.
* * * * * FRIDAY, JULY 1, 2022 ~ VOL. CCLXXX NO. 1
DJIA 30775.43 g 253.88 0.8%
What’s
News
Business & Finance
lobal markets closed
G out their most bruising
first half of a year in de-
cades, leaving investors
bracing for the prospect of
further losses after a months-
long rout that left few asset
classes unscathed. A1, B1, B7
 China has been signal-
ing an easing of its regula-
tory campaign against the
technology sector, but the
country’s tech giants are
moving ahead with more
job cuts as growth stalls. A1
 U.S. consumer spending
cooled to a 0.2% advance in
May, the smallest monthly gain
this year, amid high inflation
and elevated interest rates. A2
 General Motors aims to
ramp up production of its
electric Hummer vehicles,
but most prospective buyers
still likely face a long wait. B1
 SpaceX received permis-
sion from the FCC to link a
range of vehicles to its sat-
ellite-internet service. B1
 Walgreens said its fis-
cal third-quarter sales fell
and earnings plunged as
revenue from Covid-19
vaccinations dried up. B1
 A judge dismissed a case by
Leon Black alleging that the
ex-Apollo CEO’s former part-
ner and others conspired to
destroy his reputation and
push him out of the firm. B1
 A former partner at D.E.
Shaw was awarded $52 mil-
lion by an arbitration panel,
which determined that the
firm and four of its top ex-
ecutives defamed him. B12
 The SEC rejected Gray-
scale Investments’ bid to
transform its large bitcoin
fund into an ETF. B12
World-Wide
 The Supreme Court, in
a 6-3 decision, ruled that the
EPA exceeded its authority
in seeking to limit emissions
from coal plants, a decision
that sharply curtails the ex-
ecutive branch’s authority
to make policy actions on a
range of issues without con-
gressional direction. A1, A6-7
 The high court ruled 5-4
that the Biden administra-
tion could cancel the Trump-
era “Remain in Mexico” pro-
gram on asylum seekers. A6
 Biden endorsed making an
exception to filibuster rules
to pass legislation codifying
Roe v. Wade into law, but key
Senate Democrats say they
would oppose such a move. A1
 At the end of six days of
international summitry, Biden
pledged to support Ukraine
for “as long as it takes,” as
Russia’s war drags on. A8
 Israeli lawmakers voted to
dissolve parliament and set
Nov. 1 as the date for a new
election, the country’s fifth
in less than four years. A11
 The FDA directed vac-
cine makers to modify their
Covid-19 shots to better tar-
get the recently circulating
offshoots of Omicron. A3
 The FDA is devising plans
to allow clinical trials testing
the transplantation of pig or-
gans into humans, a person fa-
miliar with the matter said. A3
 USC and UCLA, in a
blockbuster defection, will
be leaving the Pac-12 Confer-
ence to join the Big Ten. A1
 Columbia won’t submit
information to be included in
next year’s U.S. News & World
Report college rankings. A2
CONTENTS
Arts in Review A12-13
Business News.. B3,6
Crossword.............. A13
Equities.................... B10
Heard on Street. B14
Mansion.............. M1-12
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 11028.74 g 1.3% STOXX 600 407.20 g 1.5%
High Court Limits EPA on Emissions
Ruling that the agency
overstepped on climate
has wide ramifications
for other U.S. regulators
BY JAN WOLFE
AND TIMOTHY PUKO
WASHINGTON—The Su-
preme Court ruled that federal
regulators exceeded their au-
thority in seeking to limit emis-
sions from coal plants, a deci-
sion that sharply curtails the
Jackson Becomes First Black Woman on Supreme Court
FRED SCHILLING/COLLECTION OF THE SUPREME COURT OF THE UNITED STATES/ASSOCIATED PRESS
NEW MEMBER: Ketanji Brown Jackson is sworn in Thursday by Supreme Court Chief Justice John Roberts, as her husband,
Patrick Jackson, holds two Bibles. She is the 116th associate justice, and the first Black woman to serve on the court. A6
Biden Backs Roe Filibuster Change
BY ANDREW RESTUCCIA
AND KEN THOMAS
WASHINGTON—President
Biden endorsed making an ex-
ception to filibuster rules to
pass legislation codifying Roe
v. Wade into law. But key
Democrats in the evenly di-
vided Senate said they would
oppose such a move.
“The most important thing
to be clear about is we have to
codify Roe v. Wade into law and
the way to do that is to make
sure Congress votes to do that,”
Mr. Biden, a Democrat, said dur-
UCLA,
USC Bolt
Pac-12 for
Big Ten
BY LAINE HIGGINS
AND RACHEL BACHMAN
The University of Southern
California and UCLA are leaving
the Pac-12 Conference to join
the Big Ten, a blockbuster de-
fection that accelerates a dra-
matic, money-driven consolida-
tion of college sports.
The Big Ten’s Council of
Presidents and Chancellors
voted unanimously on Thursday
to add USC and UCLA for the
2024-25 academic year, mark-
ing another big leap toward a
world in which the biggest
brands in college sports com-
pete in just two powerful con-
ferences—the Southeastern
Conference and the Big Ten.
This latest seismic realignment
began last year, when Texas and
Oklahoma said they would leave
the Big 12 Conference by no
later than 2025 to join the SEC.
The move by USC and UCLA
to the Big Ten will severely
Markets.................... B13 hobble the West Coast-based
Opinion.............. A15-17
Sports....................... A14 Pac-12, which has long been
Technology............... B4 one of the premier confer-
U.S. News............. A2-7 ences in college sports. USC
Weather................... A13
World News...... A8-11
and UCLA are two of the
Pac-12’s most decorated
schools athletically and they
> reside in its largest media
market. The winners of the
Pac-12 and the Big Ten tradi-
tionally played each other in
the Rose Bowl most years.
The move also appears to
Please turn to page A11
HHHH $5.00
10-YR. TREAS. À 1 , yield 2.973%
executive branch’s authority to
make policy actions on a range
of issues without congressional
direction.
In a blockbuster 6-3 decision
penned by Chief Justice John
Roberts, the court said on
Thursday that the Environmen-
tal Protection Agency had over-
stepped when it devised the
Obama-era regulatory program,
the Clean Power Plan. The court
said that when federal agencies
issue regulations with sweeping
economic and political conse-
quences—in this case, rules to
ing a news conference in Spain.
“And if the filibuster gets in the
way, it’s like voting rights, it
should be provided an exception
for this…to the filibuster.”
Changing the filibuster
rules of the Senate would al-
low legislation protecting
abortion access to pass the
chamber with 51 votes rather
than the 60 votes usually re-
quired for bills to advance.
While he has expressed greater
skepticism than other Demo-
crats at lifting the filibuster
rules, Mr. Biden had previously
backed an exception to them to
Xi Marks Hong Kong Handover
China’s leader, Xi Jinping, said Hong Kong has moved from
chaos to governance at a ceremony Friday marking the 25th
anniversary of the city’s handover from Britain to China. A10
Your Beach Read’s Sunny Cover
Might Mask Something Darker
i i
Publishers rely on sand and seas; ‘Hemlock
Sisters’ becomes ‘Sunshine Sisters’
BY ELLEN GAMERMAN
The siren call of the “beach
read” finally reached Jennifer
Weiner, who long considered
the term dismissive of writing
associated with women.
“After years and years of,
‘This is sexist,’ I was like, ‘You
know what? If I can’t beat them,
join them,’ ” said Ms. Weiner,
whose new book out this spring,
“The Summer Place,” is set on
Cape Cod in Massachusetts.
“I wanted to be at the
beach,” said the author, who
wrote the novel during the pan-
demic, the last in her three-book
Cape Cod series. “I wanted to be
OIL $105.76 g $4.02 GOLD $1,804.10 g $9.60
address climate change—the
regulations are presumptively
invalid unless Congress has spe-
ginia and others.
Beyond the EPA, the deci-
sion is likely to curb President
cifically authorized the action. Biden’s ability to use other de-
“A decision of such magni- partments and regulators such
tude and consequence rests as the Treasury Department,
with Congress itself, or an Securities and Exchange Com-
agency acting pursuant to a mission and the Federal Energy
clear delegation from that rep-
resentative body,” the chief jus-
Regulatory Commission to ad-
dress climate change.
tice wrote, faulting the EPA for Mr. Biden, a Democrat,
finding new powers in “the called the court’s ruling “a dev-
vague language of a long-ex- astating decision that aims to
tant, but rarely used, statute.” take our country backwards.”
The Clean Power Plan had “I have directed my legal
been challenged by West Vir- team to work with the Depart-
pass long-stalled election bills. blocks to passage because
It was the first time that the Sens. Joe Manchin of West
president publicly backed Virginia and Kyrsten Sinema
changing the filibuster rules to of Arizona, both moderate
pass legislation codifying Roe Democrats, have said they op-
v. Wade into law. posed changing or ending the
As a practical matter, a Senate’s filibuster rules.
change seems unlikely. The fili- Spokeswomen for both sena-
buster could be changed with a tors said Thursday their posi-
simple majority vote, but not all tions were unchanged.
Democrats in the 50-50 Senate The Supreme Court last
are on board with such a move, week overturned Roe, the 1973
saying it would fundamentally decision that established a
change the nature of the Senate Please turn to page A4
and could backfire if the GOP
takes control of the chamber.  Judge set to temporarily halt
Such legislation faces road- Florida abortion ban.............. A4
China’s Tech Giants
Target New Layoffs
As Business Slows
BY RAFFAELE HUANG
SELIM CHTAYTI/PRESS POOL
China has been signaling an
easing of its regulatory cam-
paign against the technology
sector, but the country’s tech
giants are moving ahead with
more job cuts as growth stalls.
Companies including Ten-
cent Holdings Ltd. and Byte-
Dance Ltd. are implementing
fresh layoffs affecting thou-
sands of employees in their
latest round of cost-cutting,
current and former employees
said. These job cuts come on
top of the tens of thousands of
employees already axed by
Chinese internet companies
i since late last year after Bei-
INSIDE
anywhere but stuck in my house
with my family.”
Beach reads, loosely defined
as any engrossing tale released
for summer, are under pressure
to perform. June has been the
second-biggest month for adult
fiction sales for the past decade,
according to NPD BookScan, and
book sales overall soared during
the pandemic. Now, as vacations
kick off with the July Fourth
holiday, publishers are trying to MANSION
hang on to those numbers. In San Francisco, unlike
Novels with beachy covers
are so popular, book industry
other big cities, the
executives say, publishers put rental market is in the
bare feet and glistening seas on doldrums. M1
Please turn to page A4
EURO $1.0485 YEN 135.69
ment of Justice and affected
agencies to review this decision
carefully and find ways that we
can, under federal law, continue
protecting Americans from
harmful pollution, including
pollution that causes climate
change,” Mr. Biden said.
Please turn to page A6
 ‘Remain in Mexico’ is allowed
to end............................................. A6
 Supreme Court will hear
election-law case..................... A6
 Conservative shift marks
historic term............................... A7
Markets
Post Worst
First Half
Of Year
In Decades
BY AKANE OTANI
Global markets closed out
their most bruising first half of
a year in decades, leaving inves-
tors bracing for the prospect of
further losses.
Accelerating inflation and
rising interest rates fueled a
monthslong rout that left few
markets unscathed. The S&P
500 fell 21% through Thursday,
suffering its worst first half of a
year since 1970, according to
Dow Jones Market Data. The
blue-chip Dow Jones Industrial
Average lost 15%.
Investment-grade bonds, as
measured by the iShares Core
U.S. Aggregate Bond exchange-
traded fund, lost 11%—posting
their worst start to a year in
history.
Stocks and bonds in emerg-
ing markets declined, hurt by
slowing growth. And cryptocur-
rencies came crashing down,
saddling individual investors
and hedge funds alike with
steep losses.
About the only thing that
rose in the first half was com-
modities prices. Oil prices
surged above $100 a barrel, and
U.S. gas prices hit records after
the Russia-Ukraine war up-
Please turn to page A2
 Treasury rally pushes yield
below 3%....................................... B1
 Cryptocurrencies’ tumult
leaves investors leery........... B7
jing’s regulatory crackdown
swamped the sector.
Previous job cuts were
mostly focused on restructur-
ing unprofitable businesses and
noncore segments. But as the
Omicron variant of Covid-19
prompts harsh lockdowns, roil-
ing the Chinese economy, some
companies are extending lay-
offs to core businesses.
The fresh round of layoffs
points to the scars that the
regulatory assault and macro-
economic headwinds have left
on some tech companies—a
Please turn to page A9
 China’s economy returns to
growth mode........................... A10
BUSINESS & FINANCE
GM to boost output of
its Hummer electric
pickup truck as waiting
list grows. B1

A2 | Friday, July 1, 2022
FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES
Consumer habits are being watched as the Fed considers how far it will need to go with raising interest rates to tamp down inflation.
Spending Increases Tepid 0.2%
BY GABRIEL T. RUBIN
U.S. household spending
slowed in May as Americans
faced historically high infla-
tion and elevated interest
rates, raising the prospect that
the economy has contracted
for a second straight quarter
this year.
Consumer spending cooled
to a 0.2% advance in May, the
Commerce Department said
Thursday. That was the small-
est monthly gain this year, and
down from the revised 0.6%
increase in April.
Following the soft spending
figures, economists at S&P
Global Market Intelligence said
they estimate gross domestic
product to contract at a 0.7%
annual rate in the second
quarter, which ended Thurs-
day. They previously expected
slight economic growth.
The Federal Reserve Bank of
Atlanta’s closely watched GDP-
Now tracker estimated Thurs-
day that output contracted 1%
during the second quarter. The
model considers publicly re-
leased data, which generally re-
flects activity through May.
Both estimates would mark
the second straight quarterly
contraction, after annualized
Markets
Have Rough
First Half
Continued from Page One
ended imports from Russia, the
world’s third-largest oil pro-
ducer.
Now, investors seem to be in
agreement about only one
thing: More volatility is ahead.
That is because central banks
from the U.S. to India and New
Zealand plan to keep raising in-
terest rates to try to rein in in-
flation. The moves will likely
slow down growth, potentially
tipping economies into reces-
sion and generating further tu-
mult across markets.
“That’s the biggest risk right
now—inflation and the Fed,”
said Katie Nixon, chief invest-
ment officer for Northern Trust
Wealth Management.
Ms. Nixon said she would be
keeping a close eye on eco-
nomic data to gauge how much
rising rates are weighing on
growth over the next few
months. Her firm has kept
money in U.S. stocks, wagering
the economy will slow down
but avoid a recession. It also
put money into companies fo-
cused on natural resources, a
bet that should pay off if infla-
tion persists for longer than it
expects. “You don’t want to be
whipsawed by the markets,” she
said.
The good news for investors
is that markets haven’t always
done poorly after suffering big
losses in the first half of the
year. In fact, history shows they
have often done the opposite.
When the S&P 500 has fallen
at least 15% the first six months
of the year, as it did in 1932,
1939, 1940, 1962 and 1970, it has
risen an average of 24% in the
second half, according to Dow
Jones Market Data.
One reason markets have of-
ten snapped back after big pull-
backs: Investors have eventually
stepped in, wagering prices
have fallen too far. Fund manag-
ers currently have larger-than-
average cash positions, smaller-
than-average equities positions
and a markedly high degree of
pessimism about the economy,
Bank of America found in its
June survey of investors. Those
factors, among others, make
Household expenditures
and prices, change from
a year earlier
30%
20
Household
spending
10
Inflation
0 –2
2021 ’22
Note: Spending reflects personal-consumption expenditures, inflation reflects change in the
personal-consumption-expenditures price index. GDP is inflation and seasonally adjusted.
Sources: Commerce Department via St. Louis Fed (expenditures, prices and GDP);
S&P Global Market Intelligence (GDP 2Q 2022 estimate)
output decreased at a 1.6% rate
in the first three months of the
year, according to an earlier
Commerce Department report.
Two straight quarters of con-
traction wouldn’t itself indicate
a recession has occurred,
though it is a rule of thumb
some analysts use. Recessions
are determined by a panel at
the National Bureau of Eco-
nomic Research, a nonprofit
academic group.
Index performance, year to date
0 Columbia Won’t Submit
–10
–20
–30%
Jan. Feb. March April
Bitcoin, year to date
$50,000
40,000
30,000
20,000
Jan. June
Sources: FactSet (indexes); CoinDesk (Bitcoin); Tullett Prebon (Treasury yields)
markets look “painfully over-
sold”—and thus potentially ripe
for a rally, the bank’s strategists
said in a separate report.
But even those finding buy-
ing opportunities these days
said they are focusing on spe-
cific companies, instead of buy-
ing broadly. They concede that
the current economic environ-
ment—in which inflation is
high, borrowing costs are rising
and growth is expected to
slow—makes it difficult to be
enthusiastic about many parts
of the market.
Economists surveyed by The
Wall Street Journal in June said
they saw a 44% probability of a
recession in the U.S. in the next
12 months, compared with 18%
in January.
History has shown the Fed
has seldom been able to pull off
a “soft landing,” a scenario in
which it slows the economy
enough to rein in inflation but
avoids tightening monetary pol-
icy to the point of causing a re-
cession. The U.S. went into re-
cession four of the last six times
the Fed began raising interest
rates, according to research
from the Federal Reserve Bank
of St. Louis that looked at mon-
etary-policy-tightening cycles
since the 1980s.
U.S. NEWS
Gross domestic product,
change from previous quarter
2Q 2022
8%
(estimate)
-1.5%
6 flation gauge closely watched
4 lier, the same as April’s annual
2
0 has been declining since Febru-
2021 ’22
“This solidifies evidence of
a downward trend in con-
sumer spending, which is the
backbone of the economy, said
Lindsey Piegza, chief econo-
mist at Stifel Financial.
“There’s very little expectation
or hope that the economy can
avoid a near-term downturn.”
Thursday’s report showed
after-tax, inflation-adjusted in-
come declined by 0.1% in May,
indicating that wage increases
Dow
industrials
S&P 500
Nasdaq
Composite
May June
U.S. 10-Year Treasury yield,
year-to-date
4.0%
3.0
2.0
1.0
Jan. June
“The runway for the Fed to
manage a soft landing is not
only narrow but also winding
and bumpy,” said Lauren Good-
win, economist and portfolio
strategist at New York Life In-
vestments.
While household spending
and corporate balance sheets
look relatively strong, it is diffi-
cult to see the economy avoid-
ing recession sometime next
year, Ms. Goodwin added.
That leaves investors in a
quandary. The economy isn’t in
recession, but many think it
could get there in the coming
year or so. Investments that
many have traditionally turned
to during selloffs, like cash,
money-market funds and Trea-
surys, haven’t held up as well
this year because of inflation.
Investors said much of their
outlook for the rest of the year
depends on how quickly the Fed
is able to contain inflation, and
how much the economy slows
as a result.
The third quarter started
early Friday in Asia. Japan’s
Nikkei 225 was down 0.9%,
Hong Kong’s Hang Seng Index
was down 0.6%, China’s CSI 300
was down 0.1% and South Ko-
rea’s Kospi was down 0.6%. S&P
500 futures fell 0.7%.
are struggling to keep up with
price increases. Inflation-ad-
justed spending declined by
0.4% in May.
The personal-consumption
expenditures price index, an in-
by the Federal Reserve, rose
6.3% in May from a year ear-
rate. Core inflation, which
strips out volatile food and en-
ergy components, rose 4.7% in
May on an annual basis and
ary when it was 5.3%.
The Fed is attempting to
cool inflation without causing
a recession, which Chairman
Jerome Powell said Wednes-
day is a risky endeavor, but
less risky than allowing infla-
tion expectations to become
entrenched.
Officials approved the big-
gest interest-rate increase
since 1994 on June 15, lifting
the benchmark federal-funds
rate by 0.75 percentage point
to a range between 1.5% and
1.75%.
Most Fed officials have said
they want to raise the rate to
between 3% and 3.5% by the
end of the year.
—Gwynn Guilford
contributed to this article.
Data for College Rankings
BY MELISSA KORN
Columbia University won’t
submit information to be in-
cluded in next year’s U.S.
News & World Report college
ranking, citing a review it
launched in response to a fac-
ulty member’s public concerns
about data the school pro-
vided in the past.
The New York Ivy League
school was tied with Harvard
University and the Massachu-
setts Institute of Technology
as the No. 2 Best National Uni-
versity in last year’s ranking.
The list is considered by many
prospective students as a de-
finitive guide to the country’s
top schools, and institutions
had a July 1 deadline to sub-
mit their newest data. Colum-
bia said it won’t be able to
complete its review in time.
A representative from U.S.
News & World Report didn’t
immediately respond to a re-
quest for comment.
This year, Columbia math
professor Michael Thaddeus
accused his school of report-
ing inaccurate figures for a
number of elements consid-
ered in the rankings, including
instructional spending, class
sizes and count of full-time
faculty.
CORRECTIONS 
AMPLIFICATIONS
Fred Smith is the founder
of FedEx Corp. In some edi-
tions Thursday, a Business
News article about the com-
pany incorrectly said that he
is a co-founder.
A Business News article on
Tuesday about McDonald’s
Corp.’s incoming chief finan-
cial officer incorrectly said
that some of the company’s
franchisees will have to pay
McDonald’s more money to
continue running their loca-
tions.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
.
* **** THE WALL STREET JOURNAL.
Mortgage Rates
Drop, Hover Near
Multiyear Highs
BY ORLA MCCAFFREY Average rate on 30-year
fixed mortgage
Mortgage rates declined
this week but remain near 6.0%
multiyear highs, helping
make it the least affordable 5.5
time to purchase a home
since before the financial cri- 5.0
sis.
The average rate on a 30- 4.5
year, fixed-rate mortgage fell
to 5.70%, mortgage-finance 4.0
giant Freddie Mac said Thurs-
day. That is down from 5.81% 3.5
last week but up from 3.22%
at the beginning of the year. 3.0
The fastest acceleration in
mortgage rates in decades 2.5
and stubborn home-price ap-
preciation have pushed some 2.0
would-be buyers off the mar- 2020 ’21 ’22
ket this spring, typically the
busiest time of year for home Source: Freddie Mac
sales.
In April, the median Amer- Still, demand for homes
ican household would have continues to outpace the in-
needed 41.2% of its income to ventory of homes for sale.
cover mortgage payments on Nearly 60% of the homes sold
a median-priced home, the in May were sold above their
Federal Reserve Bank of At- list price, according to real-
lanta said in June. That is the estate brokerage Redfin Corp.
highest share since July 2006 The drop in mortgage vol-
and well above the 30.8% re- ume prompted by rising in-
corded in April 2021. terest rates has created chal-
“With inflation outpacing lenging conditions for
pay raises, most workers are lenders. Many that raked in
seeing their income fall be- record profits in 2020 and
hind, further straining the fi- 2021 are laying off staff, sell-
nances of buyers who are also ing servicing rights and oth-
facing higher borrowing erwise trying to survive.
costs,” said George Ratiu, First Guaranty Mortgage
manager of economic re- Corp. said Thursday it had
search at Realtor.com. (News filed for bankruptcy protec-
Corp, parent of The Wall tion, citing a “dramatic col-
Street Journal, also operates lapse” in the market for refi-
Realtor.com.) nancings and a weakening
The Federal Reserve’s in- market for home purchases.
terest-rate increases and its The Plano, Texas, company
pullback from the mortgage- said it is lining up financing
bond market pushed mort- to fund mortgages that have
gage rates to their highest yet to close.
level since 2008 earlier in Overall originations are ex-
June. Mortgage payments on pected to fall 40% this year,
a median-priced home were dragged down by a 69% de-
about $800 higher in June cline in refinancings, accord-
than a year ago, according to ing to the Mortgage Bankers
Realtor.com. Association.
sion process upon learning of
Dr. Thaddeus’s concerns.
DESIREE RIOS FOR THE WALL STREET JOURNAL
“Columbia has long con-
ducted what we believed to be
a thorough process for gather-
ing and reporting institutional
data, but we are now closely
reviewing our processes in
light of the questions raised,”
Dr. Boyce said. “The ongoing
review is a matter of integrity.
We will take no shortcuts in
getting it right.”
Columbia’s announcement
Columbia’s campus in New York is the latest in a string of set-
backs for the rankings.
Dr. Thaddeus’s analysis, In March, a federal judge
posted on his faculty website sentenced Moshe Porat, a for-
in February and updated in mer Temple University busi-
March, compares information ness-school dean, to 14
used in the latest ranking months in prison and ordered
against data Columbia re- him to pay $250,000, after he
leased internally and in finan- was convicted on fraud
cial statements. charges tied to inflating that
“It certainly raises my eye- school’s online M.B.A. rank-
brows and it certainly calls for ings.
an explanation,” he said in an Also in March, the Univer-
interview at the time. sity of Southern California
At the time Dr. Thaddeus said it was pulling its Rossier
made his initial allegations, School of Education from con-
Columbia said it stood by the sideration in the publication’s
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rankings and declined to com- internal review later found the
ment further. school’s dean directed admin-
Provost Mary C. Boyce said istrators to omit information
Thursday that the school im- from its submission to boost
mediately began a review of the school’s placement dating
its data collection and submis- back to at least 2013.
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THE WALL STREET JOURNAL.
FDA Set
To Allow
Pig-Organ
Testing in
Humans
BY AMY DOCKSER MARCUS
AND LIZ ESSLEY WHYTE
The Food and Drug Admin-
istration is devising plans to
allow clinical trials testing the
transplantation of pig organs
into humans, a person familiar
with the matter said.
If the agency follows
through, the trials could be a
key step in an effort to ease the
deadly shortage of human do-
nor organs. The planning
comes in the wake of a handful
of experimental surgeries in-
volving the transplantation of
pig organs into a critically ill
man and in brain-dead patients.
It is unclear when the trials
would begin, the person said,
adding that proposals from re-
searchers would be handled
case by case.
Several research groups
have recently sought guidance
from the FDA on how to begin
clinical trials or plan to seek
the agency’s approval to
launch trials, including those
at the University of Alabama
at Birmingham and the Uni-
versity of Maryland Medical
Center in Baltimore.
Clinical trials allow for the
study of larger numbers of pa-
tients, robust data collection
and strict safety monitoring.
In this case, they would likely
involve a small number of hos-
pitals with experience with
pig-organ transplants, accord-
ing to transplant doctors.
Doctors at the University of
Maryland Medical Center in
January transplanted a geneti-
cally modified pig heart into
David Bennett, a critically ill,
57-year-old handyman from
Hagerstown, Md., to extend
his life. Mr. Bennett died two
months later.
The Maryland researchers
received a special FDA emer-
gency authorization to per-
form the experimental surgery.
About 20 days after the
surgery, the heart trans-
planted into Mr. Bennett was
found to harbor a pig virus,
researchers reported in June
in the New England Journal of
Medicine. Whether the virus
caused or contributed to Mr.
Bennett’s death remains under
investigation, the researchers
said, adding that they felt clin-
Several research
groups have sought
guidance on how to
begin clinical trials.
ical trials of pig-to-human or-
gan transplantation should be-
gin despite the uncertainty.
The University of Maryland
researchers said the agency
had previously asked them to
conduct additional studies in-
volving baboons before at-
tempting a clinical trial. The
scientists are moving forward
with those animal studies
while seeking FDA guidance
about what additional steps
might be necessary to open hu-
man trials, said Dr. Muhammad
M. Mohiuddin, professor of
surgery at the University of
Maryland School of Medicine
and one of the doctors involved
in Mr. Bennett’s surgery.
Researchers at the Univer-
sity of Alabama at Birming-
ham plan to seek FDA ap-
proval to launch a clinical
trial, according to Dr. Jayme
Locke, director of the univer-
sity’s Heersink School of Medi-
cine’s Comprehensive Trans-
plant Institute.
The Alabama program re-
ported earlier this year that it
had transplanted pig kidneys
into the body of a brain-dead
person, with the organs pro-
ducing urine before the exper-
iment was stopped.
Transplant doctors and FDA
officials discussed possible
regulatory requirements for
interspecies transplantation,
or xenotransplantation, at a
two-day public advisory com-
mittee meeting convened by
the agency Wednesday. The of-
ficials raised concerns that pig
viruses might be transmitted
not only to pig organ recipi-
ents but also to their friends
and family members as well as
the transplant teams.
Drugmakers Told to Retool Boosters
BY PETER LOFTUS
AND JARED S. HOPKINS
U.S. health regulators have
directed vaccine manufactur-
ers to modify their Covid-19
shots to better target the re-
cently circulating offshoots of
the Omicron variant in prepa-
ration for a fall booster cam-
paign.
The Food and Drug Admin-
istration said Thursday it ad-
vised companies including
Pfizer Inc. and Moderna Inc.
to make new vaccines that tar-
get the ancestral strain of the
coronavirus, plus the Omicron
subvariants BA.4 and BA.5.
The subvariants have been
spreading rapidly around the
U.S., and have been able to
partly elude even shots modi-
fied to target the original Omi-
cron subvariant that the drug-
makers have been working on.
The agency’s direction to-
ward BA.4 and BA.5-targeted
shots should result in the first
changes to the composition of
Books in the Prosper High School library in Prosper, Texas. Books in public-school libraries are getting closer examination by activist parents.
Texas District Spars Over Bid to Remove Books
BY SCOTT CALVERT
PROSPER, Texas—When a
group of activists this year de-
manded that the local school
district pull more than 80
books from library shelves,
claiming evidence of obscenity
on many pages, the move
sparked months of discord in
this North Texas community.
One mother, part of a largely
conservative group, urged the
sheriff to launch a criminal
probe of the district. Some lib-
eral-minded parents criticized
both the group’s push and the
district’s response. The issue
spilled into school-board races.
In the middle of it all sat
Holly Ferguson, superintendent
of Prosper Independent School
District, who saw the book fra-
cas as an extension of mask
disputes early in the Covid-19
pandemic. “It’s been a night-
mare for two years,” she said.
“Politics has come in the
schools, and it never had any
place in a school.”
The unprecedented book
battle in this fast-growing dis-
trict of about 22,700 students
mirrors culture wars nation-
wide over race, gender and sex
in school materials, and par-
ents’ role in overseeing what
their children are taught.
Across the U.S., parents who
over the past year challenged
teaching around race are in-
creasingly targeting books with
LGBT themes, some of which
include explicit depictions of
sexual activity.
At issue: where to draw the
line on what material is appro-
priate for what age groups—
and who gets to decide.
School districts in more
than half the states have collec-
tively pulled more than 1,100
book titles from libraries since
last year, following campaigns
by advocacy groups and Repub-
lican elected officials, accord-
ing to PEN America, a free-
speech advocacy group.
In Prosper, north of Dallas,
the effort to remove books
deemed unsuitable for kids of
certain ages proved to be hard
fought.
Doug Charles, president and
co-founder of the Prosper Citi-
zen Group, a political-action
committee that demanded the
book removals, declined to
comment. In a statement, the
group said: “This disturbing
push to sexualize kids or to de-
fend those who do looks and
feels like a cultural Marxist at-
U.S. NEWS
the Covid-19 vaccines since
they began rolling out in the
U.S. in December 2020, and
will kick off a frantic race to
develop the shots specified.
The FDA said the modified
vaccines could potentially be
used starting in early to mid-
fall. The FDA indicated it may
authorize the shots before re-
sults of human testing of such
shots are known. This would
be similar to the process FDA
uses for annual updates to sea-
sonal flu shots.
“As we move into the fall
and winter, it is critical that
we have safe and effective vac-
cine boosters that can provide
protection against circulating
and emerging variants to pre-
vent the most severe conse-
quences of Covid-19,” said Pe-
ter Marks, who directs the
FDA division overseeing vac-
cines.
The changes would be made
to booster shots, not the initial
vaccine doses.
The new FDA directions
Holly Draper, in photo at top, said she agrees with the removal of a graphic novel from the library
but thought the Prosper district was bowing to pressure overall. Above, candidate Garrett Linker
greeted Prosper Independent School District residents voting for school-board candidates in May.
tack on our children, our Town
and the next generation of our
nation—and we will not stand
for it here in Prosper.”
In regard to the PAC’s mem-
bers, Dr. Ferguson said: “It’s
our job to worry about all their
children. Their job is to worry
about their child. ... They want
to insert their opinions and
their political or religious be-
liefs on every child in this dis-
trict.”
The debate in Prosper
started Jan. 18 when Mr.
Charles emailed school-district
officials about 82 of the dis-
trict’s more than 375,000
books. He copied the email to
four GOP state legislators and
three state school-board mem-
bers. The titles included “The
Music of What Happens,” a
young-adult book about a gay-
Pfizer Seeks Full
Paxlovid Approval
Pfizer Inc. has asked the
Food and Drug Administration
to grant full approval of its
Covid-19 antiviral pill, a step to-
ward allowing the drugmaker
to sell the drug commercially.
To date, Pfizer has been
selling the drug, called Pax-
lovid, to the federal govern-
would force vaccine makers to
pivot quickly to focusing on
the subvariants, because they
have been focused on new
shots targeting the original
Omicron strain since it
emerged late last year.
The two Omicron subvari-
ants represented a combined
52% of Covid-19 cases in the
U.S. for the week ended June
25, according to estimates the
Centers for Disease Control
male relationship, and “The
Magic Misfits,” a children’s
book series whose characters
include a girl adopted by two
dads. PAC members later added
several more books.
The PAC said on its website
that the titles “include themes
of children as young as 11 being
transgender and/or gay, rape,
gender theory, drug use, teen-
age prostitution, abortion, and
explicit discussions [and im-
ages] of various hetero and ho-
mosexual sex acts.”
Dr. Ferguson replied on Jan.
21, saying the district was re-
viewing the 82 books, many of
which were available just at the
two high schools. She noted in
her email that parents can di-
rect school librarians to restrict
what their children may bor-
row.
ment under an authorization
for emergency use. The federal
government has then been di-
recting the pills’ distribution.
If the FDA grants an ap-
proval, Pfizer could begin selling
the drug as it does most of its
medicines—with the help of ads
and intermediaries that distrib-
ute it to pharmacies and other
buyers. The FDA typically has
up to 10 months to conduct a
review.
—Jared S. Hopkins
and Prevention released on
Tuesday. The original Covid-19
vaccines have been shown to
be less effective against Omi-
cron.
Pfizer, with its partner Bi-
oNTech SE, and Moderna have
been testing modified shots
that target the original Omi-
cron variant, which first
emerged in late 2021. The
companies said these shots
improved people’s immune re-
“No educator in Prosper
ISD wants obscene or other-
wise inappropriate materials
in our libraries,” the superin-
tendent wrote.
A high-profile target on the
PAC’s list was “All Boys Aren’t
Blue,” a 2020 memoir about
growing up Black and gay.
Meant for readers ages 14 to
18, it depicts oral and anal sex,
and has been taken out of
some schools around the U.S.
Prosper’s policy says books
can be pulled if they are perva-
sively vulgar or aren’t educa-
tionally suitable, based on a
1982 Supreme Court case.
A committee formed by
Prosper ISD to assess the ap-
propriateness of “All Boys
Aren’t Blue” flip-flopped. At
first the group favored keeping
the book.
.
Friday, July 1, 2022 | A3
sponses to the Omicron vari-
ant in studies.
Pfizer Chief Executive Al-
bert Bourla said on Twitter
that the company’s vaccine
mRNA technology “enables us
to quickly update our vaccine
constructs as new strains be-
come more prominent, and we
are ready to immediately im-
plement this process.”
Kathrin Jansen, the com-
pany’s head of vaccine research,
said Tuesday during a meeting
of FDA advisers recommending
modification of Covid-19 shots,
that the company is prepared
to deliver updated shots by
early October. Dr. Jansen also
said Pfizer was in the process
of producing vaccines targeting
BA.4 and BA.5.
Moderna said in a Twitter
post it will develop a “biva-
lent” booster targeting BA.4
and BA.5 as well as the ances-
tral coronavirus strain, in ad-
dition to its bivalent shot tar-
geting the original Omicron
subvariant.
ANDY JACOBSOHN FOR THE WALL STREET JOURNAL (3)
But after a second meeting,
the committee deemed it “not
appropriate for the age or so-
cial and emotional develop-
ment of high school students,
nor does it align with Prosper
ISD’s community standards.”
Leah Mann, the district’s di-
rector of curriculum and in-
struction and the committee
member who called the second
meeting, said the book’s topic
wasn’t the issue. Rather, she
said in an interview, “All Boys
Aren’t Blue” has pages of sex-
ual content that aren’t devel-
opmentally appropriate.
Ultimately, the district re-
moved about two dozen books
because of vulgar or explicit
content, school officials said.
Several other books were
moved just out of elementary-
or middle-school libraries. In
late March, the district dis-
closed 22 of the removals on
its website, saying “adult con-
tent has no place in public
schools.”
Holly Draper, who has two
children in Prosper schools,
said she agreed with the dis-
trict’s decision last fall to jet-
tison the graphic novel “Gen-
der Queer” because of its
explicit images and said pas-
sages of some books chal-
lenged by the PAC made her
uncomfortable. But she said
she read several of the re-
moved titles and felt nearly all
the ones she read should have
stayed.
“What is abundantly clear
from the records is that Pros-
per ISD administration has
bowed down to political pres-
sure from the PAC,” she told
the school board in April.
On May 7, the PAC’s influ-
ence was tested again when
voters in the district chose
three seats on the seven-mem-
ber school board. The PAC had
endorsed candidates for each
spot on the ballot, promoting
them on social media and do-
nating to at least two.
But only one was victori-
ous: Garrett Linker, a financial
planner with three young chil-
dren. He said he supported
ridding shelves of sexually ex-
plicit books but opposed ban-
ning books because some peo-
ple dislike the topic.
“I regret how the issue has
exploded. I think it could have
been handled differently on
both sides,” he said. “I want to
try to help heal some of the
divisiveness in our commu-
nity.”

A4 | Friday, July 1, 2022
Jan. 6 Panel Focuses
On Former Counsel
Lawmakers subpoena
Pat Cipollone, who
witnesses say warned
of legal jeopardy
BY SCOTT PATTERSON
WASHINGTON—Testimony
before the House panel investi-
gating the Jan. 6, 2021, attack
on the Capitol by a pro-Trump
mob has repeatedly circled
back to a single person: Pat Ci-
pollone, the former White
House chief counsel.
While he has appeared be-
fore the committee informally,
he hasn’t testified under oath.
Mr. Cipollone has been men-
tioned in each of the six hear-
ings the select committee has
held so far, often multiple
times in central moments re-
vealed during the televised tes-
timony. Wednesday evening,
the committee said it issued a
subpoena to compel Mr. Cipol-
lone to testify.
Testimony from Mr. Cipol-
lone could represent the most
serious legal threat faced by
former President Donald
Trump over his urging of sup-
porters to storm the Capitol on
Jan. 6, 2021, to try to overturn
Biden Backs
Change to
Codify Roe
Continued from Page One
constitutional right to an abor-
tion. In the decision, a major-
ity of the court said there was
no provision in the Constitu-
tion that implicitly protected
the right to an abortion, re-
turning the issue to the states.
The president has been fac-
ing pressure from members of
his own party to deliver a more
forceful response to the ruling
and to lay out more executive
actions. Some Biden adminis-
tration officials said privately
earlier this week that they
didn’t think his response had
been aggressive enough. White
House aides have cautioned
that no policies from the execu-
tive branch can fill the void left
by the court’s decision, arguing
that Congress must take action.
Mr. Biden said he would
support changing the Senate
rules not only for abortion,
but also to protect the broader
right to privacy.
“It’s a serious, serious prob-
lem that the court has thrust
upon the United States, not
just in terms of the right to
choose, but in terms of the
right to who you can marry…a
whole range of issues related
to privacy,” he said.
In his opinion concurring
with the majority, which no
other justices joined, Justice
Clarence Thomas wrote that if
the legal underpinnings of Roe
v. Wade were wrong, then so
were the underpinnings of
Book Covers
Emphasize
The Beach
Continued from Page One
all manner of titles.
“Authors perhaps have a
darker element only to find that
our covers are enormously
beachy and sunshiny,” said
beach-read novelist Jane Green.
“Publishers think that a beachy
cover will pull in readers even
when it has little to do with the
story.”
Ms. Green had a working title
of “The Hemlock Sisters” for her
2017 novel about a dying
mother who calls her estranged
daughters back home to assist
in her suicide. It ended up with
the title “The Sunshine Sisters”
and features an aquamarine sea
on its cover.
Last summer’s hit “Malibu
Rising” by Taylor Jenkins Reid
has a cover of surfers shot from
above on a seductive blue
ocean, but its tale of sibling
bonds after a mother’s drown-
ing death is far from a Barbie
beach party. This year, “Vaca-
tionland” by Meg Mitchell
Moore uses a similar image—an
the 2020 election results and
keep him in power. The lawyer
who once was responsible for
keeping the White House out of
legal trouble could provide evi-
dence to support potential
criminal charges against Mr.
Trump for his role in the riot.
The Justice Department, which
is conducting a parallel probe,
hasn’t said whether Mr. Trump
is a target of that investigation.
Testimony so far has shown
Mr. Cipollone warning repeat-
edly of legal perils. If Mr.
Trump went to the Capitol on
Jan. 6, Mr. Cipollone said, the
White House would “get
charged with every crime imag-
inable if we make that move-
ment happen,” according to
testimony from Cassidy
Hutchinson, former aide to
White House chief of staff Mark
Meadows.
Mr. Meadows defied a sub-
poena from the committee to
testify and was found in con-
tempt of Congress, but the Jus-
tice Department declined to
bring charges.
In issuing its subpoena to
Mr. Cipollone, the committee
indicated it was interested in
hearing more about the con-
cerns he had raised about Mr.
Trump’s actions on Jan. 6 and
Mr. Biden said he would also support changing the Senate rules to protect the broader right to privacy.
Judge Set to Halt
Florida Abortion Ban
A Florida judge is set to is-
sue an order halting a ban on
abortions after 15 weeks of
pregnancy that is slated to
take effect July 1.
Leon County Circuit Court
Judge John Cooper said Thurs-
day that he will issue a tempo-
other rights not enumerated in
the Constitution that the court
recognized in recent decades.
They include the right of mar-
ried couples to use contracep-
tion, the right to same-sex ro-
mantic relationships and, in
2015, the right to same-sex
marriage. In the court’s major-
ity opinion, Justice Samuel Al-
ito took pains to distance him-
overhead view of an ocean just
begging the reader to jump in—
while the book explores the im-
pact of cancer and Alzheimer’s
disease on its characters.
“There’s a reason publishers
lean this way,” said Sarah
Gelman, editorial director of
Amazon Books. “Beach books
sell well when people who don’t
have time to read say, ‘This is
the one book I’m going to pack
when I go to the Jersey Shore.’ ”
Successful beach-read au-
thors know what readers are
looking for. “They want to hear
the scrape of a palmetto frond
against a screen door,” said
Mary Kay Andrews, author of
the new book “The Homewreck-
ers,” about a widow who stars
in a beach house renovation re-
ality show. “They want to see
those curtains blowing in the
summer breeze, and…hear the
waves lapping at the shore.”
Ms. Andrews mostly writes
in her Atlanta home with a
scented candle she said “smells
like waves” to get into a nautical
mood.
Others ponder how to put
“summer” in their book titles or
find new ways to describe sand.
Ms. Weiner pictures the
“splayed fingers of a clutching
hand” on a shrub-covered sand
dune, Nancy Thayer describes
an “elbow of sand” while Elin
Hilderbrand writes about a
P W L C 10 11 12
the days leading up to it.
The committee also said in a
letter that Mr. Cipollone had
information concerning Mr.
Trump’s “awareness and in-
volvement in activities under-
taken to subvert the outcome”
of the election.
Mr. Cipollone didn’t respond
to a request for comment on
whether he would comply with
the subpoena, and he is likely
to assert that certain interac-
tions with Mr. Trump are pro-
tected by privilege as White
House counsel. Mr. Trump has
denied wrongdoing related to
the riot.
At Mr. Cipollone’s informal
interview on April 13, the com-
mittee told him it reserved the
right to ask for additional on-
the-record testimony, according
to the letter. Since then, the
committee has received new
evidence “about which you are
uniquely positioned to tes-
tify … however, you have de-
clined to cooperate with us,”
the letter says.
Mr. Cipollone, a former part-
ner at the Washington, D.C.,
law firm Kirkland & Ellis LLP,
assumed leadership of the
counsel’s office after Democrats
took control of the House in
the 2018 midterm elections. He
rary injunction barring enforce-
ment of the law because it
violates the state constitution.
Florida’s constitution has a
right to privacy, added in 1980,
that has previously been inter-
preted to protect abortion rights.
Christina Pushaw, a spokes-
woman for Republican Gov. Ron
DeSantis, said the state will ap-
peal Judge Cooper’s decision. It
could eventually reach the Flor-
ida Supreme Court.
self from that position.
Sen. Mitch McConnell of
Kentucky, the chamber’s GOP
leader, and his fellow Republi-
cans oppose changing the fili-
buster rules for any legislation,
and Mr. McConnell has said he
wouldn’t change the rule if his
party takes control of the Sen-
ate again. Democrats tried most
recently to suspend the filibus-
“long arm of golden sand.”
“I’ll just be like, ‘I hope I ha-
ven’t said this before,’ ” said Ms.
Hilderbrand, a novelist who is
so associated with Nantucket,
Mass., she wrote sightings of
herself into her latest book,
“The Hotel Nantucket,” which
came out in June. (The “local
author” is spotted by the ferry
and at a bar.)
Sunny Hostin, the legal jour-
nalist-TV host who wrote the
2021 bestseller “Summer on the
Bluffs,” entered the beach-read
genre because she saw it lacking
diversity. She set her novel in
Oak Bluffs, Mass., a town on
Martha’s Vineyard with a his-
Publishers find novels with beachy covers are popular, no matter the subject. Above, some strong sellers.
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
Then-White House counsel Pat Cipollone waited for the start of a cabinet meeting in May 2020.
led the White House’s defense
in Mr. Trump’s first impeach-
ment hearing. Mr. Cipollone
wasn’t involved in Mr. Trump’s
defense in his second impeach-
ment over the Capitol riot.
Ms. Hutchinson’s testimony
about Mr. Cipollone’s concerns
about the White House’s legal
jeopardy highlighted potential
dangers Mr. Trump and his al-
lies could face from federal and
state investigations.
Witnesses have said Mr. Ci-
pollone was present at many
significant moments in the
White House as Mr. Trump
sought to cast doubt on the
election. Amid mounting signs
Mr. Trump and his allies might
be considering moves that Mr.
Florida Democrats said
they viewed the 15-week ban
as a launchpad for tighter re-
strictions in the future.
Currently, Florida allows
abortions up to 24 weeks of
pregnancy, making it a destina-
tion for patients from other
southern states with more re-
strictions and less access, ac-
cording to advocates.
—Cameron McWhirter
and Jennifer Calfas
ter to pass voting-access legis-
lation, which failed when Mr.
Manchin and Ms. Sinema joined
Republicans in opposition.
But Mr. McConnell has pre-
viously warned Democrats that
if they do lift the filibuster,
which he said would silence the
voices of the millions of people
represented by GOP senators,
“We will make their voices
tory as a summer escape for
wealthy Black families.
“I think a lot of people un-
derestimated this book,” Ms.
Hostin said of the first novel in
her beach-set trilogy. “I knew
there was an audience.”
Beach-read writers make ef-
forts to not tread on other au-
thors’ turf. A swath of North
Carolina’s Outer Banks often ap-
pears in Kristy Woodson Har-
vey’s books. Isle of Palms, S.C.,
is author Mary Alice Monroe’s
territory. Spots on the Georgia
coast belong to Ms. Andrews.
In August, Amanda Jayatissa
will release “You’re Invited,” a
novel with a plot that unfolds
PENGUIN RANDOM HOUSE
7 8 9 O I X X ** THE WALL STREET JOURNAL.
Cipollone thought were illegal,
he threatened to resign, ac-
cording to witness testimony.
In the committee’s first
hearing, on June 9, Republican
Rep. Liz Cheney of Wyoming
aired video in which she asked
Mr. Trump’s son-in-law, Jared
Kushner, if he was aware that
Mr. Cipollone had threatened to
resign. “Him and his team were
always saying, ‘Oh, we’re going
to resign,’ ” Mr. Kushner re-
plied. “So I kind of took it up to
just be whining.”
In the second hearing, for-
mer Attorney General William
Barr said Mr. Cipollone joined
him on Dec. 1, 2020, in the
Oval Office when Mr. Trump
expressed outrage that Mr.
heard in this chamber in ways
that are more inconvenient for
the majority and this White
House than what anybody has
seen in living memory,” he said.
Some moderate Democrats
have cautioned that a change
in filibuster rules would open
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
the door to Republicans trying
to enact nationwide abortion
restrictions, or pass other leg-
islation Democrats oppose,
with 51 votes if they take con-
trol of the chamber.
Senate Majority Whip Dick
Durbin (D., Ill.), who has sup-
ported altering the filibuster,
sounded skeptical such a
change would happen now.
“The notion of changing the
rules, it is really at the mercy
of one or two senators who
can make that decision for us,”
he said Thursday. “That
doesn’t create the kind of en-
vironment…for massive insti-
tutional change. This is not
the political environment to be
looking for that.”
At the news conference, Mr.
Biden said the court ruling
had been “destabilizing,” criti-
cizing “the outrageous behav-
ior of the Supreme Court of
the United States, in overrul-
ing not only Roe v. Wade but
essentially challenging the
right to privacy.”
“We have been a leader in
the world in terms of personal
rights and privacy rights and
it is a mistake, in my view, for
the Supreme Court to do what
it did,” he said.
Earlier this week, House
Speaker Nancy Pelosi (D., Ca-
lif.) said Democrats were ex-
ploring whether to hold an-
other vote on an existing
abortion bill, which stalled in
the Senate after all Republi-
cans and Mr. Manchin opposed
it. Mr. Manchin and several
along the tropical beaches of Sri
Lanka. The water helped un-
leash one character’s emotions.
“I had her wade into the ocean
and submerge herself com-
pletely and scream,” she said.
“It was cathartic.”
In Chanel Cleeton’s “Our Last
Days in Barcelona,” set in Spain
and Cuba, the sea is both a nar-
rative device and a metaphor.
“Does an ocean drown a sea of
marital troubles?” the heroine
Alicia wonders after crossing
the Atlantic. “I can only hope
so.”
Ms. Hilderbrand has an-
nounced her plans to retire in
2024, partly due to the grind of
HARPERCOLLINS
ATRIA BOOKS
.
ALEX WONG/GETTY IMAGES
Barr had told the Associated
Press that he didn’t think
there was widespread fraud in
the election.
According to previous testi-
mony, Mr. Cipollone was also a
witness to Mr. Trump’s cam-
paign to pressure top officials
in the Justice Department, in-
cluding Acting Attorney Gen-
eral Jeffrey Rosen, to make
false public allegations that
fraud had altered the outcome
of the election. He was in the
Oval Office the night of Jan. 3,
2021, when Mr. Trump was
proposing to replace Mr. Rosen
with a Justice Department offi-
cial, Jeffrey Clark, who was
promising to follow through
with the fraud allegations.
moderate Republicans said
they could support alternative
legislation but rejected the bill
because it would have voided
some state bans that were al-
lowed under previous high
court rulings, and contained
what critics saw as wording
that would make it too easy to
obtain a late-term abortion.
Mrs. Pelosi also backed do-
ing away with the filibuster,
while acknowledging the Sen-
ate doesn’t currently have the
votes to take such a step.
Not all Democrats in
the 50-50 Senate
are on board with
altering the rules.
She said the party was look-
ing into measures to protect
personal data stored in health
apps used to track menstrual
cycles. She said the House could
also pursue legislation ensuring
people have the right to travel
freely—essentially heading off
any state attempts to criminal-
ize travel for the purpose of
getting an abortion. She also
said the House could pursue
measures to codify the legality
of same-sex marriage and ac-
cess to contraception.
The Biden administration
has been considering a num-
ber of steps that it could take
in response to the ruling. Mr.
Biden said he would meet Fri-
day with a group of Demo-
cratic governors to discuss the
ruling and options the federal
government could take.
—Natalie Andrews
and Teresa Mettela
contributed to this article.
producing a new beach read ev-
ery year. “It’s one of the reasons
I’m hanging up my towel,” she
said. By her retirement, she will
have written 30 novels, 27
based on Nantucket, where she
lives.
Book critics and fans have
called her the “Queen of the
Beach Read” because she was
among the first contemporary
authors to concentrate on these
escape-style books marketed
specifically for summer, and she
is one of the genre’s top-selling
authors.
She writes longhand while
sitting on the beach. People in
town sometimes think they’ve
inspired one of her characters,
though she likes to say no one
ever recognizes themselves
when they’re the villain.
Her books have popularized
the sky-blue covers that are now
ubiquitous on beach reads. Even
she can’t quit them. Last year,
her novel “Golden Girl” arrived
with brackish hues on its jacket.
“It’s brown,” she recalls say-
ing with dismay when she saw
the finished product. Ms. Hilder-
brand said sales were slower
than usual. “There probably was
a time when I said to somebody,
‘I don’t want another blue
cover…I’m so sick of it.’ ”
The book came out in paper-
back this year, its new jacket
covered in blue skies.
 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | A5

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A6 | Friday, July 1, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS

‘Remain in Mexico’ Allowed to End High Court

Will Hear
High court finds Biden
administration can
cancel a Trump policy
Election-
on asylum seekers Law Case
BY JESS BRAVIN BY ALEXA CORSE

WASHINGTON—The Su- WASHINGTON—The Su-

preme Court ruled 5-4 that preme Court agreed to con-
the Biden administration sider a major election-law case
could cancel the Trump-era that will examine whether
“Remain in Mexico” program, state lawmakers have the au-
which required authorities ei- thority to adopt voting rules
ther to jail asylum applicants for federal elections without
from Central America or deny oversight by state courts.
them U.S. entry until their The court, in a brief written
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

cases are resolved. order, said it would hear an

The court found the Biden appeal next term from Repub-
administration acted within lican state lawmakers in North
its discretion by ending the Carolina who are seeking to
program, overturning lower- reinstate a voting map drawn
court rulings that required the by the GOP-controlled state
Department of Homeland Se- legislature that was expected
curity to enforce the policy, to give Republicans 10 safe
which President Biden cam- seats out of 14 total seats.
paigned on ending. The North Carolina Su-
Writing for the court, Chief preme Court struck down the
Justice John Roberts noted map, ruling it violated provi-
that Congress hasn’t provided sions in the state constitution
sufficient funding to detain guaranteeing free elections
the vast numbers of migrants and equal protection.
seeking asylum. At the same Families were living in a Tijuana, Mexico, shelter in April as border restrictions blocked admission to the U.S. The state’s Republicans ar-
time, the U.S. can’t unilater- gue that North Carolina’s judi-
ally expel to Mexico the citi- including the Fifth U.S. Circuit lieved the question could re- detain all inadmissible mi- land Security said it was mov- ciary is improperly interfering
zens of Central American Court of Appeals, in New Or- duce the response rate in im- grants encountered at the bor- ing ahead to end Remain in with their authority, assigned
countries covered by the pol- leans, found several reasons migrant-heavy communities or der.” But rather than return Mexico. The program “has en- under the U.S. Constitution, to
icy. to keep it in place. provide redistricting data that them “to Mexico while they demic flaws, imposes unjusti- determine “the times, places
The lower court “imposed a Among other arguments, would boost prospects for await proceedings in this fiable human costs, and pulls and manner” of congressional
significant burden upon the the states contended that the white and Republican politi- country, DHS has concluded resources and personnel away elections.
Executive’s ability to conduct Biden administration failed to cians. that it may forgo that option from other priority efforts to Critics say the GOP argu-
diplomatic relations with follow required administrative While there were indica- altogether and instead simply secure our border,” it said. ment would embolden state
Mexico,” the chief justice procedures in changing the tions of “bad faith or im- release into this country un- “The Department also contin- legislatures to disregard vot-
wrote, joined by Justices Ste- policy, and for authority cited proper behavior” by the told numbers of aliens” whose ues to enforce our immigra- ing-rights protections outlined
phen Breyer, Sonia Sotomayor, the Supreme Court’s 2019 de- Trump administration’s ac- asylum applications likely will tion laws at the border and in state constitutions. They
Elena Kagan, and Brett Ka- cision rejecting a Trump ad- tions on the census, “nothing be denied, he wrote. administer consequences for say the theory would give
vanaugh. It forced the govern- ministration plan to require in this record suggests a ‘sig- Justices Clarence Thomas those who enter unlawfully.” state lawmakers more power
ment “to the bargaining table that census forms ask whether nificant mismatch between and Neil Gorsuch joined the The Biden administration over not only redistricting, but
with Mexico, over a policy respondents had U.S. citizen- the decision the Secretary Alito dissent. Justice Amy Co- argued that the public benefit also other voting issues such
that both countries wish to ship. made and the rationale he ney Barrett, joined by the of releasing some migrants as voter-identification require-
terminate,” and asserted au- Justice Roberts, who also provided’ ” for terminating other three, filed a separate was preserving beds in immi- ments and voting by mail.
thority “to supervise its con- wrote the 2019 decision, said “Remain in Mexico,” the chief dissent raising procedural ob- gration lockups for nonciti- The Supreme Court likely
tinuing negotiations with the comparison was inapt. In justice wrote. jections to hearing the case. zens considered a particular will hear oral arguments on
Mexico to ensure that they are the census case, there was ev- The principal dissent, by “The administration security risk, such as those the case near the end of the
conducted ‘in good faith.’” idence that the Trump admin- Justice Samuel Alito, began by dragged its feet and refused to with criminal records. year, with a decision expected
Congress couldn’t have in- istration misrepresented its noting the situation at the implement this effective pro- Remain in Mexico drew im- by June 2023.
tended to hand a federal judge true reasons for seeking to southern border. gram in good faith, allowing mediate controversy when an- The issue comes on the
such power over U.S. foreign collect citizenship data. The “In fiscal year 2021, the hundreds of thousands of ille- nounced but was largely side- heels of the 2020 presidential
policy, the court concluded. Commerce Department Border Patrol reported more gals to pour over the border lined during the coronavirus election, when many Republi-
Texas and Missouri, both claimed it needed the data to than 1.7 million encounters month after month,” said pandemic. The Trump admin- can lawmakers said state offi-
Republican-led states, sued to help protect minorities from with aliens along the Mexican Texas Attorney General Ken istration relied on other au- cials and judges overreached
stop the administration from discrimination under the Vot- border,” he wrote. Paxton, a Republican. “Today’s thorities to deny admission to by approving changes to elec-
ending the policy, known for- ing Rights Act of 1965. Other Due to those high numbers, decision makes the border cri- migrants, particularly public- tion rules to expand voting op-
mally as the Migrant Protec- evidence, however, suggested Justice Alito wrote, the gov- sis worse.” health orders under a provi- tions in light of the coronavi-
tion Protocols. Lower courts, administration officials be- ernment lacks “the capacity to The Department of Home- sion known as Title 42. rus pandemic.
In the North Carolina case,
Republican state lawmakers

Jackson Sworn In
pointed to the Elections
Clause in the U.S. Constitu-
tion, which says: “The times,
places and manner of holding

To Succeed Breyer elections for senators and rep-

resentatives, shall be pre-
scribed in each state by the
legislature thereof.”
BY JESS BRAVIN After the ceremony, the In their appeal to the Su-
court released statements from preme Court, the Republican
WASHINGTON—Ketanji Justice Jackson, 51 years old, lawmakers argued the clause
Brown Jackson became the and Justice Breyer, a 1994 Clin- “does not give the state courts,
116th associate justice of the ton appointee whose retire- or any other organ of state
U.S. Supreme Court on Thurs- ment took effect at noon government, the power to sec-
day, after Chief Justice John Thursday. ond-guess the legislature’s de-
Roberts and the jurist she suc- Justices Clarence Thomas, terminations.” That theory is
FRED SCHILLING/U.S. SUPREME COURT/ASSOCIATED PRESS

ceeds, Stephen Breyer, admin- Samuel Alito, Sonia Sotomayor, often called the independent
istered oaths of office shortly Elena Kagan, Brett Kavanaugh state legislature doctrine.
after noon. and Amy Coney Barrett at- In response, Democratic vot-
The brief ceremony was tended, along with retired Jus- ers and advocacy groups ar-
live-streamed from a Supreme tice Anthony Kennedy, the gued that the Republicans’ in-
Court conference room. While court said. terpretation of the Elections
a formal investiture will take Justice Jackson thanked her Clause would upend the U.S.
place in the fall, the chief jus- new colleagues for their wel- election system and give state
tice said Thursday’s swearing- come, citing especially the legislatures free rein to set
in allows Justice Jackson, the chief justice and her predeces- rules for federal elections with-
first Black female justice in the sor, whom she served as a law out heeding state constitutions.
court’s history, immediately “to clerk in the 1999-2000 term. The Supreme Court had an
undertake her duties, and she’s “Justice Breyer has been a early look at the North Caro-
been anxious to get to them personal friend and mentor of lina case in February, when
without any further delay.” mine for the past two decades, Republicans filed an emer-
Justice Jackson’s husband, in addition to being part of to- Justice Ketanji Brown Jackson posed with the retiring Stephen Breyer at the Supreme Court. gency request seeking to have
Patrick Jackson, held two Bibles day’s official act,” Justice Jack- their map restored.
as she took the oaths, the court son said in remarks released well-positioned to serve the Court,” he said. “I am glad for better for the American people, The court denied that re-
said: a family Bible and the Har- by the court after her swear- American people.” my fellow Justices. They gain a whom it serves.” quest, though three conserva-
lan Bible, donated by Justice ing-in. “In the wake of his ex- Justice Breyer, 83, returned colleague who is empathetic, The court will resume hear- tive justices dissented and a
John Marshall Harlan, who dis- emplary service, with the sup- the compliment. “I am glad to- thoughtful, and collegial. I am ing arguments, with the bench fourth, Justice Brett Ka-
sented in 1896 from the notori- port of my family and friends, day for Ketanji. Her hard work, glad for America. Ketanji will rearranged in seniority order vanaugh, indicated he was
ous decision upholding racial and ever mindful of the duty to integrity, and intelligence have interpret the law wisely and to add Justice Jackson, on open to considering the issue
segregation, Plessy v. Ferguson. promote the Rule of Law, I am earned her a place on this fairly, helping that law to work Oct. 3. more fully in the future.

Justices islation to advance their policy

agendas, Mr. Hans said. “Now
it’s going to be much harder for
validate regulatory actions they
think amount to new national
policies that should be deter-
them, while giving businesses
and others a wide, new lane to
challenge them.
topic odd for oversight from a
financial regulator, he said.
For half a century, the Clean
ministration, the court ruled
that greenhouse gases were
subject to regulation as pollut-

Curb EPA those agency rules to survive

judicial scrutiny,” he added.
The EPA ruling is similar to
mined by legislators.
“This Court has established
at least one firm rule: ‘We ex-
“I would tend to expect that
any kind of regulatory initiative
that anybody has a stake in op-
Air Act has directed the EPA to
regulate stationary sources of
air pollution that endanger
ants under the Clean Air Act.
“Today, the Court strips the
Environmental Protection

On Climate the court’s decision on the Biden

administration’s vaccine-or-test-
ing mandate for large employers
pect Congress to speak clearly’
if it wishes to assign to an ex-
ecutive agency decisions ‘of
posing is going to be character-
ized as a major question,” Mr.
Nelson said.
“public health or welfare.” The
Obama-era Clean Power Plan,
which never went into effect be-
Agency (EPA) of the power
Congress gave it to respond to
‘the most pressing environmen-
navigating the Covid-19 pan- vast economic and political sig- cause it was blocked by the Su- tal challenge of our time,’” she
Continued from Page One demic. In that January ruling, nificance,’ ” Justice Gorsuch preme Court in an earlier case, wrote, citing the 2007 opinion.
The principle articulated by the justices said the Occupational wrote in January. extended that regulatory reach “The Court appoints itself—
the court, known as the “major Safety and Health Administra- The National Mining Associ-
Court conservatives beyond the physical premises of instead of Congress or the ex-
questions doctrine,” was men- tion had exceeded its authority. ation, which was part of West have increasingly a power plant to allow off-site pert agency—the decision
tioned in earlier cases but is “Although Congress has in- Virginia’s coalition, said the bat- methods to mitigate pollution. maker on climate policy,” she
being recognized more explic- disputably given OSHA the tle was over federal authority.
come to invalidate The Trump administration wrote in her dissent, joined by
itly now, said Gautam Hans, a power to regulate occupational “While many would have liked regulatory actions. implemented in 2019 a replace- Justices Stephen Breyer and
law professor at Vanderbilt dangers, it has not given that to label this as a case about cli- ment rule that was more Sonia Sotomayor.
University. agency the power to regulate mate, it is not; it is a case about friendly to the coal industry. The decision is a warning to
“The court has now really public health more broadly,” the authority of government But on the last day of Donald agencies that they should be
explicitly relied on this doctrine the majority said in an un- agencies and the economic im- Most immediately, oppo- Trump’s presidency, a federal wary of interpreting old laws to
to limit the EPA’s authority, and signed opinion. pacts to the states and all nents are likely to bring up the appeals court in the District of give them broad new powers,
other regulatory agencies are In both cases, Chief Justice Americans when that authority issue in litigation against vac- Columbia struck down the re- said Jonathan Adler, a professor
going to be more cautious now Roberts found support from the is abused,” the group said. cine mandates for federal em- placement rule. at Case Western Reserve Univer-
that they have to navigate this,” other five conservatives: Justices Scott Nelson, an attorney ployees, he said. An SEC pro- In dissent, Justice Elena Ka- sity School of Law. “Finding dor-
Mr. Hans said. Clarence Thomas, Samuel Alito, with Public Citizen, a nonprofit posal for climate-risk and gan wrote that the Obama-era mant regulatory authority in pre-
In the face of congressional Neil Gorsuch, Brett Kavanaugh consumer-advocacy group, said emissions disclosures is an- EPA had exercised broad au- existing statutes is something
opposition, Mr. Biden and his and Amy Coney Barrett. the ruling would hurt consum- other initiative that might be thority given to it by Congress. the court disfavors,” he said.
Democratic predecessors have The court’s conservatives ers by undercutting federal legally vulnerable because some In 2007, rejecting arguments —Katy Stech Ferek
used regulation instead of leg- have increasingly come to in- agencies’ attempts to protect justices might consider the from the George W. Bush ad- contributed to this article.
 .

THE WALL STREET JOURNAL. * * * * Friday, July 1, 2022 | A7

U.S. NEWS

Conservative Decisions Drive Court Term

BY JESS BRAVIN
Key Rulings This Session
WASHINGTON—The Su-
preme Court’s term, which
ended Thursday, marked a ABORTION IMMIGRATION
turning point in the high Dobbs v. Jackson Women’s Biden v. Texas
court’s history. Health Organization Decision: 5-4
A solid conservative major- Decision: 5-4 on overruling The Supreme Court
ity issued several consequen- Roe v. Wade; 6-3 on Missis- ruled that the Biden admin-
tial rulings that reflected their sippi’s abortion law istration could cancel the
originalist views of the Consti- The Supreme Court Trump-era “Remain in Mex-
tution on matters that ranged eliminated the constitu- ico” program, which re-
from overturning the landmark tional right to an abortion, quired authorities either to
Roe v. Wade abortion ruling to overruling the 1973 Roe v. jail asylum applicants from
expanding religious rights in Wade decision and leaving Central America or deny
public education and enlarging the question of abortion’s them U.S. entry until their
the scope of the Second legality to the states. The cases are resolved.
Amendment. court’s June 24 decision
On its last day of the term, also upheld a law from Mis- Arizona v. City and County
the court ruled that the Envi- sissippi that bans abortion of San Francisco
ronmental Protection Agency after 15 weeks of preg- Dismissed
overreached in regulating nancy. Chief Justice John The court on June 15
greenhouse-gas emissions Roberts, in a concurring dismissed a case regarding
from power plants, in a deci- opinion, agreed that the the effort by Republican-led
WIN MCNAMEE/PRESS POOL

sion that could limit the au- Mississippi law should states to reinstate a
thority of government agencies stand but didn’t support re- Trump-era regulation penal-
to address major policy ques- scinding the right to an izing lawful immigrants for
tions without more explicit abortion altogether. using welfare benefits, de-
congressional authorization. ciding after the case was
The court is also poised for GUN RIGHTS argued that it should never
a generational change. Justice New York State Rifle have agreed to hear it in
Stephen Breyer, 83 years old, Chief Justice John Roberts with some of his colleagues at this year’s State of the Union address. & Pistol Association Inc. the first place.
retired at noon Thursday and v. Bruen
immediately swore in his suc- Percentage of respondents who said they had a great deal or states that sued to force the Decision: 6-3 NATIVE RIGHTS
cessor, Ketanji Brown Jackson, quite a lot of confidence in the U.S. Supreme Court policy’s reinstatement. The court on June 23 Oklahoma v. Castro-Huerta
a federal judge who once As usual, the justices found struck down New York Decision: 5-4
clerked for him. Justice Jack- 60% consensus on many cases, typi- state’s system for issuing The court ruled on June
son, President Biden’s first ap- cally those involving technical concealed-weapons per- 29 that Oklahoma can pros-
pointee, becomes the first 50 clarifications of the law, and at mits, ruling that the cen- ecute non-Native Americans
Black woman elevated to the times scrambled ideological tury-old law requiring that in Indian country, clawing
high court. 40 stereotypes. applicants demonstrate back part of its 2020 deci-
At 51, Justice Jackson all Republicans On Wednesday, for instance, “proper cause” and “good sion recognizing nearly half
but completes the court’s gen- 39% (2022) Justice Breyer wrote the ma- moral character” violates of the state as a reservation.
erational turnover. The only 30
Independents jority opinion holding that the Second Amendment. The majority opinion by Jus-
justice remaining who was on 25% Congress’s power to raise The decision marks the tice Brett Kavanaugh took a
the Supreme Court in the 20th 20 Overall 25% armies meant that Texas could widest expansion of gun limited view of the sover-
century is Clarence Thomas, be held liable for failing to ac- rights since 2010, when the eignty the tribes retain in
74, appointed in 1991 by Presi- 10 Democrats commodate a state trooper court applied nationwide a 21st-century America.
dent George H.W. Bush. Justice 13% who returned with a disability 2008 ruling establishing an
Samuel Alito, 72, is the second from Army Reserve service in individual right of armed CAMPAIGN FINANCING
0
oldest and was nominated in Iraq. Justice Roberts and Jus- self-defense within the Federal Election Commis-
2005. The other justices all are 2012 ’14 ’16 ’18 ’20 ’22 tice Kavanaugh joined the lib- home. sion v. Ted Cruz for Senate
in their 50s or 60s, suggesting Source: Gallup polls most recent of which is of 1,015 U.S. adults conducted June 1-20 with a margin erals in the majority to uphold Decision: 6-3
that most could serve into the of error of +/–4 percentage points a federal law protecting mili- ENVIRONMENTAL On May 16, the court’s
2040s or beyond. tary reservists’ jobs; the other RULE MAKING conservatives issued a 6-3
The court made several de- most members of today’s con- would uphold a Mississippi three conservatives joined Jus- West Virginia v. decision siding with Sen. Ted
cisions that changed long- servative majority—while they ban on abortion after 15 weeks tice Thomas’s dissent, which Environmental Cruz (R., Texas) by striking
standing precedent, particu- differed on the outcome of of pregnancy, the immediate argued that allowing the sol- Protection Agency down a federal campaign-fi-
larly by ending the some cases—was their eager- issue before the court. That dier to sue Texas for a suitable Decision: 6-3 nance regulation limiting
constitutional right to abortion ness to correct what they saw partial reversal of Roe “would job was “offensive to the The court issued a deci- politicians from repaying
that it recognized in the 1973 as errors by their predecessors. be markedly less unsettling, States’ dignity.” sion limiting the power of loans to themselves above
Roe decision. Its actions this Justices Thomas and Alito were and nothing more is needed to Roughly a quarter of the de- regulatory agencies within $250,000 from donations
session also disavowed a rule joined by the court’s three decide this case,” he wrote. cisions were unanimous, below the federal government, received after Election Day.
in place since 1971 against gov- Trump appointees—Justices Both the majority deter- the average of 33% since 1946. saying the Environmental
ernment actions that suggest Neil Gorsuch, Brett Kavanaugh mined to overrule Roe and the The sweep of the term’s Protection Agency over- BUSINESS LAW
an endorsement of religion. On and Amy Coney Barrett—in three liberal dissenters com- rulings was widely lauded by stepped its authority in Southwest Airlines Co.
a shorter time scale, the court promoting originalism, or ap- mitted to the precedent “a re- conservatives. “For the first 2015 when it tried to limit v. Saxon
threw out several public-health plying constitutional provisions lentless freedom from doubt time in perhaps 80 years, we greenhouse-gas emissions Decision: 8–0 (Justice Amy
orders the Biden administra- according to their understand- on the legal issue that I cannot have a court whose ideal is to from power plants, known Coney Barrett didn’t par-
tion issued to combat the ing of the text’s original public share,” he wrote. try to follow the original as the Clean Power Plan. ticipate.)
spread of Covid-19 and pared meaning when adopted, Other decisions united the meaning of the Constitution,” The court ruled unani-
back a watershed decision, whether 1791 for the Bill of chief justice and his fellow said Mr. McGinnis, who CHURCH AND STATE mously on June 6 that air-
reached only two years ago, Rights, or 1868 when the 14th conservatives; he joined both worked in the Justice Depart- Kennedy v. Bremerton line baggage handlers can’t
recognizing Native American Amendment placed restraints rulings extending religion’s ment during previous Republi- School District be compelled to resolve em-
sovereignty. on state government. reach into public education can administrations. Decision: 6-3 ployment disputes through
The impacts of the deci- “That creates tensions with and the landmark opinion by The Dobbs decision and Siding with a football individual private arbitra-
sions are already rippling out a variety of non-originalist Justice Thomas striking down other rulings prompted criti- coach who knelt in prayer tion, bucking a trend of re-
through society. Almost half of precedents,” Mr. McGinnis New York state’s 110-year-old cism from Democrats that the at the 50-yard line, the cent decisions making it
the states have introduced or said, “and that’s the question court had lost step with the court ruled 6-3 on June 27 easier for employers to
will introduce laws severely re- going forward: How will that mainstream of American soci- that a school district can’t avoid class-action lawsuits
stricting or banning abortion tension be resolved?” ety and had seen its legiti- bar him from publicly exer- brought by workers.
after the overturning of Roe The court’s wholesale re-
The high court made macy—defined as the confi- cising his faith on the field
sent the issue back to state versal of abortion rights re- several decisions that dence the losing side retains in after the game, continuing ELECTION LAW
legislatures to decide. States flected a challenge to Chief the judicial branch’s fairness a line of decisions lowering Berger v. North Carolina
including New York, California Justice John Roberts’s institu-
changed longstanding and integrity—diminished. the wall between church State Conference of the
and Massachusetts no longer tional agenda, which is to pro- precedent. Some justices in the major- and state. NAACP
can require that individuals tect the court’s reputation as a ity may “pick their spots” hav- Decision: 8-1
provide a reason to obtain a judicial rather than political ing overturned Roe v. Wade, Carson v. Makin The court on June 23
concealed-weapons permit. body by acting through incre- said Vikram Amar, dean of the Decision: 6-3 said top Republican legisla-
And states must pay tuition at mental steps. concealed-weapons law as in- University of Illinois College of The court ruled on June tors in North Carolina can
religious schools if they subsi- How far to go—and how sufficiently grounded in Amer- Law. It is possible the court 21 that religious schools step in and advocate for a
dize private nonsectarian edu- fast—at times separated the ican history and tradition. could move more slowly in can’t be excluded from a voter-identification law they
cation in areas that lack public chief justice from the five The chief justice bolstered other areas, “for fear that if Maine program that pays believe the state’s attorney
schools. Within public schools, other conservatives. Last Fri- his reputation for nonpartisan- they’re too aggressive, there private-school tuition for general, a Democrat, isn’t
employees won more leeway to day’s decision on abortion ship on the term’s final day, could be repercussions,” he students in areas that lack adequately defending in
engage in religious devotions, rights put the difference in when he wrote majority opin- said. public schools. court.
after the court ruled a high- stark relief. “Roe and Casey ions in two cases involving the One of next term’s marquee
school football coach was enti- must be overruled,” Justice Biden administration, curbing cases will likely be the Su-
tled to pray at the 50-yard line Alito wrote for five in Dobbs, the EPA’s power to advance preme Court’s consideration of
after games, despite objections referring as well to a 1992 the president’s climate agenda whether state lawmakers have
that his players might feel case that reaffirmed Roe’s ba- but upholding the White the authority to adopt voting
pressured to join in. sic holding. “That is what the House’s decision to cancel the rules for federal elections
AL DRAGO/BLOOMBERG NEWS

“We’ve had the most impor- Constitution and the rule of Trump-era Remain in Mexico without oversight by state
tant term of my entire aca- law demand.” program that barred Central courts.
demic career,” said Northwest- Overruling “Roe and Casey American asylum applicants Another involves a chal-
ern University law professor is a serious jolt to the legal from entering the U.S. while lenge to affirmative action in
John McGinnis, who has been system—regardless of how you their cases were processed. college admissions, a practice
teaching for more than three view those cases,” Justice Rob- Justice Kavanaugh joined the the court approved in 1978 and
decades. “It really showed the erts wrote in a separate opin- chief in both cases, but the repeatedly has been upheld.
pivot.” ion. He called for “a more mea- four other conservatives sided —Brent Kendall Decisions came on a number of hot-button issues in June.
A common characteristic of sured course” that merely with Republican-controlled contributed to this article.

U.S. WATCH
ECONOMY
Jobless Claims Fall
In Still-Tight Market
New applications for unem-
ployment benefits inched down
last week, a sign the labor market
remains tight as the broader
economy shows signs of slowing.
Initial jobless claims, a proxy
for layoffs, fell to a seasonally
adjusted 231,000 last week from
ANNA MONEYMAKER/GETTY IMAGES
WASHINGTON
Sen. Leahy Breaks
His Hip, Has Surgery
Sen. Patrick Leahy (D., Vt.),
the longest-serving lawmaker in
the Senate, was recovering at a
Washington-area hospital after
hip-replacement surgery, his of-
fice said.
Mr. Leahy, 82 years old, broke
his hip in a fall Wednesday night
TEXAS
Four Migrants Killed
In Highway Crash
Four migrants died Thursday
and three other people were in-
jured in a highway crash in Texas
that authorities described as an-
other human smuggling attempt.
The crash happened in Encinal,
a small town where a tractor-
trailer carrying migrants passed

a revised 233,000 the week be-
fore, the Labor Department said.
AnnElizabeth Konkel, economist
at jobs site Indeed, said the labor
market and employer demand for
workers remain strong. “Our job
postings, they’ve been cooling a bit
since their prepandemic baseline
but in no way are taking any sort
SEA CHANGE: Upperclassmen observed Navy plebes on Induction Day at the U.S. Naval Academy in of plunge,” she said.
Annapolis, Md., on Thursday as the incoming civilians began their transition to fourth class midshipmen. —Rina Torchinsky
at his house in McLean, Va. He
was scheduled to have his hip re-
paired in an operation Thursday,
but doctors chose to do a hip re-
placement instead, his office said.
An extended absence would
leave Democrats short of a major-
ity in the 50-50 Senate. A spokes-
man said that he hadn’t yet heard
when Mr. Leahy could return.
—Siobhan Hughes
through Monday before ending up
in San Antonio, where authorities
found more than 50 people dead.
On Thursday, a Jeep carrying
seven people was being pursued
by Border Patrol agents when it
crashed into the back of a tractor-
trailer on the interstate, said Lt.
Chris Olivarez with the Texas De-
partment of Public Safety.
—Associated Press
 .

A8 | Friday, July 1, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS
U.S. Bolsters Support for Ukraine OPEC,
Allies
At summits, leaders
strengthen ties and
commitment to fend
Struggle
off Kremlin aggression To Raise
At the end of six days of in-
ternational summitry, President
Biden pledged to support
Output
Ukraine for “as long as it BY SUMMER SAID
takes,” as Russia’s war drags on AND BENOIT FAUCON
and Western countries pour bil-
lions of dollars in arms and hu- OPEC and its allies agreed
manitarian aid into the conflict. to boost oil production on
Thursday, endorsing a plan
By Yuliya Chernova, they announced in June that
Ann M. Simmons, has done little to alleviate
Stephen Kalin concerns about supply ahead
UKRAINE OPERATIONAL COMMAND SOUTH/REUTERS

and Alex Leary of President Biden’s visit to

Saudi Arabia in July.
Speaking Thursday at the In their fifth meeting since
conclusion of the North Atlan- Russia invaded Ukraine, which
tic Treaty Organization’s gath- sent oil prices above $100 a
ering in Madrid, Mr. Biden barrel for the first time in
pledged the war wouldn’t end eight years, the Saudi-led Or-
with a Ukrainian defeat. ganization of the Petroleum
“This summit was about Exporting Countries and a co-
strengthening our alliances, alition of Moscow-led produc-
meeting the challenges of our ers agreed to raise their col-
world as it is today and the lective production by 648,000
threats we’re going to face in barrels a day, delegates said.
the future,” said Mr. Biden. Russian forces withdrew from Snake island, a Ukrainian island on the Black Sea that has become a symbol of Ukraine’s resistance. The increase in production
Wealthy democracies allied levels for August match what
with Ukraine, in two successive nomic tools to punish Moscow, trol over the island allowed port of Ukrainian grain, follow- “Nothing has changed,” he the broader alliance, called
summits, pledged collectively which has kept its economy Russia to monitor shipments ing the wishes of the United told reporters during a foreign OPEC+, agreed on for July. Be-
to bolster Europe’s defenses afloat with oil and gas exports. from Ukrainian ports. Nations, and that it is now up trip late Wednesday, noting fore this, OPEC+ rolled out
against Russian aggression and Meanwhile, Russia on The island has become part to Ukraine to clear mines and that the ultimate goal remains monthly increases of 432,000
further increase economic Thursday said its forces with- of Ukrainian lore since the allow the safe passage of cargo what he described as the “liber- barrels a day that the alliance
pressure on Moscow. drew from a strategically im- first day of Russia’s invasion ships in the Black Sea. ation” of Ukraine’s eastern Don- agreed to last year as part of a
The U.S. committed to its portant Ukrainian island on in February, when the Moskva Kyiv has blamed Russia, bas region, the protection of its plan to raise output to prepan-
biggest military expansion in the Black Sea, and President flagship approached Snake Is- which controls all of Ukraine’s people and “the creation of con- demic levels. It had rebuffed
Europe since the Cold War at Vladimir Putin said he land and demanded Ukrainian major Black Sea ports apart ditions that would guarantee repeated calls from the U.S.
the NATO summit Wednesday, wouldn’t set a deadline for the troops surrender, prompting from Odessa, for blocking port the security of Russia itself.” and other major oil-consuming
including its first permanent end of his war on the country, one defender to address the access and grain exports. Mr. Putin also warned that nations to pump more oil to
troop presence in Poland, now in its fifth month. warship with an expletive. A A cargo ship carrying 7,000 Moscow would respond if help tame prices.
while members struck a pre- Russia captured Snake Is- subsequent artillery attack tons of grain left the port of NATO expanded to Sweden Then in early June, OPEC+
liminary deal to add the for- land at the start of the war from the ship prompted Russian-occupied Berdyansk and Finland. Should the alli- announced a bigger-than-ex-
merly neutral nations of Swe- and it has since become a Ukraine to give up the island. on Thursday, the first such ance deploy troops and mili- pected production increase
den and Finland to the alliance. symbol of Ukraine’s resistance. Later, Ukraine sank the shipment from the port in tary infrastructure along Rus- plan for July and August, al-
If approved, their accession Ukraine’s southern com- Moskva in what it described as months, according to a Rus- sia’s borders, he said, Moscow lowing Saudi Arabia to poten-
would transform the security mand said Russia’s pullout retribution for the episode. sian state-media report. would adopt similar measures. tially pump more crude, help-
landscape of Northern Europe came after Ukrainian forces Kyiv used the warship and the Mr. Putin said the goals of “We have nothing that could ing set the stage for Mr. Biden’s
and give the alliance a valuable targeted the island with missile Snake Island slogan as a motif what he calls his special mili- be worrying from the point of visit to the kingdom amid ef-
edge against Russia. Finland and artillery strikes overnight, for a stamp it issued in April. tary operation in Ukraine are view of Finland’s and Sweden’s forts from both sides to reset
has a long border with Russia. causing the remnants of the The Russian Defense Minis- on track and would continue membership in NATO, as we do their strained relationship.
Earlier in the week, the occupying forces to evacuate in try said its troops left the as planned, signaling that the with Ukraine,” he said. “They Still, the push to boost pro-
Group of Seven rich democra- two speedboats. The statement small island “as a symbol of war, which has caused signifi- are free to do it if they want. But duction in July and August by
cies agreed to discuss a batch also said the island is on fire. goodwill” after completing cant destruction and taken they should clearly understand 50% more than previously out-
of new sanctions against Rus- Snake Island has been an their mission there. This, it tens of thousands of civilian that there used to be no threats lined has done little so far to
sia. But the gathering under- offshore platform for Russia to said, demonstrates that Russia lives according to Ukraine, to them and now we will have to bring down prices.
lined the limits of using eco- aim weapons at Ukraine. Con- doesn’t interfere with the ex- isn’t likely to end soon. respond in a tit-for-tat manner.” The reason for the limited
impact on prices, analysts say,
is that the alliance is unlikely

EU Tries to Calm Tensions Over Russian Exclave

The European Union is trying gets commerce between two
to defuse tensions with Moscow regions of Russia rather than
after Lithuania invoked Western Russian imports and exports,
according to European officials.
By Bojan Pancevski, Russian officials have bris-
Laurence Norman tled at the move, accusing
and Drew Hinshaw Lithuania of imposing a block-
ade of Kaliningrad. The former
sanctions to block some Russian German port city of Königsberg
goods from entering the Rus- on the Baltic Sea was given to
sian exclave of Kaliningrad. Russia after World War II and
Some EU capitals, including is sandwiched between Lithua-
Germany, are concerned that nia and Poland, both NATO
Lithuania’s enforcement of the members, with no direct land
sanctions could trigger a dan- link to the Russian mainland.
gerous escalation from the Lithuania has said it is imple-
Kremlin, in part because it tar- menting EU sanctions on Russia
by blocking train deliveries of
steel and iron transiting through
EU territory. All other goods
and passengers are still going
through, and sea and air trans-
port isn’t affected. Lithuanian
officials say their restrictions on
freight have affected only about
1% of the trade flows between
mainland Russia and the city.
That will change in coming
months, however, as the sanc-
tions extend to coal, luxury
goods, oil, and other products.
Lithuania’s Prime Minister
Ingrida Šimonytė said her gov-
ernment asked transport com-
to meet its production targets.
Oil prices have surged in re-
cent months, fueling inflation
around the world, in part be-
panies to enforce the next round On Thursday, the European cause several OPEC+ members
of sanctions. Those target alco- Commission said it was in have been unable to meet
hol and some building materials. close contact with Lithuania their share of production as
“The carriers are informed that and other member states and global demand has picked up.
certain provisions of the regula- working on additional guide- OPEC+ pumped nearly 3
tion regarding sanctions come lines on applying EU sanc- million barrels a day less than
into force on July 10,” she said. tions. A spokeswoman pro- its collective production target
Lithuania, like its neigh- vided no timeline or details of of about 42 million barrels a
bors, has played down the risk the new guidance. day in May, according to an in-
that sanctions affecting Kali- Lithuanian officials say dependent assessment report
ningrad would provoke a Rus- sanctions must be effectively commissioned by OPEC. The
sian retaliation, with officials enforced, and that any guid- shortfall was due mainly to
saying they are used to belli- ance as to how Vilnius insti- falling production in sanctions-
cose rhetoric from Moscow. tutes the restrictions on goods hit Russia and chronic output
“It [Russia] really does not going to Kaliningrad must ap- problems in Nigeria, Angola
need big pretexts to organize ply to all EU countries border- and some other countries, ac-
something,” she told reporters. ing the exclave. cording to OPEC delegates.
Meanwhile, the oil-produc-
ing group’s so-called spare ca-

Ranks of Countries Aiming to Counter China Threat Widen pacity—the difference between
what it is pumping and the
level it can increase to—is
The U.S. and key allies the U.S. to direct more re- shrinking, the delegates said.
across Europe and Asia are sources to Asia, officials said.
closing ranks against China, The European Union and the
which is seen as a shared se- U.S. have also begun coordi-
curity challenge, more trou-
bling for its support for Russia
nating to restrict China’s ac-
cess to key technologies.
Biden Backs
amid the Ukraine war. The work with the EU and
“everything NATO is doing, in-
F-16 Sales
By Daniel Michaels in
Madrid and Charles
Hutzler in Washington
cluding this Indo-Pacific part-
nership, is showing a growing
convergence between the two
To Turkey
sides on the China threat at BY JARED MALSIN
For the first time, the U.S.’s the same time that we’re re-
closest Indo-Pacific allies— sponding in very real time to President Biden affirmed
SUSAN WALSH/ASSOCIATED PRESS

Japan, South Korea, Australia the Russia challenge,” Amanda his support for the sale of a
and New Zealand—attended Sloat, senior director for Euro- new fleet of F-16 jet fighters
this week’s annual summit of pean affairs at the White to Turkey on Thursday, two
the North Atlantic Treaty Or- House’s National Security days after the Turkish presi-
ganization, the West’s leading Council, said last week. dent dropped his threatened
military alliance. China has bridled at the veto of Sweden and Finland’s
NATO’s latest security con- greater attention. Chinese For- membership in the North At-
cept, released on Wednesday, eign Ministry spokesman Zhao lantic Treaty Organization.
also for the first time singled Lijian on Tuesday called NATO’s “We should sell them the F-16
out China, saying its “stated President Biden met with South Korea’s Yoon Suk-yeol, left, and Japan’s Fumio Kishida on Wednesday. strategy “old wine in a new jets and modernize those jets,”
ambitions and coercive poli- bottle,” and said it was em- he said. “I need congressional
cies challenge our interests, now a professor of Asian stud- NATO members agreed to bol- allies remain wary of driving blematic of a “Cold War men- approval to be able to do that,
security and values.” ies at Georgetown University. ster the readiness of military Beijing closer to Russia. tality of creating imaginary en- and I think we can get that.”
While these allies aren’t “And now that European lead- forces in Europe and place “China is not our adversary emies and bloc confrontation.” The comments are Mr. Bi-
building an expanded formal ers seem to have abandoned more of them in the eastern- but we must be clear-eyed The allies’ moves are in den’s strongest signal yet of the
alliance, their cooperation their illusions about China, most members, countries which about the serious challenges it part a consequence of Beijing’s administration’s support for
brings countries like Japan Asian policy makers want to were once part of the Soviet presents,” NATO Secretary-Gen- closer strategic alignment the proposed sale of new F-16s
and Australia, long on the lock in Europe cooperation for bloc and which Russia sees as eral Jens Stoltenberg, said with Russia. Chinese leader Xi to Turkey, which officials from
front lines of Chinese displays the long slog of strategic com- part of its influence sphere. Wednesday following the sum- Jinping and Russian President both countries view as a way to
of power, together with Euro- petition with China.” Leaders of the Group of mit’s first meetings in Madrid. Vladimir Putin have bonded keep the Turkish government in
pean states that tended to see Closer collaboration is Seven wealthy nations at a Coordination among allies over a shared aversion to what the Western camp opposed to
China as an economic oppor- likely to test the allies’ abili- separate summit this week across Europe and Asia should they see as a world order Russia amid its war in Ukraine.
tunity but have more recently ties to balance what Europe also dwelled on Russia’s as- make it easier to handle the tilted toward American power. Mr. Biden said he communi-
soured over its assertiveness. and the U.S. see as the more sault on Ukraine and how to combined challenge of dealing On Feb. 4, three weeks be- cated his position to Turkey’s
Russia’s war on Ukraine and acute threat from Russia with blunt the impact on global en- with Russia and China, U.S. of- fore Russian troops launched President Recep Tayyip Erdo-
Beijing’s partnership with what they regard as the lon- ergy, food and other markets. ficials said. the assault on Ukraine, gan at a meeting Wednesday,
Moscow spurred these allies, ger-term challenge China pres- The leaders also had pointed NATO members like the U.K. Messrs. Xi and Putin issued a which came after Turkey agreed
all democracies with market ents, officials and interna- words for China, urging it to have in recent years sailed 5,000-word statement con- to allow Finland and Sweden
economies, to see their secu- tional-affairs analysts said. contribute to international se- ships and aircraft into seas demning the U.S. and its alli- into NATO, dropping objections
rity as entwined, current and Most of this week’s NATO curity and “abstain from and airspace around China, ances in Europe and the Indo- that threatened to derail an ex-
former officials said. summit centered on how the al- threats, coercion, intimidation joining the U.S. in contesting Pacific for undermining their pansion of the alliance intended
“There is strength in num- liance will counter an aggres- measures or use of force.” Beijing’s claim to police their security. to counter Russia’s invasion of
bers,” said Evan Medeiros, a sive Russia in both the immedi- The need to engage with use. Commitments from Beijing has continued ver- Ukraine. He said he previously
former Obama administration ate conflict over Ukraine and China was mentioned at both NATO’s European members to bally to side with Moscow told Mr. Erdogan of his support
national security official and longer term. The U.S. and other gatherings, and some European beef up defenses should allow since the invasion. for the sale.
 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | A9

WORLD NEWS

Increased Russia
Grain Shipments
Help Ease Crisis
BY YUSUF KHAN to their highs earlier this year.
AND WILL HORNER The U.S. Department of Ag-
riculture raised its wheat pro-
Fine farm weather and a duction forecast by 8 million
rush of Russian grain ships bushels in June, while a crop
through the Black Sea have progress report this week
taken the sting out of global showed winter wheat harvests
wheat prices, a welcome sign were 41% complete, ahead of

SERGEI ILNITSKY/EPA/SHUTTERSTOCK
for vulnerable countries strug- the five-year average rate.
gling with surging food costs. Weather in Europe also has
The right mix of sun and been good for farmers, said
rain in the U.S., Europe and the U.K.’s Agriculture and Hor-
Australia has raised hopes that ticulture Development Board,
end-of-summer harvests will a government-industry organi-
be plentiful. That should help zation. “Harvest pressure [on
balance the sizable quantities prices] is expected to continue
of Ukrainian wheat stranded in as combines roll in the North-
the country by fighting and a ern Hemisphere,” the group’s A Russian serviceman guards a Ukrainian wheat field. Moscow has stymied Ukraine’s ports and seized farmland, but there has been
Russian naval blockade. analysts said. no letup in vessels leaving Russia’s busiest Black Sea grain terminals. Russia has dominated the wheat-export trade this year.
Meanwhile, Russia—which In Australia, another major
is expected to produce a re- wheat producer, the harvest is Even as Russia stymies AgFlow data show. Russian for developing nations. The Russia has dominated the
cord wheat crop—has taken expected to rise to 780 million Ukrainian ports and seizes grain exports to that region United Nations’ benchmark wheat export trade this year,
advantage of the situation, metric tons for the current farmland, there has been no doubled in April and were up food price index has fallen for while it pummels Ukraine and
keeping its grain exports flow- marketing year from 776 mil- letup in vessels leaving Rus- over 60% in May compared two consecutive months, after stifles its adversary’s farming in-
ing, even as Western banks lion tons in the 2020-21 sea- sia’s busiest Black Sea grain with a year earlier. Meanwhile, hitting a record high. dustry. Ukraine and Western na-
and insurers have pulled back. son, according to the country’s terminals. Monthly departures exports to destinations in Eu- Still, analysts don’t expect tions have accused Moscow of
Benchmark wheat prices Department of Agriculture, of bulk carriers laden with rope have continued at close wheat prices to return to their using the war to make food more
are down by more than a Water and the Environment. cargo leaving Russia’s Black to their prewar levels. prepandemic levels anytime expensive and exploit the world’s
quarter from their post-inva- Russia, typically the world’s Sea port of Novorossiysk have “The world needs Russian soon. Strong demand would most vulnerable populations.
sion peak, and the commodity largest wheat exporter, ex- largely remained the same wheat and Russians need to likely continue, as consumers Russian President Vladimir Pu-
trades for around $9 a bushel. ported 80% more in April over the past year, averaging sell that wheat. It is just a mat- squeezed by slowing economies tin has rebutted the claims.
They are still higher than they compared with a year earlier, around 60 a month, according ter of price,” said Andrey Sizov, and inflation prefer grains over Unlike its oil supplies, Rus-
were before the war and be- or 3.5 million metric tons. Ex- to data from MarineTraffic. managing director of SovEcon, even more expensive meat, said sia’s grain exports haven’t
fore wheat prices began to ports were 27% higher in May Russia’s typical customers a research firm focused on Megan Hesketh, an analyst at been targeted by Western
rise through the pandemic. at 2.4 million tons, according for its wheat exports—devel- Black Sea grain markets. the Agriculture and Horticul- sanctions. Still, the European
But the downturn is providing to data from commodity-re- oping nations in the Middle There were signs that the ture Development Board. “Con- companies that used to pro-
a glimmer of hope that prices search firm AgFlow. Exports East and North Africa—signifi- declines were beginning to fil- sumers face disposable income vide credit finance, insurance
for the staple ingredient in from Ukraine, also a large cantly raised their purchases ter into the prices of staple squeezes, which is playing into and shipping are steering
bread and pasta won’t return wheat exporter, have fallen. in March, April and May, the foods, offering tentative relief guaranteed demand,” she said. clear, fearful of the risks.

Indonesian President Balances Support for Putin and Zelensky

BY JON EMONT The visits to the two coun-
tries symbolized efforts by a
SINGAPORE—Indonesian swath of the developing world
President Joko Widodo met to avoid overtly criticizing
with Russian leader Vladimir Russia or be seen as picking a
Putin in Moscow on Thursday a side. In remarks alongside Mr.
day after he held talks with Zelensky on Wednesday, Mr.
Ukrainian President Volodymyr Widodo didn’t mention Russia
Zelensky in Kyiv—meetings in by name or Moscow’s role in
which Mr. Widodo said he ap- cutting off Ukraine’s Black Sea
pealed for peace and sought so- ports that has prevented
lutions to the global food-sup- Ukrainian grain from reaching
ply disruptions caused by war. global markets.
Mr. Widodo said he spoke
to Mr. Putin about trade, in-
vestment and tourism. He ex-
pressed appreciation for what
he called Mr. Putin’s guaran-
tees that food and fertilizer
from Russia and Ukraine
would make it out safely,
though he provided no details.
“He’s trying really hard to
balance the position, not taking
sides,” said Radityo Dharmapu-
tra, who teaches international
relations at Airlangga Univer-
sity in the Indonesian city of
Surabaya. Part of the reason is
that Mr. Widodo doesn’t want
to be viewed at home as being
part of the U.S.-led effort to
corner Russia, he said.
The country has declined to
support Western sanctions on
Moscow imposed since the in-
vasion of Ukraine. The absence
of major developing nations
from international voices con-
demning Russia blunts U.S. ef-
forts to isolate Mr. Putin. The
Russian president enjoyed a
high-profile platform earlier in
June when he appeared with
the leaders of Brazil, India,
China and South Africa at a
virtual summit. In published
summit remarks, none of the
leaders criticized Moscow for
the conflict, nor did they refer
to it as a war, though some
noted its impact on inflation.
Political analysts say his
visit to Ukraine and Russia
may be aimed at allaying
growing dissatisfaction with
high food prices back home in
Indonesia, which is a major
buyer of Ukrainian wheat.
“It looks good for Indonesia
playing a role on the world stage
even if it doesn’t achieve any-
thing,” said Ian Storey, a senior
fellow at the ISEAS-Yusof Ishak
research institute in Singapore.

China Tech
Giants Cut
Workforces
QILAI SHEN/BLOOMBERG NEWS

Continued from Page One

Meet
worrisome development for
Chinese officials as they turn
in part to tech giants in hopes
of salvaging a slowing econ-
omy and worsening employ-
ment landscape.
In recent months, top offi-
cials have pledged to support
China’s digital economy and
encouraged its tech giants to
develop core technologies such
as artificial intelligence, as well
Tencent revenue growth has slowed. A Tencent office in Shanghai.

approvals from the govern-

ment and streamlines its focus
on games with big budgets.
ing at a Shanghai-based video-
game-development studio that
was dissolved earlier in June,
Johnathan,
as infrastructure that would The final number of em- according to current employ- Technology Service Desk Specialist at T-Mobile.
support areas including indus- ployees to be reduced hasn’t ees. It has also cut dozens of
trial internet and cloud com- been decided yet, but it could people from a game-distribu- One of over 70,000 Google Career
puting. Since then, tech-com- involve at least hundreds of tion unit, they said. Certificate graduates.
pany stock prices have bounced people, some of the employees Separately, ByteDance is
back from multiyear lows. familiar with the plan said. cutting around 3,000 addi-
“Macroeconomic risk has The job cuts are part of tional people from its educa-
overtaken regulatory risk,” Tencent’s recent campaign to tion unit as it faces lukewarm
said Kelvin Ho, an analyst fo- control costs and improve effi- demand in that sphere, cur-
cused on Chinese internet ciency. In late May, the com- rent and former employees
companies at Fitch Ratings. pany told staff that promo- said. Those cuts come on top
“As growth slows, companies tions no longer mean of the thousands of employees
will have to rethink their ap- automatic salary increases, ac- that ByteDance laid off from
propriate business structure,” cording to a memo seen by the unit after Beijing tight-
he said. The Wall Street Journal. It has ened rules on online tutoring
In the U.S., big tech compa- also urged senior managers to in July 2021. It will retain
nies including Twitter Inc., Mi- nearly 1,000 employees in the
crosoft Corp. and Tesla Inc. unit to run businesses aimed
have begun reducing the num-
ber of employees or slowed
‘Macroeconomic at adults and focused on smart
devices, the people said.
their recruiting efforts as eco- risk has overtaken ByteDance didn’t respond
nomic uncertainties grow, fol-
lowing earlier rapid expansion.
regulatory risk,’ to requests for comment.
Even as they trim jobs in
Tencent, whose revenue says one analyst. some areas, Chinese tech gi-
barely grew in the quarter ants are still hiring for other
ended March 31, plans to cut new business lines where they
employees across different see growth potential, includ-
business groups through the pay closer attention to cost ing the metaverse—virtual
end of this year, according to management, risk control and spaces where people interact Google Career Certificates The IT Support
employees briefed on the mat- compliance, according to an- via digital avatars. help job seekers like Johnathan
ter. The job cuts will extend to other memo. Tencent has set up a busi- launch new careers in fast- Certificate showcases
some core businesses and will Tencent didn’t respond to ness unit focused on immer- growing fields like IT support, my technical expertise
likely hit some senior manag- requests for comment. sive technologies such as vir- data analytics, and more.
ers, the people said. At ByteDance, the Chinese tual- and augmented-reality, and hands on experience;
Certificate graduates can
The team operating owner of short-video app Tik- Steven Ma, Tencent’s senior it opened up discussions
connect with over 150 national
WeChat, Tencent’s ubiquitous Tok, the fresh round of layoffs vice president, said this week,
chat, social-media and pay- is hitting its videogame busi- according to a transcript of re- and local employers that are with hiring managers on
ments app, is letting go of ness, once a promising growth marks shared by the company. hiring.
what I have learned in
dozens of employees working area. Beijing-based ByteDance Tencent aims to build a team
on its short-video service tapped into the gaming indus- of some 300 employees, ac- the course.
Learn more at
Channels, some of them said. try in 2019 and bought several cording to employees familiar
The company’s videogame established game studios, aim- with the plan. grow.google/certificates
unit has started cutting doz- ing to challenge Tencent’s Tencent is also expanding —Johnathan Thai
ens from a team that runs dominance in the sector. But its teams overseas, Mr. Ma Dallas, Texas
gamer communities, some of those ambitions have been said.
the people said. Multiple in- thwarted by regulatory and ByteDance is still recruiting
house game developer studios economic pressures. people for various positions in
might also trim staff in the Since May, ByteDance has China and overseas, according
coming months, they said, as let go of more than half of the to employees and external
Tencent anticipates fewer title roughly 300 employees work- headhunters.

A10 | Friday, July 1, 2022
JUSTIN CHIN/BLOOMBERG NEWS
China’s President Xi Jinping spoke Friday following a ceremony to inaugurate the city’s new leader and government in Hong Kong,
Xi Marks Handover, Declaring
Hong Kong Moved From Chaos
BY NATASHA KHAN
AND STELLA YIFAN XIE
HONG KONG—Chinese
leader Xi Jinping said Hong
Kong has emerged from chaos
and should progress toward
greater stability and prosper-
ity in the next five years, in a
speech Friday at a ceremony
marking the 25th anniversary
of the city’s handover from
Britain.
Hong Kong has overcome
difficult changes, including
Covid-19 and intense social un-
rest, Mr. Xi said. But he
warned that the city can’t af-
ford to be destabilized and it
must remove any elements of
interference. The city has en-
joyed true democracy since
the handover, he said, and the
city’s electoral system was im-
proved to ensure officials are
patriotic to China.
“There is no reason to
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change such a good system
and it must be adhered to over
the long run,” he said, refer-
ring to the “One Country, Two
Systems” policy that was im-
plemented in 1997 to grant the
city a high degree of auton-
omy from Beijing.
Western governments have
said Hong Kong has lost that
autonomy and residents have
lost freedoms in China’s two-
year crackdown on dissent
since Beijing imposed national
security legislation.
Mr. Xi said the central gov-
ernment’s overall jurisdiction
must be upheld and power
kept in the hands of patriots, a
term used to describe those
loyal to China’s ruling Commu-
nist Party. No country would
ever allow people into power
“who do not love or would be-
tray or sell out their country,”
he said.
Government officials have
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WORLD NEWS
praised the national security
legislation for helping them
restore stability in the finan-
cial center.
“What Hong Kong people
desire the most are a better
life, a bigger apartment, more
business startup opportuni-
ties, better education for their
kids and better elderly care,”
Mr. Xi said. “What the people
call for, we must strive to de-
liver.”
Before his speech, Mr. Xi
swore in Hong Kong’s new
chief executive, John Lee, a
former police officer and law-
enforcement czar, who is the
first security specialist to take
the city’s top office since the
1997 handover.
The two-day visit is Mr. Xi’s
first trip outside mainland
China in nearly 2½ years.
Beijing promised the former
British colony 50 years of self-
governance and a path to uni-
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Managing Partner
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wsj.com/techlive
versal suffrage under Chinese
rule, but many of the political
freedoms the city enjoyed
have been eviscerated, even
before Friday’s halfway point
to 2047. Instead, Hong Kong is
veering toward an authoritar-
ian future as the government
has rounded up dozens of op-
position politicians and activ-
ists, driven some independent
news outlets into shutting, and
spurred an exodus of residents
seeking new lives abroad.
Chinese officials rebuff crit-
icism, saying the preservation
of national unity is a prerequi-
site for the city’s self-gover-
nance.
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China Shows Upturn
In Economic Activity
BY JASON DOUGLAS
SINGAPORE—Economic ac-
tivity in China expanded in
June after three straight
months of contraction, accord-
ing to official surveys of busi-
nesses and factories that point
to a modest recovery after
Covid-19 restrictions were
eased in the world’s second-
largest economy.
Economists are downbeat
about the prospects for a ma-
jor revival, however, given the
darkening global backdrop and
the risk of further Covid out-
breaks.
The U.S. and European
economies slowed sharply in
June as surging prices of en-
ergy and food weakened de-
mand for other goods and ser-
vices, surveys last week
showed, underlining how
gloomy the outlook has be-
come as Russia’s war in
Ukraine saps global growth
and high inflation prompts
central banks to jack up inter-
est rates.
For China, that pullback in
overseas spending means that
it can’t rely on exports to pro-
pel a robust rebound from its
lockdown-induced doldrums,
as it did after the initial out-
break in early 2020.
Instead, Beijing is banking
this time on an infrastructure
splurge to power its economy.
China’s cabinet, known as the
State Council, on Thursday an-
nounced plans to borrow 300
billion yuan, equivalent to
$44.8 billion, to help finance
major infrastructure projects.
Local governments have al-
ready borrowed 3.4 trillion
yuan to finance infrastructure
investment so far this year, ac-
cording to Goldman Sachs.
Many economists, though,
are doubtful that big invest-
ments will be enough to offset
a sinking real-estate market
and subdued consumer and
business confidence.
Urban unemployment was
5.9% in May, higher than the
government’s target of 5.5% or
lower, while joblessness
among those age 16 to 24 rose
.
to a high of 18.4%.
China’s official purchasing
managers index for nonmanu-
facturing sectors posted a
reading of 54.7 in June, a big
jump from the previous
month’s 47.8, the National Bu-
reau of Statistics said Thurs-
day.
The surge was led by a re-
bound in construction and the
services sector, where the lift-
ing of Covid-19 restrictions
unclogged transportation
blockages and allowed people
to return to stores and restau-
rants.
The reading was the high-
est since May last year, survey
data shows, and follows three
straight months of declines as
lockdowns blanketed major
cities such as Shenzhen and
Shanghai. A reading above 50
indicates activity is expanding
rather than shrinking.
Manufacturing activity re-
turned to growth, but the re-
bound was weaker than econo-
mists were anticipating. The
purchasing managers index for
the manufacturing sector
notched up a reading of 50.2,
higher than the previous
month’s 49.6, but lower than
the 50.5 reading expected by
analysts polled by The Wall
Street Journal.
Overall production rose, but
new export orders were weak,
the survey showed, highlight-
ing fading global demand.
Chinese purchasing managers
indexes
60
55 Nonmanufacturing
50
45 Manufacturing
40
2021 ’22
Note: A reading above 50 indicates
an expansion in activity. Below that threshold
indicates a contraction.
Sources: CEIC; China's National Bureau
of Statistics

THE WALL STREET JOURNAL.
Growth
Of GDP
Drops Off
In Canada
BY PAUL VIEIRA
Data from Canada showed
that higher interest rates and
multidecade-high inflation are
biting into economic growth,
with output in the second quar-
ter now expected to come in
well below the Bank of Can-
ada’s expectations.
Economists say the sluggish
growth ahead is unlikely to de-
ter the Canadian central bank
from proceeding with aggres-
sive rate increases to douse in-
flation, and a 0.75-point in-
crease is still in the cards for
its decision on July 13.
Canada’s gross domestic
product, or the broadest mea-
sure of goods and services pro-
duced in the economy, rose
0.3% month-on-month in April
to 2.053 trillion Canadian dol-
lars, or the equivalent of
$1.594 trillion, Statistics Can-
ada said Thursday. That
matched market expectations,
as provided by TD Securities,
but marked a deceleration after
a 0.7% advance in March. On a
one-year basis, GDP rose 5.0%.
More important, the data
agency said early indicators
suggest GDP fell in May, 0.2%,
or the first visible sign that in-
flation and aggressive inter-
est-rate increases are weigh-
ing on economic activity.
Advanced information indi-
cated the energy, mining, man-
ufacturing and construction
sectors declined in May. The
May GDP data are scheduled
for release on July 29.
The May estimate “is cer-
tainly a worry. There is a risk
that Canada’s recent outperfor-
mance relative to its global
peers may be coming to an
end,” said James Orlando,
economist at TD Bank. “Though
this report is sure to raise eye-
brows, we don’t expect it to
stop the Bank of Canada from
raising its policy rate by 0.75
points” in July, he added, be-
cause current inflation pres-
sures show no signs of abating.
Annual inflation in Canada
rose in May to a 39-year high
of 7.7%, and analysts say the
consumer-price index could
surpass 8% in June. That would
be well above the Bank of Can-
ada’s recent forecast, which an-
ticipated annual CPI to average
5.8% in the second quarter.
The Bank of Canada expected
second-quarter growth to hit an
annual rate of 6%. With the
April report and May estimate,
economists now anticipate
growth to settle at between 4%
and 4.5% annualized—which
would still represent an acceler-
ation from the previous quar-
ter’s 3.1% advance.
Bank of Canada Gov. Tiff
Macklem said in June that the
economy needs interest-rate
increases to douse elevated in-
flation and remove excess de-
mand from the economy. The
policy rate started the year at
0.25%, but now sits at 1.50%
after increases—including
back-to-back half-point rises—
in March, April and June. Mr.
Macklem and other officials
have said they judge the policy
rate might need to rise to or
above 3% to meet its mandate
of achieving and maintaining
2% inflation. The Bank of Can-
ada judges the neutral rate, or
when policy neither stimulates
nor constricts economic activ-
ity, to be between 2% and 3%.
UCLA,
USC Plan
To Transfer
Continued from Page One
contradict the concept of “the
Alliance” formed by the lead-
ers of Atlantic Coast Confer-
ence, Big Ten and Pac-12 last
summer as a counterweight to
the expanding SEC. In addition
to collaborating on cross-
league scheduling, the confer-
ences’ leaders tacitly agreed
not to poach each others’
members.
Pac-12 officials said in a
statement that they were “ex-
tremely surprised and disap-
pointed by the news coming
out of UCLA and USC today”
but were confident they would
“continue to thrive and grow
into the future.”
News of USC’s and UCLA’s
pending departure was earlier
* * * *
Israel Sets Election for November
BY DOV LIEBER
Israeli lawmakers voted
Thursday to dissolve the par-
liament, known as the Knesset,
and set Nov. 1 as the date for
the country’s fifth election in
less than four years.
Foreign Minister Yair Lapid,
a centrist, is expected to be-
come the country’s caretaker
prime minister under a coali-
tion agreement. He will re-
main so until a new govern-
ment is formed.
The role of Arab parties in
government has emerged as a
lightning rod in the coming
vote, possibly driving a further
rightward shift in the elector-
ate and giving a boost to the
fortunes of the former pre-
mier, Benjamin Netanyahu.
Mr. Lapid and departing
Prime Minister Naftali Bennett
joined forces to unseat Mr. Ne-
tanyahu last year. Their eight-
party coalition included politi-
cians from the center, right
and left and an independent
Arab party for the first time in
Israel’s history.
But deep splits among the
coalition partners led to dis-
agreements over West Bank
settlements, treatment of Pal-
estinians, questions of religion
and the state and other mat-
ters. In April, the Islamist
Ra’am party briefly suspended
its membership in the coali-
tion to protest the govern-
ment’s handling of clashes be-
tween Israeli security forces
and Palestinians at a contested
holy site in Jerusalem.
Having seen the impact of
PHILIPPINES
Marcos Takes Helm;
Praises Father’s Rule
Ferdinand Marcos Jr., the
namesake son of an ousted dic-
tator, praised his father’s legacy
and glossed over its violent past
as he was sworn in as Philippine
president Thursday after a stun-
ning election victory that oppo-
nents say was pulled off by
whitewashing his family’s image.
His rise to power, 36 years
after an army-backed “People
Power” revolt booted his father
from office and into global in-
famy, upends politics in the
Asian democracy, where a public
holiday, monuments and the
Philippine Constitution stand as
reminders of the end of Ferdi-
nand Marcos Sr.’s tyrannical rule.
In his speech, Mr. Marcos Jr.
said: “He got it done, sometimes
with the needed support, some-
times without. So will it be with
his son.” Activists and survivors
of the martial-law era under his
father protested his inauguration.
—Associated Press
NEW ZEALAND
Proud Boys Declared
Terrorist Organization
New Zealand’s government
declared that U.S. far-right
groups the Proud Boys and The
Base are terrorist organizations.
The groups join 18 others in-
cluding Islamic State that have
been given an official terrorist
designation, making it illegal in
New Zealand to fund, recruit or
participate in the groups, and
obligating authorities to take ac-
tion against them. The U.S.
groups aren’t known to be active
in New Zealand, although the
nation has become more at-
reported by the Bay Area
News Group.
The California schools made
the initial contact with the Big
Ten about joining, and discus-
sions have been in the works
among relevant parties for
several weeks, a person famil-
iar with the negotiations said.
USC and UCLA will remain in
the Pac-12 through the
2023-24 academic year, after
which the conference’s current
television deal expires, to
avoid financial penalty associ-
ated with early termination.
“We are excited that our
values align with the league’s
member institutions. We also
will benefit from the stability
and strength of the confer-
ence,” Trojans athletic direc-
tor Mike Bohn said in a state-
ment. He also highlighted the
“increased visibility, exposure,
and resources” the Big Ten
can deliver.
“For us, this move offers
greater certainty in rapidly
changing times,” wrote UCLA
chancellor Gene Block and ath-
letic director Martin Jarmond
WORLD NEWS
Politicians embraced Foreign Minister Yair Lapid, left, and Prime Minister Naftali Bennett, on Thursday.
an Arab party in government,
recent polls show many Israe-
lis aren’t ready to see it hap-
pen again soon.
The inclusion of an Arab
party in a coalition that re-
moved Mr. Netanyahu from
power also energized his right-
wing base. In the past year,
support for the right-wing
parties backing Mr. Netanyahu
has grown steadily—with polls
indicating they would win 59
to 60 seats in the 120-member
Knesset, up from 52 after the
previous election, just shy of a
clear majority.
Mr. Bennett on Wednesday
said he wouldn’t run in the next
elections, handing the reins of
his right-leaning Yamina party
Former first lady of the Philippines Imelda Marcos, wearing a blue dress, attended the presidential inauguration of her son,
Ferdinand Marcos Jr., second from right, along with other family members on Thursday at the National Museum in the capital, Manila.
tuned to far-right threats after a
white supremacist fatally shot
51 Muslim worshipers in 2019.
The New Zealand massacre
inspired other white suprema-
cists world-wide, including a gun-
man who killed 10 Black people
at a supermarket in Buffalo, N.Y.
In the U.S., the State Depart-
ment lists only foreign groups as
terrorist entities. But the Proud
Boys were last year named a
terrorist group in Canada, while
The Base previously was de-
clared a terrorist group in Brit-
ain, Canada and Australia.
—Associated Press
in a joint statement.
The shift is the latest exam-
ple of prominent universities
moving to ever-richer athletic
conferences, attracted by ever-
rising broadcast-rights con-
tracts for football games. Col-
lege football has long been
popular, but the value of pre-
mium content that people
watch live has skyrocketed in
an era of splintering audiences
and cable-TV cord-cutting.
A change to the Big Ten’s
membership will likely trigger a
renegotiation of its broadcast-
rights deals. The conference’s
current six-year, $2.64 billion
deal expires in 2023.
Fox has won the rights to
air some Big Ten football
games and Big Ten commis-
sioner Kevin Warren has been
in discussions with several
other outlets, including Ama-
zon, CBS, ESPN and NBC,
about airing the rest of the Big
Ten’s package. He said in May
that a new deal was imminent,
though none has been an-
nounced yet. All together, it
was expected to generate in
over to his longtime partner
Ayelet Shaked. Ms. Shaked
hasn’t ruled out sitting with
Mr. Netanyahu and she could
help him form a government.
As the campaign season
progresses, influential addi-
tions to a party and alliances
could alter the race.
“People’s opinions shifted
to the right over the last year.
Even people on the left shifted
a little bit right, and the right
moved even further,” said Aviv
Bushinsky, a former political
adviser and chief of staff to
Mr. Netanyahu who now works
as a communications consul-
tant. “They saw that bringing
the Arabs into the front seat
was too much.”
WORLD WATCH
ISRAEL
Military, Palestinians
Clash in West Bank
Palestinian gunmen opened
fire on Jewish worshipers Thurs-
day at a flashpoint holy site in
the occupied West Bank, wound-
ing an Israeli military officer and
two civilians, the Israeli army said.
The Palestinian official news
agency Wafa said a Palestinian
teenager was wounded by live
fire and 16 others by rubber bul-
lets in clashes with Israeli forces
at the site near the northern
excess of $1 billion per year
when the Big Ten stood at 14
schools.
That could yield a bounty
even greater than the $54.3
million paid to the longstand-
ing members, a list that ex-
cludes Rutgers and Maryland,
from the conference—and could
potentially grow should the Big
Ten attempt to continue nego-
The Pac-12 has
lagged behind other
major conferences
in revenue.
tiating with broadcasters when
USC and UCLA join.
The Pac-12 has long touted
itself as the conference of
champions, and boasted of the
breadth of standout athletic
programs in sports such as
baseball, softball and volley-
ball. But as football broadcast
rights became the driving
.
Friday, July 1, 2022 | A11
lawmakers to support.
This strategy eventually led
to the coalition’s collapse be-
cause it couldn’t muster
enough votes to renew emer-
gency regulations that apply
Israeli law to Jewish settlers
in the West Bank.
Mr. Bennett said it was his
MENAHEM KAHANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
government’s inability to renew
the regulations, which allow for
Israeli settlers in the West Bank
to be treated as if they live in
Israel, that ultimately forced
him to call for new elections.
Mr. Netanyahu in previous
elections told voters only he
could prevent Arab lawmakers
from gaining power. Now he is
making it the central tenet of
his campaign.
“The essence of the next
elections are clear: a strong
nationalist government led by
me, or an anti-Zionist govern-
ment that will include Man-
Mr. Netanyahu has already sour Abbas and Ra’am, Ahmad
used this shift in public senti- Tibi and the Joint List, and
ment to hasten the fall of Mr. will be completely dependent
Bennett’s government. on them,” Mr. Netanyahu said
Controlling just 61 of 120 on Sunday, naming two of the
seats in the Knesset from its most well-known Arab parties
outset, Mr. Bennett’s coalition and politicians in Israel today.
lost its majority in April after Mr. Netanyahu is also
a right-wing lawmaker from promising voters he would re-
his party resigned. duce the cost of living and
Without a majority, if any prices of everyday goods amid
Arab lawmaker in the coalition rising inflation.
opposed a bill, it couldn’t pass Mr. Lapid is the top chal-
without support from the oppo- lenger to Mr. Netanyahu, but
sition. But as leader of the op- he has no clear path to a ma-
position, Mr. Netanyahu refused jority coalition either. Polls in-
to let his party or its allies help dicate Mr. Netanyahu’s Likud
the coalition pass legislation party would win 35 to 36 seats
considered fundamental to in the Knesset, while Mr.
state functioning but ideologi- Lapid’s Yesh Atid party would
cally difficult for some Arab get about 20 to 22 seats.
TED ALJIBE/AGENCE FRANCE-PRESSE/GETTY IMAGES
West Bank city of Nablus, a fre- more than 30 missing, authori-
quent point of conflict between ties said Thursday.
Israelis and Palestinians. Some Disaster response workers, po-
Jews believe the biblical Joseph lice and local villagers were trying
is buried at the site, while Pales- to rescue those buried under the
tinians say it is the tomb of a debris in Noney. Seven of the con-
Sheikh. —Associated Press firmed dead were members of the
Territorial Army, said state chief
INDIA minister N. Biren Singh said. Five
Indian Railway officials were
At Least 14 Die, 30 among those feared missing. A
Missing in Mudslide railway project is being constructed
in the area, where there is a rebel
Pounding rain following insurgency, and the army personnel
weeks of downpours triggered a were providing security for railway
mudslide in northeast India that officials overseeing the project.
killed at least 14 people and left —Associated Press
force in revenue across college
sports in recent years, the
Pac-12 lagged behind.
Staff members at Pac-12
schools have grown increas-
ingly concerned that the con-
While other major confer-
ences, starting with the Big Ten
in 2007, launched lucrative con-
ference can’t keep pace with
the SEC and others. In the
eight years of the College
ference-TV networks in connec-
tion with established broadcast-
ers, the Pac-12 took a different
Football Playoff, only twice
have Pac-12 teams qualified—
Oregon in the 2014 season and
approach. In 2012, it funded its Washington in 2016. Neither
own hub of regional networks won the title.
but struggled to gain wide car- The Pac-12’s weak showing
riage on cable-TV providers. was a major reason why Pac-12
The conference’s lagging commissioner George Klia-
revenue meant it has less to vkoff, who was hired in May
pay to member schools, who 2021, has pushed so hard for
in turn have less money to fuel the College Football Playoff to
their athletic departments. expand to eight or 12 teams.
In the most recent fiscal Mr. Kliavkoff’s campaigning
year, the powerhouse SEC gen- was for naught: The leaders of
erated $833 million in revenue the College Football Playoff
and distributed to each school decided in February that it
an average of $54.6 million, would stay at four teams until
USA Today reported. The Big its current television contract
Ten reported paying $54.3 with ESPN expires after the
million to each of its longest- 2025-26 academic year.
standing member schools. The Pac-12, born in 1915 as
The Pac-12, suffering from the Pacific Coast Conference,
the effects of its pandemic- has been home to legendary
shortened 2020 football sea- teams like the USC football
son, paid each school less than team, which claims 11 national
$20 million. championships.
 .

A12 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

ARTS IN REVIEW
FILM REVIEW

‘Fourth of July’: Family Fireworks

A timid man’s Independence Day vacation, visiting his parents and extended family in Maine, is no picnic for him
CIRCUS KING PRODUCTIONS (2)

BY KYLE SMITH

A
nyone who
has ever felt
like an extra-
terrestrial at
a family re-
union is likely
to experience a sharp,
possibly painful, jolt of
recognition while watch-
ing “Fourth of July,” an
acutely observed comedy-
drama co-written and di-
rected by Louis C.K. It
strikes me as one of the
best films of the year,
but, fair warning: Many
consider Mr. C.K. toxic
for his admitted grossly
lewd acts in the presence
of women, and his char-
acters are so candidly
written that they’re a bit
repellent themselves.
Joe List, who like Mr.
C.K. (a rough approxima-
tion of the comic’s actual
surname, Székely) is a
Massachusetts-reared
standup comic who found
success in New York City,
co-wrote the script and
plays Jeff, a jazz pianist Joe List, above, and a scene from ‘Fourth of July,’ top,
in the metropolis who is the new comedy from Louis C.K.
so neurotically averse to
confrontation that when
a waitress gets his order wrong,
he can’t muster the fortitude to
send the plate back and so goes to
another restaurant instead. In ses-
sions with his therapist (cheekily
portrayed by Mr. C.K., whose own
neuroses and perversities are well
known), he dodges the underlying
source of his woe: his inability to
tell off his mother for a lifetime of a quitter,” says his barely older
dismissive, loveless
treatment.
Jeff feels deep anxi-
ety at the prospect of
going to stay with that
shrewish mother
(Paula Plum), his taci-
turn father (Robert
Walsh), and the rest of
his family on his an-
nual return home to
New England for an In-
dependence Day vaca-
tion. But he resolves to
repair his psyche by
being frank with his
mom for the first time.
Instead, he walks into
the family’s lake house
in Maine and dissolves.
Mr. List plays the mo-
ment expertly: The
man seems to lose
mass before our eyes.
Jeff may be an accom-
plished artist in New
York, but among family
he reverts haplessly to
his assigned role—
much-ridiculed kid.
Like everyone around
him, Jeff became an al-
coholic, though unlike
the others he faced up
to his problem, quit
drinking and joined Al-
coholics Anonymous.
This attempt at self-betterment
the others find unmanly and risi-
ble. “We were drinking buddies
since we were 10 and 12, but he’s
uncle Mark (Chris Walsh).
“Fourth of July” hardly has a
plot. It is, rather, a brutally hilari-
ous character study with the
structure of a three-act play
(echoing the work of Eugene
O’Neill and Tracy Letts) about
family dynamics, regret and
A cosmopolitan pianist
from New York goes to
see the blue-collar clan
he left behind.
shame, all of it exuding a pungent
working-class New England aura
that strikes me in much the same
way it seems to strike Messrs C.K.
and List. It’s insufferable, but you
have to laugh. The degree of
bluntness, sarcasm and casual
hostility in the conversation—all
of it among people who swear
they love one another!—is so stag-
gering as to make New Yorkers
look like genteel Edwardians by
comparison. When Jeff plays a
heartfelt piece on the piano, the
commentary runs as follows:
“Enough of this f— Liberace f—
s—.” If he should make it through
this miserable excuse for a vaca-
tion without a drink, with every-
one around him goading him to
crack a beer like a real man, it’ll
be miraculous.
Among New Englanders such
as these—people who wear T-
shirts that advertise auto-parts
stores and who apologize to the
sole person of color present when-
ever they mention the word
“black,” as though the adjective
were necessarily a pejorative—
practically the worst thing you
can do is acquire a highbrow skill
and depart for fancy-pants New
York. To do so amounts to an act
of treason. It is a betrayal of the
tribe, which demands that every-
one stick to his assigned role for-
ever. The family signals that Jeff
must not forget his place when
they all laugh after an uncle pulls
down his shorts during a volley-
ball game.
Yet in a subtle but weighty
scene late in the picture, the
screenplay rebuts itself. The seem-
ingly shallow Mark astutely de-
fends the workings of a family as
the way things must be, not ame-
nable to chichi New York solutions
informed by psychotherapy.
“That’s life, bro. You don’t fix
that,” Mark tells Jeff when the lat-
ter fantasizes about seeking an
apology from his mother. “You
don’t make your mother say she’s
sorry.”
It’s all painfully exact and true.
Myself a product of exactly this
kind of blue-collar New England
community, I winced as I laughed
at this gang of badly dressed, foul-
mouthed reprobates. My people!
Mr. Smith is critic-at-large for Na-
tional Review.

TELEVISION REVIEW | JOHN ANDERSON and below the water.

Nature as
People are not to be ig-
nored in “America the
Beautiful,” which visits a
number of efforts to pre-

National Hero
serve or restore exploited
geography—the American
Prairie project, which is in-
volved in “rewilding the

I
t feels like a good time, as well as
the appropriate holiday weekend,
to be reminded of the glories of
North America, the focus of “Amer-
ica the Beautiful,” a six-part paean
to “the wildest, most beautiful conti-
nent on Earth” as described by nar-
rator-cheerleader Michael B. Jordan.
It’s a feel-good physical exam of the
third largest and “most diverse” con-
tinent, environmentally speaking,
and while there’s no voice saying,
“I’m North America and I approve
this message,” if a place could run
for president, this show could be the
campaign ad.
There is plenty to crow about, of
course, and this National Geographic
series (being carried by parent Dis-
ney) crows lustily, unrestrained in its
praise of the physical attributes of a
sometimes fierce and fiercely varied
landscape (amber waves of grain,
fruited plains, etc.) and the “heroes”
one finds throughout. If that seems
an already overused word, “America
NATIONAL GEOGRAPHIC/DISNEY+
creature unconscious of
its own mortality can be
a hero. But the theme
runs through this wide-
ranging production.
There has been some
truly spectacular nature
television in recent years,
including “Planet Earth”
and “Frozen Planet,” both
of which involved married
Britons Vanessa Berlow-
itz and Mark Linfield, the
producers of “America the
Beautiful.” Their new pro-
gram breaks some fresh
ground in the genre—the Grizzly bear mother and her two cubs on the trail of a caribou herd
placing of cameras on
fighter jets, for instance, which
sweep a viewer almost magically
from one ecosystem to the next
(Mojave to Arctic, for instance).
Ironically, the effect is to make a
vast continent seem smaller—we
get from here to there with the kind
of alacrity a U.S. airline customer
The showrunner is Dan Rees (“Fro-
zen Planet,” “Atlantic”).
Despite or perhaps because of its
placement on Disney+, “America the
Beautiful” is not overly concerned
with the “Disneyficaton” of the wild-
life observed, which is difficult be-
cause the impulse of both filmmak-
fair: The viewer will impose the
drama anyway, for instance when a
monstrous American alligator stalks
a white-tail deer at the edge of Lou-
isiana’s Atchafalaya swamp, or a
grizzly bear and her young chase a
herd of caribou and its own young
across a river near Mount Denali in
grasslands” that once
flourished across the wide
midsection of the coun-
tries (the U.S. and Can-
ada), or a campaign to get
the Pebble Beach golf
course to keep its count-
less golf balls out of the
Pacific, where they pose a
threat to marine life. In
keeping with the upbeat
spirit of “America the
Beautiful,” the often mod-
est crusades are consis-
tently successful, the par-
ties simpatico, though the
rebuilding is not always
the work of humans: In a
visit to Mount St. Hel-
ens—where, we are reminded, a
1980 eruption “blew up with the
force of 25,000 atomic bombs and
left a crater the size of 1,000 foot-
ball fields”—the wasteland once was
as large as Chicago. Over the ensu-
ing four decades, beavers have used
the splintered lumber to create

the Beautiful” doesn’t care: It applies
the term to a squirrel guarding its
pinecones and a duel to the death
between arctic wolves and a musk
ox (“an ancient battle between two
heroes of the frozen north”). It
seems debatable whether a fight for
survival equals heroism, or that a
could only dream of. But the point
of filmmakers Berlowitz and Linfield
is geographic and zoological diver-
sity itself, and that is punctuated by
the north-south, east-west and
sometimes diagonal trips to places
that could be related only by being
on the same contiguous land mass.
ers and viewers is to affix human Alaska. In the case of the alligator, it what Mr. Jordan calls a “wetland
motives to the conflicts of the natu- may be obvious that the camera paradise.” One may be convinced,
ral world. A disclaimer at the end of work is being done in a pool (the given the visuals of “America the
episode 1 (titled “Land of Heroes”) surface of the water bifurcates the Beautiful,” that these beavers, at
concedes that some of what we see image in a way that seems impossi- least, may qualify as heroes.
was filmed under controlled condi- ble in the wild) but it’s also enlight-
tions, while still being representative ening as regards just what’s going America the Beautiful
of real animal behavior. This seems on with that alligator both above Monday, Disney+
 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | A13

ARTS IN REVIEW

T
New York
he main course is a
scrumptious-looking
goose, but side dishes of
red herring are served up
plentifully in “Epiphany,”
an initially intriguing but
ultimately befuddling new play by
Brian Watkins at Lincoln Center
Theater.
The atmosphere is redolent of
classic murder mysteries and thrill-
ers in the Agatha Christie mold.
The set design, by John Lee Beatty,
represents the living room of a
shadow-filled, faintly gloomy old
house, with a somehow ominous
staircase reaching skyward. It is,
yes, a dark and stormy night, with
snow falling heavily outside the
windows as guests arrive for a din-
ner party thrown by the house’s in-
habitant, the elderly Morkan
(Marylouise Burke).
The arrivals mostly do not know
one another. They include Freddy
(C.J. Wilson), an old friend of Mor-
kan whose mother has recently
died; Ames (Jonathan Hadary), an
even older friend; as well as two
younger couples—Kelly (Heather
Burns), a musician, and her lawyer
partner, Charlie (Francois Battiste);
and psychiatrist Sam (Omar Met-

JEREMY DANIEL (2)

wally) and his partner, Taylor (Da-
vid Ryan Smith).
As the guests chat over cock-
tails, oddities begin to register,
faintly but unmistakably. Morkan
keeps referring to various instruc-
tions for the festivities that were THEATER REVIEW | CHARLES ISHERWOOD
described in email attachments
that none of the guests seem to
have received. Questions about the
absence of Morkan’s sister Julia are
gently deflected. Most strangely,
the guest of honor, Morkan’s
Conversation and Confession
nephew Gabriel, a renowned writer At a bizarre dinner party, weighty topics are the dry entree to disappointment
whom most of the guests haven’t
met, fails to show up, dampening
the spirits of those eager to en- cally that “he’s lost his hope.” which, at one point, collectively
counter this august personage. In There’s also the matter of the blare out an alarm, unnerving all
his place arrives his partner, Aran occasionally flickering lights, and but her.
(Carmen Zilles), who says vaguely Morkan’s insistence on storing Making the best of what pro-
that he’s depressed, more specifi- away everyone’s cellphones— poses to be an awkward evening,
Morkan, played with vivifying hu-
mor by the ever-delightful Ms.
Burke, bustles around urging
drinks on the guests and diving in
and out of the kitchen, where Lo-
ren (Colby Minifie) is helping out.
To sum up, the scene is set for
dramatic, possibly disturbing,
events. Sadly, as the intermission-
less two-hour “Epiphany” unfolds,
one begins to sense that any such
expectations are doomed to be dis-
appointed. True, Ames falls victim
to an implausible accident that
finds a knife sticking out of his arm
(long story). Among the welcome
funny interludes is the farcical re-
action to his injury, as well as
Kelly’s playing of a snatch of disso-
nant contemporary music, which
Ms. Burns makes a nice little comic
meal of. And eventually Morkan
does abruptly make a startling con-
fession.
But most of the play consists of
conversation that touches occasion-
ally on topics of some specificity
(“Fear is the easiest way to make a
buck,” opines Taylor, “Or get
elected,” retorts Morkan), but
mostly floats on higher and drier
philosophical planes, without quite
settling for long on a single sub-
A scene from Brian Watkins’s new play, ‘Epiphany,’ now at Lincoln Center ject, unless it’s the general idea
Theater, above; Marylouise Burke as Morkan, below left that the world is in some state of
crisis or decline.
Do we live in a “lesser civiliza-
tion”? In a “lonelier age”? Aran
opines that “our imaginations have
atrophied,” that there’s “more to
each of us than meets the eye.”
(Noted.) From the soggy remnants
of the speech Gabriel was supposed
to give—Aran fell in the snow on
her way in—comes the news that
we are (or did he write were?) liv-
ing in a “less spacious age.” Ms.
Burns’s increasingly sozzled Kelly
blurts out, not inaptly, “Well, what
does it mean, either way?” Charlie
counters the general glumness by
pointing out that “the world’s al-
ways been depressing, there’s just
more ways to see it now.”
Morkan has styled the evening
Despite the big ideas
discussed, few fresh
or truly striking
observations are made.
as a celebration of the Feast of the
Epiphany, when the Magi visited
the Christ child, but she seems to
know nothing about the subject.
And of lower-case-e epiphanies—
the revelations that flit into our
lives at unexpected moments—few
if any of the characters experience
one.
For all the weighty ideas tossed
about like a mixed salad during
this impromptu symposium, few
fresh or truly striking observations
are made. “We’ve commodified ev-
erything.” “We’re all solipsists now,
aren’t we.” Technology has reduced
people to “algorithms and dollar
signs and ‘likes.’” The somber gen-
eralities pile up, but most could
have been clipped from op-ed
pages or the Atlantic.
Despite the polished perfor-
mances from the first-rate cast, un-
der the fluid direction of Tyne Ra-
faeli, a miasma of banality begins
to hover in the room. As the argu-
ments lumber along (“Well, and be-
sides all that, consumerism!”),
Ames, whom Mr. Hadary imbues
with a dry humor and skepticism,
mildly observes, “Well, now we’re
just saying words.”
It’s among the more unhappily
percipient observations made.
“Epiphany” slowly buries its
goosepimply promise under a wel-
ter of verbiage. The result is like a
puzzle that, once completed,
doesn’t cohere into a memorable
image.
Epiphany
Lincoln Center Theater at the Mitzi
E. Newhouse Theater, 150 W. 65th
St., $49-$92, 212-239-6200, closes
July 24
Mr. Isherwood is the Journal’s
theater critic.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 62 “Auld Lang ___”
13
PUZZLE
Vancouver
60s
0s 14 15 16
63 First Best Actor CONTEST
Calgary 70s 50s winner Jannings
10s
Seattle
Winnipeg
60s 17 18 19 64 Buy alternative
70s 70s 80s 20s
Montreal
65 “Hey, pal!” 29 Kenyans’
80s 30s 20 21 22 23
Portland Helena
Bismarck 70s Ottawa 66 Playfully tease neighbors
Eugene Billings Augusta 40s
60s 24 25 26 67 Rock band 31 ___-deucey
Boise
Mpls./St. Paul Toronto Albany
Al n Boston 50s from Houston, 33 Region for which
70s
80s Hartford 27 28 29 30 31 32 33 34 or where to look part of the
Pierre Sioux Falls Milwaukee Detroit Buffalo 60s
80s Chicago 90s New
w York for the contest
Reno Salt Lake Cityy Des Moines
Cleveland
70s 35 36 37 Mediterranean is
Cheyenne Omaha Philadelphia answer named
Sacramento Springfield Indianapolis Pittsburgh 80s
90s Denver Kansas Washington D.C. 38 39 40 Down 34 Butler in a famed
San Francisco 70s Colorado Topeka City
i y 90s Charleston 90s
Las Springs Richmond 41 42 43
1 Shortly, quaintly mansion
70s St. Louis Louisville 100+
Vegas 80s Wichita Nashville Raleigh 2 Lacking 36 Tapas, in Turkey
Los Angeles Santa Fe Charlotte 44 45 46 get-up-and-go 37 Old enough to
Oklahoma Cityy Memphis
100s Phoenix Albuquerque Columbia 3 Rattle vote, say
San Diego Little Rock Atlanta 47 48 49 50
Tucson 100s Birmingham Warm Rain 4 It’s here for Henri 39 Marathon
Ft. Worth Dallas Jackson
winner, e.g.
El Paso
90s 80s 51 52 53 54 55 56 57 5 Masked Olympian
Mobile Jacksonville Cold T-storms 6 Multiplied by 43 Minnesota
Austin Houston 58 59 60 61
70s New Orleans Orlando 7 Journalist Melber governor since
Stationary Snow
80s 80s San Antonio Tampa
90s 62 63 64 8 Consequence for 2019
Anchorage 100s 45 Mork’s home
Honolulu Miami misbehaving,
60s 70s Showers Flurries 65 66 67 planet
50s maybe
9 Goethe 46 She helped find
Ice
Forecasts and graphics provided by AccuWeather, Inc. ©2022 COVER BAND | By Matt Gaffney contemporary Nemo
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U.S. Forecasts City
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Today Tomorrow
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Orlando 90 75 t 90 75 t Geneva 72 55 t 81 61 s crossword is a 24 Capital of Belarus Stradlin 51 Recipe amt.
12 Petite pasta
Today Tomorrow Philadelphia 95 75 s 90 72 t Havana 90 73 t 89 73 sh well-known singer. 26 Petty of 43 Implied
City Hi Lo W Hi Lo W 13 Like slime 52 Rogers and
Phoenix 106 85 pc 105 85 pc Hong Kong 95 84 t 93 83 t “A League of 44 “Chandelier”
Anchorage 71 56 s 69 57 c Pittsburgh 88 69 t 83 62 t Istanbul 88 72 s 86 70 s
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Atlanta 85 72 t 88 74 t Portland, Maine 85 68 pc 83 60 t Jakarta 89 75 pc 89 76 t 23 Maj.’s superior
Austin 93 75 t 96 75 pc Portland, Ore. 80 57 pc 77 58 pc Jerusalem 84 64 s 84 64 s Michael Caine 27 Coll. credit source 45 Count Basie’s 55 Rat-___
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Baltimore 95 75 t 89 70 t Sacramento 85 55 s 83 55 s Johannesburg 60 39 s 59 41 s and Jude Law 30 Punctuated “__’Clock Jump”
London 70 53 sh 69 52 pc
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Boise 93 61 s 96 64 s St. Louis 95 74 t 86 74 t
6 Vacation pronoun 46 Pesters
Boston 91 72 pc 83 68 t Salt Lake City 96 75 pc 98 78 s Madrid 94 67 s 98 71 s 25 Ukrainian 57 Planning, for
“souvenirs” 32 Knightly title persistently
Burlington 91 67 t 84 60 c San Francisco 66 56 pc 65 56 pc Manila 88 80 r 92 81 t attraction since short
Charlotte 87 71 t 88 73 t Santa Fe 81 59 t 81 60 t Melbourne 55 47 pc 53 43 c 10 “Scat, gnat!” 35 Celebrity event 47 “Me neither” 1907 60 2020 Best Actor
Chicago 81 66 t 84 66 s Seattle 76 55 pc 73 56 pc Mexico City 77 57 t 76 57 sh 36 Nursery rhyme 49 “___ all ye 27 Many Meccans nominee Ahmed
Cleveland 92 68 t 82 64 c Sioux Falls 87 64 s 86 67 t Milan 88 67 pc 92 69 s 14 Ida B. Wells
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Dallas 95 77 pc 93 79 t Wash., D.C. 92 76 t 89 74 t Moscow 74 56 s 82 65 pc co-founded it 28 Charles with an 61 Hat named for
Denver 82 60 t 89 62 pc Mumbai 87 81 sh 88 81 t 37 “Having said 51 Cleverly deceptive infamous scheme a city
15 Classic Camaro that,” briefly 54 Credit-reporting
Detroit
Honolulu
87 63 t
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85 62 pc
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Today Tomorrow Previous Puzzle’s Solution
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Q P I E D O L L S R AM I
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A14 | Friday, July 1, 2022
BY ANDREW BEATON
D
ustin Johnson, Bryson
DeChambeau, Patrick
Reed and Brooks
Koepka were atop the
golf world at the start
of 2021. Johnson was ranked No. 1.
DeChambeau was fifth, Reed was
11th and Brooks Koepka was right
behind him at No. 12. Johnson and
DeChambeau had just won the
Masters and U.S. Open, respec-
tively.
These golfers today have a few
other things in common. They are
all major champions who have
combined to win no majors since
then. They have all tumbled in the
world rankings. And they’re all
playing for LIV Golf.
LIV’s second tournament began
on Thursday at Pumpkin Ridge
Golf Club and this edition is
packed with far more firepower
than the first one. DeChambeau,
Reed and Koepka headline a grow-
ing list of superstars who have
broken ranks with the PGA Tour
and joined the likes of Johnson
and Phil Mickelson by playing for
the Saudi Arabia-backed upstart.
Together, they are some of the
biggest names in the sport. They
also may have had an extra incen-
tive to join a breakaway circuit
that has offered lavish appearance
fees and record-breaking purses
for small, no-cut fields. That’s be-
cause they haven’t exactly been
thriving on the PGA Tour.
Over the past calendar year,
those five players have combined
for exactly zero PGA Tour wins.
As questions about money and
golf became supercharged in re-
cent months, a golfer named Tiger
Woods laid out how golf’s premier
tour has typically operated. Unlike
pro sports such as baseball or bas-
ketball, in which players sign rich
contracts and get paid no matter
how they perform, the PGA Tour is
in most ways a financial meritoc-
racy. The players who play the
best get paid the best.
“There’s plenty of money out
here,” Woods said at this year’s
PGA Championship. “You have to
go out there and earn it. You’ve
got to go out there and play for it.
We have opportunity to go ahead
and do it. It’s just not guaranteed
up front.”
LIV Golf, boosted by the spend-
ing power of Saudi Arabia’s sover-
eign-wealth fund, has changed that
paradigm. Mickelson, for instance,
neither confirmed nor denied re-
ports he got a $200 million deal
from LIV.
Even beyond the appearance
fees, the lucrative prize money in
a no-cut field gives the players a
safety net no matter how well or
poorly they play. The $25 million
purses at these tournaments are
the richest in the sport’s history.
Even if a player managed to finish
in dead last in all eight LIV events
this year, he would still make
around $1 million.
Those types of guarantees
might be especially appealing to
the golfers who have established
themselves as superstars—but ha-
ven’t been playing like one.
Johnson remains one of the
best players in the world, but the
time before his stunning defection
to LIV was an indication that his
JASON GAY
The World’s Best Cyclist
Is Only Getting Better
Let’s start with his
name, because you
should know it, and I
am pretty sure you can
nail it.
Tadej Pogačar.
Ta-DAY. Po-GAH-char.
Now you. Say it fast. Faster.
Beautiful! Like you’ve lived in
Pogačar’s native Slovenia your
whole life. Like you’re ready to call
a July mountaintop finish in the
Alps.
Now let’s talk about what
Pogačar has done on a bicycle. In
2020, he became the youngest
Tour de France winner in 116
years—don’t you just love a croaky
old sporting event where a record
can fall after 116 years—by cross-
ing the finish line in Paris hours
before his 22nd birthday.
Less than a year later, Pogačar
went right back and won the Tour
again. He’s also won prestigious
one-day races like Strade Bianche,
Liege-Bastogne-Liege and the Giro
di Lombardia, establishing himself
as a charismatic throwback—the
type of rider with the discipline to
win a grueling three-week event,
or mix it up with cycling’s bruisers
in a five-hour throwdown.
Pogačar’s a favorite to three-
peat when the 2022 Tour begins
Friday with a brief interlude in
Denmark. Considering how cycling
champions tend to peak in their
late 20s and early 30s, it scram-
bles the brain to think about what
LIV Golfers Have Been in a Slump
The players who have joined the Saudi-backed tour signed on after downturns in their games
game hadn’t been quite up to par
lately. After beginning 2021 ranked
No. 1, coming off a win at the pan-
demic-delayed Masters in late
2020, and finishing the year at No.
3, he had fallen to No. 13 when he
signed on with LIV. In his last
three events before bolting, he
missed the cut twice and finished
tied for 59th in the other.
Johnson, who’s third all-time
with $74.3 million in PGA Tour
prize money, made $20,202 for
that 59th-place finish. He made
$625,000 when he played against
relatively weak competition and
finished eighth in LIV’s first event
outside London.
Others have seen their form
more notably dip. Koepka and De-
Chambeau, now ranked 19th and
31st,respectively, have been two of
Pogačar might accomplish before
he’s finished.
“He feels like the rider of his
generation,” says Caley Fretz, edi-
tor in chief of the bicycling publi-
cation CyclingTips.
That’s no small claim at a time
when men’s cycling is bursting
with historic dynamos like Ma-
thieu van der Poel and Wout van
Aert, year-round sensations col-
lecting titles in mountain biking
and cyclocross as well as stages on
the road.
Pogačar’s talent is even provok-
ing bold comparisons to Eddy
Merckx, aka the Cannibal, cycling’s
Belgian Babe Ruth, who dominated
the sport in the late 1960s and
early 1970s.
The Cannibal sounds onboard.
“It’s becoming difficult to find
the word to describe what this
young guy does,” Merckx said to
La Gazzetta dello Sport after the
Slovenian won at Strade Bianche.
“Pogačar is a Campionissimo.”
Still only 23, Pogačar seems un-
rattled by the chatter already
swirling around his name.
“I prefer to just look in front of
me, not 10 years,” he tells me.
“Maybe I’m at the peak now—
maybe next year, I’m not as good
now. Maybe it’s already [gone]
down.”
He smiles on our Zoom call. In
conversation—even during races—
Pogačar doesn’t project the edgy
tension that usually comes with a
SPORTS
golf’s highest-profile disappoint-
ments over the last year as they
have struggled with injuries and
form. Koepka became perhaps the
most feared player at majors when
he collected four titles from 2017
to 2019. He even managed three
top-fives at them in 2021. But this
year, he was cut at the Masters
and finished in 55th at both the
PGA Championship and U.S. Open.
“What I’ve had to go through
the last two years on my knees,
the pain, the rehab, all this stuff, I
need a little bit more time off,”
Koepka said. “I’ll be the first one
to say it, it’s not been an easy last
couple of years.”
DeChambeau, who has also bat-
tled with injuries, emerged as a
revelation in 2020 when his boom-
ing drives helped him take over
Tadej Pogačar is the two-time defending Tour de France champion.
Cycling God mantle. Tour de
France champions tend to be grim-
faced men driven by Ahab-like ob-
sessions. Pogačar, by contrast, can
look like a kid merrily pedaling on
a paper route, a signature tuft of
hair poking out from a vent in his
helmet.
“He seems like he’s truly having
fun out there,” says Christian
Vande Velde, the former pro who
is now an analyst for NBC’s Tour
coverage. “It seems like it’s not
stressful for him.”
For a sport once consumed with
doping scandals, Pogačar’s easygo-
ing ascension has been a blast of
fresh air. Cycling today is awash in
data points, perhaps none bigger
than watts per kilogram, the met-
Bryson DeChambeau, above, and Brooks Koepka, left, have something in
common. They hadn’t been playing well before joining the LIV Golf series.
the sport and win the U.S. Open.
He hasn’t finished in the top 25 of
a major since.
“I run and operate my golf as a
business,” DeChambeau said this
week.
One of the steepest drop-offs
among the LIV participants hap-
pens to be the person who finished
second to DeChambeau in that U.S.
Open. Matthew Wolff’s play there
helped him reach No. 12 in the
world. He’s now 77th after missing
the cut in three of his last four
events.
Their stumbles dovetail with an-
other subset of players who popu-
late the LIV fields: aging golfers.
Mickelson is 52 years old and,
aside from his shocking win at the
2021 PGA Championship, has
plainly shown that his best playing
days are behind him. He’s joined
by the likes of Louis Oosthuizen,
Ian Poulter and Lee Westwood,
who are reaching the stages of
their careers when they may be
past their primes—meaning they
would no longer earn the prize
money they once did.
There are exceptions among the
LIV participants. James Piot is the
2021 U.S. Amateur champion. Eu-
genio Chacarra, one of the top am-
ateurs, is one of the newest LIV
signees. Talor Gooch, a 30-year-old
American, has jumped from No. 82
to as high as No. 31 this year.
Abraham Ancer, a 31-year-old from
Mexico, has emerged as one of the
ric that shows how much “power”
a cyclist is putting out at any
given moment. Professionals learn
their precise physical limits—how
hard they can ride, for how long—
which can result in bland racing,
dictated by the numbers.
Pogačar prefers to ride by feel,
like Merckx and other cycling leg-
ends did in the steel frame and
down-tube shifter days. He’ll study
his data during training, but in
races, he pays closer attention to
the feedback from his body. He
raced with no computer at all in
the hectic Tour of Flanders after it
fell off during an early crash, fin-
ishing a solid fourth.
“When I feel good, I don’t look
at the power,” he says. “I just fol-
.
THE WALL STREET JOURNAL.
FROM TOP: BOB DECHIARA/USA TODAY SPORTS; ROBERT F. BUKATY/ASSOCIATED PRESS
better players in the sport.
All of these golfers also face a
reality: They are going to fall in
the rankings—and that could be a
problem.
LIV events haven’t yet been ac-
credited for points in the Official
World Golf Rankings, and for many
players that ranking system is phe-
nomenally important. It can be
their ticket to major champion-
ships.
Unlike the PGA Tour, which
swiftly banned the LIV Golf play-
ers, the bodies that oversee the
majors thus far haven’t taken that
step. The players, though, still
need to qualify to play in the ma-
jors and one of the most common
pathways is by being high enough
in the official rankings. The Mas-
ters, for instance, invites the
world’s top 50.
Each major also has its own ex-
emptions for past major winners,
but some of those time out. Mean-
while, there are others such as An-
cer who don’t have that benefit
and are hoping the OWGR eventu-
ally recognizes LIV.
“Definitely banking on having
some points going forward,” Ancer
said.
The rankings also make clear
that while LIV has succeeded in
poaching many of golf’s biggest
celebrities, the ones playing the
best these days still haven’t bro-
ken ranks. All of the top-10 players
are still on the PGA Tour.
low my instincts.”
Pogačar may not be a household
name, but he hardly snuck up on
the sport. After dabbling in Slo-
venian pastimes like skiing and
soccer, he became a celebrated ju-
nior cyclist by his late teens. His
big WorldTour breakthrough was
first place at the Tour of Califor-
nia, which he won in 2019 at age
20.
He appears to lack a significant
weakness. At 5 foot 9, 145 pounds,
Pogačar can hang with the feather-
weights in the mountains. But he
also possesses the audacity to
make bold solo moves, and he’s
very strong in time trials against
the clock. It was at a late time
trial in the 2020 Tour where
Pogačar upset race leader and fel-
low Slovenian Primož Roglič to
seize the podium’s top step.
It’s made him a marked man in
every race he enters. His most sig-
nificant competition at this year’s
Tour will likely be Jonas Vinge-
gaard, who finished second last
year, as well as a motivated Roglič,
at 32 eager to capture the biggest
title that’s eluded him.
Pogačar will be assisted by UAE
teammates including the U.S. rider
Brandon McNulty, an ace climber
and time trial hurricane whom
Pogačar lavishes praise on—
“maybe we see him as a Grand
Tour contender in a few years, I
hope so.” But the Tour is a long
race. Crazy stuff happens.
Pogačar’s opponents will try to
CHRISTOPHE ENA/ASSOCIATED PRESS
pounce on any vulnerability from
the man with the cowlick poking
out of his helmet.
“I liked being the underdog,”
Pogačar says, “But I can forget
about it now.”
Look for the hair. Practice the
name. Tadej Pogačar. He’s already
one to remember.

THE WALL STREET JOURNAL.
OPINION
The Justices’ Message to Congress
It’s tempting
to view
T h u r s d a y ’s
Supreme
Court deci-
sion to rein
POTOMAC in the Envi-
ronmental
WATCH
Protection
By Kimberley
Agency’s cli-
A. Strassel
mate author-
ity as a mis-
sile aimed solely at the
bureaucratic swamp. It’s just
as much a swipe at that bu-
reaucracy’s enabler: the feck-
less U.S. Congress.
Sweep away the opinion’s
numbing technical descrip-
tions, and the ruling is a joy
to read. The six conservatives
on the court, in an opinion by
Chief Justice John Roberts,
have officially declared the
“major questions doctrine”—
a concept that has appeared
in a handful of past court de-
cisions—to be a living,
breathing principle. The fed-
eral bureaucracy is no longer
allowed to impose programs
of major “economic and polit-
ical significance” on the
country absent “clear con-
gressional authorization.”
Hallelujah.
That’s a bummer for the
executive branch—and its
army of bureaucrats—which
for decades has been acting
as if it were king. In this
case, the Obama administra-
tion was frustrated Congress
wouldn’t enact a law empow-
ering it to regulate climate
emissions. So it magicked up
the authority out of the 1970
Clean Air Act. Democratic ad-
ministrations in particular
are growing brazen in dele-
gating to themselves these
new superpowers. The Biden
team last year in litigation
America’s Coming Charity Deficit
HOUSES OF The decline Some 44% of Generation Z to turn to religious ones for written extensively about the
WORSHIP of religious and 42% of millennials iden- support and solidarity. “Secu- power of nonreligious commu-
By Ericka belief in
Andersen America will
cause incal-
culable spiri-
tual damage, but even nonbe-
lievers should worry about the
practical consequences of an in-
creasingly secular U.S. Consider
the ticking time bomb of philan-
thropic demise set to detonate
in the coming years.
“People who are religiously
affiliated are more likely to
make a charitable donation of
any kind, whether to a reli-
gious congregation or to an-
other type of charitable organ-
ization,” according to a 2017
report from Giving USA. The
organization found that 62%
of religious households give to
charity, compared with 46% of
nonreligious ones. The Alma-
nac of American Philanthropy
reports that those who attend
religious services regularly
give to secular causes at more
than double the rate of those
who don’t.
Wealth and age matter too.
The wealthiest 1.4% of the
country comprise 86% of char-
itable donations, according to
the Philanthropy Roundtable.
Giving is highest among those
in their 60s and 70s. That
means that today dispropor-
tionately religious baby boom-
ers, who hold a disproportion-
ate amount of the nation’s
wealth, are driving charitable
giving.
The Hong Kong Handover at 25
By Benedict Rogers
W
hen the U.K. handed
Hong Kong over to
China on July 1, 1997,
the city was one of Asia’s fre-
est and most open. Now it is a
repressive police state. What
went wrong?
For the first few years after
the handover, Beijing be-
haved—at least on the sur-
face—reasonably well. When I
left in 2002, I was cautiously
optimistic that the “one coun-
try, two systems” principle
would persist. Only over the
past decade did it begin to be-
come apparent that Beijing’s
iron grip was tightening. After
the 2014 Umbrella Movement
protests demanding universal
suffrage, freedoms began to
erode visibly. Protests in 2019
were met with shocking police
brutality. The final straw was
the imposition of the draco-
nian National Security Law
two years ago, which eradi-
cated any remaining liberties
and landed former legislators,
journalists, trade unionists and
civil-society activists in jail.
insisted there existed in a 77-
year-old law the authority to
impose an eviction morato-
rium. Just as it found per-
mission in a 51-year-old law
to impose a vaccine mandate
on the nation’s workforce.
The high court struck down
both and—just in case Mr. Bi-
den didn’t get the hint—used
this week’s EPA decision to
lay out stricter rules going
forward.
But it’s equally a bummer
for Congress, which was es-
sentially just told by the
court to get off its lazy back-
side and resume the people’s
work. It’s easy to bash the
administrative state, but bu-
reaucrats are simply filling a
vacuum created by a legisla-
ture that these days can
rouse itself to little more
than naming a post office.
“Federal agencies must have
the authority to regulate car-
bon!” every Democrat wailed
in response to this week’s
ruling. To which the obvious
response is: Then give it to
them! Pass a law. Do your
job.
Congressional sloth in re-
cent years has hit mind-bog-
gling new lows. It’s partly
systemic, rooted in a manda-
tory spending regime that ac-
counts for two-thirds of gov-
ernment dollars and runs on
autopilot. That disconnect
now imbues every aspect of
governance. In the nearly 50
years since Congress created
our current system of bud-
geting and appropriations,
it’s managed to complete the
process correctly four times.
It last did so 25 years ago.
The default is massive omni-
bus bills that are passed
hours after release, minutes
before the government shuts
tify as religious “nones,” ac-
cording to a recent Coopera-
tive Election Study. As these
generations amass wealth
later in life, it’s unclear
whether they will give with
the same gusto as their more
religious predecessors. The
good news is that these
groups are still decades away
from entering their peak giv-
ing phases.
So what can be done to
avert this looming generosity
crisis? Religious organizations
and churches are working to
draw people back to faith, but
some will never return. That
doesn’t mean philanthropy
will go away. There is a move-
ment afoot to generate new
giving rituals, cultivated
through interfaith or even sec-
ular projects.
In 2019 the Inclusive Amer-
ica Project produced a report
on modern philanthropic ef-
forts. It showed that most reli-
gious organizations are com-
mitted to collaborating with
groups representing other
faiths to improve giving over-
all. They may co-host educa-
tional events or coordinate
messaging for common philan-
thropic causes.
Others are working to pair
religious and secular organi-
zations to pursue common
goals. David King, director of
the Lake Institute, said non-
religious groups are starting
Almost all freedoms have
been dismantled. Press free-
dom has been destroyed, aca-
demic freedom corroded and
religious freedom threatened.
Most pro-democracy activists
are either in jail, in exile or
keeping their heads down.
Some, like media entrepreneur
Jimmy Lai and former student
One of Asia’s freest
cities has become a
grim police state.
activist Joshua Wong, could
spend the rest of their lives in
prison. The regime even ar-
rested 90-year-old Catholic
Cardinal Joseph Zen.
John Lee, Hong Kong’s new
chief executive, was a police-
man for 35 years before be-
coming security chief. He was
handpicked by Beijing to do
the regime’s bidding. All he
knows is how to lock people
up.
The international commu-
nity—particularly the U.K., as
down for lack of funds.
It’s a function of power
politics. Most high-profile
legislation is crafted in a
leader’s office or
“gangs”—bypassing commit-
by
tees, debate and amendments
in favor of take-it-or-leave-it
deals. Conference committees
between the two chambers
are essentially dead; the
House and Senate simply rub-
ber-stamp each other.
The EPA case doesn’t
preclude climate rules.
It require lawmakers
to enact them.
But the indolence is
mostly a product of political
cynicism. This has been a
theme of Nebraska Sen. Ben
Sasse, who uses his perch on
the Judiciary Committee to
grill court nominees on the
separation of powers. In an
interview, he points out that
we are supposed to have a
“throw the bums out” system
in which every few years vot-
ers get to “hire and fire those
who make the laws.” Yet bu-
reaucrats don’t stand for
election, and neither do the
judges who defer to the bu-
reaucracy’s supposed exper-
tise. Lawmakers see only
benefit in outsourcing the
dirty work.
“Politicians on the left are
happy to let bureaucrats run
everything and to not have to
own it, and politicians on the
right are happy to blame
someone else and not do the
work,” Mr. Sasse says. If this
opinion forces “Congress to
step up,” he adds, “people
lar philanthropies are realiz-
ing that religious communi-
ties can provide key
resources,” Mr. King told me.
“They have often been over-
looked, and are willing to be
in partnership for shared out-
comes.”
Stand Together, a secular
organization committed to
working with faith-based in-
stitutions such as churches or
community centers, offers a
Young people aren’t
attached to religion,
which could augur ill
for their future giving.
Faith Forward grant for local
religious leaders to help their
communities. Another organi-
zation with a similar program
is the Woodson Center, which
often works with faith-based
institutions, especially black
churches, on shared goals such
as the restoration of families
and revitalization of communi-
ties. While the Woodson Cen-
ter isn’t explicitly religious, its
website says the organization
has found “the most effective
neighborhood-based organiza-
tions are faith-centered.”
What about those truly out-
side of a faith community? Re-
searcher Casper Ter Kuile has
a party to the treaty—should
have responded to the warn-
ing signs sooner and more ro-
bustly. Had the free world
called out the disqualifica-
tions of elected legislators
and the first imprisonment of
political activists in 2017
more strongly, and imposed
sanctions as a consequence
for human-rights violations,
perhaps the pace and inten-
sity of repression would have
been slowed. Failure to stand
up to Beijing has been a
costly mistake.
What should be done now?
Two key things.
First, offer a lifeline to peo-
ple who want to flee the city.
The U.K. has done this for
Hong Kongers with British Na-
tional Overseas status. The
U.S. and the European Union
should do something similar.
Canada and Australia have
taken some steps and should
be encouraged to do more.
Second, impose sanctions
on those responsible for the
violation of an international
treaty and the destruction of
a free city. If the regime in
will have more power and
Washington will be a little
healthier.”
Conservative Republican
legislators report that this
cynicism has now reached
new heights. They note that
their Democratic counter-
parts routinely write legisla-
tion that is deliberately
vague, so as to give the ad-
ministrative state maximum
flexibility to impose pro-
grams Congress won’t take
responsibility for passing.
This also ensures that the
federal bureaucracy—which
largely shares the left’s polit-
ical ideology—can continue
its work even under Republi-
can presidencies and Con-
gresses.
Which helps explain the
left’s unhinged reaction to
this week’s ruling. It blew up
a basket that contained too
many Democratic eggs. The
merit of statutory law is that
it is enduring, but that takes
time and compromise. Demo-
crats chose to instead rely on
a bureaucracy to impose a
purer—albeit lawless—ver-
sion of its agenda. The court
has just thrown a red flag on
that entire project. Live by
the administrative state, die
by the administrative state.
Don’t think the Biden ad-
ministration will give up eas-
ily; its agencies will continue
to try to sneak through every
opening, and the court will
likely have to reinforce and
fill out its ruling.
But if the judiciary sticks
to its guns and enforces the
separation of powers, this
week’s decision could prove
one of the more consequen-
tial in improving the health
of the republic.
Write to kim@wsj.com.
nity and how it can shape civil
society as churches do. In
“The Power of Ritual: How to
Create Meaning and Connec-
tion in Everything You Do,” he
writes of “layering meaning
and ritual” into such everyday
activities as going to a work-
out class or eating lunch.
Think of them, he writes, “as
spiritual practices.”
I see this at local gyms that
raise money for such charitable
causes as the Down Syndrome
Guild of Dallas. Looking outside
traditional venues for charita-
ble giving could help stem
some of the expected losses in
the coming decades, but it’s un-
likely these efforts will fill the
gaps entirely. The reality is that
regular participation in a reli-
gious community is unparal-
leled in terms of bolstering
funding and awareness for the
most vulnerable people.
But giving more people
more ways to expand and
maintain their charitable giv-
ing in everyday life is better
than nothing. And by the
grace of God, bringing reli-
gious “nones” into the charita-
ble fold could have the wel-
come side effect of bringing
them back to religion.
Ms. Andersen is author of
“Return to Reason: Why
Women Need the Church and
the Church Needs Women,”
forthcoming in January.
Beijing and its quislings in
Hong Kong are allowed to get
away with their brutality,
mendacity and criminality, it
will embolden them to be
even more repressive at home
and aggressive abroad. Free-
dom-loving allies should coor-
dinate measures to ensure
maximum effect. Failure to
impose punitive measures
now may lead to greater dan-
ger for Taiwan and the South
China Sea.
On the grim occasion of this
25th anniversary, let us not
settle for retrospective hand-
wringing. That may make the
West feel better but will
achieve nothing. Instead, wel-
come Hong Kongers who wish
to begin a new life in freedom
into our societies and hold to
account those who destroyed
the “Pearl of the Orient.”
Mr. Rogers is chief execu-
tive of Hong Kong Watch and
author of “The China Nexus:
Thirty Years in and Around
the Chinese Communist
Party’s Tyranny,” forthcoming
in October.
.
Friday, July 1, 2022 | A15
BOOKSHELF | By David P. Barash
The Hobbits
Of Flores Island
Between Ape and Human
By Gregory Forth
(Pegasus, 279 pages, $28.95)
‘A
re we alone?” This is a question usually asked by
scientists searching for extraterrestrial life. In
“Between Ape and Human: An Anthropologist on
the Trail of a Hidden Hominoid,” Gregory Forth brings the
inquiry down to Earth—literally. He considers Homo
floresiensis and raises the stunning possibility that
descendants of these “hobbits” might still exist on the
Indonesian island of Flores. If so, then we members of
the genus Homo aren’t alone after all.
The discovery of a fossilized Homo floresiensis in
2003 created a scientific and public sensation. Standing
scarcely more than 3 feet tall—comparable to a 3-year-old
modern human—these creatures were quickly dubbed
hobbits. Whereas “anatomically modern humans” arrived
on Flores about 11,000 years ago, the floresiensis lineage,
it is believed, began on the island some 100,000 years
ago. But there is no evidence
that floresiensis had large,
hairy, hobbit-like feet, so
let’s be serious, as Mr. Forth
definitely is.
Flores is a fascinating place,
once home to the elephant-like
pygmy stegodons. Today its
inhabitants include Komodo
dragons and terrifying giant
rats that are larger than a
domestic cat. Also living on
the island are the indigenous
Lio people, who have long
believed in an ape-like creature
they call the lai ho’a—which
closely resembles floresiensis.
Might there be a connection, Mr. Forth wonders, between
floresiensis and the lai ho’a?
There is something compelling about claims that ape-
men—generally hairy, bipedal and inhabiting remote
regions—currently exist. Witness Sasquatch of the Pacific
Northwest and Yeti of the Himalayas. The problem with
such claims is the lack of hard evidence and a reliance on
fallible, fictitious or embroidered eyewitness accounts.
One must have a shriveled soul not to root for these and
other supposed “living fossils,” but wishes aren’t evidence.
At the same time, serious claims should not be disqualified
merely because they appeal to the imagination. Science
demands data but also open-mindedness. And claims about
the existence of the lai ho’a, unlike Sasquatches or Yetis,
are rendered somewhat more credible by genuine fossil
antecedents.
Mr. Forth is a highly reputable scholar, a retired
professor of anthropology from the University of Alberta,
with a Ph.D. from Oxford. He has spent more than four
years on Flores over the course of numerous field trips.
His book largely involves recounting numerous interviews
he conducted with the Lio people. He also offers his own
informed speculation, some of which might be intended to
promote his book, his first for a popular audience.
But Mr. Forth remains a scrupulous researcher as well
as an effective communicator. He notes that “anyone can
dismiss as ‘mythical’ anything whose existence has yet to
be proven. But actually demonstrating that the ape-men
are imaginary is no easy task. One might attempt to show
that the thing’s existence contradicts the laws of physics
or principles of biological evolution as these are currently
known. To be sure, some Lio make what sound like fantastic
claims about ape-men—for example, that they are able to
‘disappear’ or even ‘fly.’ Yet many other Lio do not,
adhering to a thoroughly naturalistic depiction. And if it is
supposed that such naturalistically represented things do
not exist, for anthropologists there is still the question of
why people think they do—indeed, why some give
seemingly credible accounts of ape-man sightings.”
The Indonesian island is a fascinating place,
home to Komodo dragons, cat-size rats and,
some believe, a mythical ape-like humanoid.
Genetic evidence has confirmed that interbreeding
occurred during prehistoric encounters between Homo
sapiens and at least one other representative of the genus
Homo, the Neanderthals. As such, Neanderthals are, in a
sense, alive today, within us. Not so for the floresiensis.
Mr. Forth presents no conclusive evidence that their
descendants currently exist, either via genetic remnants or
actual individuals, yet he recounts much that is suggestive
and intriguing. Instead of making a direct, plausible case for
the existence of contemporary hobbits on Flores, Mr. Forth
takes a deep dive into Lio beliefs about the lai ho’a in myth,
legend, religion and rumor, while offering nothing
substantial upon which to hang an otherwise skeptical hat.
As Carl Sagan famously observed, extraordinary claims
require extraordinary evidence. Mr. Forth declares a healthy
skepticism but nonetheless finds some reported sightings to
be midway between plausible and compelling, even though
they occurred mostly at night. Such observations can be
unreliable, even without the distortions typically introduced
by memory. There is, admittedly, one report of a lai ho’a
struck and killed by a truck, but no physical corpse was
ever found.
“The least plausible sightings strongly suggest
encounters with more familiar creatures, especially
monkeys,” the author admits. “As for reports that cannot
be put down to monkeys, most concerned sightings either
after nightfall or in a darkened cave, where visibility and
thus details of the subject were limited.” Nonetheless,
Mr. Forth concludes that “most of the time people who
think they’ve witnessed something have actually wit-
nessed it.” Fair enough—most of the time—but what
about people who are convinced that they’ve witnessed
the face of Jesus in a burnt taco? And what about a
highly respected social scientist who, although he claims
a degree of objectivity, nevertheless tries to convince us
that hobbits actually exist?
Mr. Barash is emeritus professor of psychology at the
University of Washington. His most recent book is
“Threats: Intimidation and Its Discontents.”
Coming in BOOKS this weekend
Team America: Patton, MacArthur, Marshall & Eisenhower
• The privateers of the American Revolution • The secret
history of fairy tales • The shipbuilders of Newport News
• Sam Sacks on the novel of friendship • & much more
 .

A16 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Restoring a Constitutional Climate A Whitewash of Biden’s Record on Inflation

T
his has been an historic Supreme Court Or sometimes they interpret narrow text Alan Blinder is right that multiple Two years ago, Washington went
term, and the Justices kept it going to broadly to give agencies expansive powers to do factors contributed to inflation’s re- hog wild with unemployment benefits
cent surge (“Biden Isn’t to Blame for and there was a big growth bang. But
the end with a major 6-3 decision Thurs- something that Congress never explicitly autho-
Inflation,” June 29). But his sugges- now there is an even bigger inflation
day (West Virginia v. EPA) rized or contemplated. Such tion that the American Rescue Plan bang from people not working. It
reining in the administrative The Supreme Court faux-textualism divests the added only 0.1% to today’s inflation turns out that paying people too
state. The subject was climate sets guardrails on the textThe of meaning. rate stretches credulity. The $1.9 tril- much for too long to stay at home
regulation but the message Court is now placing lion stimulus package in March 2021 has a cost. So too does waging a war
should echo across the federal administrative state. guardrails on Chevron to pre- was preceded by almost $3 trillion in on domestic fossil-fuel production.
bureaucracy. vent lower courts from going stimulus the previous year. The U.S. PHILIP GRANT
The question was whether off the constitutional road. Jus- economy received over 20% of gross Palm Coast, Fla.
the Environmental Protection Agency could in- tice Neil Gorsuch’s concurrence, joined by Samuel domestic product in increased public
voke an obscure statutory provision to re-engi- Alito, is especially helpful in lighting the way for spending. That dwarfed early 2021’s Prof. Blinder ignores that labor
neer the nation’s electric grid. Prior to the 2015 lower courts grappling with when and how to ap- output gap of around 4% of GDP. markets, as nontransitory an indica-
The only defense of President Bi- tor as one can find, were the leading
Obama rule, the EPA had used the provision only ply the major questions doctrine.
den’s reckless budget policy is that inflationary indicator as government
a handful of times to regulate pollutants from First, he writes, the doctrine applies when Jerome Powell’s Federal Reserve pur- competed with business to keep peo-
discrete sources. “an agency claims the power to resolve a matter sued an even more irresponsible mon- ple at home. He ignores the Biden ad-
The rule would have effectively required coal of great ‘political significance.’” Second, an etary policy by keeping interest rates ministration’s role in crippling do-
and gas-fired generators to subsidize renew- agency “must point to clear congressional au- at their zero bound and by allowing mestic oil and gas production and
ables. It was stayed by the Court in 2016 but re- thorization when it seeks to regulate ‘“a signifi- the broad money supply to increase driving fuel prices higher. He ignores
vived by the D.C. Circuit Court of Appeals last cant portion of the American economy.”’” Third, by some 40% over a two-year period. the regulations and interference that
year. Now the Court is burying it for good, and it may apply when an agency seeks to intrude One didn’t need an economics Ph.D. gave us fewer truckers, coagulated
its legal rationale is especially important. “into an area that is the particular domain of to foresee that massive budget stimu- ports and baby-formula shortages.
i i i state law.” lus and prolonged ultraeasy monetary Worse, the American Rescue Plan
Writing for the majority, Chief Justice John policy would lead to overheating and piled a huge spending package right
Justice Gorsuch adds that courts must exam-
an acceleration in inflation. on top of a mammoth bill passed in
Roberts relies on the Court’s “major questions” ine the legislative provisions on which the DESMOND LACHMAN the last days of the Trump adminis-
doctrine. This requires courts to look with skep- agency seeks to rely “‘with a view to their place American Enterprise Institute tration when the national savings
ticism when agencies claim “‘in a long-extant in the overall statutory scheme’” and “may ex- Washington rate was higher than at any time
statute an unheralded power’ representing a amine the age and focus of the statute the since World War II. Events will al-
‘transformative expansion” in its power. That’s agency invokes in relation to the problem the Mr. Blinder doesn’t mention that, ways conspire to frustrate the inept.
what the Obama EPA did. agency seeks to address” as well as its “past in- in addition to the American Rescue CONAN M. WARD
The three liberal dissenters criticize the ma- terpretations of the relevant statute.” Note his Plan, Mr. Biden wanted to spend tril- Ponte Vedra Beach, Fla.
jority for announcing “the arrival” of the major emphasis on statutory language. The majority’s lions of dollars more for Build Back
questions doctrine. But the Court has often in- decision reinforces textualism as properly un- Better. But it is apropos that Mr. You would think that an economist
voked it over two decades to block administra- derstood and bolsters the Constitution’s separa- Blinder cites research from Moody’s who endorsed the Build Back Better
economist Mark Zandi regarding the spending blowout would try to avoid
tive overreach, including during the Bush Presi- tion of powers.
de minimis effect of the ARP on infla- calling attention to himself right now.
dency. Lower courts, by contrast, have mostly The dissenters bemoan that Congress lacks tion. Mr. Blinder also lauded Mr. But Mr. Blinder’s epistolary gymnas-
relied on the Court’s Chevron precedent to defer the expertise to regulate technical subjects such Zandi in 2009 for his Keynesian tics to exonerate Mr. Biden on infla-
to regulators. as climate change. In a footnote, Justice Gorsuch “multiplier” analysis that singled out tion is a reminder that Keynesians
The majority’s decision in effect diminishes devilishly cites Woodrow Wilson, a progressive extended unemployment benefits as never learn from their mistakes.
Chevron by instructing lower courts to first con- critic of the Constitution and a founder of the having five times the growth bang for ROBERTO J. BALL
sider whether regulators are seizing unheralded administrative state, as believing in government the buck as tax cuts. Miami
powers that Congress hasn’t authorized. The by experts because the people are fools. The real
Chief cites the Centers for Disease Control and beef of the dissenters is that the Constitution
Prevention’s eviction ban and the Occupational purposefully makes it hard to pass laws.
Safety and Health Administration’s vaccine man- i i i How Leading Suffragists Approached Abortion
date, both of which the Court overturned. Contrary to their critics, the Justices aren’t
Neither Susan B. Anthony nor Eliz- from other publications to finance
Justice Elena Kagan’s dissent accuses the ma- blocking climate regulation. They are merely abeth Cady Stanton wrote any of the the weekly publication of Anthony’s
jority of abandoning textualism. “Some years ago, saying that the decision on whether and how to antiabortion letters or articles that cash-strapped paper.
I remarked that ‘[w]e’re all textualists now,’” she do it rests with Congress. As with many other Colleen Kelly Spellecy and Eric An- Anthony isn’t on record about her
writes. “It seems I was wrong. The current Court decisions this term, the Court is telling Congress thony cite in “Yes, Susan B. Anthony “pro-life” views or what she thought
is textualist only when being so suits it.” and the executive to stay in their proper consti- Was Pro-Life” (op-ed, June 14). Nei- about strict abortion laws. While
Textualism has become en vogue among lib- tutional lane. ther suffragist left any “extensive” Stanton discussed abortion in some
eral jurists because they can use it to bend statu- Congress must give clear commands before writings on abortion. Neither took a writings, she made clear that she ab-
tory text to their policy preferences. First, they the executive branch can write costly rules that public stand on the issue because horred a system in which women
claim statutory language is ambiguous. Then tell Americans how to live their lives. The Court they and other suffragists wanted to were at the mercy of men’s sexual de-
keep discussions about sex far away mands and the restricted economic
they decide that under Chevron an agency’s stat- is reinvigorating the separation of powers and
from the conversation about suffrage. and social choices that gave women
utory interpretation is reasonable. enhancing liberty in the bargain. Some of these articles were writ- no options between abortion and
ten by Parker Pillsbury, Stanton’s co- “forced maternity.”
ASST. PROF. LAUREN MACIVOR THOMPSON
Michigan’s Banana Republic Prosecution editor at the Revolution, or by the
newspaper’s financier, George Francis Kennesaw State University

T
Train. Others were merely reprints Kennesaw, Ga.
he prosecution of political opponents is tect defendants’ due process, as the state Su-
a feature of banana republics that in- preme Court explains.
creasingly infects the U.S. A case in point Prosecutors relied on a one-man “grand Schools Need Adequate Funding, Not Vouchers
is the prosecution of former jury” that “considered the ev-
GOP Gov. Rick Snyder in the The state Supreme idence not in a public court- In “Money for Children, Not perhaps because Pennsylvania school
Schools” (op-ed, June 23), Jeff Yass districts fund students who attend
Flint water case, which a unan- Court vindicates former room but in secret, a Star
touts a free-market fantasy of univer- charter schools, with pass-through
imous state Supreme Court Chamber comeback,” Chief sal school vouchers as a solution to revenue included in their budgets. As
declared invalid this week. Gov. Rick Snyder. Justice Bridget Mary McCor- what he calls “failing school systems.” the Urban Institute noted, the census
Democrats claimed the for- mack writes. “The one-man But where schools are adequately miscalculates per-student spending
mer Governor and his staff ig- grand jury then issued funded, students flourish. It is under- for Pennsylvania by including charter
nored Flint’s problem with lead-tainted water, charges. To this day, the defendants do not funded schools—serving students funding but not charter students.
never mind that the Obama Environmental Pro- know what evidence the prosecution presented with the highest need for additional Philadelphia’s spending per stu-
tection Agency knew about it and did nothing. to convince the grand jury (i.e., juror) to help—that have deplorable outcomes. dent was almost $1,000 below the
Democratic Attorney General Dana Nessel or- charge them.” Let’s take his example of Philadel- state average in 2020-21, while serv-
dered Solicitor General Fadwa Hammoud and State law allows for one-person grand juries phia, where state statistics show ing a poor student population. When
Wayne County Prosecutor Kym Worthy to in- in select cases involving public corruption but schools spend $18,754 a year on each the state’s allowance for students
student, including part of the federal with greater needs are factored in,
vestigate the Flint fiasco. requires procedural safeguards. Ms. Ham-
Covid-19 funding boost. Mr. Yass uses Philadelphia spent almost $4,000 a
In January 2021, Ms. Hammoud brought two moud’s one-man grand jury—a Genesee County a different figure, $24,000 a student, student less than the state median.
misdemeanor charges against Mr. Snyder for judge—didn’t follow these rules. Mr. Snyder’s The odds are stacked against stu-
willful neglect of duty, each punishable by up team is filing a motion to dismiss the charges dents in poorly funded schools.
to a year in prison. Eight other public officials based on the ruling. Want Your Child to Pick Up MICHAEL CHURCHILL
were indicted. All pleaded not guilty. Yet Ms. Hammoud is unapologetic. “The Citi- Public Interest Law Center
We’ve previously reported that Ms. Ham- zens of Flint should know that these cases are
a Book? Lead by Example Philadelphia
moud seized documents from the state AG’s of- not over,” she said in response to the legal re- Regarding Julie Jargon’s “How to
fice related to a civil lawsuit in the Flint case buke. Her Moby Dick pursuit of Mr. Snyder for Get Your Gamer Kid Reading This
that were protected by attorney-client privi- what was a government failure, not a criminal Summer” (Personal Journal, June 27): Fed Can’t Fight Back Alone
A powerful way to spur reluctant
lege. When caught, she resisted hiring a “taint act, has set an awful precedent that may come Regarding your editorial “The Fed
readers is for the adults in their lives
team” to exclude privileged documents. She back to haunt Democrats when Republicans to model good reading habits. If the
and Recession Fears” (June 15): Does
also failed to follow legal conventions that pro- next take power. anyone believe that the Federal Re-
adults aren’t great readers themselves,
serve will control inflation by raising
what a wonderful opportunity to ex-
rates alone? The inflation of the 1970s
plore the world of books together.
Russia’s Snake Island Retreat While e-readers are fine, they pale
was eventually tamed by Fed Chair-
man Paul Volcker’s actions—along

R
in comparison to the benefits offered
with the precipitous decline in energy
ussian soldiers withdrew Thursday Russia also used Snake Island to threaten by physical volumes that children can
prices and President Ronald Reagan’s
from Snake Island, a small but signifi- ships seeking to move grain from the Port of cherish and make their own. You
pro-business, low-tax policies.
cant outpost in the Black Sea. The Odessa. Ukrainian crops are global staples, and might have the world at your finger-
The Biden administration, by con-
Ukrainian victory doesn’t sig- Moscow hopes that it can tips with an e-reader, but stories
trast, has added fuel to the inflation
Ukraine repels the inked on paper unlock children’s
nal a major change in the gain diplomatic leverage by fire with its antienergy and antibusi-
imaginations.
course of the war, but it does invaders from a key limiting food supplies. BARBARA BASBANES RICHTER
ness agenda. I am not expecting relief
weaken the Kremlin’s Black The Russian Defense Min- from inflation anytime soon.
Larchmont, N.Y.
Sea blockade. Black Sea stronghold. istry claimed Thursday that RICK PEDERSEN
Snake Island is located just its withdrawal from Snake Georgetown, Texas
off the coast near Ukraine’s Island was “a goodwill ges- Science That’s Fit to Print
border with Romania and close to the mouth ture.” That’s hard to believe given Russia’s Allysia Finley’s sharp op-ed about
of the Danube River. Seizing it was a top prior- bloody-mindedness in this war. Ukraine’s De- the Centers for Disease Control and
Pepper ...
ity when Russia launched its invasion. It suc- fense Ministry credited weapons and “equip- Prevention and the media (“These And Salt
ceeded—but only after the soldiers defending ment from our international partners.” When Days It’s News When the CDC Does
THE WALL STREET JOURNAL
it famously told the Russian warship to you- the West provides sufficient firepower, Something Right,” op-ed, June 27) re-
know-what. Ukraine’s military has shown it knows how minds me of a favorite jest of one of
Ukraine soon sank that warship, the Mos- to use it. my college professors, borrowed from
kva, but Snake Island could perform many of Russia also claimed that its Snake Island Groucho Marx: I got principles. If you
the same functions as the flagship cruiser. Rus- withdrawal “will prevent Kiev from speculat- don’t like ’em, I got other principles.
sia began installing surface-to-air missile sys- ing on an impending grocery crisis citing the Sadly, that is the norm when it comes
to the media’s coverage of any number
tems and antiship missiles, as well as equip- inability to export grain due to total control
of topics. Are CDC reports worth cov-
ment for electronic warfare and to limit Kyiv’s of the northwestern part of the Black Sea by ering? Yes. Will the media cover them?
situational awareness in the Black Sea. Russia.” But the retreat from Snake Island That depends on its “principles.”
The buildup shielded Russia’s remaining alone won’t end Russia’s grain blockade. Mines MARIA SERVOLD
warships, which it has used to conduct missile still litter the waters, and the Russian navy Hillsdale, Mich.
strikes on the Ukrainian interior. It also freed continues to block commercial ships from leav-
more Russian boats to remain outside the ing with wheat or sunflower oil.
Letters intended for publication should
reach of Ukrainian artillery. If Russia wants to Still, Russia’s retreat from Snake Island re- be emailed to wsj.ltrs@wsj.com. Please
maintain the same level of Black Sea opera- moves a major impediment to breaking the include your city, state and telephone
tions without Snake Island, it may have to put blockade. The West could build on Ukraine’s number. All letters are subject to
some of its ships within the reach of Ukraine’s momentum by launching an operation to es- editing, and unpublished letters cannot “We’ll be okay, I packed some
be acknowledged.
Harpoon and Neptune antiship missiles. cort commercial ships out of the Black Sea. Wandered Off the Trail Mix.”

THE WALL STREET JOURNAL.
Growth, Not
Austerity, Is
The Answer
To Inflation
By Arthur Laffer
And Stephen Moore
L
awrence Summers, who served
as Bill Clinton’s Treasury sec-
retary, rocked the Democratic
establishment last year by predict-
ing that his party’s excessive spend-
ing would cause inflation. He was
right. But he’s wrong now. On June
20 he told Bloomberg that “we need
five years of unemployment above
5% to contain inflation”—or perhaps
one year of 10% unemployment.
That would throw millions of Ameri-
cans out of work.
Mr. Summers echoed the advice
of his uncle, the Nobel economics
laureate Paul Samuelson, who fa-
mously wrote in 1980, a time of
double-digit inflation, that “five to
ten years of austerity, in which the
unemployment rate rises to an eight
or nine percent average and real
output inches upward at barely one
or two percent per year, might ac-
complish a gradual taming of U.S.
inflation.”
Summers was right about
the danger of excessive
spending. But now he
wants high unemployment.
Walter Heller, chairman of the
Council of Economic Advisers under
Presidents John F. Kennedy and Lyn-
don B. Johnson, similarly predicted
that the 1981 Reagan tax cuts
“would soon generate soaring defi-
cits and roaring inflation.” He, too,
was wrong. From Jan. 1, 1983, when
the tax cuts took effect, to June 30,
1984, U.S. real gross domestic prod-
uct grew at an average annual rate
of 8%. Inflation collapsed.
Catalysts for inflation vary—ex-
cessive government spending, print-
ing too much money, currency de-
valuations, specific and general
shortages of goods and services.
Once embedded in an economy they
can create long-lasting inflation.
The secret to curing inflation isn’t
economic collapse and high unem-
ployment but the opposite: pro-
growth policies that create incen-
tives for more goods, more
employment, less government
spending and sound money. As the
economy produces more, prices go
down.
Conversely, austerity means less
goods produced and less employ-
ment. How does putting people out
of work and reducing the supply of
goods cause the prices of goods to
fall?
History proves growth doesn’t
cause inflation. In the 1920s, when
the highest tax rate was cut from
73% to 25%, real GDP soared and the
price level fell. In the 1960s, tax cuts
and pro-growth policies led to an
economic expansion, stable prices
and budget surpluses.
The one mistake of the Reagan
plan was to phase in tax cuts rather
than implement them immediately.
That contributed to the severe re-
cession of 1982. Congress and Presi-
dent Trump avoided this pitfall in
the Tax Cuts and Jobs Act of 2017,
which avoided a downturn and kept
inflation very low. Before Covid hit,
we had the best of all worlds: the
lowest unemployment rate in 50
years, 2% inflation and steady
growth in real income for almost all
Americans.
We don’t need austerity. An end
to President Biden’s war on energy,
permanent tax cuts, deregulation,
less government spending and an
immediate tightening of monetary
policy by selling off some of the tril-
lions of dollars of assets on the Fed-
eral Reserve balance sheet—that’s
the formula for low inflation and
low unemployment.
Mr. Laffer is president of Laffer
Associates. Mr. Moore is a senior
fellow at the Heritage Foundation.
They are co-founders of the Commit-
tee to Unleash Prosperity.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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Behind Biden’s EPA Power Grab
By Mario Loyola
And Eric Groten
T
he Environmental Protec-
tion Agency had its way
with both the Clean Air
Act and the U.S. Constitu-
tion for decades. The Su-
preme Court’s decision Thursday in
West Virginia v. EPA may be the be-
ginning of the end of this baleful era.
It closes the window on sweeping
climate action by federal agencies
without a congressional mandate.
In a 6-3 decision by Chief Justice
John Roberts, the court held that the
Clean Air Act doesn’t authorize the
Clean Power Plan, or CPP, through
which the Obama administration
sought to force America’s electricity
sector to switch to renewable
sources. The plan would limit each
state’s total allowable greenhouse
gas-emissions under the banner of
“performance standards” for power
plants. That was the strategy the
EPA had pursued for nearly a decade
as its best option for imposing cli-
mate regulations by unilateral execu-
tive action.
The EPA’s attempt to impose such
a scheme on states was particularly
bold because Congress had just de-
clined to enact a similar scheme. Af-
ter the 2008 election, Democrats in-
troduced the Waxman-Markey bill, a
sweeping cap-and-trade scheme to
reduce carbon emissions dramati-
cally. Even with Democratic superm-
ajorities in both houses, Congress
failed to pass the bill.
After his party lost the House in
2010 President Obama turned to the
EPA, which in 2015 promulgated the
Clean Power Plan. The basic idea of
the CPP was to pressure states into
shutting down coal and (eventually)
natural-gas plants and switch to re-
newable electricity sources. The
agency resorted to an obscure provi-
sion of the original Clean Air Act
that lay largely dormant for decades.
It empowers the EPA to designate a
“best system of emissions reduc-
tion,” or BSER, for existing facilities.
The G-7’s Economic Fantasy Summit
It’s been a busy
week on the global
summit circuit,
with a Group of
Seven confab in
Germany and a
POLITICAL conference in Ma-
ECONOMICS drid for the North
Atlantic Treaty Or-
By Joseph C.
ganization. The
Sternberg
two events are
deeply entwined,
but the leaders at the G-7 meeting
didn’t much act like it.
Within the loose alliance of devel-
oped democracies, national militaries
are the muscle, but the global market
economy is the cardiovascular system.
Military power is impossible to main-
tain, and security impossible to guar-
antee, without the efficient circulation
of resources and the overall growth
and flourishing afforded by the easy
flow of economic lifeblood.
Alas, democracies are suffering
both hypertension and high choles-
terol. Hypertension takes the form of
global inflation, which keeps ratchet-
ing up the economic and political
pressures within and between ad-
vanced economies. Cholesterol mani-
fests as green-energy policies that,
like arterial plaque, create blockages
as they accumulate. The buildup of
green subsidies and regulations has
put Western economies in a perilous
situation: a sudden price spike or
outright shortage could cause an eco-
nomic heart attack.
That in turn threatens democra-
cies’ security interests, but still the
good doctors of the G-7 mainly
shrugged. Their communiqué boiled
down to: “Take two aspirin, hope for
the best, and we’ll see you next year.”
The aspirin is a slight abatement
in the governing class’s war on fossil
fuels. G-7 leaders grudgingly admit-
ted that in light of “the current cri-
sis,” investment in more natural-gas
extraction might be helpful.
By “crisis,” they mean Vladimir Pu-
tin’s invasion of Ukraine in February,
which highlighted the dangers of
Western countries relying on energy
and other resources from Russia and
other menacing autocracies. Delinking
from them is proving difficult. Several
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OPINION
The coal-fired John E. Amos Power Plant in Winfield, W.Va.
The provision had been used only a
handful of times, mostly for solid-
waste incinerators, to reduce emis-
sions “inside the fence line” of the
facility itself.
The EPA decided that BSERs could
extend beyond the fence line to the
whole economy. The CPP would have
imposed costly technological re-
quirements within its purview, but
also imposed standards that would
A pen and phone are no
substitute for a statute
duly passed by Congress.
force states to switch to natural gas
and eventually renewables. The
agency even planned to adopt na-
tionwide standards on how and when
you are allowed to use electricity in
your own house.
There were a host of statutory
and constitutional problems with
this scheme, and the Supreme Court
stayed it in 2016. In 2019, the Trump
administration replaced it with the
Affordable Clean Energy rule. That
rule held to the traditional “inside
the fence line” approach and accord-
ingly focused on modest emissions
improvements at coal plants. On the
decades’ worth of green policies have
suppressed democratic economies’
production of reliable fossil fuels,
leaving the West increasingly depen-
dent on unreliable renewables. Hence
the newfound, still tepid enthusiasm
for more short-term investment in
natural-gas production.
Otherwise G-7 leaders insist we
“hope for the best” as they cling to
so much other climate-related non-
sense. That includes promises to
phase out coal-fired electricity gener-
ation at the precise moment a variety
of developed countries, including
Germany and the U.K., are ramping it
up. Renewables got their inevitable
mentions, though it has become pain-
fully apparent that they cannot carry
developed countries on their own.
Without advancements in battery
storage, wind and solar can’t power
an industrial economy.
The hope is that the necessary
technologies for carbon-neutral pros-
perity will exist eventually, if only
politicians subsidize the green transi-
tion with sufficient vigor. Unless or
until that happens, the leaders of the
free world will prostrate themselves
before autocrats like Mr. Putin, who
have no scruples about continuing to
supply low-cost fossil fuels.
On the one ailment the G-7 could
have done the most to treat—infla-
tion—its answer was essentially,
The Hard Truths of American History
By William J. Bennett
J
uly 4 is the most sacred date on
the American civic calendar.
This year marks the 246th time
Americans have celebrated the mon-
umental achievement of founding a
nation that, in the words of Abraham
Lincoln, was “conceived in liberty,
and dedicated to the proposition
that all men are created equal.”
But the celebration comes with
hard truths of history. The Fourth re-
minds us of Americans’ struggle, as
the Constitution puts it, to “form a
more perfect union.” The stain of hu-
man bondage sparked the Civil War.
The suffragettes of the 19th and
early 20th centuries fought for the
right to vote. Japanese-Americans
during World War II were forced into
internment camps. And men such as
Medgar Evers and Martin Luther
King Jr. paid with their lives to at-
tain equality long denied to African-
Americans. When we consider our
past, sober reflection should accom-
pany joyful celebration.
Crucially, such reflection must
happen in our public schools. Liber-
als and conservatives alike have been
guilty of playing down aspects of the
American story in the classroom.
Some on the left wrongly attempt to
reduce our history to an ugly saga of
patriarchy and racism. Others ex-
plain our country through an ideo-
logically driven framework that sees
America as permanently tainted by
.
Friday, July 1, 2022 | A17
didn’t focus on was the federal coer-
cion of state governments. The EPA
normally has the power to do itself
whatever it’s asking states to do. But
in the CPP, even the EPA admitted
that it has no statutory authority to
impose directly the measures it was
asking states to take. It got around
that by using its power to shut down
coal plants as leverage to seize con-
DANE RHYS/BLOOMBERG NEWS
trol of state policy in areas far be-
yond its jurisdiction.
The decision leaves the EPA with
one narrow path forward for sweep-
ing climate action, namely the adop-
tion of national ambient air quality
standards for carbon dioxide. That
would put the agency in the absurd
position of setting the right level for
a natural component of the Earth’s
last day of Mr. Trump’s presidency, atmosphere, which states either
however, the powerful U.S. Circuit would automatically attain or could
Court of Appeals for the District of never attain, leading to a train wreck
Columbia vacated the Trump rule. of state implementation plans under
Normally, that would automati- the act. That in turn would force the
cally reinstate the old rule, but the Supreme Court to examine an unher-
Biden administration immediately alded federal expansion of its own
asked the D.C. Circuit to hold back creation, namely its 2007 holding in
on reinstating the CPP while it con- Massachusetts v. EPA, which held
templated a new rule. that carbon dioxide is a pollutant un-
States led by West Virginia ap- der the Clean Air Act. That made the
pealed to the Supreme Court, which mess the court finally began to clean
decided yesterday that the EPA up in its decision Thursday.
lacked the statutory authority for In his concurrence, Justice Neil
the CPP. The justices held that the Gorsuch heralded the decision’s his-
EPA’s sudden discovery of a “trans- toric import: “When Congress seems
formative expansion” in its regula- slow to solve problems, it may be
tory authority based on an obscure only natural that those in the Execu-
provision of “a long-extant statute” tive Branch might seek to take mat-
raised a “major question” about the ters into their own hands. But the
agency’s authority, requiring Con- Constitution does not authorize
gress to speak with far greater clar- agencies to use pen-and-phone regu-
ity than it did in the statute. The lations as substitutes for laws passed
EPA’s expansive definition of BSER, by the people’s representatives.”
the court held, presented every kind
of major question that had previ- Mr. Loyola, a professor at Florida
ously drawn the justices’ skepticism: International University and senior
It entailed impacts of great political fellow at the Competitive Enterprise
significance, sought to regulate a Institute, served as associate direc-
significant portion of the American tor for regulatory reform of the
economy, and intruded into areas White House Council on Environmen-
that are the province of state law tal Quality, 2017-19. Mr. Groten is a
and another agency (the Federal En- partner at Vinson & Elkins. He repre-
ergy Regulatory Commission). sents industrial clients subject to the
One issue the court unfortunately Clean Air Act.
“We’ll see you next year.” The group ministers acknowledged in their G-7
ignored the issue, mentioning the I- communiqué that “excess volatility
word only once in the final communi- and disorderly movements in ex-
qué, and then only to blame it on the change rates can have adverse impli-
Ukraine war. What a dodge. cations for economic and financial
The war has pushed up relative stability.” This signaled to markets a
prices of energy and food. But the seriousness of political purpose
bigger inflationary threat arises from about exchange stability, bolstering
decisions by developed-economy gov- policy makers’ credibility.
ernments and central banks to pump Yet this resolve appears to be fad-
up demand during the pandemic and ing, aside from a reference in the lat-
est summit to upholding a prior com-
mitment to eschew competitive
Western leaders showed devaluations. The greater danger now
is currency abdication, not currency
new military resolve but manipulation, and the G-7 ought to
the same illusions on be growing more explicit, not less, in
its determination to combat a surge
inflation and energy. in the dollar, a plunge in the yen, and
an oscillation in the British pound
and euro. Managing economic ten-
then to keep on pumping until very sions within this alliance will only
recently. Now the inflationary may- grow harder the longer this state of
hem is spilling into exchange rates. affairs is allowed to persist.
Currency fluctuations of the sort NATO saw some realpolitik at its
we’ve seen in recent months, if left summit, as the alliance formally in-
unchecked, are known trade and in- vited Sweden and Finland to join and
vestment killers. leaders stepped up their military
Some of the most useful things the commitments. But this won’t do
G-7 in its various iterations has ever much good if the economies that
done concern exchange-rate manage- must pay for those commitments
ment. The 1980s suppression of infla- have been run into the ground by pol-
tion and the subsequent investment icy makers stuck in a fantasy land of
boom wouldn’t have been possible green energy and monetary chaos.
without the Plaza and Louvre accords The G-7 had one job in Germany—to
to stabilize the dollar. In 2017 finance get real. They didn’t do it.
the original sin of slavery. Some con- Douglass are lessons in striving to-
servatives have minimized how slav- ward the “more perfect union” of the
ery, racism and discrimination have Founders’ imagination. And they are
inflicted scars on our nation. worth teaching.
The vast majority of Americans— The American public-school sys-
left, right and center—are united tem must teach both the galling and
against indoctrination but support- glorious aspects of U.S. history. As
ive of candid instruction and Virginia Gov. Glenn Youngkin has
thoughtful debate. Here’s a challenge said, “We can teach all of our his-
for educators and all citizens: Let tory, the good, the bad, and Vir-
children examine our history with ginia’s children will be better for it.”
While it isn’t always a comfortable
process, teaching children America’s
Teaching all aspects of the complete history in an age-appropri-
ate way, with parental awareness, is
U.S.’s story will help de- necessary for their own sake and for
politicize education and our country’s.
Doing so will help take politics
foster democracy. out of education. It will prepare kids
for the real world, where preventing
hurt feelings doesn’t take precedence
eyes wide open. Families don’t want over facing uncomfortable facts. And
their children caught up in political it will instill in our children the abil-
games. If we help them, our children ity to entertain ideas they may dis-
can be stronger and more capable of agree with—an essential condition
discerning fact from opinion, discus- for a functioning democracy.
sion from indoctrination, than we American exceptionalism is real,
give them credit for. but fragile. Teaching the full story of
All Americans should be con- American history will encourage the
cerned about any indoctrination of next generations of Americans in
children. But content addressing their own progress toward a more
America’s difficult history of race re- perfect union. America is still, as
lations, including today’s challenges, Lincoln said, “the last best hope of
isn’t necessarily evidence of that. Earth.” If we tell the full story of the
Achievements in the realm of civil American past, it will help write a
rights have happened through an im- bright story of the American future.
perfect process spanning more than
two centuries. The struggles of Mr. Bennett served as U.S. educa-
Americans like King and Frederick tion secretary, 1985-88.
 .

A18 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT

HONG KONG : A NEW ERA – STABILITY • PROSPERITY • OPPORTUNITY

Fast Facts Gateway to the Greater Bay Area
As one of the most open and economically vibrant regions
• Land mass: about 1,113 sq km in China, the GBA offers many opportunities and has huge
• Population: 7.4 million (2021) growth potential. Harnessing the different expertise of each
of its 11 member cities will create a first-class international
• GDP: US$369,138 million (2021) bay area for living, working and travelling. I&T, advanced
• Ranked No.3 in Global Financial Centres Index manufacturing, high-end services, trade, transport and more
(published by Z/Yen Partners and China Development Institute in March 2022) will drive the GBA economy.
• World’s busiest air cargo hub in 2021 Being the most open and internationally-connected city in the GBA,
(Airports Council International: Air Cargo Traffic)
Hong Kong will make full use of its “One Country, Two Systems”
advantages to become a world-class destination for people to
This year marks the 25 th anniversary of the establishment of the Hong Kong Special live, work, invest, network and enjoy a high quality of life.
Administrative Region (HKSAR) of the People’s Republic of China. Our anniversary theme
“A New Era – Stability • Prosperity • Opportunity” echoes the spirit of Hong Kong’s achievements
over the past quarter of a century and looks forward to the bright prospects ahead.
Since the establishment of the HKSAR in 1997, both the Chinese Central Government and
HKSAR Government have remained true to the original aspiration for our city under the principle
of “One Country, Two Systems”. As such, Hong Kong enjoys the dual advantages of closer
integration with the Mainland while maintaining its global outlook and capitalist way of life.
This has enabled Hong Kong to cement its position as an international financial centre and
a conduit for flows of capital, investment and trade between China and the rest of the world.
With abundant business opportunities and a fascinating cultural blend of East and West, the city Three-Runway System at Hong Kong International Airport
is home to a multicultural community that cherishes arts, entertainment and the great outdoors.
An alluring lifestyle
Turning challenges into opportunities More than a stylish city, Hong Kong represents a lifestyle
The past 25 years have not been all plain sailing. Hong Kong has faced various challenges, that’s immersed in cultural heritage, inspired by modernity
including the Asian financial crisis (1997), global financial crisis (2008) and the SARS and energised by an awesome natural environment.
outbreak (2003), but has always turned crises into opportunities and emerged stronger.
In this city of contrasts, you will find big global brands and
The past three years have been particularly tough – our society and our economy were shaken
quaint corner shops, international fine dining and tasty
by social unrest in 2019. Our economy has also been severely affected by the COVID-19
local Cantonese cuisine as well as world-class exhibitions,
pandemic, which spared no one.
entertainment, adventure and sport. Hong Kong’s sporting
talent burst onto the international scene at the Tokyo
Summer Olympics held in 2021, where the Hong Kong,
China Delegation collected a total of six medals, the best
ever performance at an Olympics by Hong Kong athletes.
Top-ranked international fencer Edgar Cheung led the way
by winning the individual foil event to capture the HKSAR’s
first Olympic gold medal.
Just beyond the city limits and with easy access by public
transport, a green oasis awaits locals and visitors alike,
enticing hikers, water sports enthusiasts and nature lovers.
About 40 per cent of Hong Kong’s land mass is designated
as country parks and special areas. People love to go hiking,
picnicking, barbecuing, and camping in the country parks all
year round. A number of Marine Parks help to protect and
conserve rich local marine resources.

As our economy gradually recovers from the impact of the

pandemic, and with stability restored, Hong Kong is looking
ahead to a bright new era. It is the only city in the world
that offers a secure and dynamic environment for business,
an exciting, cosmopolitan lifestyle and direct access to the
Mainland market.

Back on track under

“One Country, Two Systems”
Stability has always been the keystone for Hong Kong’s
d eve l o p m e nt a s a s a f e, s e c u r e a n d r e s i l i e nt p l a c e.
Implementation of the Hong Kong National Security Law
(NSL) in 2020 and improvements to our electoral system in
2021 provide the necessary legal framework and mechanisms
for the HKSAR to safeguard national security, enhance
governance and continue to thrive under “One Country,
Two Systems”. Hong Kong is also known for hosting major arts, cultural and sports events, such as Art Basel
Hong Kong, Art Central, Hong Kong Arts Festival, Hong Kong International Film Festival,
The Basic Law of Hong Kong and the Constitution of the French May Arts Festival, the Asia Cultural Co-operation Forum, Hong Kong Marathon and
People's Republic of China form the constitutional basis of Hong Kong Sevens (rugby).
the HKSAR. The NSL stipulates that rights and freedoms
shall be respected and protected as have been enjoyed by The magnificent Hong Kong
citizens under the Basic Law, the International Covenant on Palace Museum, featuring
Civil and Political Rights, and the International Covenant on precious artefacts from the
Economic, Social and Cultural Rights. Palace Museum in Beijing,
and M+, Asia’s first global
A new era of opportunities museum of contemporar y
visual culture, are the latest
As China embarks on a fresh phase of development, Hong Kong
grand additions to the West
is entering a new era of opportunities with better integration
Kowloon Cultural District, which
into national development. The National 14th Five-Year Plan
is the emerging centerpiece
(the Plan) and the Guangdong-Hong Kong-Macao Greater
of the city’s arts and cultural
Bay Area (GBA) will herald huge opportunities for Hong Kong
development. Hong Kong Palace Museum
people and businesses.
The cultural calendar is sprinkled with popular festivals including the Lunar New Year and
Hong Kong will make full use of its unique characteristics
the Mid-Autumn Festival, Cheung Chau Jiao Festival (Bun Festival), Tai O Dragon Boat
to enhance our city’s competitive edges and embark upon
Water Parade, Tai Hang Fire Dragon Dance and Yu Lan Ghost Festival.
a new and exciting chapter of the “Hong Kong Story”.
Promenades are unfolding in stages on either side of iconic Victoria Harbour, providing
The Plan establishes a clear positioning and direction
people with a new and convenient location to relax and have fun while taking in the splendid
for Hong Kong’s economic development and suppor ts
views of the city from sunrise to sunset.
Hong Kong in developing eight international centres in the
areas of finance, transportation, trade, legal and dispute A friendly cosmopolitan city, Hong Kong offers endless opportunities for people from
resolution services, aviation, innovation & technology (I&T), around the globe to work, invest, study and enjoy a high quality of life. Our door is open to
intellectual property trading as well as serving as an East- skilled professionals, academics and entrepreneurs who wish to grasp the opportunities that
meets-West centre for international cultural exchange. Hong Kong offers.
As we celebrate the 25th anniversary of the HKSAR, we welcome people around the world to
Guangdong-Hong Kong-Macao Greater Bay Area join us in working towards a bright and prosperous future together.

• 11 cities: Hong Kong and Macao plus 9 cities in

Guangdong Province
• Total area: 56,000 sq km
• Total population: Over 86 million
• GDP: about US$1.96 trillion in 2021 The Wall Street Journal news organization was not involved in the creation of this content. This
ad is paid for by the Government of the Hong Kong Special Administrative Region of the People's
Republic of China.

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3785.38 g 0.88% S&P FIN g 0.88%
GM to Boost Hummer EV Output
Auto maker has
waiting list of 77,000,
but production lags
behind Ford, Rivian
BY MIKE COLIAS
The waiting list for General
Motors Co.’s new GMC Hum-
mer electric pickup truck and
related SUV model recently
topped 77,000 prospective
buyers. Most are likely in for a
long wait.
GM’s renovated Detroit fac-
tory, where about 700 workers
build the Hummer, has been
producing around a dozen of
the trucks a day, people famil-
Growth Worries
Pose a Challenge
To Oil’s Run-Up
BY MATT GROSSMAN
War, the pandemic and
world-wide supply problems
held oil prices near their high-
est levels in almost a decade
this past quarter. Slowing
growth may be the biggest
threat to the rally.
Brent crude, the global oil
benchmark, finished June not
far from where it came into
April, rising 6.4% to $114.81
since the start of the quarter.
That was little consolation
to drivers at the gas station or
truckers and airlines buying
diesel and jet fuel as they ad-
justed to record prices during
the first lasting stretch of
over-$100-a-barrel crude in al-
most 10 years. Not since 2013
has a quarter brought a higher
average daily closing price for
Brent-crude contracts, accord-
ing to Dow Jones data.
Since Russia invaded
Ukraine in late February, anxi-
ety about global oil supplies
has collided with growing de-
mand as the world emerges
from the Covid-19 pandemic.
That tension accelerated in
early June after China eased
its latest round of lockdowns,
boosting demand and helping
send Brent futures briefly
spiking above $120 a barrel.
Meanwhile, oil producers
responded with only limited
new investments in pumping
more oil, chastened by envi-
ronmentalist scrutiny of fossil
fuels and by their record of
overinvestment during previ-
ous price surges. That kept
supply forecasts tight.
“The big picture is that
INSIDE
BEVERAGES
Constellation said
sales grew, with strong
demand for Modelo
and Corona beers. B3
AIRLINES
Air New Zealand plans
to introduce pods with
beds that passengers
can book for naps. B6
TECHNOLOGY: MICRON FEELS PINCH FROM CONSUMER-SPENDING WEAKNESS B4
S&P IT g 1.33%
* * * **
DJ TRANS g 0.49%
iar with the matter said. That
pace is unusually slow for a
vehicle in production for more
than six months, manufactur-
ing consultants say, and trails
rival offerings from Ford Mo-
tor Co. and Rivian Automo-
tive Inc.
Hummer production at
GM’s Factory Zero, which un-
derwent a $2.2 billion over-
haul to build electric trucks, is
on schedule, a company
spokesman said. The ramp-up
has been slower than normal
in part because the truck was
developed from scratch using
a new electric-vehicle plat-
form. GM wants to ensure
quality as it introduces the
new technology, he said.
global demand for oil is back
to, if not exceeding, pre-Covid
levels, but global supply is
not,” said Rob Thummel, a
portfolio manager at Kansas-
based investment firm Tor-
toiseEcofin. “We’re continuing
to have this persistently un-
dersupplied oil market.”
Pricier crude hits U.S. con-
sumers in the form of higher
gasoline prices, which reached
an average of $5 a gallon na-
tionally for the first time in
June. By raising costs for com-
panies, higher fuel prices con-
tribute to faster inflation in a
broad set of goods and services.
Meanwhile, prices for die-
sel, the fuel of choice for many
commercial vehicles, are up
about 78% from last year at
$5.780 a gallon, according to
AAA, further raising compa-
nies’ fuel costs. Jet-fuel prices
have also rocketed higher.
That has made crude oil a
key driver of the soaring infla-
tion that rattled financial mar-
kets this spring. Central banks’
mounting response, which in
June brought the biggest inter-
est-rate increase by the Federal
Reserve since 1994, have fueled
fears of a potential recession.
Those concerns, investors
say, are one of the few factors
working to keep a lid on oil
prices. As growth fears have
mounted, crude prices through
Wednesday were on track in
June to record their first down
month since November 2021.
“There is a growth slowdown
happening, and if you enter into
Please turn to page B7
 Quarterly Market Review. B7-8
Leon Black Rebuffed in Suit on Apollo Ouster
BY MIRIAM GOTTFRIED
A federal judge dismissed a
case brought by former Apollo
Global Management Inc. Chief
Executive Leon Black, alleging
that his former partner and
others conspired to destroy
his reputation and push him
out of the firm.
Walgreens Sales Drop
As Vaccinations Fall
BY SHARON TERLEP
AND DEAN SEAL
Walgreens Boots Alliance
Inc. is bracing for a recession
and life after Covid.
The second-biggest U.S.
drugstore chain by stores said
Thursday that quarterly sales
fell and earnings plunged as
revenue from Covid-19 vacci-
nations dried up.
The pharmacy chain also
paid out a $683 million opioid
settlement.
The Deerfield, Ill., company
has relied on demand for
Covid-19 tests and vaccines to
power sales over the past year.
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.36%
Output will increase sharply
in the second half of the year,
he said, largely because GM by
late summer expects to begin
using its own battery cells
from a new factory in Ohio
that it built with its joint-ven-
ture partner, South Korea’s LG
Energy Solution. The Hum-
mers built so far have used
outsourced LG cells.
“Our ability to satisfy that
demand is only going to im-
prove as we bring on vertical
integration of battery cell pro-
duction,” a GM spokesman
said. “You can expect to see
hundreds of deliveries grow to
thousands later this year.”
He added that customers
are willing to wait for the
U.S. producers are sending more crude abroad than ever before. A shale-oil processing plant in Estonia.
Brent crude-oil futures price, front-month contract
$125 a barrel
120
115
110
105
100
95
90
85
80
75
Jan. 2022 Feb. March April
Sources: FactSet (crude oil, performance); AAA (fuel prices)
Mr. Black last October filed
a civil RICO suit in the South-
ern District of New York in
which he accused Guzel
Ganieva, a former model with
whom he had a yearslong af-
fair, and her law firm of con-
spiring with a list of unnamed
individuals to publicly accuse
him of rape and harassment.
Demand dropped off signifi-
cantly in its fiscal third quar-
ter, as Walgreens administered
4.7 million vaccinations, down
from 11.8 million in the Omi-
cron-driven prior quarter, the
company said Thursday.
Executives said they are
working to bolster profitabil-
ity and gird against an eco-
nomic downturn by further ex-
panding the company’s
healthcare business and over-
hauling store offerings to pre-
pare for a potential recession.
“We see our customers
making deliberate choices to
prioritize overall value and
Please turn to page B2
2–YR. TREAS. yield 2.925%
Hummer EV because of its
unique features. The Hummer
has a longer driving range and
faster charging times than ri-
vals and has other features
that make it difficult to com-
pare it to other EV trucks on
the market, the GM spokes-
man said.
Investors are watching
closely as GM, Ford and others
test the nascent market for
electric pickups, which is ex-
pected to emerge as an impor-
tant battleground as car mak-
ers move into electric vehicles.
Pickup trucks have long been
the top-selling and most prof-
itable vehicles for Detroit’s
auto makers.
Auto makers are pushing to
Thursday
$114.81
+6.4%
for th
thee quar
qquarter
uarter
ter
May June
In an amended complaint
filed in January, the billionaire
accused his Apollo co-founder,
Josh Harris, and a public-rela-
tions adviser of encouraging
Ms. Ganieva to come forward
with her claims. Mr. Black al-
leged Mr. Harris was acting
out of revenge for being
passed over to succeed him as
Walgreens administered 4.7 million vaccinations, down from 11.8 million in the prior quarter.
.
NIKKEI (Midday) 26159.53 g 0.88% See more at WSJ.com/Markets
Friday, July 1, 2022 | B1
Treasury
get electrics to market while
also grappling with a com-
Rally
puter-chip shortage and other
supply-chain constraints that
have curbed vehicle output
and sales, particularly on gas-
Pushes
powered cars.
Compared with the Hum-
mer, Ford is making about 150
Yield
of its F-150 Lightning electric
pickups a day on average at
the company’s factory in
nearby Dearborn, Mich., a
Below 3%
spokesman said. The company
BY MATT GROSSMAN
began production of the new
truck in April.
EV startup Rivian built Investors bought govern-
about 2,500 of its new R1T ment bonds on Thursday to
pickup trucks in the first quar- close out a turbulent quarter
ter, the company said. of trading, sending the yield
Please turn to page B2 on the benchmark 10-year
U.S. Treasury note back be-
low 3% as concerns about
slowing economic growth
mounted.
The yield on the 10-year
note fell to 2.973% after set-
tling on Wednesday at
3.091%. A bond’s yield falls
when its price rises.
Fears of an economic
downturn have drawn more
investors toward the guaran-
teed returns offered by ultra-
safe Treasury bonds, revers-
ing some of the rapid gains
yields saw earlier this year.
After mounting one of its
PETER KOLLANYI/BLOOMBERG NEWS
fastest increases in history to
start 2022, the 10-year yield
has in recent weeks retreated
from an end-of-day high of
3.482% reached on June 14,
Please turn to page B13
SpaceX
U.S. average retail fuel prices
$6.00 a gallon
Diesel
$5.77
Internet
5.50
5.00
Service
4.50
Regular
Gets Win
unleaded BY MICAH MAIDENBERG
4.00 gasoline AND DREW FITZGERALD
$4.86
3.50 Federal authorities gave
SpaceX permission to link a
3.00 range of vehicles to its satel-
Jan. 2022 June lite-internet service, a win for
the company as it seeks to
broaden its customer base.
Sector and index performance, year to date
The Federal Communica-
60% tions Commission on Thursday
allowed the Elon Musk-led
40 company to begin operating
Starlink, as its internet unit is
called, on everything from air-
20 S&P 500 planes and boats to recre-
energy sector ational vehicles, according to
0 29% an order from the FCC. The au-
thorization covers consumer
and business vehicles.
–20 Permitting such uses for
S&P 500 Starlink “will expand the range
–40 –21% of broadband capabilities to
meet the growing user de-
Jan. 2022 June
mands that now require con-
Please turn to page B4
chief executive of the $513 bil- Ms. Ganieva, Mr. Harris and
lion private-equity firm. Steven Rubenstein, the pub-
In his ruling on Thursday, lic-relations adviser, calling
U.S. District Judge Paul En- the alleged links “tenuous, to
gelmayer dismissed with prej- say the least.”
udice the amended complaint’s The allegations regarding
allegations of conspiracy. He Ms. Ganieva’s relationship
said the complaint failed to with Mr. Harris are “conclu-
demonstrate a relationship sory, vague, indirect, clever
and a common purpose among Please turn to page B12
SEAN RAYFORD/ASSOCIATED PRESS

B2 | Friday, July 1, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alphabet....................B13
Amazon.com ............. B13
Apollo Global
Management.............B1
Apple....................B2,B14
Athersys....................B14
Atreca........................B14
B Shopify......................B14
Bank of America...A2,B3
BioNTech.....................A3
BlockFi ................... B3,B7
Bristol Myers Squibb
...................................B14
ByteDance...................A1
C Tencent........................A1
Caesars Entertainment
.....................................B6
Celsius Network ......... B7
Coinbase Global..........B7
Constellation Brands..B3
Credit Suisse.............B13
Crypto.com..................B7
CVS Health..................B2
D Moderna......................A3
D.E. Shaw..................B12
Dell Technologies........B4
DexCom.....................B13
E co-chairman of Apple’s disclo-
Epizyme.....................B14
F ...................................B13
FedEx...........................A2
Ford Motor..................B1
Fortinet ..................... B13
INDEX TO PEOPLE
B H
Barra, Mary.................B2
Black, Leon..................B1
Bough, Bonin .............. B4
Bourla, Albert.............A3
Brenner, Andrew.......B13
Brewer, Roz.................B2
D .....................................B4
Demchak, William .... B13
Dennis, Travis.............B4
F-G
Friedman, Gary ........... B3
Funtleyder, Les.........B14
Goodwin, Lauren.........A2
Greenspan, Mati.........B7
Walgreens
Sales
Decline
Continued from page B1
convenience,” Chief Execu-
tive Roz Brewer said on a
call with analysts. “There’s a
shift in calculus due to food
and fuel inflation, but health
and wellness will always be a
priority.”
The chain is adding hun-
dreds of primary-care of-
fices, expanding into home
healthcare and launching a
clinical-trial business in
which it would use its troves
of data to match patients
with clinical trials and, in
some cases, help conduct tri-
als for pharmaceutical com-
panies.
Walgreens and its chief ri-
val, CVS Health Corp., have
for years been in a race to
become go-to treatment cen-
ters, particularly for patients
with costly, hard-to-manage
chronic conditions.
For now, Walgreens’s ef-
fort to transform itself into a
healthcare provider is prov-
ing costly.
The company said it
would be another year before
its recently acquired pri-
mary-care business starts
turning a profit, and hun-
dreds of locations won’t
start making money for at
least an additional two
years.
Walgreens last year
agreed to acquire a control-
ling stake in primary-care
network VillageMD and said
it would add hundreds of lo-
cations in the next few years.
Meanwhile, a move away
from tobacco products cost
Walgreens 1 percentage point
in sales, the company said.
U.S. retail sales grew by 1.4%
in the quarter; excluding to-
bacco products, sales would
have risen 2.4%.
The company said it is
still trying to hire more em-
ployees to return about
Walgreens Boots Alliance
$60
55
50
45
40
35
30
2020 '21
Source: FactSet
.
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Freddie Mac................A2
Frontier......................B14
R
Redfin..........................A2
Former Apple Lawyer Pleads Guilty
G
Galaxy Entertainment
...................................B14
General Motors...........B1
RH................................B3
Rivian Automotive ..... B1
Roblox........................B14
S
To Federal Insider-Trading Charges
H Sands China..............B14
Seagen.......................B14
BY DAVE MICHAELS
HP................................B4
I
Sio Gene Therapies .. B14 WASHINGTON—A former
Intel.............................B4
Interpublic...................B4
Space Exploration top corporate lawyer for Ap-
Technologies.............B4 ple Inc. pleaded guilty Thurs-
Intuitive Surgical......B13
Spirit Airlines ........... B14
Ipsen..........................B14 day to insider trading, admit-
T
J ting that he used access to the
JetBlue Airways ....... B14 Target..........................B3 company’s undisclosed earn-
JPMorgan Chase.........B3
Tesla..........A9,B2,B4,B13
ings results to reap hundreds
L Three Arrows Capital of thousands of dollars in il-
LG Energy Solution .... B1 .....................................B7 licit gains, according to prose-
M Turning Point cutors.
McDonald's ................. A2 Therapeutics...........B14 Gene Daniel Levoff worked
Merck.........................B14 Twitter ........................ B4
as Apple’s corporate secretary,
NATAN DVIR/BLOOMBERG NEWS
Micron Technology......B4 U
a role that involved managing
Microsoft...............A9,B4 UBS............................B13
the company’s compliance ef-
Uniper..........................B4
N Unity Software...........B4
forts to avoid employee in-
sider trading.
News Corp...................A2 V
P
Mr. Levoff also served as
Voyager Digital...........B7
Pfizer...........................A3 W
PNC Financial Services sure committee, which re-
Walgreens...................B1
viewed and discussed quar-
Wayfair........................B3
Procter & Gamble.......B4
Williams-Sonoma.......B3 terly and annual earnings Gene Daniel Levoff served as co-chairman of Apple’s disclosure committee.
Q W.R. Berkley.............B13 reports that hadn’t been is-
Qualcomm.................B14 Wynn Macau.............B14 sued yet, according to the U.S. bullish and bearish trades over Mr. Levoff pleaded guilty to change Commission also sued
attorney’s office for New Jer- five years, generating profits six counts of securities fraud Mr. Levoff in February 2019 in
sey, which prosecuted the of $277,000 and avoiding and will be sentenced in No- civil court. The SEC’s lawsuit,
case.
As an Apple executive, Mr.
losses of $377,000 on other
transactions, according to
vember, the New Jersey U.S.
attorney’s office said. He faces
which was suspended to allow
the criminal case to proceed,
Levoff had a duty to not trade prosecutors. up to 20 years in prison for asked a court to bar Mr. Levoff
Piegza, Lindsey...........A2 on its material nonpublic in- A lawyer for Mr. Levoff de- each count of securities fraud. from working as an officer or
Harris, Josh.................B1 Powell, Sidney............B7 formation. But he made both clined to comment. The Securities and Ex- director of a public company.
Hayes, Robin.............B14 R
K Ratiu, George..............A2
Kuo, Ming-Chi...........B14 Reeds, Adam...............B7
M Rosenbluth, Todd......B12
Maubach, Klaus-Dieter S
Samath, Jamie..........B13
Mehrotra, Sanjay........B4
Sands, Richard............B3
Musk, Elon..................B4
Sands, Rob..................B3
N Shah, Niraj..................B3
Nixon, Katie................A2 Smith, Fred.................A2
Norris, David.............B13 Sonnenshein, Michael
P ...................................B12
Persson, Anders........B13 Sylvain, Jereme ........B13
3,000 stores to regular oper-
ating hours amid a shortage
in pharmacists and pharmacy
technicians that led many lo-
cations to cut hours.
It also is working to auto-
mate more filling of pre-
SCOTT OLSON/GETTY IMAGES
scriptions through micro-ful-
fillment centers, where an
assembly line of robots fill
pill bottles.
The centers fill about 20%
of store prescriptions, and
Walgreens aims to expand
that to 40% to 50% over Output of the electronic Hummer will increase sharply in the second half as the company begins using its own battery cells.
time.
Ms. Brewer said the com-
pany is preparing for a re-
cession in part by substan-
GM ADVERTISEMENT
tially expanding its private-
Pushes
4THEIR
label business.
Demand for cheaper, pri-
vate-label offerings is grow-
ing for consumer products
from soda to soap as con-
Hummer
sumers cut costs amid soar-
ing inflation, according to Continued from page B1
data tracking firms. Rivian and GM both said
Overall sales at Walgreens they began production late
for the period ended May 31 last year.
fell about 2% to $32.6 bil- GM hasn’t disclosed a sales
lion, largely on declining target for the Hummer, which
SAKES
pharmacy sales. Retail sales is priced from around $85,000
rose slightly, helped by to $110,000 depending on the
higher sales of at-home model. Lightning prices range
Covid tests. from about $40,000 to more
than $90,000; Rivian’s R1T is
priced from around $80,000 to
$95,000.
‘There’s a shift in Because of the Hummer’s
calculus due to food higher price, GM likely is plan-
ning significantly lower sales
and fuel inflation,’
says Roz Brewer.
volumes than those competi-
tors, said Sam Fiorani, a vice
president at research firm Au-
forget the fireworks
The company reached a
$683 million deal last month
toForecast Solutions. He ex-
pects GM to position its Sil-
verado as direct competitor to
Ford’s Lightning.
on Independence Day
to resolve claims related to EVs make up less than 2%
the distribution of prescrip- of unit sales for GM and Ford, Fireworks frighten cats and dogs.
tion opioid medications in and the market for electric
Florida. pickups is untested. The noise and explosions can be
Walgreens posted a quar-
terly profit of $289 million,
Still, executives from the
companies over the past few
terrifying for them. Animal shelters
or 33 cents a share, com-
pared with $1.2 billion, or
years have been touting their
electric-vehicle strategies
report a surge in the number of
$1.38 a share, last year.
Stripping out one-time
amid surging investor interest
in Tesla Inc. and other EV
companion animals admitted after
items, Walgreens said ad-
justed earnings were 96
players.
Recently, investors and Wall
loud fireworks displays because so
cents a share, 4 cents higher
than analysts had expected,
Street analysts have ques-
tioned whether GM—among
many run away
according to FactSet.
The company said invest-
the first of the traditional auto
makers to outline big EV am-
from home,
ments in the growth of its bitions—has ceded a head terrified. Please,
Walgreens Health business start to some rivals. The elec-
also chipped away at its bot- tric version of the Chevy Sil- this Fourth of
tom line. verado pickup, is scheduled to
Walgreens has been look- go into production next July, celebrate
ing to expand into the spring, about a year after the
healthcare industry, having Lightning’s launch. without fireworks.
acquired a major position In an interview in June,
last year in home-health ben- GM Chief Executive Mary
efits manager CareCentrix Barra said she doesn’t think
and VillageMD. GM has been given enough
Walgreens, which backed credit for the Hummer, which
its outlook for the year, ear- has drawn media praise and
lier this week said that it went on sale ahead of the
would keep its Boots U.K. F-150 Lightning.
pharmacy chain and No7 “We have 70,000 reserva-
Beauty Co. business after tions for the Hummer. We’re
failing to receive adequate delivering on it,” she said.
bids for the units. “Frankly it’s a little stunning
The company said market to me that people want to dis-
conditions had put a severe count the Hummer.”
crimp on financing availabil- GM on Friday is scheduled
'22 ity for potential buyers and to report second-quarter sales
it will instead focus on grow- for the Hummer and the rest
ing both businesses. of its U.S. lineup.

THE WALL STREET JOURNAL.
Crypto Fund Strong Beer Demand Lifts Sales
Three Arrows For Corona Maker Constellation
Draws Fire
BY CAITLIN OSTROFF
AND MARGOT PATRICK
Singapore’s top financial
regulator reprimanded the
cryptocurrency hedge fund
Three Arrows Capital, saying
it supplied false information
to officials and managed more
assets than allowed.
The firm, which was re-
cently ordered to liquidate by
a court in the British Virgin
lslands, previously gave false
or misleading information to
regulators when it transferred
management of its fund in
September 2021 to an entity in
the offshore tax haven, the
Monetary Authority of Singa-
pore said Thursday. In doing
so, Three Arrows didn’t dis-
close that one of its founders
was a common shareholder in
both entities.
Three Arrows operated as a
regulated fund manager in
Singapore starting in 2013.
Last year, it shifted its domi-
cile to the British Virgin Is-
lands as part of a plan to relo-
cate its operations to Dubai.
Filings in the British Virgin
Islands show that Three Ar-
rows drew on a network of in-
ternational banks during the
years before its collapse.
Banks including JPMorgan
Chase & Co., Bank of America
Corp. and ABN Amro Bank NV
had charges over Three Ar-
rows in the British Virgin Is-
lands for lending facilities and
prime brokerage agreements,
according to filings with the
BVI Financial Services Com-
mission. A charge is a disclo-
sure companies are required
to make when borrowing
money or opening a line of
credit.
The filings were published
by Offshore Alert, a website
focused on unearthing hard-
to-obtain corporate filings.
RH cut its financial targets, citing a weaker-than-expected economic environment.
Furniture Retailers Prepare
For Decline in Spending
BY ALEX HARRING
Furniture sellers are pre-
paring for a sharp downturn in
consumer spending this year
as mortgage rates rise and
people pull back on purchases
of goods such as sofas and
beds.
RH, the high-end furniture
seller formerly known as Res-
toration Hardware, on
Wednesday became the latest
retailer to cut its financial tar-
gets, citing a weaker-than-ex-
pected economic environment.
The company expects sales to
decline between 2% and 5% in
the current fiscal year, a
change from the flat to 2%
growth forecast earlier in the
month. Chief Executive Gary
Friedman said a decline in lux-
ury-home sales and the pros-
pects of the Federal Reserve
further raising the federal-
funds rate will contribute to
cooling sales.
Shares of RH, which hosted
its annual meeting in Califor-
nia Thursday, fell 11%. The
company’s stock price is down
about 60% this year, compared
with a 21% decline in the S&P
500.
RH, as well as companies
such as Williams-Sonoma
A lawyer for Three Arrows
Capital declined to comment.
People familiar with the
matter said the facilities with
JPMorgan and Bank of Amer-
ica aren’t active and the banks
don’t have money at risk.
An ABN Amro spokesperson
declined to comment.
Singapore’s United Over-
seas Bank had a margin lend-
ing agreement with Three Ar-
rows from March 2018 that
ended in April 2019, according
to the filings. A spokesperson
from UOB wasn’t available to
comment.
Crypto lender BlockFi also
had a charge over assets of
Three Arrows that most re-
cently was amended June 17,
according to the filings. A
spokeswoman for BlockFi said
that the firm liquidated or
hedged its exposure to Three
Arrows in June.
Hedge funds rely on prime
brokerage units of banks to
borrow money and amplify po-
tential gains on their invest-
ments. The prime brokerage
units also help hedge funds ex-
ecute trades, buying and sell-
ing assets on their behalf.
The documents don’t detail
whether Three Arrows used
any of the borrowing relation-
ships to invest in cryptocur-
rencies. Wall Street banks
have tiptoed when it comes to
handling cryptocurrencies di-
rectly, waiting for more regu-
latory clarity.
The hedge fund originally
started off trading emerging-
markets currencies, stocks and
other traditional financial as-
sets before investing heavily
into cryptocurrencies a few
years ago. Three Arrows’ co-
founders Su Zhu and Kyle Da-
vies had previously worked as
Wall Street currency traders.
—Serena Ng contributed to
this article.
U.S. retail sales, furniture and
home furnishings stores
$15.0 billion
RECESSION
12.5
10.0
7.5
5.0
2.5
0 consumers’ health are flashing
2017 '20
Note: Seasonally adjusted
Source: Census Bureau via St. Louis Fed
Inc., owner of Pottery Barn
and West Elm, and Wayfair
Inc., among others, have been
grappling with a reversal of
fortunes after the pandemic
helped drive spending on
home furnishings. But in re-
cent months, many retailers
have said that consumers are
increasingly directing their
spending toward services in-
stead of goods, and inflation is
pinching shoppers across all
income levels.
“With rising prices across
.
Friday, July 1, 2022 | B3
BUSINESS NEWS
BY WILL FEUER
Constellation Brands Inc.’s
quarterly sales grew by al-
most 17%, with strong demand
for the company’s Modelo and
Corona beers helping to offset
rising brewing, transportation
and raw-material costs.
Beer sales were up 21% in
the fiscal first quarter ended
May 31, led by Modelo Espe-
cial, Corona Extra and Pacifico
brands, which are favored
during Cinco de Mayo celebra-
tions, the company said
Thursday.
Constellation Brands ex-
DANIEL ACKER/BLOOMBERG NEWS
pects beer sales to rise 7% to
9% in fiscal 2023, leading
sales growth at the company.
Wine and spirit sales, mean-
while, are expected to fall 1%
to 3%.
The company is also deal-
ing with higher costs to pro-
cure ingredients, make prod-
ucts and transport its beer, The company expects beer sales to rise 7% to 9% in fiscal 2023.
wine and spirits. It is raising
prices to offset the costs, but weigh on results, denting Class A stock. The Sands fam- shares of the company, dilut-
recent actions weren’t enough profit by 24 cents a share in ily collectively holds more ing current shareholders. Con-
to keep operating margins the latest quarter. than 98% of the B shares, stellation Brands stock on
from falling in the latest Excluding one-time items, which have 10 times the vot- Thursday fell $10.57, or 4%, to
quarter. Constellation posted adjusted ing power of Class A shares. $233.06 a share. The stock is
Constellation has been earnings of $2.66 a share. An- The plan floated Thursday down about 7% so far this
working to transform itself alysts polled by FactSet were by Constellation Brands is year.
over the past decade amid expecting adjusted earnings of slightly altered. Constellation said eliminat-
shifting consumer tastes from $2.52 a share. It would allow holders of ing the Class B shares would
a boxed-wine seller to a bev- Overall sales came in at Class B shares to convert their improve the company’s gover-
erage giant brewing Corona nearly $2.4 billion, ahead of shares into Class A stock, plus nance profile, potentially at-
and craft beers. Earlier this analyst estimates for nearly tract new investors who pre-
year, Constellation struck a $2.2 billion. fer single voting-class
deal with Coca-Cola Co. to Separately, Constellation common-stock structures, and
launch canned cocktails under said its board has agreed to a
Overall sales came save administrative costs tied
the Fresca soda brand. plan that would see the con- in at nearly $2.4 to maintaining the dual-stock
Overall for the quarter, trolling Sands family relin- structure.
Constellation posted net in- quish majority voting power.
billion, ahead of Additionally, Rob and Rich-
come attributable to the com- Rob Sands, Constellation’s analyst estimates. ard Sands, who currently
pany of $389.5 million, or executive chairman and for- serve as executive chairman
$2.06 a share, compared with mer chief executive, floated and executive vice chairman,
a loss of $908.1 million, or the idea in April to eliminate respectively, would step down
$4.74 a share, a year earlier. the company’s Class B shares. $64.64 per Class B share in from their executive positions.
The company’s year-ago loss The board has recommended cash, which the company said Rob Sands would become non-
included a $665.9 million im- that shareholders approve the reflects a total amount of $1.5 executive chairman while
pairment charge for brewery plan at a special meeting, billion. That marks a 26.5% Richard Sands would remain a
construction in progress in which has yet to be set. premium over Class A shares member of the board.
Mexico. Mr. Sands, the third in his of Constellation, based on The company said it ex-
The company said that its family to lead the company, their closing price on Wednes- pects the Sands family to re-
multibillion-dollar investment initially proposed to exchange day. main Constellation’s largest
in cannabis company Canopy each Class B share owned by The plan would boost the shareholder following the re-
Growth Corp. is continuing to the family for 1.35 shares of overall amount of Class A classification.
A Sumptuous
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Niraj Shah, CEO and co- Handcrafted in 14kt yellow gold, a graduation
founder of furniture e-com-
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B4 | Friday, July 1, 2022 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Micron Shares Slump on Outlook Software

Maker
Memory-chip maker
projects sales this
year will be less than
Unity
analysts’ expectations Cuts 4%
BY ASA FITCH

Memory-chip maker Micron

Of Staff
Technology Inc. issued a sub- BY SARAH E. NEEDLEMAN
dued revenue outlook, spooking
investors even as it reported a Unity Software Inc. has laid
strong rise in earnings for its off about 4% of its workforce
latest quarter. amid growing concerns about
“Recently, the industry de- the economy.
mand environment has weak- The maker of tools for creat-
ened, and we are taking action ing videogames and other ap-
to moderate our supply plications had 5,864 employees
growth” in coming quarters, as of March 31, according to a
Chief Executive Sanjay Meh- regulatory filing, suggesting
rotra said in a statement, add- that more than 225 jobs may
ing that he was still confident have been eliminated.
STEVE HELBER/ASSOCIATED PRESS

about long-term demand for Another videogaming com-

memory and storage. pany, Niantic Inc., said this
Micron, which makes data- week that it had laid off about
storage and memory chips for 8% of its workforce and
computers and smartphones, stopped production on some
had enjoyed a major upswing in projects. On Wednesday, Sub-
sales and profit during the pan- stack Inc., a startup that lets
demic, benefiting from surging writers publish and monetize
demand for electronics amid their own newsletters, laid off
the work-from-home shift. But The company is still confident about long-term demand for memory and storage but is feeling the pinch from consumer-spending weakness. 13 of its 94 employees.
personal-computer and smart- A possible recession, rising
phone sales are on the decline more than 4% in after-hours Shipments of PCs are ex- Chip shortages have hit the Micron Technology revenue interest rates and falling valua-
this year, and consumer-spend- trading. pected to fall by 9.5% this year, automotive, medical devices tions for stocks have prompted
ing growth cooled in the U.S. in Computing demand has been research firm Gartner Inc. said and other electronics-depen- $9 billion many tech companies to adjust
May, the Commerce Depart- hit by high inflation, rising in- Thursday, while projecting dent industries hard. The 8 their hiring plans and, in some
ment said Thursday. terest rates and shakier con- smartphone shipments to re- chokepoints have largely been 7 cases, announce layoffs.
Micron said sales rose 16% to sumer spending this year, fol- treat 5.8%. older-style chips, though, not 6 On the list of companies that
$8.64 billion and its profit grew lowing two red-hot years unlike Devices no longer flying off memory. have announced changes: In
51% to $2.63 billion in its latest any period the industry has the shelf could ease a two-year Micron, Mr. Mehrotra said, 5 June, Tesla Inc. Chief Executive
fiscal quarter. But the company seen. Tech companies with ties chip shortage that has plagued expects several customers in 4 Elon Musk told workers that
also said it expects sales for its to PCs—Intel Corp., Nvidia semiconductor customers since the PC and smartphone busi- 3 the company planned to cut
current quarter to be only Corp. and Microsoft Corp. early in the pandemic, execu- nesses to adjust their invento- 2 10% of its salaried workforce.
around $7.2 billion, lower than among them—have adjusted tives say. But the overall chip ries due to consumer demand 1 Last week, Netflix Inc. said it
the $9.15 billion analysts sur- plans and are slowing some hir- drought isn’t likely to disappear weakness. The company is brac- was laying off about 300 em-
0
veyed by FactSet estimated. ing. HP Inc. and Dell Technolo- entirely, industry officials have ing for a decline of 10% this ployees globally in its latest
Earnings per share are expected gies Inc. are grappling with said, until more chip-making ca- year in PC sales and a decline of 1Q 1Q 1Q round of cuts, as the streaming
at around $1.52, also lower than slower sales of low-cost laptops pacity comes online in parts of around 5% in smartphone sales, 2020 ’21 ’22 service tries to control costs.
Wall Street forecasts. that had boomed during the the industry where the shortage Mr. Mehrotra said in a call with Note: Most recent fiscal quarter ended June 2. The move follows a previous
The company’s shares fell pandemic. has been most acute. analysts. Source: S&P Capital IQ round of layoffs in May that af-
fected 150 employees.
Microsoft Corp. said in May

Black-Owned Media Venture Seeks Deals

that it would be slowing its hir-
ing pace for its software group
that develops Windows, Office
and Teams applications. Other
Group Black, a company including an acquisition of gies Inc., which specializes in fall apart, people familiar with with special-purpose acquisi- top tech players, including
that aims to invest in and de- Vice Media, people familiar stickers and GIFs for digital the discussions said. JPMor- tion companies, but the SPAC Facebook parent Meta Plat-
velop Black-owned media with the matter said. messages and posts, which Mr. gan Chase & Co. and Lazard market has since cooled off. forms Inc., Twitter Inc. and
firms, is pursuing big poten- Describing itself as a media Montaque founded; e-sports Ltd. are advising Group Black Digital-media peer BuzzFeed Uber Technologies Inc., also
tial acquisitions in the digital- collective and accelerator, startup PlayVS and entertain- on both M&A and fundraising Inc., which went public in a have said that they would be
Group Black was created ment news sites Shade Room initiatives, said Mr. Montaque, SPAC deal in December, since scaling back or freezing hiring
By Alexandra Bruell, when the ad industry started LLC and Baller Alert Inc. the company’s chief executive has lost about 85% of its mar- plans.
Keach Hagey facing calls to spend more The collective has grown to and co-founder. ket value. Unity decided on the layoffs
and Suzanne Vranica money advertising on minor- about 200 companies, accord- He declined to comment on Vice Media, the media com- to better match the size of its
ity-owned outlets. One of its ing to a spokeswoman. whether the company had al- pany that once was valued at staff with its needs, a company
media space, according to primary goals is to increase Group Black said it didn’t ready secured funding for po- $5.7 billion and attracted in- spokesman said.
people familiar with the mat- the amount of Black-owned own the member companies tential media deals. vestment and partnerships Tech shares have been
ter. media, including by acquiring but works with them on mat- Closely held BDG, which be- with media companies ranging among the hardest hit this year
The company, co-founded existing high-profile media ters like ad commitments. yond Bustle, owns publications from Walt Disney Co. to HBO, with the Nasdaq Composite In-
last year by Black entrepre- brands and adding more mul- The company has attracted such as W and Gawker, and has been on the block in re- dex falling close to 30%, out-
neurs Travis Montaque, ticultural voices and influence, about $500 million in ad- was valued at more than $300 cent months, according to pacing the broader stock-mar-
Richelieu Dennis and Bonin Mr. Montaque said. spending commitments from million in 2019, according to documents viewed by The ket decline.
Bough, is in talks to buy a Group Black helps advertis- companies such as Procter & research firm PitchBook Data. Wall Street Journal.
large or majority stake in Bus- ers buy ads with its member Gamble Co., as well as ad The company generated about The Information reported
tle owner BDG Media Inc.,
some of the people said, and
is exploring how to finance a
companies, which includes
outfits such as Essence Com-
munications Inc., the publisher
holding companies WPP,
Dentsu and Interpublic Group
of Cos, according to a spokes-
$140 million in revenue in
2021, a person familiar with
the matter said.
in April that Vice had hired fi-
nancial advisers to explore the
sale of its studio business.
Musk
deal as the two sides talk.
Group Black also has been ex-
ploring other potential deals,
of Essence magazine, which
Mr. Dennis bought from Time
Inc. in 2018; Holler Technolo-
woman.
Group Black’s talks with
BDG are preliminary and could
Both BDG and Vice Media
had expressed plans last year
to go public through mergers
CNBC later reported that Vice
was looking to sell itself either
whole or in parts.
Stays Off
Twitter
European Utility Uniper SE stock price
€50
For 9 Days
Uniper in Talks 40
Thursday BY SARAH E. NEEDLEMAN
€14.17 AND INTI PACHECO
–14.4%

On a Bailout 30 Elon Musk is on his longest

stretch without posting on
Twitter in nearly five years, a
KRISZTIAN BOCSI/BLOOMBERG NEWS

20 nine-day hiatus that comes as

BY GEORGI KANTCHEV market, paying higher prices he tries to complete his
AND JENNY STRASBURG for that gas. planned $44 billion deal to
Uniper said those higher 10 buy the platform.
BERLIN—Uniper SE, one of costs will hit earnings, and it The billionaire chief execu-
Europe’s largest utilities, is in withdrew its full-year earnings 0 tive of Tesla Inc. last posted
bailout talks with the German guidance. Its shares tumbled on June 21, marking Thursday
J F M A M J
government, saying earnings 18% on Thursday to their low- as the most extended silence
would be hit hard by dwindling est level in around five years. Note: €1 = $1.05 since October 2017. Normally a
natural-gas supplies from Rus- The shares are down roughly Uniper was facing strain before Russia’s invasion of Ukraine. Source: FactSet serial tweeter, he hasn’t gone
sia. 66% this year. more than six days without
Russia’s state-controlled Uniper was facing strain be- shortfall, which German offi- equity investment. firmed that Uniper and the tweeting since January 2018,
Gazprom PJSC reduced deliv- fore Russia’s invasion of cials have called an economic “The business development federal government are in according to a Wall Street
eries to Germany via the Nord Ukraine, but the war has exac- attack. The supply squeeze has noticeably deteriorated talks. Journal analysis of tweet data.
Stream pipeline to 40% of its erbated it, an example of the prompted Berlin last Thursday due to the war in Ukraine and The utility, which generates Since then he has taken a few
capacity. Uniper, by extension, corporate fallout of the con- to trigger the second of three the consequently strongly re- electricity across Europe and four-day breaks, most recently
said it has been receiving only flict. steps in an emergency gas plan duced gas deliveries from Rus- trades gas around the world, this past January, the analysis
40% of its contractually com- “The Russians can say, ‘This that, in its last phase, could cut sia,” Klaus-Dieter Maubach, was already in trouble before shows.
mitted gas volumes from Gaz- is the price of your sanctions,’” off gas supplies to industry. Uniper’s chief executive, said Moscow’s invasion of Ukraine. Mr. Musk’s break from
prom since mid-June. Uniper, said Judy Dempsey, nonresi- Uniper said it was talking to late Wednesday. “Therefore, In January, Uniper was forced Twitter follows a recent period
which relies on those deliver- dent senior fellow with Brus- the German government about we are now talking to the Ger- to borrow around €10 billion, in which he was especially ac-
ies to meet demand from its sels-based think tank Carnegie measures to stabilize its fi- man government again about or $10.4 billion, from its parent tive on the platform, with a
commercial and residential Europe. nances, including increasing stabilization measures.” company, Finnish utility For- steady flow of posts about his
customers, has had to make up Moscow blamed technical further credit lines from the A spokeswoman for Ger- tum Oyj, and KfW after soaring deal for it, in which he has
the difference in the spot gas problems for the Gazprom state-owned lender KfW, or an many’s economy ministry con- gas prices hit profit. talked about his criticisms of
the company and its policies
as well as his plans. Of the 10

SpaceX ment.
SpaceX has been building a
fleet of Starlink satellites in
has tested the service, while
Hawaiian Airlines in April said
it would add Starlink service to
launched to reach a range of
potential customers.
The FCC placed conditions
hertz. Rival telecom company
Dish Network Corp. has urged
the commission to limit Star-
weeks with the most tweets
from Mr. Musk since he joined
the platform more than a de-

Web Service orbits relatively close to Earth,

blasting batches of them into
space on its Falcon 9 rockets.
planes flying routes between
the Hawaiian islands and the
continental U.S. and other
on SpaceX’s ability to offer
Starlink service to moving ve-
hicles. The company’s opera-
link’s service to vehicles in mo-
tion, to protect its plans for
ground-based wireless service.
cade ago, five have come since
April 1. Mr. Musk’s large stake
in Twitter Inc. became public

Gets Win The service is meant to pro-

vide users with high-speed in-
ternet connections with few
overseas locations.
Competitors are also work-
ing to bolster their own offer-
tions in a certain spectrum
band for vehicles must accept
interference from current and
Dish’s public-policy chief,
Jeffrey Blum, said the com-
pany was still reviewing
on April 4, and he reached his
deal to acquire it on April 25.
It couldn’t be determined
delays and had more than ings and keep customers in future users of those airwaves Thursday’s FCC order. why Mr. Musk, who runs Tesla
Continued from page B1 400,000 subscribers around their fold. Viasat Inc., another and can’t cause harmful inter- He said Dish was pleased Inc. and SpaceX, is missing
nectivity while on the move,” the world as of June, according satellite-internet provider, said ference to other services, the that federal officials ensured from Twitter. He has long used
the FCC said in the order. to a recent presentation the this spring that Southwest Air- FCC order said. Starlink’s service for vehicles the platform as a main channel
A spokesman for Space Ex- company filed with the FCC. lines Co. elected to use its in- SpaceX has fought other “has to accept any and all in- of communication on a range
ploration Technologies Corp., In addition to targeting flight Wi-Fi system on new air- telecom companies over the terference from future 5G op- of subjects, from rocket
the formal name for the Haw- households, SpaceX has been craft beginning this fall. FCC’s plan for rules governing erations and that they must launches by SpaceX, to a ques-
thorne, Calif., company, didn’t trying to draw business clients Amazon.com Inc. plans to have the spectrum band, which sits clearly disclose such limita- tion about cheese, to express-
respond to a request for com- to Starlink. Delta Air Lines Inc. thousands of satellites in frequencies above 12 giga- tions to their customers.” ing opinions on U.S. politics.
 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | B5


B6 | Friday, July 1, 2022
AIR NEW ZEALAND
Air New Zealand will initially install pods with flat beds on long haul, direct flights to Chicago and New York from Auckland.
Airline Bets Coach Passengers
Will Pay Extra for Sleep Pods
BY STUART CONDIE
SYDNEY—Airline passengers
traveling long haul have gotten
accustomed to an uncomfort-
able night’s sleep in economy
class. One carrier thinks it has
the answer.
Air New Zealand plans to in-
troduce pods with flat beds in
coach that passengers can book
for four-hour naps. The pods
will initially be installed on di-
rect flights to Chicago and New
York from Auckland, which can
last up to 17 hours or more.
The carrier is one of many
trying to make ultralong-haul
flights—those lasting at least 16
hours without a break—more
palatable to wary passengers.
Singapore Airlines has scrapped
economy class entirely on some
of its routes to the U.S., while
Australia’s Qantas Airways has
introduced ambient lighting and
variable temperatures to reduce
the impact of jet lag on its lon-
gest routes.
Airlines had been looking
into the changes before the
Covid-19 pandemic upended
September 21 & 22, 2022
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marketwatch.com/moneyfestival
global travel and led to wide-
spread layoffs across the indus-
try. As borders reopen, airlines
hope innovation can win back
fliers. Air New Zealand plans to
introduce its SkyNest beds in
2024, assuming it can overcome
supply disruptions of key parts.
One challenge for airlines
will be to persuade people to
pay more to use the pods at a
time when higher energy prices
are pushing up airfares and in-
flation is squeezing household
budgets. Capacity constraints
have also soured the travel ex-
perience for many passengers,
with long queues to pass
through security at airports and
some airlines canceling flights
due to a lack of staff.
Air New Zealand thinks that
between 8% and 10% of coach
passengers would be prepared
to pay for a stretch in one of
the Boeing 787 Dreamliner’s
six bunks. It hasn’t figured out
exactly how much it will
charge those who want to es-
cape what many call “cattle
class,” but believes that the
economics stack up.
BUSINESS NEWS
“We’ve got to the point
where there is value for both
parties,” said Kerry Reeves, Air
New Zealand’s head of aircraft
programs. “We’ve got an afford-
able proposition for customers
in that now is in the realms of
‘yep, it’s viable for us to make
money off it.’”
Rico Merkert, deputy direc-
tor of the University of Sydney’s
Institute of Transport and Lo-
gistics Studies, said he was op-
timistic about demand for the
pods despite the risk that cost-
of-living pressures will crimp
travel budgets. Flat beds have
traditionally been available in
first-class or business-class cab-
ins only.
“Once the pent-up demand
will subside, airlines will fur-
ther have to make flying more
attractive again and make those
ultra long haul flights as enjoy-
able as possible,” said Mr.
Merkert. “I think there will be
additional willingness to pay a
little extra for getting some
sleep.”
He said Air New Zealand was
likely responding to rival Qan-
tas’s “Project Sunrise.” Qantas,
which began flying nonstop
from Western Australia to Lon-
don in 2017, in May confirmed
an order for 12 Airbus A350s
that it said will enable it to fly
nonstop from Australia to any
other city from 2025.
Air New Zealand plans to lo-
cate the beds between coach
and premium economy, result-
ing in five fewer coach seats on
the plane, Mr. Reeves said. “It
doesn’t take too long to invent
bunks, there’s many examples
of that in transportation for
centuries,” he said. “The design
challenge was incorporating it
into the airplane in an efficient
way that didn’t require us to
lose too much capacity.
As part of its own ultralong-
haul strategy, Qantas said it
considered bunks before opting
to maximize space around seats
in all classes and introducing a
wellness zone. The zone, which
occupies the space of about
three rows of economy seats,
allows passengers to stretch out
and rehydrate before returning
to their seats.
Steve Case
Chairman and CEO, Revolution
Co-Founder, AOL
Tremaine Wright
Chair
New York State Cannabis
Control Board
* **** THE WALL STREET JOURNAL.
Atlantic City Casino
Workers Reach Pacts
With MGM, Caesars
BY KATHERINE SAYRE
Atlantic City casino union
workers reached tentative
agreements with MGM Re-
sorts International and Cae-
sars Entertainment Inc. to
avoid a Fourth of July weekend
strike, according to the union.
Unite Here Local 54 union
organizers, who have been
seeking pay raises, said the
agreements would avoid
strikes at MGM Resorts’ Bor-
gata casino and Caesars Enter-
tainment’s Caesars, Harrah’s
and Tropicana properties. The
union had voted to authorize a
possible strike Friday without
a deal. The casinos employ
about 4,500 unionized work-
ers, according to Local 54.
The union declined to pro-
vide details about the agree-
ments. The members must ap-
prove the deals before they are
final, a union spokeswoman
said. The casino companies
didn’t comment on the deals’
terms.
Local 54 organizers have
Frank Zappa’s Trust Sells Song
Catalog To Universal Music
Frank Zappa’s family trust
sold his entire song catalog to
Universal Music Group in a deal
that hands the world’s largest
music company control of a vast
archive of unreleased work from
the late composer.
Carl Icahn
Chairman
Icahn Enterprises
Jennifer Grancio
CEO
Engine No. 1
© 2022 Dow Jones & Company, Inc. All rights reserved. 4E6007
.
said wages have fallen behind
in recent years, and workers
deserve raises now that casi-
nos have bounced back from
the pandemic. Workers at five
of the city’s nine casinos had
voted to authorize the union’s
negotiating committee to call
strikes beginning Friday with-
out an agreement.
The union also set a strike
deadline of Sunday for the
Hard Rock casino. A union
spokeswoman said negotia-
tions will continue with Hard
Rock representatives.
Atlantic City casino revenue
this year, through May, has
surpassed prepandemic levels
in 2019. From January through
May, casinos reported $1.08
billion in slot-machine and ta-
ble-game revenue this year,
compared with nearly $1.03
billion over the same period in
2019, according to New Jersey
gambling regulators. The com-
panies have also seen record-
gambling revenue in Las Vegas,
Nevada gambling regulators
say.
MIRRORPIX/EVERETT COLLECTION
The deal covers hits spanning
a four-decade career such as
“Valley Girl,” “Dancin’ Fool,” and
“Don’t Eat The Yellow Snow,” as
well as rights to Mr. Zappa’s film
archive, the company said.
—Mauro Orru
 .

THE WALL STREET JOURNAL. * * Friday, July 1, 2022 | B7

QUARTERLY MARKET REVIEW

Track the Markets: Winners and Losers
A look at how selected global stock indexes, bond ETFs, currencies
and commmodities performed around the world for the quarter

Index Currency, Commodity, Exchange-

vs. U.S. dollar traded in U.S.* traded fund

Russian ruble 48.64%

Orange juice 18.23
Nymex Rbob gasoline 14.43
Cattle 11.35
Lean hogs 7.25
WSJ Dollar Index 6.82
Nymex ULSD 5.61
Nymex crude 5.46
Shanghai Composite 4.50
Uruguayan peso 3.80
Soybeans 3.51
Coffee 3.18
RUNGROJ YONGRIT/EPA/SHUTTERSTOCK

Kazakhstani tenge 0.13

Ukrainian hryvnia unch.
-0.19 Macanese pataca
-0.62 Hang Seng
-0.67 Corn
-0.67 iSh 1-3 Treasury
-0.94 Kuwaiti dinar
-1.17 Mexico peso
-1.82 Vietnamese dong
Bitcoin’s dollar value has fallen some 70% from its peak in November. A cryptocurrency exchange demonstration in Bangkok, Thailand. -2.46 Singapore dollar

Cryptocurrencies’ Tumult
-2.84 Canada dollar
-2.99 iShNatlMuniBd
-3.02 Icelandic krona
-3.39 Sugar

Leaves Investors Leery

-3.39 Swiss franc
-3.55 Indonesian rupiah
-3.64 New Taiwan dollar
-3.86 Indian rupee
-3.86 Nymex natural gas
BY PAUL VIGNA Cryptocurrencies Cryptocurrencies total BlockFi. -4.10 IBEX 35
performance, quarter to date market cap, monthly A hedge fund, Three Ar- -4.25 S&P IPSA
Crypto’s rocket ship to the rows Capital Ltd., suffered -4.60 Malaysian ringgit
20% $2.0 trillion
moon crash-landed back on heavy losses in Terra’s col-
Dogecoin -4.61 FTSE 100
Earth in the second quarter. lapse and in other crypto in-
In almost every way, the Bitcoin vestments, and this week a -4.77 Croatian kuna
0 Ethereum -4.81
second quarter was the polar court ordered it to liquidate. iSh 7-10 Treasury
1.5
opposite of the gilded, nearly The broker Voyager Digital -5.13 NIKKEI 225
two-year rally that preceded Ltd., which had lent money to -5.23 S&P 500 Consumer Staples
it. Two related cryptocurren- –20 Three Arrows, had to borrow
-5.25 Danish krone
cies, TerraUSD and Luna, 1.0
from the crypto exchange FTX
plunged in early May, and the and limited customer with- -5.26 Euro area euro
effects quickly rippled. Prices –40 drawals to $10,000. -5.32 Bulgarian lev
for bitcoin and other crypto- “It’s going to be a hard pe- -5.34 Romanian new leu
currencies tumbled. Lenders 0.5 riod for people to get -5.37 Chinese yuan
told customers they couldn’t –60 through,” said Adam Reeds, -5.38 VangdTotalBd
take their money out. co-founder and chief executive
-5.53 VangdTotIntlBd
“We’ve been partying hard of crypto lender Ledn. “There
for a very long time,” said will be some effect on mo- -5.67 South Korean won
–80 0
Mati Greenspan, the founder rale.” -5.70 Philippine peso
April 2022 May June Jan. 2022 March June
and chief executive of research Venture money is tighten- -5.72 Thai baht
and money-management firm Sources: CoinDesk (bitcoin); Kraken (ethereum, dogecoin); Coinmarketcap.com (market cap) ing as well. In the second -5.73 S&P 500 Utilities
Quantum Economics. “Now quarter, there were 511 deals -5.92 Bloomberg Commodity
we’re waking up with a mas- risky investment crypto can The credit crunch ensnared in the crypto/blockchain in-
-6.13 S&P 500 Energy
sive headache.” be, and some regulators and a number of other firms. One dustry that raised about $7.9
Across 2020 and 2021, the lawmakers are calling for large lender, Celsius Network billion, according to data from -6.30 S&P 500 Health Care
crypto sector’s market value stricter rules. LLC, told customers in June PitchBook. In the first quarter, -6.34 Polish zloty
catapulted from about $200 The current maelstrom that it was freezing accounts, there were 686 deals that -6.51 Czech koruna
billion to a peak of $3 trillion started in early May with the preventing people from taking raised about $10 billion. -6.97 Dow Jones Utility Average
last November, according to collapse of a blockchain-based their money out. On June 18, a Saturday, bit- -7.34 UK pound
CoinMarketCap. Prices tum- platform called Terra, whose Several other lenders fol- coin traded as low as
-7.44 Comex Gold
bled at the end of 2021, flat- main feature was a stablecoin lowed suit. (Celsius says it is $17,601.58 after a brutal week
lined in the first quarter of called TerraUSD and a sister trying to stabilize its liquidity for stocks. The Federal Re- -7.78 Australian dollar
2022, then fell again. In the token called Luna. Stablecoins serve had lifted rates by 0.75 -8.09 Swedish krona
quarter, crypto’s market value are designed to maintain a peg percentage point that week, -8.56 iSh TIPS Bond
dropped 56% from about $2.04 to national currencies, and the biggest increase since -8.72
trillion to about $890 billion. they drew in many people who
The current 1994, raising concerns that the
Israeli shekel
-8.97 Amsterdam AEX
Big losses are nothing new thought they were a safe bet. maelstrom started U.S. could tip into recession.
-8.99 FTSE Straits Times
for cryptocurrencies, but in Many put their TerraUSD On Wednesday, bitcoin traded
prior crashes, the market was coins in a sort of crypto bank
in early May with the around $20,200, down some -9.02 iShiBoxx$InvGrdCp
much smaller and comprised called Anchor Protocol, which collapse of Terra. 70% from its record of nearly -9.48 S&P BSE Sensex
mainly risk-tolerant techno- offered a 19.5% interest rate $68,000 in November. -9.48 Platinum
philes, libertarians and niche on deposits. Many people in crypto ex- -9.53 Tel Aviv 35
players. In the past couple of That high rate attracted in- pect a long slog back. There -9.82 Brazilian real
years, the crypto market has vestors, who put in a com- and operations.) will be continued consolida-
-9.92 New Zealand dollar
burrowed into the mainstream bined $60 billion on Terra, but The big U.S. exchange Coin- tion among the surviving com-
with Super Bowl ads and “Sat- critics and even some inves- base Global Inc. abruptly cut panies and projects and a fo- -9.98 Pakistani rupee
urday Night Live” parodies, at- tors warned it wasn’t sustain- 18% of its staff, even rescind- cus on more conservative, -10.28 South African rand
tracting Wall Street traders able. Over the course of a few ing employment offers it had grounded products that are al- -10.31 Japanese yen
and individual investors. An days in May, the stablecoin made to people who hadn’t yet ready profitable, said Sidney -10.55 iShiBoxx$HYCp
ecosystem of exchanges, bro- lost its peg, and both curren- started. Other exchanges, such Powell, co-founder of crypto -10.67 STOXX Europe 600
kerages and lenders has cies plunged to nearly zero. All as Gemini Trust Co. and lending firm Maple Finance.
-10.71 Norwegian krone
sprung up around it. The the assets on the platform be- Crypto.com, also laid off staff- “In this environment, it’s
chaos underscores what a came virtually worthless. ers, as well as lenders like definitely leaner,” he said. -11.07 CAC-40
-11.25 Dow Jones Industrial Average
-11.31 DAX

Growth -11.35
-11.46
Argentine peso
Bel-20

Woes Pose
-11.68 Swiss Market Index
-12.04 Euro STOXX
-12.13 Turkish lira

Risk to Oil -12.23

-12.42
-12.73
Hungarian forint
S&P/ASX 200
iShJPMUSEmgBd
Continued from page B1 -13.03 iSh 20+ Treasury
that situation, there’s going to -13.55 Cocoa
be a demand drop for oil,” said -13.64 Wheat
DAVID PAUL MORRIS/BLOOMBERG NEWS

Maneesh Deshpande, a Barclays -13.84 S&P/TSX Comp

analyst. “That’s part of the rea- -14.18 Chilean peso
son why oil has sold off a bit.”
-14.45 S&P SmallCap 600
Mr. Deshpande’s analysis
notes that energy-company -14.90 FTSE MIB
stocks—still the only S&P 500 -15.17 S&P 500 Industrials
sector that has posted a gain so -15.41 KOSPI Composite
far this year—have also fallen -15.43 S&P 500 Real Estate
sharply in recent weeks. That -15.77 S&P MidCap 400
could be a sign that traders are
-15.94 S&P/BMV IPC
concerned about how a future Gasoline prices reached an average of $5 a gallon nationally for the first time in June.
recession might hit demand. -16.21 Taiwan Weighted
The same trend shows up porter, while stanching the run- this year to boost supply and ease demand for crude, Pimco -16.31 S&P 500 Materials
in futures markets, where far- away fuel prices that have bat- ease prices. analysts wrote in a note to in- -16.45 S&P 500
off contracts are trading at a tered their citizens’ wallets. Even so, moves like those vestors this week. -17.49 Russell 2000
discount to near-term deliver- This week, the Group of haven’t brought relief to fuel “Many commodity markets -17.88 BOVESPA Index
ies. Brent crude for delivery at Seven club of wealthy democ- prices, in part because many face a very fine balance this
-17.92 S&P 500 Financials
the end of December costs racies was working toward a refiners don’t have the spare summer,” the Pimco team said.
$101.27 a barrel, somewhat global price cap on Russian capacity to turn more oil into “Our concern now is that addi- -18.80 DJ Select REIT
lower than the near-term oil, aimed at cutting revenue gasoline. tional energy supply disrup- -19.20 Dow Jones Transportation Average
price, according to FactSet. for Russian producers while Instead, U.S. producers are tions…will require demand ra- -19.26 Comex silver
The price drops to less than keeping the country’s crude sending more crude abroad tioning, since there is so little -20.44 S&P 500 Information Tech
$93 a barrel for December exports flowing to willing buy- than ever before. Oil exports capacity to increase supply in -20.87 S&P 500 Communications Services
2023 deliveries. ers in Asia. The European from the Gulf Coast likely hit a the short term.”
-21.68 Comex copper
As geopolitics roil commod- Union earlier moved to ban record 3.3 million barrels a
ity markets, governments have seaborne imports of Russian day in the three months -22.44 Nasdaq Composite
stepped in to try to ease condi- oil by December. through June, research firm Watch a Video -22.47 Nasdaq-100
tions for drivers and other en- Meanwhile, the Biden admin- Rystad Energy estimated. Scan this code -23.40 Cotton
ergy consumers. Western lead- istration and allies of the U.S. As supply concerns persist, for a video on -26.32 S&P 500 Consumer Discr
ers are struggling to balance have laid out plans to release there is little sign of easing why gasoline
two goals: inflicting economic hundreds of millions of barrels prices for fuel consumers bar- prices are *Continuous front-month contracts
Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
pain on Russia, a major ex- of oil from strategic reserves ring a recession that would staying high.
 .

B8 | Friday, July 1, 2022 * **** THE WALL STREET JOURNAL.

SECOND QUARTER MARKETS DIGEST

Top 20 Global M&A Deals in First-Half of 2022 How the 30 Dow Jones Industrials Performed Top 10 Rankings
Ranked by deal value excluding net debt of the target company. Percentage change in the second-quarter and year-to-date
Date Value
Global Mergers & Acquisitions Global Equity Capital Markets
2nd-qtr Percent Chg 2nd-qtr Percent Chg
Acquirer Target Announced $ billions Deals announced in first-half of 2022 Deals priced in first-half of 2022
Company close 2nd-qtr YTD Company close 2nd-qtr YTD
Value No. of Market Value No. of Market
Microsoft Activision Blizzard 18-Jan 75.1 Merck 91.17 11.1 19.0 3M 129.41 -13.1 –27.1 Adviser $billions Deals Share% Bookrunner $billions Deals Share%
Broadcom VMware 26-May 61.4 IBM 141.19 8.6 5.6 Walgreens 37.90 -15.3 –27.3
Housing Development Finance Goldman Sachs 802.5 224 35.8 Goldman Sachs 17.6 89 6.7
HDFC Bank 4-Apr 60.8 Coca-Cola 62.91 1.5 6.2 Microsoft 256.83 -16.7 –23.6 JPMorgan 622.6 194 27.8 CITIC Securities 14.2 64 5.4
Corp
Private Investor (Elon R. Musk) Twitter (91.24%) 14-Apr 41.3
UnitedHealth Group 513.63 0.7 2.3 JPMorgan Chase 112.61 -17.4 –28.9 Morgan Stanley 590.5 155 26.3 China Securities Co Ltd 13.3 44 5.1
ProLogis Duke Realty Corp 10-May 24.2 Amgen 243.30 0.6 8.1 Walmart 121.58 -18.4 –16.0 BofA Securities 488.9 147 21.8 Citi 13.0 80 5.0
Blackstone Mileway 15-Feb 23.8 Johnson & Johnson 177.51 0.2 3.8 Dow 51.61 -19.0 –9.0 Citi 348.0 96 15.5 JPMorgan 12.3 102 4.7
Koninklijke DSM Firmenich International 31-May 18.1 McDonald's 246.88 -0.2 –7.9 Caterpillar 178.76 -19.8 –13.5 Barclays 315.2 117 14.1 Morgan Stanley 12.1 90 4.6
Existing Shareholders Constellation Energy Corp 2-Feb 17.3 Verizon 50.75 -0.4 –2.3 Apple 136.72 -21.7 –23.0 BNP Paribas 198.8 69 8.9 BofA Securities 11.6 90 4.4
Philip Morris International Swedish Match 11-May 16.1 Procter & Gamble 143.79 -5.9 –12.1 Salesforce.com 165.04 -22.3 –35.1 Credit Suisse 184.7 72 8.2 China International Capital 9.7 49 3.7
KKR, HEST Australia Ramsay Health Care 20-Apr 15.0 Travelers 169.13 -7.4 8.1 Cisco Systems 42.64 -23.5 –32.7 UBS 143.8 75 6.4 Huatai Securities Co Ltd 6.1 35 2.4
Blackstone; Edizione Atlantia (66.9%) 14-Apr 13.8 Home Depot 274.27 -8.4 –33.9 Nike 102.20 -24.0 –38.7
Vista Equity Partners; Evergreen Allen & Co LLC 139.2 8 6.2 UBS 5.8 51 2.2
Citrix Systems 31-Jan 13.6 Goldman Sachs 297.02 -10.0 –22.4 Intel 37.41 -24.5 –27.4
Coast Capital
Honeywell International 173.81 -10.7 –16.6 American Express 138.62 -25.9 –15.3 Global Debt Capital Markets Global Syndicated Loans
Toronto-Dominion Bank First Horizon 28-Feb 13.4
Chevron 144.78 -11.1 23.4 Boeing 136.72 -28.6 –32.1 Deals priced in first-half of 2022 Deals credited in first-half of 2022
Intercontinental Exchange Black Knight 4-May 13.2
Berkshire Hathaway Alleghany 21-Mar 11.5 Visa 196.89 -11.2 –9.1 Walt Disney 94.40 -31.2 –39.1 Value No. of Market Value No. of Market
Bookrunner $billions Deals Share% Bookrunner $billions Deals Share%
Biohaven Pharmaceutical
Pfizer 10-May 11.3 Source: Dow Jones Market Data
(97.41%) JPMorgan 266.1 986 7.3 BofA Securities 242.9 714 12.5
DuPont de Nemours (Mobility BofA Securities 227.7 805 6.3 JPMorgan 185.7 634 9.6
Celanese 18-Feb 11.0
and materials business, 100%)
Citi 210.8 889 5.8 Wells Fargo Sec 128.8 436 6.6
Take-Two Interactive Software Zynga
Thoma Bravo Anaplan
10-Jan
20-Mar
10.4
10.3
Biggest Percentage Gainers… Goldman Sachs 156.2 533 4.3 Citi 107.9 305 5.5
Hellman & Friedman; Permira; 2nd Quarter 52-Week
Morgan Stanley 146.6 747 4.0 Mizuho 81.7 373 4.2
Abu Dhabi Invtmnt Authority; Zendesk 24-Jun 10.1 Company Symbol Close Net chg % chg Low Close(l) High % chg Barclays 134.7 603 3.7 MUFG 77.5 602 4.0
GIC Pte Deutsche Bank 124.1 497 3.4 BNP Paribas 59.4 216 3.1
Redbox Entertainment RDBX 7.40 5.04 213.6 1.61 l 27.22 –26.0
BNP Paribas 120.7 504 3.3 Bank of China 58.6 214 3.0
Top 20 Global IPOs Priced in First-Half of 2022 Turning Point Therap TPTX 75.25 48.40 180.3 23.77 l 82.20 –2.9
HSBC 102.7 475 2.8 Barclays 52.8 216 2.7
Biomea Fusion BMEA 11.98 7.52 168.6 2.84 l 16.28 –22.2
Ranked by proceeds raised, including over-allottment Wells Fargo Sec 101.3 581 2.8 Sumitomo Mitsui Fin 50.4 408 2.6
Tarena International ADR TEDU 5.99 3.52 142.5 1.46 l 15.35 –56.3
Offer Pricing Value
Issuer Exchange Currency Price Date $ millions Gracell Biotech ADR GRCL 5.50 3.17 136.1 1.68 l 15.00 –56.0 U.S. Mergers & Acquisitions U.S. Initial Public Offerings
LG Energy Solution Korea KRW300000.00 14-Jan 10,726 Direxion Dly DJ Bear 3X WEBS 51.50 28.68 125.7 13.12 l 61.40 238.3 Deals announced in first-half of 2022 Deals priced in first-half of 2022
DEWA Dubai AED 2.48 6-Apr 6,077 ETFMG 2X Inv Alt Harvest MJIN 24.88 13.64 121.4 7.87 l 26.44 ... Value No. of Market Value No. of Market
Life Insurance Corp of India Bombay;India INR 949.00 12-May 2,718 Adviser $billions Deals Share% Bookrunner $millions Deals Share%
MicroSectors Gold 3X Invr GDXD 19.04 10.26 116.9 6.63 l 29.26 –2.8
Borouge Abu Dhabi AED 2.45 31-May 2,005
Jinko Solar STAR Market CNY 5.00 14-Jan 1,574
MicroSectors FANG -3x Inv BERZ 42.38 22.07 108.7 15.32 l 47.99 ... Goldman Sachs 505.4 133 43.5 Cantor Fitzgerald Co 1,549 6 11.3
Nahdi Medical Saudi SAR 131.00 10-Mar 1,362 RCM Techs RCMT 20.24 10.38 105.3 3.70 l 28.82 396.1 Morgan Stanley 373.4 73 32.1 Citi 1,099 5 8.0
TPG NASDAQ USD 29.50 12-Jan 1,100 Altimmune ALT 11.70 5.61 92.1 3.83 l 17.26 16.5 JPMorgan 345.0 96 29.7 Goldman Sachs 1,070 6 7.8
PT GoTo Gojek Tokopedia Indonesia IDR 338.00 30-Mar 957 BofA Securities 260.7 80 22.4 EF Hutton 788 11 5.8
Short De-SPAC ETF SOGU 66.49 30.67 85.6 22.95 l 69.59 187.5
Suzhou Novosense Microelectronics STAR Market CNY 230.00 11-Apr 912 Barclays 237.5 69 20.4 JPMorgan 701 6 5.1
Var Energi Oslo NOK 28.00 15-Feb 880 Direxion Jr Gold Bear 2X JDST 13.95 6.24 80.9 6.20 l 15.06 33.9
Ganzhou Tengyuan Cobalt New Material Shenzhen CNY 173.98 7-Mar 867 Day One Biopharm DAWN 17.90 7.98 80.4 5.44 l 28.70 –22.7 Citi 220.3 54 18.9 Deutsche Bank 554 3 4.0
Sany Heavy Energy STAR Market CNY 29.80 10-Jun 837 New Oriental Edu ADR EDU 20.36 8.86 77.0 8.40 l 83.00 –73.9 Allen & Co LLC 139.2 8 12.0 BofA Securities 514 7 3.8
Elm Co Saudi SAR 128.00 30-Jan 819 Credit Suisse 132.4 31 11.4 BTIG LLC 474 3 3.5
Technoprobe Borsa Italiana AIM EUR 5.70 11-Feb 811 Wells Fargo Sec 124.2 30 10.7 RBC Capital Markets 460 2 3.4
Screaming Eagle Acquisition NASDAQ USD 10.00 5-Jan 750 Biggest Percentage Losers Evercore Inc 79.5 67 6.8 Maxim Group LLC 454 6 3.3
iSoftStone Information Technology (Group) Shenzhen CNY 72.88 3-Mar 733
Bausch & Lomb NYSE; TSX USD 18.00 5-May 712 2nd Quarter 52-Week
Company Symbol Close Net chg % chg Low Close(l) High % chg U.S. Investment-Grade Bonds U.S. High-Yield Bonds
Delhivery Bombay;India INR 487.00 16-May 672 Deals priced in first-half of 2022 Deals priced in first-half of 2022
Avic (Chengdu) Uas STAR Market CNY 32.35 14-Jun 648 Enjoy Technology ENJY 0.22 –3.58 –94.3 0.14 l 12.16 –97.8
Vedant Fashions Bombay;India INR 866.00 9-Feb 590 Value No. of Market Value No. of Market
Applied Blockchain APLD 1.05 –14.61 –93.3 0.95 l 34.20 –90.7 Bookrunner $billions Deals Share% Bookrunner $billions Deals Share%
0.74 –91.5 –95.5
Top 20 Global Bonds Priced in First-Half of 2022 Spero Therapeutics SPRO
Embark Technology EMBK 0.51
–7.96
–5.38 –91.4
0.73
0.50
l
l
19.87
10.49 –94.9
BofA Securities 100.3 314 12.7 JPMorgan 7.9 51 11.2
Ranked by face value, in U.S. dollars JPMorgan 98.3 347 12.5 Citi 5.9 42 8.3
Dave DAVE 0.69 –6.46 –90.4 0.68 l 15.35 –93.0
Issuer Pricing Value Citi 78.3 345 10.0 Goldman Sachs 5.5 46 7.8
Issuer Deal Type Nation Currency Date $ millions ETFMG Prm 2X D Inv Jr Slv SINV 0.90 –8.07 –90.0 0.77 l 18.09 –92.7 Goldman Sachs 67.7 191 8.6 BofA Securities 5.2 53 7.3
Magallanes Corp IG United States USD 9-Mar 30,000 Eargo EAR 0.75 –4.54 –85.8 0.73 l 39.86 –98.1 Morgan Stanley 53.2 174 6.8 Credit Suisse 4.0 30 5.7
European Union Supranational Luxembourg EUR 22-Mar 13,433 Velo3D VLD 1.38 –7.93 –85.2 1.31 l 13.18 –86.2 Wells Fargo Sec 46.9 225 6.0 Barclays 3.8 36 5.4
Amazon.com Corp IG United States USD 11-Apr 12,750 Rubius Therapeutics RUBY 0.85 –4.66 –84.6 0.75 l 26.34 –96.7 Barclays 25.7 93 3.3 Wells Fargo Sec 3.7 40 5.2
Goldman Sachs Corp IG United States USD 19-Jan 12,000 l
Avaya Holdings AVYA 2.24 –10.43 –82.3 2.18 27.54 –91.7 HSBC 25.6 65 3.3 Morgan Stanley 3.2 27 4.5
Spain Sovereign Spain EUR 11-Jan 11,330
Commonwealth of Australia Sovereign Australia AUD 12-Apr 11,147 Bird Global BRDS 0.44 –2.01 –82.2 0.40 l 11.25 –95.6 Deutsche Bank 23.9 77 3.0 Deutsche Bank 2.9 24 4.2
Italy Sovereign Italy EUR 17-Jun 9,889 Core Scientific CORZ 1.49 –6.74 –81.9 1.40 l 14.98 –84.9 RBC Capital Markets 22.8 155 2.9 Truist Financial Corp 1.9 20 2.7
European Union Supranational Luxembourg EUR 11-May 9,496 Vapotherm VAPO 2.53 –11.37 –81.8 2.46 l 31.87 –89.0
Bank of America Corp IG United States USD 1-Feb 9,000 U.S. Core Leveraged Finance1 Global Investment Banking1
Bank of America Corp IG United States USD 21-Apr 8,750 Boxed BOXD 1.85 –8.30 –81.8 1.27 l 17.05 –81.3
Fees paid in first-half of 2022 Fees paid for M&A, ECM, DCM and
Spain Sovereign Spain EUR 7-Jun 8,572 Carvana Cl A CVNA 22.58 –96.71 –81.1 19.80 l 376.83 –92.7
loans in first-half of 2022
JPMorgan Chase Corp IG United States USD 19-Apr 8,500
European Union
Intercontinental Exchange
Supranational Luxembourg
Corp IG United States
EUR
USD
8-Feb
12-May
8,233
8,000
Most Active Stocks Bank
Revenue 2022 2021
$millions Mkt Shr %Mkt Shr % Bank
Revenue 2022 2021
$millions Mkt Shr %Mkt Shr %
Spain Sovereign Spain EUR 9-Feb 7,993 Most heavily traded issues in Second quarter of 2022; composite
JPMorgan 469.1 11.8 13.6 JPMorgan 3,307.0 8.1 9.6
Italy Sovereign Italy EUR 5-Jan 7,906 volume, in millions BofA Securities 317.1 8.0 8.5 Goldman Sachs 3,200.0 7.9 8.8
Agricultural Bank of China Corp IG China CNY 18-Feb 7,900
Rogers Communications Corp IG Canada USD 7-Mar 7,050 2nd Quarter 52-Week Barclays 308.0 7.7 6.4 BofA Securities 2,535.0 6.2 6.2
GSK Consumer Healthcare Capital US Corp IG United Kingdom USD 21-Mar 7,000 Company Symbol Volume Close Net chg % chg High Low % chg Goldman Sachs 288.0 7.2 6.4 Morgan Stanley 2,216.5 5.4 6.4
Saudi Arabia Sovereign Saudi Arabia SAR 7-Mar 6,998 ProShares UltraPro QQQ TQQQ 10,344 24.00 –34.18 –58.7 91.68 21.32 –60.8 Credit Suisse 211.3 5.3 6.8 Citi 1,776.5 4.4 5.1
Source: Dealogic ProSh UltraPro Shrt QQQ SQQQ 7,464 58.84 25.17 74.8 67.69 28.15 28.8 Citi 185.5 4.7 4.8 Barclays 1,434.5 3.5 3.7
Advanced Micro Devices AMD 6,648 76.47 –32.87 –30.1 164.46 75.48 –18.0 Morgan Stanley 185.0 4.7 4.9 Credit Suisse 1,117.1 2.7 3.8
SPDR S&P 500 SPY 6,234 377.25 –74.39 –16.5 479.98 362.17 –12.4 RBC Capital Markets 176.5 4.4 4.1 Deutsche Bank 887.3 2.2 2.5
Industry Groups Apple AAPL 5,838 136.72 –37.89 –21.7 182.94 129.04 –0.4 Deutsche Bank 169.0 4.2 4.6 Jefferies LLC 848.0 2.1 2.6
Best and worst-performing U.S. industry groups in the past quarter Amazon.com AMZN 5,491 106.21 –56.79 –34.8 188.65 101.26 –38.1 Jefferies LLC 141.7 3.6 4.0 RBC Capital Markets 792.1 1.9 1.9
based on the DJ U.S. Total Stock Market Index family Invesco QQQ Trust I QQQ 4,812 280.28 –82.26 –22.7 408.71 269.28 –21.0
1Dealogic Revenue analytics are employed where fees aren't disclosed. Source: Dealogic
Best Performers Worst Performers Finl Select Sector SPDR XLF 4,321 31.45 –6.87 –17.9 41.70 30.58 –15.0
% chg from % chg from NIO ADR NIO 4,303 21.72 0.67 3.2 55.13 11.67 –57.3
Industry group prev qtr Industry group prev qtr Ford Motor 3,845 11.13 –5.78 –34.2 25.87 10.90 –25.4
F
Direxion Dly SCOND 3 BL SOXL 3,618 13.10 –25.68 –66.2 74.21 12.38 –69.2
Who's No. 1?
Fixed Line Telecom 14.2 General Mining –47.4 Top banks in Dealogic rankings across M&A, equity capital markets
NVIDIA NVDA 3,550 151.59 –121.27 –44.4 346.47 148.62 –25.0
Telecommunications 5.1 Recreational Services –43.0 (ECM), debt capital markets (DCM) and loans, in the first-half of 2022
Twitter TWTR 3,232 37.39 –1.30 –3.4 73.34 31.30 –45.1
Pharmaceuticals 3.0 Aluminum –41.2
Bank of America BAC 3,136 31.13 –10.09 –24.5 50.11 30.64 –25.1
Distillers & Vintners 2.4 Nonferrous Metals –40.2 First-halfof2022 Chg in share
Soft Drinks 1.2 Platinum & Precious Metals –39.8
iSharesMSCIEmgMarkets EEM 3,132 40.10 –5.05 –11.2 55.25 38.95 –26.9 from
AT&T T 3,110 20.96 3.12 17.5 22.15 16.62 –4.6 market First-half of
Personal Products 1.0 Travel & Tourism –39.2 2021
Mobile Telecom 0.6 Automobiles –36.7
ItauUnibancoHoldingADR ITUB 3,026 4.28 –1.43 –25.0 5.89 3.60 –11.2 Product and Deal Type No.1 - Ranked Bank share (%) (pct. points)

Gas Distribution –2.3 Alternative Fuels –33.1 SoFi Technologies SOFI 2,930 5.27 –4.18 –44.2 24.65 4.82 –71.1
Investment Banking
Defense –2.8 Broadline Retailers –32.5 Direxion S&P Biotech Bull LABU 2,867 6.74 –8.93 –57.0 78.72 4.06 –91.4
Integrated Oil & Gas –2.8 Media Agencies –31.9 iShares iBoxx $ HY Cp Bd HYG 2,773 73.61 –8.68 –10.5 88.16 72.89 –16.3 Global IB Revenue1 JPMorgan 8.1 -1.4
Brewers –4.3 Consumer Electronics –30.6 Gainers and losers include common issues of $2 or more listed on NYSE, Nasdaq, NYSE American or Global M&A Revenue1 Goldman Sachs 11.9 0.3
NYSE Arca at the beginning of the quarter. Global ECM Revenue1 JPMorgan 5.8 -3.4
Food Products –4.3 Electronic Office Equipment –30.4
Multiutilities –4.7 Farming & Fishing –30.3 Global DCM Revenue1 JPMorgan 8.0 -1.2
Tobacco –4.9 Gambling –29.7 Global Loans Revenue1 JPMorgan 10.7 -1.7
Nondurable Household Products –5.6 Publishing –29.6 Global M&A Goldman Sachs 35.8 3.1
Source: S&P Dow Jones Indices IPO Scorecard U.S. M&A Goldman Sachs 43.5 1.7
Best-performing U.S.-listed IPOs in the first half of 2022 ranked by % Global M&A Boutique Allen & Co LLC 6.2 1.5
change in price from offer to last trade in the quarter
$ Offer % Chg Pricing IPO Value Equity Capital Markets
Issuer Exchange price from offer Date $ millions
6.7 -3.5

Let’s walk
Global ECM Goldman Sachs
Belite Bio Inc NASDAQ 6.00 419.0 Apr. 28 41
Global IPOs CitiC Securities 6.9 5.2
Zhong Yang Financial Group Ltd NASDAQ 5.00 393.8 June 1 25
Global All Follow-Ons Goldman Sachs 7.7 -4.0
Golden Sun Education Group Ltd NASDAQ 4.00 314.5 June 21 20

together. JE Cleantech Holdings Ltd

Nuvectis Pharma Inc
NASDAQ
NASDAQ
4.00
5.00
212.5 Apr. 21
124.0 Feb. 4
15
16
Global Convertible Bonds
U.S. ECM
U.S. IPOs
China Securities Co Ltd
JPMorgan
Cantor Fitzgerald & Co
15.3
11.1
11.3
13.0
1.6
6.4
Arcellx Inc NASDAQ 15.00 20.5 Feb. 3 142
U.S. Block Trades Morgan Stanley 23.1 -1.5
It makes things better. CinCor Pharma Inc NASDAQ 16.00 17.8 Jan. 6 213
U.S. Non-Block Follow-Ons JPMorgan 13.3 3.1
Credo Technology Group Holding Ltd NASDAQ 10.00 16.8 Jan. 26 230
Jaguar Global Growth Corp I NASDAQ 10.00 2.5 Feb. 10 230 U.S. Convertible Bonds Goldman Sachs 25.3 8.7
Goldenstone Acquisition Ltd NASDAQ 10.00 2.4 Mar. 16 58 Fixed Income
AIB Acquisition Corp NASDAQ 10.00 1.8 Jan. 18 86 Global DCM JPMorgan 7.3 -0.7
ProFrac Holding Corp NASDAQ 18.00 1.7 May 12 328
Global Investment-Grade Bonds BofA Securities 6.9 0.5
Kensington Capital Acquisition Corp IV NYSE 10.00 1.6 Mar. 1 230
Global High-Yield Bonds JPMorgan 9.7 -0.6
Chenghe Acquisition Co NASDAQ 10.00 1.6 Apr. 28 115
FG Merger Corp NASDAQ 10.00 1.6 Feb. 25 81 U.S. DCM JPMorgan 12.2 -0.5
U.S. Investment-Grade Bonds BofA Securities 12.7 0.9
Technology & Telecommunication Acquisition Corp NASDAQ 10.00 1.4 Jan. 14 115
U.S. High-Yield Bonds JPMorgan 11.2 -0.1
Valuence Merger Corp I NASDAQ 10.00 1.4 Feb. 28 220
U.S. FIG Bonds BofA Securities 14.0 0.1
Amylyx Pharmaceuticals Inc NASDAQ 19.00 1.4 Jan. 6 216
Genesis Unicorn Capital Corp NASDAQ 10.00 1.3 Feb. 14 86 Global Loans BofA Securities 12.5 2.3
Murphy Canyon Acquisition Corp NASDAQ 10.00 1.2 Feb. 2 132 Global Investment-Grade Loans BofA Securities 12.9 1.7
Global Leveraged Loans BofA Securities 12.7 3.3
Worst-performing U.S.-listed IPOs in the first half of 2022 ranked by % U.S. Loans BofA Securities 17.5 3.7
change in price from offer to last trade in the quarter
U.S. Investment-Grade Loans BofA Securities 18.9 3.4
$ Offer % Chg Pricing IPO Value
Issuer Exchange price from offer Date $ millions U.S. Leveraged Loans BofA Securities 16.7 4.5
Smart for Life Inc NASDAQ 10.00 -94.7 Feb. 16 14 U.S. Total Leveraged Finance BofA Securities 15.7 4.3
TC BioPharm (Holdings) plc NASDAQ 4.25 -91.3 Feb. 10 18 U.S. Core Leveraged Finance JPMorgan 8.5 -1.2
Locafy Ltd NASDAQ 4.13 -86.2 Mar. 25 6 U.S. Core Leveraged Finance Revenue1 JPMorgan 11.8 -1.8
SQL Technologies Corp NASDAQ 14.00 -85.7 Feb. 9 23 1 Dealogic Revenue analytics are employed where fees are not disclosed Source: Dealogic
Vigil Neuroscience Inc NASDAQ 14.00 -81.6 Jan. 6 98
Hillstream BioPharma Inc NASDAQ 4.00 -80.5 Jan. 11 15
Akanda Corp NASDAQ 4.00 -79.8 Mar. 14 16 Market Boxscores
Aclarion Inc NASDAQ 4.35 -79.1 Apr. 21 9 How the major indexes performed
Rail Vision Ltd NASDAQ 4.13 -78.5 Mar. 30 16
Close % chg from
Sharps Technology Inc NASDAQ 4.25 -77.4 Apr. 13 16 Second-quarter performance 6/30/22 6/30/21
Direct Digital Holdings Inc NASDAQ 5.50 -76.5 Feb. 10 15 Dow Jones Industrial Average -11.3% 30775.43 -10.8
Blue Water Vaccines Inc NASDAQ 9.00 -76.3 Feb. 17 20
DJ U.S. Total Stock Market -17.2 37976.52 -15.4
Edible Garden AG Inc NASDAQ 5.00 -74.2 May 5 15
Maris Tech Ltd NASDAQ 4.20 -73.6 Feb. 1 18 DJ World (excl. U.S.) -14.7 243.19 -21.8
Expion360 Inc NASDAQ 7.00 -69.1 Apr. 1 17 NYSE American Composite -6.9 3891.30 22.7
NYSE Composite -13.1 14487.64 -12.5
Visionary Education Technology Holdings Group Inc NASDAQ 4.00 -61.8 May 16 17
FGI Industries Ltd NASDAQ 6.00 -61.5 Jan. 25 15 S&P 500 -16.4 3785.38 -11.9
Ostin Technology Group NASDAQ 4.00 -59.3 Apr. 26 16 Russell 2000 -17.5 1707.99 -26.1
1-800-776-6767 | ChildFund.org Actelis Networks Inc
Yoshitsu
NASDAQ
NASDAQ
4.00
4.00
-58.3
-57.8
May 13
Jan. 8
17
25
Value Line (Geometric) -17.5 524.64 -22.2
Nasdaq Composite -22.4 11028.74 -24.0
Source: Dealogic Sources: Dow Jones Market Data; S&P Dow Jones Indices
 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | B9

BIGGEST 1,000 STOCKS ADVERTISEMENT

How to Read the Stock Tables Footnotes: Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
The following explanations apply to NYSE, NYSE s-New 52-week high. HuntingIngalls HII 217.82 1.93 Neurocrine NBIX 97.48 -0.98 SnapOn SNA 197.03 -1.84
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HyattHotels H 73.91 -1.36 NewFortressEner NFE 39.57 0.17 Snowflake SNOW 139.06 -3.97
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four IAC/InterActive IAC 75.97 -2.41 NewellBrands NWL 19.04 -0.25 SOQUIMICH SQM 83.53 -0.77
that include primary market trades as well as quarters. ICICI Bank IBN 17.74 -0.01 Newmont NEM 59.67 -2.32 SolarEdgeTech SEDG 273.68 10.72
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ICL Group ICL 9.08 -0.29 NewsCorp B NWS 15.89 0.25 Sony SONY 81.77 -1.64
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing IDXX 350.73 -7.49 NewsCorp A NWSA 15.58 0.26 Southern 71.31 0.64
Nasdaq ISE. standards
IdexxLab SO PUBLIC NOTICES
ING Groep ING 9.92 -0.25 NexstarMedia NXST 162.88 -1.46 SoCopper SCCO 49.81 -1.64
The list comprises the 1,000 largest companies lf-Late filing t Invesco IVZ 16.13 -0.33 NextEraEnergy NEE 77.46 1.46 SouthwestAir LUV 36.12 -0.06
based on market capitalization. q-Temporary exemption from Nasdaq IQVIA IQV 216.99 2.88 NielsenHoldings NLSN 23.22 -0.34 SouthwesternEner SWN 6.25 -0.46
Underlined quotations are those stocks with requirements. IcahnEnterprises IEP 48.12 -0.34 t Nike NKE 102.20 -1.05 Splunk SPLK 88.46 -3.86
large changes in volume compared with the t-NYSE bankruptcy Icon ICLR 216.70 -0.57 NiSource NI 29.49 0.03 Spotify SPOT 93.83 -4.13 UNITED STATES DISTRICT COURT - NORTHERN DISTRICT OF CALIFORNIA
issue’s average trading volume. v-Trading halted on primary market. IDEX IEX 181.63 0.55 Nokia NOK 4.61 -0.10 StanleyBlackDck SWK 104.86 -1.23
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being SUMMARY NOTICE OF PROPOSED DERIVATIVE SETTLEMENT Case No. 3:20-cv-02753
IllinoisToolWks ITW 182.25 1.46 t NomuraHoldings NMR 3.58 -0.01 Starbucks SBUX 76.39 -0.04 NICHOLAS R. INGRAO, Derivatively on Behalf of YELP INC., Plaintiff, vs. JEREMY STOPPELMAN, et al.
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, NDSN 202.44 0.51 t StateStreet STT 61.65 -1.86
Illumina ILMN 184.36 -2.07 Nordson Defendants, – and – YELP INC., a Delaware corporation, Nominal Defendant.
previous closing price was $2 or higher. or securities assumed by such companies.
ImperialOil IMO 47.11 -0.38 NorfolkSouthern NSC 227.29 0.16 SteelDynamics STLD 66.15 -0.68 TO: ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF THE COMMON STOCK OF YELP INC.
Incyte INCY 75.97 0.08 NorthernTrust NTRS 96.48 -2.26 t Stellantis STLA 12.36 -0.33 (“YELP” OR THE “COMPANY”) AS OF JANUARY 28, 2022 (THE “RECORD DATE”)
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Informatica INFA 20.77 ... NorthropGrum NOC 478.57 16.76 Steris STE 206.15 -2.18 PLEASE TAKE NOTICE that the above-captioned shareholder derivative action (the “Action”) is being settled on the
changes in the closing prices from 4 p.m. the previous day. Infosys INFY 18.51 -0.10 NortonLifeLock NLOK 21.96 -0.34 t STMicroelec STM 31.47 -0.77 terms set forth in a Stipulation of Settlement, dated January 28, 2022 (the “Stipulation” or “Settlement”).1 Under
IngersollRand IR 42.08 -0.20 Novartis NVS 84.53 -0.24 Stryker SYK 198.93 -0.50 the terms of the Stipulation, in connection with the proposed Settlement, Yelp will receive a cash payment in the
Thursday, June 30, 2022 Net Net Insulet PODD 217.94 -4.00 NovoNordisk NVO 111.43 1.35 SumitomoMits SMFG 5.90 -0.06 amount of $18 million (the “Cash Payment”) and will adopt certain corporate governance reforms.
Stock Sym Close Chg Stock Sym Close Chg Intel INTC 37.41 0.12 Novocure NVCR 69.50 -2.90 SunComms SUI 159.36 -0.53 On January 27, 2022, the Non-Defendant Members of Yelp’s Board reviewed the proposed Settlement, and in a
Net InteractiveBrkrs IBKR 55.01 -2.00 NuHoldings NU 3.74 -0.13 SunLifeFinancial SLF good faith exercise of their independent business judgment, determined unanimously that the Settlement confers
45.81 -0.11
Stock Sym Close Chg BroadridgeFinl BR 142.55 -1.34 Dropbox DBX 20.99 -0.33 ICE ICE 94.04 -2.37 Nucor NUE 104.41 -1.84 SuncorEnergy SU 35.07 -0.24 substantial benefits upon Yelp and its shareholders, and that resolution of the Action on the terms set forth in the
NTR 79.69 -2.57 Suzano Stipulation, including the Cash Payment to Yelp, corporate governance reforms, releases, and the Fee and Expense
BrookfieldMgt BAM 44.47 -0.22 DukeEnergy DUK 107.21 1.20 InterContinentl IHG 54.05 0.26 Nutrien SUZ 9.48 0.07
A B C BrookfieldInfr BIP 38.22 1.18 DukeRealty DRE 54.95 -0.40 IBM IBM 141.19 0.48 t NVIDIA NVDA 151.59 -3.83 Switch SWCH 33.50 0.01
Amount for Plaintiff’s Counsel, would serve the best interests of Yelp and its shareholders.
IFF 119.12 1.74 In light of the substantial benefits conferred upon Yelp and its shareholders by Plaintiff’s Counsel’s efforts, Yelp,
ABB 26.73 -0.15 BrookfieldRenew BEPC 35.61 -0.22 Dun&Bradstreet DNB 15.03 ... IntlFlavors t SynchronyFin SYF 27.62 -0.91
ABB
AECOM ACM 65.22 1.06 Brown&Brown BRO 58.34 0.34 DuPont DD 55.58 -0.75 IntlPaper IP 41.83 -0.61 O P Q SyneosHealth SYNH 71.68 -0.47
acting by and through the Non-Defendant Members of Yelp’s Board, has agreed that Plaintiff’s Counsel shall receive
attorneys’ fees and expenses of $3.75 million, subject to Court approval. In addition, subject to Court approval,
39.44 -2.07 Interpublic IPG 27.53 0.09
AES AES 21.01 0.65 Brown-Forman B BF.B 70.16 -0.76 Dynatrace DT OGE Energy OGE 38.56 0.41 Synopsys SNPS 303.70 -2.36 Plaintiff’s Counsel seek a Service Award of up to $3,500 for Plaintiff, to be paid out of the Fee and Expense Amount,
Brown-Forman A BF.A 67.64 -0.87 ENI E 23.81 -0.36 Intuit INTU 385.44 -4.22 Sysco SYY 84.71 -0.10 in recognition of Plaintiff’s participation and effort in the issuance of the Demand and subsequent prosecution and
Aflac AFL 55.33 -0.13 ONEOK OKE 55.50 -0.63
AGCO AGCO 98.70 -2.45 Bruker BRKR 62.76 -0.19 EOG Rscs EOG 110.44 -2.78 IntuitiveSurgical ISRG 200.71 -1.88 OReillyAuto ORLY 631.76 -5.37 settlement of the Action.
AMC Ent AMC 13.55 -0.10 BuildersFirst BLDR 53.70 1.03 EPAM Systems EPAM 294.78 -12.59
InvitatHomes INVH 35.58 -0.06
OccidentalPetrol OXY 58.88 -0.22 T U V IF YOU WERE A RECORD OR BENEFICIAL OWNER OF YELP COMMON STOCK AS OF JANUARY 28, 2022,
Ansys ANSS 239.29 -2.17 Bunge BG 90.69 -0.79 EQT EQT 34.40 -3.12 IronMountain IRM 48.69 0.51 Okta OKTA 90.40 -2.96 TC Energy PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY AS YOUR RIGHTS MAY BE AFFECTED BY
t ItauUnibanco ITUB 4.28 -0.10 TRP 51.81 -0.38 PROCEEDINGS IN THE ABOVE-REFERENCED LITIGATION.
APA APA 34.90 -1.20 BurlingtonStrs BURL 136.23 -6.77 EastWestBncp EWBC 64.80 -1.63 Olaplex OLPX 14.09 0.24 t TD Synnex SNX 91.10 0.61
t 5.17 -0.14 CACI Intl CACI 281.78 4.98 EastGroup EGP 154.33 -2.06 OldDomFreight ODFL 256.28 0.99 t TE Connectivity TEL 113.15 0.26 On August 25, 2022, at 1:30 p.m., the Court will hold a hearing (the “Settlement Hearing”) in the Action at the
ASETech
ASML
ASX
ASML 475.88 -8.74 CBRE Group CBRE 73.61 -0.07 EastmanChem EMN 89.77 -1.44
J K L OldRepublic ORI 22.36 0.24 Telus
United States District Court for the Northern District of California, Phillip Burton Federal Building & U.S. Courthouse,
CDW 157.56 -0.52 Eaton TU 22.28 -0.05 450 Golden Gate Avenue, 17th Floor, Courtroom 5, San Francisco, CA 94102, or via Zoom or other video platform, or
AT&T T 20.96 0.01 CDW ETN 125.99 -1.28 JD.com JD 64.22 -0.63 Olin OLN 46.28 0.02 TelusIntl
85.73 -0.64 eBay EBAY 41.67 -1.00 t JPMorganChase JPM 112.61 -2.69 TIXT 25.07 -0.13 telephonically, before the Honorable Edward M. Chen, to determine: (i) whether the terms of the proposed Settlement
AbbottLabs ABT 108.65 -0.45 CF Industries CF OmegaHealthcare OHI 28.19 -0.91 Ternium TX 36.09 -0.51 should be approved as fair, reasonable, and adequate, including the separately negotiated and agreed upon amount
AbbVie ABBV 153.16 -0.98 CGI GIB 79.66 0.33 Ecolab ECL 153.76 0.29 t Jabil JBL 51.21 -0.78 Omnicom OMC 63.61 0.29 TFI Intl TFII 80.28 2.41 for Plaintiff’s Counsel’s attorneys’ fees and expenses and the service award amount for Plaintiff to be paid out of
Abiomed ABMD 247.51 -8.98 CH Robinson CHRW 101.37 -0.08 t Ecopetrol EC 10.86 -0.21 JackHenry JKHY 180.02 -2.10 ON Semi ON 50.31 -0.81 TJX TJX 55.85 -1.24 Plaintiff’s Counsel’s attorneys’ fees and expenses; (ii) whether a final judgment should be entered and the Action
Accenture ACN 277.65 -2.16 CME Group CME 204.70 -1.45 EdisonInt EIX 63.24 0.38 JacobsEngg J 127.13 2.77 OpenText OTEX 37.84 -0.26 T-MobileUS TMUS 134.54 0.17 dismissed with prejudice on the terms set forth in the Stipulation; and (iii) such other matters as may be necessary
ActivisionBliz ATVI 77.86 -0.10 CMS Energy CMS 67.50 1.00 EdwardsLife EW 95.09 -0.94 JamesHardie JHX 21.94 0.24 Oracle ORCL 69.87 0.66 t TPG TPG 23.91 -0.38 and proper under the circumstances.
Adobe ADBE 366.06 -2.44 CNA Fin CNA 44.90 0.29 t ElancoAnimal ELAN 19.63 -0.37 JazzPharm JAZZ 156.01 -0.35 Orange ORAN 11.77 0.05 TRowePrice TROW 113.61 -1.89 Any Yelp shareholder as of the Record Date that objects to the Settlement shall have a right to appear in person
AdvanceAuto AAP 173.09 -3.63 CNH Indl CNHI 11.59 -0.26 Elastic ESTC 67.67 -4.98 JefferiesFin JEF 27.62 -0.28 Organon OGN 33.75 -0.82 t TaiwanSemi TSM 81.75 -1.90 (or telephonically or via any video platform as may be designated by the Court) and to be heard at the Settlement
AdvDrainageSys WMS 90.07 -0.26 CRH CRH 34.82 0.29 ElbitSystems ESLT 229.34 10.74 J&J JNJ 177.51 0.52 Orix IX 84.16 -1.69 TakeTwoSoftware TTWO 122.53 -3.00 Hearing, provided that he, she, or it was a shareholder of record or beneficial owner as of January 28, 2022. Any
t AdvMicroDevices AMD 76.47 -1.52 CSX CSX 29.06 -0.06 ElectronicArts EA 121.65 -1.18 JohnsonControls JCI 47.88 -0.80 OtisWorldwide OTIS 70.67 0.89 TakedaPharm TAK 14.04 0.19 Yelp shareholder who satisfies this requirement may enter an appearance through counsel of such shareholder’s own
choosing and at such shareholder’s own expense, or may appear on their own. No shareholder of Yelp shall be heard
Aegon AEG 4.38 -0.07 CVS Health CVS 92.66 -0.69 ElevanceHealth ELV 482.58 -2.99 JonesLang JLL 174.86 -1.77 Ovintiv OVV 44.19 -1.49 Tapestry TPR 30.52 -0.69 at the Settlement Hearing unless, no later than August 4, 2022, such shareholder has filed with the Court, a written
AerCap AER 40.94 0.60 CableOne CABO 1289.32 32.56 EmersonElec EMR 79.54 -0.97 JuniperNetworks JNPR 28.50 -0.29 OwensCorning OC 74.31 -1.05 TargaResources TRGP 59.67 -0.97 notice of objection containing the following information:
AgilentTechs A 118.77 0.87 CadenceDesign CDNS 150.03 -0.89 Enbridge ENB 42.26 -0.18 t KB Financial KB 37.20 0.09 PG&E PCG 9.98 0.02 t Target TGT 141.23 -0.67 1. Your name, legal address, and telephone number;
agilon health AGL 21.83 0.57 CAE CAE 24.62 0.49 Endeavor EDR 20.56 -0.34 KBR KBR 48.39 0.51 PLDT PHI 30.42 -0.98 TataMotors TTM 25.87 -0.44 2. The case name and number (Ingrao v. Stoppelman, et al., Case No. 3:20-cv-02753);
AgnicoEagle AEM 45.76 -2.00 CaesarsEnt CZR 38.30 -1.97 EnergyTransfer ET 9.98 -0.20 KE Holdings BEKE 17.95 0.19 PNC Fin PNC 157.77 0.40 TeckRscsB TECK 30.57 -1.08 3. Proof of being a Yelp shareholder as of the Record Date, January 28, 2022;
AirProducts APD 240.48 -1.03 CamdenProperty CPT 134.48 0.56 EnphaseEnergy ENPH 195.24 10.60 KKR KKR 46.29 -1.06 t POSCO PKX 44.52 -0.39 TeledyneTech TDY 375.11 3.36 4. The date(s) you acquired your Yelp shares;
t Airbnb ABNB 89.08 -4.85 Cameco CCJ 21.02 -0.74 Entegris ENTG 92.13 -1.76 KLA KLAC 319.08 -1.49 PPG Ind PPG 114.34 -2.87 Teleflex 5. A statement of each objection being made;
TFX 245.85 -10.98
AkamaiTech AKAM 91.33 -0.80 CampbellSoup CPB 48.05 -0.35 Entergy ETR 112.64 0.95 KT KT 13.96 -0.14 PPL PPL 27.13 0.07 Ericsson ERIC 7.40 -0.24 6. Notice of whether you intend to appear at the Settlement Hearing (you are not required to appear); and
t 48.54 ... EnterpriseProd EPD 24.37 -0.19 Kanzhun
Albemarle ALB 208.98 -2.91 CIBC CM BZ 26.28 -0.05 PSBusinessParks PSB 187.15 0.10 TelefonicaBras VIV 9.06 0.24
7. Copies of any papers you intend to submit, along with the names of any witness(es) you intend to call to
Albertsons ACI 26.72 -1.43 CanNtlRlwy CNI 112.47 -0.08 Equifax EFX 182.78 2.61 Kellogg K 71.34 -0.28 PTC PTC 106.34 -0.76 Telefonica TEF 5.13 0.02
testify at the Settlement Hearing and the subject(s) of their testimony.
CanNaturalRes CNQ 53.68 -0.67 Equinix EQIX 657.02 7.52 KeurigDrPepper KDP 35.39 -0.10 Paccar PCAR 82.34 -0.79 TelekmIndonesia TLK 27.04 -0.36 Only shareholders who have filed valid and timely written notices of objection will be entitled to be heard at the
Alcoa AA 45.58 -2.04
CanPacRlwy CP 69.84 -1.13 Equinor EQNR 34.76 -0.12 KeyCorp KEY 17.23 -0.26 PackagingCpAm PKG 137.50 -1.42 Tenaris Settlement Hearing unless the Court orders otherwise.
Alcon ALC 69.89 0.67 TS 25.69 -0.32
Canon CAJ 22.71 ... Equitable EQH 26.07 -0.51 KeysightTechs KEYS 137.85 -0.83 PalantirTech PLTR 9.07 -0.16 TencentMusic TME 5.02 -0.05 If you wish to object to the proposed Settlement, you must file the written objection described above with the Court
AlexandriaRlEst ARE 145.03 0.49
CapitalOne COF 104.19 -1.42 EquityLife ELS 70.47 -0.70 KilroyRealty KRC 52.33 0.04 PaloAltoNtwks PANW 493.94 2.14 Teradyne on or before August 4, 2022. All written objections and supporting papers must be submitted to the Court either by
Alibaba BABA 113.68 -2.35 TER 89.55 -0.70 mailing them to:
CardinalHealth CAH 52.27 -0.92 EquityResdntl EQR 72.22 -0.18 KimberlyClark KMB 135.15 0.90 ParamountB PARA 24.68 -0.40 Tesla
AlignTech ALGN 236.67 -5.48 TSLA 673.42 -12.05
Carlisle CSL 238.61 -1.11 ErieIndemnity A ERIE 192.19 4.93 KimcoRealty KIM 19.77 -0.41 ParamountA PARAA 27.26 -0.64 TetraTech Clerk of the Court
Alleghany Y 833.10 0.55 TTEK 136.55 1.66
t Carlyle CG 31.66 -0.79 EssentialUtil WTRG 45.85 0.25 KinderMorgan KMI 16.76 -0.16 ParkerHannifin PH 246.05 -1.28 TevaPharm TEVA 7.52 -0.43 United States District Court for the Northern District of California
Allegion ALLE 97.90 -0.49 Phillip Burton Federal Building & United States Courthouse
CarMax KMX 90.48 -3.09 EssexProp ESS 261.51 -0.84 Knight-Swift KNX 46.29 0.37 Paychex PAYX 113.87 -0.98 TexasInstruments TXN 153.65 0.87
AlliantEnergy LNT 58.61 0.64 450 Golden Gate Avenue, San Francisco, CA 94102
t Carnival CCL 8.65 -0.22 EsteeLauder EL 254.67 -2.32 KoninklijkePhil PHG 21.53 0.21 PaycomSoftware PAYC 280.12 -4.06 TexasPacLand TPL
Allstate ALL 126.73 1.31 1488.02 -17.77 or, by filing them in person at any location of the United States District Court for the Northern District of California to
t Carnival CUK 7.90 -0.22 Etsy ETSY 73.21 -1.59 KoreaElcPwr KEP 8.78 0.18 Paylocity PCTY 174.42 -3.28
AllyFinancial ALLY 33.51 -0.57 Textron TXT 61.07 1.16 the extent the Court is open for in-person filings.
CarrierGlobal CARR 35.66 -0.13 EverestRe RE 280.28 1.74 KraftHeinz KHC 38.14 0.16 t PayPal PYPL 69.84 -1.63
AlnylamPharm ALNY 145.85 0.42 ThermoFisherSci TMO 543.28 7.36 YOUR WRITTEN OBJECTIONS MUST BE POSTMARKED OR ON FILE WITH THE
CaseysGenStores CASY 184.98 -1.47 Evergy EVRG 65.25 0.09 Kroger KR 47.33 -0.78 Pearson PSO 9.22 0.13
Alphabet A GOOGL 2179.26 -54.77 ThomsonReuters TRI 104.21 1.77 CLERK OF THE COURT NO LATER THAN AUGUST 4, 2022.
Catalent CTLT 107.29 1.14 EversourceEner ES 84.47 0.99 LKQ LKQ 49.09 -0.05 PembinaPipeline PBA 35.35 -0.11 t
Alphabet C GOOG 2187.45 -57.68 3M MMM 129.41 -0.36 Unless the Court orders otherwise, your objection will not be considered unless it is timely filed with the Court. Any
Caterpillar CAT 178.76 -4.72 ExactSciences EXAS 39.39 -1.19 LPL Financial LPLA 184.48 -1.87 PenskeAuto PAG 104.69 -5.36
Altria MO 41.77 0.01 Toast TOST 12.94 -0.22 Yelp shareholder as of the Record Date, who does not make his, her, or its objection in the manner provided herein
t Celanese CE 117.61 -2.12 Exelixis EXEL 20.82 0.03 L3HarrisTech LHX 241.70 3.89 Pentair PNR 45.77 0.06
AlumofChina ACH 9.51 0.04 Toro TTC 75.79 -0.34 shall be deemed to have waived such objection and shall be forever foreclosed from making any objection to the
CenovusEnergy CVE 19.01 -0.36 Exelon EXC 45.32 0.98 LabCorp.ofAmerica LH 234.36 -5.64 PepsiCo PEP 166.66 -0.07
Amazon.com AMZN 106.21 -2.71 TorontoDomBk TD 65.58 -0.18 fairness, reasonableness, or adequacy of the Settlement as incorporated in the Stipulation, to the Fee and Expense
Centene CNC 84.61 -0.33 t Expedia EXPE 94.83 -1.15 LamResearch LRCX 426.15 -0.90 PerformanceFood PFGC 45.98 -0.34 Amount and/or to Plaintiff’s Service Award, unless otherwise ordered by the Court, but shall otherwise be bound by
Ambev ABEV 2.51 -0.07 TotalEnergies TTE 52.64 -0.33
CenterPointEner CNP 29.58 0.46 ExpeditorsIntl EXPD 97.46 -0.59 LamarAdv LAMR 87.97 -0.32 PerkinElmer PKI 142.22 -0.06 the Judgment to be entered and the releases to be given.
Amcor AMCR 12.43 -0.12 ToyotaMotor TM 154.17 -1.50
CentraisElBras EBR 8.87 -0.01 ExtraSpaceSt EXR 170.12 -0.83 LambWeston LW 71.46 -0.57 PetroChina PTR 46.64 -1.05 If you have any questions about matters in this Notice you may contact by telephone at 1-800-449-4900 or in writing
Amdocs DOX 83.31 -0.03 TractorSupply TSCO 193.85 -1.71
CeridianHCM CDAY 47.08 -1.44 ExxonMobil XOM 85.64 -2.48 LasVegasSands LVS 33.59 -0.02 PetroleoBrasil PBR 11.68 -0.15 Rick Nelson, c/o Shareholder Relations, Robbins Geller Rudman & Dowd LLP, 655 West Broadway, Suite 1900, San
Amerco UHAL 478.23 4.08 TradeDesk TTD 41.89 -1.45
ChangeHlthcr CHNG 23.06 0.02 F5 FFIV 153.04 0.29 LatticeSemi LSCC 48.50 -0.73 PetroleoBrasilA PBR.A 10.63 -0.12 Diego, CA 92101.
Ameren AEE 90.36 0.72 Tradeweb TW 68.25 -1.40
CharlesRiverLabs CRL 213.97 -5.49 FMC FMC 107.01 -1.21 Lear LEA 125.89 -4.57 Pfizer PFE 52.43 1.49 PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
AmericaMovil AMX 20.43 0.13 TraneTech TT 129.87 -0.21
CharterComms CHTR 468.53 4.69 FactSet FDS 384.57 1.47 LegendBiotech LEGN 55.00 0.56 PhilipMorris PM 98.74 -0.88 DATED: ________________ July 1 , 2022 BY ORDER OF THE COURT
AmericaMovil A AMOV 20.18 0.06 TransDigm TDG 536.67 11.09
CheckPoint CHKP 121.78 0.57 FairIsaac FICO 400.90 -0.16 Leidos LDOS 100.71 1.36 Phillips66 PSX 81.99 -2.59 UNITED STATES DISTRICT COURT
AmerAirlines AAL 12.68 -0.35 TransUnion TRU 79.99 0.18
Chemed CHE 469.39 -8.18 Fastenal FAST 49.92 0.21 Lennar A LEN 70.57 0.93 PilgrimPride PPC 31.23 -0.51 NORTHERN DISTRICT OF CALIFORNIA
AmCampus ACC 64.47 -0.14 Travelers TRV 169.13 3.33
CheniereEnergy LNG 133.03 -1.47 FederalRealty FRT 95.74 -1.19 Lennar B LEN.B 58.71 0.63 Pinduoduo PDD 61.80 -1.27 1 This Notice should be read in conjunction with, and is qualified in its entirety by reference to, the text
AEP AEP 95.94 0.57 Trimble TRMB 58.23 -0.87
CheniereEnerPtrs CQP 44.87 -1.06 FedEx FDX 226.71 -7.10 LennoxIntl 206.59 4.00 PinnacleWest PNW 73.12 0.82 of the Stipulation, which has been filed with the United States District Court for the Northern District of California. A
t AmerExpress AXP 138.62 -0.33 LII
Trip.com TCOM 27.45 -0.45
ChesapeakeEner CHK 81.10 -5.91 Ferguson FERG 110.71 -3.24 LeviStrauss LEVI 16.32 -0.31 Pinterest PINS 18.16 -1.80 link to the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) containing the
AmericanFin AFG 138.81 2.89 TruistFinl TFC 47.43 0.03 text of the Stipulation may be found on the Company’s website at the Investor Relations page at https://www.yelp-ir.
Chevron CVX 144.78 -2.20 Ferrari RACE 183.48 -1.32 LiAuto LI 38.31 0.23 PioneerNatRscs PXD 223.08 -3.10
AmHomes4Rent AMH 35.44 -0.01 Twilio TWLO 83.81 -5.79 com. All capitalized terms herein have the same meanings as set forth in the Stipulation.
ChewyA CHWY 34.72 -0.62 FidNatlFin FNF 36.96 0.15 LibertyBroadbandC LBRDK 115.64 0.93 PlainsAllAmPipe PAA 9.82 -0.12
AIG AIG 51.13 0.33 TWTR 37.39 -0.41
AmerTowerREIT AMT 255.59 2.43
ChinaEastrnAir CEA 19.11 -0.07 FidNatlInfo FIS 91.67 -2.90 LibertyBroadbandA LBRDA 113.55 0.92 PlainsGP PAGP 10.32 -0.17 Twitter
ChinaLifeIns LFC 8.64 0.07 t FifthThirdBncp FITB 33.60 -0.61 LibertyGlobal C LBTYK 22.09 -1.17 PlugPower PLUG 16.57 0.22 TylerTech TYL 332.48 -2.85
AmerWaterWorks AWK 148.77 2.95
AmericoldRealty COLD 30.04 0.11
ChinaPetrol SNP 44.79 -0.43 FirstCitizBcshA FCNCA 653.78 -14.12 LibertyGlobal A LBTYA 21.05 -1.23 Pool POOL 351.23 1.25 TysonFoods TSN 86.06 -0.24
ChinaSoAirlines ZNH 28.93 0.29 FirstHorizon FHN 21.86 -0.02 LibertyFormOne C FWONK 63.47 -0.23 PrincipalFin PFG 66.79 -0.54 UBS Group UBS 16.22 -0.15
t Ameriprise AMP 237.68 -2.32 UDR 46.04 -0.25
AmerisourceBrgn ABC 141.48 -2.10
Chipotle CMG 1307.26 19.06 FirstIndRlty FR 47.48 -0.24 LibertyFormOne A FWONA 57.97 0.27 Procter&Gamble PG 143.79 1.59 UDR
Chubb CB 196.58 2.81 FirstRepBank FRC 144.20 -1.66 LibertyBraves A BATRA 25.15 0.34 Progressive PGR 116.27 2.63 UGI UGI 38.61 -0.34 SUPREME COURT FOR THE STATE OF NEW YORK COUNTY OF KINGS
Ametek AME 109.89 -0.65 USFD 30.68 -0.37
Amgen AMGN 243.30 -2.13
ChunghwaTel CHT 41.25 -0.78 FirstSolar FSLR 68.13 1.29 LibertyBraves C BATRK 24.00 0.28 Prologis PLD 117.65 -0.66 US Foods
Church&Dwight CHD 92.66 0.30 FirstEnergy FE 38.39 0.16 LibertySirius C LSXMK 36.05 -0.10 PrudentialFin PRU 95.68 -0.65 t Uber UBER 20.46 -1.01 IN RE BED BATH & BEYOND INC.
Amphenol APH 64.38 0.01 248.21 -4.74
AnalogDevices ADI 146.09 -1.18
ChurchillDowns CHDN 191.53 -0.37 Fiserv FISV 88.97 -1.93 LibertySirius A LSXMA 36.04 -0.03 Prudential PUK 25.11 0.14 Ubiquiti UI STOCKHOLDER DERIVATIVE LITIGATION Lead Case: 516051/2020
Ciena CIEN 45.70 0.10 Five9 FIVN 91.14 -2.46 LifeStorage LSI 111.66 -0.39 PublicServiceEnt PEG 63.28 0.67 UiPath PATH 18.19 -1.56
AngloGoldAsh AU 14.79 -0.67
AB InBev BUD 53.95 0.01
Cigna CI 263.52 -3.82 FleetCorTech FLT 210.11 0.60 EliLilly LLY 324.23 1.23 PublicStorage PSA 312.67 1.61 UltaBeauty ULTA 385.48 -6.16 This Document Relates To: SUMMARY NOTICE OF PENDENCY PROPOSED
CincinnatiFin CINF 118.98 1.08 Flex FLEX 14.47 -0.21 LincolnElectric LECO 123.36 0.59 PulteGroup PHM 39.63 0.04 Unilever UL 45.83 0.27 SETTLEMENT OF DERIVATIVE MATTERS
AnnalyCap NLY 5.91 0.01
AnteroResources AR 30.65 -2.83
Cintas CTAS 373.53 1.08 Floor&Decor FND 62.96 -3.31 LincolnNational LNC 46.77 -0.52 PureStorage PSTG 25.71 -0.21 UnionPacific UNP 213.28 0.13
CiscoSystems CSCO 42.64 -0.24 t FomentoEconMex FMX 67.49 0.06 Linde Qiagen QGEN 47.20 0.52 UnitedAirlines UAL 35.42 -0.26
ALL ACTIONS
Aon AON 269.68 0.80 t LIN 287.53 -3.88
AptIncmREIT AIRC 41.60 0.04
Citigroup C 45.99 -1.11 FordMotor F 11.13 -0.39 LithiaMotors LAD 274.81 -11.85 Qorvo QRVO 94.32 -1.49 t UnitedMicro UMC 6.77 -0.18
CitizensFin CFG 35.69 -0.44 Fortinet FTNT 56.58 -0.59 LiveNationEnt LYV 82.58 -1.42 Qualcomm QCOM 127.74 -2.49 UPS B UPS 182.54 1.41 TO: ALL PERSONS OR ENTITIES WHO HOLD OR BENEFICIALLY OWN, DIRECTLY OR INDIRECTLY, COMMON
ApolloGlbMgmt APO 48.48 -1.20
Apple AAPL 136.72 -2.51
CitrixSystems CTXS 97.17 0.33 Fortis FTS 47.27 -0.24 t LloydsBanking LYG 2.04 -0.03 QualtricsIntl XM 12.51 -0.06 UnitedRentals URI 242.91 1.84 STOCK OR SECURITIES OF BED BATH & BEYOND INC. (“BBBY” OR THE “COMPANY”) COMMON STOCK AS OF
ApplMaterials AMAT 90.98 -0.96
Clarivate CLVT 13.86 -0.27 Fortive FTV 54.38 -0.15 LockheedMartin LMT 429.96 11.07 QuantaServices PWR 125.34 5.66 US Bancorp USB 46.02 -0.10 JUNE 13, 2022 (“SECURITIES HOLDERS”).
Applovin APP 34.44 -1.11
ClearwayEnergyA CWEN.A 31.97 0.26 FortBrandsHome FBHS 59.88 -0.68 Loews L 59.26 0.22 QuestDiag DGX 132.98 -4.63 UnitedTherap UTHR 235.64 -2.65 PLEASE READ THIS SUMMARY NOTICE CAREFULLY AND IN ITS ENTIRETY AS YOUR RIGHTS MAY BE
ClearwayEnergyC CWEN 34.84 0.31 FoxA FOXA 32.16 -0.48 LogitechIntl LOGI 52.06 -0.53 UnitedHealth UNH 513.63 -2.08 AFFECTED BY PROCEEDINGS IN THE LITIGATION
Aptargroup ATR 103.21 -0.18 t
Aptiv APTV 89.07 -3.70
Cleveland-Cliffs CLF 15.37 -0.28 FoxB FOX 29.70 -0.44 Lowe's LOW 174.67 -1.43 R S UnitySoftware U 36.82 -2.70
YOU ARE HEREBY NOTIFIED that the above-captioned consolidated stockholder derivative action (the “State Action”),
Clorox CLX 140.98 1.44 Franco-Nevada FNV 131.58 -5.56 Lucid LCID 17.16 -0.14 t UniversalHealthB UHS 100.71 -6.53
Aramark ARMK 30.63 -0.18 RELX RELX 26.94 -0.12 UnumGroup UNM 34.02 -0.36 is being settled on the terms set forth in the Stipulation of Settlement dated June 13, 2022 (the “Stipulation”).
Cloudflare NET 43.75 -2.12 t FranklinRscs BEN 23.31 0.04 LufaxHolding LU 6.00 -0.13
t ArcelorMittal MT 22.60 -0.91 RPM RPM 78.72 -0.24 t VF The Settlement also settles and releases any and all claims that have been brought or may or could arise out of the
Coca-Cola KO 62.91 0.18 FreeportMcM FCX 29.26 -1.03 lululemon LULU 272.61 -10.37 VFC 44.17 -0.97
ArchCapital ACGL 45.49 0.86 RangeResources RRC 24.75 -1.94 VICI Prop derivative action captioned, In re Bed Bath & Beyond Stockholder Derivative Litigation, Lead Case No. 2:20-cv-08673-
Coca-ColaEuro CCEP 51.61 -0.96 FreseniusMed FMS 24.94 -0.17 LumenTech LUMN 10.91 -0.33 VICI 29.79 -0.08 MCA-MAH (the “Federal Action”) and the litigation demand brought by BBBY shareholder, The Vladimir Gusinsky
ArcherDaniels ADM 77.60 0.36 RaymondJames RJF 89.41 -0.48 t VailResorts MTN 218.05 -5.47
Cognex CGNX 42.52 -1.44 FullTruck YMM 9.06 0.82 LyondellBasell LYB 87.46 -0.40 Revocable Trust, on behalf of the Company (the “Demand,” and together with the State Action and the Federal Action,
AresMgmt ARES 56.86 -0.57 RaytheonTech RTX 96.11 2.81 Vale VALE 14.63 -0.56
CognizantTech CTSH 67.49 -0.99 Futu FUTU 52.21 0.72 the “Derivative Matters”).
s arGEN-X ARGX 378.88 5.30 RealtyIncome O 68.26 -0.85 ValeroEnergy VLO 106.28 -2.57
AristaNetworks ANET 93.74 -1.19
Coherent COHR 266.22 -0.85 M N The Derivative Matters allege claims against each of the Individual Defendants for breach of fiduciary duty and
ArrowElec ARW 112.09 1.69
CoinbaseGlbl COIN 47.02 -2.73 G H I RegalRexnord RRX 113.52 -0.60 VeevaSystems VEEV 198.04 -1.70
violations law, including the federal securities laws, in connection with their allegedly making and causing the
ColgatePalm CL 80.14 0.47 M&T Bank MTB 159.39 -2.94 RegencyCtrs REG 59.31 -1.06 Ventas VTR 51.43 0.32
AspenTech AZPN 183.68 -10.35 Company to make false and misleading statements, allegedly failing to maintain internal controls and oversee BBBY’s
Comcast A CMCSA 39.24 -0.09 GFLEnvironmental GFL 25.80 -0.46 MGM Resorts MGM 28.95 -0.22 RegenPharm REGN 591.13 -6.49 VeriSign VRSN 167.33 1.07 inventory management, and/or allegedly causing the Company to overpay for repurchases of BBBY stock at prices
Assurant AIZ 172.85 1.98 GSK GSK 43.53 -0.24 MPLX MPLX 29.15 0.13 RegionsFin RF 18.75 -0.49 VeriskAnalytics VRSK 173.09 1.77
Comerica CMA 73.38 -2.61 that were allegedly artificially inflated. Defendants have denied and continue to deny each and all of the claims and
AstraZeneca AZN 66.07 -0.95 AJG 163.04 -0.16 MSCI
CommerceBcshrs CBSH 65.65 -0.12 Gallagher MSCI 412.15 -3.11 ReinsGrp RGA 117.29 -1.04 Verizon VZ 50.75 -0.19 contentions alleged by Plaintiffs in the Derivative Matters. The Individual Defendants have expressly denied and
Atlassian TEAM 187.40 -4.96 GameStop GME 122.30 -0.56 MSP Recovery MSPR 2.14 -0.36 RelianceSteel RS 169.86 -1.02 VertxPharm VRTX 281.79 1.44
ConagraBrands CAG 34.24 -0.09 continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements,
AtmosEnergy ATO 112.10 1.20 t
Concentrix CNXC 135.64 0.94 Gaming&Leisure GLPI 45.86 -0.26 MagellanMid MMP 47.76 -0.39 RenaissanceRe RNR 156.37 0.49 Viatris VTRS 10.47 -0.34 acts, or omissions alleged, or that could have been alleged, in the Derivative Matters. Nonetheless, Defendants have
Autodesk ADSK 171.96 -4.89 GRMN 98.25 -0.78 t MagnaIntl
Confluent CFLT 23.24 -0.43 Garmin MGA 54.90 -1.89 Repligen RGEN 162.40 -3.45 Vipshop VIPS 9.89 -0.26 concluded that it is desirable for the Derivative Matters to be fully and finally settled in the matter and upon the terms
Autoliv ALV 71.57 -2.77 241.83 1.69 ManhattanAssoc MANH 114.60 -2.44
ConocoPhillips COP 89.81 -1.65 Gartner IT RepublicSvcs RSG 130.87 1.12 Visa V 196.89 -2.61 and conditions set forth in this Stipulation.
ADP ADP 210.04 -2.15 Generac GNRC 210.58 -4.03 ManulifeFin MFC 17.33 0.04 ResMed RMD 209.63 -3.28 Vistra VST 22.85 -0.04
ConEd ED 95.10 0.38 Pursuant to the terms of the Settlement, BBBY agrees to implement and maintain certain corporate governance
AutoNation AN 111.76 -4.82
ConstBrands B STZ.B 293.56 14.35 GeneralDynamics GD 221.25 3.23 MarathonOil MRO 22.48 -0.31 RestaurantBrands QSR 50.15 0.54 VMware VMW 113.98 -1.01 reforms that are outlined in Exhibit A to the Stipulation (the “Reforms”). The Reforms shall be maintained for 5 years,
AutoZone AZO 2149.12 9.12 t GeneralElec GE 63.67 -0.02 MarathonPetrol MPC 82.21 -2.27 RexfordIndlRealty REXR 57.59 -0.31 Vodafone VOD 15.58 0.14
ConstBrands A STZ 233.06 -10.57 subject to certain terms set forth in the Stipulation. The Settling Parties agree that Plaintiffs’ and the Shareholder’s
Avalonbay AVB 194.25 -0.83 s GeneralMills GIS 75.45 0.73 MaravaiLifeSci MRVI 28.41 0.60 RioTinto RIO 61.00 -1.93 t VulcanMatls VMC 142.10 -1.18 efforts, demands, and actions were substantial and material factors in the Company’s agreement to implement and
ConstellationEner CEG 57.26 -0.05
Avangrid AGR 46.12 0.06 GeneralMotors GM 31.76 -1.69 Markel MKL 1293.25 7.32 RitchieBros RBA 65.06 1.45 maintain the Reforms, and that the Reforms confer a substantial benefit on the Company and its shareholders.
ContinentalRscs CLR 65.35 -0.90
Avantor AVTR 31.10 -0.40
Cooper COO 313.12 -4.59 Genmab GMAB 32.49 0.73 MarketAxess MKTX 256.01 -4.48 Rivian RIVN 25.74 -0.53 W X Y Z The Individual Defendants also agree to cause their insurer to pay attorneys’ fees and expenses to Plaintiffs’ Counsel
AveryDennison AVY 161.87 -2.13
Copart CPRT 108.66 -0.42 Genpact G 42.36 -0.30 Marriott MAR 136.01 -1.72 t RobertHalf RHI 74.89 -0.63 in the total amount of $2,000,000 (the “Fee and Expense Award”), subject to approval of the New York Supreme
AvisBudget CAR 147.08 -3.40
Corning GLW 31.51 -0.87 Gentex GNTX 27.97 -0.54 Marsh&McLen MMC 155.25 0.22 Robinhood HOOD 8.22 -0.25 WEC Energy WEC 100.64 1.33 Court, Kings County (the “Court”). As part of the Settlement, the five Plaintiffs and the Shareholder will each receive
AxonEnterprise AXON 93.17 -2.47 RBLX 32.86 -1.16 WEX WEX 155.56 -2.14
Corteva CTVA 54.14 -0.39 GenuineParts GPC 133.00 -0.51 t MartinMarietta MLM 299.24 -1.04 Roblox a service award of $2,500 to be paid out of the Fee and Expense Award, subject to the Court’s approval. Defendants
BCE BCE 49.18 -0.03 4.29 -0.15 t MarvellTech MRVL 43.53 -0.79 7.36 0.13 W.P.Carey WPC 82.86 -1.09
Cosan CSAN 13.90 -0.30 Gerdau GGB RocketCos. RKT have denied and continue to deny each and all of the claims and allegations of wrongdoing asserted in the Derivative
BHP Group BHP 56.18 -2.01 WPP WPP 50.59 0.84
CoStar CSGP 60.41 0.20 GileadSciences GILD 61.81 -0.67 Masco MAS 50.60 0.15 Rockwell ROK 199.31 2.14 Matters.
BJ'sWholesale BJ 62.32 -0.50 GitLab GTLB 53.14 -0.28 Masimo MASI 130.67 -5.44 RogersComm B RCI 47.90 0.02 Wabtec WAB 82.08 -0.55
Costco COST 479.28 9.44 If any objections are filed, on September 6, 2022, at 11:00 a.m., a hearing (the “Fairness Hearing”) will be held before
28.35 -0.42 t WalgreensBoots WBA 37.90 -2.97
CoterraEnergy CTRA 25.79 -0.92 GlobalPayments GPN 110.64 -2.13 Mastercard MA 315.48 -7.11
BP BP Roku ROKU 82.14 -4.97 the Honorable Leon Ruchelsman, Judge of the New York Supreme Court, Kings County, at the Brooklyn Supreme
COTY 8.01 0.16 t GlobalFoundries GFS 40.34 -2.72 MatchGroup MTCH 69.69 -1.40
Baidu BIDU 148.73 -2.59 Rollins ROL 34.92 -0.05 Walmart WMT 121.58 -0.34 Courthouse, 360 Adams Street, Room 276, Brooklyn, New York 11201, for the purpose of determining whether the
Coty
BakerHughes BKR 28.87 -0.76 GLOB 174.00 -8.13 Mattel t
ROP 394.65 1.10 WarnerBrosA WBD 13.42 0.25
Coupang CPNG 12.75 -0.23 Globant MAT 22.33 -0.62 RoperTech Settlement should be approved as fair, reasonable, and adequate and whether the Fee and Expense Award should be
Ball BALL 68.77 0.42
Credicorp BAP 119.91 -2.79 GlobeLife GL 97.47 -0.47 McCormickVtg MKC.V 83.03 -2.97 t RossStores ROST 70.23 -1.58 t WarnerMusic WMG 24.36 -0.53 approved. Because this is not a class action, except as otherwise provided for in the Stipulation with respect to the
BancoBilbaoViz BBVA 4.52 -0.05
CreditSuisse CS 5.67 -0.12 GoDaddy GDDY 69.56 -0.71 McCormick MKC 83.25 -2.38 RoyalBkCanada RY 96.82 -0.86 WasteConnections WCN 123.96 -0.66 Plaintiffs and the Shareholder, no Securities Holder has the right to receive any individual compensation as a result
BancoBradesco BBDO 2.73 -0.10 9.12 -0.26 McDonalds t RoyalCaribbean RCL 34.91 -1.11 WasteMgt WM 152.98 1.73
CrowdStrike CRWD 168.56 -7.38 GoldFields GFI MCD 246.88 -0.86 of the Settlement.
BancodeChile BCH 18.23 -0.11 CrownCastle CCI 168.38 1.07 GoldmanSachs GS 297.02 -6.26 McKesson MCK 326.21 -1.85 RoyalGold RGLD 106.78 -2.63 Waters WAT 330.98 1.38 This Summary Notice provides a condensed overview of certain provisions of the Stipulation and the full Notice of
BancSanBrasil BSBR 5.49 -0.10 CrownHoldings CCK 92.17 -1.07 Grab GRAB 2.53 -0.02 MedicalProp MPW 15.27 -0.67 RoyaltyPharma RPRX 42.04 -0.05 Watsco WSO 238.82 0.84 Pendency and Proposed Settlement of Derivative Matters (the “Notice”). It is not a complete statement of the events
BcoSantChile BSAC 16.29 -0.11 CubeSmart CUBE 42.72 -0.20 Graco GGG 59.41 -0.36 Medtronic MDT 89.75 -0.67 RyanSpecialty RYAN 39.19 0.60 t WebsterFin WBS 42.15 -1.30 of the Derivative Matters or the terms set forth in the Stipulation. This summary should be read in conjunction
BancoSantander SAN 2.80 -0.05
Cullen/Frost CFR 116.45 -1.14 Grainger GWW 454.43 0.48 MercadoLibre MELI 636.87 -23.26 t Ryanair RYAAY 67.25 -2.26 WellsFargo WFC 39.17 -0.54 with, and is qualified in its entirety by reference to, the text of the Stipulation. For additional information about the
BanColombia CIB 30.83 -1.46
Cummins CMI 193.53 -0.22 Grifols GRFS 11.88 0.58 Merck MRK 91.17 -1.34 t SAP SAP 90.72 -3.21 Welltower WELL 82.35 -0.88 claims asserted in the Derivative Matters, and the terms of the proposed Settlement, you may inspect the Stipulation
t BankofAmerica BAC 31.13 -0.73 GpoAeroportuar PAC 139.58 -4.41 MetaPlatforms META 161.25 -2.69 S&P Global SPGI 337.06 2.31 WestFraserTimber WFG 76.73 1.48 and its exhibits and other papers at the Clerk’s office in the Court at any time during regular business hours. In
BankofMontreal BMO 96.17 -0.18 D E F t HCA Healthcare HCA 168.06 -7.61 MetLife MET 62.79 -0.14 SBA Comm SBAC 320.05 2.82 WestPharmSvcs WST 302.37 2.85 addition, copies of the Stipulation and its exhibits and the Notice are available on the Investor Relations section
BankNY Mellon BK 41.71 -0.70 HDFC Bank HDB 54.96 -0.60 MettlerToledo MTD 1148.77 2.75 SEI Investments SEIC 54.02 -0.39 WestAllianceBcp WAL 70.60 -2.05 of the Company’s website, https://bedbathandbeyond.gcs-web.com/. Inquiries about the Derivative Matters or the
BkNovaScotia BNS 59.21 -0.34 DISH Network DISH 17.93 0.01 HF Sinclair DINO 45.16 -1.05 MicrochipTech MCHP 58.08 0.03 SK Telecom SKM 22.32 -0.26 t WesternDigital WDC 44.83 -0.57 Settlement may be made to: Melinda A. Nicholson, Kahn Swick & Foti, LLC, 100 Poydras Street, Suite 3200, New
Barclays BCS 7.60 -0.12 DTE Energy DTE 126.75 0.70 HP HPQ 32.78 -0.83 MicronTech MU 55.28 -0.74 SS&C Tech SSNC 58.07 -0.58 WesternMidstrm WES 24.31 0.33 Orleans, LA 70163, Telephone: (504) 648-1842, E-mail: melinda.nicholson@ksfcounsel.com.; or Shane P. Sanders,
BarrickGold GOLD 17.69 -0.70 DXC Tech DXC 30.31 -0.22 HSBC HSBC 32.67 -0.72 Microsoft MSFT 256.83 -3.43 StoreCapital STOR 26.08 -0.60 Westlake WLK 98.02 0.15 Robbins LLP, ,5040 Shoreham Place, San Diego, CA 92122, E-mail: ssanders@robbinsllp.com.
BaxterIntl BAX 64.23 -1.58 Danaher DHR 253.52 0.66 Halliburton HAL 31.36 -0.82 MidAmApt MAA 174.67 1.48 t SVB Fin SIVB 394.99 -7.57 WestRock WRK 39.84 -0.37 You may enter an appearance before the Court, at your own expense, individually or through counsel of your choice.
BectonDicknsn BDX 246.53 -2.81 Darden DRI 113.12 -0.75 HartfordFinl HIG 65.43 0.50 Middleby MIDD 125.36 -0.03 Salesforce CRM 165.04 -5.57 t Weyerhaeuser WY 33.12 0.08 If you want to object at the Fairness Hearing, you must be a Securities Holder and you must first comply with the
BeiGene BGNE 161.85 -0.44 DarlingIngred DAR 59.80 -3.65 Hasbro HAS 81.88 -2.01 MitsubishiUFJ MUFG 5.34 -0.08 Sanofi SNY 50.03 -2.64 t WheatonPrecMet WPM 36.03 -1.48 procedures for objecting that are set forth in the Stipulation and its accompanying exhibits, including the Notice. Any
BentleySystems BSY 33.30 -0.49 Datadog DDOG 95.24 -3.13 HealthcareAmer HTA 27.91 -0.52 MizuhoFin MFG 2.24 ... SareptaTherap SRPT 74.96 -2.11 Whirlpool WHR 154.87 -2.87 objection to any aspect of the Settlement must be filed with the Clerk of the Court and sent to Plaintiffs’ Counsel and
Berkley WRB 68.26 0.87 DaVita DVA 79.96 -1.50 HealthpeakProp PEAK 25.91 0.07 Moderna MRNA 142.85 0.04 Sasol SSL 23.06 -0.17 Williams WMB 31.21 -0.30 Defendants’ Counsel no later than August 1, 2022, in accordance with the procedures set forth in the Stipulation and
BerkHathwy B BRK.B 273.02 -0.47 DeckersOutdoor DECK 255.35 -4.89 Heico A HEI.A 105.38 0.58 MohawkInds MHK 124.09 -2.41 Schlumberger SLB 35.76 -0.42 Williams-Sonoma WSM 110.95 -5.15 the Notice. Any Securities Holder who fails to object in accordance with such procedures will be bound by the Order and
BerkHathwy A BRK.A 408950-2100.00 t Deere DE 299.47 -1.18 Heico HEI 131.12 0.91 MolinaHealthcare MOH 279.61 -1.85 SchwabC SCHW 63.18 -0.44 WillisTowers WTW 197.39 -2.48 Final Judgment of the Court granting final approval to the Settlement and the releases of claims therein, and shall be
BerryGlobal BERY 54.64 -0.31 DellTechC DELL 46.21 -1.18 HenrySchein HSIC 76.74 -0.91 MolsonCoorsB TAP 54.51 -0.85 Sea SE 66.86 -2.04 WillScotMobile WSC 32.42 0.01
deemed to have waived the right to object (including the right to appeal) and forever shall be barred, in this proceeding
or in any other proceeding, from raising such objection.
t BestBuy BBY 65.19 -1.96 t DeltaAir DAL 28.97 -0.67 Hershey HSY 215.16 -3.75 Mondelez MDLZ 62.09 0.04 Seagate STX 71.44 -0.04 Wipro WIT 5.31 -0.03
Bilibili BILI 25.60 -0.46 DentsplySirona XRAY 35.73 -0.66 HertzGlobal HTZ 15.84 -1.23 MongoDB Seagen SGEN 176.94 -2.12 Wolfspeed WOLF 63.45 -1.31 PLEASE DO NOT CALL THE COURT OR DEFENDANTS WITH QUESTIONS ABOUT THE SETTLEMENT.
MDB 259.50 -17.27
Bill.com BILL 109.94 -4.61 t DeutscheBank DB 8.74 -0.23 Hess HES 105.94 -3.39 MonolithicPower MPWR 384.04 -8.37 SealedAir SEE 57.72 -0.69 WoodsideEnergy WDS 21.56 -0.56
Bio-Techne TECH 346.64 -1.86 DevonEnergy DVN 55.11 -0.71 HessMidstream HESM 28.00 -0.17 MonsterBev MNST 92.70 -0.65 Sempra SRE 150.27 -0.04 WooriFin WF 28.28 0.23
Bio-RadLab A BIO 495.00 -1.07 DexCom DXCM 74.53 -0.92 HewlettPackard HPE 13.26 -0.10 Moody's MCO 271.97 0.03 SensataTechs ST 41.31 -0.52 Workday WDAY 139.58 -6.73
Biogen BIIB 203.94 -1.29 Diageo DEO 174.12 -1.05 HighwoodsProp HIW 34.19 -0.59 MorganStanley MS 76.06 -2.13 SentinelOne S 23.33 -1.32 WynnResorts WYNN 56.98 -1.02
BiohavenPharm BHVN 145.71 0.06 DiamondbkEner FANG 121.15 -1.16 Hilton HLT 111.44 -1.62 Morningstar MORN 241.83 0.96 ServiceCorp SCI 69.12 -0.09 t XP XP 17.96 -0.33
BioMarinPharm BMRN 82.87 -1.05 DigitalRealty DLR 129.83 2.43 Hologic HOLX 69.30 -1.05 Mosaic MOS 47.23 -0.91 ServiceNow NOW 475.52 -2.27 XcelEnergy XEL 70.76 0.55 BUSINESS OPPORTUNITIES
BioNTech BNTX 149.10 7.12 DiscoverFinSvcs DFS 94.58 -1.01 HomeDepot HD 274.27 0.40 MotorolaSol MSI 209.60 -0.13 ShawComm B SJR 29.46 -0.25 XPeng XPEV 31.74 -0.36
BlackKnight BKI 65.39 -0.07 Disney DIS 94.40 -1.25 t HondaMotor HMC 24.15 -0.31 NICE NICE 192.45 -5.55 Shell SHEL 52.29 -0.31 Xylem XYL 78.18 0.15
BlackRock BLK 609.04 -8.92 dLocal DLO 26.25 -0.41 t Honeywell HON 173.81 0.61 NIO NIO 21.72 -0.14 SherwinWilliams SHW 223.91 -1.50 YumBrands YUM 113.51 -0.32
t Blackstone
Block
BX
SQ
91.23 0.16 t DocuSign
61.46 -2.38 DolbyLab
DOCU 57.38 -3.66 HorizonTherap HZNP 79.76 -2.74 NOV
DLB 71.56 -1.13 HormelFoods HRL 47.36 -0.60 NRG Energy NRG 38.17 0.35
NOV 16.91 -0.14 t ShinhanFin SHG 28.56 -0.40 YumChina YUMC 48.50 0.89
ShockwaveMed SWAV 191.17 -3.20 ZTO Express ZTO 27.45 1.50 THE
BlueOwlCapital OWL 10.03 -0.17 DollarGeneral DG 245.44 -1.61 DR Horton
Boeing BA 136.72 -1.73 DollarTree
DHI 66.19 0.18 NVR
DLTR 155.85 -0.40 HostHotels HST 15.68 -0.02 t NXP Semi
NVR 4004.14 38.16
NXPI 148.03 -1.99 t
Shopify SHOP 31.24 -1.81 ZebraTech
Sibanye-Stillwater SBSW 9.97 -0.36 Zendesk
ZBRA 293.95 -4.38
ZEN 74.07 -0.54 MARKETPLACE Kitchen & Bath
t BookingHldgs BKNG 1748.99 -61.34 DominionEner D
BoozAllen BAH 90.36 1.83 Domino's
79.81 0.79 HowmetAerospace HWM 31.45 0.13 Nasdaq
DPZ 389.71 0.67 HuanengPower HNP 19.20 0.08 NationalGrid NGG 64.69 -1.35
NDAQ 152.54 -0.52
t
SignatureBank SBNY 179.21 -4.79 Zillow C
SimonProperty SPG 94.92 -2.34 Zillow A
Z
ZG
31.75 -1.01
31.81 -1.19
Remodeling
t
BorgWarner BWA 33.37 -1.76 DoorDash
BostonProps BXP 88.98 -1.03 Dover
DASH 64.17 -3.25 Huazhu
DOV 121.32 0.06 Hubbell
HTHT 38.10 0.73 NatlRetailProp NNN 43.00 -1.27
HUBB 178.58 -0.94 NatlStorage NSA 50.07 -0.15
SiriusXM
Skyworks
SIRI 6.13 0.02 ZimmerBiomet ZBH 105.06 -1.49
SWKS 92.64 -1.23 ZionsBancorp ZION 50.90 -1.07
Business for Sale
BostonSci BSX 37.27 -0.53 Dow DOW 51.61 -0.37 HubSpot HUBS 300.65 -9.72 NatWest NWG 5.45 -0.12 SmithAO AOS 54.68 -0.12 Zoetis ZTS 171.89 -2.03 ADVERTISE TODAY Strong Backlog/Growth/Profit
BristolMyers BMY 77.00 -0.74 Doximity DOCS 34.82 -2.71 Humana HUM 468.07 -0.26 NetApp NTAP 65.24 -0.12 Smith&Nephew SNN 27.92 -0.18 ZoomVideo ZM 107.97 -3.90 For Information
BritishAmTob BTI 42.91 -0.92 DrReddy'sLab RDY 55.39 0.05 JBHunt JBHT 157.47 0.17 NetEase NTES 93.36 0.84 Smucker SJM 128.01 -2.69 ZoomInfoTech ZI 33.24 -0.95
Broadcom AVGO 485.81 -4.60 DraftKings DKNG 11.67 -0.74 HuntingtonBcshs HBAN 12.03 -0.21 Netflix NFLX 174.87 -3.49 Snap SNAP 13.13 -0.83 Zscaler ZS 149.51 -5.44 midwestkitchenbath@gmail.com
(800) 366-3975

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 PUBLIC NOTICES
For more information visit:
Astrotech ASTC 0.42 ... BestBuy BBY 64.29 -2.9 CanadaGoose GOOS 17.70 -3.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Athenex ATNX 0.41 -2.5 Betterware BWMX 8.60 -9.1 CIBC CM 47.45 ... wsj.com/classifieds
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest AtlCoastalWt ACAHW 0.06 -13.2 BigSkyGrowthWt BSKYW 0.16 -34.2 CandelTherap CADL 3.00 -4.4
session. % CHG-Daily percentage change from the previous trading session. AtlasAir AAWW 60.48 -1.7 BigBear.aiWt BBAI.WS 0.26 33.3 Canna-GlobalWt CNGLW 0.06 1.3
AtlasTech ATCX 4.91 2.3 BigBear.ai BBAI 3.57 -1.9 Canoo GOEV 1.84 -8.9 THE HIGH COURT OF IRELAND
AuburnNatlBncp AUBN 26.60 -1.3 BioRestorativeTher BRTX 2.75 -14.2 CanopyGrowth CGC 2.72 -18.6 COMMERCIAL
Thursday, June 30, 2022 Audacy AUD 0.91 -3.9 Bioventus BVS 6.77 -7.2 CapitolFedFin CFFN 9.03 0.1
Augmedix AUGX 1.59 5.9 BioVie BIVI 1.35 0.7
Record No. 2022/114 COS
52-Wk % 52-Wk % 52-Wk % CareMax CMAX 3.45 0.3
AuroraAcqnA AURC 9.78 -0.2 BirdGlobal BRDS 0.40 0.3 CarLotz LOTZ 0.38 -5.9 IN THE MATTER OF EATON CORPORATION PLC
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AuroraInnov AUR 1.84 -1.0 BiteAcqnWt BITE.WS 0.06 -2.8 Carlyle CG 30.64 -2.4
Allbirds BIRD 3.65 2.3 AuroraTechWt ATAKW 0.02 -16.5 Bitfarms BITF 1.07 -5.9 AND IN THE MATTER OF THE COMPANIES ACT 2014
Carnival CCL 8.10 -2.5
Highs Lows AllegiantTravel ALGT
Allego ALLG
109.82 -0.6
5.01 -0.4
AusterlitzAcqnI AUS.U
AusterlitzII Wt ASZ.WS
9.79
0.12
-0.2
-32.1
Blackstone
BladeAirWt
BX
BLDEW
86.97
0.63
0.2
-5.6
Carnival
CarpenterTech
CUK
CRS
7.43 -2.7
26.62 0.7
AND IN THE MATTER OF A PROPOSED REDUCTION OF
AimfinityWt AIMAW 0.11 31.4 AcresCmclPfdC ACRpC 20.35 -4.9 CAPITAL PURSUANT TO SECTIONS 84 TO 86 OF THE
AltaEquipment ALTG 8.77 -0.2 AuthenticEquWt AEACW 0.07 -33.3 BladeAir BLDE 4.23 0.9 CarticaAcqnWt CITEW 0.12 -20.0
arGEN-X ARGX 383.64 1.4 ACRESCmclPfdD ACRpD 19.04 -3.4 AltamiraTherap CYTO 0.45 -4.8 AvantiAcqnWt AVAN.WS 0.06 -12.6 BlendLabs BLND 2.17 -1.3 COMPANIES ACT 2014
CarverBancorp CARV 5.52 0.2
CCNeubergerII PRPB 9.99 0.1 ACV Auctions ACVA 6.10 1.1 AltoIngred ALTO 3.51 ... Avaya AVYA 2.18 -5.5 BlueBird BLBD 9.07 -2.0 NOTICE IS HEREBY GIVEN that an Order of the High
Cazoo CZOO 0.70 -7.9
CedarRealty CDR 28.98 -0.2 ADT ADT 6.04 -0.6 Alvotech ALVO 7.94 -3.0 AviatNetworks AVNW 24.16 0.8 BlueWaterVac BWV 2.07 -2.5 Celanese CE 115.33 -1.8 Court of Ireland (the “Court”) made on 22 June 2022
DonegalGroup A DGICA 17.05 1.4 AGM AGMH 1.23 -6.8 AmbowEduc AMBO 0.30 1.9 AvidXchange AVDX 5.86 -2.7 BookingHldgs BKNG 1703.05 -3.4 CementosPacasm CPAC 4.46 -1.7 (the “Order”), confirming a special resolution of Eaton
EastRscs ERESU 10.96 0.1 AGNC InvtPfdF AGNCP 20.17 0.2 Ameresco AMRC 42.00 5.7 Avient AVNT 39.09 -1.4 BostonProps BXP 87.61 -1.1 CentralPacFin CPF 21.01 -0.2
EncompassHlthWi EHCw 44.79 0.3 a.k.a.Brands AKA 2.70 -3.5 AmerEagle AEO 11.10 -4.7 AvinoSilver ASM 0.54 -3.4 BraemarHtls BHR 4.15 -0.7 Corporation plc (the “Company”) passed at the annual
CntlValCmntyBk CVCY 14.16 -0.8
FTI Consulting FCN 182.09 2.3 AN2 Therap ANTX 6.88 -2.0 AmerExpress AXP 134.30 -0.2 Azul AZUL 6.80 -2.2 BreadFinancial BFH 36.28 -2.8 general meeting of the Company held on 27 April 2022
CenturyCasinos CNTY 7.01 -2.2
GeneralMills GIS 75.74 1.0 ASETech ASX 5.10 -2.6 AmVirtualCloud AVCT 0.25 -6.5 Bark BARK 1.28 -6.6 BridgeInvt BRDG 13.74 0.9 approving the reduction of the company capital of the
CeptonWt CPTNW 0.11 -10.0
GenAsia I A GAQ 9.88 0.5 ATIPhysTherapyWt ATIP.WS 0.15 -14.6 Ameriprise AMP 231.54 -1.0 BBQ Holdings BBQ 10.25 -3.0 BridgetownWt BTWNW 0.23 3.0
GlassHouses GLHAU 11.33 -1.9 AZZ AZZ 39.30 2.2
Check-Cap WtC CHEKZ 0.05 -25.0 Company by US$12,167,359,000.00, being the amount
AmerisBancorp ABCB 39.37 ... BJsRestaurants BJRI 21.44 -3.1 BrightLightsWt BLTSW 0.08 -15.7
9.85 0.9 Aaron's 14.17 -1.6 ChinaYuchai CYD 8.61 -5.1 standing to the credit of the Company’s share premium
GlblBlockchain GBBK AAN AmesNational ATLO 21.81 0.5 BM Tech Wt BMTX.WS 0.48 -10.5 Brightcove BCOV 6.12 -1.7
GlbSpacSubUn GLSPT 10.21 0.3 Abercrombie&Fitch ANF 16.75 -4.6 ChipMOSTechs IMOS 24.81 -5.5 account as at 31 December 2021 together with the
Amplitude AMPL 13.42 1.1 BOK Fin BOKF 74.03 -0.6 BrightSphere BSIG 17.65 -3.0
HHGC 10.05 0.7 AcadiaRealty AKR 14.90 -1.5 ChoiceHotels CHH 108.77 -1.2
HHG Capital Anghami ANGH 4.30 4.5 B RileyFin RILY 41.66 -2.0 BrinkerIntl EAT 21.47 -1.7 amount created following the issuance of a bonus share
Harte-Hanks HHS 12.89 6.1 AchieveLifeSci ACHV 4.81 -3.7 ChurchillV Wt CCV.WS 0.33 -23.3
AngionBiomed ANGN 1.03 -33.3 BabcockWilcoxPfdA BWpA 19.50 -2.6 BroadscaleWt SCLEW 0.24 -34.4 on 27 April 2022 by way of capitalisation, and together
HorizonTechNts27 HTFC 25.25 1.3 AditEdTech ADEX.U 9.83 -0.2 BBLN 0.92 -1.2 BBUC 22.39 -1.6 Cinedigm CIDM 0.47 -7.8
AppliedDNA APDN 0.69 -0.8 Babylon BrookfieldBus with the minute approved by the Court, was registered
HuronConsulting HURN 65.06 6.2 AditEdTechWt ADEX.WS 0.05 -28.6 1.52 -6.6 BLZE 4.85 5.7 BrookfieldDTLAPf DTLAp 8.50 -4.8 Citigroup C 45.26 -2.4
AppliedOptoelec AAOI Backblaze
IthaxAcqn ITHXU 10.26 0.8 AdvMicroDevices AMD 75.48 -1.9 AptoseBiosci APTO 0.73 -4.9 BakktWt BKKT.WS 0.65 -8.4 BurlingtonStrs BURL 135.68 -4.7 ClarimAcqnWt CLRMW 0.07 31.6 by the Registrar of Companies on 22 June 2022. This
IsleworthHlth ISLE 9.96 0.2 AdvantageSolns ADV 3.70 -2.3 AquestiveTherap AQST 0.63 -7.0 BancoBBVA BBAR 2.37 -4.0 BuzzFeedWt BZFDW 0.11 -0.1 CleanSpark CLSK 3.84 -3.0 notice is given in compliance with the Order.
JinkoSolar JKS 69.69 7.7 AegleaBioTherap AGLE 0.50 -2.3 ArborRaphaCapBioI ARCKW 0.05 -38.8 BankofAmerica BAC 30.64 -2.3 BuzzFeed BZFD 1.50 -3.8 ClearChannelOutdr CCO 1.01 -3.6
ClearwaterAnalytic CWAN 11.61 -2.7 1 July 2022
KewauneeSci KEQU 16.62 18.7 Aemetis AMTX 4.85 -4.7 ArcelorMittal MT 21.89 -3.9 BankofAmPfdLL BACpN 20.01 0.8 CASI Pharm CASI 2.69 0.4
Meritor MTOR 36.34 0.4 AEyeWt LIDRW 0.27 -15.8 ArcelorMittalNts MTCN 52.74 -3.8 BanyanAcqnWt BYN.WS 0.10 8.3 CBD Pao CBD 3.03 -1.9 Cleveland-Cliffs CLF 14.75 -1.8 ARTHUR COX LLP
NorthernLightsA NLIT 30.47 9.4 AfricanGoldWt AGAC.WS 0.07 -19.9 ArgoGroupNts42 ARGD 22.30 -2.7 BarnesGroup B 30.22 0.9 CF Acqn IV Wt CFIVW 0.08 -5.5 CodexDNA DNAY 1.77 -6.2 Solicitors for the Company
NorthernLights NLITU 22.25 25.7 AileronTherap ALRN 0.25 -13.4 Arhaus ARHS 4.50 -10.4 Bath&BodyWks BBWI 25.75 2.0 CI Financial CIXX 10.45 -0.9 Cohen COHN 10.20 ...
Cohen&Steers CNS 62.01 -1.8
10 Earlsfort Terrace
PrimeImpactI A PIAI 10.00 0.5 AimfinityInvtI AIMAU 9.85 -0.6 AriesIAcqnWt RAMMW 0.13 2.4 BeasleyBroadcast BBGI 1.24 ... CONXWt CONXW 0.15 -21.8
RelativityAcqnA RACY 10.07 0.6 Airbnb ABNB 86.71 -5.2 ArteloBiosci ARTL 0.28 1.9 BedBath BBBY 4.73 -0.4 CalAmp CAMP 4.01 -2.6 CommScope COMM 5.82 -1.6 © 2022 Dow Jones & Company, Inc. Dublin 2
SafetyInsurance SAFT 97.44 1.8 Akerna KERN 0.13 -52.9 Arteris AIP 6.58 1.3 BenchmarkElec BHE 21.67 1.3 Calyxt CLXT 0.23 -13.8 CommunityHlthSys CYH 3.67 -6.0 D02 T380
All Rights Reserved.
Unitil UTL 58.99 2.5 Alight ALIT 6.31 0.4 AstraSpace ASTR 1.19 4.8 Benefitfocus BNFT 7.37 0.1 CampingWorld CWH 20.85 -0.8 Continued on Page B12 Ireland
 .

B10 | Friday, July 1, 2022 * 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
30775.43 t 253.88, or 0.82% Trailing P/E ratio 17.60 29.29 3785.38 t 33.45, or 0.88% Trailing P/E ratio * 20.43 37.26 11028.74 t 149.16, or 1.33% Trailing P/E ratio *† 25.06 37.25
High, low, open and close for each P/E estimate * 16.42 20.12 High, low, open and close for each P/E estimate * 16.95 22.52 High, low, open and close for each P/E estimate *† 21.23 29.21
trading day of the past three months. Dividend yield 2.27 1.81 trading day of the past three months. Dividend yield * 1.68 1.35 trading day of the past three months. Dividend yield *† 0.92 0.70
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

35200 4500 14050

65-day moving average

65-day moving average 65-day moving average 13450
34250 4350

33300 4200 12850

32350 4050 12250

Session high
DOWN UP
t

Session open Close 31400 3900 11650

Close Open
t

30450 3750 11050

Session low
Bars measure the point change from session's open
29500 3600 10450
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,237,731,948 16,589,489
Industrial Average 30979.85 30431.87 30775.43 -253.88 -0.82 36799.65 29888.78 -11.1 -15.3 5.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 311,450,883 4,352,004
Transportation Avg 13255.23 12914.67 13156.90 -65.04 -0.49 17039.38 12868.60 -12.7 -20.2 7.9 Most-active issues in late trading Decl. volume* 917,499,041 12,202,862
Utility Average 975.67 951.69 969.30 9.81 1.02 1071.75 869.74 9.5 -1.2 6.1 Volume After Hours Issues traded 3,455 291
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 38330.76 37494.16 37976.52 -357.49 -0.93 48929.18 36759.60 -15.8 -21.9 7.9 Advances 1,280 131
SPDR S&P 500 SPY 13,835.0 376.60 -0.65 -0.17 382.10 376.18
Barron's 400 871.04 851.67 861.18 -8.13 -0.94 1127.20 852.16 -15.6 -22.2 7.6 Declines 2,015 150
Itau Unibanco Holding ADR ITUB 13,136.6 4.33 0.05 1.17 4.33 4.24
Unchanged 160 10
Nasdaq Stock Market Micron Technology MU 7,232.1 53.68 -1.60 -2.89 56.71 50.09 New highs 12 0
Nasdaq Composite 11160.92 10850.01 11028.74 -149.16 -1.33 16057.44 10646.10 -24.1 -29.5 11.3 Amazon.com AMZN 4,815.9 106.06 -0.15 -0.14 110.92 105.75 New lows 342 28
Nasdaq-100 11650.96 11322.86 11503.72 -154.54 -1.33 16573.34 11127.57 -21.0 -29.5 14.5 Cornerstone Strategic CLM 4,314.1 8.59 0.01 0.12 8.63 8.55 Closing Arms† 2.15 2.58
Apple AAPL 4,262.6 136.68 -0.04 -0.03 140.63 134.74 Block trades* 4,942 168
S&P
-0.88
Energy Transfer ET 4,254.4 9.98 … unch. 10.40 9.94
500 Index 3818.99 3738.67 3785.38 -33.45 4796.56 3666.77 -12.4 -20.6 8.8 Nasdaq NYSE Arca
TAL Education Group ADR TAL 4,101.5 4.83 -0.04 -0.82 4.87 4.83
MidCap 400 2293.54 2238.28 2268.92 -21.75 -0.95 2910.70 2200.75 -16.5 -20.2 5.3 Total volume*5,589,606,749 370,366,358
SmallCap 600 1139.06 1110.09 1127.97 -4.37 -0.39 1466.02 1087.48 -18.5 -19.5 5.8 Percentage gainers… Adv. volume*1,750,885,171 72,639,150
Cytokinetics CYTK 160.5 41.31 2.02 5.14 43.99 38.36 Decl. volume*3,800,435,347 295,869,244
Other Indexes
Civitas Resources CIVI 70.9 54.90 2.61 4.99 54.90 52.29 Issues traded 4,990 1,730
Russell 2000 1722.09 1680.40 1707.99 -11.38 -0.66 2442.74 1649.84 -26.7 -23.9 2.9
Advances 1,886 421
NYSE Composite 14599.59 14321.16 14487.64 -111.95 -0.77 17353.76 14097.05 -12.9 -15.6 3.5 Diamond Offshore Drilling DO 173.4 6.18 0.29 4.92 6.18 5.89
Declines 2,830 1,295
Value Line 529.46 517.33 524.64 -4.82 -0.91 696.40 510.18 -22.6 -21.9 -0.5 Purple Innovation PRPL 136.0 3.21 0.15 4.90 3.21 2.97
Unchanged 274 14
NYSE Arca Biotech 4674.39 4576.85 4626.81 -23.44 -0.50 6019.57 4208.43 -22.2 -16.2 -1.1
Helix Energy Solutions HLX 82.6 3.25 0.15 4.84 3.25 3.09
New highs 18 7
NYSE Arca Pharma 840.12 827.62 836.05 -2.27 -0.27 887.27 732.23 11.6 1.1 11.8 ...And losers New lows 532 192
KBW Bank 102.30 98.82 101.01 -1.68 -1.64 147.56 99.66 -20.1 -23.6 1.0 Procter Gamble PG 555.4 135.21 -8.58 -5.97 144.32 135.21 Closing Arms† 1.45 1.08
PHLX§ Gold/Silver 115.27 110.78 111.12 -4.67 -4.03 167.76 111.12 -21.1 -16.1 9.7 Sunnova Energy Intl NOVA 51.0 17.51 -0.92 -4.99 18.74 17.51 Block trades* 39,134 1,382
PHLX§ Oil Service 67.81 65.43 66.29 -1.52 -2.24 88.37 48.31 0.3 25.7 -6.6 Blue Apron Cl A APRN 160.2 3.46 -0.18 -4.95 3.79 3.30 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2602.55 2514.42 2556.25 -27.73 -1.07 4039.51 2556.25 -22.4 -35.2 20.6 Ryder System R 53.3 68.23 -2.83 -3.98 71.06 68.23 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 30.22 28.28 28.71 0.55 1.95 36.45 15.01 85.5 66.7 23.9 Kyndryl Holdings KD 171.5 9.40 -0.38 -3.89 9.80 9.40 Arms of less than 1 indicates buying demand; above 1

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

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 596.77 –6.73 –1.12 –20.9 Rapid Micro Biosystems RPID 4.30 1.12 35.22 27.04 2.49 ... Cryptyde TYDE 2.03 -4.27 -67.78 18.15 1.90 ...
MSCI ACWI ex-USA 276.44 –3.86 –1.38 –19.7 NeuroSense Therapeutics NRSN 3.38 0.64 23.36 8.18 1.23 ... Renalytix ADR RNLX 2.45 -1.52 -38.29 34.98 2.23 -91.8
MSCI World 2546.19 –28.26 –1.10 –21.2 PS UlSh Bloomberg Nat Gas KOLD 40.02 7.48 22.99 461.30 16.56 -90.7 Talaris Therapeutics TALS 4.51 -2.62 -36.75 17.48 4.35 -67.6
MSCI Emerging Markets 1000.67 –12.53 –1.24 –18.8 Immunome IMNM 3.21 0.59 22.52 27.80 2.09 -81.2 Kalera KAL 5.90 -2.76 -31.87 14.78 5.39 ...
Americas MSCI AC Americas n.a. n.a. n.a. n.a. Franklin Covey FC 46.18 8.15 21.43 52.52 33.41 28.3 ProSh Ult Bloombg Nat Gas BOIL 42.10 -16.56 -28.23 140.50 23.68 18.5
Canada S&P/TSX Comp 18861.36 –217.28 –1.14 –11.1 Celularity CELU 3.40 0.59 21.00 13.40 2.76 -66.6 Inter INTR 2.10 -0.74 -26.06 4.00 2.10 ...
Latin Amer. MSCI EM Latin America 2041.09 –26.38 –1.28 –4.2 Kewaunee Scientific KEQU 16.62 2.62 18.71 16.62 12.07 15.5 Grove Collaborative Hldgs GROV 4.63 -1.48 -24.22 12.50 3.75 -52.8
Brazil BOVESPA 98541.95 –1079.63 –1.08 –6.0 Revlon Cl A REV 5.42 0.83 18.08 17.65 1.08 -57.6 Lytus Technologies LYT 4.16 -1.29 -23.67 47.06 4.06 ...
Chile S&P IPSA 3050.69 –36.50 –1.18 8.7 Aspen Aerogels ASPN 9.88 1.45 17.20 65.99 7.93 -71.5 PetVivo Holdings PETV 1.58 -0.47 -22.93 9.25 1.20 -82.7
Mexico S&P/BMV IPC 47524.45 –537.16 –1.12 –10.8 ADS-TEC Energy ADSE 6.64 0.97 17.11 10.88 4.60 -31.5 Exicure XCUR 2.16 -0.61 -22.08 59.40 2.02 -95.3
EMEA STOXX Europe 600 407.20 –6.22 –1.51 –16.5 Xilio Therapeutics XLO 2.92 0.39 15.42 27.95 2.04 ... The9 ADR NCTY 1.68 -0.45 -21.13 18.41 1.14 -87.6
Eurozone Euro STOXX 382.52 –6.51 –1.67 –20.1 Indaptus Therapeutics INDP 2.61 0.34 14.98 28.83 1.89 -80.8 Codiak BioSciences CDAK 2.88 -0.76 -20.88 22.95 2.21 -84.4
Belgium Bel-20 3682.07 –44.18 –1.19 –14.6 Trevi Therapeutics TRVI 2.81 0.36 14.69 3.73 0.46 31.3 Cytokinetics CYTK 39.29 -9.45 -19.39 49.41 17.72 87.3
Denmark OMX Copenhagen 20 1636.80 –14.51 –0.88 –12.2 CinCor Pharma CINC 18.84 2.31 13.97 30.66 13.00 ... Duck Creek Technologies DCT 14.85 -3.56 -19.34 50.90 13.44 -65.4
France CAC 40 5922.86 –108.62 –1.80 –17.2 Reneo Pharmaceuticals RPHM 2.65 0.32 13.73 11.40 1.92 -72.0 SMART Global Holdings SGH 16.37 -3.91 -19.28 37.25 15.10 -30.6
Germany DAX 12783.77 –219.58 –1.69 –19.5
Israel Tel Aviv 1828.73 –35.94 –1.93 –7.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 21293.86 –539.64 –2.47 –22.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 659.23 –7.34 –1.10 –17.4
–15.7 ProShares UltraPro QQQ TQQQ 254,819 58.5 24.00 -3.54 91.68 21.32 SPDR Blm EM USD Bd EMHC 1,731 27642 23.28 0.34 31.06 23.02
Russia RTS Index 1345.01 –68.00 –4.81
Exela Technologies XELA 222,177 297.8 0.11 -7.07 5.45 0.11 Hennessy Cap Inv Corp. VI HCVI 3,459 11457 9.61 -0.21 11.03 9.56
South Africa FTSE/JSE All-Share 66223.31 –1524.10 –2.25 –10.2
ProSh UltraPro Shrt QQQ SQQQ 140,118 18.8 58.84 3.87 67.69 28.15 7 Acquisition Cl A SVNA 2,350 8890 9.95 0.00 10.00 9.80
Spain IBEX 35 8098.70 –89.30 –1.09 –7.1
Endo International ENDP 135,864 449.8 0.47 -10.89 7.07 0.28 BlackRock Interm Muni INMU 739 7483 23.66 0.25 25.84 23.33
Sweden OMX Stockholm 734.28 –13.71 –1.83 –29.2
Mullen Automotive MULN 119,504 50.4 1.02 -9.73 15.90 0.52 Duddell Street Acqn Cl A DSAC 412 6495 9.92 -0.15 9.98 9.65
Switzerland Swiss Market 10741.21 –70.54 –0.65 –16.6
Turkey BIST 100 2405.36 3.40 0.14 29.5 Evofem Biosciences EVFM 117,177 544.9 1.13 15.24 17.10 0.28 AllianzIM US LC Bff20 Jul AZBL 615 5001 26.36 0.15 27.39 26.03
U.K. FTSE 100 7169.28 –143.04 –1.96 –2.9 SPDR S&P 500 SPY 112,082 12.5 377.25 -0.81 479.98 362.17 Aspen Aerogels ASPN 27,445 4073 9.88 17.20 65.99 7.93
U.K. FTSE 250 18666.78 –372.01 –1.95 –20.5 Revelation Biosciences REVB 111,188 17413.7 1.11 77.40 11.29 0.40 Armada Acquisition I AACI 408 3995 9.87 -0.10 9.99 9.34
Color Star Technology CSCW 106,197 894.4 0.13 0.91 1.25 0.11 Franklin Lib Sys Style FLSP 1,010 3816 21.55 -0.37 24.26 19.62
Asia-Pacific MSCI AC Asia Pacific 158.01 –1.63 –1.02 –18.2 AMD 105,085
Advanced Micro Devices -2.1 76.47 -1.95 164.46 75.48 AxonPrime Infr Acqn Cl A APMI 973 3552 9.68 0.21 10.78 9.59
Australia S&P/ASX 200 6568.10 –132.13 –1.97 –11.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3398.62 37.10 1.10 –6.6 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 21859.79 –137.10 –0.62 –6.6
53018.94 –0.02 –9.0
Scan this code
India S&P BSE Sensex –8.03
Japan NIKKEI 225 26393.04 –411.56 –1.54 –8.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3102.21 –32.66 –1.04 –0.7 and track most-active stocks,
South Korea KOSPI 2332.64 –45.35 –1.91 –21.7 new highs/lows, mutual funds Currencies
Taiwan TAIEX 14825.73 –414.40 –2.72 –18.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1568.33 –17.85 –1.13 –5.4
All are available free at WSJMarkets.com US$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 .00004298 23265 1.8
CREDIT MARKETS Argentina peso .0080125.2200 22.0 Europe
Brazil real .1902 5.2571 –5.6 Czech Rep. koruna .04237 23.601 7.9
Canada dollar .7768 1.2873 1.8 Denmark krone .1410 7.0940 8.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001091 916.75 7.6 Euro area euro 1.0485 .9538 8.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000241 4151.37 2.1 Hungary forint .002644 378.23 16.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007559 132.30 1.9
A consumer rate against its 5-year CDs Mexico peso .0497 20.1041 –1.9 Norway krone .1015 9.8475 11.8
benchmark over the past year Tradeweb ICE Thursday Close 3.50% Uruguay peso .02533 39.4850 –11.7 Poland zloty .2231 4.4828 11.3
Bankrate.com avg†: 1.51% 22% Russia ruble .01818 55.000 –26.5
t Asia-Pacific
State Bank of India California 1.51% 2.80 Sweden krona .0978 10.2252 13.0
Australian dollar .6903 1.4486 5.2
1.30% Los Angeles, CA 877-707-1995 11 WSJ Dollar Index Switzerland franc 1.0472 .9549 4.7
s China yuan .1493 6.6995 5.4
2.10 Turkey lira .0599 16.6994 25.4
Five-year CD yields TAB Bank 2.75% Hong Kong dollar .1274 7.8468 0.6
One year
t

0.90 0 Ukraine hryvnia .0338 29.5500 8.0

India rupee .01266 78.966 6.0
t

Ogden, UT 800-355-3063 ago 1.40 UK pound 1.2178 .8212 11.1

s Indonesia rupiah .0000671 14898 4.5
0.50 CFG Community Bank 2.85% Euro Japan yen .007370 135.69 17.9 Middle East/Africa
0.70 –11
Federal-funds Baltimore, MD 888-205-8388 Yen Kazakhstan tenge .002127 470.25 8.1 Bahrain dinar 2.6529 .3770 unch
s
t

target rate 0.10 Colorado Federal Savings Bank 2.97% 0.00 –22 Macau pataca .1237 8.0860 0.6 Egypt pound .0532 18.7966 19.6
Malaysia ringgit .2269 4.4075 5.8 Israel shekel .2860 3.4968 12.5
Greenwood Village, CO 877-484-2372 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.30 New Zealand dollar .6246 1.6010 9.5 Kuwait dinar 3.2587 .3069 1.4
First Internet Bank of Indiana 3.09% month(s) years
J A S O N D J F M A MJ Pakistan rupee .00489 204.625 16.1 Oman sul rial 2.5974 .3850 unch
Indianapolis, IN 888-873-3424 maturity Philippines peso .0182 54.925 7.7 Qatar rial .2731 3.662 0.5
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7198 1.3893 3.0 Saudi Arabia riyal .2665 3.7524 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007764 1288.03 8.3 South Africa rand .0614 16.2823 2.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027933 358.00 76.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 1.50-1.75 1.50-1.75 0.00 l 1.75 -0.75 Taiwan dollar .03364 29.725 7.2
Yield (%) 52-Week Total Return (%) Thailand baht .02832 35.310 6.3 WSJ Dollar Index 97.38 –0.35–0.36 8.74
Prime rate* 4.75 4.75 3.25 l 4.75 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 2.29 2.20 0.11 l 2.29 -0.03 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2171.460 3.090 3.160 3.550 0.780 –8.900 –0.882
Money market, annual yield 0.10 0.10 0.07 l 0.10 -0.59
Five-year CD, annual yield 1.51 1.35 0.41 l 1.51 -0.44 U.S. Treasury Long, Bloomberg 3522.680 3.330 3.360 3.630 1.720 –18.452 –2.938 Commodities
30-year mortgage, fixed† 5.90 5.95 3.00 l 6.11 1.99 Aggregate, Bloomberg 2011.250 3.740 3.790 4.140 1.340 –10.299 –0.937 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.10 5.13 2.28 l 5.39 1.80 Fixed-Rate MBS, Bloomberg 2004.390 3.850 3.890 4.240 1.590 –9.042 –1.449
Jumbo mortgages, $647,200-plus† 5.88 5.91 3.03 l 6.11 1.54 DJ Commodity 1095.51 -33.31 -2.95 1264.48 853.12 21.81 15.78
High Yield 100, ICE BofA 2985.308 n.a. 8.070 8.300 3.210 –13.013 –0.940 Refinitiv/CC CRB Index 291.15 -8.20 -2.74 329.59 205.59 35.69 25.29
Five-year adj mortgage (ARM)† 4.30 4.32 2.82 l 4.32 0.19
Muni Master, ICE BofA 553.863 2.892 2.954 3.191 0.687 –7.703 –0.033 Crude oil, $ per barrel 105.76 -4.02 -3.66 123.70 62.32 40.58 40.62
New-car loan, 48-month 5.08 4.56 3.41 l 5.08 0.36
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 n.a. n.a. 7.554 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 5.424 -1.074 -16.53 9.322 3.561 48.16 45.42
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. 1804.10 -9.60 -0.53 2040.10 1721.50 1.59 -1.28
 .

THE WALL STREET JOURNAL. * Friday, July 1, 2022 | B11

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 Dec 653.00 653.75 618.75 619.75 –34.00 538,787 Oct 18.49 18.76 18.41 18.50 –.01 354,049 Sept .7363 .7417 .7349 .7416 .0051 213,489
Oats (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open Sept 35.35 … 1,905 July .7750 .7775 .7732 .7770 .0014 200
July 677.00 679.75 660.00 661.25 –2.75 57
Open High hi lo Low Settle Chg interest 36.45 … 1,952
Dec 505.00 505.75 480.75 502.00 –6.00 1,104 March'23 Sept .7756 .7776 .7732 .7770 .0014 131,774
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
July 3.7780 3.7810 3.6880 3.7145 –0.0645 4,811 July 1671.00 1702.75 1653.75 1675.00 .75 12,916 July 104.00 105.00 104.00 103.94 –.34 185 July 1.2147 1.2190 1.2096 1.2184 .0063 943
Sept 3.7720 3.7950 3.6870 3.7100 –0.0705 116,023 Dec 98.01 99.49 95.56 98.84 1.36 114,121 1.2141 1.2206 1.2109 1.2199 .0063 223,545
Nov 1478.25 1507.75 1451.50 1458.00 –20.25 355,515 Sept
Gold (CMX)-100 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
July 1809.60 1817.30 1801.00 1804.10 –9.60 937 July 180.05 180.05 177.25 179.65 .15 626
July 464.50 478.50 460.00 469.90 6.70 4,907 Sept 1.0533 1.0550 1.0467 1.0544 .0014 41,917
Aug 1819.20 1826.80 1802.50 1807.30 –10.20 401,466 Sept 170.60 174.85 168.75 173.05 1.55 9,604
Dec 406.50 418.00 401.00 406.70 –.30 175,729 Dec 1.0576 1.0632 1.0553 1.0629 .0014 342
Oct 1828.00 1835.10 1811.80 1816.30 –10.20 14,468
Dec 1839.50 1846.80 1822.90 1827.50 –10.30 65,724 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 72.72 72.80 69.86 69.93 –2.67 1,064 Interest Rate Futures July .6865 .6919 .6855 .6908 .0032 637
Feb'23 1851.70 1857.20 1836.60 1839.40 –10.70 8,053
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 67.09 67.26 64.33 64.46 –2.52 145,093 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept .6885 .6923 .6857 .6911 .0032 144,148
July 1908.70 –30.90 44 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 151-230 154-140 151-150 154-110 2-11.0 1,283,927 Mexican Peso (CME)-MXN 500,000; $ per MXN
Sept 1944.00 1976.50 1852.00 1916.10 –30.50 7,459 July 16.38 16.45 16.33 16.43 –.02 403 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% July .04954 –.00001 11
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 16.75 16.82 16.63 16.75 –.05 7,990 Sept 136-260 138-220 136-180 138-200 1-22.0 1,188,092 Sept .04893 .04914 .04863 .04896 –.00001 191,631
July 912.80 912.80 t 886.30 898.40 –12.40 2,350 Wheat (CBT)-5,000 bu.; cents per bu. Dec 137-000 137-240 137-000 137-240 1-22.0 9 Euro (CME)-€125,000; $ per €
Oct 911.40 918.10 t 879.20 895.30 –14.60 64,505 July 914.25 917.75 869.50 868.75 –46.75 3,682 Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 1.0463 1.0499 1.0393 1.0491 .0037 4,765
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 930.00 939.50 881.00 884.00 –46.00 147,220 Sept 117-175 118-180 117-140 118-170 1-00.5 3,417,513 Sept 1.0501 1.0547 1.0440 1.0538 .0037 661,207
July 20.665 20.705 20.160 20.282 –0.386 3,044 Wheat (KC)-5,000 bu.; cents per bu. Dec 117-205 118-125 117-145 118-125 1-00.5 113
Sept 20.725 20.785 t 20.145 20.352 –0.386 114,215 July 988.00 999.50 951.25 948.75 –36.50 1,899 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 994.00 1007.25 950.75 951.75 –39.50 80,635 June 112-160 112-210 112-157 112-207 20.0 469
Aug 109.70 110.45 105.10 105.76 –4.02 221,383 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Sept 111-187 112-087 111-165 112-080 22.5 3,984,768
Sept 106.67 107.76 102.68 103.10 –3.91 196,016 Aug 171.500 174.125 170.575 173.600 2.875 22,750 Sept 31021 31034 30406 30781 –218 64,679
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 31044 31095 30485 30847 –226 156
Oct 104.02 104.96 99.95 100.27 –3.86 105,384 Sept 174.250 176.650 173.475 176.225 2.450 7,868 June 105-095 105-096 105-095 105-093 6.0 16,544
Dec 99.39 100.23 95.34 95.56 –3.72 223,265 Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index
Sept 104-240 105-006 104-232 105-002 9.0 2,088,337
June'23 91.28 91.95 87.51 87.62 –3.42 140,083 June 136.950 138.000 136.750 138.000 1.200 200 Sept 3822.75 3825.00 3741.25 3789.50 –31.75 2,229,081
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 3836.75 3839.25 3755.75 3804.00 –32.50 20,596
Dec 86.74 87.27 83.16 83.29 –3.15 126,643 Aug 132.450 133.075 131.700 132.575 .400 117,473 June 98.7925 98.7950 98.7925 98.7950 .0025 163,799
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
July 98.3250 98.3275 98.3225 98.3275 .0050 357,382
July 4.0370 4.0500 3.8251 3.8982 –.1385 2,475 July 109.800 110.650 108.575 109.125 –.275 14,792 Sept 2289.80 2294.10 2236.80 2268.00 –22.20 56,285
Aug 3.9514 4.0016 3.7448 3.8305 –.1258 73,325
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 2274.20 –27.00 1
Aug 104.000 105.200 100.200 102.100 –1.475 57,475 Sept 92-150 92-260 92-145 92-250 1-02.5 11,823
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index
July 3.7439 3.7829 3.5667 3.6498 –.1772 2,726
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Sept 11691.50 11696.75 11351.00 11529.50 –161.50 249,210
July 635.00 670.00 629.10 663.30 29.70 403 June 98.1175 98.1300 98.1150 98.1225 .0125 683,115
Aug 3.6711 3.6736 3.4478 3.5363 –.1870 93,150 Dec 11754.25 11762.00 11419.50 11594.50 –165.00 1,524
Sept 593.00 643.40 587.50 637.30 42.90 1,680 June'23 96.6300 96.8350 96.6100 96.8250 .2150 840,922
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index
Aug 6.428 6.602 5.357 5.424 –1.074 102,482 Eurodollar (CME)-$1,000,000; pts of 100% Sept 1723.70 1726.20 1680.60 1708.00 –13.40 572,400
July 22.80 22.84 22.52 22.53 –.27 4,909 July 97.5175 97.5400 97.5100 97.5300 .0275 191,779
Sept 6.425 6.575 5.327 5.392 –1.101 142,464 Dec 1727.60 1730.70 1687.60 1713.80 –13.60 3,328
Aug 23.33 23.40 22.80 22.82 –.51 4,628 Dec 96.1950 96.3150 96.1800 96.3100 .1400 1,468,549
Oct 6.451 6.587 5.350 5.409 –1.110 96,345 Mini Russell 1000 (CME)-$50 x index
Jan'23 6.787 6.887 5.684 5.750 –1.080 61,940
Cocoa (ICE-US)-10 metric tons; $ per ton. March'23 96.2100 96.3850 96.2000 96.3800 .1900 1,062,770
July 2,291 –26 394 Sept 2061.80 2097.10 2051.80 2078.60 –18.90 12,229
April 4.686 4.781 4.288 4.335 –.418 67,372 Dec 96.7050 96.9050 96.6850 96.9050 .2050 1,101,907
Sept 2,376 t 2,330
2,379 2,340 –26 142,894
U.S. Dollar Index (ICE-US)-$1,000 x index
May 4.589 4.657 4.212 4.258 –.381 58,574 Sept 104.84 105.32 104.41 104.46 –.39 60,266
Coffee (ICE-US)-37,500 lbs.; cents per lb. Currency Futures
July 233.60 .95 281 Dec 104.43 104.86 104.06 104.08 –.40 700
Agriculture Futures Sept 227.85 231.65 227.85 230.10 1.85 102,871 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. July .7323 .7383 .7316 .7383 .0051 1,309 Source: FactSet
July 770.00 775.25 742.25 743.75 –26.50 19,485 July 18.52 18.91 18.52 18.83 .28 9,171

Bonds | wsj.com/market-data/bonds/benchmarks
Cash Prices | wsj.com/market-data/commodities Thursday, June 30, 2022
Tracking Bond Benchmarks
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
months. highs and lows for different types of bonds
Total Total
Thursday Thursday Thursday
return YTD total Yield (%) return YTD total Yield (%)
Iron Ore, 62% Fe CFR China-s 120.1 Wheat,No.2 soft red,St.Louis-u 8.5488 close return (%) Index Latest Low High close return (%) Index Latest Low High
Energy
Shredded Scrap, US Midwest-s,m n.a. Wheat - Hard - KC (USDA) $ per bu-u 10.0875
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 138.800 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Steel, HRC USA, FOB Midwest Mill-s 990 Wheat,No.1soft white,Portld,OR-u 10.0500
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.550 Battery/EV metals 2011.25 -10.4 U.S. Aggregate 3.740 1.340 4.140 2004.39 -8.8 Mortgage-Backed 3.850 1.590 4.240
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 69875 Food
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1968.31 -7.9 Ginnie Mae (GNMA) 3.910 1.610 4.250
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 70400 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 13112 2916.65 -14.4 U.S. Corporate 4.700 1.910 4.990 1180.38 -8.9 Fannie mae (FNMA) 3.830 1.580 4.240
choice 1-3,600-900 lbs.-u 234.31
Engelhard industrial 1822.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6258 -9.2
select 1-3,600-900 lbs.-u 212.83 2796.44 -9.0 Intermediate 4.480 1.260 4.820 1808.83 Freddie Mac (FHLMC) 3.830 1.570 4.240
Handy & Harman base 1817.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 825 Broilers, National comp wtd. avg.-u,w 1.6435
Handy & Harman fabricated 2016.87 3943.11 -22.7 Long term 5.110 2.900 5.310 553.86 -8.0 Muni Master 2.892 0.687 3.191
Fibers and Textiles Butter,AA Chicago-d 2.9950
LBMA Gold Price AM *1811.85 219.50 -14.6 391.18 -8.0 7-12 year 2.905 0.687 3.237
Cheddar cheese,bbl,Chicago-d 576.08 Double-A-rated 4.040 1.650 4.370
LBMA Gold Price PM *1817.75 Burlap,10-oz,40-inch NY yd-n,w 0.8400 Cheddar cheese,blk,Chicago-d 219.50
Krugerrand,wholesale-e 1889.78 Cotton,1 1/16 std lw-mdMphs-u 1.1464 766.44 -15.1 Triple-B-rated 5.070 2.110 5.320 439.26 -10.7 12-22 year 3.542 1.000 3.753
Milk,Nonfat dry,Chicago lb.-d 180.75
Maple Leaf-e 1907.96 Cotlook 'A' Index-t *135.50 Coffee,Brazilian,Comp-y n.a. High Yield Bonds ICE BofA 416.58 -14.2 22-plus year 4.144 1.443 4.342
American Eagle-e 1907.96 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y n.a.
Wool,64s,staple,Terr del-u,w n.a. 448.66 -14.0 High Yield Constrained 8.931 3.796 8.931 Global Government J.P. Morgan†
Mexican peso-e 2198.88 Eggs,large white,Chicago-u 2.5150
Austria crown-e 1784.12 Grains and Feeds Flour,hard winter KC-p 25.05 417.28 -17.2 Triple-C-rated n.a. 6.304 14.948 545.95 -9.0 Global Government 2.320 0.720 2.560
Austria phil-e 1907.96 Hams,17-20 lbs,Mid-US fob-u 0.98
Barley,top-quality Mnpls-u n.a. 2985.31 -14.1 High Yield 100 n.a. 3.210 8.300 763.24 -9.0 Canada 3.160 1.230 3.500
Silver, troy oz. Hogs,Iowa-So. Minnesota-u 106.47
Bran,wheat middlings, KC-u 156 390.93 -15.1 Global High Yield Constrained n.a. 3.982 8.893 357.35 -12.0 EMU§ 2.151 0.163 2.562
Engelhard industrial 20.7000 Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 7.9000
Handy & Harman base 20.4770 Pork loins,13-19 lb MidUS-u 1.2564 296.26 -15.1 Europe High Yield Constrained 7.457 2.304 7.457 666.28 -12.3 France 1.990 0.080 2.330
Corn gluten feed,Midwest-u,w 213.0
Handy & Harman fabricated 25.5960 Steers,Tex.-Okla. Choice-u 137.53
Corn gluten meal,Midwest-u,w 626.0 U.S Agency Bloomberg Fixed Income Indices 478.20 -10.9 Germany 1.370 -0.410 1.740
LBMA spot price *£17.2500 Steers,feeder,Okla. City-u,w 183.75
Cottonseed meal-u,w 365
(U.S.$ equivalent) *20.9750 1725.72 -6.0 U.S Agency 3.230 0.640 3.670 285.38 -3.1 Japan 0.680 0.260 0.710
Hominy feed,Cent IL-u,w 192 Fats and Oils
Coins,wholesale $1,000 face-a 18232
Meat-bonemeal,50% pro Mnpls-u,w 405 1521.81 -5.0 10-20 years 3.180 0.520 3.630 517.44 -13.2 Netherlands 1.700 -0.290 2.030
Other metals Oats,No.2 milling,Mnpls-u 6.6625 Degummed corn oil, crude wtd. avg.-u,w 68.0000
LBMA Platinum Price PM *933.0 Grease,choice white,Chicago-h 0.8000 3477.17 -17.0 20-plus years 3.840 1.890 4.190 886.50 -14.6 U.K. 2.440 0.720 2.740
Rice, Long Grain Milled, No. 2 AR-u,w 32.50
Platinum,Engelhard industrial 910.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 2564.14 -11.1 Yankee 4.260 1.510 4.610 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
Palladium,Engelhard industrial 1905.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 451.60 Soybean oil,crude;Centl IL-u,w 0.7300
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Aluminum, LME, $ per metric ton *2452.0 Soybeans,No.1 yllw IL-bp,u 17.1400 Tallow,bleach;Chicago-h 0.8200
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Copper,Comex spot 3.7145 Wheat,Spring14%-pro Mnpls-u 11.7000 Tallow,edible,Chicago-u 0.8600

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;
Global Government Bonds: Mapping Yields
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 6/29 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Source: Dow Jones Market Data selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
3.000 U.S. 2 2.925 t l 3.053 2.498 0.247
Closing Chg YTD 2.875 10 2.973 t l 3.091 2.748 1.443
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
2.750 Australia 2 2.641 t l 2.727 2.413 0.073 -29.4 -32.6 -18.2
Closing Chg YTD SPDR S&PMdCpTr MDY 413.49 –1.01 –20.1
Thursday, June 30, 2022
SPDR S&P 500 SPY 377.25 –0.81 –20.6
1.000 10 3.669 t l 3.703 3.249 1.544 69.3 60.7 7.5
ETF Symbol Price (%) (%)
Closing Chg YTD
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 43.40 –0.98 –13.9
SPDR S&P Div SDY 118.69 –0.39 –8.1 0.000 France 2 0.559 t l 0.687 0.294 -0.625 -237.6 -236.6 -88.0
TechSelectSector XLK 127.12 –1.33 –26.9
CnsmrDiscSelSector XLY 137.48 –1.47 –32.8 iShNatlMuniBd MUB 106.36 0.40 –8.5 0.000 10 1.954 t l 2.063 1.556 0.132 -102.3 -103.2 -133.7
UtilitiesSelSector XLU 70.13 1.11 –2.0
CnsStapleSelSector XLP 72.18 0.07 –6.4 iSh1-5YIGCorpBd IGSB 50.55 0.18 –6.2
DimenUSCoreEq2 DFAC 23.30 –0.77 –19.6 iShPfd&Incm PFF 32.88 –0.09 –16.6
VangdInfoTech VGT 326.55 –1.42 –28.7 0.200 Germany 2 0.648 t l 0.832 0.451 -0.655 -228.7 -222.1 -90.9
VangdSC Val VBR 149.82 –0.75 –16.2
EnSelectSectorSPDR XLE 71.51 –2.11 28.8 iShRussell1000Gwth IWF 218.70 –1.25 –28.4 0.000 10 1.339 t l 1.519 1.057 -0.204 -163.8 -157.6 -167.3
VangdExtMkt VXF 131.10 –1.32 –28.3
FinSelSectorSPDR XLF 31.45 –0.88 –19.5 iShRussell1000Val IWD 144.97 –0.69 –13.7
HealthCareSelSect XLV 128.24 –0.23 –9.0 iShRussell2000 IWM 169.36 –0.78 –23.9
VangdDivApp VIG 143.47 –0.26 –16.5 0.000 Italy 2 1.231 t l 1.327 0.930 -0.352 -170.4 -172.5 -60.7
VangdFTSEDevMk VEA 40.80 –0.56 –20.1
IndSelSectorSPDR XLI 87.34 0.31 –17.5 iShRussell2000Val IWN 136.15 –0.53 –18.0 0.950 10 3.296 t l 3.385 2.995 0.827 32.0 29.0 -64.2
iShRussellMid-Cap IWR 64.66 –0.95 –22.1 VangdFTSE EM VWO 41.65 –0.43 –15.8
InvscQQQI QQQ 280.28 –1.24 –29.6
InvscS&P500EW RSP 134.23 –0.62 –17.5 iShRussellMCValue IWS 101.57 –0.91 –17.0 VangdFTSE Europe VGK 52.82 –0.58 –22.6 0.005 Japan 2 -0.059 t l -0.045 -0.066 -0.112 -299.5 -309.7 -36.6
VangdFTSEAWxUS VEU 49.96 –0.42 –18.5
iShCoreDivGrowth DGRO 47.64 –0.23 –14.3 iShRussell1000 IWB 207.76 –0.92 –21.4 0.200 10 0.231 t l 0.232 0.234 0.060 -274.6 -286.4 -140.9
iShS&P500Growth 60.35 –1.20 –27.9 VangdGrowth VUG 222.89 –1.27 –30.5
iShCoreHiDividend HDV 100.43 –0.44 –0.6 IVW
iShCoreMSCIEAFE IEFA 58.85 –0.42 –21.2 iShS&P500Value IVE 137.46 –0.51 –12.2 VangdHlthCr VHT 235.50 –0.41 –11.6 0.000 Spain 2 0.983 t l 1.119 0.644 -0.504 -195.3 -193.4 -75.8
VangdHiDiv VYM 101.70 –0.38 –9.3 0.700 10 2.479 t l 2.584 2.127 0.418 -51.2 -105.1
iShCoreMSCIEM IEMG 49.06 –0.49 –18.0 iShShortTreaBd SHV 110.10 0.03 –0.3 -49.8
iShCoreMSCITotInt IXUS 57.03 –0.45 –19.6 iShTIPSBondETF TIP 113.91 –0.09 –11.8 VangdIntrCorpBd VCIT 80.02 0.46 –13.7
iShCoreS&P500 IVV 379.15 –0.83 –20.5 iSh1-3YTreasuryBd SHY 82.79 0.19 –3.2 VangdLC VV 172.35 –0.90 –22.0 0.125 U.K. 2 1.864 t l 2.038 1.478 0.060 -107.1 -101.5 -19.5
iShCoreS&P MC IJH 226.23 –0.93 –20.1 iSh7-10YTreasuryBd IEF 102.30 0.77 –11.0 VangdMC VO 196.97 –0.79 –22.7 4.250 10 2.235 t l 2.384 1.990 0.719 -74.1 -71.2 -75.0
iShCoreS&P SC IJR 92.41 –0.42 –19.3 iSh20+YTreasuryBd TLT 114.87 0.88 –22.5 VangdMC Val VOE 129.52 –0.61 –13.8
iShS&PTotlUSStkMkt ITOT 83.78 –0.82 –21.7 iShUSTreasuryBdETF GOVT 23.90 0.42 –10.4 VangdMBS VMBS 47.81 0.57 –9.5 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreTotalUSDBd IUSB 46.82 0.39 –11.5 JPM UltShtIncm JPST 50.09 ... –0.8 VangdRealEst VNQ 91.11 –0.19 –21.5
iShCoreUSAggBd
iShSelectDividend
AGG
DVY
101.68
117.67
0.45
–0.27
–10.9
–4.0
ProShUltPrQQQ
SPDRBlm1-3MTB
TQQQ
BIL
24.00
91.49
–3.54
0.01
–71.1
0.1
VangdS&P500ETF
VangdST Bond
VOO
BSV
346.88
76.79
–0.79
0.26
–20.5
–5.0
Corporate Debt
iShESGAwareUSA ESGU 83.90 –0.99 –22.2 SPDR Gold GLD 168.46 –0.61 –1.5 VangdSTCpBd VCSH 76.26 0.16 –6.2 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShEdgeMSCIMinUSA USMV 70.21 –0.26 –13.2 SPDRS&P500Value SPYV 36.82 –0.46 –12.3 VangdShtTmInfltn VTIP 50.12 –0.04 –2.5 expectations
iShEdgeMSCIUSAQual QUAL 111.73 –0.60 –23.2 SPDRPtfS&P500 SPLG 44.34 –0.87 –20.6 VangdShortTermTrea VGSH 58.86 0.15 –3.2
iShGoldTr IAU 34.31 –0.69 –1.4 SchwabIntEquity SCHF 31.45 –0.54 –19.1 VangdSC VB 176.11 –1.00 –22.1 Investment-grade spreads that tightened the most…
iShiBoxx$HYCpBd HYG 73.61 –0.05 –15.4 SchwabUS BrdMkt SCHB 44.19 –0.87 –21.8 VangdTaxExemptBd VTEB 49.92 0.30 –9.1 Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShiBoxx$InvGrCpBd LQD 110.03 0.30 –17.0 SchwabUS Div SCHD 71.63 –0.31 –11.4 VangdTotalBd BND 75.26 0.43 –11.2
iShJPMUSDEmgBd EMB 85.32 0.41 –21.8 SchwabUS LC SCHX 44.66 –0.84 –21.5 VangdTotIntlBd BNDX 49.54 0.67 –10.2 Lloyds Banking LLOYDS 4.582 5.11 Dec. 10, ’25 211 –12 210
iShMBSETF MBB 97.49 0.58 –9.3 SchwabUS LC Grw SCHG 57.99 –1.49 –29.2 VangdTotIntlStk VXUS 51.61 –0.37 –18.8 Vistra VST 5.125 5.37 May 13, ’25 235 –7 236
iShMSCI ACWI ACWI 83.89 –0.79 –20.7 SchwabUS SC SCHA 38.99 –0.97 –23.8 VangdTotalStk VTI 188.62 –0.86 –21.9
Caterpillar Financial Services … 0.800 3.63 Nov. 13, ’25 60 –6 63
iShMSCI EAFE EFA 62.49 –0.54 –20.6 Schwab US TIPs SCHP 55.80 –0.11 –11.3 VangdTotWrldStk VT 85.34 –0.76 –20.6
iShMSCIEmgMarkets EEM 40.10 –0.47 –17.9 SPDR DJIA Tr DIA 307.82 –0.72 –15.3 VangdValue VTV 131.88 –0.35 –10.4
John Deere Capital … 1.250 3.36 Jan. 10, ’25 33 –4 38
Duke Energy DUK 6.000 4.45 Dec. 1, ’28 142 –4 n.a.
Coca–Cola KO 1.450 3.55 June 1, ’27 51 –3 61
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Societe Generale SOCGEN 4.351 4.37 June 13, ’25 137 –3 139
Nordea Bank NDASS 1.500 4.36 Sept. 30, ’26 134 –2 129

Money Rates June 30, 2022 …And spreads that widened the most
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Wells Fargo WFC 3.550 4.19 Sept. 29, ’25 118 31 100
guide to general levels but don’t always represent actual transactions. Rio Tinto Finance RIOLN 5.200 4.82 Nov. 2, ’40 143 22 123
BNP Paribas BNP 4.400 5.25 Aug. 14, ’28 220 20 203
Week —52-WEEK— Week —52-WEEK— HSBC Holdings 7.000 5.37 Jan. 15, ’39 195 19 n.a.
Inflation Latest ago High Low Latest ago High Low
HSBC
May index Chg From (%) Owl Rock Core Income ORCINC 5.500 7.08 March 21, ’25 405 18 n.a.
Bid 1.5200 1.5800 1.5800 0.0500 Libor
level April '22 May '21 Fifth Third Bancorp FITB 8.250 5.53 March 1, ’38 212 17 198
Offer 1.6000 1.6300 1.6300 0.0600
One month 1.78671 1.62357 1.78671 0.07525 Ally Financial ALLY 8.000 6.36 Nov. 1, ’31 336 14 321
U.S. consumer price index
Treasury bill auction Three month 2.28514 2.19729 2.28514 0.11413 Constellation Energy CEG 6.250 6.02 Oct. 1, ’39 262 14 n.a.
All items 292.296 1.10 8.6
4 weeks 1.240 1.100 1.240 0.020 Six month 2.93514 2.83529 2.94671 0.14663
Core 292.506 0.57 6.0
13 weeks 1.750 1.670 1.750 0.035 One year 3.61900 3.53329 3.67400 0.21950 High-yield issues with the biggest price increases…
International rates 26 weeks 2.500 2.390 2.500 0.045 Bond Price as % of face value
Secured Overnight Financing Rate Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Secondary market 1.51 1.45 1.52 0.03
Week 52-Week Sprint Capital … 8.750 5.88 March 15, ’32 121.000 1.18 122.487
Latest ago High Low Fannie Mae Value 52-Week Ford Motor Credit … 3.664 6.09 Sept. 8, ’24 95.125 1.10 94.289
30-year mortgage yields Latest Traded High Low Occidental Petroleum OXY 6.950 5.05 July 1, ’24 103.562 0.94 102.950
Prime rates
U.S. 4.75 4.75 4.75 3.25 30 days 5.045 5.101 5.434 2.216 DTCC GCF Repo Index Howmet Aerospace HWM 5.950 6.56 Feb. 1, ’37 94.300 0.80 93.518
Canada 3.70 3.70 3.70 2.45 60 days 5.098 5.160 5.526 2.261
Treasury 1.473 34.550 1.550 0.015 OneMain Finance OMF 7.125 9.28 March 15, ’26 93.375 0.68 94.137
Japan 1.475 1.475 1.475 1.475
Other short-term rates MBS 1.586 35.550 1.598 0.018 Ball BALL 5.250 5.14 July 1, ’25 100.313 0.63 100.750
Policy Rates Toyota Motor Credit TOYOTA 4.450 4.24 June 29, ’29 101.255 0.57 n.a.
Euro zone 0.00 0.00 0.00 0.00
Week 52-Week Weekly survey Dish DBS … 5.875 13.49 Nov. 15, ’24 85.000 0.56 87.125
Latest ago high low
Switzerland 0.25 0.25 0.25 0.00 Latest Week ago Year ago
Britain 1.25 1.25 1.25 0.10 Call money …And with the biggest price decreases
Australia 0.85 0.85 0.85 0.10 Freddie Mac
3.50 3.50 3.50 2.00 Dish DBS … 7.750 15.42 July 1, ’26 77.750 –2.00 80.500
30-year fixed 5.70 5.81 2.98
Overnight repurchase Commercial paper (AA financial) 15-year fixed 4.83 4.92 2.26 Transocean RIG 6.800 14.71 March 15, ’38 52.000 –1.75 54.400
U.S. 1.50 1.45 1.53 0.01 90 days 2.10 2.14 2.27 0.08 Five-year ARM 4.50 4.41 2.54 Teva Pharmaceutical Finance Netherlands … 3.150 8.26 Oct. 1, ’26 82.000 –1.45 83.147
Prime Security Services Borrower PRSESE 5.750 7.85 April 15, ’26 93.250 –1.38 94.250
U.S. government rates Notes on data:
QVC QVCN 4.850 8.81 April 1, ’24 93.688 –1.31 96.238
Discount U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective June 16, 2022. Other prime rates aren’t directly comparable; lending practices vary Navient NAVI 6.750 10.42 June 15, ’26 88.375 –1.25 90.000
1.75 1.75 1.75 0.25 widely by location; Discount rate is effective June 16, 2022. Secured Overnight Financing Rate is as Natura Cosmeticos NATURA 4.125 8.05 May 3, ’28 82.030 –1.19 82.600
of June 29, 2022. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for –1.06 102.250
Federal funds overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates
Ford Motor F 7.450 7.23 July 16, ’31 101.470
Effective rate 1.5900 1.5900 1.5900 0.0700 are Tullett Prebon rates as of 5:30 p.m. ET.
*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.
High 1.7000 1.7000 1.7200 0.0900 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Low 1.5500 1.5500 1.5800 0.0200 Tullett Prebon Information, Ltd. Source: MarketAxess
 .

B12 | Friday, July 1, 2022 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

SEC Rejects Fund Bid for Bitcoin ETF D.E. Shaw

Defamed
BY GUNJAN BANERJI underlying bitcoin market, just

The Securities and Ex-

change Commission rejected
like Grayscale’s fund.
“It is curious in our
minds…how it is that the SEC
Ex-Partner,
Grayscale Investments LLC’s
bid to transform its large bit-
coin fund into an exchange-
is comfortable with approving
bitcoin futures-based ETFs,
but not spot-based ETFs” Mr.
Panel Rules
traded fund, dealing a fresh Sonnenshein said. BY GREGORY ZUCKERMAN
setback to the cryptocurrency He said Grayscale has been
industry. working toward the switch for A former partner at hedge-
Grayscale had petitioned years and that a conversion fund company D.E. Shaw

EVA MARIE UZCATEGUI/BLOOMBERG NEWS

the SEC to turn its Bitcoin would bring more regulatory Group was awarded $52 mil-
Trust, known as GBTC, into an oversight to the product. ETFs lion by an industry arbitration
ETF. are also easy for investors to panel, which determined that
“The SEC is remaining con- trade. the firm and four of its top ex-
sistent in believing that there The SEC didn’t immediately ecutives defamed him by sug-
is not sufficient safety from respond to a request for com- gesting his departure from the
market manipulation and ment. hedge fund was related to sex-
fraud investing directly in a The ruling is a blow for the ual misconduct.E
spot-based bitcoin product,” cryptocurrency industry at a In 2018, Daniel Michalow
said Todd Rosenbluth, head of time when prices of digital cur- filed a complaint with the Fi-
research at VettaFi, an ETF rencies are tumbling. Investors nancial Industry Regulatory
data and analytics firm. have fled risky bets across the Grayscale Investments said it will sue the SEC after it rebuffed its request. Authority seeking $600 mil-
Grayscale said it is suing market, sending bitcoin prices lion in lost wages and other
the SEC after its bitcoin ETF crashing back down to earth. tober and tracks futures tied ETF, allowing investors to bet separately on regulated U.S. damages as well as a “correc-
was rejected. Michael Sonnen- Stocks are sharply lower and to the cryptocurrency. The against the cryptocurrency. exchanges such as CME Group tive statement” from D.E.
shein, the firm’s chief execu- on pace for their worst half of a ETF has tumbled 59% this year Asset managers for years Inc. Shaw. Mr. Michalow didn’t re-
tive, said the regulator isn’t year in decades. and assets under management have been pushing to sell bit- The SEC doesn’t have over- ceive the statement from the
applying consistent treatment Other exchange-traded for the fund have dwindled to coin ETFs, which make it eas- sight over crypto-trading ven- firm, but the award is a record
to bitcoin investment vehicles, funds tied to bitcoin futures around $661 million, near the ier for everyday investors to ues that aren’t registered as for a Finra case in which a
since several futures products are already tradable, though lowest levels of the year. trade cryptocurrencies. The exchanges in the U.S., which member of the financial-ser-
tied to bitcoin are tradable. none invests directly in bit- Recently, financial firm current ETFs don’t hold actual leaves investors vulnerable to vices industry filed a com-
The bitcoin futures contracts, coin. The ProShares Bitcoin ProShares rolled out the first bitcoins. Rather, they deal in fraud and manipulation, regu- plaint against his employer.
he said, derive prices from the Strategy ETF launched in Oc- U.S.-listed short bitcoin futures bitcoin futures, which trade lators have said. Finra said the award was
for “compensatory damages
for defamation.” The arbitra-

Leon Black it would hurt her and distract

from her claims in state court.
Today, the federal court found
stroy Mr. Black’s reputation
and end his professional ca-
reer.”
many within Apollo who had
assumed Mr. Harris was next
in line.
tion panel determined that Mr.
Michalow didn’t commit sex-
ual misconduct. It found the

Rebuffed that the pleadings are ‘more

creative writing than’ facts.”
Ms. Christensen said Ms.
The dismissal of Mr. Black’s
case is the latest turn for the
billionaire financier who
In March 2021, Ms. Ganieva
came forward with her rape
and harassment allegations
firm’s executive committee
members—Edward Fishman,
Julius Gaudio, Max Stone and

On Suit Ganieva plans to amend her

complaint in a separate pend-
ing case against Mr. Black in
stepped down as CEO of
Apollo in 2021 after a months-
long review by law firm
against Mr. Black, detailing
them in a series of tweets. Mr.
Black then stepped down as
Eric Wepsic—personally liable
for the firm’s false statements.
Through a firm spokesman,
New York state court to fur- Dechert LLP of Mr. Black’s ties chairman, leaving the firm en- the four men declined to com-
Continued from page B1 ther accuse Mr. Black of using to convicted sex offender Jef- tirely. Ms. Ganieva that June ment. A spokesperson for D.E.
YOLANDA RUIZ/ZUMA PRESS

and cute,” Judge Engelmayer the complaint under the Rack- frey Epstein. sued Mr. Black in New York Shaw group said: “We were
wrote. “They are not factual, eteer Influenced and Corrupt Epstein killed himself in state court, accusing him of disappointed by the outcome
concrete, specific, declarative Organizations Act to retaliate 2019 while awaiting trial on defamation and reiterating the of the arbitration, and we
or trustworthy.” against her. charges related to sex traffick- claims from her tweets. Mr. stand by the decision we made
“We are pleased the court “We were confident from ing of minors. Black has denied the allega- in 2018 to terminate Mr. Mich-
swiftly and fairly dismissed the outset that this ever- The review found Mr. Black tions in that case, which is alow’s employment with the
the case and believe the deci- changing and concocted tale, wasn’t involved in Epstein’s al- continuing. firm.”
sion speaks for itself,” a packed with lies about Steven, Leon Black leged criminal activities but Mr. Black’s allegations Mr. Michalow, 39 years old,
spokesman for Mr. Harris said. would not withstand judicial found that he had paid the against Mr. Harris, who said D.E. Shaw’s executive
When Mr. Black first filed scrutiny, and we are gratified additional legal proceedings. disgraced financier $158 mil- stepped down from his day-to- committee “pretended they
his federal complaint, “we im- that the court agreed,” said “Mr. Black will continue to lion over the years for tax- day role at Apollo at the end were social activists and mod-
mediately said it was retalia- Jacob W. Buchdahl of Susman pursue his claims against Mr. and-estate services. of last year, represented a bit- els of corporate governance at
tion,” said Jeanne Christensen Godfrey LLP, Mr. Rubenstein’s Harris, Mr. Rubenstein and Ms. Apollo at the time named ter end to one of the most suc- my expense. Meanwhile, they
of Wigdor LLP, Ms. Ganieva’s lawyer. Ganieva,” she said. “The evi- Marc Rowan, another co- cessful relationships in Wall repeatedly violated the firm’s
attorney. “We immediately Susan Estrich, a lawyer for dence that has been uncovered founder, as CEO and said Mr. Street history. Mr. Black policies and core principles….
said it was frivolous and that Mr. Black, said he plans to ap- demonstrates that these indi- Black would remain chairman. helped make Mr. Harris a bil- Finra set the record straight
he did it because he knew that peal the ruling and to bring viduals conspired to try to de- The announcement surprised lionaire. with this defamation award.”

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg Stock
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52-Wk %
Sym Hi/Lo Chg
Continued From Page B9 52-Wk % 52-Wk % Jabil JBL 50.46 -1.5 MillicomIntl TIGO 14.08 -1.6 ParkHotels PK 12.97 -1.2 Sentage SNTG 0.48 10.9 TMCthemetals TMC 0.96 3.0 ValleyNatlBncp VLY 10.23 -1.4
JackintheBox JACK 54.80 -0.8 MindMed MNMD 0.63 -4.0 PayPal PYPL 67.58 -2.3 SeritageGrowth SRG 4.90 -0.8 TOP Ships TOPS 0.34 -2.8 VelodyneLidarWt VLDRW 0.40 4.3
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
JanusHenderson JHG 22.68 -0.3 Minim MINM 0.39 -11.8 PearTherap PEAR 1.53 -9.4 Sharecare SHCR 1.53 -1.9 TPG TPG 23.09 -1.6 VelodyneLidar VLDR 0.94 -6.4
Stock Sym Hi/Lo Chg EngageSmart ESMT 15.64 -1.8 GoHealth GOCO 0.53 5.5 JawsMustangWt JWSM.WS 0.20 -16.5 MirionTech MIR 5.55 -1.4 PebblebrookHotel PEB 16.04 -0.7 SharecareWt SHCRW 0.15 -9.0 Taboola TBLA 2.47 -0.8 VerifyMe VRME 1.91 -1.5
Enhabit EHABw 22.75 -3.3 GoldRoyalty GROY 2.22 -5.9 JuniperII Wt JUN.WS 0.18 -9.5 Momentive MNTV 8.55 -7.5 Peloton PTON 8.74 -2.9 SharpsCompliance SMED 2.90 -4.6 TaiwanSemi TSM 80.12 -2.3 VerisResidential VRE 13.09 -1.5
CiaSiderurgica SID 2.90 -6.4
EnjoyTech ENJY 0.14 -25.2 GoldStandrdVntr GSV 0.31 -4.5 JuniperII JUN.U 10.01 -0.2 MonumentCirWt MONCW 0.09 -9.1 PA Reit PEI 3.24 -6.9 ShinhanFin SHG 28.09 -1.4 TalarisTherap TALS 4.35 -36.7 VersaBank VBNK 7.23 0.4
CerveceriasUnid CCU 12.36 0.2
EnjoyTechWt ENJYW 0.01 -77.4 GoldenEnt GDEN 38.21 -2.0 KB Financial KB 36.55 0.2 MotorcarParts MPAA 12.59 0.8 PA Reit Pfd D PEIpD 2.00 -9.7 ShoeCarnival SCVL 21.23 -3.3 Target TGT 137.16 -0.5 VerticalAeroWt EVTL.WS 0.38 -1.4
Compass COMP 3.32 2.3
EnochianBio ENOB 1.88 -18.6 GoldenPathWt GPCOW 0.03 25.0 KairosAcqnWt KAIRW 0.03 -44.9 MusicAcqnWt TMAC.WS 0.06 -4.2 PeoplesBncpOH PEBO 26.18 -0.2 Shyft SHYF 17.66 -0.3 TasekoMines TGB 1.06 -6.1 VerticalAerospace EVTL 3.10 -6.8
Concentrix CNXC 131.01 0.7
Enovis ENOV 54.33 -1.2 Goldmining GLDG 0.93 -5.3 KalaPharm KALA 0.30 -6.3 MustangBio MBIO 0.55 -1.4 PerformShipping PSHG 0.55 -5.4 Sibanye-Stillwater SBSW 9.90 -3.5 TelecomArgentina TEO 4.40 0.9 Vertiv VRT 8.15 -8.1
ConiferNts2023 CNFRL 21.34 -2.1
EnterpriseFinSvcs EFSC 41.05 -1.1 Goodyear GT 10.51 -5.6 Kalera KAL 5.39 -31.9 MySize MYSZ 0.18 -15.6 PitneyBowes PBI 3.51 -1.1 SilvergateCapital SI 51.05 -6.9 TeraWulf WULF 1.15 -2.4 VicariousSurgicWt RBOT.WS 0.30 -6.1
ConnectOneBncp CNOB 24.12 -1.2
EosEnergyWt EOSEW 0.30 -0.1 GoPro GPRO 5.45 -1.2 Kaleyra KLR 1.93 -2.4 NXP Semi NXPI 145.31 -1.3 PlymouthIndREIT PLYM 17.04 1.4 SimonProperty SPG 93.20 -2.4 Terex TEX 26.64 -2.0 VicariousSurgical RBOT 2.82 -1.0
Consilium I Wt CSLMW 0.04 25.2
EpiphanyTechWt EPHYW 0.07 -5.8 GoresTechII Wt GTPBW 0.40 -9.1 Kaman KAMN 30.19 1.1 NabrivaTherap NBRV 0.17 -11.2 PolarityTE PTE 1.41 ... SkeenaRscs SKE 5.24 -3.4 Textainer TGH 26.61 0.7 VickersVantIWt VCKAW 0.13 -19.2
ContainerStore TCS 6.19 -7.7
EquinoxGold EQX 4.44 -7.3 GrafTechIntl EAF 7.01 -1.8 Kaspien KSPN 2.31 -5.7 NatlBankshares NKSH 31.15 -0.1 PotlatchDelt PCH 43.37 0.1 Skillsoft SKIL 3.40 -1.1 ThermoGenesis THMO 0.26 -1.5 Victoria'sSecret VSCO 27.77 -7.1
CoreScientific CORZ 1.40 -3.2
EssaPharma EPIX 3.13 -9.5 GreenBrickPfdA GRBKpA 21.00 -1.7 Katapult KPLT 1.00 -2.7 NatlInstruments NATI 30.72 -1.0 PowerREIT PW 12.21 -8.5 Skillz SKLZ 1.15 ... Thermon THR 13.97 -2.0 VictoryCapital VCTR 23.33 -0.8
CorsairGaming CRSR 12.92 -2.9
EthanAllen ETD 19.60 -1.0 GreenBoxPOS GBOX 1.00 ... KeyarchAcqnWt KYCHW 0.08 -20.0 Natura&Co NTCO 4.99 -0.8 PowerFleet PWFL 2.13 -0.5 SkylightHealth SLHG 0.48 -4.1 ThirdCoastBcshs TCBX 21.17 1.4 Vimeo VMEO 5.83 -4.3
Cortexyme CRTX 2.12 -1.8
EtonPharm ETON 2.47 1.9 Greenbrier GBX 34.83 0.7 Kidpik PIK 1.29 -1.5 Natuzzi NTZ 7.05 -3.6 PrimorisSvcs PRIM 20.75 1.7 SleepNumber SNBR 29.68 -0.6 ThredUp TDUP 2.41 -2.3 VincoVentures BBIG 1.20 3.0
Corts Aon KTN KTN 27.60 -2.0
EuropeanWax EWCZ 16.90 -1.6 GreenbrookTMS GBNH 1.27 1.5 KinrossGold KGC 3.55 -4.5 NautilusBiotech NAUT 2.53 1.9 ProgressAcqnWt PGRWW 0.09 -11.9 SmartPowerr CREG 2.95 -2.6 3M MMM 127.30 -0.3 VistaOutdoor VSTO 27.51 -3.2
CosmosHoldings COSM 0.35 -1.8 0.96 2.0
EVEX.WS 0.46 -6.4 Greenhill GHL 8.98 -2.0 0.05 -14.7 VizslaSilver VZLA
CounterPress CPAQU 9.95 -0.3 EveHoldingWt Kohl's KSS 34.33 -0.6 Nautilus NLS 1.75 -3.8 ProjectEnReimagWt PEGRW 0.09 -5.8 SnapOne SNPO 8.91 -4.3 ThriveAcqnWt THACW
VLTA 1.22 -1.5
CounterPressWt CPAQW 0.10 -27.9 Everbridge EVBG 27.10 -5.6 GreenidgeGenNt GREEL 14.64 -11.7 KornitDigital KRNT 30.43 -2.2 NavientNts2043 JSM 18.31 -7.4 PropSolnsII Wt PSAGW 0.07 -43.8 SocialCapHedosIVWt IPOD.WS 0.45 -0.7 Thryv THRY 21.55 1.0 Volta
EVGO 5.70 -1.6 GreenidgeGen GREE 2.50 -7.3 9.70 -0.1 VoltaWt VLTA.WS 0.27 ...
CrackerBarrel CBRL 81.87 -1.2 EVgo KukeMusic KUKE 1.61 -8.8 NavitasSemi NVTS 3.84 -6.5 PropTechInvII PTICU 9.82 -0.6 SocialCapHedVI Wt IPOF.WS 0.29 4.3 ThunderBridgeIII TBCPU
VMC 139.09 -0.8
CreatdWt CRTDW 0.18 -20.5 EVgoWt EVGOW 1.13 -13.2 GromSocialEnts GROM 0.40 -9.4 L&F Acqn Wt LNFA.WS 0.15 -55.7 Nephros NEPH 1.43 4.1 Proterra PTRA 4.35 4.0 SocialCapHedVI IPOF.U 9.96 -0.5 ThunderBridgeIIIWt TBCPW 0.21 -6.9 VulcanMatls
EE 19.01 -2.2 Groupon GRPN 11.11 -5.0 0.24 -22.6 WM Tech Wt MAPSW 0.65 -5.8
CrescentCapBDC CCAP 15.06 1.4 ExcelerateEner LG Display LPL 5.52 -1.8 NeptuneWellness NEPT 1.28 -4.8 PubMatic PUBM 15.40 -1.4 SocCapSuvrettaIII DNAC 9.11 -0.1 ThunderBridgeIVWt THCPW
MAPS 3.18 -2.1
CrixusBH3 BHACU 9.84 -0.1 ExelaTech XELA 0.11 -7.1 GrowGeneration GRWG 3.42 -1.4 LL Flooring LL 9.19 -2.7 NewConceptEner GBR 1.54 -6.7 PurpleBiotech PPBT 2.29 -0.8 SolGelTech SLGL 3.94 -6.8 TileShop TTSH 3.03 -2.8 WM Tech
XCUR 2.02 -22.1 GpoFinGalicia GGAL 6.86 -3.6 10.04 -4.9 Tilly's BerkleyDeb60 WRBpG 17.30 -2.9
Crocs CROX 46.37 0.3 Exicure LakelandBcp LBAI 14.40 -0.5 NewFoundGold NFGC 4.43 -3.6 PurpleInnovation PRPL 2.94 -4.1 SolarWinds SWI TLYS 6.92 -2.6
BerkleyDeb61 WRBpH 17.09 -3.8
Cryptyde TYDE 1.90 -67.8 Expedia EXPE 90.37 -1.2 GpoSupervielle SUPV 1.32 -0.7 LakeshoreII Rt LBBBR 0.11 -45.0 NewYorkMtgPfdD NYMTN 20.12 -0.1 QVC Nts2067 QVCD 16.71 -9.8 SolidPower SLDP 5.28 -1.8 TitanMachinery TITN 21.94 -1.5
EXPR 1.91 -1.5 HCA Healthcare HCA 165.88 -4.3 WalgreensBoots WBA 37.71 -7.3
Culp CULP 4.26 -14.5 Express Largo LGO 6.71 -4.7 NewYorkMtgPfdE NYMTM 20.12 -4.6 Quantum QMCO 1.36 -1.4 SolunaPfdA SLNHP 10.47 -5.0 TonixPharm TNXP 1.53 -4.8
FST.WS 0.45 -3.3 HEXO HEXO 0.19 2.9 WarbyParker WRBY 10.99 -2.2
CustomersBncpNt34 CUBB 22.83 1.3 FastAcqnWt Latch LTCH 1.02 4.6 NewYorkMtgPfdF NYMTL 19.71 -4.2 Quotient QTNT 0.23 -3.0 Sonder SOND 0.92 1.0 Torrid CURV 4.19 -4.8
WarnerBrosA WBD 12.77 1.9
CyclacelPharm CYCC 1.01 -27.0 FastAcqnII FZT.U 9.76 -0.9 HamiltonLaneI Wt HLAHW 0.08 -5.8 LatchWt LTCHW 0.11 -3.7 NewYorkMtgPfdG NYMTZ 18.85 -0.2 QuotientTech QUOT 2.92 -5.4 Sonendo SONX 1.67 -0.6 TowneBank TOWN 26.64 ...
WarnerMusic WMG 23.74 -2.1
CycloTherapWt CYTHW 0.50 -28.6 F45Training FXLV 3.78 -3.2 HarborCustom HCDI 1.36 -3.5 Lazydays LAZY 11.40 1.6 NYTimes A NYT 27.63 -1.9 QurateRetailA QRTEA 2.74 -4.3 Sonos SONO 17.88 -4.1 TransCodeTherap RNAZ 1.13 -2.3
WashingtonREIT WRE 21.13 -0.7
D&ZMediaWt DNZ.WS 0.10 -9.1 FG Fin Pfd A FGFPP 16.00 ... Harsco HSC 6.80 0.7 Leafly LFLY 4.44 -3.8 NewAge NBEV 0.21 -6.7 REE Automotive REE 1.16 -10.8 SoundHoundAI Wt SOUNW 0.25 ... TravelCtrsNt28 TANNI 25.10 -1.8
WaveDancer WAVD 1.24 3.1
D-MarketElec HEPS 0.59 -9.3 FangddNetwork DUO 1.92 -1.2 HavertyFurn HVT 22.77 -2.1 LejuHoldings LEJU 2.31 -11.7 NewcourtAcqnWt NCACW 0.07 -57.9 RH RH 207.37 -10.6 Sphere3D ANY 0.52 -6.8 TravelCtrsNt30 TANNZ 24.87 -0.6
Wayfair W 43.31 -9.6
DRDGOLD DRD 5.81 -3.5 FarPeakAcqn FPAC.U 9.86 -0.3 HeartlandMediaWt HMA.WS 0.12 -16.0 LendingClub LC 11.35 -3.7 NexaResources NEXA 6.00 -6.2 RMGAcqnIIIWt RMGCW 0.08 -6.0 SpireGlobal SPIR 1.12 -0.9 TremorIntl TRMR 8.32 2.4 WebsterFin WBS 41.58 -3.0
DataKnightsWt DKDCW 0.01 -33.5 Farmmi FAMI 1.01 -0.9 HeclaMining HL 3.89 -4.9 LendingTree TREE 43.09 -6.2 NexImmune NEXI 1.51 ... RPTRealtyPfdD RPTpD 47.50 -2.6 SportsVenturesWt AKICW 0.05 -4.7 TrilogyMetals TMQ 0.75 -3.0 Wejo WEJO 1.17 -11.2
DatChat DATS 1.03 ... FifthThirdBncp FITB 32.55 -1.8 Heliogen HLGN 1.86 7.1 LibertyTripAdvA LTRPA 0.75 -4.5 NexPtDivRlEstPfdA NXDTpA 18.72 1.9 Ranpak PACK 6.84 -6.0 SportsTekAcqnWt SPTKW 0.04 -57.9 TrinityCapital TRIN 14.03 1.0 WesternDigital WDC 43.81 -1.3
Dave DAVE 0.68 -8.2 FinanceofAm FOA 1.53 -2.5 HepionPharm HEPA 0.57 -0.9 Light&Wonder LNW 45.00 -0.4 NiaMoPwr pfB NMKpB 84.40 -5.5 ReadyCapPfdE RCpE 19.80 -0.3 StdBioTools LAB 1.57 -0.6 TripAdvisor TRIP 17.43 -3.3 Weyerhaeuser WY 32.50 0.2
DAVIDsTEA DTEA 1.56 -1.3 FinInstitutions FISI 25.45 -0.3 HeritageCommerce HTBK 10.43 -0.2 LightJumpWt LJAQW 0.06 -14.3 Nike NKE 100.78 -1.0 RedRockResorts RRR 31.58 -0.6 StandexInt SXI 82.29 1.7 TriumphBancorp TBK 60.02 ... WheatonPrecMet WPM 35.97 -3.9
DawsonGeophys DWSN 1.29 -2.2 FinnovateAcqnWt FNVTW 0.09 -5.9 HeritageInsurance HRTG 2.53 -1.9 Lightng eMotors ZEV 2.75 -9.5 Nikola NKLA 4.61 0.8 RedViolet RDVT 18.54 -2.4 StateStreet STT 60.54 -2.9 trivago TRVG 1.46 -2.0 WheelsUp UP 1.81 3.7
DecarbPlusIV Wt DCRDW 0.20 -19.9 FinWiseBancorp FINW 8.88 -5.3 HimaxTechs HIMX 7.21 -0.3 LionElectricWt LEV.WS 0.82 -2.2 nLIGHT LASR 10.01 -0.2 Redwire RDW 2.78 3.8 Stellantis STLA 12.12 -2.6 TrueCar TRUE 2.51 -0.8 WholeEarthBrds FREE 5.94 1.8
DeepLakeCapWt DLCAW 0.05 -15.3 FirstAdvantage FA 12.05 2.4 HomePlateAcqn HPLTU 9.75 -3.0 LiveOakMobilWt LOKM.WS 0.11 -29.9 NomuraHoldings NMR 3.52 -0.3 RegionalMgmt RM 37.02 -1.8 StevenMadden SHOO 31.54 -1.3 TurkcellIletism TKC 2.45 -3.1 WholeEarthBrdsWt FREEW 0.27 -11.8
Deere DE 294.29 -0.4 FirstEagleAltNts26 FCRX 23.05 -3.3 HondaMotor HMC 23.85 -1.3 LiveVox LVOX 1.41 4.4 Noodles NDLS 4.56 1.1 RekorSystems REKR 1.68 -4.3 StitchFix SFIX 4.88 -8.2 TurtleBeach HEAR 12.14 -4.4 WisdomTreeInvs WETF 4.87 1.8
DeltaAir DAL 28.10 -2.3 FirstFoundation FFWM 20.18 -1.0 Honeywell HON 170.18 0.4 LloydsBanking LYG 1.98 -1.4 NorthernDynasty NAK 0.25 1.8 Renalytix RNLX 2.23 -38.3 STMicroelec STM 30.55 -2.4 TwelveSeasII Wt TWLVW 0.07 -4.9 WorksportWt WKSPW 0.23 -8.0
DelwindsInsWt DWIN.WS 0.06 110.0 First HS Educ FHS 0.71 -0.4 HorizonGlobal HZN 1.62 -3.0 loanDepot LDI 1.34 -0.7 Nova NVMI 86.39 -0.9 Rent-A-Center RCII 19.01 -0.9 StrongholdDig SDIG 1.46 2.5 Uber UBER 19.90 -4.7 X4 Pharm XFOR 0.86 9.7
DeutscheBank DB 8.46 -2.6 FirstMajestic AG 7.06 -4.8 HudbayMinerals HBM 3.91 -2.9 LocalBounti LOCL 2.85 7.8 NovaGoldRscs NG 4.78 -10.4 ReShapeLife RSLS 0.55 2.3 SummitMaterials SUM 22.01 3.0 UnderArmour A UAA 8.27 -5.1 XL Fleet XL 1.07 -0.9
DiamondOffshore DO 5.86 -6.7 FirstMerchants FRME 35.07 -0.4 HudsonPacProp HPP 14.59 -2.8 LogicMark LGMK 1.04 -6.8 Novan NOVN 2.15 ... ResideoTech REZI 18.85 0.3 SummitMidstream SMLP 12.50 -1.6 UnderArmour C UA 7.42 -2.9 XomaPfdB XOMAO 24.34 1.9
DieboldNixdorf DBD 2.16 -0.4 FirstWaveBioPharma FWBI 0.20 -37.5 Humacyte HUMA 3.07 -0.6 LomaNegra LOMA 4.98 -1.2 NuvationBioWt NUVB.WS 0.28 -9.7 RevelationBioUn REVBU 4.37 -5.0 SunlightFinWt SUNL.WS 0.29 -3.9 UnitedMicro UMC 6.58 -2.6 XP XP 17.29 -1.8
DigihostTechnology DGHI 0.96 -9.7 FiveBelow FIVE 110.09 -2.4 Hut8Mining HUT 1.29 -6.3 LongboardPharm LBPH 2.84 -0.6 NuvationBio NUVB 3.19 -6.6 RigettiComp RGTI 3.25 8.6 SunshineBio SBFM 1.04 -0.9 US Steel X 17.56 -3.4 Xerox XRX 14.55 -1.5
Digimarc DMRC 13.52 0.3 5EAdvMatls FEAM 11.50 -0.1 Hydrofarm HYFM 3.46 -6.2 LoopIndustries LOOP 3.61 1.3 Nuvei NVEI 34.81 -3.6 RigettiCompWt RGTIW 0.56 14.0 SuperGroup SGHC 3.90 -1.9 UnityBiotech UBX 0.55 -6.1 Xos XOS 1.73 ...
DigitalMediaWt DMS.WS 0.06 11.4 FocusImpactWt FIACW 0.08 66.7 i-80Gold IAUX 1.77 -4.5 LoyaltyVentures LYLT 3.38 -4.3 NuvveHolding NVVE 4.59 -4.3 RiotBlockchain RIOT 4.12 -6.9 Sweetgreen SG 10.78 1.4 UnivDisplay OLED 98.71 -2.5 Zenvia ZENV 1.87 1.9
Diodes DIOD 63.07 -0.7 FomentoEconMex FMX 65.82 0.1 II-VI IIVI 50.14 -1.8 LuminarTech LAZR 5.82 -4.4 NVIDIA NVDA 148.62 -2.5 RobertHalf RHI 73.10 -0.8 SynchronyFin SYF 27.22 -3.2 UniversalHealthB UHS 98.89 -6.1 ZeppHealth ZEPP 1.85 -2.6
Diversey DSEY 6.26 -0.9 FootLocker FL 25.12 -6.2 II-VI 6% Pfd IIVIP 215.02 -3.7 LumiraDx LMDX 2.60 -8.3 Nyxoah NYXH 9.20 -8.6 RocketLab RKLB 3.53 1.9 System1 SST 6.65 -2.7 UraniumRoyalty UROY 2.21 -4.2 ZetaGlobal ZETA 4.19 0.7
DiversifiedHlthcr DHC 1.80 -2.2 ForgeGlobalWt FRGE.WS 0.07 -43.5 IMPAC Mortgage IMH 0.58 -4.9 Lyft LYFT 13.06 -5.3 OLB Group OLB 0.83 2.4 RomeoPower RMO 0.44 -1.6 System1Wt SST.WS 0.71 -7.6 VF VFC 43.33 -2.1 ZimVie ZIMV 15.76 -1.4
DocuSign DOCU 55.86 -6.0 FortistarSustWt FSSIW 0.13 -10.7 INNOVATE VATE 1.65 ... LytusTech LYT 4.06 -23.7 ONE GroupHosp STKS 7.09 0.4 RossStores ROST 69.58 -2.2 TD Synnex SNX 88.61 0.7 VTEX VTEX 2.74 -1.3 ZipRecruiter ZIP 13.78 1.8
Dole DOLE 8.44 -2.8 FortressTransPfC FTAIN 21.93 -8.0 Invesco IVZ 15.62 -2.0 MeliKaszek MEKA 9.90 -1.0 Offerpad OPAD 2.16 -8.0 Rover ROVR 3.61 0.8 TE Connectivity TEL 110.11 0.2 VailResorts MTN 213.60 -2.4 Zumiez ZUMZ 25.51 -2.7
Doma DOMA 0.87 11.7 Fossil FOSL 5.10 -7.5 InvoBioScience INVO 0.63 -13.7 MFA FinPfdC MFApC 18.12 -4.6 1847Goedeker GOED 1.20 -2.4 RoyalCaribbean RCL 33.00 -3.1
DomaWt DOMA.WS 0.11 -17.5 FranklinRscs BEN 22.61 0.2 IRSA IRS 3.26 4.7 Macerich MAC 8.42 -2.1 1847GoedekerWt GOED.WS 0.25 -3.7 RunwayGrowthFin RWAY 10.76 3.0
DouglasElliman DOUG 4.57 1.3 FranklinWireless FKWL 2.94 6.5 IXAcqnWt IXAQW 0.09 -9.9 MagnaIntl MGA 53.55 -3.3 OneSpaWorld OSW 6.86 1.1 RuthsHospitality RUTH 15.89 -1.2
DuckCreekTech DCT 13.44 -19.3 Freshpet FRPT 49.31 -5.3 IamGold IAG 1.60 -6.4 Magnachip MX 14.18 -0.2 OportunFin OPRT 8.11 -6.1 Ryanair RYAAY 65.31 -3.3
DuluthHoldings DLTH
EBET EBET
9.44 -3.8 fuboTV
2.28 -2.4 FusionAcqnIIWt
FUBO
FSNB.WS
2.34 -4.3 IberePharmWt
0.09 -26.9 IceCureMedical
IBER.WS
ICCM
0.06
1.68
-11.1
-4.5
Mannatech
Manpower
MTEX
MAN
15.49 5.8 OrionEnergySys OESX
73.90 -0.3 OrionOffice ONL
1.99 -2.0 Sai.TechWt
10.92 -1.5 SAP
SAITW
SAP
0.13 -12.0
88.96 -3.4
Dividend Changes
E-HomeHousehold EJH 0.28 -4.9 FusionPharm FUSN 2.41 -0.4 iHeartMedia IHRT 7.72 -3.4 MarathonDigital MARA 5.27 -7.9 OrlaMining ORLA 2.73 -4.2 S&W Seed SANW 0.89 2.8
ESAB ESAB 42.09 1.7 GAN GAN 2.92 -5.1 iMediaBrandsNts IMBIL 11.94 1.2 MarinSoftware MRIN 1.58 -2.4 OrthofixIntl OFIX 23.17 ... SCE V Pfd SCEpK 21.75 -0.6 Amount Payab e /
Payable
ESM Acqn Wt ESM.WS 0.14 -8.2 GOL Linhas GOL 3.32 -4.2 iMediaBrands IMBI 1.01 16.3 MarineMax HZO 35.10 -2.8 OsiskoDevelopment ODV 4.80 -8.6 SINOPEC SHI 16.81 -1.4 Company Symbol
Symbo Yld
Y d% New/Old
New/O d Frq Record
ESSTechWt GWH.WS 0.33 -7.0 GSquaredI Wt GSQD.WS 0.14 -34.8 Immuron IMRN 2.06 -10.8 Markforged MKFG 1.72 3.4 OsiskoGoldRoyal OR 10.07 -4.7 SLGreenRealty SLG 45.52 -2.1
Eargo EAR 0.73 -8.2 GXO Logistics GXO 41.46 -2.1 Incannex IXHL 3.63 -1.4 MartinMarietta MLM 291.57 -0.3 OstinTech OST 1.60 -0.6 SMART Global SGH 15.10 -19.3
Ecopetrol EC 10.67 -1.9 GamidaCell GMDA 1.67 2.3 InFinTAcqnWt IFIN.WS 0.05 ... MarvellTech MRVL 42.55 -1.8 OtonomoTech OTMO 1.07 ... SOS SOS 0.17 6.4
Increased
EdesaBiotech EDSA 1.30 8.8 Gannett GCI 2.78 -0.3 Infobird IFBD 0.45 -9.7 Matterport MTTR 3.56 -3.2 Ouster OUST 1.60 -1.8 SVB Fin SIVB 374.99 -1.9 General Mills GIS 2.9 .54 /.51 Q Aug01 /Jul08
EdibleGarden EDBL 1.25 1.6 Gap GPS 8.18 -6.0 InnovativeIndProp IIPR 107.00 -0.7 MawsonInfr MIGI 0.98 -2.7 Overstock OSTK 24.75 -8.0 SallyBeauty SBH 11.28 1.3
EducDev EDUC 3.94 -2.2 GardinerHlthcrWt GDNRW 0.10 -16.7 InnovativeIntlWt IOACW 0.08 -6.1 McEwenMining MUX 0.42 -4.1 Owlet OWLT 1.56 3.0 SarcosTech&Robotic STRC 2.51 2.3 Stocks
8x8 EGHT 4.99 -3.0 GatesIndustrial GTES 10.50 -0.5 Inotiv NOTV 9.14 0.4 MeaTech3D MITC 3.20 -8.5 PLBY Group PLBY 6.31 -4.6 SchnitzerSteel SCHN 31.86 -4.2
ElancoAnimal ELAN 19.34 -1.9 GeneralElec GE 61.76 ... InpointCmclREPfdA ICRpA 18.07 0.4 MedTechAcqnWt MTACW 0.06 -40.0 POSCO PKX 43.80 -0.9 Science37 SNCE 1.89 1.5 Exicure XCUR 1:30 /Jun30
EldoradoGold EGO 6.37 -5.5 Genesco GCO 49.73 -5.2 Inter INTR 2.10 -26.1 MerchantsBancorp MBIN 22.05 0.8 P3HealthPartnersWt PIIIW 0.49 -2.0 ScreamingEagle SCRMU 9.70 -0.1
ElectraBatteryMtls ELBM 2.75 -4.5 GeniusSports GENI 2.20 -8.9 Interface TILE 11.87 1.5 MercurityFintech MFH 0.53 -12.1 PVH PVH 55.54 -2.4 ScrippsEW SSP 12.35 -1.5 Special
Electromed ELMD 9.10 -0.1 GeospaceTech GEOS 4.64 0.2 IntlTowerHill THM 0.46 -3.8 MercuryGeneral MCY 42.73 1.8 PagayaTech PGY 3.67 -3.0 SculptorCapMgmt SCU 8.02 -0.2
ElementSolns ESI 17.35 -1.1 GermanAmerBncp GABC 33.74 -0.8 iPower IPW 1.00 ... Mesoblast MESO 2.14 -2.2 PagSeguroDig PAGS 9.45 1.9 SeabridgeGold SA 12.32 -4.8 Farmers & Merchants Bancp FMAO 2.3 .0125 Jul20 /Jul08
EllingtonFinPfdA EFCpA 21.34 -0.3 Gevo GEVO 2.29 -4.1 iRobot IRBT 35.41 -6.9 MetaMaterials MMAT 0.98 -1.0 PalisadeBio PALI 0.37 -5.1 SeaSpine SPNE 5.59 -4.9
19.93 -2.9 IronSparkI 9.84 ... MetallaRoyalty MTA 4.65 -2.2 PanAmerSilver PAAS 19.59 -4.1 Sema4 SMFR 1.11 3.3
Sources: FactSet; Dow Jones Market Data
ElliottOppIIWt EOCW.WS 0.24 -25.6 GIIIApparel GIII ISAA
EmbarkTech EMBK 0.50 -8.2 GlobalPtrsPfdB GLPpB 25.30 -1.6 IvanhoeElectric IE 8.30 -10.4 MicroFocus MFGP 3.35 -4.0 ParabellumAcqnWt PRBM.WS 0.11 -18.8 SeniorConnectI Wt SNRHW 0.06 -7.8
EmpresaDisCom EDN 4.13 -3.8 GlobalFoundries GFS 39.76 -6.3 JPMorganChase JPM 110.93 -2.3 Microvast MVST 2.07 2.8 ParamountGoldNV PZG 0.40 -5.6 SeniorConnectI SNRHU 9.84 -0.1
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
EnelChile ENIC 1.08 -2.6 GoalAcqnsWt PUCKW 0.06 -22.5 JX Luxventure LLL 1.25 -2.3 MillerIndustries MLR 21.95 1.7 ParamountGroup PGRE 7.08 -1.8 SenstarTech SNT 1.82 -0.5 spin-off.

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 Fund
Net YTD
NAV Chg %Ret
Income 12.56 +0.04 -9.7 Balanc 24.83 -0.16-18.1 Harbor Funds HYMunBd NA ... NA VANGUARD ADMIRAL TotStAdml 91.77 -0.84-21.4 MdCpVlAdml 67.09 -0.41-13.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Intl Stk 42.55 -0.63-10.0 BluCh 116.58 -2.26-36.5 CapApInst 64.88 -1.03-35.6 Old Westbury Fds 500Adml 349.37 -3.03-20.0 TxMCapAdml194.81 -1.81-20.9 SmValAdml 64.38 -0.47-15.5
Stock 214.13 -2.49-11.5 Contra 13.30 -0.16-28.2 Harding Loevner LrgCpStr NA ... NA BalAdml 40.15 -0.15-17.1 TxMIn r 13.08 -0.11-19.3 TotBd2 9.79 +0.04-10.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds ContraK 13.35 -0.16-28.2 IntlEq 22.80 -0.18-24.2 Parnassus Fds CAITAdml 11.11 +0.03 -7.9 USGroAdml 104.16 -1.86-38.2 TotIntlInstIdx r110.48 -0.91-18.2
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
TotRetBdI 9.35 +0.01 -8.9 CpInc 8.98 -0.04-14.0 Invesco Funds A ParnEqFd 50.53 -0.35-20.2 CapOpAdml r155.69 -1.55-19.6 ValAdml 51.38 -0.25 -9.4 TotItlInstPlId r110.51 -0.91-18.1
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Edgewood Growth Instituti GroCo 24.35 -0.42-33.2 EqIncA 9.90 -0.07-12.1 PGIM Funds Cl Z DivAppIdxAdm 38.92 -0.12-15.7 TotSt 91.75 -0.85-21.4
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not WdsrllAdml 67.31 -0.62-17.1
EdgewoodGrInst 36.51 -0.36-39.6 InvGrBd 10.28 +0.04-10.4 Invesco Funds Y HighYield 4.62 -0.01-13.5 EMAdmr 34.56 -0.28-14.9 WellsIAdml 62.23 +0.06-10.0 VANGUARD INSTL FDS
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Fidelity LowP 46.52 -0.57-13.5 DevMktY 35.12 -0.25-25.3 TotalReturnBond NA ... NA EqIncAdml 84.32 -0.34 -7.3 BalInst 40.15 -0.16-17.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. WelltnAdml 69.62 -0.22-16.1
500IdxInstPrem131.92 -1.14-20.0 Magin 10.86 -0.07-26.5 JHF III DispVal PIMCO Fds Instl ExplrAdml 87.88 -0.86-26.2 WndsrAdml 73.65 -0.56 -9.0 DevMktsIndInst 13.10 -0.11-19.2
Contrafund K6 16.75 -0.19-27.9 NASDAQ 139.37 -1.88-29.2 DispValMCI 23.77 -0.17-14.1 AllAsset 10.96 -0.07-12.1 ExtndAdml 99.48 -1.24-28.1 VANGUARD FDS DevMktsInxInst 20.47 -0.17-19.3
Thursday, June 30, 2022 ExtMktIdxInstPre 62.46 -0.78-28.0 OTC 13.51 -0.20-31.1 John Hancock TotRt 9.00 +0.04-11.3 GNMAAdml 9.62 +0.05 -8.0 DivdGro 33.83 +0.03-11.0 ExtndInst 99.47 -1.25-28.1
Net YTD Net YTD Net YTD FidSerToMarket 12.51 -0.12-21.3 Puritn 22.42 -0.14-17.4 BondR6 13.90 +0.04-12.5 PIMCO Funds A GrwthAdml 114.66 -1.55-30.4 IntlVal 34.97 -0.28-15.9 GrwthInst 114.67 -1.55-30.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret GrowthCompanyK6 15.22 -0.25-33.5 SAIUSQtyIdx 15.33 -0.10-19.1 JPMorgan I Class IncomeFd 10.61 ... -9.4 HlthCareAdml r 84.63 -0.19 -8.5 LifeCon 19.63 -0.01-14.2 InPrSeIn 10.22 -0.26 -8.6
InflPrBdIndInsPr 10.15 -0.02 -9.1 SrsEmrgMkt 16.36 -0.15-22.2 CoreBond 10.58 +0.04 -9.4 PIMCO Funds I2 HYCorAdml r 5.09 -0.02-12.5 LifeGro 36.03 -0.21-18.2 InstIdx 320.61 -2.78-20.0
American Century Inv Artisan Funds Calamos Funds IntlIdxInstPrem 39.83 -0.36-19.2 SrsGlobal 12.36 -0.12-17.9 EqInc 21.56 -0.09 -8.8 Income 10.61 ... -9.2 InfProAd 25.08 -0.65 -8.6 InstPlus 320.60 -2.78-20.0
Ultra 60.51 -1.01-30.9 IntlVal Inst 36.82 -0.31-13.1 MktNeutI 13.49 -0.06 -7.0 LifeMod 27.86 -0.09-16.2
MidCpInxInstPrem 24.89 -0.24-21.6 SrsGroCoRetail 13.74 -0.23-32.7 JPMorgan R Class PIMCO Funds Instl IntlGrAdml 95.28 -1.18-31.6 InstTStPlus 66.77 -0.61-21.4
American Funds Cl A Baird Funds Columbia Class I PrmcpCor 28.15 -0.26-16.3
SAIUSLgCpIndxFd 18.20 -0.15-20.0 SrsIntlGrw 13.99 -0.09-26.8 CoreBond 10.59 +0.04 -9.4 IncomeFd 10.61 ... -9.2 ITBondAdml 10.52 +0.06-10.6 MidCpInst 53.88 -0.44-22.2
AmcpA 29.74 -0.33-29.6 AggBdInst 10.01 +0.03-11.0 DivIncom I 27.64 -0.10-11.8 CorePlusBd 7.45 +0.02-10.4 STAR 25.83 -0.14-18.6
SeriesBondFd 9.27 +0.04-10.2 SrsIntlVal 9.59 -0.14-14.1 Price Funds ITIGradeAdml 8.57 +0.03-12.7 MidCpIstPl 265.72 -2.16-22.2
AMutlA 48.30 -0.10 -8.4 CorBdInst 10.25 +0.04-11.0 Dimensional Fds BlChip TgtRe2015 12.88 ...-11.8
SeriesOverseas 10.45 -0.04-27.4 TotalBond 9.69 +0.02-11.3 Lord Abbett A 116.79 -1.97-34.3 LTGradeAdml 8.42 +0.03-21.4 RealEstaInstl 19.97 -0.05-20.5
BalA 28.57 -0.10-13.5 BlackRock Funds 5GlbFxdInc 10.06 +0.02 -6.0 SerLTTreBdIdx 6.66 +0.06-20.9 Fidelity SAI ShtDurIncmA p 3.92 +0.01 -4.5 DivGro 62.34 -0.22-15.4 MidCpAdml 243.90 -1.99-22.2 TgtRe2020 26.74 -0.05-13.8
SmCapInst 84.39 -0.83-21.6
BondA 11.86 +0.02-10.3 HiYldBd Inst 6.60 -0.02-13.7 EmgMktVa 27.64 -0.20-10.2 SmCpIdxInstPrem 21.12 -0.14-23.4 TotalBd 9.19 +0.02-10.9 Lord Abbett F Growth 67.36 -1.14-36.6 MuHYAdml 10.47 +0.05-11.4 TgtRe2025 17.16 -0.05-15.6 SmCapIstPl 243.59 -2.40-21.6
CapIBA 62.52 -0.25 -9.7 BlackRock Funds A EmMktCorEq 21.05 -0.18-15.1 TMktIdxInstPrem105.11 -0.97-21.3 U.S.TreBdIdx 9.08 +0.04 -9.1 ShtDurIncm 3.92 +0.01 -4.3 HelSci 85.73 -0.25-17.6 MuIntAdml 13.41 +0.04 -7.7 TgtRe2030 32.02 -0.12-16.7 STIGradeInst 10.08 +0.02 -5.6
CapWGrA 49.64 -0.51-21.2 GlblAlloc 17.41 -0.07-16.3 IntlCoreEq 13.03 -0.10-17.9 TotalMarketIndex 13.24 -0.12-21.1 First Eagle Funds Lord Abbett I LgCapGow I 49.16 -0.84-33.1 MuLTAdml 10.67 +0.05-10.8 TgtRe2035 19.70 -0.10-17.4 STIPSIxins 24.81 -0.35 -2.8
EupacA 48.17 -0.38-25.2 BlackRock Funds III IntSmCo 17.04 -0.13-21.3 USBdIdxInstPrem 10.64 +0.04-10.3 GlbA 57.91 -0.48-10.2 ShtDurInc p 3.92 +0.01 -4.2 MidCap 87.52 -0.64-25.4 MuLtdAdml 10.72 +0.01 -3.4 TgtRe2040 34.43 -0.20-18.1 TotBdInst 9.91 +0.04-10.4
FdInvA 58.75 -0.57-20.7 iShS&P500IdxK445.16 -5.74-20.0 IntSmVa 17.85 -0.16-15.9 Fidelity Freedom FPA Funds Metropolitan West NHoriz 47.71 -0.55-37.9 MuShtAdml 15.61 +0.01 -1.3 TgtRe2045 23.04 -0.16-18.8 TotBdInst2 9.79 +0.04-10.4
GwthA 51.77 -0.66-30.3 BlackRock Funds Inst LgCo 26.93 -0.23-20.0 FF2020 13.27 -0.04-15.8 NwInc 9.63 +0.01 -2.7 TotRetBdI 9.54 +0.03-11.7 R2020 18.92 -0.07-14.8 PrmcpAdml r139.73 -1.43-17.5 TgtRe2050 37.96 -0.27-19.1 TotBdInstPl 9.91 +0.04-10.4
HI TrA 9.00 -0.04-12.4 EqtyDivd 19.75 -0.24 -8.6 US CoreEq1 29.42 -0.25-18.7 FF2025 12.14 -0.05-16.6 Franklin A1 TRBdPlan 8.95 +0.04-11.6 R2025 16.39 -0.08-16.0 RealEstatAdml129.05 -0.30-20.5 TgtRe2060 38.88 -0.28-19.1 TotIntBdIdxInst 29.68 +0.11-10.0
ICAA 40.89 -0.32-19.4 StratIncOpptyIns 9.48 -0.01 -5.5 US CoreEq2 26.74 -0.21-18.5 FF2030 15.10 -0.07-17.3 IncomeA1 2.28 -0.01 -7.4 MFS Funds R2030 24.29 -0.13-17.6 SmCapAdml 84.40 -0.83-21.7 TgtRet2055 42.26 -0.30-19.1 TotStInst 91.78 -0.85-21.4
IncoA 23.10 -0.07 -9.4 Bridge Builder Trust US Small 38.01 -0.16-18.9 FF2035 12.87 -0.09-18.8 FrankTemp/Frank Adv IIE 26.83 -0.24-19.8 R2040 26.18 -0.19-20.1 SmGthAdml 69.28 -0.94-29.9 TgtRetInc 12.65 ...-11.8 ValueInst 51.38 -0.25 -9.4
N PerA 48.38 -0.50-27.1 CoreBond 9.23 +0.04-10.7 US SmCpVal 37.78 -0.28-12.7 FF2040 9.03 -0.08-20.0 IncomeAdv 2.26 -0.01 -7.4 MFS Funds Class I Schwab Funds STBondAdml 10.06 +0.02 -4.5 WellsI 25.69 +0.02-10.0 WCM Focus Funds
NEcoA 42.78 -0.38-30.8 CorePlusBond 9.10 +0.03-11.2 US TgdVal 26.13 -0.22-13.0 Freedom2030 K 15.09 -0.07-17.3 FrankTemp/Franklin A GrowthI 137.43 -1.53-29.3 1000 Inv r 81.59 -0.77-21.2 STIGradeAdml 10.08 +0.02 -5.6 Welltn 40.32 -0.13-16.1 WCMFocIntlGrwIns 18.89 -0.11-31.8
NwWrldA 65.63 -0.42-23.7 Intl Eq 10.55 -0.08-21.2 USLgVa 39.93 -0.34-12.4 Freedom2035 K 12.86 -0.09-18.8 Growth A 110.42 -0.90-26.6 ValueI 47.05 -0.02-13.2 S&P Sel 58.38 -0.51-20.0 STIPSIxAdm 24.79 -0.35 -1.4 WndsrII 37.95 -0.35-17.2 Western Asset
SmCpA 54.51 -0.48-31.9 LargeCapGrowth 17.13 -0.18-27.2 Dodge & Cox Freedom2040 K 9.03 -0.08-20.0 RisDv A 79.72 -0.28-17.6 Northern Funds TSM Sel r 64.73 -0.60-21.3 TotBdAdml 9.91 +0.04-10.4 VANGUARD INDEX FDS CoreBondI 11.16 +0.05-13.8
TxExA 12.17 +0.04 -9.3 LargeCapValue 15.20 -0.16-11.8 Balanced 97.01 -0.76 -9.9 Idx2030InsPre 17.16 -0.07-16.8 Guggenheim Funds Tru StkIdx 41.48 -0.36-20.0 TIAA/CREF Funds TotIntBdIdxAdm 19.78 +0.08-10.0 ExtndIstPl 245.48 -3.07-28.1 CorePlusBdI 9.88 +0.04-16.0
WshA 50.71 -0.24-13.0 MunicipalBond 9.78 +0.04 -8.4 GblStock 13.33 -0.17 -7.7 Fidelity Invest TotRtnBdFdClInst 24.37 +0.04-13.3 Nuveen Cl I EqIdxInst 26.99 -0.25-21.1 TotIntlAdmIdx r 27.63 -0.23-18.2 IdxIntl 16.52 -0.13-18.2 CorePlusBdIS 9.88 +0.05-16.0

THE WALL STREET JOURNAL.
Gauge Shows Strains in Corporate Debt
But New York Fed’s
meter shows other
corners of the market
are in better health
BY MATT GROSSMAN
A new Federal Reserve
gauge is showing moderate
but rising signs of distress in
trading of high-quality corpo-
rate bonds, reflecting investor
jitters about a slowing econ-
omy.
The alert comes from a new
measurement called the Cor-
porate Bond Market Distress
Index, or CMDI, which the
Fed’s New York branch plans
to update once a month. The
first snapshot, offered
Wednesday, shows greater
strain for the roughly $5 tril-
lion market for U.S. invest-
ment-grade corporate bonds,
compared with historically low
levels in newly released back-
looking data from late last
year.
On the index’s zero-to-one
scale, where lower numbers
signal calmer conditions, the
UBS to Pay $25 Million to Settle SEC Fraud Charges
BY MARGOT PATRICK
UBS Group AG agreed to
pay $25 million to settle fraud
charges from the Securities
and Exchange Commission
over a complex options-trad-
ing strategy that lost custom-
ers tens of millions of dollars.
The Swiss bank pitched the
strategy, called Yield Enhance-
ment Strategy, as relatively
low risk, The Wall Street
Journal previously re-
ported. YES involved multiple
options trades on stock in-
dexes that produced positive
Finance Chiefs
Weigh Benefits
Of Stock Splits
BY KRISTIN BROUGHTON
Companies are analyzing
the costs and benefits of split-
ting their shares, with several
big businesses recently an-
nouncing plans to do so.
By splitting their stock,
companies can make share
purchases more affordable for
employees and bolster their
appeal to individual share-
holders. As part of the deci-
sion, finance chiefs are tasked
with considering the costs of a
split, including marginally
higher annual fees charged by
stock exchanges for listing ad-
ditional shares.
This year through June 27,
four companies in the S&P
500—Amazon.com Inc., glu-
cose-monitoring company
DexCom Inc., cybersecurity
company Fortinet Inc. and in-
surer W.R. Berkley Corp.—
completed stock splits, accord-
ing to FactSet, a data provider.
Others, including Google par-
ent Alphabet Inc. and electric
car maker Tesla Inc., have an-
nounced plans this year to
split their shares. Last year,
nine companies in the S&P
500 executed stock splits, up
from eight a year earlier and
five in 2019, FactSet said.
Share prices across indus-
tries have declined sharply in
recent months as the Federal
Reserve is tightening its mon-
etary policy and concerns are
growing about the economic
outlook.
Stock splits reduce a com-
pany’s share price but don’t
affect their underlying fi-
nances. For instance, compa-
nies that announce a 4-for-1
stock split divide their share
price by four and provide in-
vestors with three additional
shares for each share they
own. Splits have come back in
vogue in recent years after
falling out of favor after the
dot-com boom as companies
have put a bigger focus on
connecting with retail share-
holders. Companies take on
higher annual listing fees and
administrative hurdles in-
volved with shareholder noti-
fications as part of the deci-
sion.
San Diego-based DexCom,
which makes blood sugar-
monitoring devices for people
with diabetes, earlier this year
* * * * *
latest data show a distress
reading of 0.36 for high-qual-
ity bonds, a significant rise
compared with levels as low
as 0.08 this past November.
Despite the climb, the index is
well below records from previ-
ous crises, such as the 2008 fi-
nancial meltdown.
Investors said that the new
gauge offers a good general
reflection of touchier trading
conditions into the summer.
Some, however, were sur-
prised that the index flagged
high-quality bonds as a partic-
ular source of distress.
“From our seat, we are not
feeling that the investment-
grade market is showing much
distress or liquidity concerns,
at least not to the magnitude
that this is highlighting,” said
Anders Persson, head of Nu-
veen Global Fixed Income.
Central-bank policy has
roiled debt markets in 2022 as
officials try to tame prices by
cooling the economy. Persis-
tent inflation has led the Fed
to raise interest rates faster
than it has in nearly 30 years,
provoking one of the deepest
bond-market routs in decades.
returns when indexes such as
the S&P 500 moved steadily,
but spiraled into large losses
when markets became more
volatile. UBS customers lost at
least $60 million as of
mid-2019.
UBS is one of the world’s
biggest wealth managers, with
around $3.1 trillion in invested
assets, and presents itself as a
companion to the rich through
their financial ups and downs.
It has around 6,000 financial
advisers in the U.S. and
bought online wealth adviser
Wealthfront this year to bring
decided to split its shares into
four to make stock purchases
more accessible to employees,
Chief Financial Officer Jereme
Sylvain said. All full-time U.S.
employees can set aside
money in their paychecks over
a six-month period to buy the
company’s shares at a dis-
counted rate, but they can’t
purchase fractional shares.
DexCom had about 6,300 full-
DEXCOM
time employees as of Dec. 31,
71% of whom were based in
the U.S.
DexCom previously noticed
that it was issuing refunds to
employees who at the end of
the six-month period hadn’t
set aside enough money to
purchase a single share, Mr.
Sylvain said. “We want to pro-
vide an opportunity for folks
to have access,” he said, dis-
cussing the company’s motiva-
tion.
The company’s stock began
trading on a split-adjusted ba-
sis on June 13. The company’s
shares closed at $68.06 that
day, down 7% from a day ear-
lier amid a broader market
selloff. The company’s shares
closed at $75.45 Wednesday.
Intuitive Surgical Inc.,
which makes robotic surgical
products, split its shares last
year to make them affordable
for employees, Jamie Samath,
the company’s finance chief,
said. The company had just
over 9,793 full-time employees
as of Dec. 31. Its stock on
Wednesday closed at $202.59,
down 44% from the beginning
of 2022.
The CFOs of DexCom and
Intuitive Surgical acknowl-
edged the recent selloff in
stocks. DexCom said it doesn’t
change how it views its deci-
sion to split its shares, but
said it is too early to say
whether the move has had an
impact on the company’s em-
ployee stock program or if it
attracted additional retail
shareholders.
Tesla also cited its em-
ployee stock program as a rea-
son behind its 3-for-1 stock
split in its proxy statement in
June. “We believe the stock
split would help reset the mar-
ket price of our common stock
so that our employees will
have more flexibility in man-
aging their equity,” the com-
pany said in its filing.
MARKETS
The yield on the benchmark
10-year U.S. Treasury note has
risen to 3.091% through
Wednesday’s trading, from
1.496% at the end of last year.
A bond’s yield rises when its
price falls.
Corporate bonds also have
faced pressure, with investors
demanding higher premiums
to buy them instead of ultra-
safe Treasury bonds. The pre-
miums offered by high-quality
corporate bonds have risen to
1.51 percentage points, up
from 0.9 percentage point at
the start of the year, according
to Bloomberg index data. Pre-
miums on junk-rated debt
have risen even more.
Rising credit spreads are a
sign investors are getting
more concerned about compa-
nies’ financial health. Fed re-
searchers developed the new
distress index to answer a sep-
arate but related question:
How well are markets allowing
investors to respond to chang-
ing levels of risk?
When markets are healthy,
buyers and sellers of bonds
have an easy time linking up
and agreeing on trades—even
in more customers.
The SEC in an order
Wednesday said UBS sold YES
to around 600 investors via
its financial advisers in the
U.S. between February 2016
and February 2017.
It said UBS knew and docu-
mented the risk of significant
losses from the investments
but didn’t share the data with
the financial advisers or the
investors. The regulator said
many of UBS’s advisers didn’t
understand the risks them-
selves, and so couldn’t give
appropriate advice.
DexCom CFO Jereme Sylvain said the split would make share purchases more accessible to employees.
Year-to-date performance
40%
20
0
-20
-40
-60
Jan. 2022
Source: FactSet
Splitting the company’s
shares will make them more
accessible to retail sharehold-
ers, Tesla said in its filing. The
auto maker’s shares on
Wednesday closed at $685.47,
down 43% from the beginning
of the year.
Tesla didn’t immediately re-
spond to a request for addi-
Splits are back in
favor as companies
seek to connect with
retail investors.
tional comment. Amazon
pointed to an earlier state-
ment, saying that the split
gives employees more flexibil-
ity in how they manage their
equity in the company and
makes the stock more attrac-
tive to investors in general. Al-
phabet said the split will make
shares more accessible to in-
vestors. Fortinet pointed to its
Corporate Bond Market
Distress Index*
0.7 Overall
Investment-grade
0.6 Speculative-grade
0.5
0.4
0.3
0.2
0.1
0 Week ending June 24
Jan. 2020 ’21 ’22
*On a new gauge, using a zero-to-one scale,
lower numbers signal calmer conditions
Source: New York Fed
when fast-breaking news is
causing big price swings. On
the other hand, crises can
make markets lock up. When
that happens, growing fear
can incite a vicious circle, with
financial anxiety chilling trad-
ing and begetting greater
panic.
The CMDI tries to measure
UBS consented to the SEC
order without admitting or
denying the findings. It agreed
to pay $7.2 million in dis-
gorgement and interest that
the SEC said it already satis-
fied through customer arbitra-
tion. It will pay a civil penalty
of $17.4 million and distribute
the sum to affected investors.
A spokesman for the bank
on Thursday said it was
pleased to resolve the matter
and that the SEC acknowl-
edged that it voluntarily re-
mediated the problems in
early 2017 by improving risk
W.R.
Berkley
S&P 500
Amazon
Intuitive
Surgical
DexCom
June
proxy filing from May, saying
a split would make its shares
more affordable, attract inves-
tors and increase liquidity in
the trading of the company’s
stock. W.R. Berkley didn’t im-
mediately provide a comment.
Companies often have their
own reasons for splitting
shares that can be tricky for
outside observers to identify,
said Alon Kalay, assistant pro-
fessor of accounting at Michi-
gan State University. By mov-
ing forward with a stock split,
executives can signal confi-
dence that strong prior earn-
ings growth will continue, Mr.
Kalay said. The decision might
involve a company’s own pref-
erence for where it wants its
shares to trade, he said.
Stock splits break up shares
into smaller pieces—similar,
for instance, to breaking a $50
bill into five $10s—without af-
fecting a company’s underly-
ing finances. Still, there are
additional costs and logistical
hurdles that companies con-
sider.
Companies typically need to
that kind of distress in a sin-
gle number. It comes from a
formula combining informa-
tion about relative bond
prices, trading rhythms and
new debt sales by companies,
along with other factors.
The index’s current warning
about the declining ease of
transacting, which traders call
liquidity, matches up with ex-
perience, said David Norris,
head of U.S. credit at Twenty-
Four Asset Management. “Li-
quidity is challenging and has
become more challenging as
the year has progressed,” Mr.
Norris said. “During this cur-
rent downturn, we are wit-
nessing liquidity gradually de-
teriorating which is very
frustrating.“
The New York Fed’s meter
is flashing the most concern
for investment-grade debt,
with other corners of the mar-
ket showing better health. The
distress index for junk-rated
debt stands at 0.22, up from
0.15 at the end of last year.
The broad-market index
stands at 0.20, a small tick up
from 0.18 six months ago.
New York Fed researchers
controls and training around
the strategy.
In one month in 2018, YES
lost more than 13%. It ended
down 18% that year, the SEC
said. UBS in 2019 had said the
benefits and risks were clearly
disclosed to investors.
The strategy worked by
selling short-term, “out-of-
the-money” puts and calls on
an index—a situation when
the underlying price of the in-
dex isn’t at or better than the
option’s strike price.
Those were coupled with
the purchase of short-term
pay higher annual fees to the
exchange that lists their
shares. DexCom estimates it
will pay an additional $30,000
in fees a year to Nasdaq as a
result of its stock split, bring-
ing its total annual fee to
$167,000. The company during
the first quarter generated a
profit of $97.3 million, up 72%
from a year earlier.
Annual fees paid to ex-
changes typically increase
when companies register more
shares, peaking at $167,000 a
year for Nasdaq-listed compa-
nies that list more than 150
million shares. Fees on the
New York Stock Exchange are
capped at $500,000 a year.
For DexCom, an important
cost involved with splitting
the company’s shares involved
notifying investors and pre-
paring paperwork behind the
scenes, Mr. Sylvain said.
He declined to provide the
total cost of splitting the com-
pany’s shares. “A motivated
employee base is worth its
weight in gold,” Mr. Sylvain
said.
Meanwhile, some compa-
nies see limited upside from
splitting their stock. Asked
whether regional bank PNC Fi-
nancial Services Group Inc.
would consider a stock split,
Chief Executive William Dem-
chak in April said it would re-
sult in higher costs from list-
ing and managing a larger
number of shares. The com-
pany’s shares closed at $157.37
on Wednesday, down 24%
since the beginning of the
year.
“It doesn’t actually do any-
thing for the performance of
the company or change the
economics of the company. So
we’re not considering it,” Mr.
Demchak said.
.
Friday, July 1, 2022 | B13
said that the distress index for
investment-grade debt has
been pushed higher by data
showing friction in the trading
of outstanding bonds. That
trend has been more subdued
for junk-rated bonds, the re-
searchers said.
Though they developed the
CMDI just in the last couple of
years, Fed researchers have
applied the tool to historical
data dating to 2005 to test
how well it warned about pre-
vious panics. The gauge hit a
record level of 0.76 early in
2009, when the fallout from
the financial crisis seized
credit markets.
The index also rose in 2011,
when investors were worried
about how financial problems
in the eurozone could spill
over into global markets. It
climbed again in spring 2020,
when Covid-19 shut down
swaths of the U.S. economy.
The CMDI also has signaled
broader economic troubles in
the past, with higher index
values tending to precede
lower industrial production
and higher unemployment a
year later.
below-market puts and above-
market calls on the index to
mitigate risk, UBS marketing
materials showed.
The strategy initially was
started by UBS rival Credit
Suisse Group AG.
After Credit Suisse shut its
U.S. wealth business in 2015,
the YES team moved to UBS.
The recruited Credit Suisse
advisers and their clients gen-
erally understood the down-
side risks, the SEC said. UBS’s
advisers and new clients buy-
ing the product weren’t fully
informed, though.
Treasury
Yield Falls
Below 3%
Continued from page B1
reflecting traders’ dimming
views about the economy.
Treasury yields largely re-
flect expectations for short-
term rates set by the Federal
Reserve.
As anxiety about growth
mounts, investors are re-eval-
uating how they expect the
Fed to steer the economy,
with some now
CREDIT p o n d e r i n g
MARKETS whether slowing
growth may lead
the central bank to ease away
from aggressive interest-rate
increases sooner than ex-
pected.
Economic data released
this week underscored that
thinking.
A Commerce Department
report showed that con-
sumer-spending growth
cooled in May to 0.2%, the
smallest monthly gain this
year.
Estimates of first-quarter
economic growth got a down-
ward revision, with statisti-
cians reporting that personal
consumption was likely
weaker than previously
thought.
Labor markets remain
strong, but slowing home
sales and record-low con-
sumer sentiment have added
to concerns that soaring
prices for necessities like gas-
oline and food are catching
up with household budgets.
“You’re starting to build a
case that the consumer is
slowing down,” said Andrew
Brenner, head of interna-
tional fixed income at Na-
tional Alliance Securities.
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
$107,435,244,900
$38,483,414,900
" noncompetitively $941,317,800
" foreign noncompetitively $0
Auction price (rate) 99.903556
(1.240%)
Coupon equivalent 1.258%
Bids at clearing yield accepted 22.71%
Cusip number 912796X46
The bills, dated July 5, 2022, mature on Aug. 2, 2022.
EIGHT-WEEK BILLS
Applications $89,592,812,500
Accepted bids $32,985,852,500
" noncompetitively $347,739,000
" foreign noncompetitively $0
Auction price (rate) 99.743333
(1.650%)
Coupon equivalent 1.677%
Bids at clearing yield accepted 6.66%
Cusip number 912796XP9
The bills, dated July 5, 2022, mature on Aug. 30, 2022.

B14 | Friday, July 1, 2022
JetBlue May Need More Than Spirit
Dogged pursuit of lower-cost peer suggests doubts about its strategy as an independent airline
Offering top dollar for some-
thing reveals not just what you
want, but also what you lack. This
second possibility should worry
JetBlue Airways investors.
Spirit Airlines shares jumped in
early trading Thursday. The com-
pany again postponed a meeting
scheduled for later in the day, in
which shareholders were set to
vote on an acquisition proposal
made by Frontier Group.
Investors now see a bigger
chance that Spirit will instead be
bought by JetBlue, which upped its
offer late Monday.
The New York-based airline’s
persistence is being punished by
the market: JetBlue’s stock fell
more than 5% on Thursday, and is
down roughly 40% since the bid-
ding war for Spirit started in
April—far more than other U.S.
carriers.
Either merger would create the
fifth-largest U.S. airline, delivering
scale by combining fleets of Airbus
A320 jets. Spirit clearly prefers
Frontier, however: They share a
common history as ultra-low-cost
carriers backed by Bill Franke’s In-
China’s Covid Woes Push Macau to the Brink
The only way to win money
from a casino is to own one. But in
Macau, that strategy hasn’t
worked over the past two years:
The Covid-19 pandemic and strict
restrictions on arrivals have kept
most gamblers away.
China’s decision this week to
partially relax its quarantine policy
ignited hope that things could soon
change. Shares of Macau casino op-
erators jumped, on average, more
than 10% this week. China says it
will reduce quarantine require-
ments for travelers to seven days in
a hotel and three days at home
from 14 days of hotel quarantine.
The change won’t affect Macau
much directly, but it could be a sig-
nal of where China’s zero-Covid
policy is going.
Covid cases in mainland China,
and more recently in Macau, have
driven already depressed revenue
at casinos in the gambling hub
JOHN MAK/REUTERS
even lower. Visitor arrivals and
gambling revenue in the first five
months of this year were both
down from the same period in
2021. They are now more than
80% below prepandemic levels.
Any sustainable recovery will
depend on a significant relaxation
of pandemic restrictions—and the
timing is still uncertain. Mean-
while, largely empty casino floors
mean operators will keep burning
cash and pushing debt higher.
While casinos cut spending after
the pandemic started, the sector
has still spent around $2.2 billion
to $2.3 billion of cash every quar-
ter on operating, capital and inter-
est expenses since the fourth quar-
ter of 2020, according to Morgan
Stanley. Net debt rose by $13 bil-
Pharma Giants Won’t Bail Out Battered Biotech
The stock market might be in
the doldrums, but the biotechnol-
ogy index has fallen off a cliff. One
measure says it all: Dozens of pub-
licly traded biotechs have dropped
so much that they are now valued
below the amount of cash they
have in the bank.
Some healthcare investors have
been pointing to that trend as a
sign things have started to bottom.
The argument goes that biotech
has become so cheap that pharma-
ceutical companies—staring down
a patent cliff and armed with hun-
dreds of billions of dollars of dry
powder for acquisitions—will come
to the rescue. Indeed, a popular
biotech exchange-traded fund, the
SPDR S&P Biotech ETF, has re-
bounded by around 20% from its
recent lows.
That analysis paints with too
broad a brush. Many of the compa-
nies now trading below cash are
likely to go out of business in a
macroeconomic environment in
which their key input cost—
money—is rising. To an even
greater degree than high-growth
tech companies such as Shopify or
Roblox, biotech struggles in a ris-
ing interest-rate environment be-
cause many companies don’t have
any real revenue streams and
don’t expect to have a product in
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
digo Partners private-equity fund.
By comparison, JetBlue’s eager-
ness to pay a hefty premium for a
carrier with unit costs 30% lower
than his own—a sign they occupy
very different market segments—
remains somewhat baffling.
Yes, the U.S. airline market is
very mature. Pre-Covid rounds of
consolidation allowed legacy carri-
ers like Delta Air Lines and United
Airlines to become more profit-
able, and growth without acquisi-
tions is hard.
But American Airlines’ merger
with US Airways in 2013 also
shows how unexpected integration
costs can weigh down a company
for almost a decade.
JetBlue has been a niche player
since its launch by airline entre-
preneur David Neeleman in 1998.
It combines low fares and point-
to-point routes with better ameni-
ties and a focus on high-volume
routes from urban centers like
New York City and Boston, re-
cently including trans-Atlantic ser-
vices.
Bringing a true ultra-low-cost
operator into this fold risks dilut-
Covid cases in mainland China and Macau, drove casino revenue even lower. A line for testing in Macau last week.
lion to $20 billion over the past
two years, the bank said.
Together with rising interest
rates, the higher debt load will de-
lay the eventual return to breaking
even, even after revenue finally re-
turns. Capital commitments for
gambling license renewals may
further add to the burden. Casino
licenses will expire at the end of
this year, after the government
gave them a short extension.
Fitch Ratings downgraded the
debt of Macau casino operator
SPDR S&P Biotech ETF share price
$180
160
140
120
100
80
60
40
2020 ’22
Source: FactSet
the market for years. Sadly for
both investors and patients, clini-
cal trials move slowly.
That problem has been exacer-
bated by a biotech bubble in recent
years as too many early-stage com-
panies went public. In 2021, the
peak bubble year, 111 biotechs had
initial public offerings in the U.S.,
topping the previous peak of 91 in
2020. Some of those companies are
still conducting preclinical trials,
meaning they haven’t even begun
testing their therapies on humans.
Sio Gene Therapies, with its
shares down 87% in the past year,
ON
THE
ing JetBlue’s service proposition
and Spirit’s low prices alike.
For JetBlue investors, then, the
pressing question is: Why pay so
much for it?
The company’s proposal is all in
cash with a big prepayment divi-
dend, a reverse termination fee—
in the not-unlikely case regulators
For JetBlue investors,
the pressing question is:
Why pay so much for
Spirit?
block the merger—and a monthly
ticking fee that could push its total
value up to $34.15 a share. Fron-
tier’s bid is less generous on all of
these fronts. Even after doubling
the amount of cash previously of-
fered, it amounts to only $22.32—
based on Wednesday’s closing
prices, since a fifth of the money
is in Frontier shares.
Perhaps Spirit’s open preference
Sands China and its parent to junk
two weeks ago. Bond yields of many
Macau casino operators have blown
out. Yields on dollar-denominated
bonds for SJM Holdings maturing
in 2026 surged to around 20% com-
pared with 5.5% at the beginning of
the year, according to FactSet.
Wynn Macau’s 2026 dollar bonds
yield 17% versus 7% in January.
Supportive parent companies
may help. Wynn Macau said in June
it will borrow up to $500 million
from its parent. But higher financ-
is an example of a company trad-
ing at a negative enterprise value.
Sio Gene’s market capitalization is
$27 million, even though it had
$65 million in the bank as of the
end of the first quarter.
But Sio Gene is anything but a
bargain. The company has termi-
nated its gene therapy licensing
agreements with the University of
Massachusetts, is quickly running
out of cash, and has fired much of
its staff. Because a company like
Sio Gene is effectively locked out
of the capital markets these days,
it needs to find a buyer to bail it
out. The company hired SVB Secu-
rities in late April to help it ex-
plore a sale. Whether it can survive
in some form remains to be seen.
Sio Gene isn’t alone. Fierce Bio-
tech, a news outlet focused on the
industry, started a layoff tracker
this year, and it looks scary. In the
first week of June, for instance,
oncology biotech Atreca an-
nounced plans to cull a quarter of
its workforce and stem-cell devel-
oper Athersys said it is cutting
70% of its staff. And the list goes
on.
So when will the bleeding stop?
For Les Funtleyder, a healthcare
investor at E Squared Capital Man-
agement, the sector as a whole
can’t really begin to rebound until
for Frontier is egging on JetBlue
Chief Executive Robin Hayes to
keep bidding. More likely, though,
he has a powerful strategic ratio-
nale—the fear that being left out
of another round of consolidation
will leave JetBlue boxed in be-
tween stronger discounters and
the legacy giants.
Even without a merger of Spirit
and Frontier, the success of Jet-
Blue’s current strategy may be-
come harder to sustain, particu-
larly as it grapples with
unionization and rising labor de-
mands. In recent years, it has di-
versified its offering both upscale
and downscale, and turned to tra-
ditional tactics like increasing bag-
gage fees. It fell into last place for
operational performance in The
Wall Street Journal’s 2021 rank-
ing—right after Spirit, ominously.
Whether moving away from its
niche ethos is the right approach
is debatable. Either way, Mr.
Hayes’s expensive gamble on Spirit
seems to reveal a belief that Jet-
Blue needs radical action to stay
aloft. It isn’t a message investors
are likely to forget. —Jon Sindreu
ing costs from other external
sources will still weigh on cash con-
ditions at most operators. That’s
why Galaxy Entertainment, which
has the strongest balance sheet, has
outperformed: Its stock gained 16%
this year, while shares of some of
its peers lost more than 30%.
The cardinal rule of a casino is
to keep gamblers playing and to
keep them coming back. But it is
still uncertain when Macau’s oper-
ators will be able to do that.
—Jacky Wong
it is clear that the Federal Reserve
is finished raising rates. As of now,
traders are pricing in rate cuts
later next year, so a recovery could
start early next year, he says.
Pharma companies, Mr. Funtleyder
says, aren’t particularly focused on
valuations. What they are focused
on is the science and whether the
business is a strategic fit.
Of course the market rout leaves
some solid biotech businesses trad-
ing at bargain prices. That means
the deal pace will probably pick up
this year, especially in the crowded
oncology space. Ipsen has agreed
to acquire Epizyme for $247 mil-
lion, and Bristol-Myers Squibb
said it would buy Turning Point
Therapeutics for $4.1 billion. Both
are cancer plays. While the Turn-
ing Point deal reflected a premium,
the purchase price was still below
last year’s high. Much of the most
recent strength in the biotechnol-
ogy sector has been related to
speculation that Merck & Co.
might buy Seagen, a company that
could fetch about $40 billion.
But pharma companies are look-
ing for needles in the haystack, not
the haystack itself. That means
more pain could still be coming for
biotech investors. Pharmaceutical
companies won’t be there to help.
—David Wainer
.
THE WALL STREET JOURNAL.
Qualcomm’s
Apple Slice
Won’t Keep
For Long
Qualcomm may get an extra
bite or two from Apple. But as
with any treat, no one should ex-
pect the sugar rush to last.
Qualcomm’s stock jumped earlier
this week after an influential analyst
tweeted that Apple’s effort to de-
velop its own modem chip hit a
snag. Ming-Chi Kuo of Taiwan’s TF
International Securities, who is con-
sidered well-sourced in Apple’s sup-
ply chain, said his sources indicated
that a 5G modem chip Apple is de-
veloping “may have failed.” He thus
projected Qualcomm would keep all
of Apple’s modem-chip business for
the iPhones coming out in late 2023.
Qualcomm told analysts last year
that it expected to have about 20%
of Apple’s iPhone business by that
cycle. Stacy Rasgon of Bernstein es-
timates that keeping the full iPhone
business would add $4 billion to $6
billion to Qualcomm’s revenue for
its fiscal year ending September
2024—an 8% to 12% upside to Wall
Street’s current projection.
Neither Qualcomm nor Apple has
commented on the report, leaving
the obvious possibility that Mr. Kuo
and his sources could have it wrong.
That Apple is developing such chips
is well-known; the executive leading
the company’s in-house chip efforts
confirmed as much in an employee
town-hall meeting in late 2020.
But modem chips, also referred
to as baseband processors, are com-
plex, requiring tight integration be-
tween a device’s main computing
processor and the wireless network
to which it is connected. Intel Corp.
once tried to develop a baseband
for the iPhone but came up short.
Qualcomm, the main developer of
the digital cellular technology most
widely used in today’s networks,
has dominated the market for
years, accounting for 51% of base-
band revenue in 2021, according to
Strategy Analytics.
None of which is to say that Ap-
ple won’t get there eventually. The
company has nearly $73 billion in
net cash plus an annual research-
and-development budget that totals
more than $24 billion, more than
three times what Qualcomm spends.
It has a powerful motivation to con-
trol more of its silicon destiny. Chips
designed in-house cost less than
buying them from outside suppliers
and allow Apple to more tightly in-
tegrate the design with its devices.
Then there is the bad blood be-
tween Apple and Qualcomm that
culminated in a multiyear legal
battle, which was settled in 2019
primarily because Apple needed
Qualcomm’s modem to get 5G
iPhones to the market in time. Ed
Snyder of Charter Equity wrote
Wednesday that Apple remains
“hellbent on ridding itself of Qual-
comm and has made its modem ef-
fort the highest investment prior-
ity in the company for several
years.” He projects Apple will have
its chip ready for 2024 iPhones
and will fully replace Qualcomm in
the lineup by the following year.
Fortunately for Qualcomm, the
company has been working to re-
duce its dependence on Apple. At its
analyst meeting last fall, Qualcomm
said it expects Apple to account for
a single-digit-percentage share of its
chipset business by the end of fiscal
’24. Investors have sort-of bought
in: Qualcomm’s stock price decline
of 28% since that meeting is slightly
better than the 33% loss seen by the
PHLX Semiconductor Index over the
same time. Another year or two of
the iPhone business could provide
Qualcomm with extra cash flow to
invest in acquisitions and other di-
versification efforts—so long as
both the company and its investors
continue to understand that Apple’s
modem is more a question of when
than if. —Dan Gallagher
Qualcomm's annual revenue
PROJECTIONS
$60 billion
Addition if full
50 iPhone business stays*
40
30
20
10
0
2010 ’20
*Apple addition midpoint of Bernstein Research estimate
Note: Fiscal year ended Sept. 30
Sources: FactSet (revenue); Bernstein Research (addition)
 MANSION
.

Luxury $42 Million

Landlord Fashion
A guide to entrepreneurs list
renting to the in Beverly Hills.
uber-rich. M5 M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, July 1, 2022 | M1

At Fifteen Fifty, monthly

rents start at $3,350.

The San Francisco Doldrums

In the Bay Area city, unlike other major metros, the rental market has yet to recover from its Covid slump

FROM TOP: RELATED CALIFORNIA (4); ANGELA DECENZO FOR THE WALL STREET JOURNAL (2, VOSS; VORSATZ); CAYCE CLIFFORD FOR THE WALL STREET JOURNAL (MICEK); BROOKFIELD PROPERTIES (THE GEORGE)
$3,340 $3,859 7.6%
year-over-year
14.2%
year-over-year
May average monthly pre-Covid average increase in median increase in
San Francisco monthly San Francisco San Francisco one- median-one bedroom
new-lease rent new-lease rent bedroom rent rent nationally

BY E.B. SOLOMONT

W
hen Blair Vorsatz
started apart-
ment hunting in
San Francisco
this year after
living out of state for more than a
decade, the 30-year-old Bay Area
native braced himself for sticker
shock. His first impression of a
1,900-square-foot, two-bedroom
condo at the Ritz-Carlton
Residences in downtown
THE
Landlord Renee Voss discounted rents in 2020.
San Francisco—listed for
rent at $8,000 a month—
was that it was too big RENTALS
and more than he wanted ISSUE
to spend, even though it
checked off other boxes
on his wish list: luxury building,
great view and close to his job in
the Financial District.
But when the landlord cut the
monthly rent to $7,000 a few
weeks later, Mr. Vorsatz reconsid-
ered. “All of a sudden, I was like,
‘This is gorgeous,’” he said. He
signed a two-year lease and moved
into the apartment in May. “I got
John Micek III negotiated with his landlord.
this for a steal, relative to other
places around here,” he said.
Although rental markets in ma-
jor U.S. cities surged to record
highs last year, San Francisco’s re-
covery has lagged behind. Land-
lords and brokers cited a conflu-
ence of factors, including
exorbitant prepandemic rents and
the city’s rent-control policies, cou-
pled with a mass exodus of tech
workers and others over
the past two years. While
Blair Vorsatz leased a $7,000-a-month condo.
many restaurants and
businesses have reopened
and workers are being
called back, homelessness
and crime are prevalent
in pockets of the city.
Of the 100 largest cities nation-
wide, San Francisco’s rent dis-
counts are the steepest, according
to data from home-search website
Apartment List. The city’s median
rents are down roughly 10% from
March 2020, said senior econo-
mist Christopher Salviati. “They
are trending upward, but at a
fairly modest pace relative to the
The George is offering two months of free rent.
Please turn to page M6

Chasing the Ideal Retreat

Vacationers are becoming bold serial renters in a volatile luxury market

 Sagaponack, N.Y. // Price: $20,000 a night 

FROM LEFT: GEORGE FAKAROS; DYLAN LUKE PHOTOGRAPHY (2)

Mykonos, Greece // Price: $15,000 a night

BY ALINA DIZIK
VACATIONERS LOOKING FOR a
summer retreat with top-notch
décor, a private staff and plenty of
bedrooms are scooping up high-
end rentals both within driving
distance and in far-flung loca-
tions, straining inventory and
raising prices in some places
while pushing down rates in oth-
ers, resulting in a luxury-rental
market that is more turbulent
than usual.
The volatility has upended the
traditional seasonal landscape. In
the Hamptons, for example, prices
are softening as demand for quick
city getaways slows, while desti-
nations in Idaho and Michigan are
experiencing unexpected jumps in
popularity. In addition, some
would-be home buyers are opting
to rent instead, further straining
inventory, while other shoppers
are proceeding with purchases in
Please turn to page M12
 .

M2 | Friday, July 1, 2022 NY THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

‘How I Met Your Mother’

Star Alyson Hannigan
Lists Los Angeles Home
Purchase price in 2016: $7.95 million

the television series “Buffy the
Vampire Slayer” and the 1999 film
“American Pie.” Mr. Denisof, also an
actor, has appeared in films such as
“Guardians of the Galaxy” and “The
Avengers.”
Mr. LaMontagna
pound, but said that they have al-
ready moved out.
In April, the median listing
price in Encino was $1.8 million,
up 36% from the same time last
year, according to Realtor.com.
(News Corp, parent of The Wall

TYLER HOGAN (3); F. SADOU/ADMEDIA/ZUMA PRESS (ALEXIS DENISOF AND ALYSON HANNIGAN)
didn’t disclose why Street Journal, operates Real-
the couple is selling tor.com.)
their Encino com- —Libertina Brandt

Actress Alyson Hannigan and Jade Mills, also of Cold- FOR SALE and gardens.
her husband, Alexis Denisof, are
listing their home in the Encino
well Banker Realty.
The property has multi-
Ms. Hannigan
and Mr. Denisof declined $18
neighborhood of Los Angeles for
$18 million.
ple structures, including a
three-bedroom main
MILLION aAccording request for comment.
to Mr. LaMon-
3.25 acres,
The “How I Met Your Mother” house, a one-bedroom tagna, the couple made
tennis court,
actress and her husband bought guesthouse, an office con- several changes to the
pool, bocce
the roughly 3.25-acre property in nected to a three-car ga- property, adding skylights
2016 for $7.95 million, according rage with a bedroom to the main home and re-
to Michael LaMontagna of Hilton above it, and a stand-alone gym, vamping the landscaping.
& Hyland. He shares the listing according to Mr. LaMontagna. The In addition to the long-running
with his wife, Alexis LaMontagna, grounds also contain a bocce court, sitcom “How I Met Your Mother,”
of Coldwell Banker Realty, and a tennis court, a swimming pool Ms. Hannigan is known for roles in

In Alaska, a 44-Acre
Private Island for Sale
A private island in Alaska is
hitting the market for $20 mil-
lion, according to Troy Dana of
Fay Ranches, who shares the list-
ing with Yvan Corbin of Real Bro-
ker.
The roughly 44-acre property is
located in the Kenai Peninsula
Borough in the southwestern part
of the state. The island is about 21
miles from the city of Homer and
about 8 miles outside the small
city of Seldovia, Mr. Dana said.
The owner of the island is
George Lindholm, a real-estate in-
vestor who lives primarily in
Washington, according to Mr.
Dana.
tures on the island, which was
once used as a fox farm, Mr. Dana
said.
Mr. Lindholm considered build-
ing two homes on the island, Mr.
Dana said, but ultimately decided
against it.
The island has a pebble beach
and about 7,000 feet of frontage
on Cook Inlet, according to Mr.
Dana.
The water is likely too cold for
recreational swimming, he said,
but the area is home to sea life FOR SALE
such as salmon, whales and ot-
ters. It can also be used for fish- $20
ing; Homer is known for its hali-
but fishing, Mr. Dana said.
MILLION
IRIS LEONARDO

7,000 feet of
Lindholm inherited the island At low tide, he said, the island
water frontage
in 2018 from his late father, Mr. stretches to roughly 56 acres.
Dana said. The property has been Much of the island is covered with
owned by the Lindholm family for spruce trees, some of which are
about a decade, he said. believed to be more than 350 from the mid 70s to the low 80s, to find one this size, according to come on the market,” he said.
Mr. Lindholm didn’t respond to years old. he said. Mr. Dana. “Rarely does an island of this size
a request for comment. Summers on the island are While there are a number of “Based on my own experience, hit the market in Alaska.”
There are currently no struc- mild, with temperatures ranging private islands in Alaska, it is rare smaller islands from time to time —Libertina Brandt

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DISCLAIMER: The written information provided has been obtained and
conveyed from third parties such as the applicable Multiple Listing Service,
public records as well as other sources. All written and verbal information
including that produced by the Sellers or Premier Estate Properties are subject
to errors, omissions or changes without notice and purchaser shall perform their
own due diligence. Copyright 2022 Premier Estate Properties Inc. All Rights
Reserved.

THE WALL STREET JOURNAL.
Matchesfashion Founders
List Home in Beverly Hills
British fashion entrepreneurs
Tom and Ruth Chapman are listing
their contemporary house in Bev-
erly Hills, Calif., for $42 million.
The couple, who sold their
fashion e-commerce busi-
ness Matchesfashion.com
in 2017, paid $24 million
for the property the same
year, records show.
Located in the exclu-
sive community of Trous-
dale Estates, the home
has views from down-
town Los Angeles to the
ocean, said real-estate
agent Carl Gambino of Compass,
who is co-listing the property
with Dena Luciano of Douglas Elli-
man. The house is approximately
6,230 square feet with five bed-
Purchase price in 2002: $10.6 million
PRIVATE PROPERTIES
rooms, he said, plus a separate
pool house that can be used as a
guesthouse.
The Chapmans didn’t respond
to a request for comment. Ac-
cording to Mr. Gambino,
FOR SALE the owners tapped de-
$42 signer Pamela Shamshiri
of Studio Shamshiri and
MILLION spent several years com-
pletely renovating and
1/
2 acre,
redesigning the home.
5 bedrooms,
The house was originally
pool and pool
built in the 1960s, re-
house
cords show, and has been
torn down to the studs
and rebuilt multiple times. The
gated property, on roughly half
an acre, is set back from the
street and is extremely private,
he said. The grounds include a
.
NY Friday, July 1, 2022 | M3
motor court, a three-car garage
and a pool.
Mr. Gambino said as part of an
extensive remodel, the owners re-
did the kitchen and added a media
room and office. Outside, they
ripped out decking in the back-
yard and added landscaping and a
garden.
The Chapmans founded their
company in 1987. In 2017, they
sold a majority stake of Matches-
fashion to private-equity firm
Apax Partners for an undisclosed
sum.
In Beverly Hills, the median
sale price for a luxury single-fam-
ily home rose 29.6% in the first
NILS TIMM (2)
quarter, according to real-estate
appraisal firm Miller Samuel.
The main house is 6,230 square feet.
—E.B. Solomont
Sold: An NYC Mansion Register of Historic Places. Mr.
Hobbs bought the property in
2002 from Lycée Français de New
Built for Vanderbilts York, a bilingual French-English
school, for $10.6 million, records
show. Previously, it housed the
Permanent Mission of Romania to
A Manhattan mansion built the East 93rd Street house as his the United Nations.
around 1930 for members of the home and as a gallery for his col- The limestone townhouse is 57
Vanderbilt family has sold for lections, according to a spokes- feet wide. Although currently
$52.5 million, according person for Mr. Hobbs. used mostly as a commercial
KAT MALOTT/THE WALL STREET JOURNAL
to two people familiar SOLD The buyer’s identity is space, it can be converted back
with the transaction.
The off-market deal $52.5 unknown.
The roughly 23,000-
into a single-family home.
The spokesperson said Mr.
closed Tuesday, the peo-
ple said. The Upper East
MILLION built for the socialite
square-foot house was Hobbs sold because he plans to
take on another historical conser-
23,000 sq. ft.
Side townhouse was Virginia Graham Fair vation project.
briefly offered privately Vanderbilt, wife of Wil- Adam Modlin of Modlin Group
for $68 million in 2019. liam Kissam Vanderbilt II, a mem- represented both the buyer and
The seller was English antiques ber of the prominent New York seller in the off-market transaction.
dealer Carlton Hobbs, who used family, according to the National —E.B. Solomont
 .

M4 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

MANSION
INSIDE STORY

A Dutch Couple’s Timely Hit

Rob Versloot and Inge Brüll built their second home on the North Sea coast just before prices surged

BY J.S. MARCUS

A
msterdam couple Rob PRICE

$3.56
Versloot and Inge
Brüll have made a
real-estate hole-in-one
with their second MILLION
home—a 4,200-square-foot villa Cost of lot and
located in Bergen, the Netherlands, new build, plus
a North Sea community 30 miles furnishings
northwest of the Dutch capital.
The couple paid 1.125 million
euros, or $1.28 million, for the
1/3-acre lot and its 1970s tear-
down home in 2017, when the
housing market in Amsterdam
was taking off, but prices else-
where in the country were flat.
For the new build, they wanted
a weekend house that could later
serve as a retirement base. They
also wanted something close to
nature and close to their Amster-
dam townhouse but with easy ac-
cess to Holland’s Schiphol Airport,
which Mr. Versloot, a 54-year-old
CEO of a European food conglom-
erate, flies through a few times a
week.
During the design phase, they
opted for something sustainable
and high-tech, yet cozy and com-
fortable. They ended up spending
about $2.28 million to build, fur-
nish and landscape the new prop-
erty.
Mr. Versloot and Ms. Brüll, a
38-year-old commercial-real-es-
tate professional, moved into the
Top-floor terrace off bedroom has forest views.
finished villa in spring 2021. By
spring 2022, the average
price of a Bergen home actly what the two countertop, Mr. Hoope chose Bel- gym into a private hot-yoga stu- the couple’s Cockapoo, but seem-
was nearly double liked, says her hus- gian Blue Stone, a dark limestone dio without disturbing tempera- ing to vanish in the view from the
what it had been band. that develops a rich patina over tures elsewhere in the house. primary suite’s balcony.
when they bought Schoorl
North Dunes Clients and ar- time, and he gave the custom-de- A backyard guesthouse with Looking ahead, the two are
the lot. Sea chitect worked signed wood-burning fireplace a earth-covered walls also functions considering selling their Amster-
Getting every- Bergen out a calming black steel surround. as an environmentally friendly dam townhouse, buying some-
thing you want palette: from In the living room, the couple home office. thing in the Dutch Caribbean for
from a new home, Netherlands matte black to offset dark elements with pale- Just beyond the guesthouse is winter, and turning the new Ber-
including buying at Amsterdam
pale beige down- beige B&B Italia couches, a multi- Bergen’s forest-covered dunes gen villa into their toehold in the
just the right time, stairs, brightening color rug from Milan’s Studio that lead to the North Sea. Mr. Netherlands.
may be a matter of Schiphol up to pure white Klass, and sand-colored mesh Hoope demarcated the couple’s Until then, they are commuting
Airport
luck, but the couple had upstairs, where Mr. drapes. property with a custom-designed between Bergen and Amsterdam,
a helpful tailwind on the Versloot’s two teenage The main floor’s open plan has steel-tube fence that mimics the using the new home’s solar power
project: a longstanding collabora- children from his first marriage several sitting areas, including a pattern of grasses blowing in the to juice up their electric Fiat and
tion with a family of architects. each have their own bedrooms. corner spot with an Eames lounge wind, providing a barrier for Otto, hybrid Range Rover.
In the 1990s, Mr. Versloot’s par- For their own Bergen bedroom, chair and ottoman for Mr. Ver-
ents, then living in a village the couple followed suit with their sloot, and a library with a bulbous
near Bergen, commissioned a townhouse, opting again for an sofa from Spanish-Italian designer
home renovation from local archi- open-plan bedroom-bathroom Patricia Urquiola.
tect Kees Hoope. Then, in 2014, combination. The library has a disguised
Mr. Versloot and Ms. Brüll had Sampling was a key part of the television, while the basement,
Mr. Hoope’s son and former stu- project, says Mr. Hoope, who, af- which hides the heating-and-cool-
dio partner, Jos Hoope, plan the ter working with his father, ing works, has its own media
renovation of their townhouse, a started his own Amsterdam stu- room. That windowless space,
late 19th-century, 4,300-square- dio, Hoope+Plevier Architects. For with a Bang & Olufsen home-cin-
foot four-bedroom with a presti- the facade bricks, he used gray ema unit, is where Mr. Versloot
gious address near Amsterdam’s with a bit of beige. Inside, he used watches soccer matches, he says.
Vondelpark. some 20 mock-ups of the interior Mr. Hoope helped the couple
The couple was so pleased with walls’ cement finish to reach a integrate green building solutions
the results, they decided to have shade of sandy beige that en- into the project, with high-tech el-
the younger Mr. Hoope, now 39, hances the textural brickwork be- ements that give each room its
start from scratch with their neath. own climate. Ms. Brüll can close a
new Bergen lot. For the kitchen floor and island door and turn the upstairs home
Bergen building codes require a
traditional street-facing, A-frame
silhouette, but Mr. Hoope tweaked
tradition by relying on a custom
facade that uses long, narrow
bricks, arranged vertically on the
lower level and horizontally on
the upper level, to create a subtle
pattern that gets stronger as you
get closer. For the rear facade, he
created a periscope-like upper
level with a vast, west-facing ter-
race off the primary suite.
In the early stages of the proj-
ect, “I gave Jos mixed messages,”
says Ms. Brüll, who says she or-
dered a house that would be
something like “Frank Lloyd
Wright meets Scandinavia.”
But the longstanding connec-
Dark Belgian stone floors for the kitchen
tion meant the architect knew ex-

Rob Versloot and Inge Brüll, top, opted for dark-hue Midcentury Modern
designs in their dining area downstairs, and whites in an upstairs bath.
HERMAN VAN HEUSDEN FOR THE WALL STREET JOURNAL (6); JASON LEE (MAP)

Italian designer furniture in the living room

 .

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M4B | Friday, July 1, 2022 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. NY / NE Friday, July 1, 2022 | M5

MANSION | RENTALS
COUNTING HOUSE | ROBYN A. FRIEDMAN

How to Be an Ultraluxury Landlord

High-net-worth renters, especially celebrities, have ‘special requirements’ that go beyond a typical lease agreement

I
f you’re a landlord, you’re
aware of all the issues that
can arise when you rent your
property for the median
monthly asking rent in the U.S.,
which was reported by Redfin to
be $2,002 in May 2022.
But what about an ultraluxury
home or condominium, one that
rents for $50,000, $100,000 or
even $130,000 per month?
“High-end luxury rentals create
unique challenges for landlords
because the tenants are high-net-
worth individuals, often celebri-
ties, who have special require-
ments,” said Julian Johnston, a
real-estate broker at The Corcoran
Group in Miami Beach.
Mr. Johnston, who last year
represented the owner of an 11-
bedroom, 15-bath waterfront
home in Miami Beach that was
leased to a celebrity for $130,000
per month, recently worked on a
deal where he had to sign a lease
rider stating that “if I needed to
go to the residence for any reason
that I would not speak to, or look
at, the tenant.”
“In your average landlord-ten-
ant relationship, the landlord
pretty much dictates the terms,
and the tenant will not have that
much say,” said Zachary D. Schorr,
a real-estate attorney in Los An-
geles. “But when you get into
these higher-priced leases, it’s not
atypical for an attorney to negoti-
ate the terms of the lease.”
Danny Hertzberg, a real-estate
agent with The Jills Zeder Group
at Coldwell Banker Realty in Mi-
ami Beach, has coordinated re-
quests from high-net-worth ten-
ants. “They expect the fridge to
be stocked and massage thera-
pany that has the resources to re-
spond at 4 a.m. on a Sunday
morning for a leaky faucet.”
Leases for high-end rentals can
be complicated as well, with ten-
ants demanding unique clauses
that may adversely impact the
rights of the owners.
Mr. Hertzberg was involved in
the sale of a five-bedroom home
on Palm Island in Miami Beach
where, before signing the listing
agreement, the owner rented it to
a famous Reggaeton artist for over
$100,000 a month.
The tenant had his own security
team and the guards were so pro-
tective that even though Mr.
“We lost a lot of buyers be-
cause they weren’t willing to jump
through hoops,” said Mr. Hertz-
berg. The tenant allowed access
only on certain days and at lim-
ited hours. Prospective buyers
They expect the fridge to
be stocked and massage
therapists, chefs and
drivers to be arranged.
also had to sign a nondisclosure
agreement, which prohibited them
was listed for about $20 million
and ultimately sold for about $15
million, Mr. Hertzberg said. “The
seller left millions of dollars on the
table as a result of the tenant,” he
added. “He took a big haircut.”
Here are some things to con-
sider if you’re planning to become
an ultraluxury landlord.
Be creative when qualifying the
tenant. Owners of ultraluxury
properties, or their representa-
tives, need to do more than just a
basic credit check and background
search on the prospective tenant.
Some landlords ask for proof of
funds, such as bank statements, as
or a full year in advance. Ethan
Assouline, an agent with Compass
in New York City, does all this and
more. “If it’s a celebrity, you can
also google them and do your due
diligence to see if they had past
troubles or noise issues,” he said.
Make sure your insurance is suffi-
cient. Landlords of high-end prop-
erties should consider securing an
umbrella policy, which kicks in
when the underlying limits of the
landlord’s policy aren’t enough to
cover the costs if the landlord is
sued for an accident or injury on
the property. All landlords of
homes that are rented long-term—
anything over six months—regard-
less of the rent level, should have
a landlord’s policy, or rental dwell-
ing policy, according to the Insur-
ance Information Institute, an in-
dustry trade group. A landlords’
policy provides coverage for phys-
ical damage to the property
caused by fire or other casualty, as
well as coverage for personal
property the landlord leaves for
tenant use. It also includes liabil-
ity coverage in the event a tenant
or guest is injured on the prop-
erty. Many landlord’s policies also
cover loss of rental income in the
event the property can’t be rented
while it is being repaired due to
damage from a covered loss.
Do a preoccupancy inspection.
While inspections on lower-priced
rentals are common when the ten-
ant moves out so the landlord can
ensure there are no damages, for
high-price rentals, Mr. Schorr rec-
ommends a preoccupancy walk-
through to protect both parties.
“Document everything via video

pists, chefs and drivers to be ar-
ranged,” he said. “They also want
to know that the landlord has a
professional management com-
Hertzberg had the right to show
the property to potential buyers,
the guards wouldn’t let them ac-
cess the premises.
from taking photographs.
Ultimately, the parties were able
to negotiate a showing when the
tenant was out of town. The house
well as personal references from
former neighbors or landlords.
Others request a letter of credit
or that the tenant pay six months
ARTHUR MOUNT
and photographs, and have the
tenant sign off on it,” he said.
“That way, if a dispute arises, you
have a record.”

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 .

M6 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

MANSION | RENTALS

San
Francisco
Continued from page M1
national average,” he said.
In June, the median one-
bedroom rent was $2,331,
up 7.6% year-over-year,
Apartment List data show.
But the rent growth was far
slower than California’s
state average of 13.6% and
the national average of
roughly 14.2%.
One reason for the slug-
gish recovery is that the
city’s rental market was the
most expensive in the coun-
try prior to Covid, and it
took the biggest hit when
the pandemic struck. The
city’s median rent plunged
26% between March and
December 2020, Mr. Salvi-
ati said.
He said San Francisco’s
rental market experienced a
“perfect storm” when a
chunk of its tech-heavy
workforce left the city to
work remotely. “A lot of
folks were questioning why
they were paying top-dollar,
big-city prices,” Mr. Salviati
said. John Micek III pays $6,000 a month for a furnished one-bedroom with water views. He also persuaded his landlord to install an electric-car-charging station.
Paul Gaetani, a principal
of property management

CAYCE CLIFFORD FOR THE WALL STREET JOURNAL (5)

company Gaetani Real Es-
tate, said prepandemic
rents were the highest he’d
seen in his decades in the
business. Gaetani manages
4,200 units in San Fran-
cisco, mostly five- to 15-
unit buildings. “Enter
Covid, when everyone ei-
ther loses their job or
works remote, and people
that were paying high
rents, they don’t need to
pay these rents anymore,”
he said. “They can move
and do their job elsewhere
in cheaper cities.”
Between July 2020 and
July 2021, San Francisco’s
population dropped 6.3%,
the biggest decline of any
other city or town nation-
wide, according to data
from the U.S. Census Bu-
reau. (New York City lost
3.5% of its residents during
that time.)
Meanwhile, the city’s
apartment vacancy rate
shot up to 10.2% in July
2020, compared with 3.9%
at the start of the year, ac-
cording to RealPage, which
said San Francisco had the
highest vacancy rate among
large U.S. markets. By com-
parison, the average va-
cancy rate nationwide was
4.6% at the start of 2020
and never rose above 4.8%.
Mr. Gaetani said the va-
cancy rate in his buildings,
typically 1% to 2%, ulti-
mately soared to 25%.
“There was no one to back-
fill those units,” he said.
“All of 2021 was really, re-
ally brutal for landlords in
San Francisco.” Many
slashed rents.
With the pandemic wan-
ing, renters in San Francisco
are still resisting paying pre-
Covid prices, and landlords’
willingness to negotiate has
persisted, tenants and bro-
kers said. In May, the aver-
age San Francisco new-lease
rent was $3,340 a month,
compared with $3,859 a
month in January 2020, ac-
cording to RealPage.
A few months ago, John
Micek III, 69, a semiretired
lawyer and entrepreneur,
toured about 20 San Fran-
cisco apartments with his
agent, Tracy Zhou of eXp
Realty. One, asking $4,975 a
month, was a 900-square-
foot one-bedroom in a lux-
ury building off the Embar-
cadero. Despite exceptional
water views from the 27th-
floor apartment, he didn’t
sign right away.
“I didn’t need to jump
unless I found the perfect
place,” said Mr. Micek, who
was moving because he
sold his house in Silicon
Valley’s Menlo Park.
A few weeks later, the
landlord called to see if he
was still interested. He
asked the landlord to rent
it furnished, pricey artwork
included, and to install an
electric-car charging sta-
tion in the building. The
landlord ultimately agreed
San Francisco's Slow Rental Recovery
The Bay Area city's rental-market rebound is lagging behind
other major metro areas, like New York and Boston.
Year-over-year price growth
40%
30
20
10
0 12.3%
–10
–20
–30
2019 ’20 ’21
Source: Apartment List
to split the roughly $4,000
to $5,000 installation cost,
he said. He is paying
$6,000 a month for the fur-
nished apartment.
Some landlords said
their hands are tied by the
city’s rent-control ordi-
nance, which limits how
much they can raise rents
each year in multiunit
buildings constructed be-
fore 1979. In 2019, Califor-
nia also passed a sweeping,
statewide rent-control law
to cap rent increases in
New York
+26.8% (May)
National avg.
+14.2%
Boston
13.0%
Seattle
San Francisco
+7.6%
’22
buildings that are at least
15 years old.
Renee Voss is a manag-
ing partner of Voss Man-
agement, which manages
around 152 units in six San
Francisco buildings. Ms.
Voss said she discounted

every
one Blair Vorsatz leased a
$7,000-a-month condo at
the Ritz-Carlton Residences.

deserves a decent
place to live.
ANGELA DECENZO FOR THE WALL STREET JOURNAL (3)

Learn more at
habitat.org.

THE WALL STREET JOURNAL.
ANGELA DECENZO FOR THE WALL STREET JOURNAL (5)
‘All of 2021 was
really, really brutal
for landlords in
San Francisco.’
rents in about two dozen
units to retain tenants in
2020. “People were telling
us, ‘This is what I want to
pay or I’m moving,’” she
said. She still had a 30% va-
cancy rate in 2020.
Ms. Voss said rent con-
trol is preventing her from
reinstating pre-Covid pric-
ing. “Once you lower some-
one’s rent, there’s no way
to say, ‘Covid’s over, we’re
taking you back’” to the
prior rate, she said.
Not everyone agrees that
rent control is to blame for
what ails San Francisco’s
real-estate market. Tenants’
rights attorney Daniel Wayne
said a larger factor is remote
work. “The main issue is de-
mand and value,” he said.
In San Francisco, home-
lessness, car break-ins and
other crimes have also
made headlines.
“It is a problem, and
there are various parts of
San Francisco that, honestly,
I did not want to look at,”
Mr. Micek said. The first
time he took his girlfriend
to see the apartment he
ended up renting, there was
a sideshow—where drivers
The George, a 302-unit building, started leasing in March. It
is currently offering two months of free rent on all units.
BROOKFIELD PROPERTIES (2)
illegally block traffic to per-
form stunts with their
cars—at the end of the
block. He said it gave him
pause, and it convinced him
not to buy in San Francisco
right now. Still, he feels that
the neighborhood around
his building is safe. “So far,
it’s been fantastic,” he said.
Whatever the cause, lower
rents have been a boon for
tenants. Alex Darden, 24, an
investment associate,
snagged a rent-controlled
studio apartment when he
moved to San Francisco in
October 2020. The apart-
ment, in the Financial Dis-
trict, had been asking $2,700
a month before Covid. He
signed a one-year lease for
just over $1,700, he said.
“San Francisco is very ex-
pensive, so when I was look-
ing around and I saw some
of the prices in areas I
wanted to move to, I was
kind of like, ‘I need to hop on
it now,’” he said. In October
2021, Mr. Darden’s monthly
rent increased by $12.
San Francisco’s newest
luxury buildings, which
aren’t covered by rent-con-
trol laws and typically draw
young, well-paid workers,
were hit particularly hard
during Covid and are still
playing catch-up, real-es-
tate agents said.
Covid caused high-rise
living to become less desir-
able overnight, as did pay-
ing a premium to live near
the Financial District, ac-
cording to Denise Paulson of
Compass. “Nobody wanted
to ride elevators. People
were washing their grocer-
ies, remember?” she said.
“They didn’t want to get in
an elevator with anybody—
even with two masks on.”
To drive lease activity, a
number of large buildings
are still offering incentives.
Fifteen Fifty, a 550-unit
building that started leas-
ing in February 2020, was
recently advertising up to
two months free, plus eight
months of free membership
at the fitness club Equinox,
.
Friday, July 1, 2022 | M7
MANSION | RENTALS
Renee Voss, left, manages around 152 units in San Francisco. She discounted
rents in 2020 to retain tenants, but still had a vacancy rate of about 30%.
on select apartments. At is still 6% vacant, three door space, layout and build- months. In mid-June, she
1177 Market at Trinity times a typical rate, but far ing size, brokers said, found a tenant—bringing
Place, tenants recently got from the 25% vacancy rate in signaling a longer-term shift. her portfolio to 100% occu-
a month free plus flexible 2021. Rents, however, are Until recently, Ms. Voss pied. Although demand is
move-in dates, and NEMA still down by 10% to 15%. had a one-bedroom apart- higher, she said, “residents
San Francisco offered up to As in other cities, San ment in Russian Hill, asking are much more picky now
seven weeks free. The Francisco tenants have re- around $4,000, that had than they used to be. They
George, a 302-unit building considered factors like out- been vacant for about four want more for less.”
in the SoMa neighbor-
hood that started leasing in
March, is currently offering
two months of free rent on
all units plus a $2,000 rent
credit on two-bedroom
apartments. In late June,
developer Brookfield Prop-
erties said the building was
52% leased.
Fifteen Fifty developer
Related Cos. has scaled
back incentives since 2020,
when it offered concessions
for almost every deal it
closed, according to Justina
Shutler, a vice president at
Related. Now the developer
is offering concessions on
Get More WSJ
select units to get Fifteen
Fifty “to the finish line,”
she said. Occupancy is cur-
rently around 90%.
With QR Codes
Rob Chua, a 34-year-old
nonprofit and public affairs DIVE DEEPER INTO THE STORY
consultant, said he was
drawn to amenities at the WITH WSJ ’ S DIGITAL CONTENT
George, but the hefty dis-
count for a one-bedroom was
a “huge factor” in his deci- For select articles in the newspaper, you can now
sion to rent. Previously, he
scan adjacent QR codes to easily access audio,
was living with his parents
video and more related to the story you’re reading.
elsewhere in the Bay Area
Scan these codes in three simple steps:
and saving money to buy a
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Chua’s base monthly rent is Android device, open
$3,600, but it works out to the camera app.
$2,800 after concessions. He
said he’s likely to re-evaluate 2 Point it at the
his situation next year. “For QR code.
the time being, it’s great,” he Tap the pop-up
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said. notification to open
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people returned to the office. code above to visit our website.
Mr. Gaetani said his portfolio
QR Code® is a registered trademark of Denso Wave Incorporate © 2022 Dow Jones & Co., Inc. All rights reserved. 3DJ8739
 .

M8 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

MANSION
IN THE TRENCHES | ROBYN A. FRIEDMAN

When a Pet
Sells
The House
Q Has your pet ever helped you
close a deal?

ARIA FLEMING no one to walk my 4-year-

Sales associate with Douglas
Elliman Real Estate, Miami
About five years ago, I had my
first showing, at an upscale gated
community in western Broward
County. I was representing the
sellers and I was planning to show
their five-bedroom, four-bath
home, which was listed for
$945,000, to two doctors from Ne-
vada. The only problem is that I
would be gone all day, and I had
old rescue dog, Charlie, a
cream-and-gray Havanese. I
checked with my clients,
and they said I could bring
Charlie along. When the po-
tential buyers arrived, they
were greeted by Charlie,
and they then showed me
a photo of their dog, Miles,
who could have been Charlie’s that they begged me to stop We took the home off the market and he’s been an asset ever since
brother. The buyers became so ex- showing the house right then and that day, and within a month it in helping me convert leads. He’s
cited about the home and how there and put in an offer immedi- was sold to those buyers. Charlie the best $60 investment I’ve made
dog-friendly the community was ately. was my good-luck charm that day, in my career!

STEVEN WEISZ DENISE SNANOUDJ happened to be walking by my

Broker associate with William Pitt Sotheby’s Real-estate agent with The house recently, and she
International Realty, Great Barrington, Mass. Agency, Sherman Oaks, Calif. stopped to ask my dog’s
name. When I told her, she
I was living alone, and I liked it—no roommates, no pets, I recently sold a five-bedroom, asked if I was a real-estate
no commitments. But a while back, I was selling the four-bath home on an acre lot agent. I said yes, and she said,
property of a woman who was relocating from the U.S. on Mulholland Drive in Los “You’re just the person I need
to Mexico. She had a little chihuahua and two cats, all Angeles thanks to the help of to talk to.” It turned out that
rescues who had previously had hard lives. The house my dog, Escrow. She is a 3- her boss wanted to sell his
was an old farmhouse in bad condition that I knew year-old English Cream house and had asked her to
would be difficult to sell. I finally found a young couple Golden Retriever who I in- help him find an agent. The
willing to overlook the unfinished rooms and bad wiring, clude in a lot of my marketing neighbor coordinated a meet-
but a week before closing the owner announced she and who is a therapy dog at ing, and the rest is history. I
couldn’t move because Mexico would not let her take all Children’s Hospital Los Ange- ended up listing the house
three animals. The owner was panicking because she les. Escrow likes to sit on my and selling it for more than $1
didn’t want to abandon the animals after rescuing them. porch and watch people go by. million over ask in just a
While I had vowed not to have any pets, I agreed to take When she sees someone, she month. And Escrow is now
in the two cats—Mrs. Peach, an American shorthair, and runs over to them with her friends with my neighbor’s
Eddie, a Siamese—to make the deal happen. So, now, I toy, so she makes more dog.
PETE RYAN (2)

am living with two cats, and the house is sold. They friends than I do. A neighbor —Edited from interviews
helped me keep my sanity during the Covid lockdowns. In
fact, I can’t imagine living without them.

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 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | M9

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 .

M10 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

MANSION
HOUSE CALL | USMAN ALLY Usman Ally in
Brooklyn, N.Y.,
earlier this

In Africa as a Boy, year, left, and,

right, in 1989
at his home in

He Figured Out Botswana.

American Comedy and seen.

The actor and co-star of ‘God’s Favorite Idiot’
watched sitcoms and ‘SNL’
IN THE 1980S, when I was a child,
my family lived for a time in Lo-
batse, Botswana, in Southern Af-
rica. “Family Ties” was one of the
American sitcoms on our TV.
I was envious and torn. On the
Our house
could pick up
master’s at the University of Flor-
ida. Then I moved to Chicago,
where I performed in stage pro-
the Armed ductions for seven years. In L.A., I
Forces radio was cast on TV shows. The turn-
and television ing point was “Veep,” playing Ju-
signals from a lia Louis-Dreyfus’s lover.
nearby U.S. Today, my wife, Malena, and I
Marine Corps live with our son and dog in L.A. I
14, we settled in Tanzania. base. I loved love that we have a backyard and
My father came from extreme “Saturday space. My wife would love a pool.
poverty and was the first person Night Live,” All I can think about are the has-
in his family to get an education. and I acted out sles, but who knows.
Then he earned a master’s degree. scenes with My parents are impressed with
His definition of fatherhood friends from me, in their way. I think they

KOTARO KAWASHIMA; UNMAN ALLY (FAMILY PHOTO)

show, cool parents talked to kids
about their emotions, which
wasn’t common in our Pakistani
culture. But it also felt a little soft
and needy. And their house
seemed excessively large.
I was born in what was then
known as Swaziland but grew up
in four African countries. My fa-
ther, Barkat, worked for a multi-
national bank based in Pakistan
with a presence there. When I was
was providing us with a place to
live and food to eat, with every-
thing geared toward education.
There was little emotional con-
nection. Now, I appreciate my fa-
ther’s background and drive.
My mother, Shahida, was a
homemaker. She took care of my
older brother, two older sisters and
me. She’s one of the most resilient
and courageous women I know. She
also understood I was sensitive.
In Kenya at age 12. I had an
English teacher, Mrs. Lee, who
was Indian. One day she gave me
Mark Antony’s speech from
Shakespeare’s “Julius Caesar” to
read aloud in class.
When I finished, she encour-
aged me to memorize it. On par-
ents day, I delivered the mono-
logue with passion. People paid
attention to me. I felt valuable
school.
My math teacher, Eileen Nie-
dermann, was American and
urged me to apply to her alma
mater, Lewis & Clark College, in
Oregon. I applied and got in.
I majored in theater and cul-
tural anthropology, which satis-
fied my parents. The more I per-
formed, the more I fell in love
with plays and telling stories.
I went on to earn an acting
worry I’m going to go broke as an
actor. They’d probably be truly
impressed if I was Tom Hanks.
—As told to Marc Myers
Usman Ally, 39 is a film, stage
and television actor who has ap-
peared on TV’s “A Series of Unfor-
tunate Events,” “Suits” and
“Veep.” He currently co-stars in
the Netflix comedy series “God’s
Favorite Idiot.”

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 .

THE WALL STREET JOURNAL. Friday, July 1, 2022 | M11

NORTH TEXAS’ # 1 LUXURY BROKERAGE

Nothing compares.
CEO Robbie Briggs on the real estate award that comes with ‘an extra dash of pride’
BRIGGSFREEMAN.COM

A
FROM MY wards season continues in the
PERSPECTIVE real estate world.
In the past two issues of
The Wall Street Journal, on our
advertising page, we’ve shared with you
the names of our agents who made two
of the most prestigious rankings in the
country, both published by RealTrends:
The Thousand, which is what it sounds
like — the top 1,000 agents in the entire
U.S. based on sales volume or transaction
sides — and America’s Best Real Estate
Professionals, a further ranking of the
top agents in the country, also based on
ROBBIE BRIGGS volume or sides.
CEO Now, we bring it a little closer to home:
Briggs Freeman Sotheby’s the D Magazine awards for the best agents
International Realty
in Dallas. D has been covering the city since
rbriggs@briggsfreeman.com 1974, and today is an empire that includes
the print magazine, the dmagazine.com
website, a custom-publishing division and
even an events company. D is a staple for
Dallasites, covering everything from City
Hall to scandals to society. (Sometimes
all three in one story.) D is also an icon
here, which is why its D Best awards come
with an extra dash of pride. As dmagazine.
com explains: “To find the Best Real Estate
Agents in Dallas, we survey the people
who know them best: local homebuyers,
D subscribers and their peers in the
industry (mortgage, insurance and real
estate agents). The winning REALTORS®
are those who have shown exceptional
customer service and dedication to helping
North Texas residents buy and sell the
houses they call home.”
This is not a pay-to-play ranking. This
is the real deal. And, I’m happy to report
that more than 100 agents from Briggs
Freeman Sotheby’s International Realty
earned the honors this year. Most of them
have before — and most of them will
again. Come see all of our big winners at
directory.dmagazine.com/real-estate-agents.
Working with any of them means you are
in the best hands possible.
Take it from me. I get to work alongside
them every day. Here’s to the best — and to
the best clients, colleagues and staff in the
business, too.
I have a lot to be proud of.
WHAT THE CEO SAYS
Don’t miss Robbie Briggs’ weekly thoughts,
always on briggsfreeman.com/blog

WALSH RANCH / ALEDO, TEXAS PRESTON HOLLOW / DALLAS, TEXAS / 1+ ACRES CEDAR CREEK LAKE / MALAKOFF, TEXAS / 2+ ACRES / PRIVATE PENINSULA
$ $
13717 Nouvelle Circle / 1,650,000 9851 Rockbrook Drive / 6,975,000 205 Lakeside Drive / $15,000,000

LEELEE GIOIA / 214-616-1791 / lgioia@briggsfreeman.com

JUSTIN HAMMOND / 817-874-5941 / jhammond@briggsfreeman.com ANNE GOYER / 214-457-0417 / agoyer@briggsfreeman.com TERRI BRAK THOMAS / 773-617-9488 / territhomas@briggsfreeman.com

PRESTON HOLLOW / DALLAS, TEXAS

4342 Margate Drive / $3,200,000
© 2022 Sotheby’s International Realty.All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc.The Sotheby’s International Realty network fully supports
the principles of the Fair Housing Act and the Equal Opportunity Act. All images are a combination of photography and artist renderings.The artist representations and interior decorations, finishes, appliances and furnishings are provided for illustrative purposes only. Prices and features are subject to change.

SHELLE CARRIG / 214-450-8782 / scarrig@briggsfreeman.com

TARYN TIMMONS / 214-274-8607 / ttimmons@briggsfreeman.com

CHIHUAHUA, MEXICO / 16,957± ACRES

Sierra de Enmedio / Price upon request

JAMES SAMMONS III / 214-701-1970 / jsammons@briggsfreeman.com

COLLEYVILLE, TEXAS
7705 Prairie View Drive / $1,400,000

JB HAYES / 214-334-3977 / jhayes@briggsfreeman.com

WELLINGTON / FLOWER MOUND, TEXAS PRESTON HOLLOW / DALLAS, TEXAS / 1+ ACRES FARMERS BRANCH, TEXAS
3812 Steamboat Dr / Listed for $1,175,000 4300 Park Lane / $5,000,000 2956 Sunburst Lane / $1,100,000

S O L D* CONTRACT PENDING
*REPRESENTED BUYER

ELISSA GENOVA / 214-662-9560 / egenova@briggsfreeman.com

BARBARA ARREDONDO / 214-642-7696 / barredondo@briggsfreeman.com CATHERINE LEE / 214-500-7002 / clee@briggsfreeman.com BROOKE VAWTER / 214-642-8012 / bvawter@briggsfreeman.com

214-350-0400 VIDEO TOURS ON BRIGGSFREEMAN.COM/TOUR FIND US ON SOCIAL MEDIA @BRIGGSFREEMAN AND #BRIGGSFREEMAN
 .

M12 | Friday, July 1, 2022 THE WALL STREET JOURNAL.

MANSION | RENTALS

Chasing the
Ideal Retreat
Continued from page M1
the hopes of getting in on some
areas’ surging rental rates.
Those who haven’t reserved
spaces already will need to be
flexible. “At the luxury market,
you are late to the game. You’ll
need to dig deeper and do more
work,” says Jeremy Gall, founder
of Boston-based Breezeway, a
rental-property operations soft-
ware company working with more
than 150,000 high-end rentals
around the world.
Rental rates have surged in
popular spots around the country
since before the pandemic, the
Costa Elena, Costa Rica // Price: $1,300 a night
Breezeway data shows. Daily rates
for rental properties in Aspen
rose by 20% to $1,094, in
Coachella Valley by 48% to $431, Below, from left: Craig, Aaron, Amy and Mitchell
in Hawaii by 55% to $471, and Waksler in the Dominican Republic. The family plans
along Northwest Florida’s Scenic to rent homes in Jamaica and Costa Rica this summer.
Highway 30A by 60% to $656,
when comparing all of 2019 with
the first half of 2022.

INSPIRATO (2); AMY WAKSLER (FAMILY PHOTO)

The length of stays also has
grown slightly since the pandemic,
Mr. Gall says, adding that peak sea-
son is back to the usual June, July
and August months rather than the
year-round search that character-
ized the past couple of years. This
year, the average stay is 8½ days,
compared with seven days in 2021,
according to Breezeway.
Mark Mitchell, 57, a healthcare
executive in Vero Beach, Fla., is
choosing several destinations for
this family this summer rather
than one long stay.
This year, his family of five—
with children ages 14, 6 and 2—is
heading back to the Hamptons to
stay in the Sagaponack home that
is near their friends. The 15,000-
square-foot, eight-bedroom, nine-
bath home they are renting for
the third time includes an offering
of canapés and chilled drinks to
greet the family upon arrival—and
unpacking services.
But before they hit the Hamp-
tons, they also will return to Mal-
ibu—although to a new rental prop-
erty—and visit Mykonos, Greece,
for the first time. The family
tries to choose one new
Montego Bay, Jamaica // Price: $1,800 a night
in Europe are up 500%, he says.
Amy and Craig Waksler, from
Newton, Mass., are taking their
children to Costa Rica and Ja-
maica this summer. The couple New Buffalo, Mich.
belongs to Inspirato, a subscrip-
tion-based company where mem-
bers can book rentals across the
globe with fees starting at $600 a
month.
To choose her rental, Ms. Wak-
sler, 53, enters dates that accom-
modate the school vacations of
her teenage sons and looks for a
nearby beach. The exact destina-
tion isn’t that important.
More necessary are the extras.
An in-house chef, a private pool
and a concierge make travel
less stressful, she says.

$1,429
destination each year, “If there’s a house that
with Croatia in the looks good and that’s
works for next year. Daily rate for the big enough, we take
“We are presented 3,060-square-foot, it,” says Ms. Waksler,
with the houses and 3-bedroom, 3.5-bath a professional choco-
we say ‘yes’ or ‘no.’ home in New late maker.
It’s totally random Buffalo, Mich. The most popular
how we pick the new summer destinations for
destination,” Mr. Mitchell those staying in the U.S.
says. include Nantucket, Martha’s
He says he pays between Vineyard, Aspen, and Napa, says
$15,000 and $25,000 a night when LVH’s Mr. Barton.
renting through LVH, a full-service In the Hamptons, lower de-
agency. The fee typically includes a mand has resulted in median
handful of staff and a bar stocked rental prices falling 26% in the
with the family’s preferred Cham- first quarter of this year, com-
pagne and liquors. pared with the year-earlier pe-
Hugh Barton, chief executive of riod, according to data from Jona-
New York-based LVH Global, than Miller at Miller Samuel. In
VHT STUDIOS/ERIN WATSON (3)

which caters to the wealthy, says response, many homeowners have

extras such as in-home gyms,
movie theaters and sports courts
have become a must. LVH rents
average $15,000 per night across
the portfolio and typically come
with a staff that includes cooks,
butlers and chauffeurs, he says.
The company rents more than
3,000 properties world-wide on
behalf of homeowners.
One change this summer com-
pared with the past few years of
Covid restrictions and fears, is
that more U.S.-based renters are
seeking LVH properties abroad,
including in remote parts of
France, Spain and Italy, says Mr.
Barton. “People are interested in
going even more off the grid.”
Bookings this spring were down
20% in North America while those
Sagle, Idaho // Purchase price: $2 million
NORTH IDAHO EXPOSURE (2); KERI CLARK (FAMILY PHOTO)
pulled their rentals off the mar-
ket, so any latecomers will find
limited inventory. “It’s a game of
chess for my clients,” adds Fran-
ces Katzen, of Douglas Elliman.
The typical calculations for
buying vs. renting also are under
new strains as mortgage rates
surge alongside rental fees.
After renting in New Buffalo,
Mich., for the past 10 years and
becoming part of the community
in the lakefront town, Heather De-
Jonker, 43, planned finally to pur-
chase a summer home. But with
limited inventory and higher
prices, the Chicago teacher and
her husband, Jason DeJonker, an
attorney, scrapped their plans this
spring.
Instead, they decided to up-
Heather and Jason DeJonker, of Chicago, scrapped their plans to buy a home after years of renting in New
Buffalo, Mich., and instead decided to upgrade their rental, choosing a home with water views and beach access.
grade their summer vacation.
With prices more than 50% higher
than what they typically paid, the
two-week rental they chose costs
$1,429 a night. The higher price
bought them a three-bedroom,
3½-bathroom home with lakefront
views, beach access and outdoor
terraces. “We haven’t purchased a
place, so we have a little more to
spend,” says Ms. DeJonker.
Rental operators say they ex-
pect luxury inventory eventually
to expand as the higher prices en-
courage house hunters to buy
properties they can then rent,
says Daned Kirkham, senior direc-
tor of real estate at Vacasa, a
home-rental platform.
Just 3% of buyers in the market
for a new rental property were
looking to spend more than $1
million in March 2022, but that
represents an increase from 2%
from March 2021, according to
data from Vacasa.
One such buyer is Keri Clark,
who purchased a home in Sagle,
Idaho, with her husband, Jamin
Clark, near Sandpoint, overlook-
ing Lake Pend Oreille. After seven
years of renting in the area, and
securing a $1,500 a night rental
this year, the couple backed out of
the rental and bought a home.
In Sandpoint, many rents have
nearly doubled since the pan-
demic. A recent rental in the area
cost $3,500 a night, with the
same dates renting for $1,695 a
night in 2019, says Sotheby’s real-

estate agent Kellee Daugherty,

who worked with Ms. Clark.
The couple, whose primary
home is in Kennewick, Wash., spent
$2 million—roughly $1 million
above their initial budget—on a
waterfront five-bedroom, four-
bathroom home with a pickleball
court. The search took two years.
The Clarks plan to add bunk
beds for some of their 14-plus ex-
tended family members, and then
rent out the home to recoup part
of their monthly costs. “We want
to enjoy it in the summer and
Keri and Jamin Clark and their family, who live in Washington state, rented for years in Idaho start renting it in the winter,” Ms.
before buying a vacation home in Sagle that they also plan to rent out to defray costs. Clark says.