGRO 50.72 –0.14 1.4 iSh20+YTreaBd TLT 89.62 1.24 –10.0
iShUSTreasuryBd GOVT 22.23 0.47 –2.2 VangdIntermTrea VGIT 57.66 0.54 –1.4
iShCoreMSCIEAFE IEFA 66.07 –0.26 7.2 –72
iShCoreMSCIEM IEMG 49.24 –0.85 5.4 iSh0-3MTreaBd SGOV 100.53 0.05 0.4 VangdLC VV 206.43 0.11 18.5 Wells Fargo WFC 4.300 5.75 July 22, ’27 133 145
no

VangdMegaGrwth MGK 248.21 0.56 44.2

iShCoreMSCITotInt IXUS 61.64 –0.44 6.5 JPMEquityPrem JEPI 54.18 –0.02 –0.6 Sumitomo Mitsui Financial SUMIBK 5.716 5.73 Sept. 14, ’28 129 –65 126
JPM UltShIncm JPST 50.20 0.04 0.1 VangdMC VO 212.85 –0.40 4.4
iShCoreS&P500 IVV 452.30 0.12 17.7
iShCoreS&P MC IJH 251.17 –0.99 3.8 PacerUSCashCows100 COWZ 49.04 –1.31 6.0 VangdMC Val VOE 133.99 –0.33 –0.9
CSX CSX 6.150 5.64 May 1, ’37 120 –62 123
iShCoreS&P SC IJR 95.12 –1.47 0.5 ProShUltPrQQQ TQQQ 43.13 0.16 149.3 VangdMBS VMBS 44.20 0.68 –2.9
iShCoreS&PTotUS ITOT 98.69 –0.05 16.4 SPDRBbg1-3MTB BIL 91.66 0.04 0.2 VangdRealEst VNQ 79.18 –0.21 –4.0 Vodafone VOD 6.150 6.10 Feb. 27, ’37 165 –62 169
iShCoreTotalUSDBd IUSB 44.16 0.57 –1.7 SPDR DJIA Tr DIA 350.02 –0.07 5.6 VangdRuss1000Grw VONG 74.14 0.35 34.5
iShCoreUSAggBd AGG 95.06 0.55 –2.0 SPDR Gold GLD 183.69 1.13 8.3 VangdS&P500ETF VOO 413.70 0.14 17.7 UBS UBS 5.650 5.58 Sept. 11, ’28 115 –36 123
iShEdgeMSCIMinUSA USMV 74.72 ... 3.6 SPDRPtfDevxUS SPDW 31.86 –0.22 7.3 VangdST Bond BSV 75.71 0.24 0.6
VangdSTCpBd VCSH 75.76 0.28 0.8 Oglethorpe Power OGLETH 4.200 6.63 Dec. 1, ’42 180 –29 n.a.
iShEdgeMSCIUSAQual QUAL 139.80 –0.06 22.7 SPDRS&P500Value SPYV 43.52 0.05 11.9
VangdShortTrea VGSH 57.82 0.19 ...
iShGoldTr IAU 37.50 1.13 8.4 SPDRPtfS&P500 SPLG 52.96 0.13 17.7
Canadian Imperial Bank of Commerce CM 5.926 5.59 Oct. 2, ’26 100 –9 110
iShiBoxx$IGCpBd LQD 104.09 0.82 –1.3 SPDRS&P500Growth SPYG 62.39 0.21 23.1 VangdSC VB 189.90 –1.24 3.5
iShMBS MBB 89.76 0.64 –3.2 SPDR S&P 500 SPY 450.23 0.12 17.7 VangdTaxExemptBd VTEB 49.03 0.29 –0.9 KeyCorp KEY 4.900 8.06 Aug. 8, ’32 361 –9 n.a.
iShMSCIACWI ACWI 96.52 –0.07 13.7 SchwabIntEquity SCHF 34.97 –0.09 8.6 VangdTotalBd BND 70.54 0.60 –1.8
iShMSCI EAFE EFA 70.89 –0.07 8.0 SchwabUS BrdMkt SCHB 52.22 –0.02 16.5 VangdTotIntlBd BNDX 48.81 0.39 2.9
iSh MSCI EM EEM 39.31 –0.96 3.7 SchwabUS Div SCHD 70.77 –0.80 –6.3 VangdTotIntlStk VXUS 54.95 –0.43 6.2 …And spreads that widened the most
iShMSCIEAFEValue EFV 49.34 –0.32 7.5 SchwabUS LC SCHX 53.18 0.06 17.8 VangdTotalStk VTI 222.55 –0.07 16.4
Banco Santander SANTAN 5.179 6.81 Nov. 19, ’25 197 23 186
iShNatlMuniBd MUB 104.74 0.36 –0.7 SchwabUS LC Grw SCHG 78.79 0.33 41.8 VangdTotWrldStk VT 96.91 –0.19 12.4
iSh1-5YIGCorpBd IGSB 50.23 0.27 0.8 SPDR S&PMdCpTr MDY 459.75 –1.07 3.8 VangdValue VTV 140.33 –0.24 –0.0
Pfizer PFE 2.750 5.11 June 3, ’26 52 10 49
iSh1-3YTreaBd SHY 81.34 0.17 0.2 SPDR S&P Div SDY 117.72 ... –5.9 WisdTrFRTrea USFR 50.45 0.06 0.4
John Deere Capital … 4.800 5.07 Jan. 9, ’26 48 9 52
Kraft Heinz KHC 6.500 6.16 Feb. 9, ’40 135 8 150
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
United Airlines UAL 5.800 6.38 July 15, ’37 194 8 182
Money Rates November 16, 2023 Royal Bank of Canada RY 3.625 5.51 May 4, ’27 109 7 n.a.
Lloyds Banking LLOYDS 3.750 6.06 Jan. 11, ’27 163 6 168
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions. CF Industries CF 4.950 6.63 June 1, ’43 180 4 185

Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
High-yield issues with the biggest price increases…
Oct. index Chg From (%) Bond Price as % of face value
level Sept. '23 Oct. '22 Federal funds Secured Overnight Financing Rate Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Effective rate 5.3400 5.3400 5.3500 3.8300 5.32 5.32 5.35 3.79
U.S. consumer price index Toledo Hospital TOLHOS 5.325 9.51 Nov. 15, ’28 83.680 1.33 n.a.
High 5.6500 5.6500 5.6500 4.0400 Value 52-Week
All items 307.671 –0.04 3.2 3.900 0.00 Jan. 15, ’26 83.000 0.75
Low 5.3100 5.3100 5.3300 3.8000 Latest Traded High Low Hawaiian Holdings HA n.a.
Core 311.380 0.18 4.0 Bid 5.3300 5.3300 5.3300 3.8200 DTCC GCF Repo Index Occidental Petroleum OXY 7.500 6.15 May 1, ’31 107.971 0.46 107.487
Offer 5.3500 5.3500 5.3700 3.8400
International rates Treasury 5.395 25.576 5.399 3.792
0.25
MBS 5.415 54.790 5.426 3.842 Rite Aid RAD 7.700 0.00 Feb. 15, ’27 5.500 2.000
Treasury bill auction
Week 52-Week
Latest High Low 4 weeks 5.290 5.290 5.840 3.190 Weekly survey American Airlines AAL 11.750 5.71 July 15, ’25 109.375 0.13 107.000
ago
13 weeks 5.285 5.285 5.345 4.155 0.12
Prime rates
Latest Week ago Year ago Carnival CCL 6.650 9.78 Jan. 15, ’28 89.500 n.a.
26 weeks 5.270 5.260 5.350 4.440
U.S. 8.50 8.50 8.50 7.00 Freddie Mac Ball BALL 5.250 5.43 July 1, ’25 99.725 0.04 98.950
Canada 7.20 7.20 7.20 5.95 Secondary market 30-year fixed 7.44 7.50 6.61
Japan 1.475 1.475 1.475 1.475 Fannie Mae 15-year fixed 6.76 6.81 5.98 …And with the biggest price decreases
30-year mortgage yields Notes on data: –1.11
Policy Rates Dish DBS … 7.750 30.54 July 1, ’26 60.833 61.000
30 days 6.732 6.924 7.495 5.244 U.S. prime rate is the base rate on corporate
Euro zone 4.50 4.50 4.50 2.00 loans posted by at least 70% of the 10 largest –0.98
60 days 6.741 6.944 7.554 5.250 Toledo Hospital TOLHOS 6.015 8.90 Nov. 15, ’48 71.250 n.a.
Switzerland 2.25 2.25 2.25 1.00 U.S. banks, and is effective July 27, 2023. Other
Britain 5.25 5.25 5.25 3.00 Other short-term rates prime rates aren’t directly comparable; lending Transocean RIG 6.800 10.33 March 15, ’38 73.875 –0.63 73.250
practices vary widely by location; Discount rate
Australia 4.35 4.35 4.35 2.85 is effective July 27, 2023. Secured Overnight –0.50
Week 52-Week Bath & Body Works BBWI 6.875 7.92 Nov. 1, ’35 92.000 91.000
Financing Rate is as of November 15, 2023.
Overnight repurchase Latest ago high low DTCC GCF Repo Index is Depository Trust & –0.45
Clearing Corp.'s weighted average for overnight OneMain Finance OMF 6.875 7.07 March 15, ’25 99.750 99.667
U.S. 5.38 5.39 5.40 3.77
Call money trades in applicable CUSIPs. Value traded is in
7.721 8.38 June 4, ’38 94.500 –0.25
billions of U.S. dollars. Federal-funds rates are Telecom Italia Capital TITIM 91.500
U.S. government rates 7.25 7.25 7.25 5.75 Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Discount Commercial paper (AA financial) Note: Data are for the most active issue of bonds with maturities of two years or more
Statistics; DTCC; FactSet;
5.50 5.50 5.50 4.00 90 days 5.35 n.a. 5.54 4.29 Tullett Prebon Information, Ltd. Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Friday, November 17, 2023 * THE WALL STREET JOURNAL.

BANKING & FINANCE

U.S. Debt Approach Wins Fans on Wall Street

BY ANDREW DUEHREN sury is trying to manage the
AND SAM GOLDFARB market reaction to U.S. debt as
the deficit grows. That pleas-
Swelling deficits and weak antly surprised investors, spark-
investor appetite for long-term ing a rally in Treasurys that ex-
U.S. debt are pushing the Trea- tended this week after a cooler-
sury Department to get more than-expected inflation reading.
creative with how it borrows. “Our quarterly refunding, I
Markets are thrilled—but the think, did show some flexibility
approach comes with risks. with respect to issuance,” Trea-
The Treasury has long em- sury Secretary Janet Yellen
braced the mantra of “regular said recently. “That seems to
and predictable” debt sales to have had a favorable impact.”
avoid creating market volatility Yellen said the department
as it finances the U.S. deficit. still views predictability as the
Recently, high interest rates core foundation of its borrow-
drove investors to eschew lon- ing strategy. Some on Wall
ger-term Treasurys. The gov- Street warn any perceived de-
ernment had to adapt, cutting parture from that tenet could
back this month on expected in- backfire. If investors become
creases in long-term bonds and less certain about the future
favoring more short-term debt. supply of different Treasury
The change, while relatively securities, they could demand
modest, is a sign that the Trea- higher rates as compensation.
Relying more on short-term
bills, which mature in one
year or less, similarly could
make the government’s bor-
rowing costs more volatile.
There might be times when
showing sensitivity to the
market could benefit the Trea-
sury in the short term, said
Blake Gwinn, head of U.S. in-
terest-rates strategy at RBC
Capital Markets. “But if you
keep doing that over and over
again, eventually people want
a higher return because it’s
unsteady—it’s unpredictable.”
At stake is more than just
the rate the U.S. pays on the
debt it sells to investors.
Yields on longer-term Trea-
surys set a floor for interest
rates across the economy,
meaning the government’s
borrowing strategy has conse-
quences for Americans who mer and into the fall, with the sector group that advises the
borrow to buy a house or car. yield on the 10-year note touch- Treasury on its borrowing de-
The Treasury has had to in- ing 5% in late October. cisions recommended it in-
crease borrowing this year to On Wall Street, investors crease auctions by the same
accommodate the growing U.S. became concerned about amount as in August for all
deficit. The gap between fed- whether they could absorb so but the 20-year bond.
eral spending and revenue much long-term U.S. debt. Treasury defied those expec-
widened last fiscal year far Ahead of Treasury’s Nov. 1 re- tations. It boosted auctions of
more than expected, as tax funding, some speculated the two-year to seven-year notes by
revenues slipped and interest updated plan could take those the same amount as in August,
costs ballooned. fears into account by increas- but it increased 10-year and 30-
That forced Treasury to in- ing the amount of longer-term year debt auctions by $1 billion
crease the size of its coupon debt, but by a smaller amount less than in August. It didn’t
auctions—sales of debt that ma- than three months earlier. change the size of 20-year bond
ture in two years or more—at Still, most primary deal- auctions, after lifting them by
its August quarterly announce- ers—financial institutions that $1 billion three months earlier.
ment of how the government are required to bid at Trea- Officials confirmed Wall
would issue debt. The larger sury debt auctions and are Street forecasts that they
supply of long-term debt came surveyed by the Treasury would let short-term Treasury
at a bad time for investors, who ahead of refundings—said bills exceed an informal thresh-
were betting the Federal Re- they thought the U.S. would old of 20% of total outstanding
serve would keep rates higher hew to its August template in debt, adding that there was no
for longer. Those factors fueled its typical “regular and pre- set time frame for when they
a bond rout through the sum- dictable” fashion. A private- would drop below that level.

Morgan Stanley Fined Because Data Wells Fargo Wells Fargo denied in court
filings that “it had actual
knowledge of, or provided assis-

Pressured tance to, any alleged wrongdo-

Of Customers Were Compromised

ing by Beasley.”
Beasley, an attorney, alleg-

Over Crime edly operated a scheme through

BY DENNY JACOB personal information, accord-
ing to New York Attorney Gen-
Morgan Stanley agreed to eral Letitia James.
pay a fine of $6.5 million follow- One incident involved Mor-
ing an agreement with a coali- gan Stanley hiring a moving
tion of attorneys general over company with no experience
an interest on lawyers’ trust ac-
count, which had been opened
servers, all potentially con- documents incidents and re- at Wells Fargo for his small le-
taining unencrypted customer sponses and maintaining a Continued from page B1 gal practice in 2017. This type of
information, were missing vendor risk-assessment team, Regulators determined the special account is intended to
during a decommissioning among other provisions. bank had inadequate risk man- allow attorneys to hold funds on
process, according to the New “We have previously noti- agement and, as punishment, their clients’ behalf.
York attorney general. fied all potentially impacted the Fed capped the size of the Beasley told the bank that he

.
the financial-services provider in data-destruction services to In addition to the fine, clients regarding these mat- bank’s balance sheet. That pen- was a solo practitioner attorney
compromising millions of cus- decommission thousands of Morgan Stanley agreed to ters, which occurred several alty, the stiffest of Wells Fargo’s with around $350,000 in annual

ly
tomers’ personal information. hard drives and servers con- adopt a series of steps aimed years ago, and are pleased to nine outstanding consent or- revenue, the lawsuit said.
Morgan Stanley, doing busi- taining sensitive information, at strengthening its data-secu- have resolved this related in- ders, has been in place for more Transactions quickly eclipsed
ness as Morgan Stanley Smith James said. The company was rity measures including en- vestigation,” said a Morgan than five years. that figure. An average of
Barney LLC, failed to decom-
mission its computers and
erase unencrypted data in cer-
tain computer devices that
only made aware of the prob-
lem when a purchaser from an
auction discovered the data
and called.
on
crypting all personal informa-
tion, whether stored or
transmitted, between docu-
ments, databases and else-
Stanley spokesperson.
Joining James in the agree-
ment are the attorneys gen-
eral of Connecticut, Florida,
Wells Fargo was penalized
for failing to comply with the
Bank Secrecy Act and anti-
money-laundering rules. An
roughly $584,000 flowed into
the account each month in its
first year, the suit said. In 2022,
shortly before the fund col-
were later auctioned while In a second incident, Mor- where; maintaining an inci- Indiana, New Jersey and Ver- OCC consent order that ran lapsed, the account was receiv-
us ,

still containing consumers’ gan Stanley found that 42 dent response plan that mont. from 2015 to 2021 focused on ing more than $28.4 million a
l

problems in its commercial month, the suit said. Many of

e
al a

bank, a unit separate from the the transactions noted the

Raising Oil Investment Funds Takes consumer bank.

The Ponzi-scheme lawsuit al-
funds were supposed to be in-
vested, the suit said. Beasley al-
ci on

leges Wells Fargo fell short of legedly withdrew millions of

its responsibilities. dollars to pay gambling debts

‘Resilience,’ Says Private-Equity Executive Matthew Beasley allegedly

ran a Ponzi scheme that fun-
neled money through his Wells
and fund a lavish lifestyle.
The lawsuit said Wells Fargo
failed to put a stop to it despite
er s

Fargo account, before the al- its having “a bird’s-eye view of

BY LUIS GARCIA taught me has made me a bet- leged scheme collapsed last the fraud.” Concerns raised by
m er

ter person in the office. year. Agents from the Federal some employees were alleged to
Neda Jafar, a partner at Bureau of Investigation shot have been repeatedly overruled
Kimmeridge Energy Manage- WSJ: Can you cite another him during an attempted search by superiors, according to the
ment who leads fundraising personal characteristic that at his Las Vegas house. He sur- lawsuit.
for the private-equity firm, re- helped you thrive in your ca- vived the shooting and is await- Beasley maintained a close
m rp

cently did something that is reer? ing trial on several counts of relationship with bankers at
becoming difficult in the en- JAFAR: Intellectual curios- fraud. He has pleaded not guilty. Wells Fargo, the suit said. The
ergy industry. She helped con- ity. The opportunity to learn A court-appointed receiver attorney allegedly had a stand-
vince investors to commit something new every day looking to recover funds for vic- ing weekly meeting with one of
more than $1 billion to back keeps me motivated and ex- tims of the alleged scheme sued his bankers. Wells Fargo’s busi-
co Fo

oil and gas businesses. cited. Wells Fargo, saying it aided and ness banking team once invited
The New York firm collected When you really know and un- abetted the fraud by maintain- Beasley to a pro hockey game,
that amount for Kimmeridge derstand what you’re talking ing the account. the lawsuit said.
Fund VI, wrapping up fund- about, it shows, especially “It will all be clear as soon as The parties are in settlement
raising in July for what turned when dealing with [investors] they go through my emails and talks, according to filings.
out to be the largest pool in who see so many opportuni- my bank records,” Beasley told In updates to victims of the
the firm’s 11-year history. ties. I never stop reading, dig- an FBI negotiator on the phone scheme, receiver Geoff Winkler
Jafar joined Kimmeridge in ging in with my team to un- as he lay bleeding on the floor said he expects the bank to set-
MATT GREENSLADE/PHOTO-NYC.COM

2013, when the U.S. industry derstand the details, and of his home, according to a tle the suit, potentially paying
was abuzz over the shale asking questions. transcript of the conversation. in excess of $100 million.
boom, but a lot has changed
since then. Poor investment WSJ: What advice would you
returns and rising environ- give for young female profes- How Online Currency Is Changing
n-

mental concerns spurred a sionals that want to have a The Way Children Spend Money
widespread retreat from the career in private equity?
industry by private-equity in- JAFAR: There’s no better
vestors less than a decade Neda Jafar, a partner at Kimmeridge Energy Management quote in my mind than Sen-
no

later, making it harder for eca’s, ‘Luck is when prepara-

firms to raise new funds. made her a more effective working father and a mother tion meets opportunity.’ I
While improving returns in re- fundraiser, she said. These who stayed at home. Navigat- didn’t know what private eq-
ANTHONY DEVLIN/PA WIRE/ZUMA PRESS

cent years have fostered re- traits help her bounce back ing [my own] household with uity was when I graduated
newed interest, fundraising when things don’t go as two kids and two working par- from college. However, my for-
remains difficult. planned, she said. “I’ve honed ents has thus been a new mer boss knew I was a hard
Private-equity firms world- my resilience in several facets model for me. I won’t say I’ve worker and looking for more
wide have raised 39 oil-and- of my career,” she said. mastered it by any stretch of opportunities and introduced
gas funds so far this year, 37% Jafar recently discussed her the imagination, and I owe a me to the founders at Kim-
fewer than in all of last year rise in private equity and of- lot of my success to a strong meridge. Now over a decade
and a fifth of the record 198 fered some advice for young foundation of support. But I later, I’m always telling my
collected in 2016, according to women just starting out as in- am so proud to show my kids team that you have to stay in
research provider Preqin. dustry professionals. Her com- that fulfillment can come from front of people and consis-
Some aspects of Jafar’s ments have been edited for different places and that what tently put your best self and Scan this code for the first episode of Your
personality, including a will- length and clarity. I get from work (hopefully) representation of the firm for- Money Briefing’s four-part podcast series on
ingness to express her opinion makes me a better mom at ward, because you never know how children today are learning about
“when I feel strongly about WSJ: What are you most home and vice versa. There’s when that window of opportu- money—and how best to prepare them for
something” and being pre- proud of in your career? no doubt that the patience nity will crack open and you financial success in adulthood.
pared for pushbacks, have JAFAR: I grew up with a and perspective my kids have have to be ready to seize it.

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 45.20 -0.10 9.7 SrsEmrgMkt 17.02 -0.10 9.0 LgCpGwth 57.26 +0.21 28.0 NHoriz 49.49 -0.45 6.8 MuShtAdml 15.63 +0.01 2.6 WellsI 24.03 +0.04 0.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 28.12 +0.09 35.3 SrsGlobal 13.34 -0.05 8.0 JPMorgan R Class R2025 15.83 ... 8.3 PrmcpAdml r 157.73 -0.08 20.5 Welltn 41.10 +0.20 8.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 27.35 -0.15 5.9 SrsGroCoRetail 18.74 -0.01 36.1 CoreBond 9.90 +0.06 1.0 R2030 23.93 ... 9.5 RealEstatAdml 112.21 -0.23 -1.0 WndsrII 41.67 +0.01 12.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 18.76 +0.03 19.1 SrsIntlGrw 16.04 +0.06 12.5 CorePlusBd 6.96 +0.04 1.2 R2040 27.34 -0.03 12.0 SmCapAdml 90.97 -1.14 4.7 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.68 +0.05 0.6 SrsIntlVal 11.24 +0.01 12.1 Lord Abbett I Putnam Funds Class A SmGthAdml 74.68 -1.01 6.4 ExtndIstPl 270.75 -3.06 9.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 12.17 +0.02 12.1 TotalBond 9.16 +0.04 1.8 ShtDurInc p 3.80 ... 3.4 PutLargCap p 30.15 -0.12 7.9 STBondAdml 9.92 +0.02 2.6 IdxIntl 17.63 -0.06 7.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.33 +0.06 -6.5 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 10.01 +0.02 3.4 MdCpGrAdml 85.62 -0.31 11.2
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 22.10 -0.34 2.2 TotalBd 8.67 +0.05 2.0 TotRetBdI NA ... NA 1000 Inv r NA ... NA STIPSIxAdm 23.76 +0.03 3.0 MdCpVlAdml 69.41 -0.23 0.7
TMktIdxInstPrem 124.57 -0.04 17.8 U.S.TreBdIdx 8.50 +0.04 0.1 TRBdPlan NA ... NA S&P Sel NA ... NA TotBdAdml 9.28 +0.05 0.6 SmValAdml 69.49 -0.81 3.5
TotalMarketIndex 15.74 -0.01 17.9 Fidelity Selects MFS Funds TSM Sel r NA ... NA TotIntBdIdxAdm 19.51 +0.07 4.6 TotBd2 9.17 +0.05 0.5
Thursday, November 16, 2023 TtlIntIdxInstPr 12.62 -0.04 7.8 Semiconductors r 23.70 -0.07 62.6 IIE 31.38 -0.06 11.5 TIAA/CREF Funds TotIntlAdmIdx r 29.48 -0.12 7.8 TotIntlInstIdx r 117.91 -0.45 7.8
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.97 +0.05 0.5 Softwr 27.14 +0.10 38.1 MFS Funds Class I EqIdxInst 31.94 -0.01 17.6 TotStAdml 108.34 -0.03 17.7 TotItlInstPlId r 117.94 -0.45 7.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Tech 26.84 ... 50.5 GrowthI 173.23 +1.17 31.0 IntlEqIdxInst 20.96 -0.02 9.7 TxMCapAdml 232.93 +0.10 18.9 TotSt 108.32 -0.02 17.6
Total Bd 9.15 +0.05 1.8 First Eagle Funds ValueI 47.86 +0.13 1.5 LrgCpGrIdxInst 50.11 +0.17 35.2 TxMIn r 14.43 -0.03 8.8 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq1 33.70 -0.08 14.4 Fidelity Freedom GlbA 62.29 -0.13 7.5 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 14.45 -0.03 8.9
MuniIncmShares 10.52 +0.05 1.0 IntlVal Inst NA ... NA US CoreEq2 30.31 -0.10 12.9 FF2030 USGroAdml 137.30 +0.25 35.5
15.84 +0.02 8.3 Franklin A1 LSGrowthY 23.16 +0.02 42.3 500Adml 416.81 +0.60 19.1
ValAdml 54.76 -0.11 1.9 DevMktsInxInst 22.58 -0.05 8.9
AB Funds - ADV Baird Funds US Small 40.07 -0.52 4.5 FF2040 9.92 ... 12.0 IncomeA1 2.20 ... 2.1 Northern Funds BalAdml 43.04 +0.08 10.7 ExtndInst 109.71 -1.24 9.9
LgCpGrAdv 89.02 +0.31 27.3 AggBdInst 9.42 +0.05 0.9 US SmCpVal 40.75 -0.57 5.0 Freedom2030 K 15.84 WdsrllAdml 73.94 +0.02 12.7
+0.02 8.3 FrankTemp/Frank Adv StkIdx 48.04 +0.07 19.1 CAITAdml 11.06 +0.03 1.7 GrwthInst 152.00 +0.63 39.2
American Century Inv CorBdInst 9.73 +0.05 1.5 US TgdVal 28.46 -0.43 5.1 Freedom2035 K 13.82 WellsIAdml 58.22 +0.11 0.8
+0.01 10.2 IncomeAdv 2.18 +0.01 2.2 Old Westbury Fds CapOpAdml r 171.07 -0.86 17.1 InPrSeIn 9.26 +0.04 0.6
Ultra 74.42 +0.26 34.9 BlackRock Funds USLgVa 42.04 -0.12 3.0 Freedom2040 K 9.93 LrgCpStr WelltnAdml 70.96 +0.33 8.8
-0.01 12.0 FrankTemp/Franklin A 16.46 +0.02 12.9 DivAppIdxAdm 43.96 ... 8.2 InstIdx 377.11 +0.54 19.1
American Funds Cl A HiYldBd Inst 6.77 ... 8.3 Dodge & Cox Growth A 121.82 +0.43 19.2 Parnassus Fds EMAdmr WndsrAdml 71.98 -0.24 6.3
Idx2030InsPre 18.15 +0.03 8.2 33.44 -0.29 4.6 InstPlus 377.10 +0.54 19.1
AmcpA 36.34 -0.01 21.1 BlackRock Funds III Balanced 97.10 -0.17 6.7 Idx2035InsPre 20.56 VANGUARD FDS
+0.01 10.0 RisDv A 87.26 +0.24 6.5 ParnEqFd 52.28 -2.68 18.3 EqIncAdml 83.08 -0.40 0.2 InstTStPlus 77.89 -0.02 17.7
AMutlA 49.35 +0.17 3.3 iShS&P500IdxK 528.90 ... 18.9 GblStock 14.06 -0.09 11.5 Idx2040InsPre 21.16 ... 11.7 Guggenheim Funds Tru PGIM Funds Cl Z ExplrAdml 92.02 -1.05 5.9 DivdGro 35.74 +0.16 2.3 MidCpInst 58.25 -0.20 5.6
BalA 30.62 +0.05 7.5 BlackRock Funds Inst Income 12.09 +0.07 2.1 Idx2045InsPre 22.05 -0.01 12.0 TotRtnBdFdClInst 22.73 +0.13 1.9 TotalReturnBond NA ... NA ExtndAdml 109.72 -1.24 9.9 IntlVal 39.03 -0.22 9.2 MidCpIstPl 287.29 -1.00 5.6
BondA 11.00 +0.06 -0.3 EqtyDivd 18.63 -0.06 5.3 Intl Stk 47.04 -0.42 9.1 Fidelity Invest Harbor Funds PIMCO Fds Instl GNMAAdml 8.88 +0.05 -0.5 LifeCon NA ... NA SmCapInst 90.97 -1.13 4.7
CapIBA 63.02 +0.02 2.1 StratIncOpptyIns 9.14 +0.03 3.4 Stock 229.09 -0.77 8.3 Balanc 25.79 +0.09 15.2 CapApInst 90.74 +0.25 44.6 AllAsset NA ... NA GrwthAdml 151.99 +0.63 39.2 LifeGro 39.68 ... NA SmCapIstPl 262.56 -3.29 4.7
CapWGrA 57.44 -0.04 12.9 TotRet 9.60 +0.05 0.8 DoubleLine Funds BluCh 162.80 +0.05 45.7 Harding Loevner TotRt 8.26 +0.05 1.0 HlthCareAdml r 84.86 -0.04 -2.4 LifeMod 29.57 +0.04 NA STIGradeInst 10.01 +0.02 3.4
EupacA 52.97 -0.19 8.3 Calamos Funds TotRetBdI 8.47 +0.04 0.1 BluChpGr K6 25.15 -0.02 45.6 IntlEq 24.95 -0.08 6.5 PIMCO Funds A HYCorAdml r 5.20 ... 6.4 PrmcpCor 31.32 -0.02 15.2 STIPSIxins 23.78 +0.03 3.0
FdInvA 69.30 -0.10 17.1 MktNeutI 14.69 ... 7.8 Edgewood Growth Instituti Contra 15.87 +0.06 33.2 Invesco Funds A IncomeFd 10.27 +0.04 4.5 InfProAd 22.72 +0.08 0.4 STAR NA ... NA TotBdInst 9.28 +0.05 0.6
GwthA 62.75 -0.07 26.8 Columbia Class I EdgewoodGrInst 40.33 +0.11 28.8 CpInc 9.30 ... 7.8 EqIncA 9.99 -0.01 3.2 PIMCO Funds I2 IntlGrAdml 96.87 -0.82 7.2 TgtRe2020 27.10 +0.05 NA TotBdInst2 9.17 +0.05 0.6
HI TrA 9.08 -0.01 6.2 DivIncom I 29.70 -0.06 4.2 Federated Hermes Int GroCo 30.94 -0.01 37.5 Invesco Funds Y Income 10.27 +0.04 4.8 ITBondAdml 9.91 +0.06 1.0 TgtRe2025 18.05 +0.02 NA TotBdInstPl 9.28 +0.05 0.6
ICAA 48.98 +0.18 19.9 Dimensional Fds TtlRtnBdI 9.17 +0.04 0.2 InvGrBd 9.65 +0.06 1.5 DevMktY 37.34 -0.15 6.8 PIMCO Funds Instl ITIGradeAdml 8.25 +0.05 2.7 TgtRe2030 NA ... NA TotIntBdIdxInst 29.28 +0.11 4.6
IncoA NA ... 0.6 5GlbFxdInc 10.15 +0.01 4.3 Fidelity LowP 42.11 -0.28 5.0 JHF III DispVal IncomeFd 10.27 +0.04 4.9 LarCapAd 104.24 +0.14 19.8 TgtRe2035 21.31 ... NA TotStInst 108.36 -0.03 17.7
N PerA 55.14 -0.05 16.6 EmgMktVa 28.32 -0.11 10.0 500IdxInstPrem 156.79 +0.22 19.1 Magin 11.88 +0.05 24.4 DispValMCI 26.04 -0.10 6.6 Price Funds LTGradeAdml 7.41 +0.07 -0.9 TgtRe2040 37.76 ... NA ValueInst 54.76 -0.11 1.9
NEcoA 52.36 -0.13 20.4 EmMktCorEq 21.62 -0.10 9.7 Contrafund K6 22.13 +0.08 31.6 NASDAQ 179.83 +0.14 36.3 John Hancock BlChip 148.40 +0.86 43.4 MidCpAdml 263.70 -0.91 5.6 TgtRe2045 25.55 -0.02 NA WCM Focus Funds
NwWrldA 72.99 -0.12 9.8 IntlCoreEq 14.30 -0.07 8.4 ExtMktIdxInstPre 69.15 -0.78 9.9 OTC 17.40 +0.03 35.6 BondR6 12.98 +0.07 1.1 DivGro 68.35 +0.18 7.6 MuHYAdml 10.14 +0.03 2.2 TgtRe2050 42.52 -0.03 NA WCMFocIntlGrwIns 21.45 +0.01 9.1
SmCpA 59.64 -0.50 6.3 IntSmCo 17.85 -0.14 4.6 FidSerInt 8.54 +0.03 3.5 Puritn 22.33 +0.07 14.0 JPMorgan I Class Growth 86.11 +0.41 39.8 MuIntAdml 13.25 +0.03 1.7 TgtRe2060 43.68 -0.03 NA Western Asset
TxExA 11.96 +0.03 1.7 IntSmVa 19.96 -0.15 8.4 FidSerToMarket 14.84 ... 17.8 SAIUSMinVolIndFd 18.36 +0.07 10.9 CoreBond 9.88 +0.05 0.8 LgCapGow I 63.99 +0.36 39.4 MuLTAdml 10.44 +0.03 1.7 TgtRet2055 47.43 -0.04 NA CoreBondI NA ... NA
WshA 55.25 +0.06 10.2 LgCo 30.81 +0.05 19.1 GrowthCompanyK6 20.84 -0.04 35.4 SAIUSQtyIdx 18.59 +0.06 22.6 EqInc 21.81 -0.03 -1.7 MidCap 96.01 -0.65 8.2 MuLtdAdml 10.66 +0.01 2.0 TgtRetInc NA ... NA CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Dow Falls After Walmart, Cisco Results
Energy was hardest-
hit S&P sector amid
glut of fuel and
falling price of oil
BY RYAN DEZEMBER
Earnings selloffs in Cisco
Systems and Walmart pulled
down the Dow. But the broader
market narrowly overcame
those drags as well as tum-
bling energy shares to keep the
November rally going.
The S&P 500 added 0.1%.
The tech-oriented Nasdaq
Composite eked out a smaller
gain than that and is now up
9.8% this month. The Dow
Jones Industrial Average shed
about 0.1%, or 46 points.
Despite the muted moves,
cooling inflation has many in-
vestors convinced that the Fed-
eral Reserve is finished raising
interest rates and that stocks
are set for an extended climb.
“The question is what
comes next? And what comes
next is the Fed pauses after a
Small Stocks Trail Market by Widest Margin in 25 Years
BY HARDIKA SINGH
AND JACK PITCHER
Smaller, speculative compa-
nies are in the midst of a furi-
ous autumn stock-market
rally, but they still have an in-
terest-rate problem.
The S&P 600, an index of
small companies with an aver-
age market value of $1.8 bil-
lion, has climbed 8% from its
recent low on Oct. 27, slightly
trailing the S&P 500. Yet for
2023, it is on pace to trail its
large-cap counterpart by the
widest margin in a calendar
year since 1998. The S&P 600
is up 0.1%, while the S&P 500
has climbed 17%.
The Federal Reserve’s inter-
est-rate campaign has hurt
small-caps more than their
larger peers because small
no
* * * *
Index performance on Thursday
0.2%
0.1
0
–0.1
–0.2
–0.3
–0.4
Five-minute intervals
–0.5
10 a.m. 11 noon
Source: FactSet
hike cycle, and that is a land of
unicorns, rainbows and fairies
historically for risk assets,”
said Steve Chiavarone, senior
portfolio manager and head of
the Multi Asset Group at asset
manager Federated Hermes.
Barclays analysts said that
companies tend to issue more
floating-rate debt. Their loan
payments fluctuate with
benchmark interest rates, so
higher interest expenses are
denting their bottom lines.
Bigger companies are gener-
ally more insulated, after
many rushed to lock in low
fixed rates in 2020 and 2021.
About 40% of the compa-
nies in the S&P 600 have out-
us ,
standing floating-rate debt
with shorter maturities, com-
e
al a
pared with roughly 10% of
companies in the S&P 500, ac-
cording to the J.P. Morgan Eq-
ci on
uity Macro Research team.
Even if the central bank is
done raising interest rates,
small-caps likely won’t see any
relief from higher interest ex-
er s
penses until rates start falling.
After that, there will be a lag
m er
m rp
co Fo
n-
MARKETS
wrote in a note to clients on
Thursday. “Stocks will benefit
S&P 500 from a fairly benign bottom to
Nasdaq Composite this business cycle and look
Dow Jones Industrial Average
through near-term earnings
disappointments.”
On Thursday, such disap-
pointments were delivered by
Cisco and Walmart. Cisco, the
network-equipment giant, cut
sales forecasts and lost 9.8%,
or more than $20 billion in
market value, to pull the S&P
and Dow lower. Walmart was
the next worst performer in
both indexes, down 8.1%, after
quarterly profit metrics fell
short of analysts’ expectations.
Cybersecurity firm Palo
Alto Networks, Chinese e-
commerce giant Alibaba and
1 p.m. 2 3 4 retailers Bath & Body Works
and Shoe Carnival each also
declined at least 5% following
after two quarters of prefer- their own earnings reports.
ring cash over stocks and U.S. listed shares of luxury ap-
bonds, they now believe equi- parel maker Burberry lost
ties will outperform fixed in- more than 10%.
come. Macy’s, chemical maker
“The downside risks to the Berry Global and German
world economy have dimin- technology conglomerate Sie-
ished greatly,” the analysts mens bucked the trend and
because most of the floating- est rates stay higher, the more
rate loans issued by public stress it creates,” said An-
companies reset quarterly and thony Saglimbene, chief mar-
are backward looking. ket strategist at Ameriprise
Television broadcaster E.W. Financial.
Scripps, theme- Scripps said
park operator its interest ex-
on
Six Flags Enter-
tainment and
Vista Outdoor,
a sports and
The recent rally
in small-caps is
pense jumped
more than 35%
in the third
quarter from a
outdoor equip- driven by bets year earlier due
ment maker, to higher rates
the Fed is done
l
are among the on its variable
companies raising rates. debt borrow-
whose interest ings, while
expenses have long-term debt
surged even as edged down.
their debt levels have de- The company’s $57 million in
creased. interest expense just exceeded
“It’s really those smaller its operating income, pushing
companies that lean on fi- Scripps to a net loss for the
nancing to help them run the period. The stock is down 45%
business that the longer inter- this year.
Friday, November 17, 2023 | B11
rose after disclosing results.
Energy was the hardest hit
sector on Thursday, with
shares in the S&P 500 collec-
tively losing 2.1% in response
to swelling fuel supplies and
falling prices.
Signs of slackening demand
and rising domestic invento-
ries pushed benchmark U.S.
crude futures down $3.76 a
barrel to end at $72.90, the
lowest price since early July.
Gasoline and diesel futures
each declined more than 4%,
the former hitting their lowest
price this year. .
December natural-gas fu-
tures fell to $3.062 per million
British thermal units, 52%
lower than a year ago, after
the Energy Information Ad-
ministration reported that in-
ventories have swelled into the
start of heating season.
Oil-field-services firms
Baker Hughes and Halliburton
shed 4.1% and 3.3%, respec-
tively. Refiner Marathon Pe-
troleum lost 3.5%. Natural-gas
driller EQT fell 3.1%.
The yield on 10-year Trea-
Six Flags’s interest expense
rose 12% in the third quarter
from a year ago, even after
paying down some of its float-
ly
ing-rate debt, which totals
nearly $500 million. Earlier
this month, Six Flags unveiled
plans to combine with fellow
theme-park operator Cedar
Fair, sparking a rally in its
stock. Shares are down 0.5% in
2023.
At Vista Outdoor, interest
expense rose about 20% in the
latest quarter despite long-
term debt levels dropping
about 30%. The company is
selling off part of its business
and intends to use the pro-
ceeds to pay down debt.
Shares are up 4.7% this year.
Erik Knutzen, multiasset
class chief investment officer
at Neuberger Berman, said he
sury notes fell to 4.444% from
4.535% on Wednesday.
Overseas, shares in London
and Frankfurt ended higher. At
midday Friday in Asia, Japan’s
Nikkei 225 was unchanged,
Hong Kong’s Hang Seng Index
was down 2% and South Ko-
rea’s Kospi was down 0.8%.
rose 0.1%.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications $261,568,365,300
Accepted bids $95,663,287,300
" noncompetitively $4,830,294,900
" foreign noncompetitively $50,000,000
Auction price (rate) 99.588556
(5.290%)
Coupon equivalent 5.400%
Bids at clearing yield accepted 63.93%
Cusip number 912797HV2
The bills, dated Nov. 21, 2023, mature on Dec. 19, 2023.
EIGHT-WEEK BILLS
Applications $224,107,124,800
Accepted bids $85,591,218,800
" noncompetitively $1,343,287,500
" foreign noncompetitively $0
Auction price (rate) 99.178667
(5.280%)
Coupon equivalent 5.412%
Bids at clearing yield accepted 46.07%
Cusip number 912797HZ3
The bills, dated Nov. 21, 2023, mature on Jan. 16, 2024.
is looking to pare back expo-
sure to some small-caps with
.
high financial and operational
leverage, pointing to their
widespread unprofitability and
reputation for junk-rated debt.
“Bigger companies with
more cash, better financial po-
sitions and in less operation-
ally levered businesses—more
moats around their busi-
nesses—will do better in that
environment, that we expect,”
Knutzen said.
About 21% of the companies
in the S&P 600 don’t make
money compared with 8% in
the S&P 500, according to the
J.P. Morgan analysts.
Much of the recent rally in
small-caps and other stocks
has been driven by bets that
the Fed is done raising inter-
est rates.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Friday, November 17, 2023
Walmart Has High Bar to Clear
Retailer is delivering on both value and convenience, but investors want to see faster profit growth
Consumers are feeling squeezed
and are gravitating to places that
sell necessities at a good price. In
other words, it’s an environment
made for Walmart.
There are four corners of retail
that are working well right now:
Online, off-mall, convenience and
value, as Citi Research analyst
Paul Lejuez put it in a recent re-
port. Walmart is thriving in each.
The company said on Thursday
comparable sales at Walmart U.S.
excluding fuel rose 4.9% on-year
for the three-month period ended
Oct. 28, better than the 3.9%
growth Wall Street analysts polled
by Visible Alpha expected. Wal-
mart U.S. e-commerce sales rose
24%, marking six consecutive
quarters of double-digit percent-
age growth. Excluding the impact
of unrealized losses on Walmart’s
investments, earnings per share
were right in line with analyst ex-
pectations at $1.53.
Walmart’s shares closed down
8.1% after the company’s earnings
call on Thursday. But expectations
were running high, with the stock
having gained 10% year to date
and trading at an all-time high be-
fore the latest earnings results.
Alibaba’s
Cloud Plans
Fall to Earth
Alibaba’s shareholders finally
got their first dividend. But that
may not be enough to compensate
for hiccups in its spinoff plan and
slowing growth.
The Chinese e-commerce giant
on Thursday unveiled its first an-
nual dividend since going public in
2014. The company will dish out
around $2.5 billion—but that
translates to a 1.1% dividend yield
using Wednesday’s closing price.
The bigger news is the com-
pany’s ambitious plan to spin off
its cloud-computing unit is run-
ning aground. Alibaba said it
would nix the spinoff because of
the Biden administration’s recent
moves to expand export controls
on advanced chips and semicon-
ductor equipment. Those curbs
now include sales to Chinese sub-
sidiaries outside the mainland,
and chips further from the cutting
edge.
The Department of Commerce
said it is considering new rules to
restrict Chinese firms’ access to
third-party cloud services using
advanced chips.
Alibaba said new restrictions
will materially and adversely af-
fect its cloud unit’s ability to offer
no
products and services under exist-
ing contracts—and limit the scope
to upgrade its technology.
Alibaba’s cloud business is in-
deed not in good shape: Revenue
there grew 2% year on year last
quarter.
Investors are unhappy: Ali-
baba’s New York-listed shares fell
9.1% on Thursday. Planned spinoffs
have been a big positive for the
stock, despite slowing growth,
since Alibaba unveiled its breakup
plan in March. Enthusiasm had al-
ready tempered in recent months
after Alibaba’s former chairman
Daniel Zhang unexpectedly re-
signed from his role to lead the
cloud unit in September. The cloud
unit had long been considered Ali-
baba’s most valuable asset, apart
from its core e-commerce busi-
ness.
And its core business remains
sluggish. Consumers in China re-
main very cautious, even after the
removal of zero-Covid controls in
late 2022. Alibaba’s results were
largely in line with analysts’ esti-
mates at S&P Global Market Intel-
ligence: Revenue grew 9% from a
year earlier last quarter, while op-
erating profit rose 34%. The com-
pany managed to expand margins
mainly through lower costs, in-
cluding share-based compensation.
Its Chinese Taobao and Tmall e-
commerce businesses were partic-
ularly weak, with revenue growing
4% year on year.
After a charged few years deal-
ing with Beijing’s regulatory
crackdown, 2023 is facing a differ-
ent sort of fight: a one-two punch
from Washington and grumpy Chi-
nese consumers.
Fending off both at once could
prove challenging.
—Jacky Wong
HEARD STREET
U.S. online grocery sales
Walmart Amazon
$50 billion
40
30
20
10
0 –30
2016 ’17 ’18 ’19 ’20 ’21 ’22 ’23*
*Projection †Fiscal 3Q 2024 ended October 2023
Sources: Insider Intelligence (online grocery sales); Visible Alpha (up to 2Q 2023); the company
Consumers are still giving prior-
ity to necessities over discretionary
purchases such as clothes and toys.
At Walmart U.S., comparable sales
for groceries rose by a midsingle-
digit percentage, while the health-
and-wellness category rose by a
high-teens percentage—driven by
strong pharmacy sales and immuni-
zation demand. Comparable sales
for general merchandise declined
by a single-digit percentage. As
Diageo’s Morning After Offers Little Relief
on
us ,
Global liquor giant Diageo is
l
reeling from the sudden death of
e
al a
its longtime chief executive in
June followed by a profit warning
last week that tanked the stock.
ci on
But its real problem is more
fundamental: the slow pace of
sales in North America after an
initial, post-Covid surge.
Diageo, which makes Johnnie
er s
Walker Scotch whisky, Tanqueray
gin and Guinness beer, suffered a
m er
12% stock decline on Nov. 10, its
worst in decades. A profit warning
that day revised guidance given
just weeks earlier, largely because
of a sharp decline in Latin Amer-
m rp
ica and Caribbean sales.
The company said it expects or-
ganic sales—which strip out cur-
rency and merger impacts—in the
region to decline by more than 20%
co Fo
from a year earlier in the first half
of fiscal 2024, which ends in June.
As a result, it said it expects global
organic-sales growth to slow in the
latter half of the current calendar
year compared with earlier guid-
ance for “gradual improvement.”
Analysts were perplexed as to
what had changed so quickly. The
company’s earlier guidance was is-
sued on Aug. 1 and reiterated as
late as Sept. 28. Bernstein analysts
wrote in a note that management
n-
“seemed almost shellshocked” on
a conference call and “struggled to
give convincing answers.”
At a scheduled investor day on
Wednesday, Diageo executives, in-
cluding CEO Debra Crew, gave fur-
ther details as to what happened.
Is the Stage Set for a Year-End Rally?
Investors are getting early Christ-
mas presents: Third-quarter corpo-
rate earnings were strong and infla-
tion keeps heading lower. With all
the good news already priced in and
bond yields offering stiff competi-
tion, there is less room for the usual
seasonal rally.
Investors are feeling optimistic
after Tuesday’s lower-than-expected
inflation data. The S&P 500 and the
Stoxx Europe 600 are up about 2%
and 1% since, respectively, and with
their November rebound, they al-
most erased their losses since the
start of August. The two indexes are
up 17% and 7% respectively in 2023.
This comes on the back of decent
consumer-spending figures and a
third-quarter earnings season that
ended up better than Wall Street
was anticipating. The elusive “soft
landing” that many economists
thought impossible seems the most
likely outcome.
There are good reasons to hope
for more gains. The Federal Reserve
has likely announced its last inter-
est-rate increase, which historically
has almost always led to a drop in
10-year Treasury yields in the fol-
lowing 12 months, a JPMorgan anal-
ysis shows. The bond market is an-
ticipating this now.
Furthermore, stocks tend to do
well in the final quarter of the year.
According to Ned Davis Research,
starting in 1987 the MSCI All Coun-
FINANCIAL ANALYSIS & COMMENTARY
ON
THE
Walmart’s quarterly revenue and ble sales (excluding fuel impact)
adjusted operating income, growing quarter after quarter since
change from a year earlier† 2020. Trends were positive enough
20% that Walmart raised its guidance
for the fiscal year. It expects com-
panywide net sales to increase 5%
10 to 5.5%, a percentage point higher
than its expectations from three
0 months ago. It raised its earnings-
per-share guidance slightly. Infla-
Revenue tion has moderated for groceries
–10 and Walmart is hoping this will
Adjusted
operating give customers more breathing
income room over the holiday season to
–20
buy more high-margin general mer-
chandise. Prices have been declin-
ing for general merchandise, the
FY2023 ’24 company said during the call.
Walmart stock has appreciated
about 33% over the past four
years, higher than the 26% reve-
other retailers called out, Walmart nue growth it saw over that pe-
said shopping is becoming more riod. Further appreciation will re-
concentrated around holiday quire Walmart making good on its
events, with noticeable lulls in be- promise: that its operating income
tween. can grow at a faster rate than its
This does mark the third quarter revenue, thanks to its yearslong
of deceleration in year-over-year investment in the supply chain
comparable sales growth, but it is a and growth in high-margin profit
feat, nonetheless. Outside of Wal- streams such as advertising.
mart and Costco, no other major That focus on profits makes
physical retailer has been able to sense, given how big Walmart al-
keep year-over-year U.S. compara- ready is and the heady revenue
ARTUR WIDAK/NURPHOTO/ZUMA PRESS
The Guinness maker recently suffered its worst stock decline in decades.
Their explanation went something Thursday, bringing their decline so
like this: Higher interest rates and far this year to 23.5%.
other macroeconomic shocks to One analyst at the event
the region hit demand for high- pointed out in a question-and-an-
end liquors like whiskey in mar- swer session that Latin America
kets like Mexico and Brazil. accounts for 11% of sales. The big-
Diageo sells to distributors in ger issue, he suggested, is sales in
the region and has limited visibil- North America, Diageo’s largest
ity into end-sales to retailers, who market at 39% of sales last fiscal
seem to have taken on excess in- year, are flat or falling. “So actu-
ventory. As a result, October sales, ally what’s happening here is the
which are key to stocking up in- U.S. hasn’t recovered as quickly as
ventory for the holiday season, fell you hoped, to provide a safety net
substantially short. The company for all the other regions,” he said.
offered assurances that the issue Diageo’s organic sales in North
was a one-off and that other re- America soared 14% in fiscal 2022,
gions were healthy. Diageo’s Lon- which ended in June of that year,
don-traded shares fell 1.8% on on reopenings and the resumption
Wednesday and another 1.9% on of pre-Covid activities. But they
S&P 500 sectors’ stock-price performance relative to the Nov. 13 close
Real estate
Utilities
Materials
Communications
Financials
Technology
Consumer discretionary
Industrials
Healthcare
Consumer staples
Energy
–2% –1 0 1 2 3 4 5 6 even if central banks cut rates,
Source: FactSet
try World Index has had an average erate during the next 12 months.
total return of 4.4% between Octo- This is significantly below the 2020
ber and December, making it the peak, when this multiple almost
best three-month period to invest. touched 24, but in line with pricey
Some evidence points to a “Santa prepandemic levels.
Claus rally” around the holidays. Also, this year’s gains have been
This may be driven by individual in- extremely top heavy. While technol-
vestors infused by the festive spirit ogy and communication services—
or, perhaps an anticipation that home of the “Magnificent Seven”
money managers will come back to group of Apple, Microsoft, Alpha-
their posts in January, ready to de- bet, Amazon.com, Nvidia, Tesla and
ploy risk budgets. But there is one Meta—are both up roughly 50% this
big problem: Markets are already year, helped by solid results, five out
pricing in plenty of cheer. of 10 sectors in the S&P 500 fell,
The S&P 500 is trading at 18.7 with utilities down about 10%.
times the earnings that its constitu- This latest rally has been differ-
ent companies are expected to gen- ent: Tech has done well, but the real
THE WALL STREET JOURNAL.
gains it has seen over the pan-
demic.
In the quarter ended in October,
Walmart fell short of that promise,
with companywide adjusted oper-
ating income rising by 3%, less
than the 5.2% growth of its top
line. For now, this seems more like
a cautionary flag than a red flag.
Walmart said on Thursday that it
had higher wage expenses and
that it spent more on store remod-
eling than expected—partly be-
cause some of the projects were
pushed back to the latest quarter.
Still, the company said it is on
pace to grow operating income by
a higher percentage than revenue
for the full year.
Walmart is making good prog-
ress on making its business more
profitable: The Walmart U.S. ad-
vertising business grew revenue
by 26% on-year in the quarter and
store-to-home delivery costs came
down 15%, even as delivery times
have improved, largely thanks to
Spark Delivery, a crowdsourced
delivery network.
Investors should be reassured:
Walmart is still headed in the
.
right direction.
—Jinjoo Lee
ly
were flat in fiscal 2023, which im-
plied a decline of about 2.5% on-
year in the second half, according
to Visible Alpha. That partly re-
flects a category-wide slowdown
after the reopening surge, but Dia-
geo executives on Wednesday ac-
knowledged the company lost mar-
ket share. A slide shown at the
event suggested the alcohol market
in the U.S. is growing by 3% to 4%.
The company on Wednesday out-
lined plans to reclaim share in the
U.S., ranging from investing in
store displays and new flavors for
brands like Crown Royal whisky, to
using artificial intelligence to better
pinpoint ad spending by ZIP Code.
What all of these have in com-
mon is that they will cost money,
which relates to the second trou-
bling thing about last Friday’s shock
announcement: lower guidance on
medium-term profit growth.
Diageo earlier said it expects
organic sales growth of 5% to 7%
over the medium term, and under-
lying profit growth at a faster clip
of 6% to 9%. Last Friday, it reiter-
ated the sales target but said
profit would merely increase in
line with that. In other words,
don’t expect margin expansion.
Increased investment in mar-
keting and innovation might be
the right move for Diageo as it
looks for a reset. But recently
burned analysts—and investors—
will need to see results from that
investment before giving manage-
ment any credit for it.
—Aaron Back
winners have been real estate, utili-
ties and materials—sectors which
suffer when rates are high and have
had lackluster earnings compared
with expectations. It goes to show
how market sentiment depends on
relief from higher bond yields.
Yet 10-year Treasury yields have
retreated to 4.5%, which is the same
level they were at in September.
More relief is far from guaranteed.
While falling inflation gives central
banks scope to start loosening pol-
icy, they don’t have much incentive
to hurry the process. The outlook for
rates remains “higher for longer.”
Also, short-term rates remain far
above bond yields. This means that,
yields will likely fall much less. Equi-
ties face competition from fixed in-
come: Investment-grade corporate
bonds yield almost 6% and junk
bonds close to 9%, while the ex-
pected S&P 500 earnings yield is
5.4%. Even in dividend-paying sec-
tors where investors do get a pickup
over investment-grade debt, such as
financials and utilities, this premium
is far below the median of the past
decade. The exception is energy
firms, but it is hard to argue they
deserve much higher valuations.
It may be that the Magnificent
Seven have momentum to deliver
holiday cheer on their own. But, for
the rest of the market, the chill
might set back in. —Jon Sindreu
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

$45 Million $40 Million

A spec house A home on a car-
with an olive tree free Caribbean
growing inside island is on the
lists in L.A. M2 market. M7

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, November 17, 2023 | M1

Vail, Colo.

Vail median sale price: $1.87 million

The town of Vail straddles Interstate 70 and is surrounded by the White River National Forest. It has some of the priciest real estate in the country, including this 9,000-square-foot spec
home with a 75-foot glass-bottom swimming pool, a spa with waterfall, a screening room, a ‘car rinse’ in the garage, nine bathrooms and over 6,500 square feet of heated outdoor terraces.

BY FRED A. BERNSTEIN 1983 to promote conservation, outdoor recreation

and agriculture, and lavishly funded by a tax on

A Finding
t first, the two towns seem to have lit- real-estate transactions, has acquired nearly 12% of
tle in common: Vail, Colo., a ski-resort the island’s 30,000 acres. Together, the Land Bank,
community two hours west of Denver, the Nantucket Conservation Foundation and several
is bisected by Interstate 70, while Nan- other nature-oriented nonprofits own nearly half

.
tucket, Mass., an island off Cape Cod, is the island of Nantucket.

ly
reachable only by boat or plane. But Vail, at an av-
erage elevation of 8,150 feet, is surrounded by the
White River National Forest. “We might as well be
an island,” says George Ruther, the town’s housing
director, who is charged with finding places for
Room for
on
The shortage of buildable land is reflected in
home prices. In both towns, the most valuable prop-
erties—which can go for $40 million or more—are
“beachfront,” which in Vail is slang for ski-in, ski-
out. The median sale price for all types of homes,
middle-class workers—including the town’s more
than 300 employees—to live.
The Locals including condos, in Vail for the three months
ended Sept. 30 was $1.87 million, up 59.1% from the
us ,

“If that wasn’t national forest, it would all be year-earlier period and up more than 105% from the
built on,” Ruther says, pointing to the carpet of same period in 2019, according to Redfin, the real-
l
e
trees flanking I-70. “Our challenge with housing,” he estate company. The most active part of the market
al a

says, “has always been the scarcity of land.” there is in the $3 million to $10 million range, says
Nantucket likewise faces a scarcity of buildable Nantucket, Mass., and Vail, Colo., have long Robert Schilling, a veteran Vail real-estate agent,
ci on

land, and not just because of the ocean that sur-
rounds it. Groups dedicated to protecting nature
have been buying up property and, in some cases,
tearing down houses to achieve their goals. The
Nantucket Land Bank, established by the town in
er s
m er
struggled to house their workforce. Some
new strategies are beginning to bear fruit.
and the only properties offered for less than $1 mil-
lion are condos. On Nantucket, the median sale
price was $3.25 million for the three months ended
Sept. 30, down 7% from the same period in 2022,
Please turn to page M8

Nantucket, Mass.
MICHAEL CIAGLO FOR THE WALL STREET JOURNAL; RIC STOVAL; HOLLY ESTROW FOR THE WALL STREET JOURNAL (2)
m rp
co Fo
P.J. DOUGHERTY (CARIBBEAN ISLAND)

n-
no

Nantucket median sale price: $3.25 million

Nantucket is an island off the coast of Cape Cod that has seen stratospheric growth in real-estate prices over the past four years. Around half of the land on the island is owned by
conservation organizations. This house on Hummock Pond was purchased by the Nantucket Land Bank and will be destroyed to improve access to the pond.

Inside Katy Perry’s Battle Over a California Estate

The pop star scored a victory over Carl Westcott, the wealthy 84-year-old who says he was mentally incapacitated when he sold

BY CANDACE TAYLOR stress and “American Idol” judge

who recently sold the rights to
“I KNOW A place, where the grass $11.25 MILLION her music catalog—is seeking to
is really greener,” sings pop star Westcott purchase price in May 2020 wrest the property from Carl
Katy Perry in her 2010 hit “Cali- $15 MILLION Westcott, the 84-year-old car
fornia Gurls.” Perry purchase price in July 2020 dealership and communications-
On a November morning in business mogul.
Perry’s hometown of Santa Barbara, In July 2020, Westcott signed a
NATASHA LEE FOR THE WALL STREET JOURNAL; JAY L. CLENDENIN/GETTY IMAGES (PERRY)

Calif., that seemed to be the case.
On a gated estate spanning more
than 2 acres in the coveted enclave
of Montecito, the only sound was
the gurgling of the fountains. The
spacious, circa-1930 house was
backed by green mountains, and
the Pacific Ocean and Channel Is-
lands could be seen through a gap
in the towering hedges.
For the past three years, this
secluded $15 million estate has
stood at the center of a pitched
legal battle, as two wealthy and
powerful people fight for the
right to live on the property. At a
time when homes for sale in
sought-after areas such as Mon-
tecito are scarce, Perry—the song-
contract to sell the home for $15
million to Bernie Gudvi, Perry’s
business manager acting on her
behalf. A few days later, Westcott
informed Perry’s team that he
didn’t want to sell. Both sides
sued, with Westcott claiming the
contract is invalid because he was
mentally incapacitated by the de-
generative illness Huntington’s
disease and by the pain pills he
was taking after a back surgery.
“If Katy Perry had 1 ounce of
compassion for the mentally dis-
abled…we would not be here,”
said Westcott’s 45-year-old son
Court, who now manages the fam-
ily business.
The gated estate in the sought-after enclave of Montecito is particularly desirable because of its largely flat lot. Please turn to page M4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A Tree Grows in This

.
ly
L.A. Spec House on
us ,
l
e
al a
ci on

The tree sits in a water feature.

er s

to the base of the tree from the bar. “We always see theaters hid-
basement level, where there is a ing in the basement. We made
m er

spa with a sauna, steam room, ours a focal point,” he said.

gym, massage room and hot and Aaron Kirman, Bryce Lowe and
cold plunge. Outside, there is a Kirby Gillon of AKG | Christie’s In-
round infinity-edge pool. ternational Real Estate are co-list-
m rp

Kohen said the house was sev- ing the property with Mauricio
eral years in Umanksy and Zach Goldsmith of
FOR SALE the making, the Agency.

$45 between de-

sign and con-
Overall, the luxury market in
Los Angeles has slowed since last
co Fo

MILLION struction. Visi-

tors enter the
year. During the third quarter,
listing inventory in Bel-Air and
6 bedrooms,
A Los Angeles spec house with cords show. every day.” He said he selected an L-shaped Holmby Hills declined annually for
2 kitchens
a live olive tree at its center is The recently completed house olive tree because the species house via a the first time in five quarters, ac-
CHRISTOPHER AMITRANO/CS8 PHOTO (3)

listing for $45 million. spans about 17,600 square feet does well in the California cli- glass bridge cording to real-estate appraisal
The tree is surrounded by three over three levels, Kohen said. The mate and lasts a long time. The that leads to the front door. There firm Miller Samuel. The average
glass walls and sits in a water fea- house has six bedrooms, two mature tree was brought in about is a two-sided fireplace with a price for a luxury single-family
ture on the home’s basement kitchens and two libraries, as well five months ago. “They had to three-dimensional stone design. home in Bel-Air and Holmby Hills
level, according to developer as a roof deck. crane it in with two different Kohen put a theater on the first rose 12% year-over-year.
Shawn Kohen of Kohen Develop- In addition to being beautiful cranes,” Kohen said. level to function as a multipurpose Last month, singer and actress
ment Group. He bought the to look at, Kohen said, the tree Thanks to the glass walls, the entertaining space. The room has Jennifer Lopez sold her Bel-Air
roughly ¾-acre lot in Holmby brings a “Zen” feeling to the tree is visible from all three lev- blackout shades, as well as huge home for just under $34 million.
n-

Hills for $7.65 million in 2019, re- house, he said. “You don’t see it els, he said. There is also access pocket doors to the outside and a —E.B. Solomont
no

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TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended
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images and designs depicted herein are artists’ conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided
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and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED IN NEW YORK AS FILE NO. CP22-0089.
PlatinumLuxuryAuctions.com
Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties.
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THE WALL STREET JOURNAL. Friday, November 17, 2023 | M3

PRIVATE PROPERTIES

Bob Vila Puts His Old House

On the Market in Palm Beach
Home-improvement guru Bob
Vila made a name for himself
sharing DIY advice on shows like
“This Old House” and “Bob Vila’s
Home Again.”
But even he has his limits. In
2005, when he and his wife, Diana
Barrett, wanted to renovate their
1940s home in Florida, Vila said
the job was too big for him to
handle himself. So they enlisted a
general contractor and landscaper
to overhaul the
FOR SALE house, putting
in a new elec-
$52.9 trical system,
MILLION roof and win-
dows but re-
pool, hot tub
taining a num-
ber of the Palm
Beach home’s original details.
True to form, Vila said he has
enjoyed making small repairs to
the waterfront house in the years
since then.
“In terms of doing little home
improvements around here, that’s
always part of the deal,” he said.
“It’s an older house, so there’s al-
ways something.”
Still, “you get to a point in life
where you want to simplify
things,” said Vila, who is in his 70s.
So he and Barrett have de-

.
cided to downsize, putting

ly
the home on the market
for $52.9 million.
Located on Ever-
glades Island, which
sits in the Intracoastal
Waterway just off the
main island of Palm
the house for
$375,000 in 1975.
on colored stone. There is original
cypress paneling throughout the
ing a detached cabana to the main
residence. They also redid the
with royal palm trees dating back
to the 1950s, as well as Ylang
us ,

Beach, the 0.84-acre prop-
erty has about 175 feet of water
frontage, a pool, a hot tub and a
Designed by architect house. kitchen, which flows into a large Ylang trees, an orchid garden and
Marion Sims Wyeth, the Self-described “preservation- dining area and family room with other native plants. They have
l
e
house was built around 1949 and ists” when it comes to real estate, glass pocket doors to the outside. hosted parties, Easter egg hunts
al a

dock, said Chris Vila of PB Realty has a formal, H-shaped floor plan, the couple spent about a year ren- Barrett said one of her favorite and, a few years ago, their daugh-
Advisors, the couple’s son and according to Chris Vila. It has ovating, but intentionally retained things about the house is that ter’s wedding, he said.
ci on

listing agent.
Vila and Barrett, a former Har-
vard University professor of busi-
ness and public health, purchased
the home from her late mother’s
about 6,300 square feet of inte- the flow and many original de- from the driveway, it looks like a With two of their children liv-
rior space with seven bedrooms. tails, said Vila. “Our goal was to modest, brick house. Visitors are ing nearby and one in California,
There is a loggia on the east side keep it feeling very old Florida,” hit with expansive water views Vila said he and Barrett plan to
of the house with black-and-white Barrett said. once they walk through the front move to a smaller house in Palm
marble flooring that extends to In addition to the new roof and door. Beach. Barrett said they had a
er s

estate for $6.1 million, records the pool terrace, where there is a electrical system, the couple ex- Vila, an avid gardener, said the “15-minute flirtation” with the
show. Barrett’s parents bought similar pattern in pink- and sand- panded a guest wing by connect- grounds have a tropical garden idea of moving to a new apart-
m er

ment building in West Palm

Beach, but facing the prospect of
glass walls, they wondered where
they would hang their art. “We
m rp

realized it’s just not us,” she said.

Market values were also a fac-
tor in their decision to sell, Vila
said. Home prices in Palm Beach
shot up during Covid. In the third
co Fo

PBS/EVERETT COLLECTION (VILA); PB REALTY ADVISORS (3)

quarter, the median luxury sale

price was about $34.7 million,
more than double that of the prior
year, according to real-estate ap-
praisal firm Miller Samuel.
In the third quarter, luxury in-
ventory in Palm Beach dropped
47.2% year-over-year
Goya Foods heir Andy Unanue
recently listed a Mediterranean-
style estate in Palm Beach for
$36.5 million.
The house was built around 1949.
n-

—E.B. Solomont
no

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M4 | Friday, November 17, 2023
Katy Perry
Legal Fight
Continued from page M1
Perry’s legal team main-
tains those claims are false,
and that Westcott simply
changed his mind after fail-
ing to find a suitable replace-
ment home in Montecito’s
tight market. They have de-
manded that Westcott hand
over the property, suing for
$3.21 million in damages.
“This case boils down to
seller’s remorse,” Perry’s at-
torney Eric Rowen said in a
Los Angeles courtroom dur-
ing closing arguments.
While Perry has avoided
commenting on the high-
profile trial, Court’s wife,
former “The Real House-
wives of Dallas” star Kam-
eron Westcott, has chroni-
cled the case for her
Instagram followers.
Westcott’s son Chart, a
38-year-old lawyer and pri-
vate investor, wrote an op-
ed in the conservative online
publication the Federalist
proposing legislation he calls
the Perry (Protecting Elder
Realty for Retirement Years)
Act. The act, endorsed
by local lawmakers in a
handful of states, according
to a website dedicated to the
proposal, would apply to
From left, Carl Westcott with his sons Chart and Court
Westcott. His sons say Westcott is now on his death bed.
no
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Real Estate Inquiries: ThePreserveRI.com | (855) 420-5813 | 87 Kingstown Road, Richmond, Rhode Island 02898
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Surrounded by tall hedges and mature trees, the Montecito estate has an extensive outdoor entertaining area, above left,
with a pool, kitchen and fireplace. The estate is single-story and the primary bedroom, below, opens to the pool area.
on
us ,
l
e
al a
ci on
home sales involving anyone Perry in Los Angeles County
age 75 or over and institute Superior Court with a pro-
er s
a 72-hour “cool-down pe- posed statement of decision
riod” allowing either party in her favor. “Significant evi-
m er
to back out of a contract dence showed that Westcott
without penalty. had capacity to enter the
On Nov. 7, Judge Joseph contract,” the judge wrote.
Lipner delivered a win for The two sides have 10 days
m rp
to file objections before the
decision becomes final.
Perry is expected to testify
during the damages phase of
the trial in February.
co Fo
At its core, the fight un-
derscores the competitive-
ness and tight inventory
that have characterized the
real-estate market in pricey
enclaves since the onset of
Covid. Already highly emo-
tional, home purchases in
this environment have be-
come even more fraught,
real-estate agents said.
“When a buyer is antici-
n-
pating buying a property,
during the process they’re
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visualizing themselves in the
home,” said Montecito real-
estate agent Harry Kolb. “It
becomes pretty emotional.”
Still, he said it is unusual—
and costly—for a property
dispute of this type to make
it to trial. “Most people
would decide it’s not worth
the fight,” he said.
Perry and Westcott are
not most people.
Perry, 39, grew up as the
daughter of traveling Pente-
costal ministers. In their
strict Christian household,
Perry was allowed to listen
only to Christian music, ac-
cording to the documentary
“Katy Perry: Part of Me.” A
teenage Perry left Dos
Pueblos High School to pur-
sue gospel music, but she
rose to fame with bound-
ary-pushing pop songs,
such as her 2008 breakout
hit “I Kissed a Girl.”
Forever
THE WALL STREET JOURNAL.
ly
Often lighthearted,
Perry’s music also has
veered into darker territory.
During a performance of her
song “Dark Horse” at the
2014 Grammy Awards in Los
Angeles, she appeared inside
a crystal ball wearing a
hooded cloak, then gyrated
on a witch’s broom.
In the mid-2010s, a
group of Los Angeles nuns
vehemently objected when
the archdiocese accepted an
offer from Perry to pay
$14.5 million for their for-
mer convent, which had
been vacant for some time.
Perry wanted to live in a
1920s villa on the roughly
8-acre Los Feliz property.
“I didn’t want her on our
property,” said Sister Rita
Callanan of the California
Institute of the Sisters of
the Immaculate Heart of
Mary.
When the sisters signed
the deed over to entrepre-
neur Dana Hollister for $15.5
million, a legal dispute en-
sued. In 2016, a judge ruled
the archdiocese, not the
nuns, had the right to sell,
declaring the sale to Hollis-
ter invalid and ordering her
to pay Perry and the archdi-
ocese $15 million in damages
and legal fees. Hollister filed
for bankruptcy.
In 2018, the saga ended
when 89-year-old Sister
Catherine Rose Holzman col-
lapsed and died in court dur-
ing a hearing in Hollister’s
bankruptcy proceeding.
.
Perry ended up not buy-
ing the property, which re-
mains vacant, said Callanan.
Through a spokesperson,
Perry declined to be inter-
viewed for this story.
Like Perry, Westcott is
entirely self-made. Born
without indoor plumbing in
Vicksburg, Miss., “he had a
rough childhood,” Court
said. After a stint in the
Army, he went to work for
a car dealership, eventually
acquiring 17 dealerships.
The Dallas-based entrepre-
neur went on to found mul-
tiple companies, including
the media company West-
cott Communications,
which he sold to a KKR sub-
sidiary in 1996 for $422
million, according to legal
documents.
Westcott and his wife,
Jimmy, built a vacation
NATASHA LEE FOR THE WALL STREET JOURNAL (3); WESTCOTT FAMILY PHOTO
home in Colorado. But after
the 2008 wedding of Court
and Kameron Westott at San
Ysidro Ranch in Kameron’s
native Santa Barbara, they
decided to spend more time
in that area. The following
year, Westcott and Jimmy
paid $17.5 million for a
beachfront home in nearby
Carpinteria, said Court.
Around 2015, Court said,
his father’s personality be-
gan to change. Westcott had
been sober since the 1980s,
but that was no longer the
Please turn to the next page
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, November 17, 2023 | M5

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All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M6 | Friday, November 17, 2023
Sisters Catherine Rose Holzman and Rita Callanan, above,
objected to Perry buying their former convent, right.
Continued from page M4
case. “He went from being in
bed at 10 p.m. and being so-
ber to trying to rent a heli-
copter to go to [the elec-
tronic dance music festival]
EDC Las Vegas with people
he just met,” Court said.
His parents divorced af-
ter decades of marriage and
his father moved in with his
then-girlfriend, Adelina
Radeva, who was about 50
years younger. “There were
CLOCKWISE: ANTHONY MCCARTNEY/ASSOCIATED PRESS; PATRICK T. FALLON/BLOOMBERG NEWS; KEVIN WINTER/WIREIMAGE/GETTY IMAGES
drugs. There were women,”
Westcott’s attorney Andrew
Thomas said in court.
The Westcotts attribute
the changes to Huntington’s
disease, a degenerative neu-
rological disorder that can
affect behavior, emotion,
cognition and personality.
Perry’s team argued in
court, however, that West-
cott’s medical records are
unclear as to whether he ac-
tually had symptoms of the
disease at the time.
Westcott sold his busi-
nesses to his sons around
2018. After splitting up, he
and his wife sold the Carpin-
teria house in 2017 for
$21.75 million. Westcott
rented for a while, then
bought the Montecito home
in May 2020 for $11.25 mil-
lion from personal-injury at-
torney Jim Sokolove.
Then 80, Westcott had a
bad back and liked that the
house and its outbuildings
were all single-story, Court
no
Nourishing Neighbors is a program of Albertsons Companies Foundation, a 501 (c)(3) designated nonprofit.
said in an interview on the
10th floor of the Conrad Los
Angeles hotel, across from
the courthouse. A few doors
down from Oprah Winfrey,
the Montecito property has
two guesthouses, a gym and
an extensive outdoor enter-
taining area. The property
is largely flat—a sought-af-
ter feature amid Montecito’s
hilly terrain, local agents
said. And while close to the
exclusive Upper Village
shopping area, the estate is
very private, agents added,
set back from the road with
a long driveway, gated, and
surrounded by mature trees
on
us ,
l
e
al a
ci on
er s
Perry performed her song ‘Dark Horse’ at the 2014 Grammy Awards in Los Angeles.
m er
m rp
Everyone should be
co Fo
welcome at the table.
We’re on a mission to provide a billion meals by 2030. Because over 30 million
Americans don’t know where their next meal is coming from. It could be
anyone, even your neighbors. Let’s break the cycle of hunger, together.
n-
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MANSION
and 20-foot hedges.
At that time, a Covid-in-
duced real-estate frenzy was
taking hold of the country.
Santa Barbara, along with
bucolic vacation destinations
across the U.S., was seeing
an influx of city-dwellers,
sending home prices soaring.
The number of desirable
homes for sale plummeted
and has stayed low, Kolb
said. “It’s extremely hard to
find anything,” he added.
About 150 Santa Barbara
homes priced over $5 million
have sold so far this year, he
said, a dramatic drop from
roughly 300 two years ago.
Westcott’s house, which
had previously languished on
the market, was suddenly
the subject of a bidding war.
One of the interested
parties was Maria Shriver,
the TV journalist. The other
was Perry. At the time, she
was expecting a child with
THE WALL STREET JOURNAL.
her fiancé, actor Orlando
Bloom. Perry already had
spent about $7.5 million
over the years purchasing
Montecito homes for her
parents, brother and sister.
In July 2020, a few
weeks after buying the
house, Westcott received a
$13 million offer from
Shriver. He made a counter-
offer of $13.5 million. Two
days later, on July 10, he
underwent a six-hour spi-
nal-fusion surgery in Dallas.
On July 15, Gudvi offered
$13.5 million for the prop-
erty on Perry’s behalf, ac-
cording to court docu-
.
ments. Westcott made a $15
ly
million counteroffer.
Ultimately, Gudvi signed
a contract to buy the prop-
erty for $15 million. Perry
put down a deposit of
$450,000, which is still be-
ing held in escrow.
Westcott then asked his
broker and friend Cristal
Clarke to help him find a
replacement home, touring
several properties with
Radeva. But the couple was
disappointed by the houses
they saw, Radeva testified.
On July 22, Westcott in-
formed Perry’s team that he
had decided not to sell. “I
apologize for any inconve-
nience this may cause you.
I’m 80 years old and had
major surgery that lasted 6
hours—6 days prior to sign-
ing the contract. I was un-
der the influence of heavy
pain medication.”
In response, Perry and
Bloom wrote a letter to
Westcott, saying they were
excited to raise their child
in the home. Westcott reit-
erated that he didn’t want
to sell, and within a month
both parties had sued.
Perry and Bloom’s daugh-
ter, Daisy Dove, was born in
August 2020. In October of
that year, Perry paid $14.2
million for another Mon-
tecito home, according to
property records.
Westcott attempted sui-
cide in 2021 and has been
too ill to attend the trial,
said his sons, who are now
managing the case for him.
They say he is on his death-
bed, and they are seeking
not just to honor his wish
to die in the Montecito
home, but to clear his
name.
The Westcotts said they
haven’t decided if they will
appeal. Chart, a Republican
who made an unsuccessful
bid for the Texas House of
Representatives in 2014,
said regardless of the out-
come he plans to continue
supporting the Perry Act.
It is unclear whether ei-
ther Perry or Westcott will
live in the Montecito house
once the court case is over.
In 2021, Westcott moved into
a residential managed-care
mental-health facility and is
now bedridden, Court said.
Perry’s newly purchased
Montecito home is a six-bed-
room estate on 9 acres with
ocean views, according to a
previous listing. The singer
has filed for a number of
building permits to renovate
the property. Meanwhile,
starting in August 2021
Perry rented another prop-
erty in the area for $75,000
a month, her lawyers said in
court documents.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, November 17, 2023 | M6A

ALL INFORMATION IS FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. ALL RIGHTS TO CONTENT, PHOTOGRAPHS AND GRAPHICS RESERVED TO BROKER. EQUAL HOUSING OPPORTUNIT Y BROKER.

1. Triple Mint on Central Park West

50 Central Park W. 6BR. 5.5 Bath.
$17.99M. Web #20864327.
Lisa K. Lippman 212-588-5606

2. Dream Apartment with

Terrace & Fireplace
708 Greenwich St. 2BR. 2.5 Bath.
1 $5.25M. Web #22717154.
Mike Lubin 917-371-6723

3. Luxury Urban Retreat

400 Fifth Ave. 3BR. 3 Bath.
$5M. Web #22669589.
Susan Silverman 917-863-4634

4. Sprawling Classic Six

25 East 86th. 2BR. 3 Bath.
$3.195M. Web #22727814.
2 3 4
Rhea F. Stein 917-826-1773

5. Exquisitely Renovated Traditional Estate

3809 Bermuda Ln. Gulf Stream, FL.
4BR. 5 Bath. $12M. Web #10930410.
Lucy Peaches Bauer 561-282-6886

.
ly
6. Central Park Views from Every Room
1 Central Park S. 2BR. 2.5 Bath.
$10.495M. Web #19831439.
on Burt F. Savitsky 917-561-0925
Jessica L. Savitsky 917-767-2648

7. Bespoke in Union Square

us ,

69 Fifth Ave. 2BR. 2 Bath.

l

5 6 $2.8M. Web #22745414.

e
al a

Joshua D. Arcus 518-461-0668

Peggy F. Dahan 646-544-9992
ci on

8. Maisonette Home on Park

888 Park Ave. 3BR. 1.5 Bath.
$2.195M. Web #22337214.
Sandra Y. Friedman 917-693-3458
er s

9. Townhouse Vibes at a
m er

Fraction of the Price

7 8 9
168 East 90th. 3BR. 3 Bath.
$1.795M. Web #22669837.
Scott Harris 646-302-5710
m rp

Cecile Caer 917-340-6456

10. Baccarat Home with Park Views

20 West 53rd. 3BR. 3.5 Bath.
$7.35M. Web #22741088.
co Fo

Joanne Greene 917-716-6880

Nada Rizk 646-226-8115

11. Grand in Scale and Elegance

160 East 72nd. 4BR. 4.5 Bath.
$6.95M. Web #22650727.
Leslie R. Coleman 212-906-9387
10 11
12. Prime Upper West Side
565 West End Ave. 2BR. 2 Bath.
$1.75M. Web #22707992.
n-

Leslie J. W. Singer 917-860-8128

Brittanie C. Bowers 914-572-4000

13. Steps From Central Park

no

and Investor Friendly

20 East 68th. 1BR. 1 Bath.
$1.398M. Web #22487659.
12 13 14
Ghislaine Absy 646-220-7546

14. A Terrace-Lover’s Dream Come True

200 East 69th. 1BR. 1 Bath.
$1.05M. Web #22399673.
Randi E. Greene 917-515-5859

15. Truest Form of Modern Elegance

210 West 77th. 4BR. 4.5 Bath.
$6.295M. Web #22727942.
Louise Phillips Forbes 917-846-8640

16. Mint Fifth Avenue Home

Overlooking the Park
785 Fifth Ave. 2BR. 3.5 Bath.
15 16 $5.8M. Web #22654369.
Daniella G. Schlisser 212-906-9348

IT’S THE FUTURE.

YOUR WINDOWS MAKE SURE

IT’S ALWAYS SUNNY AND 70°

BUT CAN IT GENERATE

A STEADY STREAM OF
MARKETING GENIUS?

THAT STILL TAKES MASTERY.

150 YEARS AND COUNTING.
Mastery of the Craft.
It's Timeless.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6B | Friday, November 17, 2023 NY THE WALL STREET JOURNAL.

591 Park Ave, NY • 4BD 6BA 2HB • $10,850,000 145 E 76th St, 7/8A, NY • 5BD 5.5BA • $8,500,000 587 Duck Pond Rd, Matinecock, NY • $8,500,000 1010 Fifth Ave, 6A, NY • 5BD 4.5BA • $8,100,000
Development opportunity. 20’ wide lot, 10,000+ SF. Big, bold, sunny, loft-like duplex with high ceilings. Gated Mediterranean style estate. 10BD 11BA. Elegant 10 rm facing Vanderbilt Mansion & The Met.
M. Blumenfeld • mark.blumenfeld@compass.com Alexa Lambert • alexa.lambert@compass.com M. Cashman • maryellen.cashman@compass.com Laurie Stolowitz • laurie.stolowitz@compass.com

190 Riverside Dr, 4C,NY • 5BD 4BA • $7,550,000 181 Golf Course Rd, NY • 7BD 7BA • $6,950,000 168 Lafayette Ave, NY • 6BD 4.5BA • $4,650,000 23 Park Ave, 4NS, NY • 3BD 3BA • $4,500,000
Mint 9 rm pre-war in lux FS condo. Park/river vus. 134 acres on Copake Lake in Columbia County. Palatial 4,700 SF TH in Fort Greene. Garden, fplcs. Mint 3,000 SF PH duplex with 2 private terraces.
Marcy Grau • marcy.grau@compass.com John Barbato • john.barbato@compass.com Brad Bateman • brad.bateman@compass.com Julie Perlin • julie.perlin@compass.com

.
ly
on
us ,
l
e
al a

401 E 74th St, 10C, NY • 2BD 2BA • $1,395,000 11 W 81st St, NY • 1BD 1BA • $1,295,000 300 E 59th St, 2907, NY • 1BD 1.5BA • $995,000 136 W 81st St, 2R, NY • 1BD 1BA • $725,000
Light-filled & move-in ready with terrace. Elegant sun filled pre-war DM co-op off CPW. Mint, 29th floor, amazing views. Move-in ready. Mint pre-war co-op with southern views & fplc.
ci on

Jamie Seidner • jamie.seidner@compass.com Pamela D’Arc • pamela.darc@compass.com L. Hoerrner + P. Eger • petra.eger@compass.com R. Khederian • robert.khederian@compass.com

Manhattan Manhattan Manhattan Brooklyn + Manhattan

er s

400 W 12th St, 12C | 5 BD 5.5 BA | $17,900,000 450 W 17th St, 1709 | 3 BD 3 BA | $3,995,000 17 E 89th St, 3B | 3 BD 2 BA 1 HB | $2,495,000 147 85th St | 5 BD 5.5 BA 4,698 SF | $5,050,000
m er

High floor WV lux condo with river & city views. Water vus from The Caledonia Condo in Chelsea. Expansive 6 room, flex layout. Chef kit, high ceil. Mansion in Bay Ridge with indoor/outdoor living.
Alexa Lambert • alexa.lambert@compass.com John Barbato • john.barbato@compass.com Valerie Artzt • valerie.artzt@compass.com A. Salavantis • athena.salavantis@compass.com

45 Walker St, 2 | 4 BD 3 BA 1 HB | $8,495,000 737 Park Ave, 2G | 2 BD 2 BA 1 HB | $3,850,000 318 W 52nd St, 4H | 3 BD 2 BA 1 HB | $2,395,000 8101 Colonial Rd | 7 BD 5 BA | $3,700,000
m rp

Tribeca pre-war condo, 13’ceil, wbfpl, ≈ 4,800 SF. Grand loft-like LR/DR, garden views in FS condo. Spacious condo w hi ceiling, private roof cabana. Beautiful Bay Ridge mansion with outdoor space.
Susan Wires • susan.wires@compass.com Alexa Lambert • alexa.lambert@compass.com James Hall + A. Hall • jameshall@compass.com A. Salavantis • athena.salavantis@compass.com

19 E 72nd St, 9/10C | 4 BD 4 BA 1 HB | $8,000,000 103 E 75th St, 6FE | 3 BD 3 BA | $3,795,000 90 EEA, 6B | 3 BD 2 BA 1 HB | $2,100,000 215 N 10th St, PHC | 2 BD 2 BA | $3,299,000
Light-filled pre-war duplex. High ceilings, 2 fplcs. Sunlit, turnkey 7-room, pre-war charm with wbfplc. Triple mint condo. High ceils, tall windows, W/D. Williamsburg crnr convertible 3BD w 550 SF terr.
co Fo

S. Hackley + E. Goss • lib.goss@compass.com Eland Blumenfeld Team • celand@compass.com Laurie Diamond • laurie.diamond@compass.com William A. Vitiello • william.vitiello@compass.com

335 E 18th St | 4 BD 3 BA 1 HB | $6,900,000 35 E 10th St, 8BC | 2 BD 2 BA | $3,750,000 615 E 11th St, B1 | 3 BD 2 BA | $2,095,000 100 Jay St, 30A | 2 BD 2 BA 1 HB | $2,695,000
Gramercy sunny 4 sty 20’w TH, garden. Co exclu. AD 100 designer loft in GV w terrace. Mint + fab. Mint & modern EV duplex condo w 500 SF yard. Sunny Dumbo condo, river & city vus, 24 hr drmn.
John Barbato • john.barbato@compass.com M. Cashman • maryellen.cashman@compass.com William A. Vitiello • william.vitiello@compass.com Pamela D’Arc • pamela.darc@compass.com

360 W 36th St, 9 | 5 BD 3 BA | $6,500,000 900 Fifth Ave, 4B | 3 BD 4 BA | $3,750,000 15 E 70th St, 4B | 1 BD 1 BA| $1,985,000 1861 82nd St, Brooklyn | 4 BD 2.5 BA | $1,199,000
Bring your architect. Massive loft space. Beautiful classic 7 with a lib & direct views of CP. Elegant, 10’ ceil. DM condo in TH next to Frick. Van Pelt Manor townhouse with private roof deck.
Jeffrey Rowe • jeffrey.rowe@compass.com Karen Whiton • karen.whiton@compass.com Sharon W. Flynn • sharon.flynn@compass.com Violette Tonuzi • violette.tonuzi@compass.com

250 W 81st St, 8B | 4 BD 3 BA 1 HB | $5,995,000 641 Fifth Ave, 28A | 2 BD 2 BA 1 HB | $3,550,000 230 E 18th St, 1C | 2 BD 2 BA | $1,985,000 140 W 69th St, PH11 | 1 BD 2 BA | $1,199,000
Sprawling triple mint in FS boutique condo. Spacious 1,792 SF condo w open city & CP views. Unique Gramercy triplex, pre-war details. Wbfplc. Renovated PH duplex w sweeping views from terr.
Catherine Harding • charding@compass.com Tracie Golding • tracie.golding@compass.com Cornelia V. • cornelia.vanamburg@compass.com R. Khederian • robert.khederian@compass.com
n-

1 EEA, 8/9B | 4 BD 4.5 BA | $5,500,000 875 Fifth Ave, 9A | 3 BD 3 BA | $3,195,000 162 E 80th St, 8C | 2 BD 2 BA | $1,825,000 17 E 89th St, 5E | 2 BD 2 BA | $1,195,000
Renov sunny duplex w East River views, fpl & lib. CP views from spacious & elegant classic 6 estate. Renov, south facing classic 5 with pre-war charm. Spacious & flex 5 rms w pre-war details. Wbfplc.
Kirk Henckels • kirk.henckels@compass.com Sharon W. Flynn • sharon.flynn@compass.com Sharon W. Flynn • sharon.flynn@compass.com S. Meem + K. Meem • sim.meem@compass.com
no

225 E 48th St | 5 BD 3 BA 3 HB | $5,500,000 180 Riverside Dr, 10C | 3 BD 3 BA | $3,050,000 515 E 72nd St, 33C | 2 BD 2 BA 1 HB | $1,695,000 333 E 68th St, 8D | 2 BD 2 BA | $1,150,000
Mint, sunny elev TH. Roof deck, 2 terrs. Co-exclu. Grand high floor south facing w sweeping views. Sunny high flr in amenity rich condo, river vus. Bring your architect. Pre-war apt. LR, EIK, wbfpl.
Pamela D’Arc • pamela.darc@compass.com Melissa R. Kaiser • melissa.kaiser@compass.com James Hall + A. Hall • jameshall@compass.com James Hall + A. Hall • jameshall@compass.com

900 Fifth Ave, 4A | 3 BD 4 BA 1 HB | $5,475,000 188 E 70th St, 21C | 2 BD 2 BA | $2,850,000 2 Fifth Ave, 11Q | 1 BD 1 BA | $1,650,000 575 Park Ave, 1401 | 2 BD 2 BA | $999,000
Mint, light-filled corner facing CP & Frick Museum. Views. Space. Light & mint condo in best location. GV oversized & renovated w terrace & high ceils. Elegantly renov high flr pre-war in The Beekman.
Karen Whiton • karen.whiton@compass.com Elizabeth Goss • lib.goss@compass.com William A. Vitiello • wavitiello@compass.com Maureen McCarron • mmccarron@compass.com

325 E 14th St | 6 BD 3 BA 3 HB | $4,995,000 10 W 66th St, 26EF | 3 BD 3 BA | $2,845,000 401 E 89th St, 10K, NY | 3BD 2BA | $1,649,000 155 E 72nd St, 15C | 2 BD 2 BA | $995,000
Gramercy mixed-use, multi family 32’ wide TH. Combine 2 units, create a grand apt. So Park vus. Spac, sunny corner condop, high floor w terr, W/D. High floor pre-war with fplc. City views & sunny.
Susan Wires • susan.wires@compass.com Valerie Artzt • valerie.artzt@compass.com Lauren Pelletier • lpelletier@compass.com Richard Brown • richard.brown@compass.com

211 CPW, 18A | 2 BD 2 BA 1 HB | $4,700,000 130 W 16th St, 46 | 3 BD 2 BA | $2,795,000 200 E 57th St, 7L | 3 BD 2 BA | $1,595,000 401 E 74th St, 14A | 1 BD 1 BA | $975,000
The Beresford. High flr, light-filled & Park views. Triple mint, light-filled & modern Chelsea pre-war. Open, lrg LR, DA, skyline windows, priv storage. Sunny & mint, conv 2BD. Great amenities.
Catherine Harding • charding@compass.com J. Callahan • jennifer.callahan@compass.com Lauren Zidel Rose • lauren.rose@compass.com Lori Powers • lori.powers@compass.com

340 E 72nd St, PH16 | 3 BD 3 BA | $4,650,000 275 Greenwich St, 4EF | 3 BD 3 BA | $2,795,000 137 E 36th St, 20B | 2 BD 2 BA | $1,499,000 720 Greenwich St, 9G | Studio 1 BA | $795,000
Stunning 8 rm pre-war PH w wrap terrace, views. Mint, sunny 1,700 SF drmn condo in prime Tribeca. Renov, 3 expos, city/river views . Gym. Roof deck. Open, architect-designed loft w fab skyline views.
Carol Mann • carol.mann@compass.com Tracie Golding • tracie.golding@compass.com Julie Perlin • julie.perlin@compass.com M. Cashman • maryellen.cashman@compass.com

169 Spring St, 2W | 2 BD 2 BA 1 HB | $4,250,000 7 E 20th St, 9F | 2 BD 2 BA | $2,695,000 137 E 36th St, 15F | 2 BD 2 BA 1 HB | $1,495,000 300 Riverside Dr, 12D | 1 BD 1 BA | $740,000
Chic triple mint south facing pre-war Soho loft. Flatiron Dist high floor loft-like condo. S&E expos. Chic duplex, spectacular vus, drmn, gym, roofdeck. Sunny loft-like pre-war co-op with 24 hr drmn.
Pamela D’Arc • pamela.darc@compass.com Melissa R. Kaiser • melissa.kaiser@compass.com Julie Perlin • julie.perlin@compass.com Pamela D’Arc • pamela.darc@compass.com

124 W 23rd St, 14 | 3 BD 3 BA | $4,200,000 650 Park Ave, 10D | 2 BD 2 BA 1 HB | $2,600,000 440 E 56th St, 8C | 2 BD 2 BA | $1,299,000 302 96th St, 4L, Brooklyn | 1 BD 1 BA | $329,000
Full floor Chelsea condo with NYC skyline views. Sunny crnr, open Park Ave vus. White glove co-op Sutton Manor stunning & meticulous renovation. Prime Bay Ridge co-op w southern expos & DA.
M. Cashman • maryellen.cashman@compass.com Mercedes Schwartz • mschwartz@compass.com Carol Mann • carol.mann@compass.com Violette Tonuzi • violette.tonuzi@compass.com

22 E 18th St, 4E | 2+ BD 2 BA | $3,995,000 20 E 74th St, 12E | 2 BD 2 BA | $2,595,000 300 WEA, GB | 3 BD 2 BA | $1,250,000 318 W 100th St, 4A | 2 BD 1 BA | $4,895/mo.
Renovated, spacious dream loft with orig details. Corner apt, 2 terraces, CP views, low maint. Lrg, street level, priv entrance in FS pre-war co-op. Mint, sunny, mod pre-war, nr Riverside Park. No fee.
Jonathan Lavoie • jlavoie@compass.com J. Bowden • jennifer.bowden@compass.com Marcy Grau • marcy.grau@compass.com Eyal Zabari • eyal.zabari@compass.com

Find exclusive listings

only at compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for
informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square
footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting
or other professional advice outside the realm of real estate brokerage.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
PRIVATE PROPERTIES
The property is about 1.13 acres.
NICO SCHAERER
A Beachfront Estate on a
Carless Caribbean Island
A beachfront home on a
private island north of Anti-
gua is coming on the mar-
ket for $40 million.
The sellers are Stefan
Widensohler, a healthcare
entrepreneur and investor,
and his wife, Heidi Widen-
sohler. The cou-
ple, who live in FOR SALE
Switzerland,
bought the prop- $40
erty on Jumby
MILLION security
Bay Island for
6,900 sq. ft.,
nearly $25 mil-
4 bedrooms
lion in 2016 and
completed a year-
long gut renovation, Stefan
Widensohler said.
The property is about
1.13 acres and faces the Ca-
ribbean Sea, said listing
agent Eric Lavey of So-
theby’s International Realty.
The house is about 6,900
square feet with four bed-
rooms, three of which are in
detached pavilions oriented
toward the water.
About 2 miles from Anti-
gua, Jumby Bay is a 300-
acre island reachable by
no
private catamaran. It con-
tains approximately 50
homes and the Jumby Bay
Resort hotel, said Will Oak-
ley, the resort’s managing
director.
There are no cars, Lavey
said, and people get around
using golf carts or
bicycles. He said
buyers are typi-
cally drawn to the
and pri-
vacy of the island.
“St. Barts is
where you go to
see and be seen.
Jumby Bay is the alterna-
tive,” said Lavey. “It’s where
you go to keep your friends
onJumby Bay several times a
us ,
and family close with you
and have complete pri-
l
e
vacy.”
al a
Widensohler said he and
his wife vacationed on
ci on
Jumby Bay for several years
before buying.
“We are living in a world
with alarms, with security
people taking care of our
er s
lives,” he said. “This is com-
pletely the opposite. There’s
m er
m rp
co Fo
n-
Lic. RE Salesperson & Senior Global RE Advisor
m 917.863.8209 | o 212.323.3236
cathyfranklin@corcoran.com |
NY Friday, November 17, 2023 | M7
MAKE ROOM FOR ALL OF YOU
©2023 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated. CT HIC #0657205. Photo: Baldomero
no keys, no locks and, actu-
ally, no shoes.”
He said the couple spent
about $10 million com-
pletely refurbishing the
home, originally built in
2008. They expanded the U-
shaped house and added a
bedroom, a new pool deck
and an infinity-edge pool.
Widensohler said they in-
vested several million dol-
CALL , VIS IT A S HOWR OO M, O R G O O N L I N E TO S CHE D U L E
.
YOUR COMPLIMENTARY DESIGN CONSULTATION
lars on a “tropical, lush gar-
ly
den” with approximately 8 4 4 . 2 9 5 .14 0 2
60,000 plants.
The Widensohlers visit
New York City 26 Varick St | 1629 York Ave
year, he said. They have de-
cided to sell because as
their grandchildren get
Nassau
Westchester
25 Northern Blvd, Greenvale
16 Saw Mill River Rd, Hawthorne
Rockland 83 S Main St, New City
older, the family is “losing a
little bit of flexibility” to
Connecticut 565 Westport Ave, Norwalk
vacation together.
“We certainly will miss Miami 900 Park Centre Blvd, Miami Gardens
it,” he said, but “we’ve
reached the age where you
like to be close to your fam- CALIFORNIACLOSETS.COM
ily, so this is where the fo-
cus is.”
The house is being sold
furnished.
—E.B. Solomont
@cathyffranklin
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
M8 | Friday, November 17, 2023
A Home for
The Locals
Continued from page M1
but up 108% from the same pe-
riod in 2019, also according to
Redfin. There are no homes listed
for under $1 million.
The rental markets are also in-
hospitable to townies. Hans Ber-
glund, an architect whose office is
outside Vail, says that he pays big-
city salaries but that still isn’t
enough to recruit and retain em-
ployees. As a result, Berglund says,
his firm has started hiring con-
tract employees as far away as In-
dia.
Berglund has designed both
luxury homes, including a spec
house in Vail listed at just under
$40 million, and affordable hous-
ing, including Lion’s Ridge, an
apartment complex restricted to
residents who work locally. Two
different markets, inextricably
linked. “What we’re selling in
Vail,” Ruther says, “are customer
service and guest experience,”
both of which depend, he says, on
the availability of “a quality work-
force.” Plus, he says, “if we don’t
have homes for our local work-
force we’re not much of a com-
munity.”
The shortage of affordable
housing has plagued resort areas
from coast to coast, especially
since the pandemic turned many
urbanites into full-time residents
of island and mountain enclaves.
The good news for Vail and Nan-
tucket is that both have resource-
ful housing directors—who know
each other and exchange ideas.
Ruther favors a many-pronged ap-
proach that includes offering to
pay owners of houses to add a re-
striction to their deeds requiring
occupancy by at least one person
who works an annual average of
30 hours or more a week in an
Eagle County business, including
local, state or federal govern-
ment. The restriction is effective
upon signing.
The problem is that when
houses owned by longtime resi-
no
© 2023 Dow Jones & Co., Inc. All rights reserved. 6DJ7834
THE WALL STREET JOURNAL.
MANSION
George Ruther,
Vail’s director of
housing, created
the town’s InDEED
program to
increase the pool
of homes available
to local workers.
dents come up for sale, 90% of
the time they are bought by out-
of-towners, Ruther says. They’ll
become either vacation homes,
left empty for much of the year,
or investment properties reserved
for short-term renters. As a re-
sult, Vail, with 7,300 housing
units—more than one per year-
round resident—still has a hous-
ing “shortage.” Ruther believes
the deed restrictions will at least
keep the problem from getting
worse. And on Nantucket, Tucker
Holland, Nantucket’s municipal
housing director, is looking into
creating a deed-restriction plan,
one he describes as “a variation
on Vail’s theme.”
People who have jobs on Nan-
tucket but who can’t find housing
there commute each day by ferry
from Cape Cod, a voyage that can
take over two hours one way, with
additional travel at both ends.
FedEx and UPS employees com-
mute by air while one local store,
.
the Marine Home Center, has two
ly
planes for shuttling workers back
and forth from Hyannis, on Cape
Cod, a 10- to 15-minute flight.
on About 30 to 40 people fly over in
two shifts every morning.
Meanwhile, the Nantucket Land
Bank is preparing to demolish a
us ,
three-bedroom house overlooking
a large pond on the southwest
l
e
side of the island. It paid more
al a
than $5 million for the property
to improve public access to the
ci on
water. According to Jesse Bell, the
Land Bank’s executive director
Berglund Architects designs luxury homes, like this spec house in Vail. Firm president Hans Berglund says that since 2021, the house is too big to
despite the ‘big-city’ salaries he is willing to pay, he has a hard time recruiting and retaining employees. move without damaging other
er s
List price: around $40 million
m er
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Update your account details
any time. It’s quick and easy.
Visit the Customer Center to:
Hans Berglund and his firm designed Vail’s Lion’s Ridge
• Place delivery holds Apartments, 114 deed-restricted units for residents who work
an annual average of 30 hours a week in the county.
• Change an address
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CLOCKWISE: MICHAEL CIAGLO FOR THE WALL STREET JOURNAL (4); RIC STOVAL (3)
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THE WALL STREET JOURNAL.
Purchase price: over $2 million
properties. Nor, she says, can it
serve as worker housing in its
current location. “We typically
purchase in open areas where the
zoning doesn’t allow high density,
where there’s no sewer, and
where there’s not easy access to
public transportation,” she says.
When the house is torn down,
some parts of it will be salvaged
for use on other Land Bank prop-
erties, Bell says. Remaining mate-
rials, she adds, “will be offered to
CLOCKWISE: MICHAEL CIAGLO FOR THE WALL STREET JOURNAL (3); HOLLY ESTROW FOR THE WALL STREET JOURNAL (2)
affordable housing entities and
then to the community at large.”
There is no ferry in Vail, a
town with 5,300 permanent resi-
dents and a population of up to
35,000 at the height of the ski
Jesse Bell, executive director of
the Nantucket Land Bank
no
NY Friday, November 17, 2023 | M9
MANSION
The town of spite the possibility that there
Vail recently could have been a bidding war for
purchased this the house, the couple, who bought
two-bedroom the house in 1983 for “next to
home east of nothing,” opted to help the town
downtown to create more worker housing.
house “We saw the need, and we feel
municipal we did the right thing,” she says.
employees. The Ruther, for his part, will buy a
town may deed restriction (also known as a
eventually restrictive covenant) on virtually
build more any house or condo in or around
workforce Vail, usually paying about 20% the
housing on the market value of the property, in a
property. Such cash transaction that can close in
outright a matter of days. To sell a deed
purchases are restriction to the town, the owner
one way that need not be a resident of Vail. “I Tucker Holland, Nantucket’s
the town is don’t care who owns the property. municipal housing director
trying to bulk I only care who lives in it,” Ruther
up available explains. Through the program, strictions at a cost to the town,
worker which he named Vail InDEED, Ru- which is funded mostly by a local
housing. ther has acquired nearly 200 re- sales tax, of some $17 million.
That brings the total number of
season. As many as 6,100 workers deed restrictions to 1,050. And the
commute to town each day, says town is building 294 deed-re-
Ruther. Marjorie Moodie, who stricted units at a development
works as a front desk clerk at the called Timber Ridge.
Tivoli Lodge in Vail, catches a bus Owners of deed-restricted
every morning around 5:30 for properties are required to file
the hourlong ride in from Ed- compliance certifications each
wards, 17 miles west along I-70. “I February. That process led to the
start working at 7:00, and I hate discovery recently that multiple
being late,” she says. Her em- units in a development called Al-
ployer, Kara Lazier, the Tivoli’s as- tus Vail were, the town alleged,
set manager, says, “One of the not complying with their deed re-
first questions we ask at job inter- strictions. The city sued. The de-
views is, ‘Do you have housing?’” veloper and Vail reached a settle-
Ruther’s aggressive approach to ment that includes a $1 million
the problem has recently included payment by the developer that
spending $7 million of the town’s will go toward deed-restriction
money to buy three oddly shaped purchases.
parcels from the Colorado Depart- But deed restriction alone can’t
.
ment of Transportation, after make housing affordable. At Altus
ly
making the case that they would Local, the deed-restricted portion
The Tivoli Lodge in Vail
never be needed for roads. He ex- of Altus Vail, two of 15 deed-re-
pects the town to eventually de- stricted units have sold; others
velop worker housing on the
properties.
on
Ruther also arranged the pur-
chase of a two-family house in
are listed at prices ranging from
$675,000 for a studio to $1.595
million for a two-bedroom. Units
being leased cost between $3,300
us ,
East Vail for just over $2 million and $6,000 per month. While real-
to rent it to municipal employees. estate prices in Vail are rising,
l
e
The sellers, Cyndy and Brice May, generally, “they’re going to have
al a
who were moving about 40 miles to come down in the deed-re-
northwest to McCoy to run a stricted world,” says Ted Steers, a
ci on
guest ranch, chose to accept the broker who is a co-listing agent at
town’s offer, which was close to the development.
the house’s appraised value. “Vail Steers also blames the shortage
was good to us for many years,” of buyers on high interest rates,
Cyndy May says. “It employed us, which he says have nearly dou-
er s
and we raised our kids there, in a bled the cost of ownership over
wonderful neighborhood.” So, de- Please turn to the next page
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M10 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

MANSION
30, it took in $28.27 million and
Purchase price: $2.9 million
spent $27.53 million of that to
purchase some 34 acres of the is-
land.
With that much money, the
Land Bank, with a mission that in-
cludes conservation, outdoor rec-
reation and agricultural develop-
ment, can provide housing for its
workers, including employees of
the Miacomet Golf Course, which
it owns. In July, citing the lack of
affordable worker housing, it
bought an eight-bedroom duplex
near the course for $2.9 million to
house golf course employees.
The purchase raised more than
a few eyebrows, given that the
Land Bank’s commissioners “have
The Nantucket Land Bank, which owns the Miacomet Golf Course, below, long emphasized that they are not
purchased this home in July to house golf course employees. permitted to use Land Bank funds
for housing initiatives,” Jason
Graziadei, who has been reporting
on island affairs for nearly 20
years, wrote in the Nantucket Cur-
rent, a local news website. Bell
defended the purchases as “ger-
mane to the recreational compo-
nent of our mission.”
“The Land Bank needs to slow
down acquisitions and the subse-
quent demolition of structures
that could be used to house peo-
ple,” says Brian Sullivan, the
chairman of the Nantucket Afford-
able Housing Trust and the owner
of a local real-estate company.
The Trust, founded in 2009, re-
ceives less than one-fifth as much
money from the town as the Land
Nantucket’s workers often have to
commute to the island via ferry
from Cape Cod.
Bank gets from its real-estate
transfer tax. But the town has
voted to impose a separate trans-
fer tax to fund affordable housing
and is waiting for the Massachu-
setts legislature to approve it.
The Land Bank is hardly the en-
emy of affordable housing, Bell
says. “We are very much trying to
help, within the scope of what
we’re legally allowed to do,” she
says. That includes recycling sur-
plus houses.
“In the last couple of years,”
she says, “we’ve given away three
houses, to a restaurant, a hair sa-
lon, and a landscaping company,
to use as employee housing. It’s
mutually beneficial because they
move them and we don’t have to
pay for demolition, plus it’s more
sustainable than throwing them
away.”
Elsewhere on the island, the
Land Bank purchased a lot in con-
junction with the Housing Trust
to provide egress from a parcel on
which the Trust plans to build af-
fordable housing. But it isn’t clear
when that goal will be realized.
“Development by a public entity is
a relatively slow-moving process,”
says Sullivan.
The goal may be realized a bit
faster in Vail, where more than
14% of the city’s dwelling units
are covered by deed restrictions,
with many more to come. In a
community such as Vail, Ruther
says, “increases in property val-
ues will continue to outpace
wages. So there will always be a
need for deed-restricted housing.”
Nantucket also has a program
that has succeeded as well as any-
one could have hoped. But the
Land Bank’s acquisitions have a
few islanders wondering if enough
is enough.
“Some folks,” Holland says,
“feel the Land Bank could right-
fully proclaim ‘Mission Accom-
plished’ and turn part of their at-
tention to helping with this most
pressing issue—attainable housing
for our year-round community.”

Continued from the prior page

the past few years. He says the

.
deed-restricted units that haven’t

ly
sold have been rented by the de-
veloper to local employees, in-
cluding a manager of a luxury ho-
tel. Ruther confirms the
development is in compliance
with its deed restrictions.
On Nantucket, Holland would
on
us ,

like to build more housing, and he

HOLLY ESTROW FOR THE WALL STREET JOURNAL (4)

would like to see the island’s con-

l
e
servation groups provide some of
al a

the land.
“There is no question that just
ci on

100 acres, scattered around the is-

land, would make a meaningful
difference,” he says. Meanwhile,
the Land Bank, funded by a 2%
levy on nearly all real-estate sales,
er s

keeps enlarging its portfolio. In

the fiscal year that ended June There are currently no homes available for sale on Nantucket for less than $1 million. The only sub-$1 million property is an empty lot for $900,000.
m er

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

THE WALL STREET JOURNAL. NY Friday, November 17, 2023 | M11

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M12 | Friday, November 17, 2023 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | NORA ROBERTS Nora Roberts at
her home in

She Focused on Family. Boonsboro, Md., in

2021, and, right, at
her family’s home

Then Came the Blizzard. in Silver Spring

in 1954.

The ‘Inheritance’ author on becoming a novelist, snow, leaving me

stuck indoors for a
her disinterest in college and her manuscript drawer week with two
boys ages 6 and 3.
AS A CHILD, I had quite an imagi- youngest brother, Bill, and I I started to go stir-
nation and enjoyed making up shared one of the bedrooms. My crazy. I grabbed a from a drawer and fix them up.
stories in my head. Everyone in three oldest brothers—Jim, Buzz notebook and Silhouette bought them all.
my family loved to read, so there and Don—slept in the attic. wrote a romance Today, I live in the same house
were plenty of books at home. But My mom’s name was Eleanor. novel. As a mom, I my first husband and I built back
we were also among the first in We had a garden out back. She favored Harle- in 1971, when I was 21. We di-
our neighborhood in the early used to say I was the only farmer quin’s books. They vorced in 1983, and I married
1960s to have a color TV. out of her five kids. were short and en- Bruce Wilder in 1985. He’s a car-
My father, Bernie, was a projec- I didn’t write growing up, but I gaging. penter who came to my house to
tionist at local movie theaters, had a powerful work ethic that When I com- build bookshelves.
and I loved sitting in the booth probably came from my parents pleted the draft of When I’m not writing, I love to
with him watching films. One day, and nine years in Catholic school. my own book, I re- garden. I like having my hands in
when I was 10, I got swept up in At home, there were no rules After graduation from high- alized I could do a better job. But dirt, planting, knowing that some-

BRUCE WILDER; NORA ROBERTS (FAMILY PHOTO)

the drama. My hair became
caught in the projector. My father
immediately tried to pull it loose
but rather than stop the film, he
just cut it with a pair of scissors.
I grew up in Silver Spring, Md.
We lived in a tiny, two-bedroom
brick house built in the 1930s that
sat on 1½ acres. I was the last of
five children to arrive, so my
about what books were appropri- school in 1968, I married the guy I Toronto-based Harlequin rejected thing will grow and that I’m going
ate. I began with the Nancy Drew had dated since sophomore year. every manuscript I sent. to watch it bloom and it will be
mystery series, but when I was We moved to Keedysville. I never In 1980, Simon & Schuster beautiful.
about 12, my oldest brother, Jim, wanted to go to college. School in- launched Silhouette Books using —As told to Marc Myers
handed me a copy of “Macbeth.” I truded on my imagination and im- the Harlequin romance model. I
fell in love with the play. Even posed all sorts of rules. I just submitted my manuscript “Irish Nora Roberts, 73, is the author of
though the Shakespearean lan- wanted to have babies. Thoroughbred,” and it became my more than 230 novels and is co-
guage was tough, the story was The blizzard of 1979 changed first published book in 1981. owner of Turn the Page Bookstore
amazing—witches, a bubbling all of that. I was able to pull 10 or so of in Boonsboro, Md. Her latest book
cauldron and lots of drama. The storm dropped 3 feet of my rejected manuscripts loose is “Inheritance” (St. Martin’s).

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THE WALL STREET JOURNAL. Friday, November 17, 2023 | M13

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M14 | Friday, November 17, 2023
RICH ZIPS | A LOOK AT SOME OF THE MOST EXPENSIVE ZIP CODES IN THE U.S.
Alpine, NJ 07620
BY JESSICA FLINT
IN NEW JERSEY, roughly 17 miles
north of Midtown Manhattan, is
Alpine, a small municipality on the
Hudson River. Its median house
listing price in October was $5.995
million, according to Realtor.com.
(News Corp, owner of The Wall
Street Journal, also operates Real-
tor.com under license from the Na-
tional Association of Realtors.)
That makes Alpine’s ZIP Code the
most expen-
676
sive in the
greater New
The number of
residences in
York City
Tri-State
area outside
Alpine, according
of New
to Census data
York’s the
Hamptons.
Alpine even tops New York City’s
Tribeca neighborhood—whose
10013 ZIP Code is the most expen-
sive in Manhattan—and Greenwich,
in Connecticut. Alpine has large
land parcels in comparison to
neighboring communities, a low
tax rate, natural beauty, a highly
rated public school system and
great municipal services—all just a
stone’s throw from New York City.
“It’s a rare combination of attri-
butes,” says Alpine Mayor Paul
Tomasko.
A meal being prepared at Kiku,
Alpine’s only restaurant
no
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NY / NE THE WALL STREET JOURNAL.
MANSION
LISTINGS
MEDIAN LIST PRICE
$5.995 $22.49 million
MILLION 7 bedrooms, 12 bathrooms
(up 33.52% This approximately 25,700-square-
year-over-year) foot estate is on a 2-acre lot. The
foyer has double staircases that
MEDIAN DAYS ON overlook a two-story wall of win-
THE MARKET dows facing the property’s mani-
139
FROM LEFT: NATALIE CHITWOOD FOR THE WALL STREET JOURNAL (2); MICHAEL AGATCHI/LUXQUE AND DAVID HEALD; PROMINENT PROPERTIES SOTHEBY’S INTERNATIONAL REALTY; (2) VERONICA GRECH (MAP)
cured backyard. Agent: Denise Al-
banese, Christie’s International Real
(up 22.57% Estate New Jersey – Mahwah.
year-over-year)
ACTIVE LISTINGS
24
(down 36.49%
year-over-year)
Source: Realtor.com
(October 2023)
Alpine’s views of the Hudson River and Manhattan are spectacular.
$19.995 million
NOTABLE STOPS Interstate Park 7 bedrooms, 12 bathrooms
Alpine is a residential municipal- system. On 4 acres, this gated 22,782-
ity that doesn’t have a main street square-foot estate has four living
with restaurants and shops. Farther afield levels that can all be accessed by
Fine dining, shop- an elevator. Features include bowl-
Post Office ping and entertain- ing lanes, a gym and wine cellar.
Residents pick up their mail at ment abound in Agent: Rosemarie Campi, Promi-
the post office, since mail in the neighboring com- nent Properties Sotheby’s Interna-
city isn’t delivered to houses. The munities, including tional Realty.
building that houses the post of- Closter and Engle-
.
fice also encompasses the police wood. Meanwhile,
ly
office and court. If Alpine has a Alpine is only
town center, this building is it. about 6 miles north
of the George
Kiku on
This Japanese hibachi grill and
sushi bar is the one restaurant in
Alpine. Otherwise the city’s com-
Washington Bridge.
MEMBERSHIP
TO HAVE
us ,
mercial activity is limited largely Montammy Golf
to its one gas station, which also Club in Alpine has
l
$5.995 million
e
has a small convenience store, an 18 hole golf course, pool, tennis feet to 15,000 square feet or
al a
and real-estate offices. courts, a fitness center and a club- larger,” says Rosemarie Campi, a 8 bedrooms, 11 bathrooms
house. Alpine Country Club—which real-estate broker associate at This approximately 16,000-square-
ci on
Palisades Interstate Park has similar amenities—is partially Prominent Properties Sotheby’s foot gated stone manor is on a
in New Jersey within Alpine. International Realty. She notes 1.96-acre lot. There are six large re-
Dedicated in 1909, this park—12 that Alpine’s property values are ception rooms on the main floor
miles long and a half-mile wide— ADVICE FOR THE BUYER stable due to proximity to New that are perfect for entertaining.
has 2,500 acres of wild Hudson Most houses are on 2-acre zoning York City, a low tax rate and zon- Agent: Dennis McCormack, Promi-
er s
River shoreline, uplands and cliffs. or more. “The average house on 2 ing with large estates, among nent Properties Sotheby’s Interna-
It is part of the broader Palisades acres might be up to 8,000 square other factors. tional Realty.
m er
m rp
co Fo
n-
Burnham Farm – Stowe, VT | 77± Acres | $2.95M
Meg Kauffman | 802-318-6034 | mkauffman@landvest.com
Treasure Island – Sorrento, ME | 1.12± Acres | $1.795M
Jamie O’Keefe | 207-299-8732 | jokeefe@landvest.com
Highview – West Brookfield, MA | 88.32± Acres | $1.1M
Keith Ross | 978-544-5767 | kross@landvest.com