.
* * * * * * TUESDAY, AUGUST 15, 2023 ~ VOL. CCLXXXII NO. 38
DJIA 35307.63 À 26.23 0.07%
Trump Indicted in Racketeering Plot
Georgia also alleges Giuliani among 19 who took part in scheme to toss votes; fourth criminal case against former president this year
BY CAMERON MCWHIRTER
AND JAN WOLFE
ATLANTA—A grand jury in
Georgia charged Donald Trump,
his lawyer Rudy Giuliani, and
other Trump allies with operat-
ing a criminal enterprise that
sought to overturn Joe Biden’s
electoral victory in the state,
marking the fourth time the
former president has been in-
dicted this year and deepening
his legal woes ahead of the
2024 election.
There were 19 people in to-
tal charged in the indictment,
including former Trump
White House chief of staff
Afghanistan Marks Two Years in Taliban’s Grip
WAKIL KOHSAR/AGENCE FRANCE-PRESSE/GETTY IMAGES
RULING: Flags supporting the Taliban were sold in Kabul on Monday near the U.S. Embassy, which has suspended operations,
as Afghanistan marks the second anniversary of the group’s return to power when U.S. and NATO forces withdrew.
China’s Downturn
Hits U.S. Industries
BY DAN STRUMPF
HONG KONG—China’s deep-
ening economic slump is dam-
aging the fortunes of big U.S.
companies deeply rooted there,
with some growing increas-
ingly pessimistic that the coun-
try’s long-awaited postpan-
demic boom will materialize.
Companies embedded in
China’s ailing manufacturing,
construction and export in-
dustries are reporting weaker
sales. In some cases, they are
warning of further trouble to
come as growth grinds to a
near halt and economic read-
ings are dour.
The slowdown is register-
ing in earnings results across
Business & Finance
 China’s deepening economic
slump is damaging the for-
tunes of big American compa-
nies entrenched there, with
some growing increasingly
pessimistic that the country’s
long-awaited postpandemic
boom will materialize. A1
 China’s latest property cri-
sis is threatening to spill over
into the broader economy,
worrying investors and caus-
ing a broad market selloff. B1
 PayPal tapped Intuit execu-
tive Alex Chriss as its next
president and chief executive,
ending a monthslong search
for a new leader. B6
 A rebound in tech shares
lifted U.S. stock indexes, with
the S&P 500, Nasdaq and
Dow advancing 0.6%, 1.1% and
0.1%, respectively. B11
 UBS will pay $1.44 billion
to settle Justice Department
allegations that it defrauded
NASDAQ 13788.33 À 1.1%
Mark Meadows and legal ad-
viser Sidney Powell.
Taken together, the Geor-
gia charges allege a sweeping
criminal conspiracy to over-
turn the 2020 election result
and undermine U.S. democ-
racy. They describe calls,
emails, and other efforts to
allegedly corrupt state and
federal officials into backing
the effort to find votes
Trump lacked to win or as-
sert that he was victorious
both in Georgia—and other
states he lost.
The indictment, brought
by Fulton County District At-
torney Fani Willis, covers
a range of companies, from
chemical giants DuPont and
Dow to heavy-equipment sup-
pliers such as Caterpillar.
Some companies expressed
disappointment with Beijing’s
stimulus measures and cut
their sales outlook for the
country into this year.
“China orders were down
20% in the first quarter, 40%
in the second quarter, but re-
ally, 50% in June,” said Rainer
Blair, chief executive officer at
Washington, D.C.-based Dana-
her, describing a downturn in
sales of the company’s biopro-
Please turn to page A7
 China’s housing problems
hit country’s markets...... B1
What’s News
investors who bought bonds
backed by mortgages before
the financial crisis. B11
 5-Hour Energy founder
Manoj Bhargava agreed to ac-
quire a majority stake in
Arena, the publisher of Sports
Illustrated. B4
 Kraft Heinz named Car-
los Abrams-Rivera as its next
chief executive, elevating the
head of the food company’s
North American business. B1
 Argentina’s dollar bonds
tumbled and the peso weak-
ened, a day after a libertarian
outsider won a primary
ahead of the country’s Octo-
ber’s election. A16
CONTENTS
Arts in Review........ A11
Business News...........B3
Crossword.................... A11
Family & Tech........... A9
Heard on Street.......B12
Markets............................. B11
s 2023 Dow Jones & Company, Inc. All Rights Reserved
WSJ.com
STOXX 600 459.86 À 0.2% 10-YR. TREAS. g 4/32 , yield 4.181%
some of the same ground as
the federal case Trump faces
in Washington but goes into
greater detail of the effort in
Georgia and offers some new
details of the alleged conspir-
acy. It charges Trump with 13
felonies that allege he pushed
false claims of voter fraud in
Georgia and pressured Re-
publican officials to help him
secure the state’s Electoral
College votes.
“The defendants engaged
in a criminal racketeering en-
terprise to overturn Georgia’s
presidential election results,”
Willis said at a news confer-
ence late Monday, adding
Ruble Slips
Amid War
Financial anxiety sends Russia’s
currency to its weakest level in
more than a year. A6
How many rubles $1 buys
25 rubles
Russia invades Ukraine
50
75
100
125
Note: Weekly data; Y-axis is
inverted to show the ruble's
decline against the dollar.
150
2015 ’20
Source: Tullett Prebon
World-Wide
 A grand jury charged Don-
ald Trump, Rudy Giuliani and
other Trump allies with oper-
ating a criminal enterprise
that sought to overturn Joe
Biden’s electoral victory in
Georgia, marking the fourth
time the former president has
been indicted this year. A1
 Ukraine’s military ad-
vanced in the southeast in a
boost to its slow-moving
counteroffensive, and cap-
tured a Russian battalion
commander in a raid over the
Dnipro River in the south. A6
 The U.S. ambassador to
Russia was granted access to
jailed Wall Street Journal re-
Markets Digest........ B7
Opinion.................. A13-15
Personal Journal A9-10
Sports............................. A12
Technology............................. B4
U.S. News................. A2-5
World News.......A6-7,16
HHHH $5.00
OIL $82.51 g $0.68
that the defendants pursued
an illegal goal of allowing
Trump to “seize” a presiden-
tial term.
She said she would seek a
trial date in the next six
months. She gave the defen-
dants until Aug. 25 to turn
themselves in.
In a statement after the
indictment was unsealed, a
Trump campaign spokes-
woman said Willis was pur-
suing the former president
for partisan reasons—as she
claimed the U.S. attorney
general, a federal special
counsel and the Manhattan
district attorney were, too.
Economic Losers Search for
In the New Order AI Talent
Smaller countries are getting left behind
The world’s biggest econ-
omies are offering huge sub-
sidies in a cutthroat race to
win the industries of the fu-
By Ed Ballard,
Jason Douglas
and Jon Emont
ture. The losers: all the
countries that can’t pay up.
New tax credits for manu-
facturing batteries, solar-
power equipment and other
green technology are draw-
ing a flood of capital to the
U.S. The European Union is
porter Evan Gershkovich in
the third such visit since his
detention in March. A6
 The U.S. has seen a record
increase in homeless people this
year as the Covid-19 pandemic
fades, according to a Wall
Street Journal review of data
from around the country. A3
 The police raid on a Kansas
newspaper swept up cellphones
and computers containing infor-
mation about the outlet’s inves-
tigation of the chief of police. A5
 The University of Chicago
agreed to pay $13.5 million to
settle a suit accusing it of ille-
gally colluding with other
schools to limit financial aid. A5
 Montana must do more to
protect the state and its resi-
> the first luxury hotel in the
dents from climate change, a
judge ruled, in a decision that
cited a state constitutional right
to a clean environment. A3
GOLD $1,910.60 g $2.30
“Today, Fani Willis joins
Merrick Garland, Jack Smith,
and Alvin Bragg in the De-
ranged Democrat Prosecutor
Club—their only goal being to
arrest Donald Trump and pre-
vent him from being on the
ballot against Joe Biden,” said
Karoline Leavitt, the spokes-
woman.
Willis, whose investigation
lasted more than two years,
used the state’s sweeping
anti-racketeering law to help
paint a picture for grand jury
members of an elaborate plot
by Trump to stay in power
over the will of Georgia vot-
ers. Biden narrowly won the
Wall Street Moves
To Buy Properties
At Bargain Prices
BY PETER GRANT
Wall Street firms are raising
new funds to acquire office
buildings, apartments and
other troubled commercial real
estate, looking to scoop up
properties at a fraction of the
price investors paid a few years
ago.
Cohen & Steers, Goldman
Sachs, EQT Exeter and BGO,
formerly known as Bentall-
GreenOak, are among the
prominent names raising bil-
lions of dollars for funds to
target distressed assets and
other real estate with slumping
values, according to regulatory
filings.
“The last few weeks, I’ve
been saying, ‘holy mackerel,
they’re coming out of the
woodwork,’” said Kevin Gan-
non, chief executive of Robert
A. Stanger & Co., an invest-
trying to respond with its
own green-energy support
package. Japan has an-
nounced plans for $150 bil-
lion of borrowing to finance
a wave of investment in
green technology. All of
them are working to become
less dependent on China,
which has a big lead in ar-
eas including batteries and
the minerals to make them.
Now, some smaller play-
ers are getting left behind.
Many are nimble economies
that were on the rise during
Please turn to page A8
Hotel Battle
Comes Down
To Inches
i i i nies, including Accenture, are
Developer,
neighbor fight
over small strip
BY CORINNE RAMEY
They say football is a game
of inches. That is also true of
the bruising sport of New York
real-estate development.
Gary Barnett, one of New
York City’s most prominent
real-estate moguls, is the
founder of Extell, which boasts
an expansive portfolio includ-
ing two of Manhattan’s tallest
residential towers. But Barnett
has hit a potential stumbling
block in his quest to develop
midtown Diamond District.
While the 33-story building
would soar over much of the
block, Barnett, a former dia-
Please turn to page A8
EURO $1.0907 YEN 145.56
state in 2020.
The indictment also al-
leged the criminal enterprise
operated in Georgia outside
of Fulton County, as well as in
other states, including Michi-
gan, Arizona, Pennsylvania,
Nevada and New Mexico.
Several individuals are
charged with breaching vot-
ing machines in Coffee
County, a rural county about
200 miles from Atlanta.
The Georgia charges bear
similarities to the federal
Please turn to page A4
 Co-defendants face range
of charges............................. A4
ment-banking firm that tracks
real-estate fundraising.
The new funds are seeking
to capitalize on one of the most
troubled commercial-property
markets in decades. Values
have nosedived since interest
rates spiked last year, driving
up borrowing costs in the
highly leveraged business. The
office market, one of the larg-
est sectors, has also been clob-
bered by a sluggish return-to-
office rate, which has sent
vacancy rates soaring. Apart-
ment buildings, an investor ha-
ven in the past, look vulnera-
ble as owners try to refinance
at much higher rates. Mall
owners are contending with
steep value declines, some of
more than 70% over the past
few years.
Commercial-property sales
have been moribund until re-
Please turn to page A4
Sends
Salaries
Soaring
BY CHIP CUTTER
U.S. companies are in the
midst of an AI recruiting
frenzy, and some are willing to
pay salaries approaching seven
figures to hire top talent.
Companies in industries
such as entertainment and
manufacturing are racing to
seize on the potential of artifi-
cial intelligence by wooing
data scientists, machine-learn-
ing specialists and other prac-
titioners skilled at deploying
the technology.
The rush to hire is pushing
up pay for technical profes-
sionals and prompting compa-
nies to hone their pitches to
applicants to avoid losing out
to competitors. Some compa-
building their AI expertise
through individual hires and
internal training programs.
Others, including the technol-
ogy company ServiceNow, said
they are open to acquiring
smaller AI startups as a way
to scoop up talent.
Compensation is a battle-
ground. Aware that in-demand
AI specialists can command
several job offers, many com-
panies are dangling salaries in
the mid-six figures along with
bonuses and stock grants to
attract experienced workers,
recruiters said.
The online-dating platform
Hinge, a part of Match Group,
is advertising a vice president
of artificial intelligence role
that comes with a base salary
of $332,000 to $398,000 a
year. A vice president of AI
and machine-learning position
at Upwork, which operates a
marketplace for freelance
Please turn to page A2
 .

A2 | Tuesday, August 15, 2023 * **** THE WALL STREET JOURNAL.

Regulators Grapple With Bank Failures
Tumult in March In the U.S., regulators are
considering new rules as soon
exposed gaps that as this month that would force
officials in U.S. and midsize banks to add to their
financial cushions in case of in-
abroad want to fix solvency, people familiar with
the plans said. The March fail-
BY ANDREW ACKERMAN ures of Silicon Valley Bank and
another midsize bank prompted
WASHINGTON—Global regu- officials to take extraordinary
lators spent more than a de- steps to promise depositors
cade trying to ensure that a they could access their money.
large bank could fail without The tumult was far less se-
any government support. vere than the financial crisis of
Despite this year’s bank 2007-09, when hundreds of
failures, they are still working banks went under and Wash-
on it. ington injected hundreds of bil-
Global regulators are review- lions of taxpayer dollars to keep
ing the March failures, includ- the system afloat.
ing Credit Suisse’s collapse and Still, the bank failures in the
Swiss officials’ decision to push U.S. and in Switzerland have
UBS to acquire its rival in a deal exposed gaps in the regulatory
with billions of public money, regime built up after the 2008
people familiar with the probe bailouts, some officials say.
said. Swiss officials chose to “It is shocking to me that af-
sidestep the postcrisis plan for ter 15 years of costly reform ef-
global megabanks, under which forts, we still couldn’t resolve
Credit Suisse would have been even a $200 billion bank like
wound down by regulators or SVB without extraordinary gov-
restructured into a new entity. ernment support,” said Jona-
U.S. NEWS
than McKernan, a Republican
member of the Federal Deposit
Insurance Corp.
Other regulators have ex-
pressed skepticism about the
post-2008 plans for winding
down failed megabanks. “We re-
ally need to look at these closely
to see if they’re realistic,” Rohit
Chopra, the head of the Con-
sumer Financial Protection Bu-
reau and an FDIC board mem-
ber, said in a recent interview.
The 2010 Dodd-Frank finan-
cial overhaul requires the big-
gest banks to write plans
showing how they could be
dismantled in bankruptcy
without using taxpayer money.
If regulators think the so-
called living wills aren’t credi-
ble, they have the authority to
break up the banks.
Dodd-Frank also empowers
regulators to seize a failing
megabank and wind it down
outside of normal bankruptcy
proceedings if financial stability
is at risk, as a backup option.
Some former U.S. officials
say that while the big-bank
wind-down plans might seem
credible on paper, it is doubtful
any regulator would actually
rely upon them in a crisis. Dan-
iel Tarullo, a former Federal Re-
serve governor who was the
central bank’s point person on
regulation, told the Brookings
Institution recently that officials
might not think even a modest
risk of igniting a larger melt-
down by allowing a megabank
to fail would be worth taking.
In the first real-world test of
the wind-down system for
global banks during the March
failure of Credit Suisse, Swiss
officials deemed the process un-
duly risky. They viewed a
merger with UBS as the only vi-
able path to resolving the crisis.
The review of Credit Suisse
and the other spring failures is
spearheaded by the Financial
Stability Board, a Switzerland-
based group of global regula-
tors that establishes baseline
international standards. The
work is being led by FDIC
Chairman Martin Gruenberg,
who heads an FSB steering
group focused primarily on
bank resolutions.
In the U.S., the turmoil after
the failure of SVB prompted
regulators to take emergency
steps including a new Federal
Reserve lending program. They
declared SVB and Signature
Bank a systemic risk to the fi-
nancial system, allowing them
to guarantee those failed firm’s
deposits above a $250,000 fed-
eral insurance cap.
Months later, policy makers
hope to extend to midsize banks
a version of the long-term debt
requirements that at present
only apply to global megabanks.
They have already proposed
raising capital requirements for
banks with $100 billion or more
in assets and are considering a
spate of new liquidity and
stress-testing rules.
Tougher rules for midsize
banks were already on the way
before SVB’s collapse. An Octo-
ber plan floated by the Fed and
FDIC would have required firms
with more than $250 billion in
assets to raise long-term debt
that can help absorb losses in
case of their own insolvency.
Regulators now plan to propose
applying the measure to banks
down to $100 billion. They also
plan to bolster the require-
ments for smaller banks to plan
for their own failures.
Industry groups have said
the long-term debt require-
ments would be expensive and
aren’t necessary to promote fi-
nancial stability. The U.S. prob-
lems, particularly SVB’s col-
lapse, should have been
prevented by better supervi-
sion, not more rules, they say.
Applying the long-term debt
rules to banks that are similar
in size to SVB and Signature
could slow bank runs and give
regulators more options in how
they handle such failures, Gru-
enberg said in a speech Monday
at the Brookings Institution.
—David Benoit
contributed to this article.

U.S.WATCH
Hiring Spree
Pushes Up NEW YORK
Judge in Trump Panel Reviews
ALABAMA

AI Salaries Case Won’t Recuse Redrawn Map

The judge presiding over
Donald Trump’s criminal hush-
money case declined to recuse
Continued from Page One himself, rejecting the former
workers and other profession- president’s arguments that he
als, comes with an advertised can’t fairly oversee the trial.
salary of $260,000 to $437,000 State Supreme Court Jus-
a year. A senior manager of tice Juan Merchan said
applied science and generative Trump’s lawyers offered “spec-
ALISHA JUCEVIC FOR THE WALL STREET JOURNAL
A panel of federal judges on
Monday began a review of Al-
abama’s redrawn congressional
map that opponents argued
defies the court’s mandate to
create a second district where
Black voters have an opportu-
nity to influence the outcome
of an election.

AI at Amazon, meanwhile, ulative and hypothetical” argu- The three-judge panel,

lists a top salary of $340,300. ments for recusal that fell well which blocked the use of the
“We’re trying to hire, but short of the legal standard for state’s old map last year, will
it’s a smoking-hot market,” him to step aside. “This Court decide whether to let Ala-
said Chris Todd, CEO of soft- has examined its conscience bama’s new districts go for-
ware company UKG, which is and is certain in its ability to ward or step in and draw
looking to recruit a senior- be fair and impartial,” Mer- new congressional districts
level leader to oversee its gen- chan wrote in a ruling made for the state.
erative AI efforts. The com- public Monday. Alabama was forced to
pany also plans to retrain Merchan also denied draw new district lines after
existing engineers to work on Trump’s request for an expla- the U.S. Supreme Court, in a
such products. Many different types of companies, including retailer Walmart, want AI talent now. nation for three political con- surprise June decision, upheld
Recruiters said they see pay tributions the judge made in the panel’s earlier finding that
edging up because the avail- Number of job listings per one million postings on Indeed 2020—which totaled $35—to the state’s then-map—which
able supply of AI practitioners progressive causes and Presi- had one Black-majority district
400
is falling short of demand, dent Biden’s campaign. A law- out of seven in a state where
particularly for midlevel and Software engineer yer for Trump and a spokes- more than one in four resi-
higher-level positions. or developer woman for Manhattan District dents is Black—likely violated
“This is pure market eco- Attorney Alvin Bragg declined the federal Voting Rights Act.
nomics,” said Paul J. Groce, a to comment on the ruling. —Associated Press
partner and head of the Amer- Jobs related to 300 —Corinne Ramey
icas at the executive recruit- generative AI MISSISSIPPI
ing firm Leathwaite, where for MISSOURI Ex-Officers Plead
years he has worked on
searches for high-level tech
Data scientist Rescues Made After Guilty to Attack
or analyst
talent. “We do not magically Severe Rainstorm Six white former Missis-
have thousands of additional 200 A drenching storm sippi law enforcement officers
AI developers, product manag- dropped several inches of pleaded guilty to state charges
ers and everything else.” 2019 AREA OF DETAIL ’23 rain in a short time Monday on Monday for torturing two
Salaries for AI roles vary morning in an area of south- Black men in a racist assault.
based on the experience re- eastern Missouri, shutting All six had recently admitted
quired and the company hir- down roads and prompting their guilt in a connected fed-
100
ing. Total compensation, several water rescues. eral civil rights case.
which typically includes bo- The Missouri State Highway In January, the officers en-
nuses and stock-based grants, Patrol said rescue crews with tered a house without a war-
can push overall pay much boats were going door-to-door rant and handcuffed and as-
higher. A product manager po- in the hardest hit areas. saulted the two men with stun
sition for a machine-learning 0 High water also closed guns, a sex toy and other ob-
platform at Netflix lists a total roads in several counties, in- jects. The officers mocked
compensation of up to 2019 ’20 ’21 ’22 ’23 cluding sections of U.S. 67. them with racial slurs through-
$900,000 annually. The post- The Bollinger County Sher- out a 90-minute torture ses-
ing for that job gained atten- iff’s Office said rescuers were sion, then devised a coverup
-50% 0 50 100 150 200 250 300
tion on social media last focused on the area in and that included planting drugs
month amid the strike of Hol- Jobs related to around the tiny village of and a gun, leading to false
lywood actors and writers. generative AI Glen Allen, trying to get peo- charges that could have sent
Not all positions pay as ple to higher ground. one victim to prison for years.
handsomely. A prompt engineer, U.S. overall —Associated Press —Associated Press
an increasingly common role, Change in job postings on Indeed

CORRECTIONS  AMPLIFICATIONS
has an average total compensa- Project From a year earlier Year to date
tion of about $130,000 annually, management
Source: Indeed Note: U.S. only. As of Aug. 3.
according to Willis Towers Wat- Scientific research
son, which conducts pay sur- and development
veys among employers. A ma- A photo in some editions Business News article on Mon-
chine-learning product engineer IT operations with Monday’s U.S. News arti- day about grocery chains incor-
job comes with average total and help desk cle about help for survivors of rectly gave the company’s name
compensation of $143,589, ac- the Lahaina fire showed Maui as Save Mart Supermarkets.
Information design
cording to WTW. volunteers sorting through do-
and documentation
Many of the roles require a nations that were to be loaded Notre Dame competes in the
degree or advanced experience Software onto boats. In some editions, Atlantic Coast Conference for
in computer science, mathe- development the caption incorrectly said all sports—except football,
matics or data science. Since they were sorting donations which competes independently,
large language models make salary of $110,000 to $132,000 in training sophisticated AI are too few midlevel or senior- that had been unloaded from and men’s ice hockey, which
judgments based on probabil- a year. Goldman Sachs is seek- models to help in everything level employees with the de- boats. competes in the Big Ten. A
ity, a strong understanding of ing an AI engineer with a base from energy conservation in sired skills, said Vinay Menon, Sports article on Saturday
statistics is helpful, employers salary of $150,000 to buildings to determining pric- a senior client partner at con- Mark Van Buskirk oversees about Stanford’s athletic teams
and recruiters said. Senior- $250,000, plus a bonus, to ing of commercial properties. sulting firm Korn Ferry and merchandising at Save Mart incorrectly said that all Notre
level positions might also re- work on a new generative AI At Accenture, which plans global lead of its AI practice. Cos., the parent company of Dame sports except football are
quire prior management expe- effort at the company, accord- to hire more than 1,000 new “Companies realize that several U.S. grocery chains. A affiliated with the ACC.
rience. ing to a listing. AI employees in the coming you cannot hire your way out
Recruiters and hiring man- At the commercial real-es- year, many candidates told the of this,” he said. Readers can alert The Wall Street Journal to any errors in news articles by
agers said they are watching tate giant JLL, which is re- consulting firm that they have Bill McDermott, Service- emailing wsjcontact@wsj.com or by calling 888-410-2667.
for candidates in data science cruiting AI practitioners to several offers. “Everybody’s Now’s CEO and chairman, said
or engineering roles to begin work on projects related to hiring,” said Lan Guan, the that in the future, the technol-
inserting “AI” to their existing the management of commer- company’s chief AI officer, a ogy company could buy small THE WALL STREET JOURNAL
job titles or professional pro- cial buildings, applicants often newly created title. AI companies that have AI re- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
files to better catch the eye of want to understand the signif- The toughest to recruit, searchers, data scientists and Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
employers. “There’s a certain icance of their work. Guan said, are those who com- other professionals it needs. Published daily except Sundays and general legal holidays.
amount of gamesmanship,” Conversations often go like bine industry expertise with a ServiceNow acquired Element Periodicals postage paid at New York, N.Y., and other mailing offices.

Groce said. this: “Look, I’m an AI engi- solid understanding of engi- AI in 2020 and recently bought Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.

A challenge for many em- neer. I’m obviously a hot com- neering, programming, math another AI company, G2K. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which
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ployers is that so many differ- modity. Why should I come to and statistics needed for AI “AI talent is hard to get. It’s Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only
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ent types of companies want the commercial real-estate work. Among its open roles, Ac- expensive. And at the same
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THE WALL STREET JOURNAL.
Montana
Youth Win
Landmark
Climate
Ruling
BY MARIAH TIMMS
Montana must do more to
protect the state and its resi-
dents from climate change, a
judge ruled Monday in a land-
mark decision that cited a
state constitutional right to a
clean environment.
State District Judge Kathy
Seeley ruled in favor of a
group of youth plaintiffs and
invalidated legislation prohib-
iting state agencies from con-
sidering the effects of green-
house-gas emissions.
“The degradation to Mon-
tana’s environment, and the
resulting harm to Plaintiffs,
will worsen if the State con-
tinues ignoring GHG emissions
and climate change,” Seeley
wrote.
The case, brought by more
than a dozen Montana resi-
dents who were between 2
and 18 years old when it was
filed in March 2020, is among
a wave of similar suits
brought by young people
across the country who argue
that future generations will
bear the consequences of a
warming planet. It was the
first of its kind to go to trial,
which took place in June.
A 1972 provision in Mon-
tana’s constitution explicitly
guarantees the right to “a clean
and healthful environment,”
but the clause had largely gone
unenforced. The plaintiffs ar-
gued the state’s reliance on fos-
sil fuels and their production
was at odds with that constitu-
tional guarantee.
The judge didn’t lay out
specific steps for the state to
take in response to her ruling.
Instead, her order opens the
door for state officials to con-
sider climate impacts in fu-
ture policy decisions, includ-
ing on energy and mining
projects, or efficiency and
emissions standards.
“Today, for the first time in
U.S. history, a court ruled on
the merits of a case that the
government violated the con-
stitutional rights of children
through laws and actions that
promote fossil fuels, ignore
climate change, and dispro-
portionately imperil young
people,” said Julia Olson, chief
legal counsel and executive di-
rector for Our Children’s
Trust, the organization repre-
senting the plaintiffs. “This is
a huge win for Montana, for
youth, for democracy, and for
our climate.”
The state opposed the suit
largely on procedural grounds,
arguing the challenge was
overly broad. It also argued
that Montana’s specific contri-
bution to global greenhouse-
gas emissions couldn’t be
identified and therefore
wasn’t a state responsibility to
regulate.
The Montana attorney gen-
eral’s office said it planned to
appeal, saying that Monday’s
ruling was “absurd” and that
the trial was a “weeklong tax-
payer-funded publicity stunt.”
“Montanans can’t be
blamed for changing the cli-
mate—even the plaintiffs’ ex-
pert witnesses agreed that our
state has no impact on the
global climate. Their same le-
gal theory has been thrown
out of federal court and courts
in more than a dozen states. It
should have been here as
well,” said Emily Flower,
spokeswoman for Republican
Attorney General Austin
Knudsen.
The plaintiffs included out-
door enthusiasts, athletes, Na-
tive American youth and chil-
dren of farmers, who cited
climate harms including ex-
treme heat, poor air quality and
damage to crops and livestock.
Similar cases are moving for-
ward in other parts of the U.S.
Montana’s Republican-ma-
jority legislature has sup-
ported fossil-fuel infrastruc-
ture in the resource-heavy
region, and passed a new law
this session that explicitly
prohibited the analysis of
greenhouse gases and climate
effects in environmental-im-
pact reviews by state agen-
cies. That law was blocked by
Monday’s ruling.
Global greenhouse-gas
emissions reached record lev-
els in 2022.
Maui Searches for Victims as Death Toll Rises
BY ALYSSA LUKPAT
AND ALICIA A. CALDWELL
LAHAINA, Hawaii—Maui of-
ficials increased the death toll
to at least 96 following the cat-
astrophic wildfires on the is-
land as they continue the
painstaking search for victims
in the rubble.
Residents braced for a
higher death toll in what is al-
ready America’s deadliest wild-
fire event in over a century as
searchers find more human re-
mains in the charred town of
Lahaina.
Survivor Shelby DeBell said
she and others believe the offi-
cial death toll is low, having
seen cars full of people over-
taken by flames as traffic out of
Lahaina came to a standstill in
the rush to flee.
Across Maui, officials urged
residents to share DNA samples
to help identify those lost.
DeBell was one of many who
lost their homes and belong-
ings picking through donated
supplies at a makeshift aid cen-
ter set up at the Lahaina Gate-
way shopping center Sunday.
She lived just north of La-
haina’s historic Front Street,
which was entirely destroyed.
The aid center, one of sev-
eral dotting West Maui’s coast-
line, sits at the edge of fire-rav-
aged downtown Lahaina. The
pungent smell of smoke still
permeated the air. Authorities
warned that the air around the
burn scar is toxic and urged
residents and volunteers to
wear masks outside.
“It is a harrowing sight in
High Housing Costs, Evictions Push
Homelessness to a Record Increase
BY JON KAMP
AND SHANNON NAJMABADI
The U.S. has seen a record
increase in homeless people
this year as the Covid-19 pan-
demic fades, according to a
Wall Street Journal review of
data from around the country.
The data so far this year are
up roughly 11% from 2022, a
sharp jump that would repre-
sent by far the biggest re-
corded increase since the gov-
ernment started tracking
comparable numbers in 2007.
The next highest increase was
a 2.7% jump in 2019, excluding
an artificially high increase
last year caused by pandemic
counting interruptions.
This year’s surge reflects a
host of pressures around the
U.S. such as rising housing
costs, lack of affordable rental
units and the nation’s continu-
ing opioid crisis, according to
reports from nonprofits and
government agencies counting
the homeless.
The Journal reviewed avail-
able data from more than 300
entities that count homeless
people in areas ranging from
cities to entire states. Those
entities accounted for 8 of ev-
ery 9 homeless people counted
last year.
The Journal’s tally thus far
includes more than 577,000
homeless people. The out-
standing entities, known as
U.S. NEWS
Fast-moving wildfires left behind a scene of destruction in Lahaina, Hawaii, where thousands
of structures were destroyed. Survivors look through donated clothing at an aid station.
Maui,” Hawaii Gov. Josh Green
said in a Sunday video post on
Facebook.
He said more than 2,700
structures were destroyed in
Lahaina. About 4,500 custom-
ers remained without power in
Maui County early Monday, ac-
cording to data from Power-
Outage.us. Cellphone carriers
AT&T, Verizon and T-Mobile
said they were working to re-
store service on Maui.
Officials estimated over $5
billion is needed to rebuild from
last week’s wildfires. Among
the relief crews are officials
from the U.S. Federal Emer-
Homelessness in the U.S.
600,000
500,000
400,000
300,000
200,000
100,000
0
2012 ’13 ’14 ’15
Note: 2021 figure is lower because of pandemic counting disruptions. 2023 data include repeats
of 2022 unsheltered counts for select places that didn't conduct unsheltered counts this year,
in accordance with HUD practices.
Sources: Department of Housing and Urban Development (2012-2022); WSJ analysis of available
point-in-time data (2023)
continuums of care, declined to
provide their numbers, didn’t
respond to requests or couldn’t
be reached.
These are preliminary num-
bers, and a final estimate is ex-
pected later this year from the
Department of Housing and
Urban Development. The num-
bers come from so-called
point-in-time counts conducted
early this year, and pending re-
ports and HUD’s assessment
could alter the final percentage
change.
Point-in-time counts are
widely considered to be an un-
dercount. Still, HUD considers
these numbers a vital tool to
measure the homeless popula-
tion and allocate resources.
The biggest driver remains
high housing costs, which are
gency Management Agency and
Hawaii’s National Guard.
AccuWeather on Monday es-
timated the total damage and
economic loss to be between
$14 billion and $16 billion.
Residents on Maui have
grown concerned about Tropi-
cal Storm Greg, which is ex-
pected to pass 300-400 miles
south of Hawaii on Wednesday
evening into Thursday morning.
But Da’Vel Johnson, a mete-
orologist who works for the Na-
tional Weather Service, said the
government doesn’t see signs
that winds from the storm are
likely to whip up another fire,
Up roughly 11% from
2022 if trend holds
’16 ’17 ’18 ’19 ’20 ’21
now taking a heavier toll fol-
lowing the wind down of pan-
demic-era relief spending and
policies such as eviction mora-
toriums, according to advo-
cates for the homeless.
Data from the Eviction Lab,
a Princeton University research
initiative that tracks filings in
more than 30 cities, show most
of them reported more eviction
filings this year, through the
end of June, than they aver-
aged before the pandemic.
The U.S. Interagency Coun-
cil on Homelessness, a federal
agency, also blamed growing
homeless counts on housing
costs and shortages. The
agency said the 2023 numbers
don’t reflect Biden administra-
tion efforts to combat home-
lessness.
.
Tuesday, August 15, 2023 | A3
ELYSE BUTLER FOR THE WALL STREET JOURNAL (2)
gible for a FEMA program
known as transitional assis-
tance, which will allow them to
stay in hotel rooms paid for by
the government while they
work on longer-term housing
plans. The Small Business Ad-
ministration is offering home-
owners low-interest-rate loans
of up to $500,000 for home re-
pairs and additional loans of up
to $100,000 for both home-
owners and renters to replace
personal property.
Investigators are likely to
consider several possible
sources that sparked the blazes,
including a campfire, lightning,
transmission equipment and
the electric grid, according to
longtime fire investigators and
electrical-grid experts.
Hawaiian officials said over
the weekend that crews using
cadaver dogs had searched only
3% of the disaster zone. Rela-
tives have posted across social
media about scores of missing
loved ones.
as Hurricane Dora did last Lahaina residents said they
week. Winds from the storm had little warning about the
are predicted to reach up to 25 fires that raced through the
miles an hour, Johnson said. once-verdant town. Maui has
About 3,200 people have an extensive network of sirens
signed up for disaster assis- to warn about disasters but re-
tance through FEMA so far, ports indicate they weren’t ac-
with that number expected to tivated during the blaze. The
grow, said Jeremy Greenberg, fires struck the town so quickly
FEMA’s director of operations that many panicked residents
for response and recovery. weren’t able to flee.
“This is an amazingly devastat- —Ben Kesling,
ing fire and the conditions are Andrew Restuccia
extraordinarily difficult to work and Michelle Hackman
through,” Greenberg said at a contributed to this article.
news briefing.
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A4 | Tuesday, August 15, 2023
Co-Defendants Face
Range of Charges
Grand jury indicts
18 people besides
Trump after several
witnesses testified
BY ISAAC YU AND BYRON TAU
An Atlanta area grand jury
returned an indictment of for-
mer President Donald Trump
Monday night, naming an addi-
tional 18 individuals as co-de-
fendants over alleged efforts to
overturn the 2020 Georgia
election results.
Trump faces 13 total
charges, alleging a criminal
racketeering scheme in which
he pressured public officers
and conspired to commit forg-
ery, create false statements and
file false documents.
The Fulton County District
Attorney, Fani Willis, charged
18 additional defendants under
Georgia’s Racketeer Influenced
and Corrupt Organizations law,
known as RICO, alleging they
engaged in a pattern of illegal
scheming.
The 98-page indictment also
lists an additional 40 types of
charges, ranging from perjury
and forgery to impersonating a
public officer.
Several of the co-defendants
are well-known figures, includ-
ing former New York City
Mayor Rudy Giuliani and for-
mer Trump legal adviser Sid-
ney Powell. Others are rela-
tively obscure figures within
Georgia politics or conservative
activists from other states.
Five of the co-defendants—
Giuliani, Powell, John Eastman,
Kenneth Chesebro and Jeffrey
Clark—are also identified as co-
conspirators in a separate fed-
eral indictment brought by spe-
cial counsel Jack Smith that
also related to election-revers-
ing efforts.
Here are some of the co-de-
fendants in the Georgia case:
Rudy Giuliani: 13 counts
Trump
Indicted
In Georgia
Continued from Page One
case Trump faces in Washing-
ton, alleging a criminal con-
spiracy to undermine U.S. de-
mocracy.
The move by Willis, a
Democrat, had been widely
anticipated. In April, she said
she planned to announce
charging decisions this sum-
mer, and she had told local
law-enforcement leaders to
prepare for the “significant
public reaction” her an-
nouncement could trigger.
Willis initially opened the
probe on the basis of a re-
corded Jan. 2, 2021, phone
call in which then-President
Trump urged Republican
Brad Raffensperger, the
state’s top elections official,
to find enough votes to over-
turn the election. Trump, the
front-runner for the 2024 Re-
publican presidential nomi-
nation, denies wrongdoing
and has said the call was per-
fect. Trump has denounced
the Fulton County probe as a
witch hunt.
Willis convened a special
grand jury, which heard from
Funds Eye
Distressed
Real Estate
Continued from Page One
cently because most sellers ha-
ven’t been willing to cut their
prices to the levels that buyers
are demanding. Now, a small
but growing number of office
owners have begun to capitu-
late, unloading distressed prop-
erties. This wave of fundraising
is the latest sign that sales ac-
tivity is expected to increase as
more sellers yield on price.
The capitulation marks a
new phase in the commercial
real-estate upheaval as more
beleaguered property owners
turn over properties to lenders
or decide to take what they can
The former mayor of New
York City and Trump’s personal
attorney was the chief architect
of efforts to overturn the 2020
election in swing states. He
served as a high profile surro-
gate for Trump after the elec-
tion and personally argued a
case on Trump’s behalf in
Pennsylvania court. As part of
a civil lawsuit, he also admitted
to making false statements to
the Georgia state senate.
John Eastman: 9 counts
A former constitutional law
professor, Eastman promoted
the notion that then Vice Presi-
dent Mike Pence could single-
handedly reject the electoral
count on Jan. 6, 2021. He also
asserted without evidence that
President Biden won in Georgia
because 66,000 underage peo-
ple and thousands of felons
voted illegally there.
Eastman also unsuccessfully
advanced the fringe “indepen-
dent state legislature” theory
to lobby state legislators in
swing states to appoint alter-
nate, pro-Trump slates of elec-
tors. The State Bar of California
is seeking to revoke Eastman’s
license.
Mark Meadows: 2 counts
Meadows is a former North
Carolina congressman and the
White House chief of staff. Tes-
timony during the House Jan. 6
panel’s hearings indicated
Meadows had some knowledge
of the potential for violence be-
fore the Capitol insurrection,
having been informed of the
crowd outside possessing
weapons. His text messages,
turned over to the panel, con-
tained details of Trump’s al-
leged effort to overturn the
election.
Meadows refused to testify
before the Jan. 6 panel and re-
fused to testify in Georgia be-
fore being ordered to do so by
a state judge.
Fulton County Superior Court Judge Robert McBurney hands the indictment paperwork to the county clerk Monday night.
more than 75 witnesses,
wrote a report summarizing
its findings and recom-
mended criminal charges
against several people whose
identities haven’t been made
public.
The special grand jury
lacked the authority to issue
indictments, however,
get rather than hold out hope
for an eventual recovery. This
wave of fundraising is the lat-
est sign that sales activity is
expected to increase as more
sellers yield on price.
In one recent example, the
owner of a downtown San
Francisco office tower un-
loaded the property for $41
million to developer Presidio
Bay. The seller, Clarion Part-
ners, had purchased the prop-
erty for $107 million in 2014.
While the clearest distress is
in the office sector, many prop-
erty owners with floating-rate
debt might also feel pressured
to sell at marked-down prices
because they are unable to refi-
nance at today’s higher rates.
In addition, fund managers
expect values to fall as regional
banks, under pressure from
this year’s rash of bank fail-
ures, unload commercial-prop-
erty loan portfolios at dis-
counted prices.
P W L C 10 11 12 H T G K
U.S. NEWS
Kenneth Chesebro:
7 counts
Chesebro, an attorney and
Trump campaign adviser, was
the original architect of the
fake elector plan. His memo to
GOP party officials in his home
state of Wisconsin on Nov. 18,
2020, is the earliest known
proposal to nominate fake elec-
tors, which he then worked to
replicate nationwide with Giu-
liani and others. Republicans
from seven Biden-won states
eventually met on Dec. 14,
2020, to cast fake electoral
votes for Trump, which Trump
allies then attempted to deliver
to Capitol Hill. Chesebro has
been the subject of a complaint
to the New York Bar and a sub-
poena by a Georgia grand jury
related to his efforts.
Jeffrey Clark: 2 counts
Clark, a former Justice De-
partment lawyer during the
Trump presidency, proposed
sending a letter to officials in
swing states asking them to
send slates of Trump-support-
ing electors, DOJ officials testi-
fied at a hearing held by the
House Select Committee that
was investigating the Jan. 6 at-
tack on the Capitol. A former
environmental lawyer, Clark
later promised to use the DOJ’s
power to help Trump pressure
state officials and open election
investigations if Trump re-
moved the then acting attorney
general and nominated Clark to
lead the Department of Justice
instead.
The plan failed when DOJ
officials threatened to resign
en masse.
“Willis is exceeding her
powers by inserting herself
into the operations of the fed-
eral government to go after
Jeff,” said Rachel Cauley, a
spokeswoman for Center for
Renewing America, the conser-
vative think tank where Clark
works.
prompting Willis to present
evidence to a regular grand
jury.
In November 2020, Trump
lost the election in Georgia to
the Democratic nominee, Bi-
den, by about 12,000 votes
out of five million cast.
Trump and his supporters
claimed the election was sto-
“There are selective oppor-
tunities beginning to arise for
investors that are in a position
to take advantage of weak-
ness,” said Rich Hill, head of
real-estate strategy for Cohen
& Steers, which is aiming to
raise over $2.5 billion in a new
nontraded real-estate invest-
ment trust.
Commercial-
property values
already have The discounted
fallen about 10 prices mark a
to 15 percentage
points from new phase in
their peaks in
the third quar-
the sector’s
ter last year, upheaval.
and might de-
cline by a total
of 20 to 25 per-
centage points, Hill said. “You
have to go back to the [savings
and loan] crisis and the global
financial crisis to see such big
declines in property valua-
tions,” he said.
R F A M 1 2 3 4 5 6
Some of Trump’s co-defendants include Rudy Giuliani, top, and John Eastman, above.
Jenna Ellis: 2 counts
Ellis was the youngest mem-
ber of Trump’s legal team. The
36-year-old identifies as a con-
stitutional law specialist and
appeared regularly on cable
news to promulgate allegations
of voter irregularities. Ellis was
censured by legal officials in
Colorado and acknowledged
making 10 “misrepresenta-
tions” on television, including
that 500,000 votes in Arizona
had been cast illegally.
Ray Stallings Smith:
12 counts
An Atlanta-area attorney,
Smith filed an unsuccessful
lawsuit challenging Biden’s
len, but statewide recounts
and a partial forensic audit
overseen by state election of-
ficials found no evidence of
widespread fraud. Court
challenges failed.
Earlier this year, Trump
was indicted by Manhattan
District Attorney Bragg for
his role in paying hush
The volume of distressed
commercial real estate grew by
$8 billion in the second quar-
ter, reflecting the rise in cases
in which the owners defaulted
or lenders foreclosed, accord-
ing to data provider MSCI Real
Assets. That is the biggest
quarterly increase since the
second quarter
of 2020.
While most
of the new
funds are look-
ing to buy prop-
erty, some are
planning to lend
to property
owners and fill
the void left by
the cutback in
activity from re-
gional banks and mortgage
real-estate investment trusts.
With less competition, the
lenders that are still active are
able to charge higher rates and
get better deal terms from bor-
.
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
FROM TOP: ERIC LEE/BLOOMBERG NEWS; ERIC THAYER/BLOOMBERG NEWS
Georgia victory. He was later Communications that surfaced
the subject of a complaint from during the Jan. 6, 2021 House
a legal watchdog group to the panel’s probe show Roman
state bar seeking disciplinary worked with other Trump op-
measures. eratives to create slates of fake
Trump electors in seven states,
Robert David Cheeley: including Georgia.
10 counts
Sidney Powell: 7 counts
A personal injury lawyer,
Cheeley presented Georgia Powell, a former Trump le-
state senators with video clips gal adviser, helped direct ef-
that he claimed showed elec- forts in Georgia to investigate
tion workers at a downtown election results that prosecu-
Atlanta precinct double- and tors allege amounted to a secu-
triple-counting votes. rity breach in Coffee County, in
rural southeastern Georgia. She
Mike Roman: 7 counts was briefly named as part of
Trump’s legal team soon after
Roman served as the direc- Election Day and quickly be-
tor of Election Day operations came the public face of efforts
for Trump’s 2020 campaign. to cast doubts on the results.
shouldn’t have retained ac-
cess to after his presidency.
He was accused of sharing
those documents with others
and directing his staff to help
him evade authorities’ efforts
to get them back from his
Mar-a-Lago resort in South
Florida. The case is being
handled in Florida.
A superseding federal in-
dictment returned in late
July charged Trump with an
additional count of willful re-
tention of national-defense
information, stemming from
a classified national-security
document prosecutors said
he showed to visitors at his
golf club in New Jersey.
Trump was indicted a
third time Aug. 1 in another
BRYNN ANDERSON/ASSOCIATED PRESS
criminal case accusing him of
trying to subvert the will of
U.S. voters through his at-
tempts to cling to power af-
ter he lost the 2020 election.
That indictment, by a federal
grand jury in Washington,
charged Trump with four
crimes, including conspiring
to defraud the U.S., obstruct-
ing an official proceeding,
money to a porn star on the and conspiring against the
eve of the 2016 election, rights of voters for his ac-
marking the first time a for- tions that culminated in the
mer president was ever faced Jan. 6, 2021, attack by his
with criminal charges. supporters on the U.S. Capi-
Then, in June, federal tol.
prosecutors unsealed an in- Trump, 77 years old,
dictment alleging the former pleaded not guilty in the New
president held on to classi- York, Florida and Washington
fied documents he knew he cases.
rowers.
Invesco Real Estate, which
has a record of raising funds
Still, the new funds will be
facing competition from cash-
rich funds aimed at institu-
from institutional investors for
real-estate credit funds, is
raising its first such fund tar-
tions.
Opportunistic real-estate
funds run by private-equity
geting the retail audience.
Many of the new funds, like
those being raised by Invesco
firms have nearly $145 billion in
so-called dry powder for future
investments, up from $120 bil-
and Cohen & Steers, are target- lion at the end of last year, ac-
ing individuals. Smaller inves- cording to the data firm Preqin.
tors have shown an enormous It is still possible that dis-
appetite for property invest- tressed opportunities won’t
ments in recent years, espe- arise if the U.S. economy has a
cially with the growth of the soft landing, in which inflation
nontraded REIT industry. is tamed by the Federal Reserve
But many of the nontraded without tipping the economy
REITs that were formed before into recession.
last year’s rise in interest Sales volume will likely in-
rates have been under pres- crease when debt markets sta-
sure to redeem money back to bilize.
investors who want to cash “Broadly speaking, people
out. More than $9 billion was are waiting to see what the
redeemed in the first six world looks like,” said Michael
months of this year, according Stark, co-head of the PJT Park
to Stanger, and many inves- Hill Real Estate Group.
tors have been forced to wait “They’re waiting for motivated
to get their money. sellers.”

THE WALL STREET JOURNAL.
Newspaper Raid Puts Town in Spotlight
Kansas outlet wants
no review of what
was taken by police
until court hearing
BY SHANNON NAJMABADI
MARION, Kan.—The police
raid last Friday of the Marion
County Record, a small Kansas
newspaper, swept up cellphones
and computers containing in-
formation about the outlet’s in-
vestigation of the police chief
and has drawn rebukes from
First Amendment experts and
dozens of news organizations.
One of the Record’s owners,
98-year-old Joan Meyer, col-
lapsed and died Saturday less
than 24 hours after police offi-
cers and sheriff’s deputies
seized items from her home
and from the publication’s of-
fices, according to her son Eric
Meyer, who is also a co-owner
of the paper. Police also raided
the home of a city council
member.
The Record’s Kansas City-
based attorney, Bernie Rhodes,
has sent a letter to local law
enforcement demanding they
not review any information on
the devices until a court hear-
ing can be scheduled.
“I can assure you that the
Record will take every step to
obtain relief for the damages
your heavy-handed actions
have already caused my client,”
the letter said.
The raids have cast the
1,900-person city of Marion,
about an hour’s drive north of
Wichita, into a national
firestorm. Legal experts and
advocates for a free press have
said the seizure of reporters’
work products is illegal and re-
flects increased hostility to-
ward the media. The Reporters
Committee for Freedom of the
New Drugs Alter the Debate on the Cause of Obesity
BY BETSY MCKAY
Ozempic and similar drugs
are transforming the world’s
understanding of obesity. It
isn’t so much about willpower:
It’s about biology.
The success of the powerful
new class of diabetes and
weight-loss drugs shows how
important chemistry is to de-
termining a person’s weight.
The brain is the body’s chief
chemist, regulating appetite
and making it difficult for
many people to shed pounds
and keep them off. The brain
determines how much fat it
wants people to carry, accord-
ing to years of research bol-
stered by the new drugs.
The amount is like a setting
on a dial, or what many re-
searchers call a “set point” or
“defended fat mass.” The brain
maintains the dial setting or
set point by regulating how
much a person eats. Ozempic,
its sister drug Wegovy and an-
other, Mounjaro, lower the dial
setting, or set point, in effect
by acting on the brain to re-
duce hunger and make a per-
son feel full sooner, some obe-
sity researchers said.
The new set point lasts as
long as a patient is on the
drug, they said. Patients who
ate a lot before they started
taking one of the drugs feel
University of Chicago Agrees
To Settle Financial Aid Suit
BY MELISSA KORN
The University of Chicago
has agreed to pay $13.5 mil-
lion to settle a lawsuit in
which it was accused of ille-
gally colluding with other top
universities to limit financial
aid to students, making it the
first defendant in the case to
settle, according to a court fil-
ing Monday.
The lawsuit, filed in Illinois
federal court in January 2022,
accuses 17 colleges and univer-
sities, including most members
of the Ivy League, Duke Uni-
versity, Vanderbilt University
and the California Institute of
Technology, of engaging in
price fixing by using a shared
methodology to calculate ap-
plicants’ financial need.
Under a decades-old federal
antitrust exemption that ex-
pired in the fall, schools were
allowed to collaborate on their
* * * * *
Surveillance video shows Marion police confiscating computers and cellphones from the Marion County Record on Friday.
Press and more than 30 news
organizations, including the
New York Times, Dow Jones
(parent company of The Wall
Street Journal) and the Wash-
ington Post, have written to the
chief of the Marion Police De-
partment to condemn its raid
on the Record.
Marion Police Chief Gideon
Cody said Monday the Kansas
Bureau of Investigation is now
the lead investigator of the
case. He has declined to answer
questions about the raid but
previously said he believes the
judicial system will be vindi-
cated once the entire story is
made public.
The Record investigated
Cody before he took office May
30 but didn’t publish a story,
Meyer said. Rhodes, the pa-
per’s lawyer, said information
about that probe was included
The obesity epidemic is a product of human biology shaped over millennia of struggle to find
sustenance, lives lived sitting down and the abundance of cheap, processed foods.
less hungry and fill up more
quickly—sometimes after one
slice of pizza when they once
ate the whole pie.
“This is not about will-
power or personal choice,”
said Dr. Florencia Halperin, an
endocrinologist and chief
medical officer of Form, a vir-
tual medical weight-loss
clinic. “This is about your
brain driving behaviors.”
The drugs and their insights
into biology have arrived at a
precarious point in the losing
battle against obesity. Although
people in the U.S. spend bil-
lions of dollars a year to shed
aid formulas, but only if they
didn’t consider applicants’ fi-
nancial circumstances in their
admission decisions. The suit
alleged that these schools do
weigh applicants’ ability to
pay in certain circumstances,
including by giving an edge to
children of wealthy donors or
when considering who to ad-
mit from wait lists. As a re-
sult, the suit says, the schools
shouldn’t have been eligible
for the antitrust exemption.
The schools worked to-
gether under what was called
the 568 Presidents Group, a
reference to the section of the
1994 legislation that provided
the exemption. The University
of Chicago withdrew from the
group around 2014.
The University of Chicago
said in a court filing that its
settlement isn’t an admission
of liability, but that settling
would allow the school to
U.S. NEWS
in what was seized.
Cody told the Kansas City
Star the allegations that the
Record was investigating about
him weren’t true. “If it was
true, they would’ve printed it,”
he said.
Since the raid, the Record
has received support and new
subscribers from around the
country, said Meyer, whose
family has owned the newspa-
per for 25 years. But he has
heard little from locals in his
hometown of Marion, where he
retired after working as an edi-
tor for the Milwaukee Journal
and as a journalism professor.
“They’re afraid in a small
town that if they cross the
powers that be, they will be
punished,” Meyer said.
Tim Stauffer, president of
the Kansas Press Association
and managing editor of the Iola
pounds, growing numbers are
overweight. Nearly 42% of U.S.
adults have obesity, according
to the latest government statis-
tics, up from 31% in 1999. So do
one in five children.
People with obesity are
more likely to develop heart
disease, stroke and diabetes.
Treating them is driving more
than $170 billion in yearly
costs. Wegovy has been shown
to reduce cardiovascular risk,
and Mounjaro is being studied
for additional health benefits.
The new medicines have
put some long-held assump-
tions about weight and health
avoid the distraction and ex-
pense of continued litigation.
Separately, spokesman Jer-
emy Manier said Monday that
the school believes the plain-
tiffs’ claims are without merit.
“We look forward to putting
this matter behind us and
continuing to focus our efforts
on expanding access to a
transformative undergraduate
education,” he said.
The other 16 schools con-
tinue to deny the allegations in
court. The University of Chi-
cago agreed in the settlement
to provide documents to the
plaintiffs and detailed informa-
tion about the school’s finan-
cial aid practices and those of
other schools named as defen-
dants. Plaintiffs say that will
help them pursue the cases
against the other 16 schools.
The settlement must still be
approved by the Illinois federal
judge overseeing the case.
.
Tuesday, August 15, 2023 | A5
whose home was also raided
last week. Herbel couldn’t be
reached for comment.
Herbel passed the informa-
tion along to at least one city
staff member in advance of a
meeting about whether or not
to approve a liquor license that
Newell was seeking, which
could be precluded by an im-
paired driving charge, Meyer
said.
At that city council meeting
on Aug. 7, Newell accused the
newspaper of sharing her driv-
ing records with Herbel.
Meyer said neither he nor
the reporter who received the
MARION COUNTY RECORD/ASSOCIATED PRESS
tip shared the personal infor-
mation or downloaded it from
the state website.
Newell’s liquor license was
granted.
A few days later, police offi-
cers and sheriff’s deputies raided
the Record’s office and the home
Meyer shared with his mother.
They had a search warrant
signed by Eighth Judicial District
Magistrate Judge Laura Viar that
Register, said he had never after an impaired driving con- named Newell and a potential
heard of a similar incident hap- viction 15 years ago. identity-theft crime.
pening in Kansas. The source later shared Record staff tried to get a
“The federal Privacy Protec- through Facebook Messenger a copy of the probable cause
tion Act is designed to protect copy of a letter addressed to statement justifying the need
journalists against exactly Newell from the Kansas De- for a search. But one of Viar’s
what happened here,” he said, partment of Revenue that out- employees said there was no
referencing a 1980 federal law lined how Newell could get her probable cause statement on
that requires law enforcement driver’s license back, Meyer file, Meyer said.
to subpoena journalists’ work said. The Eighth Judicial District
product rather than execute a The Record reporter used said it couldn’t comment.
search warrant. Newell’s date of birth and Newell has said she was sur-
The raid followed a compli- driver’s license—but the re- prised to learn of the raid,
cated series of events in Mar- porter’s own name—to find the which happened while she was
ion that began on Aug. 1, when document on a state website to out of town. She has received
local restaurateur Kari Newell verify its authenticity, he said. nasty messages and fake re-
asked Meyer and a Record re- The paper decided not to views on her businesses since
porter to leave a public meet- publish a story, in part because then, she said.
and-greet with Congressman the source is connected to “It’s truly beyond me how
Jake LaTurner, held at one of Newell’s husband, with whom people think I alone am capable
her food establishments. she is engaged in divorce pro- of having a newspaper raided,”
A source reached out to the ceedings. she said in a statement. “Even
reporter on Facebook after the But the source separately in small town America we have
event, suggesting Newell had provided the same information the same processes any larger
been driving without a license to Councilwoman Ruth Herbel, city does to make this happen.”
Saxenda. He lost about 30 The brain sends hunger sig-
pounds, but then hit a plateau. nals when a person needs fuel
In September 2021 Dr. Hal- to reach or maintain their set
perin prescribed Wegovy. His point and signals a sense of full-
hunger quickly abated. ness when they reach or exceed
He reached his goal of 180 it. The set point isn’t set: It
pounds a couple of months ago, changes throughout a person’s
and is staying on the drug. lifetime. Babies lose body fat.
“This is something I am going Women gain weight during
to have to have treated for the pregnancy and menopause.
CHONA KASINGER/BLOOMBERG NEWS
rest of my life,” he said. In a person with obesity,
The obesity epidemic is a however, the set-point system
product of forces, old and new, has gotten out of whack, said
that have collided: human bi- Dr. Lee Kaplan, director of the
ology shaped over millennia of Obesity and Metabolism Insti-
struggle to find sustenance; tute in Boston. The body-fat dial
lives that are largely lived sit- moves to a new higher set
ting down; and the abundance point. Obesity causes overeat-
of cheap, processed foods. ing, rather than the other way
Potato chips, soda and other around, Kaplan said.
cheap processed foods are a big The new drugs are based
culprit because they are high in on a hormone called glucagon-
on the chopping block. “What calories, sugar, salt and fat, and like peptide 1, or GLP-1, se-
these drugs have proven is they are hard to put down, creted primarily in the lining
that patients are right: It’s not studies suggest. For some peo- of the gut in response to food,
their fault,” said Dr. Louis ple, high-calorie foods are es- and in the brain.
Aronne, an obesity treatment pecially problematic. The medications essentially
specialist and professor of At least 1,500 genes are lower the set point by activat-
metabolic research at Weill linked with weight. Some peo- ing GLP-1 receptors in the hy-
Cornell Medical College. ple are genetically predisposed pothalamus and brain stem
Jon Weisman was about 300 to gain weight, depending on that regulate weight and ap-
pounds, prediabetic and at risk the combinations of variants petite, said Randy Seeley, a
of heart disease when he sought in those genes, said Ruth Loos, professor of surgery and di-
help in 2020. The 46-year-old, a professor focused on the ge- rector of the Michigan Nutri-
who works in mortgage banking netics of obesity at the Novo tion Obesity Research Center
and real estate in Boston, had Nordisk Foundation Center for at the University of Michigan.
tried restricting food but always Metabolic Research at the Uni- The drugs also indirectly
then felt hungrier. versity of Copenhagen and at reach neurons in parts of the
He went back on an earlier- the Icahn School of Medicine brain involved in reward sen-
generation weight-loss drug, at Mount Sinai. sations and impulse control.
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A6 | Tuesday, August 15, 2023
Ukraine Inches Forward in the Southeast
Kyiv’s forces move
into a village, launch
successful raid over
the Dnipro River
BY MATTHEW LUXMOORE
Ukraine’s military regis-
tered an advance in the south-
east and a successful raid over
the Dnipro River in the south
that snagged a high-level Rus-
sian officer, a boost to its
slow-moving counteroffensive.
Ukrainian forces seized at
least part of the village of Uro-
zhaine in recent days, accord-
ing to Russian-installed offi-
cials. Kyiv hasn’t acknowledged
the advance, but on Sunday
said an attempt by Russian
forces to reclaim lost positions
in the area of Urozhaine failed.
Ukraine also has claimed
success with special-forces raids
over the Dnipro River in the
southern Kherson region, cap-
turing a Russian battalion com-
mander there over the weekend.
Ukraine has stepped up raids
over the river in recent weeks,
in what analysts say is an at-
tempt to stretch Russian forces.
Ukraine has been making
slow gains since launching a
major counteroffensive in
June using Western-provided
arms and brigades trained in
the West, but hasn’t made a
significant breakthrough.
Initial attempts to use
newly supplied Western tanks
and armored vehicles to punch
through fortified Russian lines
stalled in June, and progress
since then has been slow and
costly as Ukraine increasingly
has fallen back on a tactic of
using small-unit assaults to
make incremental gains.
Ukraine’s advance into Uro-
zhaine could bolster its hold
over Staromaiorske, a neigh-
boring village that Russian
military bloggers have de-
scribed as a key outpost for
the Russian military until its
capture by Ukraine last month.
A video shared over the
weekend on Russian Telegram
channels and subsequently ge-
olocated by military analysts
to the outskirts of Urozhaine
appears to show Russian sol-
diers fleeing along a road as
cluster munitions explode
near the village.
Aleksandr Khodakovsky,
Ruble at Weakest Level
Since Early Days of War
BY CHELSEY DULANEY
AND GEORGI KANTCHEV
Russia’s currency fell to its
weakest level in more than a
year and the central bank called
an emergency meeting, signs of
intensifying financial pressure
on an economy weighed down
by Western sanctions and the
war in Ukraine.
The ruble’s decline picked up
pace in recent weeks, and on
Monday the currency fell past
100 to the U.S. dollar for the
first time since the weeks after
Russia invaded Ukraine in Feb-
ruary 2022. So far this year, the
ruble has lost nearly 25% of its
value against the dollar. Only a
handful of currencies, including
the Turkish lira, Nigerian naira
and Argentine peso, are having
a worse year.
The ruble’s sharp fall points
to mounting financial anxiety
in the weeks since an aborted
mutiny against the Kremlin. It
also has revealed fissures
among top Russian officials
about how to manage the situ-
ation, with a senior Kremlin
aide blaming the weak cur-
rency on a lax central bank.
“The main source of ruble
depreciation and inflation ac-
celeration is loose monetary
ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS
The ruble’s decline picked up pace in recent weeks.
Firefighters on Monday sprayed down the site of a missile strike in Odesa, Ukraine, a port city that Russia has been bombarding.
deputy commander of the
Russian National Guard in oc-
cupied Donetsk, said Ukraine
captured Urozhaine in part be-
cause Russia failed to bolster
its lines with reserve units,
and left the village defended
by troops that had spent
months fighting in the area.
He said Ukraine is gaining
momentum toward Russia’s
main defensive line a few
miles south, which consists of
trenches, minefields and tank
obstacles. Russia is suffering
losses as it tries to stand its
ground in villages, he added.
“The fighting is being car-
ried out by the units we have
available,” Khodakovsky said
of the Russian forces fighting
around Urozhaine, in a post to
Telegram. “Let’s say it
straight: not plentiful forces.”
Vladimir Rogov, a Russian-
installed official in the occupied
policy,” Maxim Oreshkin, Pres-
ident Vladimir Putin’s top eco-
nomic adviser, wrote in com-
ments carried by Russian state
newswire TASS on Monday.
The comments were an im-
plicit dig at Russia’s central
bank. It raised interest rates
last month to help stamp out
a nascent rise in inflation but
that wasn’t enough to stop the
slide in the ruble.
The central bank said it
would hold an emergency
meeting on Tuesday. Econo-
mists expect Bank of Russia
Gov. Elvira Nabiullina to an-
nounce a large increase in pol-
icy rates to restore confidence
in the ruble. The ruble re-
versed some of its earlier de-
clines after the announcement.
“We should be looking at a
hefty rate hike,” said Tatiana
Orlova, lead emerging market
economist at Oxford Econom-
ics. “I’d say minimum [1 to 2
percentage points].”
Russia’s economy by most
measures has been dimin-
ished by Western sanctions,
but has held up better than
expected because of a gusher
of oil revenue and heavy gov-
ernment spending on war-re-
lated production. It is ex-
pected to eke out growth this
WORLD NEWS
Zaporizhzhia region, said the
situation for Russia in the area
around Urozhaine is “alarming.”
“After two weeks of the most
intense and bloody battles for
this village, the enemy has man-
aged to enter and entrench it-
self in the northern part of Uro-
zhaine,” he said.
Hanna Maliar, Ukraine’s
deputy defense minister, said
Monday that Ukraine is mak-
ing gains on several axes in
the east and south, and added
without elaborating that there
were “certain successes” in
Urozhaine after heavy fighting
there this week.
In the east, Maliar said
Ukraine has made some mod-
est advances as it continues to
push on the flanks of Bakhmut,
the eastern city seized by Rus-
sia in the spring. She said Rus-
sia was massing troops and
equipment to the north near
year after shrinking by about
2% in 2022.
But a weakening currency,
which increases the cost of im-
ports and drives up inflation, is
a significant worry for Moscow.
The Kremlin has to deal with
the rising costs of the war,
while shielding the population
from its consequences.
A loss of confidence in the
ruble can be difficult to stop.
Russians have continued to
move money abroad this year,
with outflows swelling to $1
billion in the days after the at-
tempted Wagner mutiny in
June, said the central bank.
Russians have long fixated
on the ruble’s value against
Western currencies as a mea-
sure of its international repu-
tation, said Ekaterina
Pravilova, a Princeton Univer-
sity professor who recently
wrote a book on the history of
the ruble. “It was a barometer
not just of Russian well-being
but also of how European Rus-
sia is. It was prestige.”
The Central Bank of Russia
has attributed the ruble’s de-
cline to the country’s deterio-
rating trade position. Russia’s
current-account surplus, a
broad measure of funds flow-
ing into the economy, shrank
to $25.2 billion in the first
seven months of 2023, an 85%
fall compared with the same
period last year, central bank
data showed last week. That is
despite recent improvements
in Russia’s ability to get
higher prices for its oil, the
lifeblood of its economy.
A weaker ruble is a double-
edged sword. It benefits the
Russian government by mak-
ing exporter earnings in dol-
lars, yuan or euros worth
more when translated back
into rubles, which in turn
boosts its tax revenues. But it
makes it more expensive for
Russia to buy imports, bolster-
ing inflation.
Kupyansk, which Moscow’s
forces want to retake from
Ukraine, and is escalating an
offensive on the town of Ly-
man in response to Kyiv’s ef-
forts toward Bakhmut.
Maliar said Ukraine had re-
gained more than 15 square
miles in the east in recent
months, but was facing seri-
ous Russian resistance on the
southern front.
Ukraine also has continued
to conduct special-forces oper-
ations across the Dnipro River
in the southern Kherson re-
gion, where Russian forces oc-
cupy the area south of the river
and Ukraine controls the north,
including the regional capital
of Kherson that it recaptured
in November.
Ukrainian media has shared
footage showing what it said
was the captured commander
of a Russian battalion fighting
Wall Street Journal reporter Evan Gershkovich, shown at a June hearing, is detained in Russia.
U.S. Envoy Makes Third Visit
To Reporter Held in Russia
BY ANN M. SIMMONS
The U.S. ambassador to
Russia was granted access to
jailed Wall Street Journal re-
porter Evan Gershkovich, the
third such visit since his de-
tention in March.
U.S. Ambassador Lynne
Tracy’s visit to Gershkovich at
Moscow’s Lefortovo Prison on
Monday follows two earlier
meetings that came amid fric-
tion between Washington and
Moscow over the infrequency
of consular access to the
American reporter. Monday’s
visit occurred six weeks after
Tracy’s latest meeting with
Gershkovich on July 3.
“Ambassador Tracy re-
ported that Evan continues to
appear in good health and re-
mains strong, despite the cir-
cumstances,” the U.S. Embassy
in Moscow said.
Gershkovich, a 31-year-old
U.S. citizen who was accred-
ited by Russia’s Foreign Minis-
try to work as a journalist,
was detained by agents from
Russia’s Federal Security Ser-
vice, or FSB, while on a re-
porting trip in the Russian
* *** THE WALL STREET JOURNAL.
in the south, Maj. Yuriy Tomov,
marking the locations of Rus-
sian positions on a map in the
presence of his Ukrainian cap-
tors. Ukrainian media on Sun-
day also posted footage show-
ing Tomov speaking of heavy
losses in his battalion and low
morale among Russian troops
in the south. The Wall Street
Journal wasn’t able to verify
the video.
Ukrainian officials said that
in captivity, Tomov is ex-
pected to reveal important in-
formation about Russia’s mili-
tary campaign to his
Ukrainian handlers.
“Now he’ll have to remem-
ber everything and show it,”
said Serhiy Bratchuk, a
spokesman for the Odesa mili-
tary administration in the
south. “But we can take our
caps off to the fighters who
conducted this operation, tak-
city of Yekaterinburg on
March 29. He is being held on
an allegation of espionage that
he, the Journal and the U.S.
government vehemently deny.
The Biden administration
has said Gershkovich, the first
American journalist arrested
on an espionage accusation in
Russia since the end of the
Cold War, isn’t a spy and has
never worked for the govern-
ment. The State Department
has designated the reporter as
wrongfully detained, a status
that unlocks a broad U.S. gov-
ernment effort to free him.
The issue of consular access
to Americans—including Gersh-
kovich—who are jailed in Rus-
sia has been a contentious one
between the U.S. and Russia.
The 1963 Vienna Convention
signed by both countries allows
states consular access to their
nationals who are arrested or
detained in other nations.
However, the U.S. has said
Russia ignores the convention
and instead has delayed or de-
prived jailed Americans of
diplomatic access. Tracy’s July
visit with Gershkovich came
nearly three months after her
.
IGOR TKACHENKO/EFE/ZUMA PRESS
ing several dozen enemy sol-
diers prisoner, taking over
ammunition and arms, and
most importantly getting this
poor battalion commander.”
Meanwhile, Russia on Mon-
day launched a wave of missile
and drone attacks against
Odesa in Ukraine’s south, esca-
lating its continuing bombard-
ment of the port city as ten-
sions continue over Russia’s
withdrawal last month from a
deal that allowed Ukraine to
export grain and other food-
stuffs from its ports. Ukraine’s
southern military command
said Russia used 15 drones and
eight missiles in the overnight
attack on Odesa. All of the
drones and missiles were shot
down by the city’s air de-
fenses, the military said, but
the debris from the falling
projectiles damaged several
buildings and caused a fire.
MAXIM SHIPENKOV/EPA/SHUTTERSTOCK
first meeting with the jailed
reporter.
Moscow had denied requests
for consular access to Gershk-
ovich in April and May, saying
it was a response to the U.S. de-
cision to deny visas to Russian
journalists seeking to travel to
New York in the spring.
In June, a Russian court up-
held a request from the FSB to
extend the reporter’s detention
to at least Aug. 30 while he
awaits trial, denying an appeal
from Gershkovich’s lawyers.
The Biden administration
has continued to press Russia
to release Gershkovich. Presi-
dent Biden in July said the U.S.
is “serious about a prisoner ex-
change” to secure his freedom.
However, the White House
has cautioned that talks with
Russia on potential prisoner
swaps haven’t yet yielded “a
pathway to a resolution” for
Gershkovich or other Americans
the U.S. considers wrongfully
detained in Russia. These in-
clude Paul Whelan, a business-
man who was convicted and
sentenced to 16 years in Russian
prison in 2020 on an espionage
charge he and the U.S. deny.

THE WALL STREET JOURNAL.
Beijing Halts Youth Jobless
Reports, Lowers Key Rates
BY JASON DOUGLAS
SINGAPORE—Chinese offi-
cials said they would stop re-
porting the country’s youth
unemployment rate after
months of spiraling increases,
depriving investors, econo-
mists and businesses of an-
other key data point on the de-
clining health of the world’s
second-largest economy.
The surprise move extends
China’s efforts to restrict ac-
cess to a variety of data on its
economy and corporate land-
scape to outside scrutiny.
At the same time, China’s
central bank unexpectedly cut
two key interest rates, an
emergency move to reignite
growth after new data showed
the economy slid deeper into
China’s
Slump Hits
U.S. Firms
Continued from Page One
cessing equipment. “Frankly,
we don’t see that getting bet-
ter here in the second half.”
Blair cited falling foreign
investment and excess capac-
ity postpandemic for the slack
off in demand. Overall China
sales for Danaher, which de-
rived about 13% of its
$31.5 billion revenue from the
country last year, fell 10% in
the second quarter, he said.
Some executives warned of
a global knock-on effect as
customers in other geogra-
phies also feel the pain from
reduced demand in China, re-
sulting in a cutback in orders
and lower revenue in other
parts of the world.
The pain isn’t being felt
evenly. Companies tied to re-
covering sectors, such as do-
mestic tourism, posted im-
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* * * * *
distress last month.
The twin moves on Tuesday
by the National Bureau of Sta-
tistics and the People’s Bank of
China came as a batch of new
data showed spending growth
by consumers and businesses
slowed last month, while fac-
tory output grew much less
than expected, adding to a raft
of worrying recent signals.
For the first time since Feb-
ruary, China’s headline mea-
sure of unemployment rose, to
5.3%.
The jobless rate for 16- to
24-year-olds, meanwhile, had
marched steadily higher for six
consecutive months to hit a se-
ries of records, culminating in
a reading of 21.3% in June.
Economists had generally ex-
pected the jobless rate for the
proving results. Hotel chain
Marriott reported a surge in
demand for its rooms in China
amid a rebound in domestic
travel, adding that it was gen-
erating more revenue per
room now than in 2019.
Starbucks said on Aug. 2
that China revenue grew 51%
in its most recent quarter
compared with a year earlier,
after logging a 3% increase in
the prior quarter.
Apple reported record reve-
nue for its region that in-
cludes mainland China, Hong
Kong and Taiwan.
China’s economic reopen-
ing after it abruptly ended
zero-Covid restrictions in De-
cember fueled executives’
hopes for a rebound that
would be felt globally. After a
brief bounce, however, read-
ings of the world’s second-
largest economy have soured.
Manufacturing activity has
contracted, exports have de-
clined, consumer confidence
remains fragile and youth un-
employment has risen to re-
cord highs.
More worrying for some
companies, recent data show-
ing an unusual drop in con-
WORLD NEWS
cohort to climb even higher
through the summer, as an-
other batch of graduates en-
tered the labor market.
Explaining the decision to
stop publishing the youth job-
lessness data, Fu Linghui, a
spokesman for the statistics
bureau, said the country has
96 million people between the
ages of 16 and 24, about two-
thirds of whom are students.
“The main task for students
is studying. There are different
views over whether to include
students who are looking for a
job before graduation in the la-
bor force survey and statis-
tics,” he said, adding that more
young people are pursuing ad-
vanced degrees.
Fu said that officials would
look again at how best to de-
sumer prices have raised con-
cerns that the country could
be entering a deflationary spi-
ral of progressively weaken-
ing demand.
“The anticipated economic
rebound following the end of
zero-Covid restrictions has yet
to fully materialize,” Howard
Ungerleider, chief financial offi-
cer at chemical company Dow,
said last month. The company
blamed a de-
cline in second-
quarter income
on a slow recov- Executives see
ery in China
leading to re-
duced prices for from stimulus
its products.
Meanwhile,
rival DuPont
said earlier this
month that
sales from exist-
ing operations in China fell 14%
in the second quarter compared
with a year earlier, mainly be-
cause of frail demand for con-
sumer electronics.
Those headwinds contrib-
uted to its decision to cut its
overall growth outlook for the
second half of the year, the
company told investors. Du-
fine joblessness among young
people.
The latest signals reinforce
the sense of broad economic
frailty that Beijing is strug-
gling to overcome. They come
on the heels of figures last
week showing Chinese con-
sumer prices fell in July com-
pared with a year earlier, illus-
trating the weakness in
Chinese spending—even as in-
flationary pressure continues
to stalk other major economies.
Economists have marked
down their forecasts for Chi-
nese growth this year, while
many now expect the U.S. to
remain in the driver’s seat for
the global economy this year
as fears of recession diminish.
The People’s Bank of China
said Tuesday that it lowered
Pont CEO Edward Breen said
the company expects growth
there to pick up eventually, but
it will be later than expected.
“It’s really a slowness in the
industrial economy in China
right now,” he said. The Wall
Street Journal reported on Sat-
urday the company’s sale of its
sustainable-materials business
last year to a Chinese company
has prompted an investigation
by the FBI.
Caterpillar
executives fore-
cast earlier this
little benefit year lower-
than-usual
sales out of
China, which
efforts by typically ac-
Beijing. counts for be-
tween 5% and
10% of revenue.
That outlook
has recently worsened further
still, owing to a downturn in
sales of the company’s heavy
excavation equipment, which
makes up the bulk of its
China-based business, CEO
James Umpleby said Aug. 1.
“We now expect further weak-
ness” from China, he said.
China’s broader economic
More leverage for your bottom line.
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Tuesday, August 15, 2023 | A7
The jobless rate for 16- to 24-year-olds has risen for six
consecutive months, culminating in a 21.3% rate in June.
the interest rate on a key facil-
ity that funnels one-year loans
to banks to 2.5% from 2.65%
previously, at the same time
shoveling the equivalent of
$55.2 billion of new loans into
the banking system. Such a
move is usually followed
within days by a reduction in
bank lending rates to house-
malaise has come despite ef-
forts by Beijing policy makers
to juice the economy, including
through a series of interest-rate
cuts designed to spur lending.
Economists widely see the
efforts to date as meager, and
some company executives ex-
pressed disappointment that
the stimulus efforts to date ha-
ven’t borne more fruit.
The Journal has reported
that officials are planning fur-
ther measures, including the
possibility of billions of dol-
lars in new infrastructure
spending and efforts to shore
up the country’s weak prop-
erty market.
“Markets are not reflecting
much benefit from the initial
stimulus measures,” Lyondell-
Basell Industries CEO Peter
Vanacker said of the chemical
maker’s performance in China
in the second quarter. The
company reported a 22% drop
in revenue during that quarter
in China, the company’s third-
biggest market after the U.S.
and Germany.
“All the stimulus we read
about really hasn’t trickled
down to any significant eco-
nomic activity,” echoed Lee
.
AGENCE FRANCE-PRESSE/GETTY IMAGES
holds and businesses.
The PBOC said it also cut
the interest rate on seven-day
reverse repurchase operations
to 1.8% from 1.9%, having cut
that short-term lending rate as
recently as June.
—Grace Zhu and
Xiao Xiao in Beijing
contributed to this article.
Banks, vice chairman at indus-
trial-components
Parker Hannifin.
supplier
That company, based in
Cleveland, said that while it
was disappointed in the pace
of the China recovery, some of
its weakest overseas markets
of late were elsewhere: Ger-
many, Austria and Switzer-
land. A big reason, Banks said,
is that customers in those
countries export products on-
ward to China.
“The China export market
is a big deal for them, and
China has not rebounded like
we all expected it would,”
Banks said.
Chandler, Ariz.-based Mi-
crochip Technology reported a
similar dynamic earlier this
month, with CEO Ganesh
Moorthy noting “early signs of
an impending slowdown in
Europe, exacerbated by some
of our European customers
being dependent on exports to
countries like China.”
“Going through the month
of July, we have not yet seen
China recover,” Moorthy said,
describing the company’s busi-
ness there as “much weaker
than our expectations.”
 .

A8 | Tuesday, August 15, 2023 * **** THE WALL STREET JOURNAL.

FROM PAGE ONE

New Hotel longs to him.

At issue is a legal doctrine
called adverse possession,
asked the judge to toss the
case. They said the claims
were without merit and that
claims, including the land-
lord’s allegation that Extell
trespassed on its property and

Fights Over which allows one person to

claim another’s land after
openly using it for years.
the use of the Pit was a
“neighborly accommodation to
facilitate goodwill.”
the argument over ownership
based on air conditioners and
a ledge. But the judge allowed

18 Inches If Extell were to build the

hotel on the historic property
“This is a ridiculous lawsuit
brought by a co-op board that
other arguments put forth by
Elo to move forward, including

CAM POLLACK/THE WALL STREET JOURNAL

Continued from Page One
mond dealer himself, has been
waging a protracted legal bat-
tle over 18 inches.
It started in 2018, when an
Extell affiliate purchased a lot
on 47th Street, one of two par-
cels to be used for the hotel.
By Barnett’s reckoning, the
property line extended to an
adjacent 16-story building
owned by Jack Elo, a smaller-
scale landlord who rents to
tenants including diamond
businesses.
Not so fast, says Elo, who
bought the building in 2007.
He points out that his tenants
have been using 22 air condi-
tioners, open windows and a
ledge that protrude into the
space claimed by Barnett. And
that, he says, means the 18-
inch by 100-foot patch of land,
and the airspace above it, be-
line, Elo’s building would be
forced to permanently shutter
some windows, said Steven
Haffner, his lawyer.
“How are we going to get
air?” he said of the building,
which lacks central air condi-
tioning. “It’s not very neigh-
borly.”
In New York City, fights
over ownership of tiny or
seemingly undesirable parcels
can drag on for years in court.
New York lawmakers tight-
ened the adverse-possession
law in 2008, after the state’s
highest court ruled that a cou-
ple gained ownership of their
neighbors’ land because they
tended to the property, includ-
ing by installing a bird feeder
and underground dog fence.
But lawyers have continued to
bring claims.
“Adverse possession is for
the underdog,” said real estate
attorney Adam Leitman Bailey.
The owner of this Manhattan building cited jutting air
conditioners in his case against a neighboring hotel project.
“It’s use it or lose it. Rich peo-
ple hate it, but I think it’s phe-
nomenal.”
Still, sometimes rich people
use it. Bailey is currently liti-
gating an adverse-possession
claim on behalf of a Fifth Ave-
nue co-op board suing a rental
building owned by former New
York Gov. Eliot Spitzer, who is
seeking to tear down the
building and build luxury con-
dos. At issue is a 340-square-
foot depression between the
should be, and will be embar- claims that a prior owner ac-
rassed,” Spitzer said in a quired it through adverse pos-
statement. session. That ruling was up-
On a recent weekday in the held by an appeals court last
Diamond District, salesmen month.
hawking gold and jewelry The tone of the proceedings
spilled out onto the sidewalk has grown contentious. Land-
of 47th Street. The Extell site lord Elo said Extell’s legal
was quiet, although work had briefs were “mind numbing”
begun on the foundation of and some arguments were
the building. “nonsense that should not
Decordiva Williams, a 36- pass even a novice attorney’s
year-old jeweler who works smell test.” Extell accused the
buildings, known as the Pit. out of Elo’s building, bristled landlord of being motivated by
The co-op claims it has at the prospect of a fancy ho- a “rapacious desire to extract
used the Pit, which is techni- tel on the block, saying it unwarranted concessions.”
cally the property of the would ruin the neighborhood’s Still, said real-estate litiga-
Spitzer building, for so long character. “Insane,” he said. tor Y. David Scharf, battles like
that it now owns it. Since at “It’s the Diamond District.” this are better than their his-
least 1989, its building has Naftaly Elias, who works in torical alternatives. “Wars
stored materials including the diamond business, called that kill people have been
bricks, hot tar and timbers in the dispute ridiculous. “What’s fought over boundaries,” he
the Pit, and cleaned up its 18 inches?” said Elias, 66 said. “You are now seeing
leaves, debris and dead ani- years old. “Someone needs to boundary wars find their way
mals, says the lawsuit, which pay someone and they can set- into a more civilized place for
was filed earlier this year. tle it themselves.” resolution, which is the court-
Spitzer’s lawyers have The judge has tossed some house.”

Global in 2020, which meant it no

longer had easy access to its
giant single market.

Economic Brexit proponents said the

U.K. could strike bilateral
trade deals with other coun-

Losers tries and double down on

globalization. Since then, mo-
mentum for free trade has
stalled and now appears to be
Continued from Page One in retreat.
decades of free trade, but are “Back during the Brexit
at a disadvantage in a new era vote, nobody had any idea that
of aggressive industrial policy. we’d see a resurgence of in-
Industrialized nations such as dustrial policy in the U.S.,”
the U.K. and Singapore lack said Gernot Wagner, a climate
the scale to compete against economist at Columbia Busi-
the biggest economic blocs in ness School.
offering subsidies. Emerging Now, the U.K. government
markets such as Indonesia, is facing calls from all corners
which had hoped to use its of the country’s economy to
natural resources to climb the respond to the interventionist
economic ladder, are also turn in global economics with
threatened by the shift. its own reinvigorated indus-
Intel has been offered $11 trial strategy.
billion in subsidies from the The U.K.’s auto sector got a
German government to build boost recently when the owner
two semiconductor plants, in of Jaguar Land Rover chose to
ULET IFANSASTI/GETTY IMAGES

what Prime Minister Olaf build a new EV-battery plant

Scholz called the largest foreign there, but the overall scale of
direct investment in German green subsidies lags far behind
history. The pledged govern- the U.S.
ment financing is substantially Finance Minister Jeremy
more than the annual budget of Hunt has promised to unveil
Singapore’s Ministry of Trade the U.K.’s response this fall,
and Industry. Workers in traffic near Indonesia Morowali Industrial Park, a hub for nickel-related industries. but has downplayed expecta-
“Let me tell you plainly: We tions and said Britain will not
cannot afford to outbid the big people out of poverty. Western at asset manager TCW Group. merce and Industry, in an in- lion pounds, worth about “go toe-to-toe with our friends
boys,” deputy Prime Minister consumers got an abundance “Europe, the U.S. and China terview. “Please don’t shut us $2.55 million, from a U.K. gov- and allies in some distortive
Lawrence Wong told support- of affordable consumer goods are in a subsidy competition down.” ernment EV-industry fund. global subsidy race.” He said
ers at a recent political rally. and a higher standard of liv- and the losers in that competi- As a leader in the subsidy Weeks later, two U.S. rivals, the U.K. will look to target
For many tech companies ing. Technological advances tion are poorer economies race, the U.S. is experiencing Sila Nanotechnologies and funding to areas where Britain
nurtured in the U.K., growth and new management ideas with less fiscal resources.” an investment boom. The U.S. Group14 Technologies, both has a clear competitive advan-
lies elsewhere. British battery- also moved more freely be- The Western embrace of in- took in about 22% of global got $100 million from the En- tage.
technology startup Nexeon, tween countries, along with dustrial policy foreign direct ergy Department under a bat-
which developed its technol- goods and financial resources. could be espe- Foreign direct investment investment last tery-industry funding program
ogy near Oxford, helped by The model also had steep cially painful flows year, making it introduced in the 2021 infra- New alliances
government funding, raised costs. Once-thriving communi- for countries the world’s top structure law. Like Nexeon, One solution for countries
over $200 million last year. Its ties in the U.S. and Western that had hoped $350 billion recipient, ac- those companies are making that can’t compete is to draw
first commercial factory will Europe were hollowed out as to exploit the cording to silicon-based materials to be rich trade partners closer and
300
be in South Korea, likely fol- manufacturing jobs moved to adoption of U.S. United Nations used in battery anodes to im- benefit from their industrial
lowed by a plant in North Asia or the former Soviet green technolo- 250 data. That is prove performance. policies, as Canada and Mexico
America. states. Environmental con- gies to turbo- slightly lower “The economics of projects have done through their free-
“But not the U.K., sadly,” cerns mushroomed as the charge their 200 than the 26% it in the U.S. are just out of trade deal with the U.S., said
EU
said Scott Brown, Nexeon’s global economy consumed own economic China received in sight,” said Guy Debelle, a for- Chad Bown, a trade expert and
chief executive. Nexeon more natural resources. Some development. 150 2021 when mer deputy governor of Aus- former World Bank official at
doesn’t see that changing economies faced destabilizing Indonesia global invest- tralia’s central bank and now the Peterson Institute for In-
without more government sup- bouts of capital flight as for- has ambitions 100 ment bounced director of Fortescue Future ternational Economics, a think
port for the battery industry. eign money flooded in and to parlay its back after a Industries, the green energy tank in Washington, D.C. Indo-
AMTE Power, one of the out. a b u n d a n t 50 lull during the unit of West Australia miner nesia’s government is partici-
U.K.’s few homegrown battery Unwinding that global inte- nickel re- Indonesia pandemic, but Fortescue Metals. The company pating in the American-led
0 U.K.
manufacturers, has said it may gration—whether for reasons sources into a signif icantly is scouting investment oppor- Indo-Pacific Economic Frame-
rethink plans to locate a pro- of national security, geopoliti- world-leading 2012 ’22 higher than the tunities and currently sees the work for Prosperity, an eco-
posed $200-million-plus fac- cal rivalry or supply-chain battery indus- Note: EU figures exclude Luxembourg 13% it got in U.S. as the most likely location nomic pact that it hopes will
tory in Scotland given the dif- anxieties—comes with its own try. But U.S. Source: United Nations 2019. Spending due to subsidies that could improve market access for its
ference in subsidies on offer in problems, economists say. Es- rules, put in on construc- knock up to 60% off a project’s minerals.
the U.S. and Europe. Arrival, pecially at risk are smaller, de- place as part of the IRA, deny tion related to manufacturing price tag, said Debelle. Last year, Investment Min-
an electric-vehicle startup, veloping economies that need subsidies for EV batteries that rose 76% in May compared The European Union is pre- ister Bahlil Lahadalia said In-
said last year it wants to focus access to global markets if contain large amounts of min- with a year earlier, to a sea- paring its own support pack- donesia would seek to form an
its manufacturing in the U.S. they’re to trade their way to erals from nations that are not sonally-adjusted annual rate of age, relaxing limits on subsi- OPEC-like cartel for nickel, a
instead of the U.K, citing the greater prosperity. American free-trade partners. $194 billion, Census Bureau dies member countries can battery mineral whose produc-
tax breaks. “The world as a whole is Indonesia is among them. data show. give industry. By 2030, the EU tion Indonesia dominates, as a
The U.S., which is offering becoming more inward and “We have all the natural re- In the U.K., Nexeon’s fund- wants 40% of the key technol- response to protectionism by
$369 billion in incentives and turning away from open trade sources. We have the human ing underscores the power of ogies needed for the green countries that make EVs. An
funding for clean energy as and investment,” said David resources. And we are a coun- the U.S. purse to skew the transition to be manufactured OPEC-modeled organization
part of the Inflation Reduction Loevinger, a former U.S. Trea- try that’s a democracy,” said playing field. As well as the in the bloc, including solar would coordinate nickel pro-
Act, is seeing a windfall of for- sury official who is managing Arsjad Rasjid, the head of the private capital it raised last equipment—a sector currently duction levels with other ma-
eign investment. German car- director for emerging markets Indonesian Chamber of Com- year, Nexeon received two mil- dominated by China—wind jor exporters to ensure ele-
maker BMW just turbines and batter- vated prices.
broke ground for a ies. Analysts doubt the plan, in
new battery plant in Workers prepare the site of a Panasonic EV The U.S. battery part because other nickel pro-
South Carolina. South battery plant near DeSoto, Kan. production pipeline, ducers don’t want to alienate
Korean firms Hyundai which measures ca- powerful trading partners
and LG announced a pacity from projects such as the U.S. and China.
$4.3 billion battery in the works, has Similar ideas for an OPEC-like
plant in Georgia. Pa- jumped 67% since organization of lithium pro-
nasonic of Japan is the IRA was an- ducers have been floated by
building a plant in nounced and now left-wing leaders in Latin
Kansas. matches the size of America, but haven’t been en-
Europe’s, which acted.
grew by 26% over Indonesia and Zimbabwe
A global shift that period, accord- have put in place export re-
The subsidy race ing to estimates by strictions on minerals such as
marks a step away Benchmark Miner- nickel, bauxite and lithium,
from the economic als Intelligence, a along with requirements that
integration that for U.K. based firm that foreign companies build pro-
decades broke down gathers industry cessing facilities in the country
barriers to trade and data. as a condition for exporting.
investment between The shift in “I’m not a fan of these poli-
countries. global trade comes cies but they’re clearly very
CHARLIE RIEDEL/ASSOCIATED PRESS

Globalization at a particularly popular,” said Simon Evenett,

transformed once- awkward time for a professor of international
poor countries such the U.K., which has trade and economic develop-
as South Korea and been struggling to ment at the University of St.
Taiwan into high- chart a new course Gallen in Switzerland. “Clearly
tech, developed econ- in the global econ- it will drive up prices and it
omies, lifting hun- omy after leaving will increase uncertainty and
dreds of millions of the European Union risk.”

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved.
An Antidote for ‘TikTok Brain’
Has Also Become a Problem
YouTube Shorts adds ‘short bursts of thrills’ to kids’ digital diets, making it harder to pull away
FAMILY
& TECH
JULIE
JARGON
T
ikTok’s surging popular-
ity has led to copycats
from YouTube and oth-
ers, spreading the rapid-
fire video format across
teens’ smartphones. It
also has fueled the attention-rob-
bing problems that come with
such clips.
YouTube used to be the place
where teens and preteens watched
lengthy toy unboxings and video-
game tutorials. Many parents who
banned their children from watch-
ing TikTok considered YouTube to
be a safer alternative.
ILLUSTRATION BY MARIO WAGNER
But since the debut of YouTube
Shorts two years ago in the U.S.,
YouTube looks more like TikTok—
something new research suggests is
a problem. Viewing endless 15-sec-
ond TikToks hurts kids’ attention
spans and makes it harder for them
to participate in activities that
WHAT’S YOUR WORKOUT | JEN MURPHY
How an 85-Year-Old
Trains for Hill Climbs
L
eon Malmed loves the grind of
cycling straight up mountains
at age 85. Younger riders
might think he’s on an e-bike until
they get a closer look at his sleek
carbon-fiber ride.
“It’s way easier than golfing,” he
jokes.
Cycling was Malmed’s retirement
Plan B. In 2000, he wrapped up his
career as a Silicon Valley marketing
executive and moved to a golf com-
munity, only to discover he was a
terrible golfer. After a few years of
practice and little improvement, he
started searching for a new hobby.
A friend persuaded Malmed, then
66, to join his cycling club’s casual
weekend ride.
His first impressions: “Why are
RYAN ANGEL MEZA FOR THE WALL STREET JOURNAL (2)
don’t offer instant gratification, an
effect I dubbed “TikTok brain.”
Longer videos are still on You-
Tube, but it’s the short ones that
have recently captured kids’ atten-
tion. YouTube Shorts have a maxi-
mum length of 60 seconds. They
are now watched by more than
two billion logged-in users every
month, up from 1.5 billion a year
ago, parent company Alphabet
said last month.
Children who used to be able to
regulate their YouTube-watching
now have trouble pulling away
from the short videos, some par-
ents say. A new study from Gui-
zhou University of Finance and
Economics in China and Western
Michigan University found that
short-form videos such as those
on YouTube and TikTok engage
people through “short bursts of
thrills,” which can make it easier
to develop addictive behavior.
YouTube spokeswoman Ivy Choi
said that research into how short-
form content impacts young people
is still in its early days and that
the company is closely monitoring
it. She added that reminders to
grown men wearing neon span-
dex?” and “Why would anyone
spend $1,500 on a bike?”
The last time Malmed had been
in the saddle it was a cruiser bike,
and he was 18.
He found a clunky old road bike
and struggled to stay with the
group. But he liked the camaraderie
and kept coming back.
His friend lent him a lighter bike.
Despite the frame being three sizes
too big, Malmed kept pace and ex-
celled at the climbs. He progressed
quickly—and within a year he was
shelling out a few thousand dollars
for a top-of-the-line bike.
“I’d always come home from golf
mad,” he says. “Biking makes me
happy. It gives me an incredible
THE WALL STREET JOURNAL.
take breaks and to go to bed are on
by default for users ages 13 to 17.
“At YouTube, protecting the
safety and well-being of young
people and their families is core to
our work, including for YouTube
Shorts,” Choi said. “We continue
to refine the Shorts experience to
better meet the needs of young
people and their families, includ-
ing by partnering with third-party
experts to inform our work.”
‘Hardwired for
instant gratification’
Robert Verderese says his 14-year-
old son has become so absorbed in
YouTube Shorts that he can’t seem
to hear his dad tell him to put
down his phone, even though he
doesn’t wear headphones.
“I’ve said, ‘I’ll give you $1,000 if
you look up at me right now,’ and
three seconds later he looks up and
says, ‘What?’” Verderese says.
His son used to watch YouTube
tutorials while playing videogames
so he could learn how to level up
in games. In the past year, the
teen has mostly been watching
sense of freedom. When I’m chasing
another rider, I tap in to this energy
I didn’t even know I still had.”
Malmed’s career left little time
for exercise. In his 50s, he started
dancing tango and waltz and he oc-
casionally played tennis. He says by
training with younger riders and
putting in time on the bike, he built
up his strength and endurance.
He started competing in races at
age 78. He’s notched multiple Mas-
ters national titles and plans to
compete at the 2023 World Mas-
ters Cycling Championships Aug.
17-21 in St. Johann, Austria.
The Workout
Each morning Malmed does around
35 sit-ups and 35 push-ups. Twice a
week he attends mat Pilates with
his wife.
“It’s hard enough to keep your
Malmed and his wife do mat
Pilates twice a week, which he
says ‘really opens you up.’
Shorts purely for entertainment.
Verderese, an equities trader
in Short Hills, N.J., has become so
frustrated with the quick videos
that he emailed Alphabet to see if
there’s a way to disable Shorts
(there’s not) or to set a time limit
for the short videos (also not
possible).
The study from the Chinese and
Michigan universities, published
this month in “Computers in Hu-
man Behavior,” a scholarly journal
that examines technology from a
psychological perspective, suggests
Verderese’s concerns about short
videos aren’t an overreaction.
Researchers surveyed college
students in China and the U.S. to
discover why they excessively
watch short-form videos: for en-
tertainment, to gain new knowl-
edge and to build and maintain
their social identities. The re-
searchers recommended students
curb such viewing with more off-
line activities. They said other on-
line activities, such as videogames,
require longer durations and con-
tinuous engagement to drive be-
havioral addiction.
back straight as you get older,” he
says. “After being hunched over a
bike, this really opens you up.”
He trains around his home in
South Lake Tahoe, Calif. He rides
solo a few days a week but prefers
to have someone in front of him to
chase. He joins a group ride twice a
week. They typically put in anywhere
from 20 to 50 miles. He trains at
home on his Peloton 30 to 45 min-
utes two to three times a week.
From June through October he
participates in weekly races hosted
by his local cycling club.
Malmed also skis, sails and still
hasn’t given up on golf.
Malmed loves taking his bike on
vacation. When he visits Maui, he
tackles what is one of the longest,
steepest paved roads on the planet
leading up to Haleakala Crater.
The ride climbs 10,000-plus feet
over 36 miles. (The legendary Mont
Ventoux in the French Alps has a
5,300-foot climb of more than 13
miles.) Donnie Arnoult, owner of
.
Tuesday, August 15, 2023 | A9
Previous studies found that
watching fast-paced videos inter-
feres with children’s ability to
perform tasks correctly and de-
creases their ability to control
their impulses.
“When kids spend a lot of time
watching short videos, they ex-
pect to continually be stimulated
by fast changes in content,” says
Gloria Mark, a professor of infor-
matics at University of California,
Irvine.
Regular viewing of fast-paced
videos can make everything else
seem boring and cause problems
with focusing on slow-paced activ-
ities such as schoolwork and read-
ing, says Mark, who wrote a book
about attention spans, published
earlier this year.
Short-form videos
engage people
through ‘bursts of
thrills,’ a study found.
And children spend a lot of
time on YouTube. It’s the social-
media app most used by American
teens, with 19% saying they watch
YouTube almost constantly, ac-
cording to a Pew Research Center
study published in April.
Scott Migliori, a money man-
ager in Mill Valley, Calif., says he
can’t prove that YouTube Shorts is
the reason his 14-year-old son has
lost interest in reading during the
past six months, but he believes it
can’t be helping.
Migliori used to worry about
the amount of time his son spent
playing videogames. “Now I’m
like, ‘Please play ‘Fortnite,’’’ he
says, explaining that the game is
longer, social and involves team-
work, as opposed to solo Shorts
watching.
His son, who used to enjoy
watching basketball games, now
only views highlights via the “key
plays” feature on YouTube TV.
“This generation is being hard-
wired for instant gratification, and
it’s starting to feel like a losing
battle,” Migliori says.
Quick tips
 Set goals. “Attention is goal-di-
rected. If we don’t have a clear
goal, it’s easy to get absorbed in
videos,” Mark says. “Help your
kids create goals, like playing with
other kids in real life or spending
time outside.”
 Use tech settings. Parents of
children under age 13 can create
supervised YouTube accounts, in
which they can choose age-appro-
priate content settings.
Although there’s no way to set
limits on Shorts specifically, par-
ents can set time limits on You-
Tube overall through Google Fam-
ily Link. Parents with Apple
devices can set time limits for
YouTube on their children’s de-
vices or through Apple Family
Sharing, but a bug can cause the
Screen Time settings to reset.
Leon Malmed said
taking up cycling was
easier than golfing.
Maui Cyclery, says
Malmed is the oldest
client he’s had com-
plete the ride.
Malmed was evac-
uated from his home
for two weeks last
year because of wild-
fires and says he im-
mediately reached out
to Arnoult after the
Maui fires.
The Diet
Philosophy: Malmed
was a meat and pota-
toes guy, but after
overcoming prostate
cancer five years ago, he embraced
a pescatarian diet.
Splurge: He allows himself to eat
cheese every other week. Maroilles, a
stinky French cheese, is his favorite.
Breakfast routine: Low-sugar ce-
real topped with blueberries, sliced
banana and one Brazil nut.
Lunch: Tuna salad or smoked
salmon with tomatoes, lettuce and
radishes and a slice of multigrain
bread with a piece of fruit.
Home cooking: His wife was born
in Colombia and typically makes rice
and beans with fish and vegetable
soups. Before a race he eats pasta.
The Gear and Cost
Road bike: Trek Emonda SLR 9 car-
bon road bike ($13,000) with Conti-
nental Grand Prix 5000 S TR tires
($100 each)
Mountain bike: Pivot Cycles Trail
429 ($6,000)
Bike shoes: Bontrager XXX ($420)
Helmet: Bontrager Velocis MIPS
($225)

A10 | Tuesday, August 15, 2023
Your Marriage
Needs a CFO
And a COO
Couples take a page out of the corporate
playbook to split household tasks
BY JULIA CARPENTER
C
ouples who struggle
with dividing household
chores are taking a page
out of the corporate
playbook to better orga-
nize their finances and
day-to-day operations.
Some partners adopt the roles
of chief financial officer and chief
operating officer to split their
household duties. Budgeting for
the family, balancing accounts,
managing investments—that is the
CFO’s job. Booking ap-
pointments, organizing
the calendar and mak-
ing sure the trains run
on time—that is the
COO’s territory.
Like in a Fortune 500
company, these two
roles ideally work to-
gether as a well-oiled
leadership team. For
couples who are re-
stricting their budgets
and struggling with fi-
nancial uncertainty, di-
viding the labor can
make managing house-
hold tasks more effi-
cient and lessen finan-
cial strife in a
relationship, researchers
and financial therapists
said. Some romantic
partners who practice
this setup have found it
easier to reach their fi-
nancial goals.
“At the core, there does need
to be this established level of
agreement between couples about
‘How are we going to get through
daily life and accomplish all the
tasks it takes to get to the finish
line successfully every day?’” said
Megan Ford, financial therapist
and clinic director at the Univer-
sity of Georgia.
Why a CFO and COO?
Omar Ramirez, a 37-year-old
startup founder in Los Angeles,
and his wife, Marissa Ramirez, a
38-year-old stay-at-home mom,
first discussed the CFO-COO ap-
proach when they began home-
schooling their two small children.
Dividing the labor—Omar tak-
ing the role of CFO and Marissa
that of the COO—freed up more
time in their days. Each felt a
sense of purpose in knowing they
accomplished their tasks and
trusted the other person to do
theirs, the Ramirezes said.
In the corporate world, special-
ization is the key to getting things
done efficiently. This specialized
Social Security Payouts to Edge Up in 2024
BY ANNE TERGESEN
S
ocial Security recipients are on
track to pocket a significantly
smaller raise in 2024 because
of a slowdown in inflation.
If inflation climbs in line with its
recent trend during the next two
months, recipients’ monthly checks
will rise by about 3% in 2024, ac-
cording to estimates from analysts
and nonprofits. The estimates fol-
low an 8.7% cost-of-living increase
in 2023 as inflation soared.
For the approximately 67 million
retirees and disabled people who
receive Social Security benefits, an-
nual changes to payments can
make a big difference in making
ends meet. Social Security for
many retirees is the only source of
their retirement income that is de-
signed to keep pace with inflation.
And while inflation cooled in
June to its slowest
pace in more than
two years, inflation’s
decline is uneven, One retiree said
with prices for some she is optimistic
products and services
still rising sharply. about making do
With a cost-of-liv-
ing adjustment, or
with a smaller
COLA, of 3%, the av- COLA next year.
erage monthly Social
Security check for re-
tired workers would
rise by about $55 to $1,892 in Janu-
ary from $1,837 this year.
The annual cost-of-living in-
crease is tied to the average infla-
tion for July, August and Septem-
ber, using the Labor Department’s
consumer-price index for urban
PERSONAL JOURNAL.
approach to dividing chores can
help couples achieve the same
goals, said Emily Oster, economics
professor at Brown University and
author of “The Family Firm,” a
book on data-driven parenting.
Talking about who wants to
adopt the CFO duties and who
prefers to take on the COO role
can allow partners to operate to
the best of their ability, within
their own sphere of control, Oster
said.
There isn’t always a fair break-
down of household tasks, and gen-
 Omar and Marissa Ramirez say
the CFO-COO model helps them
find more time in their days.
dered assumptions of what consti-
tutes “men’s work” and “women’s
work” remain sticky for many het-
erosexual couples. Even as
women’s financial contributions
increase, men still spend more
time on paid work and leisure as
their wives take on more of the
housework and caregiving respon-
sibilities, according to data from
Pew Research Center.
Stepping into the CFO and COO
roles can also help both partners
achieve a mind-set that embraces
accountability and builds trust,
two traits already lauded in the
business world, said Eve Rodsky,
lawyer and author of “Fair Play,” a
book about dividing housework
equitably.
When both partners know their
roles, they feel a greater sense of
autonomy within the relationship.
“I want people to feel they
have agency in their own home, to
not feel decision fatigue, to feel
wage earners and cleri-
cal workers. The July
data, disclosed last
week, provides a clue as
to what recipients
might get when the So-
cial Security Administra-
tion announces the offi-
cial COLA for 2024 in
October.
The 3% estimate is
slightly above the 2.6%
average COLA during
the past two decades,
according to Mary John-
son, Social Security and
Medicare policy analyst
at the Senior Citizens
League, a nonprofit that
advocates for strength-
ening Social Security
and Medicare benefits.
For the government, a
more modest rise in monthly Social
Security checks
would be welcome
news after the 8.7%
increase marked the
largest cost-of-living
adjustment to bene-
fits in four decades.
One silver lining
for retirees is the
stock market’s per-
formance so far this
year. In 2022, retir-
ees’ nest eggs were
walloped by falling stock and bond
markets. Over the 12 months ended
June 30, average 401(k) balances
for investors ages 65 to 69 have
risen 5.3% to $223,100, according to
Fidelity Investments, the nation’s
largest 401(k) provider.
like they can trust one another
and have a little bit of that mental
load relieved,” Rodsky said.
Doing it right
The CFO-COO model is only help-
ful if both people are working to-
gether as a leadership team, not
alone in separate lanes, Oster said.
“That is never supposed to be a
one-time conversation,” Oster said
of the who-does-what talk.
Expressing gratitude for the
work each partner takes on also
goes a long way toward minimizing
conflict within such a
CFO-COO arrangement.
“If you are in a COO
role, don’t forget to ac-
knowledge and express
appreciation to your
partner for what they
are managing. And if
your nose is in the
spreadsheet all the time,
you can be confronted
with some stressful
events, and that can
lead to you feeling iso-
lated,” said Ford, the fi-
nancial therapist.
Within their own
roles, both partners
must have the ability to
make judgments and big
moves, Oster said. In
some cases, the CFO-
COO division of labor
fails when one person is
making big decisions
and the other is merely
implementing them,
playing second-in-command.
“They don’t really feel they’re
doing it together,” Oster said.
Despite the annual boost, the net
increase for many retirees enrolled
in Medicare Part B, which covers
doctor visits and other forms of
outpatient care, will be lower since
those premiums are typically de-
ducted from Social Security checks.
Next year, the standard Part B pre-
mium is slated to rise by $9.90 to
$174.80 a month, according to esti-
mates Medicare’s trustees released
in March.
Retirees’ reliance
Julie Turner, 68, said the 8.7% raise
this year helped her avoid dipping
into her emergency savings. A re-
tired teacher who was widowed in
2008, she receives $1,625 each
month from Social Security, plus a
$150 survivor benefit.
“That doesn’t work well if you are
trying to be partners.”
Make sure you have a contin-
gency plan in case one partner
falls ill, the relationship ends, an
emergency hits or either the CFO
or COO needs support. This team
dynamic fails if catastrophe
strikes and neither partner is able
to step in.
Putting it into practice
For Jaimie Walters, a 36-year-old
government worker in Fayetteville,
N.C., playing the CFO role helps to
 Adopting the CFO-COO model
helped Scott and Jaimie Walters
pay off debts and build up savings.
She said that after spiking last
year, her major expenses have been
fairly stable in recent months. The
cost of eggs has come down, and
the price of food for her cats has
leveled off.
Turner, who lives on 60 acres in
Mobridge, S.D., with her two dogs,
six cats and two horses, is optimis-
tic about making do with a smaller
COLA in 2024. She said her lifestyle
is relatively simple in part because
multiple sclerosis prevents her from
traveling much.
Among Americans age 65 and
older, 40% rely on Social Security for
half or more of their income, accord-
ing to an AARP analysis of recent
government data. About 14% of re-
cipients in that age group depend on
their benefits for 90% or more of
.
THE WALL STREET JOURNAL.
alleviate her money anxiety. As a
child, she grew up with little fi-
nancial stability, and after her
first marriage ended, Walters said
building a nest egg for her family
became a priority.
Now, she said she prefers to be
the partner who manages the sav-
ings accounts and keeps track of
the family financial goals. Her
husband, meanwhile, takes the
lead on home-improvement proj-
ects and the children’s after-
school activities.
“For me, knowing there is a
positive balance in that bank ac-
count is already giving my kids
what I didn’t have for most of my
childhood,” she said.
Together, Jaimie and her hus-
band, Scott Walters, have already
made progress in paying off debt
and building up their household-
emergency fund. The evolution of CLOCKWISE FROM TOP: ILLUSTRATION BY JON KRAUSE; JAIMIE WALTERS; OMAR RAMIREZ
their chores distribution also
taught Jaimie that playing the role
of CFO isn’t always solitary.
“I knew that it had to be a
partnership,” she said.
The Ramirezes, who adopted
the CFO-COO approach three years
ago, said they are open to their
roles shifting over time. Recently,
Omar said he noticed that his wife
was taking on a greater share of
the financial labor, such as manag-
ing their school-supplies budget.
At the same time, he assumed
more duties at home, including
teaching science and math to his
children.
“Because our roles are so fluid,
we see ourselves as partners, and
we see ourselves doing this thing
called life together,” he said.
their income, the analysis found.
The nonprofit Committee for a
Responsible Federal Budget ex-
pects an increase of about 3% in
2024, with the potential for the
COLA to be higher if gas prices
continue to rise. Social Security of-
ficials in a March report said they
expect next year’s benefit increase
to be about 3.3%.
Insolvency estimates
This year’s 8.7% COLA increase
helped hasten the date of potential
insolvency for the Social Security
trust fund by a year, said Maya
MacGuineas, president of the Com-
mittee for a Responsible Federal
Budget. She said a 3% COLA isn’t
likely to have a significant impact
on the insolvency date, which Social
Security’s trustees predict will occur
in 2034.
Unless Congress takes action to
shore up the program, beneficiaries
would receive about 80% of their
scheduled benefits after that point.
Retirees can start Social Secu-
rity benefits any time between
ages 62 and 70, with the benefit
amount increased for every month
of delay. Cost-of-living increases
start at age 62, whether you claim
benefits then or delay, and continue
for as long as you live.
The rise in monthly checks from
a cost-of-living adjustment causes
more people to owe federal income
tax on a portion of their Social Se-
curity benefits. The $25,000 income
threshold for individuals, or $32,000
for couples, isn’t adjusted for infla-
tion. The annual income figures in-
clude half of an individual’s or cou-
ple’s Social Security benefits.
In 2021, 46% of retirees paid fed-
eral income tax on a portion of their
benefits, up from 8% in 1984, the So-
ISTOCK
cial Security Administration says.
 .

THE WALL STREET JOURNAL. * * * * Tuesday, August 15, 2023 | A11

BY LANCE ESPLUND
Philadelphia
IN HIS 1911 POEM “To Whistler,
American,” Ezra Pound called James
Abbott McNeill Whistler “our first
great” American, with some art-
works “Perfect as Dürer!” One of
those “perfect” pictures to which
Pound was referring is Whistler’s
psychologically charged, life-size
portrait, “Arrangement in Gray and
Black No. 1” (1871). More commonly
known as “Whistler’s Mother,” it’s
the lodestar of “The Artist’s Mother:
Whistler and Philadelphia,” an ap-
proachable though uneven exhibi-
tion of four paintings and five works
on paper at the Philadelphia Mu-
seum of Art.
“Arrangement in Gray and Black
No. 1” was first shown in the U.S., in
1881, at the Pennsylvania Academy
of the Fine Arts—only the second
time pictures by Whistler (who lived
in London) were exhibited in Amer-
ica. Curated by the PMA’s Jennifer
Thompson, “Whistler and Philadel-
phia” welcomes “Whistler’s Mother,”
which now resides in Paris’s Musée
d’Orsay, back to the city for the first
time in 142 years. The show’s prem-
ise—artist (child) and subject
(mother)—is simple. Bring Whis-
tler’s portrait into dialogue with
portraits of mothers by 19th- and
20th-century American artists asso-
ciated with the City of Brotherly
(and Motherly) Love.
Born in Lowell, Mass., Whistler
(1834-1903) lived in Connecticut,
Maryland and at West Point’s Mili-
tary Academy, where his father
taught drawing and Col. Robert E.
Lee dismissed the cadet for exces-
sive demerits. Whistler also resided
in St. Petersburg, Russia (where his
father designed a railroad for Czar
Nicholas I); in Paris (where he be-
friended the poet Baudelaire, the
Realist Courbet and fellow Impres-
sionists Manet, Degas and Monet);
and in London, which, in 1859, he
adopted as his home.
“Arrangement in Gray and Black
No. 1” depicts 67-year-old Anna
Matilda McNeill Whistler, who, at
her son’s behest, replaced a sick
model in his London studio. A strik-
ing symphony of burnished bronzes,
silvers, browns, whites and blacks,
Whistler’s painting exists some-
where between a moody Dutch
RMN-GRAND PALAIS
ARTS IN REVIEW
ART REVIEW
Mismatched Mothers
A show of artists' portrayals of their moms alongside a masterpiece
ahead, as if into a foreboding future.
She is a monumental, insurmount-
able mass—sometimes void—of
blackness. Her lap is vast. Her head,
hands and feet seem disconnected,
like an archipelago in an inky sea.
And her legs, disproportionately
elongated, extend like a spider’s.
Though moored, she’s in motion.
And the room is in flux.
Anna is perched precariously, as
if hugging a ledge. In places the floor
tilts up or dissolves, suggesting she
could slide right out of the painting.
James Abbott McNeill
Whistler’s ‘Arrangement in
Gray and Black No. 1’ (1871)
arguably, Whistler’s etching “Black
Lion Wharf” (1859), which is at the
center of Whistler’s painting and, at
the PMA, is installed nearby. These
two flat, bright rectangles muscle
forward toward the composition’s
front plane, bookending and compet-
ing with Whistler’s mother, who
plows straight ahead, like a fully
“Victorian Mona Lisa”) is a portrait
in which painter and sitter are inex-
tricably fused. It has come to signify
the embodiment of stalwart mother-
hood and puritanical ideals. But not
always. Whistler’s portrait debuted
in 1872 at London’s Royal Academy
of Arts. Almost rejected by the RA,
in part because of its abstract title,
it was derided and ridiculed as too
stoic and austere—decidedly anti-
Victorian. Whistler eventually
pawned the painting, which the
French government acquired in 1891.
John Sloan, Dox Thrash, Alice Neel
and Sidney Goodman. Compelling is
Goodman’s large drawing “Artist’s
Mother I” (1994), in which Frances
seems to have risen from her bed, as
if from her tomb. Notable, too, are
Francesco Novelli’s 1792 copy after
Rembrandt’s etching “The Artist’s
Mother Seated, in an Oriental Head-
dress: Half Length” (1631)—with
which Whistler may have been fa-
miliar; and Philadelphia native
Sloan’s warm tribute, “Mother”
(1906), an etching of Henrietta,
seated, holding her dog, Dixie. Neel’s
“Last Sickness” (1953), the artist’s
oil portrait of her elderly mother—
dressed in a plaid robe, with specta-
cles askew and a side-eyed glance—
is beautifully plaintive, astringent.
It’s the portrait here most deserving
to share wall space with Whistler.
But even it doesn’t really belong.
A devout formalist and eloquent
theorist, Whistler rallied for “art for
art’s sake.” He believed that true art
is expressed through the harmony of
line, color and rhythm (i.e., form)
and has an independent life com-
pletely free from social, political or
moral functions (i.e., subject matter).
Whistler exhibited his painting as
“Arrangement in Gray and Black”
because, he said, “Now that is what
it is.” He focused viewers’ attention
not on his artwork’s subject but on
its dynamic composition. “Whistler
and Philadelphia,” inspired by Whis-
tler’s mother—instead of his art—is
antithetical to everything for which
Whistler stood.
“Arrangement in Gray and Black
No. 1” has more in common with a
Mondrian abstraction or a grisaille
Cubist portrait by Braque than with
Tanner’s and Beaux’s sentimental
Whistler pastiches. It doesn’t take
Pound—who likened Whistler to Abe
Lincoln—to know which picture out-
shines the rest. The proverbial 6-
year-old child could tell you. When I
was at the PMA, I watched one point
up at Whistler’s iconic portrait and
demand, “Let’s look at that lady!”
Unfortunately, his father whisked
him into an adjacent gallery.
The Artist’s Mother:
Whistler and Philadelphia
Philadelphia Museum of Art,
through Oct. 29
Mr. Esplund, the author of

Golden Age interior and a rigorously In others her body drops back, pene- loaded barge through an icefield. “Whistler and Philadelphia” puts “The Art of Looking: How to Read
constructed, hard-edge 20th-century trating the wall—now fog. Among Like Leonardo’s “Mona Lisa,” “Arrangement in Gray and Black No. Modern and Contemporary Art”
abstraction. Here, stern Anna, the most prominent forms are two “Arrangement in Gray and Black No. 1” head-to-head with portraits by (Basic Books), writes about art
seated in profile, stares straight hanging white pictures, including, 1” (increasingly referred to as a Cecilia Beaux, Henry Ossawa Tanner, for the Journal.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 28 Ice ridge on a

HAPPENINGS FOR THE WEEK OF AUGUST 15

glacier
14 15 16
30 Links org.
17 18 19 33 DC Comics
BY WSJ ARTS IN REVIEW STAFF its own stable of creepy- across the 12 tracks on the villain ___
crawly characters. See Jaime Jack Splash-produced LP. 20 21 22 Kadabra
TV Reyes (played by Xolo Mari-
“Battle of the Decades” dueña), who becomes host to Opera 23 24 25 35 Condition
(Food Network, Aug. 16) the Scarab, a piece of alien “Così fan tutte” (Kelowna afflicting
If people have childhood biotech that turns him into Community Theatre, British 26 27 28 29 30 Adrian Monk,
memories of a certain food, the Blue Beetle. Susan Sara- Columbia, Aug. 18-19) for short
there’s a good chance you ndon and George Lopez are Mozart’s classic opera 31 32 33
can figure out when they the bigger names in a cast buffa gets a staging that up- 36 Hardly
grew up. From the ’50s and that also includes Raoul Max dates its setting from 18th- 34 35 36 37 38 well-dressed
gelatin “salads” to the ’90s Trujillo, Bruna Marquezine, century Naples to a 1930s re- 37 Advice
and Fruit Roll Ups to the Damián Alcázar, Harvey sort in the Canadian Rockies. 39 40 41 42
column since
present day and viral TikTok Guillén and Adriana Barraza.
Art 43 44 45 46 47 48 49
1956
“A Magical Day at Ditch!” 38 Well-dressed
(Tripoli Gallery, Wainscott, 50 51 52 53
Pulitzer N.Y., Aug. 18-Sept. 18) 41 Making more
Prize-winner As the end of summer ap- 54 55 56 57 of a racket
Rhiannon pears just over the horizon, 42 Ram’s mate
Giddens this presentation is a cele- 58 59 60 61
bration of the season. Draw- 43 Coarse-
ing its name from a surfers’ 62 63 64 grained
beach in Montauk, the sun- metamorphic
soaked show features work 65 66 67 rock
from Katherine Bernhardt
(who curated the exhibition), 44 Religion
Katherine Bradford, Yung VOICE-OVERS | By Robert S. Gard involving
Jake, Vaughn Davis Jr., Dan Across 32 Chinese 64 Regretted 11 Cortege gris-gris
McCarthy and others. street fare car 45 Queen of
1 Superior 65 Many
service 34 Stevie’s Christmas mysteries
Other 12 Decouple, as
“The Texas Chain Saw royalties? gifts Bluetooth 47 Electronic
5 Dad, to a Brit
Massacre” (PC, Playstation 39 Roman ruler 66 Braves pitcher headphones keyboards,
4 and 5, Xbox One and Se- 10 Hence casually
Kirby 13 Passport
ries X/S, Aug. 18) 40 Lunch hour,
14 Stroller, to collection 48 The Astros, on
Based on the cult horror for some 67 Surprisingly
a Brit scoreboards
franchise, this co-op and PvP active 21 Uber
(player versus player) game
43 Absolut rival
15 Hirsch of alternative 49 Laser printer
meals, some foods are insep- “Strays” (Aug. 18) finds players searching for a Down
“Into the 46 Johnny’s components
arable from specific times. A talking-dog story that character’s sister while evad- Wild” smooth 1 Tablet 22 Pulitzer-
This cooking competition tries to teach an old setup ing killers like Leatherface delivery? installation winning play 52 Neighbor of
challenges chefs to use nos- new tricks, Josh Greenbaum’s (played by Kane Hodder, a 16 Air out Turkey
“August: ___
talgic noshes as well as retro raunchy live-action movie staple of the genre) and The 50 The Rockies, 2 From
17 Falafel holder County”
equipment to create a variety isn’t for young pups. The Hitchhiker (Edwin Neal, who on a Sevastopol, 55 Midmonth
of dishes. adult comedy features an played the same role in the 18 So far scoreboard say 23 Sport you day
abandoned terrier teaming 1974 film). 19 Dad 51 Hosp. triage 3 Like steak may get a
56 Composer
“Harlan Coben’s Shelter” up with a pack of strays to areas tartare kick out of, in
20 Freddie’s set Bacharach
(Prime Video, Aug. 18) get revenge on his abusive Last Call brief?
The young-adult crime former owner. Wacky prem- “The Doctor” list? 53 “Not true!” 4 Horse sense 57 At some
thriller by the titular author ise aside, the cast is filled (Park Avenue Armory, 27 Google earlier time
23 All in your 54 Billie’s 5 “Downtown” Maps
gets an eight-part adaptation with Best in Show-caliber tal- New York, closes Aug. 19)
head encores? singer Clark suggestions: 61 Joseph of ice
with Jaden Michael starring ent like Will Ferrell, Jamie Juliet Stevenson plays a
as a new student at a New Foxx, Will Forte, Randall Park, stalwart physician whose life 24 Frozen 58 Put a name 6 Love, in Latin Abbr. cream fame
Jersey school who gets tan- Rob Riggle, Sofía Vergara begins to crumble in Robert Wasser to a face, Previous Puzzle’s Solution
gled up in the disappearance and Dennis Quaid. Icke’s masterly and timely rei-
7 Wee
casually A S H E N A I O L I R P M
of his classmate while deal- magining of a 1912 play by Ar- 25 Tentative
8 Make a C H I L I A N T O N A R E
ing with troubles at home Music thur Schnitzler. In the words taste 59 Full force M I L K C A R T O N S P E D
romantic
exacerbated by his mom, Rhiannon Giddens, of our critic, Ms. Stevenson 26 Bruno’s 60 Falco of “The getaway, in a E A T O D O R A S A M I
played by Constance Zimmer. “You’re the One” (Aug. 18) “gives a performance of quiet E T H N O C E N T R I C
melodies? Sopranos” way S L I D I C E D T E A
This year’s director of but galvanizing intensity” in a G WE N G N C I R L
Film the Ojai Music Festival re- work that highlights “how at- 29 Gets narrower 62 Feeling the 9 Second draft R E V E R S E C O U R S E
“Blue Beetle” (Aug. 18) leases her third album—the omized and tribal contempo- workout after producer M A E Y AM M O T S
31 “Blonde”
Marvel might be queen first solo record in six years rary society has become.” the workout A N T I WA R L B O S
Best Actress 10 Cartoon N A T I O N A L P A R K
bee when it comes to bug- and her first of all original nominee 63 Tree with Network T R A I N E I R E A I M
EBRU YILDIZ

based heroes (Spider-Man, songs. The Pulitzer-winner For additional Arts Calendar peeling bark rating, often L I L B A K E D A L A S K A
de Armas
Black Widow, Ant-Man and draws from folk favorites listings visit wsj.com. Write E E K I B I Z A L I T E R
the Wasp), but DC also has as well as pop sounds to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S S S G AMA Y A L I A S

A12 | Tuesday, August 15, 2023
Australia, England
Grudge Match Hits
Women’s World Cup
The two countries have met countless times in cricket and rugby, but
have never met in meaningful women’s or men’s soccer competition
BY JOSHUA ROBINSON
Sydney
Australia’s miraculous women’s
soccer team had barely three
hours to celebrate its World Cup
quarterfinal victory over France
on Saturday, when a sobering and
familiar reality set in.
If the Matildas were going to
reach the final on home soil, then
Australia would have to win again
here on Wednesday against the
one rival it has never seemed able
to shake, in any sport, with any
kind of ball, for over a century.
For Australia, it’s England again.
Always England.
“We’ve shown we thrive under
pressure over and over and over
again in this tournament,” Matil-
das coach Tony Gustavsson said.
“It makes you feel alive.”
It also makes the home fans
feel like they have a serious case
of déjà vu. There is almost no such
thing as an Australian sporting
success that doesn’t involve taking
down England at some point.
Part of it comes down to the
fact that all of Australia’s favorite
sports were invented in England,
exported around Britain’s colonial
empire, and then perfected by
those colonies for the express pur-
pose of beating England.
The most important facet of
the 10,000-mile grudge is the re-
Sabrina Ionescu
Is Finally Getting
Her WNBA Moment
BY ROBERT O’CONNELL
THE SHOW SURPRISED everyone
but the show-woman. After Sabrina
Ionescu turned July’s All-Star 3-
point contest into a solo exhibition—
making 25 of her 27 final-round at-
tempts and eclipsing the records in
both the WNBA and NBA versions of
the event—she didn’t feign humility
or credit a streak of luck.
“Shouldn’t have missed two,”
she said.
Earlier this month, Ionescu
pulled off a kind of in-game reprise
of the performance. Her New York
Liberty, a very good team, were
hosting the Las Vegas Aces, the
WNBA’s best one. Sharing a court
with a half-dozen other All-Stars,
Ionescu sank six threes and
bumped defenders out of her path
to the rim. During a third-quarter
run that helped turn a tight contest
into a 99-61 blowout, she gathered
a pass near the midcourt logo,
crouched and leapt, and arced in a
29-footer.
Ionescu said she was trying to
“stay dominant.” It’s a status the 25-
curring cricket battle for a four-
inch urn that has gone on since
1884 known as the Ashes. But the
two nations have also met, over
and over again, in two different
versions of rugby, on the golf
course, on the tennis court,
and in a Victorian-era variant of
basketball called netball.
For those keeping
score at home, Aus-
tralia retained the
Ashes this summer Australia has
(despite a spirited to beat the one
England comeback)
and defeated Eng- rival it has never
land in the final of
the Netball World
seemed able
Cup. England, mean- to shake
while, is ranked just
ahead of the Walla-
bies in 15-man rugby
union, while Australia dominates
in 13-man rugby league.
Yet somehow, the two countries
have never met in meaningful
women’s or men’s soccer competi-
tion. Not that it has dampened
Australia’s enthusiasm this week
for riling up the English—or as
they’re known here, “The Poms,” a
derisory slang term that comes
from the word pomegranate and is
used for British immigrants, ac-
cording to one theory. One tabloid
newspaper here changed its name
on Monday’s front page to The
Daily Tillygraph, using the diminu-
year-old guard has long seemed des-
tined for—but one that the circum-
stances of her career are just now,
finally, lining up to let her reach.
Three and a half years ago, in
the winter of 2020, Ionescu, then a
senior at Oregon, was the most
talked-about player in college bas-
ketball. She notched triple-doubles
until they became routine and po-
sitioned the Ducks for a No. 1 seed
in the NCAA tournament. Then
American sports shuttered, and the
tournament—Ionescu’s scheduled
step into a bright national spot-
light—was among the first events
to go dark.
“I don’t think I’ll really be able
to get over it for a long time,” she
told Yahoo Sports in April 2020.
The Liberty drafted Ionescu
with the first overall pick in that
spring’s draft, and she appeared in
three games in the WNBA’s Florida
bubble before spraining her ankle
and sitting the rest of the season.
Over the following two years, she
grew into an exciting professional
player but not quite a winning one.
In 2022, Ionescu tallied a pair of
SPORTS
tive “Tilly” for the Matildas, and
screamed “Now for the Poms,” in
block capital letters.
What makes the England
match even more significant is
that Australia was never expected
to come this far at the World Cup.
The team entered the tournament
ranked No. 10 and was dealing
with an injury to its
star forward and
captain Sam Kerr.
Then it lost
its second group-
stage game to Nige-
ria and Gustavsson
seemed on the verge
of being fired in the
event Australia
crashed out.
But a convincing
victory over Canada
sent Australia into the knockout
rounds and paved the way for Sat-
urday’s penalty-shootout stunner
over France. Now Prime Minister
Anthony Albanese is talking about
a public holiday next week should
Australia go on to lift the trophy.
“I’m so proud to be Australian
right now,” Matildas goalkeeper
Mackenzie Arnold said after her
heroics in the penalty shootout.
“Both for the team and for the
fans. It’s just unreal.”
For a country where nearly half
a dozen sports rank above
women’s soccer for popularity—
Sabrina Ionescu put on a show during July’s All-Star 3-point contest.
triple-doubles—tied for the most in
a single season in league history, at
that time—and made her first All-
Star team; New York lost 20 of 36
regular-season games.
It seemed as if the Liberty’s sal-
vation might come at Ionescu’s ex-
and where some fans have ac-
knowledged that they didn’t real-
ize the tournament was even
happening in Australia until it
kicked off—Tilly fever has spread
almost overnight.
The France match, which
stayed scoreless for 120 minutes
and had to be settled by the lon-
gest penalty shootout in World
Cup history, was watched by 4.904
million people in a country of 25.7
million, according to figures from
the OzTam ratings agency, making
it Australia’s second-largest TV
audience in two decades.
The list of events eclipsed by
the Matildas includes such patri-
otic outpourings as the 2003
Rugby World Cup final, which
Australia lost on home soil against
England, and hometown favorite
Ash Barty’s triumph in the 2022
Australian Open women’s final.
Only Lleyton Hewitt’s defeat in the
2005 Aussie Open final has ranked
higher than Saturday’s quarterfi-
nal since 2003.
England beat Colombia,
2-1, on Saturday to
advance to a semifinal
match against Australia.
pense. Last winter, New York
brought in two former league
MVPs, Breanna Stewart and Jon-
quel Jones, as well as a four-time
All-Star and recent champion who
played Ionescu’s natural position,
Courtney Vandersloot. There was
.
THE WALL STREET JOURNAL.
Australia players celebrate after
beating France in a penalty
shootout during the quarterfinals
of the Women’s World Cup.
The Matildas could exceed that
mark when they take on England
on Wednesday (6 a.m. ET), leaving
just one, even older audience re-
cord here for them to aim for.
That one still belongs to the night
that runner Cathy Freeman took
400-meter gold in her head-to-toe
green-and-gold skinsuit at the
2000 Sydney Olympics.
“I said to the team that we’re
in a tight circle and we’ve kept it
really tight but tonight we are
bringing you right into it,”
Gustavsson told the fans on na-
tional television Saturday. “You
belong to this team tonight, every
single person in this country.”
That’s why Wednesday’s match
isn’t only an 80,000-seat sellout at
Stadium Australia—state officials
here have also announced that
they are opening up two smaller
stadiums in Sydney to show the
game on big screens. The only per-
son in town who might not fully
grasp the scale of the England-
Australia rivalry will be England’s
own manager, Sarina Wiegman.
That’s because she’s Dutch—the
Netherlands have minimal sport-
ing beef with Australia.
“I’ll talk to my players and
staff about what that rivalry is
then,” she said.
England’s players are aware of
it, but they’re more similar to
their Aussie counterparts than
they might care to admit. Eleven
of the 23 members of the Australia
squad play for English teams in
the Women’s Super League. In
fact, this World Cup semifinal may
as well be brought to you by Man-
chester City, which has supplied
eight players to England and Aus-
tralia; Chelsea, which has supplied
five; and Arsenal, with four.
The Matildas, for their part, are
doing their best to treat this as just
another game. The team’s longest-
serving player, backup goalkeeper
Lydia Williams refused to buy into
any talk of settling old scores.
“You see it in a lot of the men’s
competitions, especially in cricket
and rugby,”she said. “For us, we’ve
had so many rivalries with other
countries.”
In fact, she said that the oppo-
nent she cares about most is New
Zealand. Come Wednesday, several
million of her fellow Australians
might disagree with her.
DARREN ENGLAND/EFE/ZUMA PRESS, HU JINGCHEN/XINHUA/ZUMA PRESS
little question that the team that
resulted would win far more often.
The question was: How, and how
much, would Ionescu contribute?
“We have to help her find
ways,” Liberty coach Sandy Bron-
dello said after Ionescu managed a
total of just nine points across
back-to-back games early in the
season. As roles have been defined,
player and team alike have flour-
ished. The 24-6 Liberty trail only
the Aces and are ascending, having
won 10 of their last 11 games.
The layered floor game Ionescu
displayed at Oregon has sharpened
to an edge of efficiency in the com-
pany of her new colleagues. She
dribbles around a screen set by
Stewart or Jones and chooses in a
snap between the options before
her: rumble to the rim, sneak a
pass through or flip up the 3-point
shot that seems to grow more ac-
curate the quicker she lets go of it.
The Aces remain title favorites—
their 27-3 record is tied for the
best, through 30 games, of all
time—but the Liberty will get three
more chances this month to punc-
ture that status, beginning with
Tuesday’s Commissioner’s Cup fi-
nal, the culmination of the league’s
in-season tournament and a poten-
tial preview of the WNBA Finals.
ETHAN MILLER/GETTY IMAGES
“Understanding that we’re going
up against the best team in the
league, there’s no room for error,”
Ionescu said after that first trium-
phant chapter of the Liberty’s Au-
gust series against their rivals. She
had a smile on her face.

THE WALL STREET JOURNAL.
No Catholics Need Adopt
Once again,
Samuel Alito
saw it com-
ing. Recent
events
Massachu-
setts—where
in
MAIN
STREET a Catholic
couple was
By William
deemed unfit
McGurn
for a foster-
care license
because their beliefs are in-
sufficiently progressive—have
borne out his warnings.
The Massachusetts Depart-
ment of Children and Fami-
lies’s decision to deny Michael
and Kitty Burke’s foster-care
application comes less than a
decade after the Supreme
Court’s 2015 ruling in Oberge-
fell v. Hodges, which held that
states could not deny mar-
riage licenses to same-sex
couples. In a short but tart
dissent, Justice Alito raised a
red flag that Justice Anthony
Kennedy, author of the major-
ity opinion, glided over in his
enthusiasm for making his
own preferences law. What-
ever this decision was, Justice
Alito warned, Obergefell was
not a victory for a live-and-
let-live America.
“It will be used to vilify
Americans who are unwilling
to assent to the new ortho-
doxy,” he wrote. “In the
course of its opinion, the ma-
jority compares traditional
marriage laws to laws that
denied equal treatment for
African-Americans and
women. . . . The implications
of this analogy will be ex-
ploited by those who are de-
termined to stamp out every
vestige of dissent.”
Biden’s New Approach to the Middle East
As the Biden
ad m i n i s t ra-
tion offered
the mullahs in
Tehran a $6
billion ran-
som for five
GLOBAL
American citi-
VIEW
zens, it was
By Walter
also offering
Russell Mead
Iran’s archri-
val Saudi Ara-
bia unprecedented defense
commitments and cooperation
on a civilian nuclear program
to help persuade Riyadh to
normalize relations with Is-
rael.
Inquiring minds want to
know: Why is Joe Biden work-
ing so hard to do favors for
Israeli Prime Minister Benja-
min Netanyahu and Saudi
Crown Prince Mohammed bin
Salman? And why is he shov-
eling cash to the mullahs
while working to empower
their enemies?
These are good questions.
Brokering a Saudi-Israeli
peace deal will be expensive.
It will cost in the region,
where both Israel and Saudi
Arabia will look to extract as
many concessions and sweet-
eners as possible before giv-
ing Washington what it wants,
and it will be expensive at
home. The human-rights ac-
tivists who dominate much of
the Democratic Party’s for-
eign-policy apparatus will
scream bloody murder if Mr.
Biden embraces Bibi and MBS.
Isolationists in both parties
will ask why the Biden admin-
istration is deepening Ameri-
can security commitments in
I’ll Pass on the Student-Loan Relief
By Holly Wetzel
P
resident Biden’s latest
attempt to cancel stu-
dent loans is targeted at
people like me. I’m 27 and
have $25,000 in student-loan
debt. But when my employer
sued the government on Aug. 4
to stop this bailout, I cheered.
The president shouldn’t be al-
lowed to shred the Constitu-
tion, even if I benefit.
The administration’s con-
tinued disregard of the Con-
stitution is willful. After the
Supreme Court struck down
the president’s previous $430
billion forgiveness scheme in
June, the White House sent
out a press release expanding
its new forgiveness plan, first
announced last April. Because
I work for a nonprofit think
tank, I qualify for the Public
Service Loan Forgiveness pro-
gram, which cancels remain-
ing debt for people who work
10 years at qualified nonprof-
its or in government. Under
the latest expansion, I’d have
36 months of payments
OPINION
The Burkes are a loving
couple who sought to adopt
through the state’s foster-care
program. Mr. Burke deployed
to Iraq as a Marine, while
Mrs. Burke is a former para-
professional for kids with spe-
cial needs. The stars seemed
aligned for a fairy-tale ending
for some lucky child.
The Burkes were willing to
accept children of any race,
culture or ethnicity, as well as
some special needs. They
would even take siblings. The
state, in its assessment of the
Burkes, acknowledged the
family’s “strengths.” In the li-
cense study describing the
family, the Massachusetts DCF
noted that “Kitty and Mike are
devoutly Roman Catholic and
not only attend church with
regular frequency, they both
also work for local churches
as musicians.”
Once upon a time that
would be an endorsement. To-
day it’s an indictment. The
Burkes were found unfit to be
trusted with a child.
The author of their license
study took care to note that
the Burkes are “lovely peo-
ple.” But with regard to LGBT
issues, she also said “their
faith is not supportive and
neither are they.” Ultimately
the license review team con-
cluded the Burkes “would not
be affirming to a child who
identified as LGBTQIA” and
the Burkes were rejected.
The Burkes have filed a
lawsuit in federal court,
claiming that their First
Amendment rights to free ex-
ercise of religion have been
violated. William P. Mumma is
chairman of Becket Law,
the Middle East instead of
continuing to withdraw.
Two perceptions seem to
be driving the new Biden ap-
proach. First, while continu-
ing diplomatic outreach to
Iran demonstrates that Team
Biden hasn’t given up on
reaching some kind of under-
standing with Tehran, for now
at least it is accepting that
the mullahs don’t want to
play ball.
Second, the administration
appears to have a new appre-
ciation of the importance of
the Middle East, and therefore
of leading powers like Saudi
Arabia and Israel, for Ameri-
can global strategy. Being the
primary security and eco-
nomic partner of the coun-
tries that dominate the
world’s most important oil re-
serves still matters. America’s
position in the Middle East
gives us leverage over China’s
energy supplies. It can ensure
that the Middle East sover-
eign wealth funds prefer our
tech and industrial sectors
over those of our rivals. It can
maintain the profitable de-
fense relationships that help
keep American arms makers
ahead in a competitive arena.
This was all as true in Jan-
uary 2021 as it is today, but
after 2½ years in office the
administration now seems to
get it. Team Biden now ap-
pears to understand that dip-
lomatic relations and deepen-
ing formal security ties
between Israel and Saudi Ara-
bia could be the foundation of
a new regional security archi-
tecture that secures critical
shaved off what I owe.
I don’t fault anyone for
taking advantage of relief
when it’s offered, but I didn’t
take this job to avoid paying
back loans. I have a passion
for nonprofit work that fur-
thers free-market ideals. The
10-year forgiveness plan is a
nice perk, but it’s not some-
thing to which I’m entitled.
My employer is suing
to stop Biden’s lawless
action, and I’m glad.
And I’m certainly not entitled
to have my payment timeline
whittled down further. Some-
one has to pick up the tab,
and it’s unfair to put the bur-
den on taxpayers.
It’s also unconstitutional.
When lawmakers created the
10-year forgiveness program
in 2007, they didn’t give the
president the power to re-
write the loan time frame at
will. Mr. Biden could have
which defends religious lib-
erty and is representing the
Burkes. Like Justice Alito, he
understands that the new or-
thodoxy on sex and marriage
has its own dogmas, high
priests and enforcers. Thus do
ordinary Americans find
themselves likened to terror-
ists by everyone from their lo-
cal school boards to the FBI,
which recently targeted Cath-
olics who attend traditional
Latin Mass.
A Massachusetts
couple is denied a
foster child because
of religious views.
“When government takes
over a space formerly held by
intermediating institutions or
citizens acting through the
democratic process, they
promise dispassionate exper-
tise, neutrality and justice,”
Mr. Mumma says. “But what
they deliver is a replacement
ideology and a big stick to en-
force adherence.”
The good news is that
Burkes have a strong case,
and Becket Law has an excel-
lent record of prevailing in
their cases.
“I assume that the Burkes
will win their case but the
chilling effect wouldn’t be
fully mitigated by their vic-
tory,” says David Rivkin, a
constitutional lawyer who has
served in the Justice Depart-
ment and White House Coun-
sel’s Office. “This is what is so
bad about these policies.”
American interests while re-
ducing the long-term need for
American military presence in
the region. Getting the Saudis
and the Israelis to “yes” will
be difficult, but success would
be transformational.
The biggest problem with
the new approach is a familiar
one: Iran. The mullahs will in-
evitably see a U.S.-backed re-
gional security system align-
ing Israel and Saudi Arabia as
a direct threat to their drive
As Iran balks, Israel
and Saudi Arabia are
now seen as crucial to
U.S. global strategy.
for regional hegemony. Iran
has the capacity to cause a
crisis in the Middle East any
time it likes. It can accelerate
the production of enriched
uranium. It can attack ship-
ping in the Gulf. It can order
its proxies to launch missiles
or stage terror attacks.
Team Biden seems to be
hunting for a mix of carrots
and sticks that will keep Iran
quiet as the U.S. collaborates
with the regime’s most bitter
foes to build a powerful re-
gional security architecture.
Pallets of cash here, Marines
on foreign-flagged tankers
there. Can the U.S. pacify Iran
while reassuring allies? We
shall see.
There will be other prob-
lems, also familiar. Getting to
yes will require the coopera-
done the work of convincing
Congress to enact relief for
borrowers. Instead, the Educa-
tion Department announced
forgiveness via press releases,
without any official executive
action. Press releases aren’t
legislation, or even regulation.
The Mackinac Center and
the Cato Institute are suing
with the help of the New Civil
Liberties Alliance. The U.S.
District Court for the Eastern
District of Michigan dismissed
our case Tuesday, but we will
likely appeal the decision. If
the suit succeeds, I’ll have to
spend more time and money
paying off my debt. I’m OK
with that. It’s what I signed
up for when I took out my col-
lege loans. Why should my
friends who made different
choices—like living with their
parents while attending a
commuter school or working
full-time—have to pay for my
decisions? What about the
millions of taxpayers who
didn’t attend college?
The rising cost of college
and the growing student-debt
There’s a lesson here for
the culture war. Following the
overturning of Roe v. Wade,
the pro-life effort to ban abor-
tion hasn’t gone well, and no
one is even trying to turn
back the clock on same-sex
marriage. The question now is
whether contentious issues
will be resolved through the
democratic process, so that
the losers will still be able to
live their own lives and run
their own institutions accord-
ing to their beliefs. Unfortu-
nately, the push to cancel
views, especially religion-
based ones, suggests intoler-
ance is a feature of the new
orthodoxy and not a bug.
How different the land-
scape today is from what Jus-
tice Kennedy so glibly prom-
ised in Obergefell. In what was
almost an afterthought, he did
allow that many who opposed
same-sex marriage did so
based on “decent and honor-
able” premises, and that their
First Amendment rights still
stand.
“I assume that those who
cling to old beliefs will be able
to whisper their thoughts in
the recesses of their homes,”
Justice Alito answered, “but if
they repeat those views in
public, they will risk being la-
beled as bigots and treated as
such by governments, employ-
ers, and schools.”
When Obergefell was de-
cided, skeptics were repeat-
edly asked: What could it pos-
sibly matter to you if the
Supreme Court allows people
of the same sex to get mar-
ried?
Ask Mike and Kitty Burke.
Write to mcgurn@wsj.com.
tion of two leaders who have
little respect for Team Biden.
Biden-era policy toward Saudi
Arabia, pivoting awkwardly
from icy contempt to oaths of
undying affection, is a series
of what my students would
call “big yikes”—cringe-induc-
ing rookie mistakes. And the
chemistry between Mr. Netan-
yahu and the Democratic for-
eign-policy leaders of the
Obama-Biden era has never
been good.
Then there are the Pales-
tinians. Although decades of
Saudi and broader Arab frus-
tration with Palestinian politi-
cal incompetence have sub-
stantially reduced their
influence in the region, the
Palestinians haven’t fallen off
the map. Saudi public opinion,
and the government’s self-re-
spect, will not permit Riyadh
to reach agreements with Is-
rael that set the Palestinians
entirely off to one side. With
most of the Israeli cabinet
dead-set against any conces-
sions, and the Palestinian
leadership at a low ebb of au-
thority and legitimacy among
its people, addressing this
problem could be even more
difficult than usual.
Nevertheless, the Biden ad-
ministration’s embrace of the
Trump-era vision of Middle
East regional security based
on Arab-Israeli reconciliation
with American support has
opened the door to new and
perhaps more creative diplo-
macy in a region that is criti-
cal to the global balance of
power and world peace. That
is a very good thing.
burden are serious problems.
We need solutions at the fed-
eral and state levels to make
college more affordable and
debt less burdensome. Yet it’s
no solution to swap the rule
of law for the raw exercise of
power, especially on behalf of
favored constituencies. Mr.
Biden’s disregard for the Con-
stitution sets a dangerous
precedent in treating Con-
gress as a formality. If Mr. Bi-
den’s actions stand, there’s no
telling what future presidents
will do.
Such principles as the sep-
aration of powers matter far
more than a payoff. With
such major questions on the
line, this issue seems des-
tined to end up back at the
Supreme Court. Meantime,
I’ll keep working at a free-
market think tank, fighting
for taxpayers without de-
manding that they bail me
out in return.
Ms. Wetzel is director of
public relations at the Macki-
nac Center for Public Policy.
.
Tuesday, August 15, 2023 | A13
BOOKSHELF | By Tunku Varadarajan
Free of Empire
But Not Strife
Partition Voices
By Kavita Puri
(Bloomsbury, 322 pages, $19.99)
T
wo decades after the new Muslim nation of Pakistan
was sundered from majority-Hindu India, W.H. Auden
published a caustic little poem titled “Partition.” This
was the label—always upper-case—that had been given to
the division of colonial India in August 1947. It was adopted
by the millions of people whose lives were reshaped or
destroyed by the traumas of this sectarian reconfiguration, as
well as by the ruling British who signed off on the project.
The word partition is commonly used to describe a
separation made within a dwelling. And that sense—of a
home divided—still suffuses attempts to understand this
tectonic event. Auden wrote of how Cyril Radcliffe—the
British barrister who had “never set eyes on this land he was
called to partition”—had been assigned the task of separating
“two peoples fanatically at odds, / With their different diets
and incompatible gods.” It’s a
jaunty line, a little dated in its
Orientalism, but it encapsulates
the deep-rooted differences—
between Muslims, on the one
hand, and Hindus and Sikhs, on
the other—that were to find
bloodthirsty expression in the
course of Partition.
Lord Mountbatten, the last
viceroy of the Raj, was keen to
go down in history as the
sainted man on whose watch
India attained its freedom. And
so he brought forward the
calendar of independence,
moving the official date from
June 1948 to August 1947. Mountbatten’s haste—arguably
self-serving and reckless—left poor Radcliffe the map-
wallah a mere five weeks to complete a task of such
magnitude that five years might have been insufficient. The
fates of millions depended on the stroke of his technocratic
pen, which changed not just the map he scored with brand-
new borders but also the world’s geopolitics; 75 years later,
peoples who were once all Indian constitute two hostile,
nuclear-armed nations.
There is no mention of Auden in “Partition Voices,” by
Kavita Puri, but his absence detracts in no way from the
eloquence of a book based on the oral testimonies of those
who lived through the largest peacetime migrations in history.
The word peacetime, here, denotes the fact that newly inde-
pendent India and fledgling Pakistan were not officially at
war. But in every other respect, the migrations were in re-
sponse to violence—actual, threatened or anticipated.
A million lives were lost, the majority to religion-fueled
murder. Ms. Puri writes that 75,000 women were raped by
men from religions other than their own. Fathers were
known to kill their own daughters to save them from
“dishonor” at the hands of mobs. Fifteen million people
crossed the borders of Punjab, in western India, and Bengal
in the east. Both provinces—the most strategically
significant in British India—were cleft in two.
Muslims were ethnically cleansed from east Punjab, which
was assigned to India. They migrated in trains or on foot to
their new country of Pakistan. Hindus and Sikhs were
cleansed from west Punjab (now Pakistan), fleeing east to
India across a border that had not existed before. There was,
by contrast, a much smaller shifting of populations in
Bengal—along India’s border with Burma—and much less of
the frenzy that beset the Punjabis. Bengal had already been
partitioned once, in 1905, so it coped better with the psychic
blow in 1947. (In 1971, the map of Bengal would be redrawn
once more, with the bloody emergence of Bangladesh.)
Fears were magnified by the astonishing fact that when
Pakistan became independent on Aug. 14, 1947, and India on
Aug. 15, millions of people in Punjab and Bengal didn’t know
on which side of the border their homes would fall. They
would find out later, Ms. Puri tells us, from the radio or
from the religious identity of the mobs that converged on
their villages.
With India’s independence came mass migration
and horrific violence among former neighbors.
There were also acts of bravery and kindness.
Many families in villages that hugged the impending
border took the precaution of packing in advance. Houses,
cattle and keys were entrusted to neighbors who were of the
religion that fit the new reality. Many who became refugees
refused to believe that they would not return when the
madness had abated. But their neighbors were themselves
caught up in the bloodlust, killing—or driving out from their
homes—people with whom they’d lived for generations,
simply because the targets were Sikh in a village now turned
Muslim or Muslim in a hamlet that had become Hindu.
Ms. Puri is a British journalist of Punjabi Hindu origins
whose father was from Lahore, now in Pakistan. She was
born in Britain, to which her parents migrated like thousands
of others from the Indian subcontinent—a majority from the
partitioned provinces. Her book—first published in 2019 and
updated last year to mark the 75th year of Partition—is
based on interviews she conducted with British Sikhs, Hindus
and Muslims, as well as a few white Britons, for a series that
aired on Britain’s Radio 4 in 2017. “Untold British Stories,”
the subtitle of “Partition Voices,” reflects the fact that the
tales of her interlocutors are a part of British history. As
such, she insists, they must be taught in British schools.
Many of the people she interviewed are now dead, and
those who survive are touching 90. Their stories are
harrowing, recounting how fathers were slain, sisters
abducted, homes burned and lives shattered. But there are also
accounts of bravery and kindness—of Muslims who sheltered
Hindus from attack, of Sikh men who saved Muslim women
from rape. A Muslim neighbor could be your murderer or
savior. A gentle Sikh farmer could join a gang that went in
search of Muslims to kill or help you hide in his cattle shed.
Time and again Ms. Puri confronts the vexing question: “How
was it possible for people who once coexisted peacefully
together to murder each other, and so viciously?”
Such questions were asked after the Holocaust and other
episodes of genocide (in the Balkans in the 1990s, for instance,
or in Rwanda). In the case of Partition, there has long been a
veil of silence. Thanks to Ms. Puri and others, that silence is
giving way to inquisitive—and assertive—voices. In Britain, at
least, the partitioned have learned to speak frankly of the
past—and to search for ways to reckon with it.
Mr. Varadarajan, a Journal contributor, is a fellow at
the American Enterprise Institute and at NYU Law School’s
Classical Liberal Institute.
 .

A14 | Tuesday, August 15, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Regulators Gone Wild New York Republicans Respond on SALT Cap

T
he Supreme Court has reined in some that the new rule will “decrease the utility of We were surprised to read your ed- districts, a cop married to a teacher
of the Biden Administration’s regula- cost-benefit analysis while increasing the power itorial “Republicans Return to the is considered rich by national stan-
SALT Mines” (Aug. 4) questioning our dards, but not here in New York.
tory excesses, but the federal bureau- and flexibility of federal regulators.”
stance on the state and local tax-de- They shouldn’t be penalized by the
cracy is relentless. And now The letter says the revi- duction law (SALT) that has been crip- federal government with a form of
the White House is quietly The White House is sions will also “encroach on pling hardworking, middle-class fami- double taxation, especially since New
changing its analytical meth-
ods to make it easier to im-
rewriting the rules for traditional areas of State con-
cern” by claiming that State
lies in New York for the past six years.
The 2017 law, which limits state
York continues to be a donor state,
paying more in federal taxes than it
pose new rules while disguis- cost-benefit analysis to governments are not “effec- and local tax write-offs to $10,000 in receives from Washington. The idea
ing their cost. If you think
regulation has been running
unleash its regulators. tively addressing the issues at
hand.” The Administration is
federal tax filings and doubled the
standard deduction, clearly benefits
that other states are subsidizing New
York is hogwash.
amok in the last two years, “attempting to manipulate the taxpayers in some parts of the coun- The SALT deduction, as it now ex-
buckle up. regulatory process,” the AGs try. But it has proved devastating to ists, cannot stand. We will continue
That’s the meaning of the update to what add, by “adjusting the discount rate and adjust- countless New Yorkers. Many of them to fight for responsible changes that
have since voted with their feet, help all New Yorkers.
Beltway wonks call the “circular,” which is guid- ing the time horizon of regulatory analysis” so
abandoning New York for states with REP. MIKE LAWLER (R., N.Y.)
ance from the White House Office of Manage- the presumed benefits of progressive regula- friendlier tax climates. REP. NICK LALOTA (R., N.Y.)
ment and Budget (OMB) that tells federal agen- tions seem to trump costs. Blame for New York’s punishingly REP. ANDREW GARBARINO (R., N.Y.)
cies how to calculate regulatory costs. The By lowering the discount rate, the Adminis- high taxes and reckless spending, as REP. ANTHONY D’ESPOSITO (R., N.Y.)
guidance is meant to protect taxpayers by re- tration can make hoped-for benefits that might you point out, clearly rests with the REP. MARC MOLINARO (R., N.Y.)
quiring that any proposed regulation justify its occur years in the future weigh more heavily Democrats in Albany who control all
cost, based on standard criteria. OMB’s regula- against the present regulatory costs. The new three branches of government. We Perhaps people in the lower-taxed
tory shop was established to be a check on draft would also grant the executive branch encourage fiscally responsible state regions should consider subsidizing
agencies that want to extend their power willy- wider authority for regulations “promoting dis- lawmakers—or those with simple the high taxes of the progressive
nilly regardless of cost. tributional fairness and advancing equity.” common sense—to dramatically lower states a reasonable investment to re-
i i i tax rates here and cut state spending. duce the flow of voters from those
Now even that guardrail is coming off. In
Meanwhile, it is our duty as mem- areas to their states.
April President Biden issued an executive order The Biden Administration has already un- bers of Congress to defend the pock- TIM SCHEFTER
instructing OMB to “modernize the regulatory leashed more regulatory costs on the economy etbooks of our constituents. In our Loveland, Colo.
process.” By “modernize” he means remove re- than any in recent memory—even the Obama
straints. Administration. Mr. Biden first repealed the
Under Mr. Biden’s order, a “significant regu- Trump Administration rule that for every new
latory action” is redefined as one expected to regulation, two had to be repealed.
have a $200 million annual economic cost, up Then his regulators went wild. Casey Mulli-
Democrat-Union Complex Won’t Hold Forever
from $100 million currently. The cost side is gan, a University of Chicago economist, recently Your editorial “Pennsylvania’s Big given the increasing cost of elections.
then subjected to accounting gimmickry that looked at the Biden rules through 2022 and said Union Payback” (Aug. 10) slips into Pennsylvania may be one step
reduces the apparent impact on the U.S. econ- the overall cost is $5,019 per household. That’s round-up-the-usual-suspects mode. Of closer to the tipping point, where
course Pennsylvania Gov. Josh Sha- union members and the public, which
omy and society. 15% more than the $4,353 cost per household
piro had to reward those who under- pick up the elections tab—unions
OMB also tips the benefit side of the cost- during a comparable period in the Obama Ad- wrote his campaign, especially if he through their dues and the general
benefit ledger by allowing consideration of the ministration. The Trump Administration had re- hopes to get financial support from public through taxes—get disgusted
“global effects of the regulation,” not merely duced regulatory costs by $2,636. them in the future. Lots more money and turn on the Democrats running
how new rules affect Americans. That’s right. According to the Competitive Enterprise will be needed; a record $100 million the state. A good parallel is West Vir-
A perceived benefit for the world can figure Institute’s Clyde Wayne Crews, the Biden Ad- was spent on the past gubernatorial ginia, which was solidly Democratic
into the analysis of a new rule as much as the ministration has 297 “economically signifi- campaign, with Mr. Shapiro account- and union for more than five decades
cost to the people of, say, East Palestine, Ohio. cant” regulations in the pipeline, and his aver- ing for more than half of it. A signifi- until folks there finally realized that
This is intended to be a particular green light age has been 97 per year compared to an cant chunk of his funding was public- the only ones benefiting were the
for new climate regulation. average of 69 a year for Mr. Obama and 49 for employee-union money. elected officials and the government
All of this doesn’t make headlines but it will George W. Bush. That number will appear to But public employees in Pennsylva- they created. The now solidly Repub-
nia make up less than 12% of the lican state has record job creation
have a bigger impact than nearly everything Con- fall if Mr. Biden raises the bar for economi-
state’s workforce, the second-lowest and tax revenues. That’s a story
gress does. One of the casualties will be the states cally significant regulations to $200 million, percentage in the U.S., and their num- worth following.
that are the subject of rules, and the guidance re- which is part of the point. bers have been declining. That isn’t a JOSEPH P. PETITO
write is drawing fire from 26 state Attorneys But don’t be fooled. Mr. Biden is setting new sustainable model for being re-elected, Bethesda, Md.
General who say the revision “turns federalism records as the super regulator in chief, and all
on its head.” In a letter to OMB, the AGs write of us will pay for it.
Parkinson’s Law and Speaking Tips You Can Use
China Will Hunt You Down In her op-ed “Hall of Fame Tips
for Presidential Candidates” (Aug.
Speak up to be heard. Sit down to be
appreciated.” And with that, I will sit

H
uman-rights lawyers have long faced and he’s also endured harassment and con- 10), Merrie Spaeth states that down before I prove that Parkinson’s
“speeches should be governed by the law also applies to Wall Street Jour-
persecution in mainland China, and stant surveillance. He will face worse if Laos time available,” and calls this a man- nal letter length.
leaving the country is no guarantee of hands him back to China. ifestation of the Peter Principle. The FRED VAN BENNEKOM
safety. The arrest in Laos of Meanwhile, the Communist more appropriate analogy is to Par- Bolton, Mass.
attorney Lu Siwei is the latest Laos arrests a Chinese Party continues to menace kinson’s law, which states, in gen-
example of Beijing’s attempts human-rights lawyer Hong Kong dissidents in exile. eral, that a resource will be con- The tips on public speaking remind
to export its tyranny. Last month authorities put a sumed in full whether the task me of advice my father once gave:
Authorities in Laos de- en route to the U.S. bounty of HK$1 million on necessitates it or not. In this con- Leave your audience wanting more.
tained Mr. Lu in late July as eight of them, including Anna text, a speech expands or contracts He later proved it.
he transited from China en Kwok, the 26-year-old execu- to fit the time allotted. At the family celebration of my
route to reunite with his wife and daughter, tive director of the Hong Kong Democracy Parkinson’s law has many corollar- parents’ golden wedding anniversary,
ies. For example, a one-hour meeting my dad had three carousels ready,
who have settled in the U.S. Laos borders Council. The South China Morning Post reports
will accomplish the same as a half- with 81 slides each, for his narrative
China and is sensitive to Beijing’s political that last week Hong Kong police detained and hour meeting. My favorite observa- reflection on the past 50 years. One
demands. questioned Ms. Kwok’s parents. tion is that a group of people walking hour in and with not a carousel yet
The Laotian embassy in London says Mr. Lu Hong Kong chief executive John Lee has down a sidewalk will always expand completed, with adult children nod-
was arrested on suspicion of using fraudulent threatened that the eight should “live in fear” to fill the sidewalk. ding off and grandchildren screaming,
travel documents and will be deported if found forever as the government will “exhaust all Another great speaking tip, an ad- my mother pulled the plug on the
guilty. But the 29 Principles, a British group means” to pursue them abroad. Jimmy Lai, aptation of the old Teddy Roosevelt projector. Yes, leave your audience
that supports lawyers facing oppression, says Hong Kong’s great pro-democracy newspaper- tip, I heard from a CEO speaking to a wanting more, not less.
Mr. Lu’s Chinese passport and Laotian and U.S. man, refused to flee and now faces up to life class of mine: “Stand up to be seen. CRAIG A. HORSWILL
visas were valid. Mr. Lu’s real crime is daring in prison on trumped up national-security Barrington, Ill.
to take politically sensitive cases. charges. Next month will mark his thousandth
His clients include two Hong Kongers cap- day behind bars. Disagreements After Death
tured in 2020. They and 10 others had tried to The world knows how China oppresses its About Family Heirlooms Once the Lawyers Get Their
flee Hong Kong by boat weeks after Beijing im- own people. What it needs to understand bet- “Splitting Heirlooms Without the
Rulers Out, It’s All Over
posed a national-security law that outlaws dis- ter is that Beijing wants to impose that oppres- Drama” (Personal Journal, Aug. 2) ex- Years ago, a federal judge called
sent. In 2021 the Sichuan Provincial Depart- sion against anyone who dares to criticize the plores the difficulties of dividing the out scammers who abuse the Ameri-
ment of Justice revoked Mr. Lu’s law license, Communist regime anywhere in the world. indivisible: a watch, a car, a ring, a cans with Disabilities Act as “lawyers
vase, etc. The methods described to with rulers” (“A Gambit to Duck Su-
find compromise without rancor and preme Court Review,” Review & Out-
Middle-Class Revolt in Argentina drama usually work. My more than
40 years of administering estates in-
look, Aug. 8).
I represented father and son house

I
cludes two other methods that can painters in Ohio in the 1980s. They
nflation is the thief of middle-class pros- Bullrich won the Juntos race but had been ex-
stop trouble before it starts. decided to build a four-unit ranch
perity, and in Argentina prices are rising pected to do much better than her 17%. She’s First, the will or trust should make apartment. Their architect’s plans
by more than 115%. So it shouldn’t be a tough on crime, an important issue. But her it clear that if there is disagreement, were approved by city planning and
great surprise that Argen- stint in the failed government the items in question are to be sold. zoning. (Four or more units subjects
tines on Sunday gave the Voters turn to an of center-right Mauricio Alternatively, all tangible personal buildings to ADA compliance.)
most votes to presidential outsider who wants to Macri (2015-2019) may have property will be appraised, and the The units were up and rented, ten-
candidate Javier Milei, an limited her upside. child who receives property with a ants loved them, and then came the
outsider promising to close close the central bank. The international press is lesser value gets the difference in lawyers: Doorways are too narrow,
the central bank and replace portraying Mr. Milei as a cash. With the former, common plugs are too low, exterior doors are
the peso with the dollar. crazy populist, and there’s ground is almost always found, and if too low, cabinets too high and so on.
Argentina, once prosperous but degraded by no doubt he’s disdainful of Argentina’s politi- not, then the child can go to the auc- The options were to tear out and re-
tion house and buy the item. (They build at prohibitive cost or pay big
Peronist socialism, is bracing for another cur- cal establishment—left and right. He draws
rarely go.) With the latter, it is amaz- bucks to settle. My clients converted
rency crisis and owes $44 billion to the Inter- large crowds of young Argentines and rails ing how often a sibling who vowed one unit into a “rental office,” as per-
national Monetary Fund. The economy is against the “entire political caste, stupid and that another sibling wouldn’t get an mitted by the zoning, to escape the
stalled. On Monday the peso fell more than 13% useless.” item happily takes the cash. four-unit jurisdiction.
in the black market, and the central bank Mr. Milei is an economist who favors limited JONATHAN SCHMERLING GERALD J. PATRONITE
moved its official exchange rate to 350 to the government and blames Argentina’s economic Mt. Lebanon, Pa. Willoughby Hills, Ohio
dollar, a 22% devaluation. The effective rate of problems on suffocating taxation, hyper-regu-
28-day government paper is now 209%, ac- lation, special-interest subsidies and protec-
cording to Goldman Sachs. Who wouldn’t yearn tionism. He wants to open markets, cut public Give the Cage Fight a Chance Pepper ...
for dollar assets in that economy? spending, end capital controls and privatize Regarding Daniel Henninger’s “The And Salt
Mr. Milei, who holds a seat in Congress, state-owned enterprises. He’s also a social con- Musk vs. Zuck Cage Fight” (Wonder
THE WALL STREET JOURNAL
wasn’t challenged in his primary bid for the servative, but his appeal stems largely from his Land, Aug. 10): Rather than contrib-
nomination of the La Libertad Avanza (Liberty rage against the establishment. ute to the dumbing down of America,
Advances) party. But since all candidates are on With international reserves in net-negative given the status of our political dis-
the multiparty primary ballot every four years territory, the next president will inherit an eco- course, a personal contest between
and voting is technically mandatory, the exercise nomic mess. If the prospect of a Milei presi- the two heroes most representative
of the combatants is an ancient and
is widely considered to be a dry run of the first dency willing to break with the status quo ex-
revered tradition. Perhaps a cage
round of the presidential election. cites a third of voters, it also raises questions fight would be more appropriate than
Pollsters had Mr. Milei getting around 20%, about Mr. Milei’s ability to govern if he wins. the usual mudslinging.
but they underestimated popular resentment. His party has only two seats in Congress, which JAMES A. GLAVIN
He won more than 30% of the vote and finished means he’d need to work with some of those Aquinnah, Mass.
first in 16 of the country’s 24 provinces. he is lambasting now.
Two candidates of the ruling Peronist party Much can happen between now and the first
Letters intended for publication should
together received less than 27%, which shows election round on Oct. 22. But Mr. Milei’s show- be emailed to wsj.ltrs@wsj.com. Please
how unpopular the government is. Two candi- ing has sent a message to Buenos Aires—and include your city, state and telephone
dates vying for the nomination of the center- the world—that the Argentine middle class number. All letters are subject to “If we don’t leave now, we’ll have
right opposition coalition Juntos por el Cambio may no longer accept a status quo that robs editing, and unpublished letters cannot to reapply sunscreen to their wet,
be acknowledged.
(Together for Change) received 28%. Patricia them of the fruits of their labor. sandy bodies.”

THE WALL STREET JOURNAL.
The Post-Pandemic Murder Wave Is Cresting
By Barry Latzer
N
ewly released data are
giving researchers a bet-
ter picture of crime dur-
ing the pandemic and the
disturbances after the
May 2020 death of George Floyd.
The results are surprising. While
murders increased significantly in
2020 and 2021, other violent crimes
declined. And since murders are
waning in 2023 (off 12% versus the
same period in 2022), the chances
of a long-term upswing in crime
look slim.
That murders spiked in 2020 and
2021 isn’t news; it was widely
noted. Usually, however, murder and
violent crime rise and fall together.
During the great crime tsunami of
1960-90, violent-crime rates rose
353% while murder rates leapt 84%.
While the two increases weren’t
commensurate, both murder and vi-
olent crime shared a common,
sharply upward trajectory.
This didn’t happen in 2020-21.
Rape, robbery and aggravated as-
sault in particular declined. This as-
sessment isn’t based on police data,
Violent crime in general
declined in 2020 and
2021 as a social epidemic
ravaged young black men.
which are limited to reported
crimes, but rather on the National
Crime Victim Survey, which inter-
views more than 200,000 people.
They presumably have no incentive
to misrepresent their victimization.
As these data show, in 2017-19, the
three years prior to the pandemic,
violent-crime rates never went be-
low 20 per 100,000 population, top-
ping out at 23.2. But during the
plague years, 2020-21, the rates
never exceeded 16.5, a 29% fall-off.
Yet while most violent crimes
were occurring less often, murders
Can Japan and South Korea Unite to Face the Chinese Threat?
FREE
EXPRESSION
By Gerard Baker
S
Seoul
outh Korea’s capital may lie
within unnervingly close range
of Kim Jong-un’s vast missile
armory, but everywhere you go in
the South Korean capital you are re-
minded who the real enemy of this
strategically critical country has
long been.
In central Gwanghwamun Square,
the crossroads of the nation, a 50-
foot high statue of the 16th-century
Adm. Yi Sun-Sin looks defiantly
down from his massive plinth on
selfie-taking Seoulites and curious
tourists. Yi led Korean forces to the
greatest military victory in their his-
tory—routing the invading Japanese
navy in 1597-98—and became a re-
vered figure in the national narra-
tive.
Across the square stands the lov-
ingly rebuilt main gate of the palace
of Gyeongbokgung, home to the rul-
ers of Korea’s 500-year Joseon dy-
nasty. It was restored less than 20
years ago on the spot where the
hated Japanese General Government
Building, headquarters for the brutal
The Congressional Budget Wars Are Coming Back
By Alan S. Blinder
I
f you thought the partisan budget
wars were over for this year,
think again.
The fiscal year ends Sept. 30, and
without passage of the necessary ap-
propriations bills, the U.S. govern-
ment will lack the legal authority to
spend money on discretionary activi-
ties—functions that require annual
appropriations. This doesn’t include
Social Security, Medicare and other
entitlements. Those checks will con-
tinue. But an array of government
services ranging from food inspec-
tions to national parks won’t be
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A police inspector at an Atlanta shooting scene in November 2020.
were becoming more frequent. This
claim is based on death-certificate
data collected by the Centers for
Disease Control and Prevention—
probably the most accurate crime-
related data set available. In the
pre-pandemic years, fewer than
19,000 people were murdered annu-
ally; but in 2020 more than 24,000
were murdered, with a jump to
25,761 in 2021. The 2021 rate, 7.8
per 100,000 population, was a 37%
increase over the pre-pandemic
2018 rate.
Not only did violent crimes other
than homicide decline during the
pandemic, domestic violence also
diminished. Many thought that
school lockdowns and work-at-home
policies would intensify domestic
strife, with couples and kids forced
to endure one another day in, day
out like never before. But domestic
crime contracted. Household vio-
lence rates went from 4.8 per
100,000 population in 2018 to 3.1 in
2020, a drop of more than 35%.
So why was murder rising when
other violent crimes were declining?
The answer involves big cities, guns
and young black men.
occupation that ran Korea 1907 to
1945, sat.
Every Wednesday outside the
Japanese Embassy, the last remain-
ing “comfort women,” the grotesque
euphemism imperial Japan used to
describe Koreans forced into sexual
slavery for the gratification of its
occupying troops, protest Tokyo’s
continuing failure to do enough to
atone for its crimes.
So when South Korea’s President
Yoon Suk-Yeol meets Japanese Prime
Minister Fumio Kishida with Presi-
dent Biden at Camp David on Friday,
it will mark as significant a develop-
ment in the shifting geopolitics of
the Asia-Pacific as any in a long
while.
Japan’s historical savagery, and
its refusal to accept full accountabil-
ity for it, continues to run like a
trickle of bad blood through Asian
diplomacy. The two nations restored
diplomatic relations in the 1960s but
have had frequent flare-ups over
history and territorial issues, bring-
ing them repeatedly to the brink of
outright enmity.
For the U.S., this has long been a
nightmare. Japan and South Korea
are its two most important allies in
Asia, hosting its two largest regional
contingents of military forces. The
trilateral meeting this week—the
first specifically organized summit
funded without the passage of these
bills.
Shutting down or curtailing these
services doesn’t present as monu-
mental an economic challenge as
May’s debt-ceiling battle. Default
then could have caused a global fi-
nancial crisis. Even the near miss
tagged the U.S. government with a
credit-rating downgrade. Nonethe-
less, a government shutdown would
inconvenience tens of millions of
Americans and take a bite out of eco-
nomic growth as the Fed tries to en-
gineer a soft landing.
But wasn’t the incipient fight over
the fiscal 2024 budget settled
Robert Thomson
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OPINION
Consider first the firearm homi-
cide situation. In 2020, 79% of all
homicides were caused by guns, and
6 out of 10 firearm homicides oc-
curred in large metropolitan areas.
The rate of gun deaths in big cities
that year rose 37% over 2019. Small
and medium-size cities suffered
only 28% of all gun deaths in 2020,
and their annual rate of increase
(32% over 2019) wasn’t as high as
that of the big urban areas.
Race and age explain the rest.
Black males 25 to 44 had disturb-
ingly high firearm death rates be-
fore the pandemic: 67 per 100,000
in 2019. One year later, in 2020, the
homicidal violence seemed to have
spun totally out of control. Gun
death rates for young black men
leapt 36% to 91 per 100,000.
Things didn’t get much better in
2021. The firearm death rate for
black men of all ages was 53 per
100,000, whereas for white and His-
panic males the rates were under 10
per 100,000. In other words, black
males died from shootings at a rate
roughly five times those of whites
or Hispanics, and 35 times the rate
of Asian males, who had the lowest
among the three nations—is not
only an important step forward for
Washington. It will have big and un-
predictable implications for our ef-
forts to contain and confront China.
The collaboration is ostensibly
mainly about North Korea. Both
Japan and South Korea live at risk
of nuclear annihilation by the vola-
tile despot in Pyongyang, and a for-
mal platform of security cooperation
with the U.S. is vital for their de-
fense and Mr. Kim’s deterrence.
They’re America’s most
important allies in Asia,
and bad blood between
them goes back centuries.
But there’s no disguising the
larger strategic opportunity the pro-
spective alliance represents—a criti-
cal new bulwark in America’s in-
creasingly urgent effort to deter our
potentially existential strategic chal-
lenger—communist China.
Beijing certainly sees it that way.
In an editorial last week, Global
Times, a Communist Party mouth-
piece, said the arrangement placed
the security of East Asia at a his-
toric “crossroads” that was likely to
months ago, as part of President Bi-
den’s and Speaker Kevin McCarthy’s
debt-ceiling deal? Apparently not.
That deal set discretionary spending
for fiscal 2024 at $1.59 trillion, and
Mr. McCarthy proclaimed victory. But
the House Appropriations Commit-
tee, in open revolt against the
speaker, subsequently cut that num-
ber to $1.47 trillion—fiscal 2022’s
spending level—despite two years of
inflation.
The Freedom Caucus and other
MAGA Republicans argue that Mr.
McCarthy agreed to the lower figure
as part of the January deal that gave
him the gavel. So the real budget bat-
tle this time around may be less be-
tween Democrats and Republicans
and more between Mr. McCarthy and
recalcitrant members of his caucus.
The razor-thin Republican majority
in the House means he can’t afford to
lose many votes.
What happens after Sept. 30 if
there is no budget deal? Normally,
there is enough good will in Con-
gress—it doesn’t take much—to pass
one or more continuing resolutions
that maintain existing levels of
spending for a few days or weeks
while members negotiate. Continuing
resolutions have become the norm in
recent decades, as Congress rarely
finishes the budget by Sept. 30. The
fiscal 2001 budget set the record with
21 continuing resolutions but they
were all short. In fiscal 2007, 2011
JOHN SPINK/ZUMA PRESS
gun death rates of any group—only
1.5 for every 100,000.
These data suggest that armed as-
saults, robberies, personal quarrels
and gang combat among young black
males in big cities drove up murder
rates. But since robbery and assault
didn’t escalate during the pandemic,
gang wars and personal disputes
were likely the principal drivers.
Whatever the activity leading to
death, however, the number of black
homicides in big cities is shocking.
In Chicago, 81% of all killings took
black lives. In Baton Rouge, La., 79%
of homicide victims were African-
American men; in Louisville, Ky.,
68%. In Baltimore, 92% of the homi-
cide victims whose racial identities
were known were black.
It is clear that the pandemic
didn’t generate high violent crime in
general. Rather, 2020 and 2021 were
homicide spike years, especially
among armed young black males in
big cities. Did the pandemic cause
this? Due to fear of Covid and the
need to police the protests, plus po-
lice demoralization due to hostile
attacks, law enforcement became
less proactive and fewer arrestees
lead to a “geopolitical tragedy.”
Rahm Emanuel, Mr Biden’s am-
bassador in Tokyo, who played a
central role in bringing the summit
about, doesn’t deny that it is mainly
about China. Beijing has been trying
hard to wean the two countries
away from the U.S. embrace. Its re-
sponse to this week’s historic meet-
ing is, he said in an interview last
week, a form of “summit envy.”
“Are we standing here today put-
ting pieces on the chess board and
moving them forward?” he said.
“Yes, we are.” Trilateral cooperation,
he said, will become a “permanent
part of the strategic landscape in
Asia.”
Last week, on my first trip across
the region in four years, I was struck
by the transformed urgency about
the China challenge. Asian nations
are even more economically inte-
grated with China than the U.S. is
and have no intention of jeopardiz-
ing that, but they are beginning to
share the same agitated assessment
Washington has of the threat Beijing
poses to regional and global stabil-
ity. U.S. political leaders and military
strategists I spoke to over the sum-
mer have clearly shifted from seeing
China as a challenge to be contained
in the medium term to a potentially
imminent threat—with Taiwan as
the stage.
and 2013, Congress never passed a
real budget. It was continuing resolu-
tions for the entire year.
What will likely happen this year?
Some pertinent facts: The House is
set to return Sept. 12, and there are
only 12 legislative days scheduled for
the month. By coincidence, 12 sepa-
rate appropriations bills must pass
This time it’s Republican
vs. Republican. McCarthy
will struggle to avoid a
government shutdown.
both the House and the Senate and
then be signed by the president by
month’s end. A bill a day is much
faster than Congress’s normal speed,
even on a good day. And these won’t
be good days.
The Senate looks OK. The House is
the hurdle. It passed one of the 12
bills before the August recess, but the
White House threatens a veto. Worse,
some Freedom Caucus members and
MAGA Republicans seem to relish
shutting down parts of the govern-
ment and say they won’t support
even a short continuing resolution.
Rep. Bob Good (R., Va.), who never
voted in favor of Mr. McCarthy for
speaker, declared: “We should not
fear a government shutdown. Most of
.
Tuesday, August 15, 2023 | A15
were jailed or kept in jail. Such de-
policing undoubtedly contributed to
the murder spike, but it doesn’t ex-
plain the extreme numbers of black
lethal shootings.
This is attributable to s subcul-
ture of violence among low-income
male African-Americans. A propen-
sity to resolve interpersonal conflict
through violence traces back to the
19th-century South, where whites
manifested similar behavior. Histori-
ans have dubbed it an “honor cul-
ture.” Blacks, overwhelmingly
Southerners in the 19th century, ad-
opted the white Southern subculture
of violence and took it to Northern
cities in the Great Migration.
That helps explain the elevated
black-on-black violent-crime rates
since the start of the 20th century
and even into the 21st. Thomas
Sowell once characterized African-
Americans motivated by the honor
culture as the black counterpart of
“white rednecks.” He pointed out
that black gang members killed for
petty reasons “reminiscent of the
touchy pride and hair-trigger vio-
lence of rednecks and crackers in an
earlier era.”
The combination of depolicing
and the subculture of violence pro-
duced an explosion in black-on-
black crime in 2020 and 2021—a
social epidemic akin to the medical
pandemic tearing through the U.S.
at the same time. A social epi-
demic is, essentially, copycat be-
havior, in which friends and neigh-
bors—especially youth—imitate the
activities of their peers, including
unlawful activities. The 2020-21
social epidemic, while perhaps not
as damaging as Covid-19, was dev-
astating to black communities
across America.
Mr. Latzer is an emeritus profes-
sor of criminal justice at John Jay
College of Criminal Justice and au-
thor of “The Myth of Overpunish-
ment: A Defense of the American
Justice System and a Proposal to
Reduce Incarceration While Protect-
ing the Public.”
Deteriorating economic condi-
tions in China—growth grinding to a
halt, another big real estate com-
pany on the brink, more than one-
fifth of young Chinese adults job-
less—feed a gnawing sense that Xi
Jinping may need the crutch of his-
torical revanchism to replace the
springboard of rising prosperity as
the basis of legitimacy of the party’s
rule.
I continue to believe that U.S.
support for Ukraine against Russia
isn’t a distraction from our effort to
deter China, as some critics argue,
but, rather, by inflicting massive
military damage on Beijing’s princi-
pal ally, a spur for that effort. Yet it
is also true that Beijing is watching
as U.S. military capacity is depleted
by the assistance to Kyiv.
Building a network of alliances as
a makeweight to China is a good
move—this week’s trilateral meeting
follows the creation of the Aukus de-
fense pact among the U.S., Australia
and the U.K. in 2021.
The worry is that we may be en-
tering that dangerous moment his-
tory has given us before—one in
which, in scrambling to build the
proper security conditions to deter a
threat, a major power doesn’t deter,
but instead encourages its adversary
to accelerate its own plans for domi-
nation. We are racing against time.
the American people won’t even miss
it if the government is shut down
temporarily.” And then there are the
likes of Reps. Marjorie Taylor Greene
and Lauren Boebert, who are more
interested in impeaching Mr. Biden
than legislating.
So the odds aren’t good that Con-
gress will avoid a government shut-
down this fall. If there is no continu-
ing resolution by Oct. 1, the Office of
Management and Budget will inform
everyone which services are essen-
tial, like the military, and which are
nonessential, like the national parks.
So don’t book an October trip to the
Grand Canyon. Soon thereafter, Mr.
Good and his colleagues will find out
whether Americans miss their gov-
ernment. If history is a guide, they
eventually will relent.
But will history be a guide this
time? Mr. McCarthy will almost cer-
tainly need Democratic votes to pass
a continuing resolution—not to men-
tion a series of them—through the
House, just as he did to raise the debt
ceiling. He can get those votes, but
would that cost him the speaker’s
gavel? You can bet he’s wondering.
Mr. Blinder, a professor of eco-
nomics and public affairs at Prince-
ton, served as vice chairman of the
Federal Reserve, 1994-96, and is the
author of “A Monetary and Fiscal
History of the United States,
1961-2021.”

A16 | Tuesday, August 15, 2023
Argentina’s Financial Markets Plummet
Central bank devalues
the peso’s official
exchange rate after
primary election
BY RYAN DUBÉ AND JUAN FORERO
Argentina’s dollar bonds
tumbled and the peso weakened
Monday, a day after a libertar-
ian outsider positioned himself
as the country’s leading hopeful
ahead of October’s election.
The tumult came after Javier
Milei, a 52-year-old economist
who rails against what he calls
“the political caste,” took more
votes in a Sunday primary than
the center-right Together for
Change coalition and the ruling
Peronist movement’s candidate,
Economy Minister Sergio Massa.
Argentina’s dollar bonds
slid about 14% in early trading,
though the initial knee-jerk re-
action had little volume behind
it, according to Lucas Martin,
emerging markets sovereign-
debt strategist at Bank of
America. Those losses were
cut in half to about 7% on the
day as trading progressed. The
central bank devalued the
peso’s official exchange rate,
which fell over 20% to about
350 a U.S. dollar. The peso’s
ISSOUF SANOGO/AGENCE FRANCE-PRESSE/GETTY IMAGES
The new military rulers of Niger have threatened to put President Mohamed Bazoum on trial for high treason. Bazoum,
shown last year, has been held prisoner in his residence since being toppled in a July uprising by his presidential guard.
Niger Junta Threatens Ousted Leader
BY BENOIT FAUCON
AND MICHAEL M. PHILLIPS
Niger’s new military junta
suggested it would prosecute
ousted President Mohamed
Bazoum for high treason and
endangering the West African
country’s security.
In a statement published
Monday on state media, the
junta said it also had sufficient
evidence to charge unnamed
“local and foreign accom-
plices” of Bazoum, an elected,
pro-Western leader who has
been held prisoner in his resi-
dence since being toppled in a
bloodless uprising by his pres-
idential guard on July 26.
The announcement ratch-
eted up the rhetoric between
Niger and other West African
countries, led by regional pow-
erhouse Nigeria, that have im-
posed economic sanctions and
threatened to use military
force to reverse the July coup.
Military governments in
MARTIN BERNETTI/AGENCE FRANCE-PRESSE/GETTY IMAGES
RALLY: Members of the Waorani indigenous community demonstrated Monday in Quito in
favor of an upcoming referendum to end oil drilling in Ecuador’s Yasuni National Park.
black-market rate also depreci-
ated on the streets of Buenos
Aires, trading more than 10%
weaker at about 690 per dollar.
Investors had expected the
Together for Change coalition
to do better in a vote that had
a low turnout.
“The low turnout and sur-
prise results have contributed
to increased political and mar-
ket uncertainty,” said Jared Lou,
portfolio manager at William
Blair Investment Management
in Chicago. “Given the poor
state of the economy, voters ap-
pear to be demanding change.”
U.S. investors pulled out of
Argentina’s stock market,
sending the Global X MSCI Ar-
gentina ETF down as much as
6% in early Monday trading,
setting the stage for its worst
day in more than a year. The
fund traded 2.4% lower on the
day as of noon in New York.
In a radio interview on
Monday, Milei said his win
was an “enormous slap in the
face” to the government of
President Alberto Fernández,
who had a 75% disapproval
rating in one poll and whose
term ends in December. “They
don’t have any idea of how to
explain what they’re going to
do from here to December,” he
said of the Fernández govern-
two of Niger’s neighbors—Mali
and Burkina Faso—have said
they could come to the junta’s
defense, raising the specter of
a regional war in what is al-
ready one of the poorest parts
of the world.
A senior West African army
commander said the threats to
prosecute Bazoum likely were
an attempt by the junta to
strengthen its position ahead
of negotiations with its critics
within the 15-nation Economic
Community of West African
States, or Ecowas.
Bazoum’s Nigerien Party for
Democracy and Socialism said
that a trial for high treason
could only take place in the
country’s constitutional court
and therefore only if rule of
law were reinstated.
“The seditious soldiers
must return to their respective
barracks and let the institu-
tions of the Republic, including
those they implicitly recognize,
do their job,” the party said.
WORLD WATCH
WORLD NEWS
Libertarian presidential candidate Javier Milei appeared in
Buenos Aires on Sunday after he topped rivals in a vote.
ment, on Radio Rivadavia.
A populist upstart who
pledges to close the central
bank, replace the peso with
the dollar and slash spending,
Milei took 30% of ballots. In
an election that decides who
runs in the first-round presi-
dential vote in October, Milei
topped Patricia Bullrich, a
hard-on-crime conservative
from Together for Change and
a former security minister
who got 28.3%, and Massa,
who is considered more cen-
trist and business friendly
The U.S., France and other
Western countries have been
alarmed by the turn of events
in Niger, which under Bazoum
had been a close ally in the
fight against al Qaeda, Islamic
State and Boko Haram mili-
tants who have conducted at-
tacks across western Africa.
The U.S. has two drone
bases and 1,100 troops in Ni-
ger, and the coup threatens to
upend its strategy of training
Nigerien special forces to com-
bat Islamist extremists.
France maintains some
1,500 troops in its former col-
ony, and, before the coup, con-
ducted both its own opera-
tions and joint missions with
Nigerien forces.
On Monday, fighters affili-
ated with al Qaeda claimed to
have killed six Nigerien sol-
diers in an attack last week.
The militant group posted
photos of seized weapons and
armored vehicles.
Daouda Takoubayoke, Ba-
ALEJANDRO PAGNI/AGENCE FRANCE-PRESSE/GETTY IMAGES
than the president. Massa
took 27.3% of the vote.
The vote took place in a
country suffering its worst
economic crisis since its 2001
financial meltdown. About
40% of Argentines live in pov-
erty. Inflation tops 116%, mak-
ing it difficult for families to
buy enough to eat and for
businesses to function.
Milei has tapped into bub-
bling anger, assuring Argen-
tines that if they drastically
scale back the government by
closing ministries the country
zoum’s deputy chief of staff,
blamed the attack on the mili-
tary junta, which he said had
moved Nigerien units previously
focused on fighting militants to
instead protect the coup plot-
ters in the capital, Niamey.
Takoubayoke said Monday’s
attack was the sixth such as-
sault on government military
positions since the coup.
“Fearing a military inter-
vention to dislodge him, [Brig.
Gen. Omar Tchiani, the leader
of the post-coup government]
broke the framework of the
fight against terrorism and
shifted all the units and
brought them to Niamey for
his own protection,” Takou-
bayoke said.
Watch a Video
Scan this code
for a video on
the junta’s
threat of a
treason trial.
JAPAN
Surge in Tourists Official Vows to
Helps Lift Economy Defy China Threats Powerful Explosion
Japan’s economy grew at a
faster pace than expected in
the April-June period thanks to
easing supply constraints and
a recovery in inbound tourism.
Japan’s gross domestic
product increased 1.5% in the
three months to June from
the previous quarter, beating
economists’ expectations,
compared with 0.9% growth
in the January-March period,
government data showed
Tuesday. In the April-June
quarter, the economy grew
6% on an annualized basis,
which reflects what would
happen if that quarter’s pace
continued for a full year.
The results marked a rare
case in which the Japanese
economy grew faster than
China’s.
—Megumi Fujikawa
* *** THE WALL STREET JOURNAL.
would regain its foothold.
“Today, we stood up to say
enough with this decadent
model,” he said late Sunday in
front of cheering supporters.
“I invite Argentines to partici-
pate in the liberal revolution.”
Milei’s strong showing sets
up a three-way race that pits
him against the two traditional
political coalitions. Political an-
alysts say Bullrich, the conser-
vative, likely will be his tough-
est rival in October amid a
backlash against the Peronists,
whose rule during most of the
last 20 years has been marked
by a sharp rise in public
spending amid generous state
subsidies and social programs.
While acknowledging that
some Argentines want Milei,
Bullrich said she, too, repre-
sents change. “That’s repre-
sented by Milei, but us as
well,” said Bullrich, who has
pledged to move quickly to cut
the fiscal deficit and disman-
tle currency controls. “It’s re-
ally important that in this
time, from here to the elec-
tion, we represent this change
with a lot of fervor.”
Bullrich’s coalition ruled
from 2015 to 2019 under then-
President Mauricio Macri. He
tried to reduce the deficit inher-
ited from a previous Peronist
Art Was Escape
For Ex-Detainee
Of Guantanamo
BY FELIZ SOLOMON
In the early days of America’s
war on terror, U.S. authorities
detained Ahmed Rabbani think-
ing he was someone else. They
soon realized their mistake but
later said he himself had facili-
tated terrorists.
Rabbani denies that, and he
was never charged with a crime.
After 18½ years at Guantanamo
Bay, he stepped off a plane in
Pakistan in February—a free but
broken man. Years of hunger
strikes and forced feeding have
left him unable to eat most solid
food.
“I never, never, ever sleep at
night,” he said. “If I fall asleep, I
wake back up immediately.”
Through it all, he said, his
only means of escape was art.
He began making paintings in-
side his cell, sometimes forget-
ting where he was and what had
happened since he was detained
in 2002. By the time of his re-
lease, he had made hundreds of
paintings.
Art is among the few existing
testaments to life inside the
Guantanamo Bay facility, which
opened a few months after the
Sept. 11, 2001, attacks to hold
AHMED RABBANI
Ahmed Rabbani crafted hundreds of paintings during his
detention at Guantanamo Bay, including the piece on the left.
At Least 3 Dead in
TAIWAN
Taiwan’s vice president
vowed not to back down in
the face of threats from
China during a brief stopover
in New York, part of a U.S.
visit that Beijing and Wash-
ington have both appeared to
approach with restraint to
avoid reigniting tensions.
Lai Ching-te spent around
24 hours in the city, delivering
remarks at a Sunday luncheon
after arriving the night before.
Lai, the current front-run-
ner in a presidential election
set to be held in January, was
on the first leg of a weeklong
trip to Paraguay, where he
plans to attend the inaugura-
tion ceremony of the coun-
try’s incoming President San-
tiago Peña Palacios on
Tuesday.
—Joyu Wang
.
government without sparking
social upheaval. That strategy
failed as the government took
on billions of dollars in debt
and inflation surged. Many Ar-
gentines haven’t forgotten.
Maria Colman Rodríguez
has three children but no job.
“I’m betrayed by all of them,”
she said of politicians. “They
all promise things and do not
deliver.”
“Milei could be a hope for
us,” she added. “We have to
believe in someone who is dif-
ferent.”
Milei offers some of the pre-
scriptions economists say Ar-
gentina badly needs, such as
opening the country to trade,
reducing taxes and privatizing
state-owned companies to curb
spending. He also has a radi-
cally different social vision: He
has pledged to end public
schools, supports a market for
people to sell their organs,
proposes to expand access to
guns and to end legal abortion.
But Milei as president likely
would have little support in
the opposition-controlled Con-
gress, which he has lambasted,
making it hard to pass his am-
bitious changes. Austerity
measures also likely would face
stiff opposition from powerful
unions and social movements.
foreign suspects in America’s
war on terror. In May, 20 of
Rabbani’s paintings were shown
at a gallery in the Pakistani city
of Karachi.
U.S. authorities didn’t allow
some works depicting torture
and suffering to be taken from
Guantanamo, but other artists
re-created them from descrip-
tions written by Rabbani’s law-
yer.
“They didn’t just damage me,
they damaged my whole family,”
Rabbani, now 53 years old, said
from his Karachi home.
He was cleared for release
from Guantanamo in October
2021, after a government re-
view board determined he
didn’t pose “a continuing sig-
nificant threat” to national se-
curity—standard language ac-
companying prisoner releases.
Rabbani’s lawyer says he
should never have been held at
all. He says his client was taken
by Pakistani authorities who
misidentified him and handed
him over to U.S. intelligence of-
ficers for a $5,000 reward. The
U.S. Defense Department didn’t
comment on the circumstances
under which Rabbani was ini-
tially detained.
INSIYA SYED FOR THE WALL STREET JOURNAL
DOMINICAN REPUBLIC
A powerful explosion
rocked a bustling market area
near the capital of the Domini-
can Republic on Monday, kill-
ing at least three people and
injuring more than 30 others
as people tried to flee amid
the chaos, authorities said.
The explosion occurred at a
bakery in the city of San Cris-
tobal, which lies just west of
Santo Domingo, the country’s
911 system said.
It wasn’t immediately clear
what caused the explosion,
which officials said sparked a
fire that spread from the bak-
ery to a hardware store lo-
cated next door and a nearby
furniture store.
At least 39 people were re-
ported injured as of late Mon-
day night.
—Associated Press
 BUSINESS & FINANCE
.

© 2023 Dow Jones & Company. All Rights Reserved. * * * * * THE WALL STREET JOURNAL. Tuesday, August 15, 2023 | B1
S&P 4489.72 À 0.57% S&P FIN g 0.18% S&P IT À 1.85% DJ TRANS À 0.26% WSJ $ IDX À 0.29% 2–YR. TREAS. yield 4.963% NIKKEI (Midday) 32315.61 À 0.80% See more at WSJ.com/Markets

New Offer for U.S. Steel Fuels BiddingWar

Esmark seeks to dustry. The privately held
company is headed by James
acquire the company, Bouchard, a former vice presi-
which declined dent for U.S. Steel’s European
business, and operates steel
Cleveland-Cliffs deal processing and distribution
businesses.
BY BOB TITA Esmark said it offered $35
a share Monday to acquire all
Esmark said it made issued and outstanding shares
an all-cash offer to acquire in U.S. Steel. “This is an iconic
United States Steel, ratchet- business that built the United
ing up competition to acquire States,” Bouchard said in an
the century-old steelmaker. interview. “It should be in
Esmark is a Pennsylvania- American hands.”
based industrial conglomerate A U.S. Steel spokesman had
with deep ties to the steel in- no comment.
U.S. Steel, founded in 1901, try’s high-cost producers, ana- ment on the Esmark offer. $31.08, the stock’s biggest per-
dominated the industry for lysts said parts of the Cleveland-Cliffs CEO Lourenco centage increase on record,
decades as a top supplier of company appeal to other steel Goncalves said Sunday that a according to Dow Jones Mar-
steel to carmakers, appliance industry players. U.S. Steel combination between his com- ket Data, based on data going
makers and construction com- has large reserves of iron ore pany and U.S. Steel would cre- back to 1991.
panies. The company is now that is increasingly in demand ate a lower-cost and more in- Cleveland-Cliffs stock
the focus of multiple offers as scrap steel supplies tighten. novative supplier. gained 8.8% Monday.
aiming to fold its mills and The company’s Big River U.S. Steel has rejected Cleve- The steel industry is deal-
iron ore mines into other steel mill in Arkansas is one of the land-Cliffs’ offer, calling it “un- ing with slowing demand, as
companies, after rival steel- newest mills in the country reasonable.” U.S. Steel CEO Da- shipments from domestic
maker Cleveland-Cliffs said and one of just two in the U.S. vid Burritt said his company mills last year declined 5.5%
Sunday it separately offered to that will be capable of produc- was reviewing alternatives, and from 2021, according to the
acquire U.S. Steel in a cash ing steel for electric vehicle said it has received offers for American Iron and Steel Insti-
and stock deal that would motors. U.S. Steel also makes all or parts of the company tute. Steel prices have been on
value it at about $35 a share. pipe for frack well drilling. from several parties. the decline since spring.
While U.S. Steel is consid- Cleveland-Cliffs did not re- Shares of U.S. steel climbed —Denny Jacob
ered one of the steel indus- spond to requests for com- 36.8% Monday to settle at contributed to this article.

Big-Spending Oil Industry Faces Hard Choices China’s

BY DAVID UBERTI
Housing
Wall Street wants big oil
companies’ cash. Washington
Problems
wants them to drill more.
Keeping them both happy is
about to get a lot tougher.
Hit Market
Armed with a mountain of
cash after Russia’s invasion of BY WEILUN SOON
Ukraine sent oil prices sky- AND REBECCA FENG
rocketing, U.S. oil-and-gas
firms cranked up production China’s latest property cri-
near record levels while also sis is threatening to spill over
TREVOR PAULHUS FOR THE WALL STREET JOURNAL

raining money on sharehold- into the broader economy,

ers with dividends and buy- worrying investors and caus-
backs. ing a broad market selloff.
The continuing investor Chinese stocks fell in Hong
windfall and a recent run-up Kong and mainland China on
in oil prices helped make the Monday, with real-estate de-
energy sector the S&P 500’s velopers, electric-vehicle
best performer over the past manufacturers and other
month. companies in economically
But oil prices are still con- sensitive sectors declining the
siderably below last summer’s most. The Hang Seng Index,
highs, dragging down pro- which is loaded with Chinese
ducer revenue. That is going Oil executives last year buoyed their stock prices by funneling most of their wartime windfalls to investors—not new drilling. companies, dropped 1.6%, tak-
to mean hard choices for ing its year-to-date loss to
businesses such as interna- dwindle from spending and Benchmark U.S. crude-oil price How oil-and-gas producers used their cash, quarterly 5.1%. China’s CSI 300 of large-
tional major oil companies acquisitions. Exxon Mobil and $130 a barrel 60% of cashed used cap stocks fell 0.7% and is also
and independent drillers as Chevron have a combined in the red for 2023.
well as for energy investors $39.4 billion in cash, down Capital Debt Shareholder The financial struggles of
120 expenditures repayment returns
and policy makers who have from $48.4 billion at the end 50 Country Garden Holdings,
benefited from the past year’s of the first quarter, according Monday China’s top surviving pri-
largess. to FactSet. 110 vately run developer, have
“It is moving toward com- Investment in the Ameri-
$82.51 40 been front and center since it
–0.8%
panies spending what they can oil patch last quarter out- 100 missed interest payments on
can while they can,” said paced shareholder returns for 30 two U.S. dollar bonds a week
Mark Young, a senior analyst the first time since the Krem- 90 ago. The property giant said
at data-analytics firm Evalu- lin’s invasion, according to over the weekend that trading
ate Energy. Evaluate Energy. The more 20 in 11 of its yuan-denominated
How the industry uses its than 40 oil-and-gas producers 80 domestic bonds has been sus-
cash in coming years has tracked by the firm boosted pended and that it intends to
10
huge implications for U.S. capital spending to $28.4 bil- 70 discuss repayment plans with
drivers and energy investors. lion, while funneling a com- investors. Country Garden’s
Oil executives last year bined $25.4 billion to inves- 60 0 Hong Kong-listed shares,
buoyed their stock prices by tors. Feb. 2022 ’23 2018 ’20 ’23 ’18 ’20 ’23 ’18 ’20 ’23 which had been relegated to
funneling most of their war- In 2019, that group spent penny-stock status last week,
time windfalls to investors— an average of $24.3 billion fell an additional 18% on Mon-
not new drilling. As a surge in per quarter on projects and $80 billion day.
fuel costs supercharged infla- $11.3 billion on shareholder China’s property sector has
tion to 40-year highs, Presi- returns. Capital spending fell Cash concentrated among seven firms Phillips 66 gone from being a major con-
dent Biden accused oil firms sharply after the pandemic in the S&P 500 energy sector, quarterly EOG tributor to the country’s over-
60
of profiteering and urged derailed U.S. demand for fu- Valero all growth to a drag on its
them to invest in boosting ca- els, only recently surpassing ConocoPhillips economy. New-home sales in-
pacity. pre-Covid levels. creased in the first few
Higher oil prices gradually Better-than-expected pro- Chevron months of 2023, providing a
40
encouraged the industry to do duction in recent months led glimmer of hope that the
just that. Exxon Mobil and federal officials to bump their Marathon worst of the housing down-
Chevron increased capital U.S. output projections for Petroleum turn was over. The market
spending last quarter from a this year to a record 12.8 mil- turned in April, and nation-
20 Exxon
year ago while paying a com- lion barrels of crude a day. A wide sales at China’s top de-
bined $15.2 billion in divi- gusher of oil this year blunted velopers have slumped since.
dends and buybacks. the impact of Russian and Country Garden’s latest prob-
But companies’ ability to Saudi production cuts and Please turn to page B11
0
keep investing while extend- pushed down gasoline and
ing shareholder returns will diesel costs in the first half of 2014 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23  Heard on the Street:
get harder as their cash piles Please turn to page B11 Sources: FactSet (crude oil); Evaluate Energy (oil-and-gas producers cash); Factiva (cash concentrated) China’s shadow banks. B12

CNN Shuffles Lineup INSIDE Kraft Heinz Names New CEO,

Amid Sagging Ratings Aims to Build on Recent Gains
JAY PAUL/ BLOOMBERG NEWS

BY PATIENCE HAGGIN chor of CNN’s 9 p.m. hour,

and Lemon was ousted. BY JESSE NEWMAN Share-price and index performance since July 2019
CNN is making several The changes also elevated
60%
changes to its morning, several journalists of color, Kraft Heinz named Carlos S&P 500
prime-time and weekend with Phillip and Coates host- Abrams-Rivera as its next
shows, a major programming ing two prominent evening chief executive, elevating the
overhaul that comes as the shows. BUSINESS NEWS head of the food company’s 40
network seeks to counter a The latest shuffle comes Michael Eisner strikes North American business.
multiyear ratings slump. after a tumultuous period for The maker of sliced cheese
The network said Abby CNN, which has seen several
deal to sell Bazooka and ketchup said Monday that 20
Phillip, the anchor of “Inside high-profile moves among its gum business to Apax Abrams-Rivera, who has
Politics Sunday,” would an- top ranks both in front and Partners. B3 served since December 2021 Kraft Heinz
chor its 10 p.m. slot. Laura behind the camera. CNN’s as the company’s executive 0
Coates, a CNN anchor and longtime president, Jeff vice president and president
chief legal analyst, will host Zucker, resigned from the of its biggest division by sales,
the 11 p.m. hour. network last year, citing a would assume the CEO posi-
–20
CNN’s morning show, failure to disclose a consen- tion on Jan. 1.
which had been relaunched sual relationship with a close Kraft Heinz said Miguel
less than a year ago only to colleague. His successor, Patricio, who has been CEO
see two of its three co-hosts Chief Executive Chris Licht, since 2019 and chairman since –40
depart in recent months, is stepped down in June after a 2022, would continue to serve 2020 ’21 ’22 ’23
getting a new co-host. Phil bumpy tenure of little over a as nonexecutive chairman. Source: FactSet
Mattingly, CNN’s chief White year. The changing of the guard
House correspondent, is join- Kasie Hunt will become an- comes after Patricio steered companies raised prices, cit- Rivera would become presi-
ing Poppy Harlow, who has chor of “Early Start” a 5 a.m. TECHNOLOGY Kraft Heinz through a global ing their own higher costs. dent of the Pittsburgh- and
co-hosted the show since last Hunt has experience hosting Amazon’s chief of pandemic and a period of re- Under Patricio, Kraft Chicago-based company effec-
year. Harlow’s former morn- an early morning show, hav- cord inflation. From fiscal Heinz’s stock rose 11% while tive immediately. Abrams-Ri-
ing co-hosts, Don Lemon and Please turn to page B2
devices, David Limp, year 2019 to 2022, the com- the S&P 500 increased nearly vera, who joined Kraft Heinz
Kaitlan Collins, both left the 6 plans to retire in pany’s sales grew 6% as food 52%. Shares in Kraft dipped in February 2020, will also
a.m. to 9 a.m. program earlier  CBS names Wendy coming months. B4 brands benefited from people slightly on Monday to $34.53. join the board on Jan. 1, the
this year. Collins became an- McMahon news chief. B2 staying at home more and Kraft Heinz said Abrams- Please turn to page B2
 .

B2 | Tuesday, August 15, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A
Allstate..........................................B12
Goldman Sachs.........................A1
I
Presidio Bay...............................A4
Prime Trust.................................B2
Progressive................................B12
CBS Taps McMahon to Lead News
Alphabet.........................................A9 Intuit...............................................B12
Apple.................................................A9 R BY BEN GLICKMAN parent company Paramount est journalists at this critical
J
Arch Capital Group............B12 RenaissanceRe.......................B12 Global, The Wall Street Jour- moment for our profession,”
Jingwei Textile Machinery
B .............................................................B12
Royal Philips............................B12 CBS tapped Wendy McMa- nal reported Sunday. CBS said McMahon said.
Berkshire Hathaway............B2 S hon to lead news and syndi- that Khemlani would develop McMahon previously
K
C Save Mart....................................A2 cated content as chief execu- documentaries and scripted helmed ABC’s local TV station
KBC...................................................B12
Clarion Partners......................A4 ServiceNow..........................A1,A2 tive of CBS News and Stations series for CBS and books for group and ran digital opera-
KKR.....................................................B2
Cohen & Steers........................A1 Shappy Pretzel.........................B3 and CBS Media Ventures after publisher Simon & Schuster. tions for ABC stations, which
L
Country Garden..............B1,B12 Siemens Healthineers.....B12 the departure of two senior Paramount said last week are owned by Disney.
Lennar..............................................B2 Starbucks......................................A7 executives within the com- that it would sell Simon & A soft advertising market
D

BONNIE CASH/PRESS POOL

M State Farm................................B12 pany. Schuster to private-equity has weighed on results in Par-
D.R. Horton..................................B2 Swiss Re......................................B12
Meta Platforms......................B11 McMahon, who has over- firm KKR for $1.62 billion in amount’s TV business, and the
E U
Micron Technology..............B11 seen CBS’s stations segment cash. company has sought to sell as-
EQT Exeter...................................A1 N United States Steel..............B1 since 2021, will now also be CBS on Monday also named sets as it pivots focus to its
Esmark.............................................B1
Nacity Property Service X responsible for CBS News and Ingrid Ciprian-Matthews as streaming operations. The
Everest Group.........................B12
Group..........................................B12 Xianheng International CBS Media Ventures, the com- president of CBS News. Mean- company has said the sale of
Exor..................................................B12
Nvidia..............................................B11 Science & Technology..B12 pany’s syndication business. Wendy McMahon also will while, Steven LoCascio, previ- Simon & Schuster will help it
F She will helm CBS News’ ous president of CBS Media pay down some of its debt,
NVR....................................................B2 Z lead syndicated content.
Fidelity Investments.........A10 P Zhongrong International broadcast and streaming, 27 Ventures, is retiring at the and Paramount has sought to
G Paramount Global.................B2 Trust............................................B12 local television stations, 14 lo- at a time when ratings are on end of his current contract af- unload other assets, such as
GE Healthcare........................B12 PayPal............................................B12 Zhongzhi Enterprise..........B12 cal news streaming channels the decline for traditional ter 34 years with the com- BET Media Group.
and CBS’s syndication pro- broadcasters. pany. In the recently completed
gramming, the company said. McMahon’s promotion “It’s an honor to be en- quarter, Paramount swung to
INDEX TO PEOPLE She will oversee program-
ming including “60 Minutes,”
comes as CBS News
head Neeraj Khemlani steps
trusted to lead as venerated
an organization as CBS News,
a loss of $299 million, com-
pared with a $419 million
“CBS Evening News,” “Jeop- down and enters a content and I’m inspired to continue profit a year earlier, as reve-
A G Patricio, Miguel.........................B1 ardy!” and “Wheel of Fortune” and development deal with to support the world’s great- nue fell 2.1% to $7.62 billion.
Abrams-Rivera, Carlos........B1 Goncalves, Lourenco.............B1 R

CNN
B H Rice, Toby....................................B11
Quarterly prime-time
Balazs, Alex.................................B6 Hislop, Steve..............................B6 S ratings averages
Banks, Lee....................................A7
I Schulman, Dan.......................B12

Shuffles
4 million viewers
Barnett, Gary..............................A1
Iger, Robert..................................B3 Seifert, Cathy.............................B2
Bell, Charlie.................................B4
Shengzu, Wang......................B11
Bhargava, Manoj....................B4 J

Blackburn, Jeff..........................B4
Bouchard, James.....................B1
Breen, Edward..........................A7
Buffett, Warren.......................B2
Burritt, David..............................B1
C Karaca, Erdem........................B12
Carney, Jay..................................B4
Choi, Ivy..........................................A9
Chriss, Alex................................B12
Ciprian-Matthews, Ingrid B2
Clark, Dave...................................B4
Lineup
T 3
Jassy, Andy.................................B4
Tessel, Marianna....................B6
L
Tuttle, Matthew.....................B11
Levinsohn, Ross......................B4 Fox News
U 2
K Continued from page B1
Umpleby, James......................A7
ing anchored the 5 a.m.
Ungerleider, Howard............A7
Khemlani, Neeraj....................B2 MSNBC program “Way Too MSNBC
V Early” from 2020 to 2021. 1
L Pamela Brown, a CNN an-
Vanacker, Peter........................A7
Lemann, Jorge Paulo..........B2 chor and chief investigative
W
Limp, David.................................B4 correspondent, will anchor CNN
LoCascio, Steven.....................B2
Wee, May Ling.......................B11 the network’s 3 p.m. hour. 0

JEMAL COUNTESS/GETTY IMAGES FOR TIME

D Y Monday’s announcement 2Q 2020 ’21 ’22 ’23
M-P
Young, Mark................................B1
also included changes to the Note: 2023 second-quarter data as of June 25
Davis, Alicia Boler.................B4 McMahon, Wendy.................B2 network’s weekend lineup. Source: Nielsen
E Moorthy, Ganesh....................A7 Z Manu Raju, CNN’s chief con-
Eisner, Michael.........................B3 Musk, Elon..........................B4,B11 Zuckerberg, Mark...................B4 gressional correspondent, hour on Saturday.
will become anchor of “Inside The network also said “King
Politics Sunday” at 11 a.m. on Charles,” with Gayle King and
Top five holdings in Berkshire Year to date performance Sundays. Victor Blackwell, Charles Barkley, would debut
Hathaway's stock portfolio* who currently co-hosts “CNN later this fall on Wednesdays
50%
S&P Homebuilders This Morning Weekends,” at 9 p.m. as a limited series, as
Apple
Select Industry Index will anchor CNN’s 8 a.m. previously announced. Abby Phillip was named anchor of CNN’s 10 p.m. slot.
$177.59 billion D.R. Horton 40

Kraft Heinz
Bank of America Lennar are more costly than some ri- vestigation into its procure- cuts under Brazilian invest-
29.63 NVR
30
val brands after it raised ment practices. At the time, ment firm 3G Capital. 3G
prices across three-fourths of Kraft Heinz, along with other Capital helped create Kraft

Appoints
American Express its portfolio earlier in the big food companies, was Heinz through the 2015
26.41 20 year. struggling as consumers were merger of H.J. Heinz and
Executives said that Kraft shifting their shopping toward Kraft Foods, joining forces

New CEO Heinz lost market share in new brands and products per- with Warren Buffett’s Berk-
Coca-Cola

24.09 10 several categories including ceived as fresher and more shire Hathaway to form the
cold cuts, cream cheese and healthful. fifth-largest food-and-bever-
Chevron children’s single-serve bever- Kraft Heinz had just begun age company in the world.
Continued from page B1 ages and that the company revamping its portfolio of 3G Capital underinvested
19.37 0
company said. also hasn’t pro- dozens of in its brands at the expense
Jan. March May July
*As of June 30, 2023 A Kraft Heinz spokes- moted its prod- brands when of growth, rivals and analysts
Sources: Regulatory filings (holdings); FactSet (performance) woman said that Patricio de- ucts as much the Covid-19 have said. At Kraft Heinz,
cided the time was right for as some com- Consumers are pandemic hit. they said, 3G Capital failed to

Berkshire Wagers growing more

him to step down. She said petitors. Under pressure see the speed of the decline
Abrams-Rivera has helped re- Kraft Heinz to revive sales, in consumer appetite for leg-
build Kraft Heinz’s culture and executives said sensitive to the company acy food brands, while de-
deliver strong results in the consumers are was working to mand grew for items with
price increases,
On Stocks of U.S. company’s retail and food-ser-
vice businesses. His experi-
ence in both developed and
emerging markets aligns with
growing more
sensitive
price increases.
They said that
to executives say.
improve profit-
ability and was
re o r ga n i z i n g
its business
natural and organic ingredi-
ents.
“We bought brands and we
thought they would last for-

Home Builders Kraft Heinz’s ambitions for

growth, she said.
During the pandemic, Kraft
Heinz ramped up production of
reduced food-
stamp benefits weighed on
sales in the second quarter
and that they expect further
under
forms it said would help it be
more agile and innovate more
effectively.
plat- ever,” said 3G Capital co-
founder Jorge Paulo Lemann
in 2018. “Now, we have to to-
tally adjust to new demands
BY HANNAH MIAO an interesting hedge to the its highest-demand items such pressure later in the year Patricio presided over from clients.”
Berkshire real-estate services as Kraft Mac & Cheese, Oscar when student-loan repay- Kraft Heinz’s reorganization —Colin Kellaher contributed
Warren Buffett’s Berkshire group that has been hurt by Mayer cold cuts and Philadel- ments resume. following an era of deep cost to this article.
Hathaway made a fresh bet limited supply.” phia cream cheese, spending Kraft Heinz said it is done
on U.S. home builders in the Among other moves, Berk- millions of dollars to add more raising its prices now and has
second quarter. shire trimmed its positions in production capacity. The com- a multipronged plan to cap-
The company unveiled new Chevron, Activision Blizzard pany increased its advertising ture more market share, in-
positions in D.R. Horton, NVR and General Motors. It spending to capitalize on the cluding improving shelf space
and Lennar, together valued
at more than $800 million at
boosted its bets on Occidental
Petroleum and Capital One
sales momentum generated by
the pandemic, and focused
and merchandising in super-
markets, boosting marketing
Listening Closely.
the end of June. Financial. marketing on products it had investments, scaling up inno-
The changes in Berkshire’s
stock portfolio were disclosed
Investors closely watch
what Berkshire is buying and
in abundance, promoting its
boxed Kraft macaroni and
vation and resolving remain-
ing supply constraints.
Responding Quickly.
after the market closed Mon- selling because of Buffett’s cheese versus the single-serve Kraft Heinz in recent
day, when the company re-
leased its latest 13F filing. The
reputation as one of the most
successful investors of all
microwavable cups that were
in shorter supply.
months has been rolling out
new products, such as a line of
Delivering Consistently.
filing lays out investors’ eq- time. Many investors view More recently, Kraft Heinz Lunchables featuring fresh
uity holdings as of the end of Berkshire’s 13Fs as a way to and other food companies fruit, which the company in-
the most recent quarter, as get a sense of how Buffett and have reported sales gains de- tends to be sold in supermar-
well as the size and market his deputies are approaching spite selling fewer products, kets’ produce aisles. Earlier
value of their positions. the markets. which some have attributed to this year, it debuted the “Heinz
Home builders have seen a Shares of D.R. Horton, NVR higher prices for their goods. Remix,” a customizable sauce
boom in business since mort- and Lennar each rose at least Kraft Heinz in its latest dispenser that lets diners de-
gage rates shot up last year. 1% in postmarket trading quarter said prices for its sign their own condiments,
Elevated rates have kept Monday. Because of Buffett’s products had increased 11 per- and “Heinz sauce drops,” six
homeowners from selling, prominence, shares of compa- centage points in its second new, limited-time sauces the
leaving new construction as nies that Berkshire has quarter from a year earlier, company will distribute to se-
the most appealing option for opened new positions in while sales volumes and the lect U.S. restaurants.
many buyers. Home-builder sometimes get a boost follow- mix of products sold had de- Patricio took charge of
stocks have rallied, with the ing the disclosure. clined 7 percentage points. Kraft Heinz during a period of
S&P Homebuilders Select In- Berkshire had already dis- The company said its products weak sales and a federal in-
dustry stock index up 39% this closed that it bought roughly
year. $4.6 billion of stocks in the
Berkshire Hathaway’s own second quarter, up from
dominance in real estate also
lends credibility to the con-
nearly $2.9 billion purchased
in the first quarter. The com-
Crypto Firm in Bankruptcy
glomerate’s new position in pany ended the period with BY CAITLIN OSTROFF after a Nevada regulator filed a
home-builder stocks. The com- $147.4 billion in cash and cash AND VICKY GE HUANG petition to place the company
pany operates a residential equivalents, nearing record into receivership in June,
real-estate brokerage and a levels. Prime Trust, which bridged pointing to a shortfall of
large network of real-estate As of the end of the second the crypto industry’s banking roughly $83 million.
brokerage franchises. quarter, 80% of Berkshire’s access and stored its assets, Part of the shortfall
Net earnings from Berk- stock portfolio was concen- filed for bankruptcy protection stemmed from Prime Trust’s
shire’s real-estate brokerage trated in just five companies: late Monday, after facing a losing access to some crypto
business declined $50 million Apple, Bank of America, shortfall in customer funds. wallets that held customers’
in the second quarter from the American Express, Coca-Cola The company estimates that digital assets in December
year prior. and Chevron. it has between 25,000 and 2021, Nevada regulators said. Because your needs
“Because of their real-es- Class A and Class B shares 50,000 creditors. It listed as- The Las Vegas-based com- really are important to us.
tate services and some of their of Berkshire are up about 16% sets of between $50 million pany intends to explore a num-
manufacturing business, they this year. Shares notched a and $100 million and liabilities ber of options, including a po- Let us prove it.
have a good pulse on what’s record closing high last week, of between $100 million and tential sale of its assets and
going on in the housing mar- shortly after the company re- $500 million, according to a operations. It expects to con-
ket,” said Cathy Seifert, a ported a profit for the second court filing. tinue paying wages and provid-
CFRA Research analyst. “It’s quarter. The bankruptcy filing comes ing benefits.
 .

THE WALL STREET JOURNAL. * * * * Tuesday, August 15, 2023 | B3

BUSINESS NEWS

Major Studios Resume Talks With Writers

Latest dialogue reached, the AMPTP will turn
its attention to actors. The dual
shows signs of strike, the first since 1960, has
progress but big divided Hollywood and had a
dramatic effect on the Los An-
hurdles remain geles economy. All production
has been shut down, meaning
BY JOE FLINT that everyone who works on
scripted content, from makeup
Negotiations between strik- artists to lighting experts, is
ing television and movie writ- out of work.
ers and major studios have re- Dining hot spots that are
sumed, with signs of progress usually full of executives,
on certain issues, giving the agents and actors are now of-
entertainment industry a glim- ten half full and a town known
mer of hope amid the months- for its hustle and bustle has
long labor dispute. ground to a halt. Instead of
Last week, the Alliance of making deals and content,
Warner Bros. Discovery and
other entertainment giants
have made significant staff re-
ductions, largely because of the
struggle to find an economic
model that can sustain the ris-
ing costs of content creation.
There are other issues to be
settled between the studios
and writers, including in-
creases in residuals, which are
the royalties writers receive for
television shows and movies.
The AMPTP has expressed a
willingness to increase royal-
ties, particularly from stream-
ing services.
The AMPTP’s recent deal

Motion Picture and Television
Producers (AMPTP), which
represents major content pro-
viders including Warner Bros.,
Walt Disney, Netflix, Ama-
zon.com and others, submitted
a new proposal that the Writ-
ers Guild of America said it is
reviewing and will respond to
this week.
The proposal from the
AMPTP is the first major
movement between the two
sides since the WGA went on
strike on May 2. The Screen
Actors Guild joined writers on
the picket lines last month, and
the strikes have ground Holly-
wood to a halt.
The latest proposal from the
studios addresses some con-
The studios’ offer is the first major movement between the two sides since the strike began.
cerns of the WGA, including its
desire for a requirement that
television shows be staffed
with a minimum number of
writers, people close to the dis-
cussions said. Staffing require-
ments have previously been a
nonstarter for the AMPTP,
which viewed any such rule as
a hiring quota at odds with the
creative process.
The AMPTP didn’t publicly
release details of its proposal,
and it is unclear if it will sat-
isfy the WGA. The writers
union has accused production
companies of reducing the role
of writers in the making of
television shows by ordering
fewer episodes and allowing
fewer writers to stay with a
show through the postproduc-
tion process.
The new AMPTP proposal
also addresses the use of artifi-
cial intelligence in film and TV
MARIO ANZUONI/REUTERS
writers and actors are picket-
ing studios every day and call-
ing out CEOs over executive
compensation and greed.
Conversely, some studio
chiefs have privately grumbled
that the entertainment indus-
try is struggling as it tries to
production, which has been an- pivot away from the traditional
other sticking point, the people movie and television business
close to the discussions said. to embrace streaming, which
There is concern among writ- has turned into a financial
ers and actors that generative- sinkhole for several of the in-
AI tools could eliminate jobs dustry’s big players.
and result in poor content. Last month, Disney Chief
The AMPTP has proposed Executive Robert Iger made
guidelines regarding the use of waves during a CNBC interview
AI but the WGA and Screen Ac- in which he said some of the
tors Guild have felt they aren’t creative community’s demands
strong enough. weren’t realistic, given the
If a deal with the WGA is state of the industry. Disney,
with the Directors Guild of
America could provide a road
map to resolving the residual
issue. Under terms of that pact,
directors received an increase
of more than 20% in royalties
from streaming services, much
of it coming from a 76% in-
crease in residuals from the in-
ternational operations of
streaming services.
A WGA spokesman didn’t
respond to a request for com-
ment. Last week, the WGA said
it would refrain from providing
comments on talks “until there
is something of significance to
report, or unless management
uses the media or industry sur-
rogates to try to influence the
narrative.”

Strike Spotlights Side Gigs

BY ESTHER ZUCKERMAN

When actor Adam Shapiro,

known for his work in shows
like “The Bear” and Netflix’s
“Never Have I Ever,” hits the
SAG-Aftra picket lines, he of-
ten hears familiar shouts di-
rected at him from fellow
strikers: “Pretzels!”
That’s because Shapiro’s
presence on the Los Angeles
picket lines means there are
likely free, Philadelphia-style
ADAM SHAPIRO

soft pretzels around from his

company Shappy Pretzel Co.
“Just never in a million years
would I think that people
would be yelling pretzels at
me,” he said.
As soon as the Writers
Guild of America went on
strike in May, Shapiro was
providing pretzels. Now that
SAG-Aftra, a group that Sha-
piro is a part of, joined them,
demand has only grown. “I
was like, I’m going to go picket
anyway, I might as well show
up with pretzels,” he said.
With Hollywood shut down
amid a fight between actors and
writers and the Alliance of Mo-
tion Picture and Television Pro-
ducers some people in the in-
Adam Shapiro’s Shappy Pretzel is a fixture at Los Angeles pickets.
fight over their contracts.
Even more famous actors’
companies have been spotted
handing out supplies, like the
cactus-water drink Caliwater,
founded by “High School Musi-
cal” star Vanessa Hudgens and
actor Oliver Trevena. “I was out
on the picket line and it was ex-
tremely hot,” Hudgens said via
email. “When I planned to go
out the next time I wanted not
only to support by showing up,
but also offer what I could to
support the actors on the line.”
The Caliwater deliveries to pick-
and his wife Katie Lowes, an
actress who has been on shows
like “Scandal,” attended the
Oscars because host Jimmy
Kimmel included the pretzels
in snack boxes that were dis-
tributed to audience members.
“It’s almost not strange to go
from the Oscars to the picket
line within a couple of months,
because that’s what it’s like be-
ing an actor,” said Shapiro.
Shappy Pretzel started after
Shapiro began experimenting
with making the treat from his
hometown of Abington, Pa.,

dustry have been turning to
their food side projects to bring
sustenance to the protesters.
Much of the food is donated by
the purveyors, or it’s offered
ets are coordinated via a SAG
representative, according to a
publicist for Hudgens.
Andrea Alba-von Buren and
Olivier Alerte began Dean’s
The Paper
outside of Philadelphia during
the pandemic. What started in
his home, now operates out of
Los Angeles’ Diamond Bakery
and has 10 people on

through sponsorships from the
famous people on strike.
Actor Paul Cassell, who has
appeared on shows like
“Gilmore Girls” and “Masters of
Sex,” has been distributing the
Coffee as a way to make
money when their work dried
up because of the strikes. Alba-
von Buren, having worked as a
writer’s production assistant,
knew how much writers loved
You Know.
staff. Shappy’s business involves
on-set catering, so Shapiro
wanted to make sure his em-
ployees stayed busy as produc-
tions halted. “At least my bak-
ers are still baking,” he said.

cookies he makes with Paul Cas-
sell Bakes. He started pursuing
baking as a business a little
over a year and a half ago, he
said. It was a “no-brainer” to
bring cookies with him to the
picket lines, which he pays for
out of pocket for his “union
brothers and sisters.” The
sweets bring smiles in the midst
of what is, at its core, a serious
iced coffee. “I had to get that
every day,” she said.
They started out just selling
drinks, but soon showrunner
James Stoteraux, with whom
Alba-von Buren worked with on
the CW show “Gotham
Knights,” offered to send her
enough money so she and
Alerte could give away coffee.
Earlier this year, Shapiro
Now Digital.
After initially donating the
pretzels himself, he began re-
ceiving DMs from showrun-
ners, actors, and producers
asking to sponsor Shappy Pret-
zel drops. Late-night hosts in-
cluding Kimmel, Stephen Col-
bert, Jimmy Fallon, Seth
Meyers and John Oliver send
“like 1,000 pretzels to the writ-
ers every couple of weeks.”

Former Disney CEO Eisner to Sell Access your daily paper anytime, anywhere with our
Print Edition App. Enjoy convenient access to full-page

Bazooka Gum in $700 Million Deal

BY BEN DUMMETT
AND LAURA COOPER
Former Walt Disney Chief
Executive Michael Eisner has
struck a deal to sell Bazooka
Candy Brands to global buyout
firm Apax Partners in a deal
that values the iconic gum
maker at around $700 million
including debt.
The deal brings an end to
Eisner’s more-than-15-year
ownership of the gum and
candy maker.
Together with private-equity
firm Madison Dearborn Part-
ners, Eisner, through his pri-
vate investment company Tor-
nante, struck a $385 million
deal, which included the candy
maker as well as the Topps col-
lectibles business, for the com-
pany in 2007. Eisner started
Tornante in 2005 after a career
at Disney that spanned more
than two decades.
zooka was up for sale.
Bazooka, based in New York
City, is known for its name-
sake gum brand and sweets
such as Push Pop lollipops, of
which it sells more than 40
million a year.
Other brands include Juicy
Drop and Big Baby Pop lolli-
pops, the gem-shaped Ring
Pop and Mega Mouth, a candy
spray.
Bazooka, originally known
as Topps Chewing Gum, was
founded in 1938 and devel-
oped its namesake bubble gum
after World War II. In 1949,
Topps first added photo cards
as freebies inside its packs of
gum, featuring baseball leg-
ends such as Babe Ruth. It re-
leased its first full set of base-
ball cards in 1951.
In 2021, Eisner and Madi-
son Dearborn had planned to
take Topps public through a
blank-check merger that
articles for easy reading and more.
WSJ members have exclusive access. If you haven’t yet,
But that fell through after Ma- activate your digital account today at WSJ.com/connect
jor League Baseball and its to start exploring.
players’ union reached an ex-
clusive agreement with a new
company controlled by online-
sports-merchandising retailer
Fanatics. That had left Topps
without its most prestigious
American licensing partner.
The next year, Eisner and D O W N L OA D T H E A P P
Madison Dearborn sold WSJ.com/printapp
Topps’s trading-card business
to Fanatics for $500 million
and renamed the company.
Candy and other sweets
face increasing competition
from snacks such as nuts and
granola bars as more consum-
ers give priority to healthier
eating. Still, some companies
and investors remain bullish
on the growth outlook for sug-
ary treats.
Apax has raised about $65
billion in assets, according to
its website. Chicago-based
Madison Dearborn has raised ©2023 Dow Jones & Co. Inc. All rights reserved. 3DJ7980 3DJ8921

The Wall Street Journal would have valued the com- more than $28 billion since its
previously reported that Ba- pany at more than $1 billion. inception in 1992.

B4 | Tuesday, August 15, 2023
TECHNOLOGY
Amazon’s Devices Chief to Leave
Exit would be latest mid-2021 include Jeff Black-
among longstanding
leaders in two years
burn, who led the media and
entertainment businesses; Ali-
cia Boler Davis, senior vice
under new CEO
president of global customer
fulfillment; Charlie Bell, a top
leader of Amazon’s cloud busi-
BY DANA MATTIOLI
AND JESSICA TOONKEL
David Limp, Amazon.com’s
ness; and Jay Carney, who
was the top public-relations
and public-policy executive.
Limp, 56 years old, started
ANDREW DAVIS FOR THE WALL STREET JOURNAL
devices chief, is planning to his career at Apple in the late
retire in the coming months in 1980s, and went on to work at
the latest departure of a long- several other companies—in-
standing top executive since cluding Palm, a leading brand
Andy Jassy took over as chief of the personal digital assis-
executive of the e-commerce tants that preceded smart-
giant two years ago. phones—before joining Ama-
Limp’s planned departure zon in 2010 to run its devices
would conclude a tenure of organization.
more than 13 years at the At the time, the company’s
company, where he oversees only blockbuster seller in that
Amazon’s Alexa and a portfo- David Limp oversees Alexa, Echo and other popular services division was its Kindle e-
lio of other services and gad- and gadgets that overall have struggled to make money. reader. During his tenure, Am-
gets that have in some cases azon launched a number of hit
proven popular but overall 27,000 jobs across the com- An Amazon spokesman products including the Echo
have struggled to make pany. confirmed Limp is leaving be- smart speaker, Fire TV
money. The Echo device line, Limp’s planned exit marks fore the end of the year. streaming media player and
in particular, has proven more another disruption for the Last year, Amazon Con- Fire tablets. It also launched
challenging to monetize in core of Amazon senior leader- sumer CEO Dave Clark left the an ill-fated smartphone
that way, said people familiar ship known as the S-Team, a company after 23 years, in dubbed the Fire phone that it
with Limp’s plans. number of whose members part over friction with Jassy’s later discontinued.
Limp’s division has been a have departed over the past hands-on management style, While Amazon has sold
target of the cost cuts imple- two years after relative stabil- The Wall Street Journal re- more than 500 million Alexa-
mented by Jassy that over the ity on the management team ported previously. Other S- enabled devices, the smart
past year have shed some before Jassy took the helm. Team departures since speakers largely sell without a
Italian Cities Jostle
To Host Cage Match
Between Tech CEOs
BY ERIC SYLVERS
ATILANO GARCIA/SOPA IMAGES/ZUMA PRESS
Elon Musk and Mark Zuck-
erberg can’t seem to agree on
whether and when to duke it
out in a cage match. Still, Ital-
ian cities home to famous ar-
chaeological venues are jock-
eying to be the stage.
Musk, chief executive of
Tesla, set off the frenzy
among Italian cities last week
with a post on X, his social-
Rome’s Colosseum was deemed too fragile for any fight between Musk and Zuckerberg. media company formerly
known as Twitter. “Everything
in camera frame will be an-
cient Rome, so nothing mod-
We’re Losing More than FOUR
ern at all. I spoke to the PM of
Italy and Minister of Culture.
They have agreed on an epic
Money on FEET of pearls for
$19!
location,” Musk wrote.
Zuckerberg, the CEO of
These Pearls
Facebook par-
ent Meta Plat-
forms, shot
back on Sunday Musk’s reference
An opera-length cultured pearl necklace on Threads, ac- to ancient Rome
for the Impossible Price of $19 cusing Musk of
not being seri- made many
Y ou’ve never seen a price like this for genuine pearls.
Our competitors are charging hundreds of dollars for
pearl jewelry; we’re charging just $19 for our Speakeasy
ous about get-
ting into the
ring and cast-
Italians assume
he meant the city.
Pearl Necklace, a 50-inch, opera-length strand of generous ing doubt on
the fight. “Elon
7 mm cultured freshwater pearls. Read our lips: WE ARE won’t confirm a
LOSING MONEY ON THESE PEARLS. date, then says he needs sur-
Classic, unique and displaying a soft, “satiny” luster, gery, and now asks to do a
practice round in my backyard
cultured freshwater pearls are a favorite of jewelers and instead. If Elon ever gets seri-
jewel wearers alike. And the appeal of pearls is timeless. ous about a real date and offi-
“Pearls are always appropriate,” said Jackie O., that cial event, he knows how to
famous icon of style. reach me.”
The two billionaires said in
This necklace features more than FOUR FEET of cultured June they would fight each
freshwater pearls that can be double- or even triple-looped other. Since then, they have
to match any outfit and mood. Normally, we’d charge exchanged gibes but given few
$399 for a necklace like this. So why aren’t we? Our goal concrete details on the bout.
is to build a long-term client relationship with you. We are Musk’s reference to ancient
Rome made many Italians as-
sure that most of you will become loyal Stauer clients in the
years to come. I don’t want to sell you one piece of jewelry.
sume he meant the city of
Rome rather than the empire.
I want to help you celebrate a lifetime’s worth of birthdays,
anniversaries and other special events with jewelry.
The Colosseum was the obvi-
ous contender. But what ap-
J   3 MILLION
peared to be a first-round
knockout for one of the
world’s most recognizable
   S       monuments turned into a
       slugfest after Italian officials
     Impossib said the Colosseum was too
NECKLA le Price
CE ONL fragile.
$19
Y
Better yet, if you act right away, pay another $19 and Italian Culture Minister
I’ll throw in the matching triple-decker Speakeasy Pearl Gennaro Sangiuliano hailed
the fight as a “great event,”
Bracelet, valued at $299. That’s $698 OF VALUE FOR
JUST $38! To put it plainly, you win, we lose.
Don’t sit on this offer. Only 1,427 Speakeasy Pearl “Pearls are always ADVERTISEMENT
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THE WALL STREET JOURNAL.
profit on each unit. The Jour-
nal reported last year that the
devices unit in some recent
years had an annual operating
loss of more than $5 billion.
Part of the strategy for
Limp’s division has been to
sell things that spur other
sales for Amazon, but it has
had differing success on that
effort. The Kindle, the unit’s
first product, is an example of
that strategy working, as it fu-
els sales of ebooks that Ama-
zon takes a cut of.
With the Echo device line,
the company overestimated
customer adoption of voice
shopping—that is, people tell-
ing Alexa they want to buy
something from Amazon—
which still makes up a very
small portion of the way cus-
tomers use Echo devices.
Pumping advertisements
through Echo devices is also
challenging because users get
frustrated with ads, especially
outside of when they are lis-
tening to music on the de-
vices. Most customers use
their devices for simple com-
mands such as asking it to set
timers or for the weather
forecast, neither of which
makes Amazon money.
but didn’t disclose the possi-
ble venue. The ministry and
the Italian prime minister’s
office didn’t respond to re-
quests for comment.
With the Colosseum out of
the running, eyes turned to
the Circus Maximus, the sta-
dium a short walk away. In
ancient times, the Circus Max-
imus hosted chariot races
such as those depicted in
“Ben-Hur.”
Enter stage right: the movie
set that was used in “Ben-
Hur,” now part of Cinecittà
World, a movie theme park on
the outskirts of Rome. The
park’s chief executive called
the venue the best of both
worlds, offering an ancient at-
mosphere without defiling a
real monument.
Roman poli-
ticians pushed
for a relatively
small theater in
Ostia Antica,
the port of an-
cient Rome and
a short train
ride away from
the city.
The south-
ern Italian re-
gion of Calabria made its case,
with the regional president re-
minding all that it is home to
the Riace Bronzes, two ancient
statues of naked fighters.
“If you’re looking for an
epic location, evocative and
enchanting, Taormina is it,”
Cateno De Luca, the mayor of
the Sicilian town, wrote on X.
Taormina, which was featured
in the HBO show “The White
Lotus,” has an ancient Greek
theater with a panoramic view
of the Sicilian coastline.
A rival pitch came from the
mayor of Benevento, near Na-
ples, which has a Roman the-
ater sometimes called the Col-
osseum’s twin, and another
from a town in the southern
region of Basilicata, which
also has one.
The mayor of Pompeii made
the case for using a theater in
the excavated ancient city,
which was buried by the erup-
tion of Vesuvius in AD 79.
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WSJ.com/Tech
Publisher
Of Sports
Illustrated
To Sell
65% Stake
BY ALEXANDRA BRUELL
Manoj Bhargava, a busi-
nessman who founded the caf-
feine beverage brand 5-Hour
Energy and owns TV news
stations, has agreed to acquire
a majority stake in the pub-
lisher of Sports Illustrated.
One of Bhargava’s compa-
nies, Simplify Inventions, will
take an approximately 65%
stake in the Arena Group,
which beyond Sports Illus-
trated is home to media
brands including Men’s Jour-
nal. As part of the deal, Arena
will get a $50 million invest-
ment. The deal also includes a
five-year guaranteed advertis-
ing commitment of approxi-
mately $60 million from a
group of consumer brands
also owned by Simplify.
Arena will assume over-
sight of various media proper-
ties owned by Bhargava, in-
cluding 24-hour news TV
channels NEWSnet and Sports
News Highlights, as well as
media brands Driven and
TravelHost. Arena will oversee
programming and advertising
for the channels, and generate
revenue from those functions,
it said.
“Like most in the media
world, the greater reach you
have, the more opportunity
you have,” said Arena chief
executive Ross Levinsohn.
“This dramatically accelerates
our path to being a diversified
media company featuring
great brands.”
A final deal is subject to
various approvals and the
completion of due diligence,
the companies said.
The agreement comes as
publishers face an uncertain
economy and advertisers con-
tinue to pull back or rethink
their spending. Arena recently
had been in talks with Group
Black about a potential tie-up,
but no deal materialized.
Bhargava quickly gained
notoriety and fortune from
the success of his 5-Hour En-
ergy product, which launched
in 2004. More recently, he has
invested in media assets.
Another one of his compa-
nies, IV Media, is acquiring
iMedia Brands, which owns
TV shopping network ShopHQ,
for around $55 million out of
bankruptcy, according to a re-
cent filing.
Last year, he acquired
NEWSnet. He has also built a
network of local TV stations,
including 50 owned stations
and a number of affiliates. He
also backed Bleecker Street, a
film-distribution company.
Bhargava said the combina-
tion of broadcast and digital
assets and brands would be
greater than the sum of its
parts. “And we’re just getting
started,” he said.
—Alex Saeedy
contributed to this article.
AMC Stock
Drops After
Court Ruling
BY CAITLIN MCCABE
Shares of AMC Entertain-
ment plummeted Monday af-
ter a judge late last week
approved the movie-theater
chain’s plans to convert its
preferred equity units, called
APEs, into common shares.
AMC’s stock fell 35% to
$3.44. That puts the stock
on pace for its biggest slide
since early 2021, when the
meme-stock craze sent the
company’s shares swinging.
The company’s APE units,
meanwhile, jumped 18%.
AMC’s stock plan has sent
its shares on a wild ride
lately, and upset some indi-
vidual investors who have
long supported its shares.
Many have been concerned
that their shares would be
diluted under AMC’s plan.
In addition to converting
its preferred stock, the com-
pany plans to undertake a
10-for-1 reverse stock split.
AMC said the moves
would allow it to raise
money as it contends with a
heavy debt load.
 .

THE WALL STREET JOURNAL. Tuesday, August 15, 2023 | B5

O C T 16—18 2 0 2 3

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B6 | Tuesday, August 15, 2023
Outdoor Dining Grows More Unpalatable
Restaurants say
heat waves, smoke
have curbed business
and increased costs
BY HEATHER HADDON
AND WENDY GUZMAN
Stretches of severely high
temperatures across the U.S.
are taking a toll on restaurants.
Customers are avoiding pa-
tios during heat waves, cutting
into a key source of summer-
time sales for many restau-
rants, owners said. Visits in
July and August declined from
earlier in the year, industry
data showed, with chains in-
cluding Chuy’s and Cheesecake
Factory reporting a decline in
outdoor business this summer.
“No one’s sitting out in the
patio at 100 degrees,” Steve
Hislop, chief executive of
Texas-based Chuy’s, said dur-
ing an Aug. 3 earnings call.
Utility expenses are also
rising as restaurants run air
conditioning at full blast for
long stretches of time, opera-
tors and industry groups said.
Temperatures climbing to
the highest levels in recorded
history this summer have hurt
hospitality, sports, agriculture
and many other businesses. In
states such as Texas, weeks of
days topping 100 degrees are
expected to reduce overall
economic productivity.
Restaurants are contending
with heat and smoke as many
operators are fighting for
sales from cash-strapped con-
sumers, and dealing with high
inflation in food, labor and
other costs.
Diners overall at restaurants
in Arizona, Florida and Georgia
dropped between 6% and 8% in
the first part of August com-
pared with last year’s period,
according to OpenTable. The
reservation tech company also
recorded diner declines in
PayPal Names Chriss, an Executive
From Intuit, to Take Over as Chief
BY PETER RUDEGEAIR
AND COLIN KELLAHER
PayPal Holdings has
tapped Intuit executive Alex
Chriss as its next president
and chief executive officer,
ending a monthslong search
for a new leader.
The current CEO, Dan
Schulman, had announced in
February that he would retire.
Chriss will have a long to-
do list when he takes the reins
on Sept. 27. Long synonymous
with online payments, PayPal
is experiencing slowing
growth in its namesake check-
out button and Venmo pay-
ment service. The company’s
profit margins are under pres-
SEC Criticized on Whistleblowers
BY MENGQI SUN
Nicole Creola Kelly has
worked at the Securities and
Exchange Commission for a
quarter-century in a variety of
roles. Now, as head of the
agency’s whistleblower award
program, she is facing perhaps
her biggest challenge: critics
who say the program favors
those with connections to the
regulator.
Established by the 2010
Dodd-Frank Act to encourage
the reporting of financial
wrongdoing and preventing
the types of oversight lapses
that led to Bernard Madoff’s
multibillion-dollar Ponzi
scheme, the SEC’s award pro-
gram has given out more than
$1 billion in total to whistle-
blowers as the number of tips
it receives has steadily risen.
But with that success has
come greater scrutiny. The
SEC program’s process of de-
termining who receives
awards has come under the
spotlight in recent years in
both circuit courts and law
studies. A legal research paper
found that almost one-quarter
of the SEC’s whistleblower
awards have gone to law firms
with attorneys who have con-
nections to the regulator, po-
tentially deterring other whis-
tleblowers from coming
forward. Recent appeals-court
judgments also have broadly
questioned how the agency
Customers are steering clear of patios during heat waves, hurting summertime sales at restaurants with outdoor seating.
other states running hot this
summer, including Texas and
North Carolina.
“This summer does feel dif-
ferent,” said Kelsey Erickson
Streufert, chief public-affairs
officer for the Texas Restau-
rant Association trade group.
“It’s a little tougher to get
people to come out.”
Employees working at res-
taurants and bars slipped 1.5%
in July compared with June,
with steep declines in cities
such as San Antonio, New Or-
leans and Phoenix that re-
corded high temperatures dur-
ing the month, according to
Homebase, a small-business
workforce app.
The declines likely
stemmed from extreme tem-
peratures disrupting con-
sumer spending and foot traf-
fic, Homebase said.
sure. Competitors like Apple
Pay are gaining ground.
A former American Express
executive, Schulman led Pay-
Pal through its separation
from eBay in 2015. Under
Schulman, PayPal set a course
to be a one-stop shop for both
e-commerce and financial ser-
vices. The company spent bil-
lions of dollars on acquisi-
tions, targeted expansion
plans around the globe and at
one point positioned itself to
be a “super app” used by
roughly one-10th of the
world’s population.
The Covid boom in e-com-
merce was good news for Pay-
Pal, whose stock shot higher in
2020 and 2021. In July 2021, the
Approximate amounts of
SEC awards to tipsters
$600 million
500
400
300
200
100
0 New draft guidance from
FY2017 ’18 ’19 ’20 ’21
Note: Fiscal year ends Sept. 30
Source: Securities and Exchange Commission
decides who receives awards.
“I’ve been here for 25
years. I’ve seen many chairs,
and as a longtime civil ser-
vant…it sounds cliché but we
call the balls and strikes,”
Kelly, who goes by “Cree,” said
in a recent interview. “At no
point have I ever considered
who the counsel is on a rec-
ommendation. It doesn’t fac-
tor into our analysis.”
The SEC received more
than 35,000 tips from whistle-
blowers and others in fiscal
2022, more than double the
number in 2016, according to
testimony by SEC Chair Gary
Gensler in July.
Some critics of the program
say those awards sometimes
aren’t fairly handed out. Alex-
BUSINESS & FINANCE
Worker advocates are in-
creasingly making heat an is-
sue in campaigns for im-
proved conditions for
restaurant workers. Some are
pushing for better enforce-
ment of existing standards
and additional federal indoor
heat regulations to provide
employees breaks and water
when temperatures rise.
“We’ve seen 86 degrees on
the coolest side of the
kitchen,” said Ariana Linger-
feldt, a cook at an Asheville,
N.C., restaurant who is a
member of the Restaurant Op-
portunities Centers United
worker advocacy group, dur-
ing an Aug. 9 event pushing
for more heat standards. “The
air conditioner is unable to
keep up with the equipment.”
Some restaurant operators
said they are giving their
company hit a peak market cap-
italization of more than $360
billion. After that, the momen-
tum from the pandemic started
to fade, and the company has
lost more than $290 billion in
market cap. It is currently val-
ued around $70 billion.
Since then only one other
company, Amazon.com, has
lost more in market cap when
measured by dollars, accord-
ing to Dow Jones Market Data.
Chriss is executive vice
president and general man-
ager of Intuit’s small business
and self-employed group,
which generates more than
half of the TurboTax parent’s
revenue. Intuit on Monday
said its chief technology offi-
SECURITIES AND EXCHANGE COMMISSION
’22
The SEC’s Nicole Creola Kelly.
ander Platt, associate profes-
sor of law at University of
Kansas School of Law and au-
thor of the study on the “re-
volving door” between whis-
tleblower lawyers and the
regulator, questions whether
the SEC has protocols or poli-
cies to prevent individuals
who have lawyers that previ-
ously worked at the agency
from receiving special treat-
ment.
Kelly defended how the
program decides on awards,
saying that it treats every
whistleblower equally,
whether or not they have
counsel, and doesn’t consider
who represents them in its de-
cisions to award corporate
tipsters.
workers more water and rest
breaks, since kitchen tempera-
tures can climb steeply de-
spite air-conditioning.
Many restaurants set up pa-
tios in the early days of the
Covid-19 pandemic, and have
come to rely on them to drive
summer sales. New York City,
for example, is poised to make
expanded outdoor dining in
roadways permanent from April
to November, and supporters
say patios have helped restau-
rants maintain sales and jobs.
Now, some restaurant own-
ers said those patio sales are
drying up when temperatures
surge, or wildfire smoke
blows.
“When the sun’s on it, it’s
literally scalding out there,”
said Marc Hochmuth, general
manager of City Social restau-
rant in downtown Chicago,
cer, Marianna Tessel, would
succeed Chriss as general
manager of the small business
and self-employed group, ef-
fective Sept. 5, with Alex
Balazs, currently chief tech-
nology architect, moving up to
chief technology officer.
PayPal shares rose 2.8%
Monday. Analysts said the an-
nouncement provided some
clarity after months of uncer-
tainty.
“There are still underlying
fundamental issues to address
for PayPal, but the announce-
ment is a step in the right di-
rection,” BTIG analysts wrote.
 Heard on the Street: Old
friends could help CEO......B12
U.S. Unveils Draft Cybersecurity
Guidelines for Charging Networks
BY CATHERINE STUPP
While the Biden adminis-
tration pushes carmakers to
electrify their products to help
address the climate crisis, the
main U.S. agency for technol-
ogy and competition is press-
ing for cybersecurity guide-
lines for the industry to guard
against domestic and interna-
tional hacking.
the National Institute of Stan-
dards and Technology calls for
companies building ultrafast
charging networks to secure
digital-payment systems on
charging stations and the
electric-vehicle equipment
that connects the power grid.
Without basic cybersecurity
guidelines or standards for EV
charging stations, companies
could connect equipment that
might be vulnerable to hackers.
“It’s kind of like ‘Bring your
own device to the grid,’” said
Megan Samford, chief product
security officer for energy
management at Schneider
Electric, which makes EV
charging equipment and other
devices that connect to electric
grids, such as solar panels.
Researchers have warned
that hackers could infiltrate EV
charging networks to steal cus-
tomer data or cause damaging
.
THE WALL STREET JOURNAL.
DuBuque, who said he now
makes more outdoor-dining
decisions based on the air-
quality index.
Restaurant owners are try-
ing to work around the
weather. Sue Rigler, owner of
Hundred Mile Brewing Com-
pany in Tempe, Ariz., said she
is misting and putting extra
fans on her outside beer-chill-
ing units to keep them cool.
She has also cut back on labor
in response to slower sales
that she attributes to the heat.
“July was a really hard
month,” Rigler said. “We fi-
nally got a break at 108, and
they call that a break.”
Tom Hutchinson, owner of
La Posta de Mesilla and Haci-
enda de Mesilla in New Mex-
ico, said his hotel and restau-
rants are promoting cold
RICHARD B. LEVINE/ZUMA PRESS
beers and margaritas to at-
tract customers. He is also
hoping to keep people coming
to the outdoor space sur-
rounding their adobe building
at night when temperatures
may fall to the 90s.
“We don’t have humidity in
our state and you can tolerate
which has a patio. Hochmuth that,” he said.
said his business dropped Longer term, restaurant op-
about 20% overall when tem- erators are trying to adjust to
peratures soared this sum- more climate-driven vari-
mer. ables.
Zoe Dean-Neil, a 20-year- Avram Hornik, owner of the
old Pennsylvania resident who FCM Hospitality group of res-
was on vacation in Chicago in taurants, bars and outdoor
August, said she opted to eat pop-up venues in Philadelphia,
inside in the air conditioning said his sales are down 30%
after a day walking around in this summer because of weeks
the heat. “I don’t want to sit of heat and rain. Smoky condi-
outside and sweat,” she said. tions in June didn’t help, he
Smoke drifting into the U.S. said.
from Canadian wildfires also “I look at it such as being a
affected business at restau- farmer. The weather controls
rants in parts of the country all,” he said.
earlier this summer. John
DuBuque, a 31-year-old man-
agement consultant from Chi- Watch a Video
cago, said he tried to have a Scan this code
glass of wine outside during for a video on
one heavily smoky period in how urban
the city, and regretted it. growth fuels
“It was not the vibe,” said extreme heat.
PAYPAL HOLDINGS
Alex Chriss will take the reins on Sept. 27.
effects to the electric grid and found security flaws including
potentially engineer blackouts. openly displayed usernames,
There is a rush to increase EV passwords and credentials that
production and adoption in the hackers could modify or use to
U.S. and in Europe, which configure some equipment.
raises risks that cybersecurity Some products had stronger
protections could be an after- security safeguards.
thought, analysts say. In April, Charging infrastructure in-
the Biden administration pro- cludes operational technology
posed tougher car-emissions common in critical industries
targets to accelerate the tran- like energy, and information-
sition to EVs and has called for technology systems ubiquitous
EVs to make up half of all new in other businesses, according
vehicle sales by 2030. to NIST. Often companies treat
A 2021 U.S. infrastructure those systems separately, but
law gave states $7.5 billion in NIST recommends considering
funding to expand EV charg- their common cybersecurity
ing stations. Security guidance risks because of the interde-
at the time asked states to pendencies in EV charging.
adopt “appropriate” cyberse- Malware that could infect
curity strategies to protect EV charging equipment and
data and systems, but gave spread among stations is the
states leeway to specify how. most concerning cyber threat,
Security experts at NIST McCarthy said. “If somebody
started working on more spe- can’t charge their car at the
cific, though voluntary, steps time they need to because of
last fall, said Jim McCarthy, a some malware or some sort of
senior security engineer at cybersecurity attack, that’s a
NIST and one of the authors of big problem,” he said.
the guidelines. “Now people NIST recommends protect-
can point to this and say, ‘OK, ing networks through encryp-
let’s start here. We can conduct tion, firewalls and antivirus
all of our subsequent cyberse- software. Companies should
curity analysis and mitigation use logging tools for “ex-
based on what’s provided in tended periods” to help with
this,’” McCarthy said. forensic analyses, the docu-
In a recent analysis of 12 un- ment says. Logs help compa-
named EV charging products, nies analyze after a cyberat-
Sandia National Laboratories tack how hackers got in.
 .

THE WALL STREET JOURNAL. Tuesday, August 15, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
35307.63 s 26.23, or 0.07% Trailing P/E ratio 25.83 19.99 4489.72 s 25.67, or 0.57% Trailing P/E ratio * 22.43 22.75 13788.33 s 143.48, or 1.05% Trailing P/E ratio *† 30.25 27.36
High, low, open and close for each P/E estimate * 19.18 17.90 High, low, open and close for each P/E estimate * 20.41 18.69 High, low, open and close for each P/E estimate *† 27.55 24.32
trading day of the past three months. Dividend yield 2.02 2.07 trading day of the past three months. Dividend yield * 1.56 1.54 trading day of the past three months. Dividend yield *† 0.85 0.82
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

35800 4600 14500
Session high
DOWN UP
35200 4500 14000
t

Session open Close

Close Open
t

34600 4400 13500

Session low

34000 4300 13000

33400 4200 65-day moving average 12500

65-day moving average

65-day moving average
32800 4100 12000

Bars measure the point change from session's open

32200 4000 11500
May June July Aug. May June July Aug. May June July Aug.
*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* 808,449,190 9,700,970
Industrial Average 35335.45 35169.97 35307.63 26.23 0.07 35630.68 28725.51 4.1 6.5 8.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 306,259,645 3,677,392
Transportation Avg 16258.98 16091.13 16251.39 41.54 0.26 16695.32 11999.40 7.6 21.4 14.0 Most-active issues in late trading Decl. volume* 488,657,786 5,482,044
Utility Average 893.19 882.18 886.96 -7.10 -0.79 1061.77 838.99 -15.6 -8.3 2.4 Volume After Hours Issues traded 3,026 329
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44834.06 44460.23 44833.13 226.24 0.51 45969.67 36056.21 3.4 16.4 9.2 Advances 1,207 123
Bristol Myers Squibb BMY 6,822.0 61.44 -0.18 -0.29 61.62 61.37
Barron's 400 1013.94 1005.97 1013.46 -0.48 -0.05 1036.97 825.73 2.1 10.1 11.3 Declines 1,706 180
Taysha Gene Therapies TSHA 5,521.9 2.46 0.33 15.49 2.53 2.05
Unchanged 114 26
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 3,881.4 448.04 -0.07 -0.02 461.28 447.95 New highs 47 3
Nasdaq Composite 13789.16 13582.49 13788.33 143.48 1.05 14358.02 10213.29 5.0 31.7 7.8 Alphabet Cl A GOOGL 3,856.5 131.25 -0.08 -0.06 131.48 131.13 New lows 55 15
Nasdaq-100 15206.26 14972.01 15205.59 177.52 1.18 15841.35 10679.34 11.3 39.0 10.8 Bank of America BAC 3,853.6 30.94 0.01 0.03 30.96 30.89 Closing Arms† 0.97 0.80
Apple AAPL 3,112.7 179.50 0.04 0.02 193.10 179.31 Block trades* 4,315 111
S&P
Enbridge ENB 2,272.7 35.64 0.05 0.14 35.73 35.52
500 Index 4490.33 4453.44 4489.72 25.67 0.57 4588.96 3577.03 4.5 16.9 10.0 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 2,128.3 370.65 0.30 0.08 370.70 370.14
MidCap 400 2665.12 2640.22 2664.84 4.29 0.16 2728.44 2203.53 1.8 9.6 11.0 Total volume*4,272,026,346 216,739,570
SmallCap 600 1238.43 1226.99 1237.11 -6.54 -0.53 1315.82 1064.45 -4.3 6.9 10.5 Percentage gainers… Adv. volume*2,212,865,207 73,861,417
Arena Group Holdings AREN 183.2 4.25 0.87 25.74 5.00 3.38 Decl. volume*2,007,124,138 141,056,761
Other Indexes
Grove Collaborative GROV 74.2 2.59 0.40 18.27 2.79 2.24 Issues traded 4,537 1,761
Russell 2000 1920.90 1903.52 1920.49 -4.62 -0.24 2021.35 1655.88 -5.0 9.0 6.8
Advances 1,812 768
NYSE Composite 16143.38 16036.04 16116.05 -27.33 -0.17 16427.29 13472.18 2.0 6.1 7.7 LL Flooring Holdings LL 165.5 4.42 0.67 17.87 4.63 3.70
Declines 2,533 963
Value Line 577.09 572.55 576.55 -0.54 -0.09 606.49 491.56 -3.5 7.5 6.0 Taysha Gene Therapies TSHA 5,521.9 2.46 0.33 15.49 2.53 2.05
Unchanged 191 30
NYSE Arca Biotech 5260.02 5197.98 5256.59 23.60 0.45 5644.50 4390.11 2.8 -0.5 -1.8
Arcellx ACLX 69.0 37.00 3.32 9.86 39.42 33.68
New highs 56 5
NYSE Arca Pharma 920.14 911.88 915.23 2.46 0.27 915.23 737.84 13.8 5.5 11.3 ...And losers New lows 208 24
KBW Bank 85.78 84.93 85.23 -1.44 -1.66 115.55 71.96 -25.6 -15.5 2.6 Altisource Asset Mgmt AAMC 209.9 13.58 -19.26 -58.65 32.30 9.83 Closing Arms† 0.65 1.52
PHLX§ Gold/Silver 118.15 116.37 117.60 -1.68 -1.41 144.37 91.40 7.4 -2.7 -6.9 Getty Images GETY 178.4 3.88 -0.67 -14.73 4.55 3.62 Block trades* 28,840 1,132
PHLX§ Oil Service 94.13 92.88 93.47 -1.04 -1.10 94.51 56.08 39.1 11.5 33.2 Alignment Healthcare ALHC 90.1 6.48 -0.29 -4.22 6.77 6.46 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3616.00 3488.55 3615.45 100.90 2.87 3861.63 2162.32 17.5 42.8 18.0 Outset Medical OM 86.8 15.50 -0.61 -3.79 16.11 15.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.06 14.77 14.82 -0.02 -0.13 33.63 12.91 -25.7 -31.6 -12.4 Hudbay Minerals HBM 1,302.1 5.04 -0.17 -3.26 5.21 5.04 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 684.70 0.02 0.003 13.1 Hanryu Holdings HRYU 6.77 2.10 44.97 9.50 4.00 ... China Liberal Educ Hldgs CLEU 0.77 -1.74 -69.32 2.72 0.50 21.2
MSCI ACWI ex-USA 300.52 –2.83 –0.93 6.8 U Power UCAR 6.69 1.83 37.65 75.00 2.98 ... BioXcel Therapeutics BTAI 4.33 -3.07 -41.49 34.13 3.82 -71.6
MSCI World 2976.86 4.13 0.14 14.4 Paranovus Ent Tech PAVS 3.00 0.82 37.61 6.70 1.40 -38.0 Aurora Acquisition Cl A AURC 22.97 -12.90 -35.96 62.91 9.85 133.0
MSCI Emerging Markets 986.28 –11.44 –1.15 3.1 US Steel X 31.08 8.36 36.80 32.52 17.89 27.3 AMC Entertainment AMC 3.39 -1.87 -35.55 16.07 3.18 -77.2
Americas MSCI AC Americas 1699.17 7.91 0.47 16.6 Shengfeng Development SFWL 6.24 1.47 30.82 12.45 2.94 ... Hawaiian Electric Inds HE 21.46 -10.94 -33.77 44.01 18.70 -50.9
Canada S&P/TSX Comp 20290.54 –117.03 –0.57 4.7 Evelo Biosciences EVLO 12.94 2.88 28.63 55.80 0.49 -76.5 LQR House LQR 2.03 -0.97 -32.33 7.25 1.95 ...
Latin Amer. MSCI EM Latin America 2378.79 –46.98 –1.94 11.8 Humacyte HUMA 4.04 0.77 23.55 5.60 1.96 -15.5 XIAO-I ADR AIXI 4.97 -2.14 -30.10 10.39 4.30 ...
Brazil BOVESPA 116809.55 –1255.59 –1.06 6.4 Southland Holdings SLND 7.20 1.31 22.24 11.14 5.66 -28.3 Black Spade Acquisition BSAQ 10.45 -4.37 -29.49 22.80 9.11 7.2
Chile S&P IPSA 3507.52 –23.23 –0.66 10.6 Eloxx Pharmaceuticals ELOX 5.73 0.98 20.63 19.20 1.70 -59.1 Fifth Wall Acqn III Cl A FWAC 7.65 -3.14 -29.10 20.12 7.00 -21.7
Mexico S&P/BMV IPC 53282.04 39.88 0.07 9.9 Applied Optoelectronics AAOI 14.84 2.45 19.77 15.00 1.60 418.9 ESGL Holdings ESGL 2.32 -0.82 -26.11 24.72 2.17 -76.7
EMEA STOXX Europe 600 459.86 0.69 0.15 8.2 Lifeway Foods LWAY 7.50 1.20 19.05 8.10 5.22 -4.6 Jet.AI JTAI 5.00 -1.63 -24.59 17.50 3.54 -50.4
Eurozone Euro STOXX 456.85 0.79 0.17 11.4 Rigetti Computing RGTI 2.67 0.39 17.11 5.90 0.36 -46.3 AEON Biopharma AEON 5.47 -1.55 -22.08 14.68 5.21 -44.5
Belgium Bel-20 3687.05 2.11 0.06 –0.4 VCI Global VCIG 3.88 0.56 16.87 24.20 1.53 ... SunCar Tech Cl A SDA 11.74 -3.15 -21.16 45.73 3.80 15.2
Denmark OMX Copenhagen 20 2134.92 –4.30 –0.20 16.3 ReTo Eco-Solutions RETO 4.01 0.53 15.23 8.00 1.00 -43.8 One Stop Systems OSS 1.90 -0.47 -19.83 4.11 1.85 -52.5
0.12 13.5 American Superconductor AMSC 10.07 1.31 14.89 17.37 3.20 65.4 Allurion Technologies ALUR 3.31 -0.76 -18.67 10.94 3.24 -66.4
France CAC 40 7348.84 8.65
Germany DAX 15904.25 72.08 0.46 14.2
Israel Tel Aviv 1856.45 –12.39 –0.66 3.3
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28435.49 160.75 0.57 19.9 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 766.21 1.05 0.14 11.2
Norway Oslo Bors All-Share 1441.16 –4.39 –0.30 5.8 WeWork WE 227,980 486.3 0.22 9.06 5.86 0.12 Principal U.S. Small-Cap PSC 1,456 18232 43.15 -0.19 44.40 36.47
South Africa FTSE/JSE All-Share 76160.87 –813.39 –1.06 4.3 Taysha Gene Therapies TSHA 151,818 59934.5 2.13 188.23 4.63 0.50 Everest Consolidator A MNTN 3,389 5816 10.78 0.75 10.99 10.00
Amyris AMRS 148,970 700.8 0.10 -28.34 4.86 0.06 Hawaiian Electric Inds HE 22,914 4654 21.46 -33.77 44.01 18.70
Spain IBEX 35 9429.60 –4.70 –0.05 14.6
AMC Entertainment AMC 132,517 447.8 3.39 -35.55 16.07 3.18 Ballast Small/MC ETF MGMT 306 3410 35.53 0.07 37.15 28.45
Sweden OMX Stockholm 825.32 –0.22 –0.03 5.6
ProSh UltraPro Shrt QQQ SQQQ 132,069 9.0 18.86 -3.33 69.55 16.38 GraniteSh XOUT US LC XOUT 236 2697 40.11 1.13 41.50 30.80
Switzerland Swiss Market 11110.11 28.48 0.26 3.5
Turkey BIST 100 7737.38 23.00 0.30 40.4 US Steel X 112,529 1562.8 31.08 36.80 32.52 17.89 Virtus Seix Senior Loan SEIX 344 2409 23.87 -0.02 23.98 23.01
U.K. FTSE 100 7507.15 –17.01 –0.23 0.7 EBET EBET 103,526 362.6 0.03 -14.57 2.66 0.03 Vitru VTRU 323 2197 15.97 1.20 23.99 11.65
–0.5 T2 Biosystems TTOO 102,236 20.6 0.39 15.42 11.00 0.05 DoubleLine Cmcl Real Est DCMB 304 2059 50.23 -0.07 50.61 49.97
U.K. FTSE 250 18761.43 –38.27 –0.20
Tesla TSLA 98,205 -26.3 239.76 -1.19 314.67 101.81 Jet.AI JTAI 783 1926 5.00 -24.59 17.50 3.54
Asia-Pacific MSCI AC Asia Pacific 161.52 –2.16 –1.32 3.7
Powerbridge Technologies PBTS 98,092 8829.0 0.28 70.18 66.30 0.16 AP Acquisition Cl A APCA 600 1701 10.85 -0.09 11.18 10.04
Australia S&P/ASX 200 7277.00 –63.13 –0.86 3.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3178.43 –10.82 –0.34 2.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 18773.55 –301.64 –1.58 –5.1
0.12 7.5
Scan this code
India S&P BSE Sensex 65401.92 79.27
Japan NIKKEI 225 32059.91 –413.74 –1.27 22.9 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3247.70 –46.58 –1.41 –0.1 and track most-active stocks,
South Korea KOSPI 2570.87 –20.39 –0.79 15.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16393.66 –207.59 –1.25 16.0 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1535.16 … Closed –8.0
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004197 23825 0.8
CREDIT MARKETS Argentina peso .0029350.0071 98.0 Europe
Brazil real .2015 4.9632 –6.1 Czech Rep. koruna .04533 22.062 –2.2
Canada dollar .7428 1.3463 –0.7 Denmark krone .1464 6.8327 –1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001163 860.05 1.4 Euro area euro 1.0907 .9169 –1.9
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000248 4038.75 –16.7 Hungary forint .002839 352.21 –5.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007568 132.14 –6.6
A consumer rate against its New car loan Mexico peso .0586 17.0564 –12.5 Norway krone .0954 10.4808 6.8
benchmark over the past year 5.00% Uruguay peso .02621 38.1500 –4.6 Poland zloty .2451 4.0792 –6.8
Bankrate.com avg†: 7.30% t
12% Euro Asia-Pacific Russia ruble .01031 97.000 31.5
s
Colonial Savings, FA 5.49% Tradeweb ICE 4.00 WSJ Dollar Index
s Sweden krona .0926 10.8028 3.5
Australiadollar .6487 1.5415 5.1
9.00% Garland, TX 972-495-4032 Monday Close 6 Switzerland franc 1.1384 .8784 –5.0
China yuan .1378 7.2595 5.2
3.00 Turkey lira .0370 27.0406 44.7
Prime rate First Command Bank 5.74% Hong Kong dollar .1279 7.8196 0.2
8.00 0 Ukraine hryvnia .0271 36.9500 0.3
t t India rupee .01201 83.289 0.7
Fort Worth, TX 888-763-7600 2.00 UK pound 1.2687 .7882 –4.6
Indonesia rupiah .0000653 15320 –1.6
7.00 First Savings Bank of Hegewisch 5.95% One year ago Japan yen .006870 145.56 11.0 Middle East/Africa
t 1.00 –6
Chicago, IL 773-646-4200 Yen Kazakhstan tenge .002222 450.11 –2.8 Bahrain dinar 2.6522 .3771 unch
s

New car loan 6.00 0.00 Macau pataca .1241 8.0590 0.1 Egypt pound .0324 30.8963 24.8
Firstrust Bank 5.99% –12
Malaysia ringgit .2166 4.6170 4.8 Israel shekel .2666 3.7504 6.4
Philadelphia, PA 800-220-2265 1 3 6 1 2 3 5 7 10 20 30 2022 2023
5.00 New Zealand dollar .5974 1.6739 6.3 Kuwait dinar 3.2496 .3077 0.6
Cambridge Savings Bank 6.26% month(s) years
S ON D J FMAM J J A Pakistan rupee .00347 288.075 27.1 Oman sul rial 2.5974 .3850 ...
Cambridge, MA 888-418-5626 maturity Philippines peso .0176 56.675 1.8 Qatar rial .2746 3.641 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7376 1.3557 1.1 Saudi Arabia riyal .2665 3.7517 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007474 1338.01 6.0 South Africa rand .0524 19.0790 12.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031039 322.18 –12.3
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 2.25 l 5.50 5.25 Taiwan dollar .03129 31.955 4.3
Yield (%) 52-Week Total Return (%) Thailand baht .02838 35.230 1.8 WSJ Dollar Index 97.94 0.2800.286 1.43
Prime rate* 8.50 8.50 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.30 2.25 l 5.31 5.20 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2088.320 4.590 4.450 4.590 3.100 –4.225 –5.281
Money market, annual yield 0.57 0.57 0.12 l 0.57 0.32
Five-year CD, annual yield 2.83 2.85 1.83 l 2.86 2.15 U.S. Treasury Long, Bloomberg 3068.110 4.410 4.370 4.570 3.250 –13.617–13.883 Commodities
30-year mortgage, fixed† 7.67 7.50 5.50 l 7.67 4.60 Aggregate, Bloomberg 1959.550 5.060 4.920 5.210 3.580 –4.019 –4.673 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.82 6.73 4.94 l 6.82 4.24 Fixed-Rate MBS, Bloomberg 1934.770 5.110 4.970 5.380 3.500 –5.405 –4.379
Jumbo mortgages, $726,200-plus† 7.75 7.55 5.51 l 7.75 4.65 DJ Commodity 994.83 -3.60 -0.36 1113.32 930.59 -7.44 -5.14
High Yield 100, ICE BofA 3316.831 7.967 7.968 8.753 6.786 2.809 1.753 Refinitiv/CC CRB Index 278.10 -1.64 -0.59 301.75 253.85 -3.95 0.13
Five-year adj mortgage (ARM)† 6.40 6.36 4.24 l 6.40 3.15
Muni Master, ICE BofA 566.971 3.448 3.522 3.936 2.554 –0.018 –1.362 Crude oil, $ per barrel 82.51 -0.68 -0.82 97.01 66.74 -7.72 2.80
New-car loan, 48-month 7.30 7.26 5.07 l 7.64 3.03
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 796.871 7.802 7.722 9.159 7.102 1.501 –4.098 Natural gas, $/MMBtu 2.795 0.025 0.90 9.680 1.991 -67.98 -37.54
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. 1910.60 -2.30 -0.12 2048.00 1623.30 7.25 5.00
 .

B8 | Tuesday, August 15, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Dec 770.00 771.25 743.25 759.25 –6.75 85,913 Dec 1.1568 1.1574 1.1482 1.1531 –.0039 837 Dec 4535.00 4557.50 4515.00 4555.75 25.75 31,535
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index
Contract Open Aug 248.200 248.625 245.950 246.225 –1.525 8,183 Aug .6491 t
.6503
.6455 .6479 –.0014 445 Sept 2672.70 2679.10 2647.80 2674.70 4.80 39,381
Open High hi lo Low Settle Chg interest
Sept 251.425 252.175 249.675 250.125 –1.325 15,368 Sept .6504 t
.6511
.6461 .6487 –.0014 185,819 Dec 2693.00 5.00 n.a.
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Nasdaq 100 (CME)-$20 x index
Aug 3.7235 3.7260 3.6895 3.7245 0.0100 647 Aug .05855 –.00018 6 Sept 15104.00 15282.00 15020.75 15270.25 174.50 259,188
Aug 180.500 180.650 179.675 179.750 –.625 13,224
Dec 3.7625 3.7810 3.7270 3.7585 –0.0010 93,415 Sept .05845 .05858 .05800 .05825 –.00015 225,115 Dec 15291.25 15471.25 15215.25 15462.25 174.75 9,725
Oct 181.475 181.750 180.500 180.675 –.650 136,165
Gold (CMX)-100 troy oz.; $ per troy oz. Euro (CME)-€125,000; $ per € Mini Russell 2000 (CME)-$50 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Aug 1.0946 1.0960 1.0876 1.0900 –.0051 567 Sept 1932.30 1939.30 1907.20 1928.10 –3.10 517,581
Aug 1909.30 1912.60 1903.30 1910.60 –2.30 90 Aug 101.850 102.250 101.775 102.250 .150 10,643 Sept 1.0967 1.0978 1.0892 1.0923 –.0047 744,644 Dec 1954.00 1958.70 1927.90 1948.00 –3.20 2,432
Sept 1914.90 1918.80 t 1906.00 1915.60 –2.40 2,657 Oct 81.100 81.300 78.725 79.150 –2.175 85,766 March'24 1965.00 –5.40 18
Oct 1926.80 1929.20 1915.80 1925.20 –2.50 33,441 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index
Dec 1945.60 1948.20 1934.20 1944.00 –2.60 368,221 Sept 495.00 500.00 494.00 498.50 3.50 4,707
Index Futures Sept 2465.10 2468.20 2448.10 2467.90 13.70 8,192
Feb'24 1965.00 1967.90 1954.70 1963.90 –2.60 14,431 Nov 502.00 506.00 501.00 505.50 4.00 2,772 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
April 1983.90 1985.70 1974.10 1983.00 –2.80 7,415 Milk (CME)-200,000 lbs., cents per lb. Sept 35391 35456 35226 35371 20 103,192 Sept 102.72 103.33 102.63 103.06 .37 27,133
Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 17.28 17.31 17.23 17.27 –.05 5,096 Dec 35720 35772 35565 35700 20 642 Dec 102.40 102.98 102.34 102.71 .37 697
Aug 1262.00 –36.20 Sept 17.98 18.04 17.73 17.83 –.15 5,446 Mini S&P 500 (CME)-$50 x index
Sept 1303.50 1317.00 1248.50 1272.90 –36.20 13,682 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 4485.00 4507.75 4465.00 4506.00 25.25 2,196,554 Source: FactSet
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 3,305 3,343 3,293 3,321 24 23,082
Aug 900.10 –7.80 4 Dec 3,375 3,414 3,369 3,397 40 143,168
Oct 915.50 919.00 893.60 906.80 –7.80 74,561
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Sept 157.50 158.30 150.70 151.10 –6.70 30,600
Bonds | wsj.com/market-data/bonds/benchmarks
Aug 22.405 22.555 t 22.405 22.644 –0.030 4 Dec 157.50 158.50 152.05 152.60 –5.10 93,694
Sept 22.740 22.820 22.410 22.708 –0.035
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
67,491 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 24.30 24.41 23.93 24.05 –.28 377,718
Tracking Bond Benchmarks
Sept 83.09 83.20 81.76 82.51 –0.68 209,175 March'24 24.51 24.63 24.15 24.27 –.29 240,928 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oct 82.46 82.51 81.19 81.92 –0.65 263,423 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
Nov 81.87 82.00 80.69 81.37 –0.65 159,272 Nov 40.98 … 1,535 Total Total
Dec 81.37 81.50 80.21 80.86 –0.65 235,812 Cotton (ICE-US)-50,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
June'24 78.16 78.41 77.46 78.01 –0.51 127,149 Oct 88.60 88.60 86.69 87.65 –1.64 92 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 75.68 75.78 75.00 75.47 –0.36 127,810 Dec 87.69 87.80 85.17 86.47 –1.42 132,965
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 3.1152 3.1344 3.0572 3.0883 –.0332 59,364 Sept 301.80 306.40 298.85 301.05 –1.00 6,438
Oct 3.0882 3.1065 3.0379 3.0682 –.0277 68,811 1959.55 0.5 U.S. Aggregate 5.060 3.580 5.210 1934.77 0.002 Mortgage-Backed 5.110 3.500 5.380
Nov 293.25 297.45 290.10 294.10 1.15 2,769
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. U.S. Corporate Indexes Bloomberg Fixed Income Indices 1910.85 0.4 Ginnie Mae (GNMA) 5.140 3.500 5.370
Sept 2.9490 2.9490 2.8848 2.9062 –.0587 91,078 Interest Rate Futures
Oct 2.6897 2.6900 2.6396 2.6596 –.0429 86,671 2919.78 1.7 U.S. Corporate 5.710 4.390 6.130 1136.75 -0.1 Fannie mae (FNMA) 5.090 3.500 5.390
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1747.58 0.2 Freddie Mac (FHLMC) 5.220 3.500 5.370
Sept 2.776 2.827 2.749 2.795 .025 151,946 Sept 126-210 127-120 126-000 126-170 –5.0 1,558,378 2842.74 2.1 Intermediate 5.680 4.170 6.050
Oct 2.897 2.932 2.851 2.898 .016 130,481 Dec 128-070 129-020 127-220 128-060 –6.0 18,446 3831.61 1.0 Long term 5.790 4.800 6.370 566.97 1.9 Muni Master 3.448 2.554 3.936
Nov 3.350 3.399 3.318 3.364 .020 185,361 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan'24 4.019 4.059 4.006 4.041 .031 92,441 Sept 120-250 121-090 120-060 120-220 –2.0 1,321,609 560.90 0.9 Double-A-rated 5.120 3.790 5.320 404.94 1.7 7-12 year 3.082 2.392 3.794
March 3.600 3.625 3.585 3.607 .025 74,353 Dec 120-250 121-150 120-140 120-290 –2.0 31,983
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 777.55 2.2 Triple-B-rated 5.970 4.710 6.440 455.58 2.9 12-22 year 3.784 3.082 4.428
April 3.261 3.289 3.258 3.261 .003 70,647
Sept 110-055 110-100 109-245 110-000 –6.0 4,823,038
High Yield Bonds ICE BofA 428.46 3.9 22-plus year 4.422 3.801 5.131
Dec 110-230 110-260 110-085 110-160 –6.5 50,131
Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Global Government J.P. Morgan†
493.86 6.6 High Yield Constrained 8.511 7.409 9.623
Sept 106-090 106-115 105-312 106-022 –7.0 5,650,279
Corn (CBT)-5,000 bu.; cents per bu. 474.09 12.8 523.36 0.3 Global Government 3.340 2.140 3.340
Dec 106-250 106-282 106-160 106-192 –7.2 95,496 Triple-C-rated 13.518 12.836 16.916
Sept 476.25 479.75 t 468.75 475.75 1.25 241,506
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 489.50 492.25 t 481.00 487.75 .50 616,390
Sept 101-150 101-156 101-102 101-107 –4.5 3,774,226 3316.83 6.6 High Yield 100 7.967 6.786 8.753 760.75 -0.4 Canada 3.800 2.840 3.820
Oats (CBT)-5,000 bu.; cents per bu. Dec 101-282 101-304 101-246 101-251 –4.9 26,157
Sept 413.25 431.00 413.25 427.00 8.00 622 429.25 5.8 Global High Yield Constrained 8.571 7.593 9.945 337.92 1.5 EMU§ 3.385 1.713 3.490
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 431.25 447.00 429.50 443.75 6.75 2,999 94.6725 94.6725 94.6700 94.6700 389,519 624.28 0.7 France 3.270 1.540 3.310
Aug 326.21 5.6 Europe High Yield Constrained 7.387 5.952 8.508
Soybeans (CBT)-5,000 bu.; cents per bu. Oct 94.6450 94.6450 94.6400 94.6400 –.0050 368,286
Aug 1422.00 1422.00 1401.25 1391.00 –10.25 162 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency Bloomberg Fixed Income Indices 445.38 0.4 Germany 2.680 0.900 2.760
Nov 1313.00 1328.50 1308.00 1326.00 18.50 304,944 May 94.8550 94.8550 94.8550 94.8550 27,728
1715.82 1.5 U.S Agency 5.070 3.350 5.080 279.50 0.6 Japan 0.980 0.570 1.060
Soybean Meal (CBT)-100 tons; $ per ton. Dec 94.6100 94.6150 94.5850 94.5850 –.0300 1,281,872
Aug 445.00 462.30 445.00 462.30 25.40 61 1519.75 1.5 10-20 years 5.070 3.310 5.100 481.19 0.3 Netherlands 2.950 1.230 3.000
Dec 389.30 394.40 388.70 392.00 3.30 204,141 Currency Futures
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 3224.61 1.1 20-plus years 4.970 3.810 5.240 743.72 -5.0 U.K. 4.670 2.300 4.700
Aug 65.04 65.78 65.04 66.32 –.02 285 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Aug .6906 t .6913
.6870 .6884 –.0015 390 2585.84 2.1 Yankee 5.500 4.140 5.840 796.87 3.7 Emerging Markets ** 7.802 7.102 9.159
Dec 60.31 61.22 59.90 61.15 .93 186,427
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept .6937 t .6951
.6906 .6910 –.0027 239,333 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Sept 15.91 15.97 15.62 15.64 –.36 7,207
Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Aug .7429 .7441 .7419 .7424 –.0014 368
Nov 16.16 16.16 15.82 15.84 –.34 2,675
Sept .7442 .7445 .7422 .7427 –.0013 144,049
Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
Sept 632.75 635.00 605.25 616.00 –10.75 85,608 Aug 1.2688 1.2714 1.2617 1.2656 –.0043 411 Global Government Bonds: Mapping Yields
Dec 661.00 661.50 631.75 641.50 –12.25 164,315 Sept 1.2700 1.2718 1.2619 1.2678 –.0023 196,326
Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Sept 758.75 761.00 t 732.75 750.50 –5.25 41,286 Sept 1.1452 1.1463 1.1370 1.1419 –.0039 40,829 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Cash Prices | wsj.com/market-data/commodities Monday, August 14, 2023 4.750 U.S. 2 4.963 s l 4.893 4.749 3.257
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 3.875 10 4.181 s l 4.166 3.818 2.848
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.250 Australia 2 3.955 s l 3.888 4.078 2.895 -101.8 -100.5 -36.2
months. 3.000 10 4.206 s l 4.126 4.002 3.440 2.3 -2.8 60.1
Monday Monday Monday
0.000 France 2 3.328 s l 3.314 3.398 0.499 -164.5 -157.9 -275.8
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 8.8800
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 5.7600 3.000 10 3.173 s l 3.153 3.037 1.550 -100.9 -100.1 -128.9
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 66.250 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 7.9050
3.100 Germany 2 3.065 s l 3.042 3.209 0.610 -190.8 -185.0 -264.7
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.0000
BMI Lithium Carbonate, EXW China, =99.2%-v,w 36975 2.600 10 2.638 s l 2.626 2.513 0.990 -154.4 -152.8 -184.9
Metals Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 35800
3.600 Italy 2 3.727 s l 3.685 3.841 1.321 -124.7 -120.8 -193.6
BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
Gold, per troy oz BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 287.29 4.350 10 4.276 s l 4.254 4.171 3.073 9.4 10.0 23.4
Engelhard industrial 1907.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 262.73
Handy & Harman base 1903.75 Broilers, National comp wtd. avg.-u,w 1.0668 0.005 Japan 2 0.019 s l 0.015 -0.035 -0.089 -495.4 -487.7 -334.6
Handy & Harman fabricated 2113.16 Fibers and Textiles Butter,AA Chicago-d 2.6900
LBMA Gold Price AM *1918.05
0.400 10 0.619 s l 0.589 0.480 0.189 -356.4 -356.5 -264.9
Cheddar cheese,bbl,Chicago-d 182.50
LBMA Gold Price PM *1915.80 Burlap,10-oz,40-inch NY yd-n,w 0.7200 Cheddar cheese,blk,Chicago-d 199.00 0.000 Spain 2 3.446 s l 3.437 3.496 0.731 -152.7 -145.6 -252.6
Krugerrand,wholesale-e 1998.56 Cotton,1 1/16 std lw-mdMphs-u 0.8465 Milk,Nonfat dry,Chicago lb.-d 111.00
Maple Leaf-e 2046.38 Cotlook 'A' Index-t *96.70 3.550 10 3.649 s l 3.628 3.526 2.107 -53.4 -52.6 -73.2
Coffee,Brazilian,Comp-y 1.5531
American Eagle-e 2046.38 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.8835 0.625 U.K. 2 5.057 s l 5.033 5.202 2.052 8.4 14.1 -120.4
Mexican peso-e 2467.31 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1550
Austria crown-e 1877.63 Flour,hard winter KC-p 18.55
4.250 10 4.567 s l 4.531 4.450 2.114 38.4 37.7 -72.5
Austria phil-e 2008.13 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 98.68
Engelhard industrial 22.6500 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 22.6430 Corn,No. 2 yellow,Cent IL-bp,u 5.0500 Pork loins,13-19 lb MidUS-u 1.1925 Corporate Debt
Handy & Harman fabricated 28.3040 Corn gluten feed,Midwest-u,w 157.3 Steers,Tex.-Okla. Choice-u 180.00
LBMA spot price *£17.8400 274.75
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Corn gluten meal,Midwest-u,w 549.8 Steers,feeder,Okla. City-u,w
(U.S.$ equivalent) *22.6900 Cottonseed meal-u,w n.a. expectations
Coins,wholesale $1,000 face-a 19772 145
Fats and Oils
Other metals
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
Investment-grade spreads that tightened the most…
Spread*, in basis points
LBMA Platinum Price PM *911.0 Oats,No.2 milling,Mnpls-u 4.4700 Grease,choice white,Chicago-h 0.6500 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Platinum,Engelhard industrial 905.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1290.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6798 Mercedes–Benz Finance North America MBGGR 5.100 5.05 Aug. 3, ’28 71 –29 n.a.
Aluminum, LME, $ per metric ton *2127.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 434.30 Tallow,bleach;Chicago-h 0.6800
New York Life Global Funding NYLIFE 4.900 5.15 June 13, ’28 81 –13 96
Copper,Comex spot 3.7245 Soybeans,No.1 yllw IL-bp,u 13.8900 Tallow,edible,Chicago-u n.a.
Jefferies Financial JEF 6.250 6.32 Jan. 15, ’36 211 –9 209
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; Caterpillar Financial Services … 0.900 5.02 March 2, ’26 38 –5 50
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 8/11 America Movil SAB de CV AMXLMM 6.125 5.82 March 30, ’40 137 –4 135
Source: Dow Jones Market Data
Guardian Life Global Funding GUARDN 1.400 5.36 July 6, ’27 100 –4 107
Vodafone VOD 7.875 5.66 Feb. 15, ’30 145 –4 139
5.400 5.51 March 2, ’26 89 –4 86
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Williams WMB

…And spreads that widened the most

Money Rates August 14, 2023
85
Intel INTC 4.875 5.13 Feb. 10, ’26 55 54
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Sprint Capital … 6.875 6.01 Nov. 15, ’28 165 14 147
guide to general levels but don’t always represent actual transactions. Caterpillar Financial Services … 0.800 5.28 Nov. 13, ’25 31 13 30
Week —52-WEEK— Week —52-WEEK— Anglo American Capital AALLN 4.750 5.80 April 10, ’27 146 8 143
Inflation Latest ago High Low Latest ago High Low
Goldman Sachs GS 4.250 5.91 Oct. 21, ’25 94 6 94
July index Chg From (%)
Policy Rates High 5.6500 5.6500 5.6500 2.4500 Toronto–Dominion Bank TD 0.750 5.60 Sept. 11, ’25 66 6 53
level June '23 July '22
Low 5.3100 5.3100 5.3100 2.3000 5
Euro zone 4.25 4.25 4.25 0.50 Paramount Global PARA 4.375 7.55 March 15, ’43 310 310
U.S. consumer price index Switzerland 2.25 2.25 2.25 0.25 Bid 5.3300 5.3300 5.3300 2.3000
Bank of America BAC 3.500 5.40 April 19, ’26 76 4 65
All items 305.691 0.19 3.2 Britain 5.25 5.25 5.25 1.75 Offer 5.3600 5.3500 5.3700 2.3200
Core 309.402 0.16 4.7 Australia 4.10 4.10 4.10 1.85 High-yield issues with the biggest price increases…
Treasury bill auction
Overnight repurchase 4 weeks 5.280 5.275 5.840 2.150 Bond Price as % of face value
International rates U.S. 5.33 5.30 5.35 2.25 13 weeks 5.295 5.290 5.300 2.610
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
26 weeks 5.290 5.265 5.290 3.020 Telecom Italia Capital TITIM 7.200 8.52 July 18, ’36 89.750 0.81 85.352
Week 52-Week U.S. government rates
Latest ago High Low Bausch Health BHCCN 11.000 20.17 Sept. 30, ’28 71.470 0.47 73.625
Discount Secondary market
American Airlines AAL 11.750 5.80 July 15, ’25 110.625 0.39 110.500
Prime rates 5.50 5.50 5.50 2.50 Fannie Mae Venture Global Calcasieu Pass VENTGL 4.125 6.77 Aug. 15, ’31 83.875 0.38 84.250
U.S. 8.50 8.50 8.50 5.50
Federal funds 30-year mortgage yields
Canada 7.20 7.20 7.20 4.70 Occidental Petroleum OXY 6.450 6.24 Sept. 15, ’36 101.855 0.17 102.743
Japan 1.475 1.475 1.475 1.475 Effective rate 5.3400 5.3400 5.3400 2.3300 30 days 6.650 6.500 6.812 4.640
60 days 6.664 6.522 6.988 4.683 Hughes Satellite Systems … 6.625 12.25 Aug. 1, ’26 86.375 0.13 88.838
Regal Rexnord RRX 6.050 6.20 Feb. 15, ’26 99.667 0.10 100.088
Other short-term rates Dish DBS … 5.875 10.80 Nov. 15, ’24 94.375 0.06 92.250
Key Interest Rates
Data are annualized on a 360-day basis. Treasury yields are per annum, Latest
Week 52-Week
high low
…And with the biggest price decreases
ago
on actively traded noninflation and inflation-indexed issues that are Ford Motor F 4.750 7.27 Jan. 15, ’43 74.000 –1.25 76.000
adjusted to constant maturities. Data are from weekly Federal Reserve Call money Dish DBS … 5.125 16.72 June 1, ’29 58.000 –1.01 51.250
release H.15. 7.25 7.25 7.25 4.25 Bath & Body Works BBWI 6.750 7.86 July 1, ’36 91.083 –0.67 90.750
Week Ended 52-Week Week Ended 52-Week
Aug 11 Aug 4 High Low Aug 11 Aug 4 High Low Commercial paper (AA financial) Transocean RIG 6.800 9.45 March 15, ’38 79.250 –0.31 79.150

Federal funds (effective) 6-month 5.53 5.52 5.55 3.13 90 days 5.51 n.a. 5.54 2.64 CSC Holdings CSCHLD 5.250 11.33 June 1, ’24 95.500 –0.31 94.250
5.33 5.33 5.33 2.33
1-year 5.34 5.36 5.42 3.25 Global Marine GLBMRN 7.000 10.67 June 1, ’28 86.500 –0.25 87.000
2-year 4.80 4.87 4.95 3.24 Secured Overnight Financing Rate
Commercial paper 3-year 4.45 4.53 4.62 3.16 5.30 5.30 5.31 2.25 Teva Pharmaceutical Finance Netherlands … 3.150 6.85 Oct. 1, ’26 89.750 –0.22 n.a.
Nonfinancial 5-year 4.18 4.22 4.32 2.95 Sealed Air SEE 6.875 6.77 July 15, ’33 100.750 –0.10 102.900
Value 52-Week
1-month 5.31 5.30 5.31 2.31 7-year 4.14 4.15 4.23 2.89
Latest Traded High Low
2-month 5.33 5.33 5.33 2.35 10-year 4.07 4.07 4.12 2.81 *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.
3-month 5.34 n.a. 5.34 2.60 20-year 4.39 4.34 4.44 3.29 DTCC GCF Repo Index Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
Financial Treasury yields (secondary market) Treasury 5.339 22.926 5.365 2.221
1-month 5.37 5.35 5.38 2.36 1-month 5.27 5.27 5.62 2.15 MBS 5.360 69.500 5.407 2.319
2-month 5.46 5.42 5.46 2.53
3-month 5.29 5.27 5.29 2.55
3-month 5.46 5.46 5.53 2.75
6-month 5.27 5.26 5.29 3.01
Notes on data:
U.S. prime rate is the base rate on corporate
Dividend Changes
Discount window primary credit TIPS loans posted by at least 70% of the 10 largest KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
5.50 5.50 5.50 2.50 5-year 1.92 1.97 2.08 0.30 U.S. banks, and is effective July 27, 2023.
Treasury yields at constant 7-year 1.80 1.81 1.87 0.32 Amount Payable / Amount Payable /
Other prime rates aren’t directly Company Symbol Company Symbol
maturities 10-year 1.71 1.70 1.72 0.35 Yld % New/Old Frq Record Yld % New/Old Frq Record
comparable; lending practices vary widely by
1-month 5.54 5.51 5.81 2.23 20-year 1.79 1.76 1.79 0.62 location; Discount rate is effective July 27, Increased Petroleo Brasileiro ADR PBR 26.3 .23528 Dec22 /Aug23
3-month 5.55 5.54 5.55 2.64 Long-term avg 1.97 1.91 1.97 0.95 Badger Meter BMI 0.6 .27 /.225 Q Sep08 /Aug25 Petroleo Brasileiro ADR PBR 26.3 .08564 Nov30 /Aug23
2023. Secured Overnight Financing Rate is
J&J Snack Foods JJSF 1.7 .735 /.70 Q Oct10 /Sep18 Petroleo Brasileiro ADR PBR 26.3 .14964 Nov30 /Aug23
Notes on data: as of August 11, 2023. DTCC GCF Repo
Petroleo Brasileiro ADR A PBR.A 28.8 .23528 Dec22 /Aug23
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Index is Depository Trust & Clearing Corp.'s Initial Petroleo Brasileiro ADR A PBR.A 28.8 .14964 Nov30 /Aug23
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by weighted average for overnight trades in Silver Spike Investment SSIC 9.8 .23 Sep29 /Sep15
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Petroleo Brasileiro ADR A PBR.A 28.8 .08564 Nov30 /Aug23
applicable CUSIPs. Value traded is in billions
primary credit rate is charged for discounts made and advances extended under the Federal Stocks Vinci Partners Invt VINP 7.6 .20 Q Sep08 /Aug24
of U.S. dollars. Federal-funds rates are
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Boqii Holding ADR BQ 1:3.33 /Aug21 Wheaton Precious Metals WPM 1.4 .15 Q Sep07 /Aug25
Tullett Prebon rates as of 5:30 p.m. ET.
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Molecular Templates MTEM 1:15 /Aug14
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Special
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Foreign Silver Spike Investment SSIC 9.8 .40 Sep29 /Sep15
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Algoma Steel Group ASTL 2.6 .05 Q Sep29 /Aug25 Sources: FactSet; Dow Jones Market Data
 .

THE WALL STREET JOURNAL. Tuesday, August 15, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Caterpillar CAT 284.54 -0.68 DexCom DXCM 115.76 4.07 FirstEnergy FE 36.86 -0.01 JackHenry JKHY 171.96 0.26 NNN REIT NNN 39.16 -0.50 RegencyCtrs REG 64.21 -0.66 Tesla TSLA 239.76 -2.89
Market listed securities. Prices are composite dd-Indicates loss in the most recent Celanese CE 124.30 -1.70 Diageo DEO 173.18 0.70 FirstService FSV 152.67 -2.32 s JacobsSolns J 136.97 0.51 NOV NOV 20.79 -0.08 RegenPharm REGN 808.38 1.43 TetraTech TTEK 169.02 0.63
quotations that include primary market trades four quarters. s CelsiusHldg CELH 183.00 7.94 DiamondbkEner FANG 148.94 -0.72 Fiserv FI 124.47 -1.12 JamesHardie JHX 30.35 0.31 NRG Energy NRG 37.00 0.34 RegionsFinl RF 20.29 -0.33 TevaPharm TEVA 9.55 -0.23
as well as trades reported by Nasdaq BX FD-First day of trading. Cemex CX 7.97 0.19 Dick's DKS 144.97 4.29 FiveBelow FIVE 196.31 3.51 JazzPharm JAZZ 140.00 0.65 NVR NVR 6158.70 1.97 ReinsGrp RGA 140.09 -0.09 TexasInstruments TXN 170.48 4.28
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing CenovusEnergy CVE 19.70 -0.09 DigitalRealty DLR 121.48 1.15 FleetCorTech FLT 266.90 1.36 JefferiesFinl JEF 34.97 -0.05 NXP Semi NXPI 207.25 3.05 RelianceSteel RS 284.82 2.69 TexasPacLand TPL 1876.11 -8.90
Cboe, NYSE National and Nasdaq ISE. standards Centene CNC 66.85 1.09 DiscoverFinSvcs DFS 102.65 -0.91 Flex FLEX 26.67 0.20 J&J JNJ 173.44 -0.41 Nasdaq NDAQ 51.08 0.12 RenaissanceRe RNR 183.41 -1.06 TexasRoadhouse TXRH 107.03 -0.98
The list comprises the 1,000 largest lf-Late filing TXT 77.64 -0.62
CenterPointEner CNP 28.77 -0.18 Disney DIS 88.81 -0.21 Floor&Decor FND 105.09 0.82 JohnsonControls JCI 59.42 0.03 NationalGrid NGG 62.87 -0.54 RentokilInit RTO 38.77 -0.10 Textron
companies based on market capitalization. q-Temporary exemption from Nasdaq
requirements. CentraisElBras EBR 7.32 -0.15 DocuSign DOCU 49.43 0.21 FomentoEconMex FMX 112.57 0.85 JonesLang JLL 171.60 -2.82 NatlInstruments NATI 59.22 -0.09 Repligen RGEN 174.83 2.62 ThermoFisher TMO 540.34 -3.44
Underlined quotations are those stocks with CeridianHCM CDAY 73.87 0.84 DolbyLab DLB 78.01 1.32 FordMotor F 12.20 0.06 JuniperNetworks JNPR 27.77 0.09 NatWest NWG 6.00 -0.04 RepublicSvcs RSG 148.02 0.45 ThomsonReuters TRI 133.06 0.94
large changes in volume compared with the t-NYSE bankruptcy
v-Trading halted on primary market. ChampionX CHX 36.45 -0.35 DollarGeneral DG 163.58 -1.27 Fortinet FTNT 59.66 -0.02 KB Financial KB 38.61 -0.25 NetApp NTAP 76.45 -0.31 ResMed RMD 180.85 1.38 3M MMM 103.42 -1.13
issue’s average trading volume.
vj-In bankruptcy or receivership or CharlesRiverLabs CRL 216.90 2.44 DollarTree DLTR 145.62 -1.65 Fortis FTS 40.24 -0.30 KBR KBR 61.54 0.73 NetEase NTES 103.02 -0.04 RestaurantBrands QSR 72.48 -0.49 Toast TOST 23.60 -0.51
Boldfaced quotations highlight those issues being reorganized under the ChartIndustries GTLS 169.53 1.11 DominionEner D 48.99 -0.60 Fortive FTV 79.79 0.38 KKR KKR 61.78 -0.13 Netflix NFLX 427.78 6.12 Revvity RVTY 117.80 -1.04 Toll Bros TOL 80.63 1.16
whose price changed by 5% or more if their Bankruptcy Code, or securities CharterComms CHTR 427.28 -0.66 Domino's DPZ 397.59 3.42 FortuneBrands FBIN 71.94 0.15 KLA KLAC 490.89 13.21 Neurocrine NBIX 105.56 0.34 RexfordIndlRealty REXR 52.45 -0.42 TopBuild BLD 301.89 3.34
previous closing price was $2 or higher. assumed by such companies.
CheckPoint CHKP 130.19 -0.60 Donaldson DCI 62.70 0.60 FoxB FOX 31.76 -0.69 Kellogg K 63.92 -0.06 NewOrientalEduc EDU 52.90 0.10 RioTinto RIO 59.94 -1.08 Toro TTC 102.90 0.44
Chemed CHE 519.32 5.02 DoorDash DASH 79.89 0.70 FoxA FOXA 33.84 -0.76 Kenvue KVUE 22.94 -0.78 NY CmntyBcp NYCB 12.55 -0.18 Rivian RIVN 21.56 -0.01 TorontoDomBk TD 63.79 -0.34
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CheniereEnergy LNG 164.59 -2.42 Dover DOV 142.48 -0.49 Franco-Nevada FNV 141.85 -0.99 KeurigDrPepper KDP 33.74 -0.06 NYTimes A NYT 44.01 -0.34 RobertHalf RHI 76.02 -0.17 TotalEnergies TTE 61.62 -0.95
changes in the closing prices from 4 p.m. the previous day.
CheniereEnerPtrs CQP 49.75 -0.10 Dow DOW 55.38 -0.07 FranklinRscs BEN 27.82 -0.09 KeyCorp KEY 11.02 -0.54 Newmont NEM 39.46 -0.73 Robinhood HOOD 10.65 -0.07 ToyotaMotor TM 166.70 -0.58
ChesapeakeEner CHK 84.33 -0.62 DrReddy'sLab RDY 70.84 -0.69 FreeportMcM FCX 41.21 -0.21 KeysightTech KEYS 157.04 0.50 NewsCorp A NWSA 21.62 0.38 Roblox RBLX 30.54 0.71 TractorSupply TSCO 222.44 -0.08
Monday, August 14, 2023 Net Net Chevron CVX 164.03 -0.12 DraftKings DKNG 29.36 -0.03 FreseniusMed FMS 24.60 -1.49 KimberlyClark KMB 127.43 -0.53 s NewsCorp B NWS 22.09 0.40 RocketCos. RKT 11.33 -0.37 TradeDesk TTD 75.26 0.64
Stock Sym Close Chg Stock Sym Close Chg
Net ChewyA CHWY 30.22 -0.67 Dropbox DBX 28.35 0.53 Freshworks FRSH 22.76 0.28 KimcoRealty KIM 20.21 -0.16 NextEraEnergy NEE 68.56 -0.36 Rockwell ROK 299.16 2.98 Tradeweb TW 82.02 0.35
Stock Sym Close Chg AB InBev BUD 56.35 0.05 Bilibili BILI 16.39 0.36 Chipotle CMG 1850.08 3.53 DukeEnergy DUK 92.79 -1.03 FullTruck YMM 6.61 -0.07 KinderMorgan KMI 17.67 -0.11 Nike NKE 107.64 -0.45 RogersComm B RCI 41.73 -0.46 TraneTech TT 204.85 1.69
AnnalyCap NLY 19.41 -0.46 Bio-Techne TECH 84.81 0.42 Chubb CB 201.67 -0.10 DuPont DD 76.69 0.37 Futu FUTU 49.12 -0.10 KinsaleCapital KNSL 377.98 8.94 NiSource NI 26.51 -0.32 RoivantSciences ROIV 11.71 0.14 TransDigm TDG 865.01 -8.27
A B C AnteroResources AR 27.80 0.02 Bio-RadLab A BIO 395.13 -1.99 ChunghwaTel CHT 36.74 -0.38 Dynatrace DT 46.30 0.37 Knight-Swift KNX 60.14 0.50 Noble NE 52.17 -0.95 Roku ROKU 82.26 3.00 TransUnion TRU 79.39 0.88
AECOM ACM 89.86 1.43 Aon AON 322.26 1.46 Biogen BIIB 272.74 -0.94 Church&Dwight CHD 95.16 -0.56 elfBeauty ELF 134.16 1.70 G H I Philips PHG 21.03 0.77 Nokia NOK 3.87 -0.02 Rollins ROL 41.37 0.34 Travelers TRV 166.27 -0.59
ApolloGlbMgmt APO 81.96 0.55 BioMarinPharm BMRN 90.29 0.88 s EMCOR EME 223.41 2.44 Nomura NMR 3.70 -0.04 RoperTech ROP 496.21 7.10 Trex TREX 75.00 0.47
t AES AES 19.02 -0.44 ChurchillDowns CHDN 124.00 0.81 GE HealthCare GEHC 71.80 0.21 KoreaElecPwr KEP 6.97 -0.16
AAPL 179.46 1.67 BioNTech BNTX 107.44 0.52 ENI E 30.54 -0.22 Nordson NDSN 241.19 -1.37 114.12 0.73 Trimble TRMB 55.52 -0.07
Aflac AFL 76.64 0.19 Apple Cigna CI 289.84 0.33 GFLEnvironmental GFL 32.97 0.09 KraftHeinz KHC 34.24 -0.31 RossStores ROST
ApplMaterials AMAT 141.89 3.06 BlackKnight BKI 74.80 0.20 CincinnatiFinl CINF 106.86 -0.70 EOG Rscs EOG 131.48 -0.85 KR 48.56 -0.13 NorfolkSouthern NSC 215.43 -0.48 RoyalBkCanada RY 94.27 -0.57 Trip.com TCOM 40.04 -0.48
AGCO AGCO 125.00 -2.36 GSK GSK 35.44 0.11 Kroger
s Applovin APP 39.75 0.86 BlackRock BLK 692.93 -2.68 CTAS 493.45 4.79 EPAM Systems EPAM 243.00 4.26 LKQ 53.46 -0.20 NorthernTrust NTRS 78.72 -1.19 RoyalCaribbean RCL 103.75 0.93 TruistFinl TFC 30.57 -1.16
t AMC Ent AMC 3.39 -1.87 Cintas GXO Logistics GXO 63.61 0.31 LKQ
Aptargroup ATR 122.99 0.38 Blackstone BX 98.04 -0.33 EQT EQT 42.90 -0.15 t NorthropGrum NOC 429.45 -1.60 RoyalGold RGLD 112.97 -0.80 Twilio TWLO 61.77 -0.16
Ansys ANSS 303.38 2.17 CiscoSystems CSCO 53.88 0.09 Gallagher AJG 225.58 1.21 LPL Financial LPLA 227.45 1.83
Aptiv APTV 99.43 0.73 Block SQ 60.15 -0.42 EastWestBncp EWBC 56.99 -1.47 NorwegCruise NCLH 17.80 0.12 RoyaltyPharma RPRX 30.11 -0.36 TylerTech TYL 387.79 0.23
APA APA 44.66 -0.22 Citigroup C 44.10 -0.47 Gaming&Leisure GLPI 47.37 -0.42 L3HarrisTech LHX 186.46 -1.49
Aramark ARMK 38.13 -1.06 BlueOwlCapital OWL 11.74 -0.03 EastGroup EGP 177.71 -1.14 Novartis NVS 103.37 -0.22 RyanSpecialty RYAN 44.87 0.37 TysonFoods TSN 54.41 -0.83
ASE Tech ASX 7.61 0.13 CitizensFin CFG 29.58 -1.13 Garmin GRMN 104.02 0.51 LabCorp.ofAmerica LH 217.99 -0.01
ASML ASML 666.55 4.77 ArcelorMittal MT 27.15 0.23 Boeing BA 236.71 0.99 CivitasRscs CIVI 77.75 -0.73 EastmanChem EMN 84.17 -0.21
Gartner IT 338.86 -1.10 LamResearch LRCX 667.20 15.23
NovoNordisk NVO 179.44 -2.16 Ryanair RYAAY 99.86 0.48 s UBS Group UBS 23.59 0.23
ArchCapital ACGL 77.35 0.75 Booking BKNG 3234.33 28.10 s CleanHarbors CLH 177.72 2.99 Eaton ETN 219.04 0.68 NuHoldings NU 7.94 0.18 SAP SAP 138.95 1.30 UDR UDR 39.03 -0.66
AT&T T 14.26 -0.11 GenDigital GEN 21.06 0.20 LamarAdv LAMR 89.00 -1.01
ADM ADM 84.94 0.12 BoozAllen BAH 122.12 1.92 eBay EBAY 44.03 -0.47 Nucor NUE 172.04 5.52 S&P Global SPGI 388.69 1.00 U-Haul UHAL 58.94 0.14
AbbottLabs ABT 106.10 0.79 Cleveland-Cliffs CLF 15.98 1.29 GeneralDynamics GD 226.37 -0.62 LambWeston LW 97.20 0.42
AresMgmt ARES 101.53 2.06 BorgWarner BWA 41.29 0.53 Ecolab ECL 184.16 -0.20 Nutanix NTNX 29.98 0.48 SBA Comm SBAC 231.02 0.96 U-Haul N UHAL/B 54.72 0.56
AbbVie ABBV 152.27 0.09 Clorox CLX 160.17 -0.82 GeneralElec GE 115.55 0.95 LandstarSystem LSTR 197.63 0.07
argenx ARGX 506.96 13.46 BostonProps BXP 66.68 -1.44 Ecopetrol EC 11.25 -0.31 Nutrien NTR 63.83 -2.66 SEI Investments SEIC 61.98 0.14 US Foods USFD 40.84 -0.30
AcadiaHealthcare ACHC 77.27 0.30 Cloudflare NET 65.64 2.03 GeneralMills GIS 72.27 -0.40 LasVegasSands LVS 55.80 -0.61 UWMC 6.06 -0.11
AristaNetworks ANET 178.12 3.18 BostonSci BSX 51.33 0.30 EdisonIntl EIX 69.76 -0.77 nVentElectric NVT 54.05 0.34 19.63 0.02 UWM
Accenture ACN 311.71 2.66 Coca-Cola KO 60.88 -0.29 GeneralMotors GM 34.07 0.18 LatticeSemi LSCC 88.33 2.93 SK Telecom SKM
UBER 44.85 1.14
ArrowElec ARW 129.20 1.17 BristolMyers BMY 61.62 0.39 CocaColaCon COKE 720.82-20.78 EdwardsLife EW 80.53 1.12 LEA 144.56 1.76 NVIDIA NVDA 437.53 28.98 SS&C Tech SSNC 56.40 0.31 Uber
ActivisionBliz ATVI 90.79 -0.42 Genmab GMAB 37.30 -0.12 Lear 165.22 -1.71
AspenTech AZPN 191.60 1.84 BritishAmTob BTI 32.35 -0.09 ElbitSystems ESLT 205.84 -3.34 SAIA 426.07 1.61 Ubiquiti UI
Adobe ADBE 522.25 13.80 Coca-ColaEuro CCEP 64.20 -0.37 Gentex GNTX 33.17 0.09 LegendBiotech LEGN 70.35 -0.93 Saia
AdvDrainageSys WMS 130.72 1.72
Assurant AIZ 143.24 0.09 BrixmorProp BRX 22.58 -0.24 Cognex CGNX 49.00 0.16 ElectronicArts EA 122.77 0.57
GenuineParts GPC 157.14 -0.85 Leidos LDOS 98.17 0.51 O P Q Salesforce CRM 212.06 3.36 UiPath PATH 15.45 0.26

AdvMicroDevices AMD 111.98 4.41

AstraZeneca AZN 70.84 0.47 Broadcom AVGO 854.10 24.34 CognizantTech CTSH 71.10 1.02 ElevanceHealth ELV 471.40 -2.66
Gerdau GGB 5.18 ... Lennar B LEN.B 112.75 1.16 OGE Energy OGE 33.91 -0.66 Samsara IOT 24.12 0.37 UltaBeauty ULTA 458.56 14.71
AtlantaBravesC BATRK 38.22 0.02 s BroadridgeFinl BR 182.82 0.92 EmersonElec EMR 95.90 0.16 LEN 123.87 0.64 ONEOK SNY 53.28 -0.25 Unilever UL 51.83 -0.10
Aegon AEG 5.48 0.01 CoinbaseGlbl COIN 80.81 -0.20 GileadSciences GILD 79.85 -0.15 Lennar A OKE 65.95 -0.29 Sanofi UnionPacific UNP 229.80 0.31
AtlantaBravesA BATRA 45.99 -0.15 BrookfieldAsset BAM 35.32 0.19 Enbridge ENB 35.59 -0.47
AerCap AER 62.42 -0.21 ColgatePalm CL 75.72 -1.18 GlobalPayments GPN 125.78 -1.06 LennoxIntl LII 372.66 1.65 ON Semi ON 97.12 2.55 SareptaTherap SRPT 112.41 4.39 UnitedAirlines UAL 52.31 0.05
Atlassian TEAM 199.87 2.21 Brookfield BN 34.34 -0.01 s Comcast A CMCSA 46.56 0.53 EncompassHealth EHC 71.81 0.73 39.95 -0.52 OReillyAuto ORLY 945.15 1.59 Sasol SSL 13.30 -0.92
AgilentTechs A 126.65 -0.21 GlobalFoundries GFS 58.19 1.31 LiAuto LI
UnitedMicro UMC 7.07 0.09
AtmosEnergy ATO 116.25 -1.21 BrookfieldInfr BIP 32.91 -0.40 Endeavor EDR 25.18 ...
agilon health AGL 18.68 -0.03 Comerica CMA 50.09 -2.03 Globant GLOB 175.70 3.56 LibertyBroadbandA LBRDA 92.96 -0.45 OccidentalPetrol OXY 65.11 -0.73 Schlumberger SLB 59.52 -0.13 UPS B UPS 175.51 -1.11
Autodesk ADSK 211.48 3.52 BrookfieldRenew BEPC 28.89 -0.34 SABESP SBS 11.32 -0.08 EnergyTransfer ET 12.72 -0.04 LibertyBroadbandC LBRDK 92.59 -0.41 SchwabC SCHW 61.78 -2.30
AgnicoEagleMines AEM 48.12 -0.93 t EnphaseEnergy ENPH 138.59 3.39 GlobeLife GL 114.77 0.30 Okta OKTA 72.26 0.86
AirProducts APD 290.73 1.94
Autoliv ALV 94.51 1.37 Brown&Brown BRO 71.25 0.47 t ConagraBrands CAG 30.90 -0.38 GoDaddy GDDY 70.99 0.30 LibertyGlobal C LBTYK 19.74 -0.01 OldDomFreight ODFL 415.99 5.21 Sea SE 56.90 -0.72 UnitedRentals URI 487.38 -0.82
ADP ADP 251.96 -0.86 Brown-Forman A BF.A 71.77 0.05 Entegris ENTG 98.52 2.30 STX 67.81 0.96 US Bancorp USB 38.72 -0.74
Airbnb ABNB 133.24 -0.44 Confluent CFLT 33.44 -0.56 GoldFields GFI 13.05 -0.04 LibertyGlobal B LBTYB 18.48 -0.06 OldRepublic ORI 27.61 -0.16 Seagate
AkamaiTech AKAM 103.95 -0.39
AutoNation AN 160.69 0.66 Brown-Forman B BF.B 70.29 -0.01 ConocoPhillips COP 117.69 -0.12 Entergy ETR 96.33 0.02
GoldmanSachs GS 337.74 -2.99 LibertyGlobal A LBTYA 18.51 -0.02 Olin OLN 58.00 0.16 Seagen SGEN 194.30 -0.38 UnitedTherap UTHR233.26 -4.54
AutoZone AZO 2517.17 33.34 Bruker BRKR 68.61 1.65 EnterpriseProd EPD 26.79 -0.01 SRE 142.52 -1.83 UnitedHealth UNH 510.93 2.92
Albemarle ALB 185.54 -1.95 ConEd ED 89.56 -1.27 Grab GRAB 3.49 -0.01 LibertyFormOne A FWONA 62.01 -0.36 OmegaHealthcare OHI 31.50 -0.05 Sempra UnitySoftware U 36.54 -0.09
Avalonbay AVB 182.74 -4.54 BuildersFirst BLDR 151.85 3.96 Equifax EFX 196.72 -0.59
Albertsons ACI 21.76 0.09 ConstBrands A STZ 267.65 -0.03 Graco GGG 78.20 0.42 LibertyFormOne C FWONK 69.65 -0.52 Omnicom OMC 79.95 0.04 ServiceCorp SCI 62.78 -0.79 UnivDisplay OLED 155.51 1.60
Avangrid AGR 34.93 -0.57 Bunge BG 112.88 0.65 s ConstellationEner CEG 107.00 0.44 Equinix EQIX 770.18 -3.99
Alcon ALC 81.52 0.23 Grainger GWW 715.68 2.34 LibertySirius B LSXMB 24.73 0.54 OnHolding ONON 34.61 0.06 ServiceNow NOW 566.21 8.77 UniversalHealthB UHS 132.06 0.53
Avantor AVTR 21.12 0.38 BurlingtonStrs BURL 167.89 4.78 Equinor EQNR 30.65 -0.19 SHEL 61.56 -0.86
AlexandriaRlEst ARE 119.80 -2.32 Cooper COO 377.92 3.43 GraphicPkg GPK 22.63 0.04 LibertySirius A LSXMA 24.14 0.49 OpenText OTEX 38.15 0.11 Shell UnumGroup UNM 49.42 0.17
AveryDennison AVY 184.23 -0.73 CACI Intl CACI 341.30 -2.57 Equitable EQH 28.08 -0.33
Alibaba BABA 93.46 -2.26 Copart CPRT 88.61 0.76 Grifols GRFS 10.21 0.10 LibertySirius C LSXMK 24.30 0.64 Oracle ORCL 115.57 2.51 SherwinWilliams SHW 276.63 2.91 VF VFC 20.41 -0.20
AvisBudget CAR 231.78 0.59 CBRE Group CBRE 84.65 0.12 EquityLife ELS 67.58 -1.23
AlignTech ALGN 360.49 7.61 Core&Main CNM 32.04 0.11 GpoAeroportuar PAC 181.39 0.83 Light&Wonder LNW 75.52 0.91 Orange ORAN 11.19 ... ShinhanFin SHG 26.20 -0.09 VICI Prop VICI 30.64 -0.25
AxonEnterprise AXON 206.62 -4.61 CDW CDW 206.62 3.14 EquityResdntl EQR 64.83 -1.59
Allegion ALLE 112.32 0.91 CorebridgeFin CRBG 18.37 0.05 GpoAeroportSur ASR 271.78 -3.18 s EliLilly LLY 538.00 10.85 Orix IX 88.85 -0.41 ShockwaveMed SWAV 229.84 4.58 VailResorts MTN 229.31 -1.35
BCE BCE 41.79 -0.44 CF Industries CF 78.06 -1.43 ErieIndemnity ERIE 288.77 -2.21 SHOP 55.98 0.71
AllegroMicro ALGM 39.83 0.56 Corning GLW 32.36 -0.07
EssentialUtil WTRG 39.05 -0.38 HCA Healthcare HCA 270.89 1.31 Linde
LincolnElectric LECO 190.74 1.46 Oshkosh OSK 101.91 -1.78 Shopify Vale VALE 12.47 -0.44
BHP Group BHP 57.84 -1.12 CGI A GIB 103.00 -0.03 t Corteva CTVA 52.00 -0.41 LIN 382.17 0.35 SimonProperty SPG 119.02 0.15
AlliantEnergy LNT 51.11 -0.75 BILL BILL 104.93 -0.58 CH Robinson CHRW 95.39 0.16 EssexProp ESS 239.95 -5.58 HDFC Bank HDB 65.10 -0.52 LithiaMotors LAD 317.13 0.79 OtisWorldwide OTIS 87.05 -0.36 SiriusXM SIRI 4.70 -0.05
ValeroEnergy VLO 136.50 -2.56
Allstate ALL 106.90 -2.14 Cosan CSAN 15.27 -0.34 HF Sinclair DINO 57.95 -1.39 Ovintiv OVV 48.02 -0.61
BJ'sWholesale BJ 68.73 -1.02 CME Group CME 206.45 0.68 EsteeLauder EL 167.17 -0.46 VeevaSystems VEEV 192.52 -1.59
AllyFinancial ALLY 28.30 -0.52 CoStar CSGP 81.31 0.47
ETSY 79.30 2.66 HP HPQ 32.07 -0.70 LiveNationEnt LYV 86.16 -0.45 OwensCorning OC 142.86 1.68 SiteOneLandscape SITE 163.34 1.42 Ventas VTR 42.80 -0.01
BP BP 36.68 -0.42 CMS Energy CMS 56.99 -0.77 Etsy
AlnylamPharm ALNY181.35 -4.44 Costco COST 561.47 -1.49
EG 355.76 -0.26 HSBC HSBC 39.78 -0.33 LloydsBanking LYG 2.14 -0.01 PDD PDD 81.45 -0.10 SkechersUSA SKX 53.19 -0.13 VeriSign VRSN 208.26 2.30
Baidu BIDU 137.59 -0.32 CNA Fin CNA 40.44 -0.58 Everest
Alphabet C GOOG 131.83 1.66 CoterraEnergy CTRA 27.97 -0.08 H World HTHT 45.86 0.87 LockheedMartin LMT 450.08 -3.97 PG&E PCG 17.20 -0.22 Skyworks SWKS 108.83 1.59 VeriskAnalytics VRSK 237.14 2.47
BakerHughes BKR 35.33 -0.15 CNH Indl CNHI 13.74 -0.13 Evergy EVRG 57.63 -0.65 SmithAO AOS 71.28 -0.08
Coty COTY 11.87 0.15 Haleon HLN 8.68 -0.07 Loews L 62.94 -0.48 PNC Finl PNC 127.28 -2.66
Alphabet A GOOGL 131.33 1.77 Ball BALL 56.66 -0.75 CRH CRH 58.19 0.09 t EversourceEner ES 66.34 -0.70 Verizon VZ 33.56 0.20
Altria MO 43.53 -0.20 Coupang CPNG 19.19 -0.12
ExactSciences EXAS 85.08 2.71 Halliburton HAL 40.31 -0.39
LogitechIntl LOGI 67.96 0.57 POSCO PKX 108.35 -0.21 Smith&Nephew SNN 28.04 -0.40 VertexPharm VRTX 349.37 -0.49
BancoBilbaoViz BBVA 7.84 -0.04 CSX CSX 30.82 0.07 LOW 225.89 2.20 PPG Ind Smucker SJM 146.60 -1.36
Amazon.com AMZN 140.57 2.16 Credicorp BAP 145.32 -4.61 HartfordFinl HIG 73.27 -0.33 Lowe's PPG 139.63 2.99
BancoBradesco BBDO 2.79 -0.03 CVS Health CVS 74.34 -0.53 s Exelixis EXEL 21.51 -0.01 Vertiv VRT 34.58 1.07
CrowdStrike CRWD 152.37 4.15 HAS 65.62 -0.15 Lucid LCID 6.77 0.13 PPL PPL 26.02 -0.16 Snap SNAP 9.94 -0.09
Ambev ABEV 2.86 -0.04 BancodeChile BCH 21.54 0.04 CadenceDesign CDNS 227.90 1.83 Exelon EXC 40.08 -0.07 Hasbro Snap-On SNA 270.63 0.29
Viatris VTRS 11.19 -0.16
Amcor AMCR 9.65 -0.04 CrownCastle CCI 103.12 -1.29 t HealthcareRealty HR 17.26 -0.48 lululemon LULU 385.02 3.89 PTC PTC 145.79 2.53 Vipshop VIPS 16.51 -0.07
BancSanBrasil BSBR 5.42 -0.10 CAE CAE 23.59 0.07 Expedia EXPE 111.93 0.39
Amdocs DOX 88.98 0.84 CrownHoldings CCK 89.22 0.23
ExpeditorsIntl EXPD 116.94 -0.03 HealthpeakProp PEAK 20.65 -0.25
LyondellBasell LYB 99.27 0.11 Paccar PCAR 86.00 0.18 Snowflake SNOW 152.86 -0.51 Visa V 242.90 2.86
BcoSantChile BSAC 19.21 -0.10 CaesarsEnt CZR 54.81 -0.07 SOQUIMICH SQM 66.23 -1.16
Ameren AEE 79.97 -0.94 CubeSmart CUBE 42.09 0.03 Heico HEI 170.58 -0.07 PackagingCpAm PKG 150.84 -1.18
BancoSantander SAN 3.88 -0.04 CamdenProperty CPT 106.08 -1.78 ExtraSpaceSt EXR 130.17 -0.84 M N Vistra VST 30.32 0.18
Cummins CMI 237.09 -1.63 Heico A HEI.A 136.36 -0.09 PalantirTech PLTR 15.72 0.31 SoFiTech SOFI 8.68 0.03
AmericaMovil AMX 19.00 -0.30 BanColombia CIB 27.75 -0.45 Cameco CCJ 34.80 ... ExxonMobil XOM 111.92 0.09 VMware VMW 156.45 1.19
Curtiss-Wright CW 206.31 -0.83 t SolarEdgeTech SEDG 176.99 0.64
AmerAirlines AAL 15.88 0.23 BankofAmerica BAC 30.93 -0.36 CampbellSoup CPB 43.68 -0.37 F5 FFIV 157.95 0.85 HenrySchein HSIC 77.10 0.45 M&T Bank MTB 132.87 -3.03 PaloAltoNtwks PANW 219.34 1.38 Sony SONY 83.97 -1.61
Vodafone VOD 9.24 -0.09
AEP AEP 80.00 -1.11 FMC 89.80 0.74 Hershey HSY 224.36 0.79 MGM Resorts MGM 45.66 -0.17 ParamountB PARA 14.93 -0.34 VoyaFinancial VOYA 72.56 -0.23
BankMontreal BMO 87.45 -0.48 CIBC CM 41.34 -0.33 D E F FMC
HES 157.17 -0.51 MPLX MPLX 34.92 -0.24 ParamountA PARAA 18.38 -0.39
Southern SO 68.83 -0.67
AmerExpress AXP 166.08 0.81 BankNY Mellon BK 45.18 -0.83 CanNtlRlwy CNI 116.16 -0.77 FactSet FDS 425.42 1.44 Hess VulcanMatls VMC 225.13 1.21
SoCopper SCCO 81.65 -0.50
AmericanFin AFG 113.02 -0.47 BankNovaScotia BNS 47.69 -0.34 CanadianNatRscs CNQ 61.76 -0.12 DTE Energy DTE 106.54 -1.35 FairIsaac FICO 875.66 15.55 HessMidstream HESM 30.88 -0.23 MSA Safety MSA 179.05 0.83 ParkerHannifin PH 413.82 -2.69
AmHomes4Rent AMH 36.10 -0.25 Barclays BCS 7.48 -0.03 CdnPacKC CP 80.39 -0.78 Danaher DHR 257.18 1.76 Fastenal FAST 57.75 0.31 HewlettPackard HPE 17.60 ... MSCI MSCI 547.28 -1.71 Paychex PAYX 124.99 -0.49 SouthwestAir LUV 33.53 -0.17 W X Y Z
AIG AIG 59.82 -0.71 BarrickGold GOLD 16.67 -0.24 CapitalOne COF 109.16 -1.22 Darden DRI 161.26 0.77 FederalRealty FRT 100.83 -1.38 Hilton HLT 155.32 0.48 MagellanMid MMP 65.81 0.48 PaycomSoftware PAYC 294.25 2.25 SouthwesternEner SWN 6.47 -0.01
HOLX 75.26 -0.03 MagnaIntl MGA 57.42 0.17 Paylocity PCTY 200.62 -1.17 Splunk SPLK 98.60 0.17 WEC Energy WEC 86.18 -0.59
AmerTowerREIT AMT 187.15 0.04 Bath&BodyWks BBWI 37.48 0.49 CardinalHealth CAH 92.99 0.61 DarlingIngred DAR 65.86 1.36 FedEx FDX 266.94 1.17 Hologic WEX 191.49 -1.16
PYPL 63.27 1.73 Spotify SPOT 139.38 0.70 WEX
AmerWaterWorks AWK 142.14 1.94 BaxterIntl BAX 42.81 -0.43 Carlisle CSL 286.60 -1.77 Datadog DDOG 89.78 0.34 Ferguson FERG 161.38 1.42 HomeDepot HD 329.95 -1.16 ManhattanAssoc MANH 192.35 0.90 PayPal t
AmericoldRealty COLD 32.37 0.41 BectonDicknsn BDX 282.65 0.34 Carlyle CG 31.37 -0.27 DaVita DVA 106.96 -1.39 Ferrari RACE 315.57 4.38 HondaMotor HMC 30.88 -1.00 ManulifeFinl MFC 19.28 -0.18 Pearson PSO 10.50 -0.03 StanleyBlackDck SWK 94.04 -0.26 W.P.Carey WPC 65.46 -1.40
Stantec STN 66.45 -0.23 WPP WPP 49.14 -0.29
Ameriprise AMP 344.07 -0.36 BeiGene BGNE 204.13 6.45 CarMax KMX 85.44 0.25 DeckersOutdoor DECK 558.29 6.07 FidNatlFinl FNF 42.04 -0.07 Honeywell HON 189.51 -1.16 MarathonOil MRO 26.45 -0.39 PembinaPipeline PBA 31.22 -0.27 WAB 114.13 -0.06
Starbucks SBUX 101.01 0.02 Wabtec
AmerisourceBrgn ABC 187.63 0.26 BentleySystems BSY 47.19 0.48 Carnival CCL 16.83 0.04 Deere DE 437.64 2.57 FidNatlInfo FIS 55.99 -0.30 HorizonTherap HZNP 104.01 -0.25 MarathonPetrol MPC 148.54 -1.21 PenskeAuto PAG 174.93 1.32 WalgreensBoots WBA 29.07 -0.28
PNR 69.80 0.03 StateStreet STT 71.34 -2.34
Ametek AME 158.12 -0.10 Berkley WRB 63.80 -0.14 Carnival CUK 15.22 -0.01 DellTechC DELL 56.76 -0.08 FifthThirdBncp FITB 26.79 -1.00 HormelFoods HRL 40.87 -0.73 Markel MKL 1504.99 -1.21 Pentair
SteelDynamics STLD 107.65 5.35 s Walmart WMT 160.00 -1.20
Amgen AMGN 260.97 -1.54 BerkHathwy A BRK.A 543150250.00 CarrierGlobal CARR 56.02 0.48 DeltaAir DAL 44.23 0.06 FirstCitizBcshA FCNCA 1460.67 -8.96 DR Horton DHI 123.28 0.27 MarketAxess MKTX 236.99 2.74 Penumbra PEN 255.63 8.19
PEP 183.62 -0.42 Stellantis STLA 18.41 ... WarnerBrosA WBD 13.53 -0.17
Amphenol APH 87.50 0.29 BerkHathwy B BRK.B 358.48 0.13 Carvana CVNA 41.09 -0.01 DentsplySirona XRAY 38.27 -0.54 FirstHorizon FHN 13.26 -0.33 HostHotels HST 16.18 -0.11 Marriott MAR 206.84 -1.67 PepsiCo WarnerMusic WMG 33.45 0.55
Steris STE 229.14 1.14
AnalogDevices ADI 185.39 2.18 BerryGlobal BERY 65.93 -0.31 CaseysGenStores CASY 248.78 1.17 DeutscheBank DB 10.90 -0.05 FirstIndRlty FR 50.92 -0.33 HoulihanLokey HLI 101.64 -0.48 Marsh&McLen MMC 192.20 0.35 PerformanceFood PFGC 57.65 -0.28
Stevanato STVN 31.28 -0.73 WasteConnections WCN 141.41 0.73
AngloGoldAsh AU 17.71 -0.19 BestBuy BBY 79.18 -0.11 Catalent CTLT 45.29 -0.70 DevonEnergy DVN 50.29 -0.12 FirstSolar FSLR 211.43 6.56 HowmetAerospace HWM 49.22 -0.22 MartinMarietta MLM 459.25 3.81 PermianRscs PR 12.37 0.03 WasteMgt WM 160.73 -0.21
Hubbell HUBB 310.43 3.47 MarvellTech MRVL 59.57 2.48 PetroleoBrasil PBR 13.50 -0.13 STMicroelec STM 47.83 0.61
Stryker SYK 284.79 2.68 Waters WAT 288.37 -3.29
HubSpot HUBS 508.08 0.31 Masco MAS 59.24 0.62 PetroleoBrasilA PBR.A 12.32 -0.12 Watsco WSO 361.46 3.45
Humana HUM 497.21 3.30 MasTec MTZ 94.48 0.36 Pfizer PFE 36.07 0.03 SumitomoMits SMFG 8.79 -0.11
Exchange-Traded Portfolios | WSJ.com/ETFresearch JBHunt JBHT 202.34 -0.82 Mastercard MA 398.58 3.60 PhilipMorris PM 95.85 -0.31 SunComms SUI 123.83 -1.55
HuntingtonBcshs HBAN 11.70 -0.30 MatadorRscs MTDR 59.28 0.65 Phillips66 PSX 114.67 -1.97 SunLifeFinancial SLF 50.01 -0.44
Wayfair W 78.36 3.36
WebsterFin WBS 44.12 -0.99
WellsFargo WFC 43.74 0.01
Closing Chg YTD HuntingIngalls HII 227.69 0.81 MatchGroup MTCH 45.07 0.11 PinnacleWest PNW 77.35 -0.05 SuncorEnergy SU 31.53 -0.19
Welltower WELL 84.28 0.63
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) HyattHotels H 117.15 -0.15 Mattel MAT 21.72 0.12 Pinterest PINS 26.15 0.37 SuperMicroComp SMCI 269.46 15.03
ICICI Bank IBN 22.95 -0.20 McCormickVtg MKC.V 89.36 3.86 PioneerNatRscs PXD 237.00 0.24 Suzano SUZ 10.23 ... WescoIntl WCC 156.86 1.31
TechSelectSector XLK 169.56 1.59 36.3 WestPharmSvcs WST 399.89 5.15
Monday, August 14, 2023 Closing Chg YTD ICL Group ICL 6.32 -0.18 McCormick MKC 86.83 0.40 s PlainsAllAmPipe PAA 15.29 0.04 SynchronyFinl SYF 34.23 -0.54
ETF Symbol Price (%) (%) UtilitiesSelSector XLU 64.06 –0.79 –9.1 WesternDigital WDC 42.60 0.72
Closing Chg YTD IdexxLab IDXX 507.70 2.19 McDonald's MCD 288.81 0.19 s PlainsGP PAGP 15.92 0.03 Synopsys SNPS 434.85 6.39
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 80.90 –0.09 –0.3
VangdInfoTech VGT 429.90 1.48 34.6 ING Groep ING 14.29 -0.02 McKesson MCK 438.00 -2.06 Polaris PII 123.70 -0.62 Sysco SYY 70.95 -1.01 WesternMidstrm WES 27.54 -0.55
VangdSC Val VBR 170.24 –0.31 7.2 Westlake WLK 134.11 1.93
iShRussMC IWR 73.63 0.05 9.2 Invesco IVZ 16.20 -0.19 Medpace MEDP 265.62 -1.27 PolestarAuto PSNY 4.01 -0.03
CnsmrDiscSelSector XLY 170.24 0.31 31.8
iShRuss1000 IWB 246.37 0.51 17.0
VangdExtMkt VXF 150.95 0.15 13.6 IQVIA IQV 220.12 0.28 Medtronic MDT 83.16 -0.29 Pool POOL 372.67 -2.33 T U V WestRock WRK 33.45 -0.39
CnsStapleSelSector XLP 74.43 –0.49 –0.2 VangdSC Grwth VBK 229.20 0.54 14.3 Weyerhaeuser WY 33.13 0.11
iShRuss1000Grw IWF 276.23 1.09 28.9 ITT ITT 98.07 -0.44 MercadoLibre MELI 1296.52-33.48 Primerica PRI 213.10 -0.14 TC Energy TRP 36.47 -0.23
DimenUSCoreEq2 DFAC 27.63 0.36 13.8 VangdDivApp VIG 163.69 0.27 7.8 WheatonPrecMet WPM 44.27 -0.98
EnSelSectorSPDR XLE 89.52 –0.42 2.3 iShRuss1000Val IWD 160.74 –0.07 6.0 IcahnEnterprises IEP 24.16 -0.69 Merck MRK 108.91 1.47 PrincipalFinl PFG 77.71 -0.26 TD Synnex SNX 99.00 -0.09 Whirlpool WHR 139.18 -1.38
VangdFTSEAWxUS VEU 54.19 –0.42 8.1 s Icon ICLR 259.21 0.82 MetaData AIU 1.04 ProcoreTech PCOR 64.76 -0.93 TE Connectivity TEL 133.46 0.42
FinSelSectorSPDR XLF 34.85 –0.20 1.9 iShRussell2000 IWM 190.66 –0.17 9.3 ... Williams WMB 35.03 -0.35
VangdFTSEDevMk VEA 45.93 –0.41 9.4 IDEX IEX 222.74 -0.67 MetaPlatforms META 306.19 4.55 Procter&Gamble PG 155.79 -1.23 Telus
HealthCareSelSect XLV 136.08 0.30 0.2 iShS&P500Grw IVW 71.00 0.90 21.4 TU 17.59 -0.11 Williams-Sonoma WSM 133.20 -0.93
VangdFTSE EM VWO 40.64 –0.47 4.3
IndSelSectorSPDR XLI 108.93 0.04 10.9 iShS&P500Value IVE 163.53 0.17 12.7 IllinoisToolWks ITW 238.95 1.52 MetLife MET 63.57 -0.08 Progressive PGR 125.92 -1.92 Ternium TX 40.21 0.31 WillisTowers WTW 201.91 -1.96
VangdFTSE Europe VGK 61.58 –0.19 11.1 t Illumina ILMN 175.14 -5.34 Mettler-Toledo MTD 1240.17 0.37 Prologis PLD 123.48 -0.03 TFI Intl
InvscQQQI QQQ 370.35 1.12 39.1 iShSelectDiv DVY 114.62 –0.74 –5.0 TFII 132.92 0.43 WillScotMobile WSC 42.68 0.32
VangdGrowth VUG 283.13 1.11 32.9 ImperialOil IMO 55.31 -0.20 MicrochipTech MCHP 83.04 1.27 PrudentialFinl PRU 95.14 -0.07 TIM
InvscS&P500EW RSP 151.24 –0.02 7.1 iSh7-10YTreaBd IEF 93.98 –0.16 –1.9 TIMB 15.02 -0.13 Wipro WIT 4.98 0.01
VangdHlthCr VHT 248.99 0.26 0.4 Incyte INCY 65.24 -0.69 MicronTech MU 68.28 3.91 Prudential PUK 25.64 -0.23 TJX
iShCoreDivGrowth DGRO 52.48 –0.02 5.0 iShShortTreaBd SHV 110.20 0.02 0.3 TJX 86.21 0.32 Wolfspeed WOLF 56.19 1.76
VangdHiDiv VYM 108.87 –0.20 0.6 Infosys INFY 16.86 0.18 Microsoft MSFT 324.04 3.03 PublicServiceEnt PEG 60.04 -0.83 T-MobileUS TMUS 139.50 1.16
iShCoreMSCIEAFE IEFA 67.16 –0.39 9.0 iShTIPSBondETF TIP 105.57 –0.21 –0.8 WoodsideEnergy WDS 25.09 0.15
VangdIntermBd BIV 73.78 –0.15 –0.7 IngersollRand IR 67.90 -0.19 MidAmApt MAA 142.61 -1.66 PublicStorage PSA 283.47 -3.45 TPG
iShCoreMSCIEM IEMG 49.11 –0.57 5.2 iSh20+YTreaBd TLT 95.16 –0.22 –4.4 TPG 27.28 -0.22 Woodward WWD 126.94 -0.31
iShUSTreasuryBd 22.43 –0.16 –1.3
VangdIntrCorpBd VCIT 77.67 –0.09 0.2 InspireMedical INSP 251.43 8.58 Middleby PulteGroup PHM 84.04 1.27
iShCoreMSCITotInt IXUS 62.35 –0.48 7.7 GOVT MIDD 150.25 1.64 T.RowePrice TROW 112.34 0.01 Workday WDAY 228.11 1.65
JPMEquityPrem JEPI 55.66 0.25 2.1 VangdIntermTrea VGIT 57.82 –0.19 –1.1 Insulet PODD 223.89 -1.39 MitsubishiUFJ MUFG 7.62 -0.14 PureStorage PSTG 36.64 0.62 TaiwanSemi TSM 93.07 1.08
iShCoreS&P500 IVV 450.44 0.54 17.2 WW Ent WWE 111.75 0.05
JPM UltShIncm JPST 50.09 ... –0.1 VangdLC VV 204.88 0.58 17.6 Intel INTC 35.68 0.79 MizuhoFin MFG 3.22 -0.04 Qiagen QGEN 44.10 0.36 TakeTwoSoftware TTWO 142.38 2.18
iShCoreS&P MC IJH 266.20 0.18 10.1 WynnResorts WYNN 99.91 -0.64
VangdMC VO 220.91 0.08 8.4 s InteractiveBrkrs IBKR 93.11 1.49 QRVO 103.19 1.31 TakedaPharm TAK 15.27 -0.07
iShCoreS&P SC IJR 101.58 –0.44 7.3 ProShUltPrQQQ TQQQ 40.39 3.33 133.5 Mobileye MBLY 38.55 0.20 Qorvo XP XP 25.40 0.08
iShCoreS&PTotUS ITOT 98.94 0.47 16.7 SPDRBbg1-3MTB BIL 91.60 0.01 0.1 VangdMC Val VOE 140.24 –0.31 3.7 ICE ICE 114.92 0.93 t Moderna MRNA 100.00 -1.49 Qualcomm QCOM 114.02 -0.59 Tapestry TPR 35.55 0.43 XPO XPO 73.49 0.27
iShCoreTotalUSDBd IUSB 44.57 –0.16 –0.8 SPDR DJIA Tr DIA 353.21 0.06 6.6 VangdMBS VMBS 44.82 –0.16 –1.5 InterContinentl IHG 76.84 0.28 MolinaHealthcare MOH 319.57 3.84 QuantaServices PWR 203.54 3.37 TargaResources TRGP 84.59 -0.35
XcelEnergy XEL 59.24 -0.46
iShCoreUSAggBd AGG 96.00 –0.07 –1.0 SPDR Gold GLD 177.06 –0.30 4.4 VangdRealEst VNQ 82.78 –0.66 0.4 IBM IBM 141.91 -1.21 MolsonCoorsB TAP 64.48 0.26 QuestDiag DGX 135.16 0.15 Target TGT 129.42 -1.63 XPeng XPEV 16.24 -0.04
iShEdgeMSCIMinUSA USMV 75.21 0.11 4.3 SPDRPtfDevxUS SPDW 32.36 –0.40 9.0 VangdS&P500ETF VOO 411.72 0.56 17.2 IntlFlavors IFF 64.97 0.70 monday.com MNDY 169.11 13.27 TechnipFMC FTI 18.53 -0.29 Xylem
R S XYL 102.11 -0.22
iShEdgeMSCIUSAQual QUAL 137.65 1.08 20.8 SPDRS&P500Value SPYV 43.84 0.21 12.7 VangdST Bond BSV 75.30 –0.13 0.0 IntlPaper IP 34.70 -0.26 Mondelez MDLZ 73.21 -0.76 TeckResourcesB TECK 39.84 -0.51 YPF YPF 14.23 -0.28
iShGoldTr IAU 36.14 –0.28 4.5 SPDRPtfS&P500 SPLG 52.71 0.63 17.2 VangdSTCpBd VCSH 75.41 –0.09 0.3 Interpublic IPG 32.99 -0.14 MongoDB MDB 364.41 8.19 RB Global RBA 58.14 0.14 TeledyneTech TDY 402.49 19.10
Yum!Brands YUM 134.79 0.59
iShiBoxx$HYCpBd HYG 74.82 –0.01 1.6 SPDRS&P500Growth SPYG 61.44 0.85 21.3 VangdShortTrea VGSH 57.58 –0.10 –0.4 Intuit INTU 505.80 8.03 MonolithicPower MPWR 524.66 22.49 RELX RELX 32.79 0.15 Teleflex TFX 227.77 0.88 YumChina YUMC 55.12 -0.38
iShiBoxx$IGCpBd LQD 105.01 –0.04 –0.4 SPDR S&P 500 SPY 448.11 0.55 17.2 VangdSC VB 202.07 0.07 10.1 IntuitiveSurgical ISRG 305.08 0.59 MonsterBev MNST 59.01 0.83 RH RH 382.95 11.40 Ericsson ERIC 5.01 0.07 ZTO Express ZTO 25.88 0.13
iShJPMUSDEmBd EMB 85.14 –0.80 0.7 SchwabIntEquity SCHF 35.39 –0.42 9.9 VangdTaxExemptBd VTEB 49.77 0.20 0.6 InvitatHomes INVH 34.46 -0.24 Moody's MCO 338.78 2.08 R1 RCM RCM 16.80 0.05 TelefonicaBras VIV 8.57 -0.12 ZebraTech ZBRA 263.86 1.92
iShMBS MBB 91.01 –0.15 –1.9 SchwabUS BrdMkt SCHB 52.30 0.50 16.7 VangdTotalBd BND 71.15 –0.13 –1.0 IronMountain IRM 60.21 -0.26 MorganStanley MS 87.33 -0.37 RPM RPM 103.84 -0.11 Telefonica TEF 3.93 ... Zillow C Z 56.29 -0.04
iShMSCIACWI ACWI 96.30 0.20 13.5 SchwabUS Div SCHD 74.45 –0.16 –1.4 VangdTotIntlBd BNDX 48.28 –0.21 1.8 ItauUnibanco ITUB 5.45 -0.13 Morningstar MORN 219.00 -0.99 RTX RTX 86.44 -0.40 TelekmIndonesia TLK 24.66 -0.04 Zillow A ZG 55.02 ...
iShMSCI EAFE EFA 71.81 –0.44 9.4 SchwabUS LC SCHX 52.98 0.57 17.3 VangdTotIntlStk VXUS 55.88 –0.45 8.0 Mosaic MOS 40.61 -1.08 RalphLauren RL 121.07 -0.39 TempurSealy TPX 45.25 0.01 ZimmerBiomet ZBH 123.71 -0.22
iSh MSCI EM EEM 39.37 –0.48 3.9 SchwabUS LC Grw SCHG 75.24 1.24 35.4 VangdTotalStk VTI 222.90 0.50 16.6
J K L MotorolaSol MSI 285.04 -0.92 RangeResources RRC 32.29 -0.16 Tenaris TS 33.63 -0.10 Zoetis ZTS 189.65 -1.18
iShMSCIEAFEValue EFV 49.41 –0.60 7.7 SchwabUS SC SCHA 44.57 0.02 10.0 VangdTotWrldStk VT 97.51 0.08 13.1 JD.com JD 36.76 0.30 MurphyOil MUR 44.04 -0.04 RaymondJames RJF 107.12 -0.34 TencentMusic TME 6.15 0.06 ZoomVideo ZM 67.55 0.95
iShNatlMuniBd MUB 105.68 ... 0.2 SPDR S&PMdCpTr MDY 486.94 0.17 10.0 VangdValue VTV 145.33 –0.10 3.5 JPMorganChase JPM 154.77 0.32 NICE NICE 217.64 -0.56 RealtyIncome O 57.94 -0.68 TenetHealthcare THC 73.21 -0.63 ZoomInfoTech ZI 18.41 -0.36
iSh1-5YIGCorpBd IGSB 49.99 –0.10 0.3 SPDR S&P Div SDY 123.64 –0.37 –1.2 WisdTrFRTrea USFR 50.43 ... 0.3 Jabil JBL 106.91 1.16 NIO NIO 12.52 -0.38 RegalRexnord RRX 156.88 -1.78 Teradyne TER 104.74 3.01 Zscaler ZS 144.91 1.96

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
Cel-Sci CVM 1.08 ... InnovativeEyewr LUCY 0.65 -4.1 RedHillBio RDHL 0.80 2.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Celularity CELU 0.30 -2.2 InnovizTechWt INVZW 0.51 -5.1 Remark MARK 0.82 0.5
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
CelularityWt CELUW 0.02 3.8 IntegraResources ITRG 0.80 -1.3 ReShapeLife RSLS 1.06 -1.7
session. % CHG-Daily percentage change from the previous trading session.
CetusCapitalAcqnRt CETUR 0.12 -5.8 InteractStrength TRNR 1.21 -0.7 RichardsonElec RELL 12.15 -2.6
CherryHillMtg CHMI 4.01 -2.2 Intrusion INTZ 0.90 -2.0 SangamoTherap SGMO 0.97 -5.6
Monday, August 14, 2023
ChicagoRivet CVR 20.50 -6.2 iSun ISUN 0.30 -12.2 SciSparc SPRC 0.17 3.4
52-Wk % 52-Wk % 52-Wk % ChickenSoupA CSSE 0.94 3.1 iTeosTherap ITOS 11.60 -1.4 SealedAir SEE 37.06 -1.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Chimerix CMRX 0.96 2.0 JX Luxventure JXJT 1.56 0.6 SeaStarMedical ICU 0.36 -4.8
JacobsSolns J 137.61 0.4 AcurxPharm ACXP 1.61 -8.4 ChinaJoJoDrug CJJD 0.28 -8.9 JanOne JAN 0.77 1.2 SecooHolding SECO 0.51 -8.9
Highs JanusIntl JBI 12.34 2.2 AcutusMedical AFIB 0.58 -1.0 ChinaSXTPharm SXTC 0.16 -0.6 Jeffs'Brands JFBR 0.53 -16.2 Seer SEER 2.60 2.2
KaratPkg KRT 25.91 5.8 Adamis ADMP 1.02 -5.3 CitizensFinlSvc CZFS 58.48 -6.0 Jet.AI JTAI 3.54 -24.6 SensientTech SXT 57.83 -0.9
AZEK AZEK 34.75 3.3
KodiakGasSvcs KGS 19.79 1.4 Adaptimmune ADAP 0.77 -3.1 Codexis CDXS 1.91 -5.7 JinkoSolar JKS 32.50 -0.2 SeresTherap MCRB 3.79 -0.8
Abercrombie&Fitch ANF 41.55 4.9
Koppers KOP 39.60 1.1 Addentax ATXG 2.68 -4.3 CompleteSolaria CSLR 2.55 -2.4 KVH Inds KVHI 5.11 -8.0 SharecareWt SHCRW 0.05 -29.4
AlphaMetal AMR 190.59 2.4
LanzaTechGlobalWt LNZAW 0.61 -8.6 AdialPharm ADIL 3.94 -10.2 ComputerPrograms CPSI 19.99 -4.9 KwesstMicroSys KWE 1.75 2.8 ShiftPixy PIXY 0.65 -8.3
AndrettiAcqn WNNR.U 11.54 0.4
EliLilly LLY 542.30 2.1 Aditxt ADTX 0.31 -2.1 ConagraBrands CAG 30.88 -1.2 KaixinAuto KXIN 0.19 -5.2 SingularGenomics OMIC 0.50 -6.7
ApogeeTherap APGE 23.06 4.1
M3-BrigadeIII A MBSC 10.80 -0.1 AgileTherap AGRX 2.00 -3.6 Concentrix CNXC 74.66 -1.4 KioraPharm KPRX 0.53 -3.2 SmartforLife SMFL 1.57 -4.1
AppliedOptoelec AAOI 15.00 19.8
MakeMyTrip MMYT 37.38 1.8 AgileThought AGIL 0.50 -24.9 Corteva CTVA 51.51 -0.8 LQR House LQR 1.95 -32.3 SolarEdgeTech SEDG 172.48 0.4
Applovin APP 40.00 2.2
MasoniteIntl DOOR 108.18 1.9 AgreeRealty ADC 62.19 -1.4 CoyaTherap COYA 3.28 4.5 LexiconPharm LXRX 1.67 -1.7 Soligenix SNGX 0.49 -10.2
Arconic ARNC 29.99 0.3
MilestoneSci MLSS 1.35 8.3 Akumin AKU 0.12 2.2 CrackerBarrel CBRL 83.39 -1.4 MOGU MOGU 1.41 37.9 SonicFoundry SOFO 0.75 -0.3
ArlingtonAssetPfC AAICpC 24.90 1.1
Moog B MOG.B 114.53 1.5 AlaunosTherap TCRT 0.38 -1.6 CrownCrafts CRWS 4.72 -0.2 MainzBiomed MYNZ 3.00 -3.0 Spire SR 58.75 -1.8
ArmataPharm ARMP 5.26 -4.4
Moog A MOG.A 115.90 ... Alcoa AA 30.60 -0.7 CrownElectrokin CRKN 0.04 -24.7 Marpai MRAI 1.27 -5.9 StaarSurgical STAA 41.87 -2.8
AtlasEnergySolns AESI 22.06 6.6
MurphyCanyonWt MURFW 0.10 73.3 AllogeneTherap ALLO 3.89 -1.7 DineBrands DIN 55.65 -0.6 MaxLinear MXL 22.07 -1.4 StokeTherap STOK 5.22 0.4
AuroraInnov AUR 3.73 6.4
NatureSunshine NATR 17.25 5.1 AlloVir ALVR 2.70 -2.1 E-HomeHousehold EJH 0.10 -2.7 Mediaco MDIA 0.57 -8.6 StrataSkinSci SSKN 0.56 -4.1
BadgerMeter BMI 169.73 1.6
Neogen NEOG 23.80 4.9 AllurionTech ALUR 3.24 -18.7 ESGL ESGL 2.17 -26.1 MethodeElec MEI 31.36 -0.3 StreamlineHlth STRM 1.11 0.9
BR 184.10 0.5

Sound
BroadridgeFinl
NewMarket NEU 471.17 0.7 Alset AEI 1.31 -7.6 Eargo EAR 3.30 1.8 Moderna MRNA 97.80 -1.5 SunlightFinl SUNL 0.18 -8.9
CBIZ CBZ 55.80 1.9
NewsCorp B NWS 22.10 1.8 Alteryx AYX 28.48 5.9 Eightco OCTO 1.03 0.9 Monro MNRO 33.87 -0.2 SunPower SPWR 7.85 -0.1
CSW Industrials CSWI 188.01 0.1
NortheastCmBncp NECB 16.62 1.1 Altimmune ALT 2.85 -1.0 1847Holdings EFSH 0.14 -11.4 MotusGI MOTS 0.55 -0.1 SuperCom SPCB 0.62 -6.4
CapricorTherap CAPR 6.68 9.4
OakWoodsAcqnRt OAKUR 0.26 19.0 AmerElecPwrUn AEPPZ 46.91 -1.1 EmergentBiosol EBS 5.23 0.2 NanoStringTech NSTG 2.93 -0.7 Synaptogenix SNPX 0.55 10.5
CelsiusHldg CELH 183.06 4.5
1.4 AmericanWell AMWL 1.47 -5.8 EnantaPharma ENTA 15.29 -0.8 NearIntelligence NIR 0.48 2.9 System1 SST 1.91 -9.4

Thinking
Oil-Dri ODC 65.02
CleanHarbors CLH 178.33 1.7
Ollie'sBargain OLLI 75.96 1.8 AptevoTherap APVO 0.44 -3.7 EnphaseEnergy ENPH 131.67 2.5 NeuBaseTherap NBSE 0.67 -7.6 TelusIntl TIXT 8.65 -0.6
CN Finance CNF 3.50 4.9 EquityCommnwlth EQC 18.76 -0.9 NeuroMetrix 0.82 1.0 TPIComposites TPIC 5.30 -8.5
Parsons PSN 56.16 1.1 Aravive ARAV 0.19 -6.8 NURO
Comcast A CMCSA 46.87 1.2 GMBL 0.18 2.1 Neuronetics STIM 1.62 -1.4 Taoping TAOP 2.94 -2.2
PatriaLatAm PLAO 11.39 0.1 AscentSolar ASTI 0.06 -3.7 EsportsEnt
ConsldWater CWCO 26.16 13.1 EversourceEner ES 65.94 -1.0 NexPointResidentl NXRT 35.78 -5.1 TenonMedical TNON 0.23 -3.2
Patterson PDCO 34.42 2.2 AshfordHospPfdH AHTpH 12.82 0.4
ConstellationEner CEG 107.60 0.4 EVOK 1.35 ... NextEraEnergy NEP 46.54 -1.5 3D Systems DDD 6.89 1.6
Perma-Fix PESI 12.89 3.4 Auddia AUUD 0.36 -5.5 EvokePharma
ConstructionPtrs ROAD 35.49 0.2 0.12 1.6 FLJ 0.18 -4.1 NorthropGrum NOC 429.01 -0.4 374Water SCWO 1.67 4.0
PlainsAllAmPipe PAA 15.35 0.3 AvaloTherap AVTX FLJ
CoreMoldingTech CMT 27.65 3.0
DirectSellingUn DSAQ.U 10.69 0.4
PlainsGP PAGP 15.98 0.2 AvidityBio RNA 8.35 -1.1 FangddNetwork DUO 1.72 -4.8 NorthwestNat NWN 40.11 -1.7 TivicHealth TIVC 0.04 6.4 Audio storytelling on news you care
AVA 35.22 -2.4 FateTherap FATE 2.93 -2.3 NovoIntSci NVOS 0.07 -9.9 TowerSemi TSEM 33.03 -1.2
PrimeNumberI Rt PNACR 0.41 23.4 Avista
EG Acqn A EGGF 10.50 0.9
PrimorisSvcs PRIM 35.49 4.0 AxcellaHealth AXLA 0.16 1.8 FaZe FAZE 0.27 1.7 NuSkinEnts NUS 24.56 0.5 TradeUPAcqn UPTDU 8.29 -17.3 about, at home or on the go.
EMCOR EME 223.49 1.1 Baijiayun RTC 4.71 -3.8 FibroGen FGEN 1.21 -3.0 Nuwellis NUWE 2.00 -10.6 TradeUPAcqn UPTD 6.88 -9.1
ProfireEnergy PFIE 2.02 -1.1
Escalade ESCA 16.46 2.1 BeamTherap BEAM 24.35 -1.3 FifthWallIII A FWAC 7.00 -29.1 OddityTech ODD 45.66 -11.5 TrioPetroleum TPET 0.54 -7.6
PyrophyteAcqn PHYT.U 11.48 0.1
EvolvTech EVLV 8.30 3.8 BeautyHealth SKIN 6.44 -6.2 FinchTherap FNCH 6.25 -1.8 OmegaTherap OMGA 3.43 -6.2 22ndCentury XXII 2.10 -16.7
EvolvTechWt EVLVW 2.29 6.1
RCM Tech
ReataPharm
RCMT
RETA
20.71
169.75
7.7
1.1
BiomXUn PHGE.U 0.12 -4.4 FirstSeacoastBncp FSEA 7.53 0.3 Oncocyte OCX 3.37 -2.0 23andMe ME 1.33 -8.4 BROWSE OUR PODCA STS
Exelixis EXEL 21.76 ... BionanoGenom BNGO 3.36 -13.3 FloraGrowth FLGC 1.93 8.0 OneStopSystems OSS 1.85 -19.8 2seventybio TSVT 5.44 1.3
EyePointPharm EYPT 14.58 ...
SDCLEDGEAcqnUn SEDA.U 10.57 ...
BioNexusGene BGLC 0.89 -13.7 Fortrea FTRE 25.68 -12.2 Ontrak OTRK 1.76 -0.3 UGI UGI 23.26 -1.9
WSJ.com/listen
StdBioTools LAB 3.03 0.7
FedAgriMtg C AGM 180.16 ... BioXcelTherap BTAI 3.82 -41.5 ForwardAir FWRD 72.16 -5.7 OpGen OPGN 0.24 4.3 UGI Un UGIC 58.82 -2.9
SunCarTechWt SDAWW 0.81 0.4
FedAgriMtg A AGM.A 148.81 1.5 BlackSpadeA BSAQ 9.11 -29.5 FourLeafAcqnWt FORLW 0.05 -3.5 OrganiGram OGI 1.29 2.3 UcommuneIntl UK 0.28 -5.3
Telephone&Data TDS 18.30 3.6
FinnovateAcqnA FNVT 11.50 ... BluerockHomes BHM 15.27 -2.6 Frontier ULCC 7.15 -1.8 OsiskoDevelopment ODV 3.85 -1.2 uniQure QURE 8.25 1.2
Telesat TSAT 15.00 10.9
FosterLB FSTR 17.75 2.7 BoneBiologics BBLG 1.18 -2.3 Funko FNKO 5.68 -6.3 OutfrontMedia OUT 11.11 -3.4 UniversePharm UPC 1.47 -3.9
TrailblazerI Rt TBMCR 0.44 30.2
FourLeafAcqnA FORL 11.37 ... BostonOmaha BOC 17.77 -0.2 FusionFuelGreen HTOO 1.94 -6.2 PCTEL PCTI 3.78 -4.3 Upexi UPXI 1.84 -4.1
UBS Group UBS 23.63 1.0
GeospaceTech GEOS 9.35 6.4 BraemarHtls BHR 2.71 -6.2 G1Therapeutics GTHX 1.84 -2.0 ParamountPfdA PARAP 21.29 -2.2 Vizio VZIO 6.17 -2.0
US Cellular USM 40.35 1.6
GlobalIndemnity GBLI 36.67 4.6 BraemarHtlsPfd BHRpB 12.87 -2.3 GRI Bio GRI 2.59 3.2 ParaZeroTech PRZO 1.29 -6.3 Vaccinex VCNX 0.23 -8.5
US Lime&Min USLM 216.60 -0.3
GrafAcqnIV GFOR.U 10.81 3.3 BraemarHtlsPfdD BHRpD 21.01 -2.2 GaleraTherap GRTX 0.29 -6.9 PassageBio PASG 0.78 -1.1 Vaccitech VACC 2.00 -3.8
US Steel X 32.52 36.8
Graham GHM 17.76 5.4 BurningRockBio BNR 1.47 -0.6 GeneticTech GENE 0.69 -2.5 PetcoHealth WOOF 7.01 -0.4 ValmontInds VMI 242.63 -0.4
ViantTech DSP 6.39 3.2
GrowthforGoodRt GFGDR 0.25 31.6 BuzzFeed BZFD 0.47 -5.4 GoldenMinerals AUMN 0.90 -2.1 PetMedExpress PETS 12.41 -1.6 Velo3D VLD 1.46 -5.1
Walmart WMT 162.78 -0.7
HackettGroup HCKT 24.82 0.6 CISO Global CISO 0.14 -5.9 Grindr GRND 4.49 -0.6 PhioPharm PHIO 2.23 ... VenusConcept VERO 1.68 -7.4
WilliamPennBncp WMPN 12.70 -1.2
HammerheadEnergyWt HHRSW 1.94 7.2 CalAmp CAMP 0.72 -1.3 HanoverIns THG 107.68 0.7 Polished.com POL 0.16 -2.2 VicariousSurgicWt RBOT.WS 0.12 -5.7
ZynerbaPharm ZYNE 1.38 298.2
Hawkins HWKN 55.74 2.0 CaliberCos CWD 1.38 -6.5 HarborCustom HCDI 1.83 -9.0 PowerREIT PW 1.21 -3.0 Volcon VLCN 0.42 -7.9
HeritageInsurance HRTG 5.91 10.7
HitekGlobal HKIT 16.47 11.4
Lows CamberEnergy
CanoHealth
CEI
CANO
0.59
0.34
-10.2
8.1
HawaiianElec
HealthcareRealty HR
HE 18.70 -33.8 PowerFleet
17.09 -2.7 ProPhaseLabs
PWFL
PRPH
1.97 -1.0 W.P.Carey
5.76 -6.2 Warrantee
WPC
WRNT
65.25 -2.1
1.19 -9.1
HollyEnergy HEP 21.84 -0.9 ABVC Bio ABVC 1.82 -9.2 CanoHealthWt CANO.WS 0.04 -2.2 HillstreamBio HILS 0.27 -15.0 ProSomnus OSA 1.17 -7.0 WolverineWwide WWW 7.92 -4.5
ICF Intl ICFI 131.24 1.6 AeonBiopharma AEON 5.21 -22.1 Carecloud CCLD 1.90 -4.2 IGM Biosci IGMS 7.57 0.1 Pulmatrix PULM 2.40 -2.8 Xencor XNCR 22.65 -0.1
Icon ICLR 260.39 0.3 AES Un AESC 74.36 -1.9 CareMax CMAX 1.83 -2.0 I-Mab IMAB 2.42 0.4 REE Automotive REE 0.21 -17.4 YoshiharuGlbl YOSH 0.41 -12.3
Innodata INOD 14.45 6.7 AES AES 18.82 -2.3 CareMaxWt CMAXW 0.13 5.6 Illumina ILMN 174.35 -3.0 RVL Pharm RVLP 0.36 -14.9 Yunji YJ 0.75 -11.5
IntegratedRailA IRRX 11.81 10.0 AMC Ent AMC 3.18 -35.6 CassavaSciences SAVA 17.68 2.1 ImperialPetrol IMPP 1.46 -6.7 RaMedicalSys RMED 0.58 1.3 ZW DataAction CNET 1.18 -5.6 © 2023 Dow Jones & Company, Inc. All rights reserved. 2DJ8105
InteractiveBrkrs IBKR 93.33 1.6 ARBIOT ARBB 2.10 0.5 cbdMD YCBD 1.33 -7.6 InMedPharm INM 0.89 ... RebornCoffee REBN 0.61 -1.2 Zynex ZYXI 7.60 -0.4
 .

B10 | Tuesday, August 15, 2023 THE WALL STREET JOURNAL.

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 .

THE WALL STREET JOURNAL. * * * * * Tuesday, August 15, 2023 | B11

MARKETS

Tech Shares Advance, Lifting Indexes

Nvidia, other big one point reached as high as Index performance on Monday sive up-move in the market, Monday.
4.215%, near the 4.231% level 1.25%
where up until that point ev- In another China-related de-
technology stocks set on Oct. 24 that was its eryone had been focused on velopment, Tesla shares fell
start the week on a highest close since 2008. That the Fed,” said Matthew Tuttle, 1.9% due to concerns of an
proved to be a turning point, 1.00 chief executive of Tuttle Capi- electric-vehicle price war in
strong note bringing in buyers who drove tal Management, though that the country. Tesla on Monday
the yield back below 4.2% to Nasdaq Composite rally has more recently run its said it had cut prices in China
0.75
BY SAM GOLDFARB finish the day at 4.181%. course. by up to 4.5% for two versions
Yields on Treasurys, which The S&P 500’s information- of its Model Y car.
A rebound in tech shares rise when their prices fall, have 0.50 technology sector rose 1.9%, its In Europe, the Stoxx 600
lifted U.S. stock indexes, while climbed in recent weeks partly S&P 500
largest gain since June 27. Lag- advanced 0.15%.
yields on longer-term bonds due to a run of solid economic ging just behind Nvidia, chip Early Tuesday, Japan’s Nik-
0.25
stabilized after briefly threat- data that has led investors to maker Micron Technology kei 225 was up 0.8%, Hong
ening their highest levels in scale back bets on a recession rose 6.1%, while Meta Plat- Kong’s Hang Seng Index was
Dow Jones Industrial Average
more than a decade. that would lead the Federal Re- 0 forms gained 1.5%. down 0.5% and South Korea’s
Reversing a serve to start cutting interest U.S. investors continued to Kospi was down 0.8%. S&P 500
MONDAY’S recent trend of rates. largely shrug off problems in futures rose 0.1%.
MARKETS outperfor- Growing optimism about the –0.25 China, where consumer prices
mance by the economy has also helped buoy have slipped into deflationary
Dow Jones Industrial Average, stocks this year. Stocks can get Five-minute intervals territory amid a protracted AUCTION RESULTS
–0.50 Here are the results of Monday's Treasury auctions.
the tech-heavy Nasdaq Com- unsettled, however, when Trea- 10 a.m. 11 noon 1 p.m. 2 3 4
downturn in housing. All bids are awarded at a single price at the market-
posite led the way among the sury yields surpass key thresh- On Monday, Chinese stocks clearing yield. Rates are determined by the difference
between that price and the face value.
three major indexes, gaining olds, giving investors an alter- Source: FactSet fell broadly after Country Gar-
1.1%. The S&P 500 rose 0.6%, native to riskier assets. That is den Holdings, China’s top sur- 13-Week 26-Week
while the Dow ticked up 0.1%. especially true for the shares 13% this month through Friday. ate AI tools. viving privately run developer, Applications $222,406,951,900 $178,578,854,200
Tech shares got a particular of high-growth businesses, in- The chip-making giant earlier Optimism surrounding AI said over the weekend that Accepted bids $76,110,935,900 $68,389,374,200
" noncomp $2,709,254,100 $2,898,363,600
boost early in the trading ses- cluding many tech companies, this year became the poster has helped lift tech stocks trading in 11 of its yuan-de- " foreign noncomp $0 $0
sion when bond yields reversed which are valued in large part child for investor optimism broadly following a brutal 2022 nominated domestic bonds has Auction price (rate) 98.661542 97.325611
(5.295%) (5.290%)
course after climbing sharply for earnings that are expected about artificial-intelligence defined by sharply rising inter- been suspended and that it in- 5.456% 5.526%
before—and just after—the to arrive further in the future. technology when it revealed est rates and fears of a near- tends to discuss repayment Bids at clearing yield accepted 38.08% 11.73%
912797FK8 912797GN1
opening bell. Highlighting the day’s upbeat sales guidance based on term recession. plans with investors.
Both issues are dated Aug. 17, 2023. The 13-week bills
The yield on the benchmark strength in tech stocks, shares what it said was surging de- After Nvidia “announced Country Garden’s Hong mature on Nov. 16, 2023; the 26-week bills mature on
10-year U.S. Treasury note at of Nvidia rose 7.1% after falling mand for chips needed to cre- their guidance, you got a mas- Kong-listed shares fell 18% on Feb. 15, 2024.

UBS Will Pay $1.44 Billion to Settle 2018 Mortgage Case

BY MARGOT PATRICK cutions against banks and annual report that it took a prosecutors said UBS put a ers. Another described a pool lost more than $45 billion, in-
AND DEAN SEAL other financial institutions provision. higher priority on selling of loans as a “bag of s—.” cluding nearly $900 million on
over securities backed by sub- In 2018, after many of the bonds and making profits than UBS initially had argued the deals in the DOJ com-
UBS will pay $1.44 billion prime loans, the agency said. cases against other banks in accurately representing the that it also was a big loser on plaint.
to settle U.S. Justice Depart- Including the UBS case, the were settled, federal prosecu- quality of the underlying loans mortgage-backed bonds and Subprime mortgage securi-
ment allegations that it de- DOJ said it reached more than tors alleged UBS defrauded in- to investors. related assets, but failed in an ties helped to fuel a housing
frauded investors who bought $36 billion in all via settle- vestors in 40 bond deals in They cited emails between effort to get the lawsuit dis- boom and bust that sent the
bonds backed by mortgages ments with banks including 2006 and 2007. UBS employees as evidence missed. economy into its deepest eco-
before the financial crisis, Bank of America, Citigroup The DOJ alleged UBS knew the bank knew about deficien- The lender had to be bailed nomic downturn since the
marking the end to a decade- and HSBC. Credit Suisse, now about problems with the loans cies at lenders originating the out by the Swiss government Great Depression.
long string of prosecutions owned by UBS, paid $5.3 bil- backing the bonds and made loans. in 2008, largely because of In 2012, the DOJ put to-
against Wall Street’s biggest lion in 2016. false and misleading state- “You dance with the devil losses related to those mort- gether a task force of federal
players. UBS said it already fully ments to buyers of the securi- and sell your soul,” an em- gage bonds. and state agencies to prose-
The case is the last among provisioned the settlement ties. ployee wrote about doing UBS in 2018 said it invested cute banks and other involved
more than a dozen DOJ prose- amount. It had said in its 2022 In the 2018 complaint, business with one of the lend- $100 billion in the assets and parties.

Hard target,” Vicki Hollub, chief ex-

ecutive of Occidental Petro-
leum, told analysts during an
clean energy with a wave of
subsidies intended to curb
fossil-fuel use in the coming

Choices in earnings call.

Many Wall Street analysts
expect the recent rebound in
decades. Some experts warn
that the best land for oil-and-
gas extraction in the U.S. has

Oil Patch oil prices to continue, poten- already been drilled.

MERIDITH KOHUT FOR THE WALL STREET JOURNAL

tially giving an incentive for That has left many compa-

more drilling. The tightening nies trumpeting cost cuts and
market has contributed to new technologies that can
Continued from page B1 what Goldman Sachs recently more quickly drill longer
2023. described as a turning point wells through shale rock. The
Smaller exploration and in capital spending—fueled by message to investors: Oil-and-
production companies have a promise of higher returns gas producers can increas-
continued to spend a greater and a growing focus on en- ingly do more with less.
portion of their cash on new ergy security. “This is not just one-off ex-
projects. Other investors remain ecution,” Toby Rice, CEO of
“We never said that we wary about boosting produc- independent natural-gas pro-
didn’t want to grow. We just tion. The U.S. and European ducer EQT, told analysts last
Big oil companies like Exxon Mobil increased capital spending last quarter from a year ago. don’t want growth to be the Union are encouraging more month.

China’s ing and a drop in lending to

households.
The loan data were “a big
promised on wealth-manage-
ment products sold by Zhon-
grong International Trust,
ers. “Country Garden’s default
would mean a complete re-
shuffle and reorganization of
Share-price and index
performance, year to date
20%
a proxy for its unfinished
projects, totaled the equiva-
lent of $92.3 billion at the end

Problems letdown,” as it reflected a lack

of demand for borrowing, said
May Ling Wee, a Chinese eq-
which is part of Zhongzhi En-
terprise Group, a large do-
mestic Chinese conglomerate.
China’s real-estate industry,”
said Wang Shengzu, global
head of asset management at Hang Seng Index
of 2022, according to Country
Garden’s last financial report.
The property sector is at a
0
Hit Market uities portfolio manager at
Janus Henderson Investors.
“Animal spirits are very low
The missed payments are
making investors worry about
China’s sprawling trust indus-
Haitong International.
When Evergrande defaulted
on its international debt,
critical juncture, said Larry
Hu, chief China economist at
Macquarie Group. Plunging
in China, and the government try, which has been a source China’s economy was in much –20 sales are a result of weak con-
Continued from page B1 may need to do some pump- of funding for property devel- better shape. The country was sumer confidence, and it is
lems are likely to turn off po- priming,” said Wee. opers in the past. enjoying a boom in exports, going to be hard for non-
tential home buyers, further China’s economic troubles Country Garden acknowl- and global investors widely –40 state-owned developers to
delaying a housing recovery. are also weighing on its cur- edged having liquidity prob- believed that growth and do- survive in the absence of gov-
Data released last week rency. The offshore yuan de- lems last week and said it ex- mestic demand were being ernment help, he added. “Pol-
showed that China was slip- preciated past 7.28 to the dol- pects to post a big first-half suppressed by its strict –60 icy is the only game in town,”
ping into deflation. House- lar on Monday and is close to loss. A default by the 31-year- Covid-19 pandemic restric- he said, referring to expecta-
holds, which have racked up its weakest level this year. old developer could have a tions. China has since lifted Country Garden tions that Chinese authorities
high levels of savings, are also The country is scheduled to bigger impact on China’s those restrictions, but its will act to stop the market’s
–80
borrowing less. release a barrage of economic economy than the slow-mo- economy has sputtered. continued slide.
Chinese banks extended the data on Tuesday, including tion fallout from China Ever- Before the downturn, Jan. 2023 Aug. Shares of China’s home-
equivalent of $47.8 billion in monthly updates for real-es- grande Group’s debt crisis Country Garden’s annual con- Source: FactSet grown electric-vehicle manu-
new loans in July, down tate investment, factory out- that began in 2021, some tracted sales were close to facturers dropped Monday, af-
nearly half from the same put and retail sales. economists predict. that of Evergrande’s by total lot of unfinished property ter Elon Musk’s Tesla cut
month a year ago. It was also Problems are also cropping The company withstood the value, but the former’s larger projects, as it was common prices in the country for two
the lowest monthly total in up in other financial-asset earlier slump that took down presence in China’s less pros- for Chinese developers to sell versions of its top-end Model
more than a decade, accord- classes in China. Three pub- Evergrande and Sunac China, perous cities meant it sold partially built homes along Y car. Domestic rival BYD de-
ing to data provider Wind. licly listed companies said in which together with Country more homes at cheaper with commitments to com- clined 6.1% in Hong Kong,
The July figures reflected recent days that they didn’t Garden had been China’s three prices. plete them in a few years. The while NIO, XPeng and Li Auto
slightly higher corporate lend- receive payments they were biggest privately run develop- Country Garden also has a company’s contract liabilities, fell 2% to 3%.

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
TtlRtnBdI 9.28 -0.02 0.3 CpInc 9.36 +0.01 7.1 CapApInst 86.24 +1.21 37.4 LrgCpStr 16.48 +0.05 13.0 LrgCpGrIdxInst 47.96 +0.53 29.4 TotIntBdIdxAdm 19.32 -0.02 3.0 IdxIntl 17.93 -0.09 9.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity GroCo 30.36 +0.4834.9 Harding Loevner Parnassus Fds VANGUARD ADMIRAL TotIntlAdmIdx r 29.99 -0.15 9.0 MdCpGrAdml 88.02 +0.49 14.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem156.01 +0.90 18.1 InvGrBd 9.77 -0.01 1.6 IntlEq 25.36 -0.11 8.3 ParnEqFd 54.87 +0.29 17.2 500Adml 414.81 +2.39 18.1 TotStAdml 108.50 +0.55 17.5 MdCpVlAdml 72.65 -0.24 4.8
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 21.43 +0.20 27.4 LowP 49.13 -0.06 6.4 Invesco Funds A PGIM Funds Cl Z BalAdml 43.23 +0.11 10.6 TxMCapAdml232.08 +1.27 18.1 SmValAdml 73.15 -0.22 8.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 71.95 +0.08 14.3 Magin 11.45 +0.1219.9 EqIncA 10.15 ... 4.4 TotalReturnBond 11.64 -0.01 NA CAITAdml 11.18 ... 2.0 TxMIn r 14.74 -0.07 10.4 TotBd2 9.26 -0.01 0.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 14.81 +0.08 17.6 NASDAQ 174.67 +1.82 32.4 Invesco Funds Y PIMCO Fds Instl CapOpAdml r172.16 +1.08 17.8 USGroAdml 132.33 +1.51 30.6 TotIntlInstIdx r119.91 -0.60 9.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; OTC 16.83 +0.2031.2 DevMktY 38.63 -0.15 10.5 AllAsset 10.80 -0.06 NA DivAppIdxAdm 44.42 +0.12 8.8 ValAdml TotItlInstPlId r119.94 -0.60 9.0
GrowthCompanyK6 20.53 +0.33 33.4 56.70 -0.04 4.9
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. JHF III DispVal
IntlIdxInstPrem 45.78 -0.23 11.1 Puritn 22.92 +0.1612.8 TotRt 8.36 -0.01 1.2 EMAdmr 33.83 -0.19 5.0 WdsrllAdml 74.20 +0.09 13.1 TotSt 108.47 +0.54 17.4
SAIUSQtyIdx 18.30 +0.15 19.5 DispValMCI 26.61 -0.02 9.0 PIMCO Funds A EqIncAdml 86.48 -0.20 3.6 WellsIAdml 59.42 -0.08 VANGUARD INSTL FDS
LgCpGwId InstPre 26.91 +0.30 29.5 2.0
Monday, August 14, 2023 John Hancock IncomeFd 10.35 -0.03 3.7 ExplrAdml 97.36 +0.31 12.1 WelltnAdml 70.78 +0.14 DevMktsIndInst 14.76 -0.07 10.5
MidCpInxInstPrem 28.41 +0.02 10.0 SrsEmrgMkt 16.94 -0.14 8.5 7.9
Net YTD Net YTD Net YTD BondR6 13.18 -0.02 1.4 PIMCO Funds I2 ExtndAdml 114.53 +0.14 14.3 WndsrAdml 74.08 -0.15 DevMktsInxInst 23.07 -0.11 10.5
SAIUSLgCpIndxFd 19.85 +0.12 18.1 SrsGlobal 13.48 -0.08 9.1 9.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret JPMorgan I Class
SeriesBondFd 8.77 -0.01 0.7 SrsGroCoRetail 18.35 +0.2933.3 Income 10.35 -0.03 3.9 GNMAAdml 9.02 -0.01 0.2 VANGUARD FDS ExtndInst 114.52 +0.14 14.3
AB Funds SmCpA 62.67 -0.05 11.7 EmgMktVa 28.64 -0.22 9.4 CoreBond 10.00 -0.01 1.1 GrwthAdml 145.75 +1.63 33.3 GrwthInst 145.76 +1.63 33.3
SeriesOverseas 12.32 -0.04 13.4 SrsIntlGrw 16.13 -0.01 13.1 PIMCO Funds Instl DivdGro 36.11 +0.03 3.3
EqInc 22.63 -0.02 1.4
MuniIncmShares 10.84 -0.01 2.8 TxExA 12.12 ... 2.3 EmMktCorEq 21.62 -0.14 8.6 SerLTTreBdIdx 5.63 -0.01 -2.1 SrsIntlVal 11.11 -0.0610.8 IncomeFd 10.35 -0.03 4.0 HlthCareAdml r 90.21 +0.34 3.8
IntlVal 39.81 -0.21 11.4
InPrSeIn 9.37 -0.02 0.7
LgCpGwth 55.24 +0.69 23.5 HYCorAdml r 5.21 -0.01 4.9 InstIdx 375.29 +2.16 18.1
AB Funds - ADV WshA 55.20 +0.20 9.7 IntlCoreEq 14.65 -0.07 10.3 SmCpIdxInstPrem 23.82 -0.06 10.2 TotalBond 9.27 -0.02 1.9 Price Funds LifeCon 20.08 ... NA
JPMorgan R Class
LgCpGrAdv 86.11 +0.83 23.2 Artisan Funds IntSmCo 18.58 -0.05 8.0
TMktIdxInstPrem124.33 +0.63 17.5 Fidelity SAI BlChip 140.72 +1.80 35.9 InfProAd 23.01 -0.04 0.7
LifeGro 39.76 +0.03 NA
InstPlus 375.29 +2.17 18.1
CoreBond 10.02 -0.01 1.2
American Century Inv IntlVal Inst 44.14 ... 14.4 IntSmVa 20.47 -0.07 10.5
TotalMarketIndex 15.70 +0.08 17.6 TotalBd 8.77 -0.02 1.9 DivGro 68.85 +0.06 8.0 IntlGrAdml 101.82 -0.31 12.6
LifeMod 29.58 +0.01 NA
InstTStPlus 78.00 +0.39 17.5
LgCo 30.64 +0.17 18.0 CorePlusBd 7.05 -0.01 1.3 ITBondAdml 9.99 -0.02 0.9 MidCpInst 60.45 +0.06 9.2
Ultra 72.16 +0.81 30.8 Baird Funds TtlIntIdxInstPr 12.76 -0.08 9.0 U.S.TreBdIdx 8.56 -0.02 0.2 Lord Abbett I Growth 82.44 +1.09 33.8 PrmcpCor 31.56 +0.16 16.1
American Funds Cl A AggBdInst 9.52 -0.01 1.0 US CoreEq1 34.12 +0.13 15.4
USBdIdxInstPrem 10.07 -0.01 0.7 Fidelity Selects ShtDurInc p 3.81 ... 2.3 HelSci 90.04 +0.46 0.2 ITIGradeAdml 8.30 -0.01 2.2
STAR 26.44 +0.03 NA
MidCpIstPl 298.11 +0.30 9.2
US CoreEq2 30.87 +0.10 14.6 LarCapAd 103.46 +0.60 18.5 RealEstaInstl 18.16 -0.12 2.5
AmcpA 36.16 +0.23 20.5 CorBdInst 9.82 -0.01 1.5 Fidelity Freedom Semiconductors r 23.78 +0.82 63.1 Metropolitan West LgCapGow I 60.88 +0.75 32.6 TgtRe2020 27.05 ... NA
BlackRock Funds US Small 42.28 -0.04 9.9 LTGradeAdml 7.64 ... 0.8 SmCapInst 96.79 +0.03 11.0
AMutlA 50.23 +0.02 4.6 FF2020 13.63 -0.01 7.0 Softwr 25.44 +0.25 29.5 TotRetBdI 8.88 -0.02 NA MidCap 100.65 +0.43 13.5
MidCpAdml 273.63 +0.27 9.2 TgtRe2025 18.05 ... NA SmCapIstPl 279.38 +0.09 11.0
BalA 30.65 +0.04 7.3 HiYldBd Inst 6.79 -0.01 6.6 US SmCpVal 42.61 -0.08 9.4 FF2025 7.8 Tech 25.68 +0.49 44.0 TRBdPlan 8.33 -0.02 NA NHoriz 53.76 +0.41 16.0
US TgdVal 30.12 -0.06 10.8 12.63 -0.01 MuHYAdml 10.38 ... 3.6 TgtRe2030 34.30 +0.01 NA STIGradeInst 9.97 -0.01 2.1
BondA NA ... NA BlackRock Funds III FF2030 First Eagle Funds MFS Funds R2025 15.88 +0.02 8.6
USLgVa 43.84 +0.02 6.8 15.93 ... 8.9 MuIntAdml 13.40 ... 2.0 TgtRe2035 21.34 +0.01 NA STIPSIxins 23.69 -0.03 1.9
CapIBA 64.17 -0.11 3.3 iShS&P500IdxK527.12 +3.05 18.1 FF2035 GlbA 63.23 -0.12 9.1 IIE 31.70 -0.09 12.7 R2030 24.03 +0.02 9.9
Dodge & Cox 13.90 ... 10.8 MuLTAdml 10.64 ... 2.8 TgtRe2040 37.82 +0.02 NA TotBdInst 9.37 -0.01 0.7
CapWGrA 57.55 +0.05 12.7 BlackRock Funds Inst FF2040 Franklin A1 MFS Funds Class I R2040 27.51 +0.05 12.7
Balanced 99.16 -0.35 8.3 9.98 ... 12.7 MuLtdAdml 10.68 ... 1.5 TgtRe2045 25.61 +0.02 NA TotBdInst2 9.26 -0.01 0.7
EupacA 54.42 -0.21 11.3 EqtyDivd 19.03 -0.05 6.9
GblStock 14.52 -0.04 15.1 Freedom2030 K 15.93 ... 9.0 IncomeA1 2.27 ... 3.8 GrowthI 165.22 +1.96 25.0 Putnam Funds Class A
MuShtAdml 15.60 ... 1.6 TgtRe2050 42.63 +0.04 NA TotBdInstPl 9.37 -0.01 0.7
FdInvA 68.88 +0.28 16.1 StratIncOpptyIns 9.15 -0.01 2.3
Income 12.21 -0.01 2.0 Idx2030InsPre 18.23 ... 8.7 FrankTemp/Frank Adv ValueI 48.87 +0.02 3.1 PutLargCap p 30.60 -0.05 9.1
PrmcpAdml r157.21 +1.21 20.1 TgtRe2060 43.79 +0.04 NA TotIntBdIdxInst 28.99 -0.03 3.0
GwthA 61.80 +0.39 24.9 TotRet 9.75 -0.02 NA
Idx2035InsPre 20.65 +0.01 IncomeAdv 2.25 ... 3.9 Natixis Funds Schwab Funds
Intl Stk 48.34 -0.25 12.1 10.4 RealEstatAdml117.35 -0.78 2.6 TgtRet2055 47.55 +0.04 NA TotStInst 108.52 +0.55 17.5
HI TrA 9.18 ... 5.3 Calamos Funds Idx2040InsPre 21.26 +0.01 FrankTemp/Franklin A LSGrowthY 22.78 +0.25 39.9 1000 Inv r NA ... NA
Stock 235.79 -0.58 11.1 12.2 SmCapAdml 96.79 +0.03 11.0 TgtRetInc 12.76 ... NA ValueInst 56.70 -0.04 4.9
ICAA 48.21 +0.27 17.7 MktNeutI 14.61 +0.02 6.6 DoubleLine Funds
Idx2045InsPre 22.16 +0.01 12.6 Growth A 121.35 +1.01 18.8 Neuberger Berman Fds S&P Sel NA ... NA
SmGthAdml 80.54 +0.37 14.6 WellsI 24.53 -0.03 1.9 WCM Focus Funds
IncoA 22.84 -0.04 2.5 Columbia Class I RisDv A 88.68 +0.29 7.9 LCVal Inst 42.81 -0.13 -0.5 TSM Sel r NA ... NA
TotRetBdI 8.63 ... 0.8 Fidelity Invest STBondAdml 9.87 -0.01 1.4 Welltn 40.99 +0.08 7.8 WCMFocIntlGrwIns 22.23 +0.03 13.1
Northern Funds
N PerA 55.46 +0.09 17.2 DivIncom I 30.38 +0.04 6.1 Edgewood Growth Instituti
Balanc 25.96 +0.09 14.2 Guggenheim Funds Tru
TIAA/CREF Funds
STIGradeAdml 9.97 -0.01 2.1 WndsrII 41.83 +0.05 13.1 Western Asset
StkIdx NA ... NA EqIdxInst
NEcoA 51.75 +0.32 19.0 Dimensional Fds EdgewoodGrInst 39.82 +0.44 27.2 BluCh 159.01 +2.56 41.4 TotRtnBdFdClInst 23.03 -0.03 1.9 31.88 +0.16 17.4 STIPSIxAdm 23.67 -0.03 1.9 VANGUARD INDEX FDS CoreBondI NA ... NA
Old Westbury Fds
NwWrldA 74.07 -0.22 11.5 5GlbFxdInc 10.11 ... 2.8 Federated Hermes Int
Contra 15.37 +0.14 29.0 Harbor Funds
IntlEqIdxInst 21.23 -0.09 11.2 TotBdAdml 9.37 -0.01 0.7 ExtndIstPl 282.62 +0.36 14.3 CorePlusBdI NA ... NA

B12 | Tuesday, August 15, 2023
Philips Can Recover From Its Health Woes
European medical-technology supplier is starting to emerge from a torrid period, marked by the recall of sleep-apnea machines
When venerable industrial com-
panies fall on hard times, things
can look bleak: They are often
over-indebted, overstaffed and
overly complex. But the stocks
have a way of bouncing back be-
cause the high-tech markets they
serve aren’t easy to disrupt.
This story, familiar to American
investors from GE, has a European
parallel at Royal Philips. The
once-sprawling Dutch conglomer-
ate is now a medical-devices com-
pany that competes with GE
Healthcare and Siemens Health-
ineers. Trading about 60% below
their peak, Philips shares are the
cheapest in the sector after a tor-
rid couple of years marked by the
mass recall of machines designed
to treat sleep apnea. Now the
stock looks ripe for recovery.
The problems started in April
2021, when Philips first noted that
users of some of its devices might
face health risks from inhaling parti-
cles of sound-dampening foam. The
crisis snowballed as the company
initiated a recall and the Food and
Drug Administration and Justice De-
partment got involved. The com-
Wildfires and Thunderstorms Are
Throwing Insurance Market Into Turbulence Friends Could
Hawaii’s deadly wildfires are a
tragic illustration of a phenomenon
roiling the insurance industry: in-
creasing losses from what were
historically considered “secondary”
catastrophes.
So-called secondary perils are
more frequent than primary perils
such as hurricanes or earthquakes,
and generally less severe individu-
ally. But events such as wildfires,
major thunderstorms, river floods
and landslides have been racking
up increasingly sizable insurance
losses in recent years.
A report by Swiss Re last week
RICK BOWMER/ASSOCIATED PRESS
noted that thunderstorms in the
U.S.—or what are known as severe
convective storms, marked by
thunder and lightning, heavy rain
and hail, strong winds and sharp
temperature changes—have ac-
counted for nearly 70% of global in-
sured natural catastrophe losses in
the first six months of this year.
Wildfires, too, have been signifi-
cant insurance events in recent
years. Since 2017, there have been
two roughly $10 billion-insured-
loss California wildfires, according
to the Insurance Information Insti-
tute.
Climate change that increases
the frequency or severity of events
is only one part of the equation.
There are also the effects of infla-
tion, driving up property values
and the cost of repair or replace-
ment, as well as the “social infla-
tion” of protracted litigation. Er-
dem Karaca, head of catastrophe
perils for the Americas at Swiss Re,
says that losses from secondary
perils have “been trending higher
in recent years due to growing
population and economic values” in
regions exposed to them.
These secondary perils also have
played a key role in slowing the
flow of capital into the reinsurance
market that provides a backstop to
insurers that write policies for
China’s Shadow Banks Could Be Another Property Casualty
China’s real-estate downturn is
entering a more acute phase again.
Problems are also popping up in
another perennial trouble spot: the
nation’s enormous and opaque
“shadow banking” sector.
The last thing the nation needs
now is tighter financial conditions.
But if more shadow banking invest-
ment products start going belly up,
that might happen anyway.
Three companies haven’t re-
ceived payments from investment
products managed by Zhongrong
International Trust, according to
exchange filings in recent days.
Over the weekend, Shanghai-listed
Nacity Property Service disclosed
that it hasn’t received principal and
interest due from a 30 million yuan
($4.2 million) Zhongrong product
which came due last week. Materi-
als company KBC Corp. says it is
missing 60 million yuan due from
two maturing Zhongrong products.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
pany ended up needing to replace
some 5.5 million devices, including
several hundred thousand ventila-
tors—a huge task for a company
that in a normal year makes about
900,000 sleep-apnea machines.
The situation is far from re-
solved, but there are signs of im-
provement. The company said in
last month’s quarterly report that
it manufactured 99% of the re-
placement devices and repair kits
required and supplied the majority
of those produced to patients and
care providers.
The next step is likely to be a
so-called consent decree between
Philips and the Justice Depart-
ment, which will determine the
company’s ability to operate its
sleep and respiratory-care busi-
ness in the all-important U.S. mar-
ket in the future. This unit is
semi-dormant, contributing just
7% of revenues last year, down
from 16% in 2020.
Some investors were likely dis-
appointed when the company had
no progress on the decree to re-
port in its latest quarterly report.
The shares fell about 7% on the
New CEO’s
Wildfires and other natural disasters have been racking up increasingly sizable insurance losses in recent years.
homes and autos. This, in turn, has
helped drive a shift in pricing and
coverage that has flowed through
all the way to consumer prices.
During the era of superlow in-
terest rates, investors chased yield
in the form of things such as catas-
trophe bonds and other insurance-
linked securities, or ILS, that make
up what is known as alternative
capital in the industry. That supply
of money helped keep increases in
the cost of insurance relatively
muted, even as catastrophe losses
started ramping up sharply in 2017.
But secondary perils may not be
the kind of catastrophes investors
thought they were underwriting
when throwing money into this
market. Such events have been
“particularly challenging for ILS
managers who have historically
sold investors on being exposed to
headline risk—the results have not
borne that thesis out,” brokerage
Arthur J. Gallagher & Co.’s Gal-
And tool manufacturer Xianheng
International hasn’t received pay-
ments due from one Zhongrong
product and two other products
from a separate trust firm.
Trust companies, a venerable
part of China’s shadow banking sys-
tem of nonbank lenders, make in-
vestments on behalf of their clients.
In addition to managing assets en-
trusted to them, many also sell
high-yield investment products di-
rectly to companies and individuals.
They then invest the proceeds in a
variety of assets, or lend directly to
companies or property projects—
often ones that can’t secure regular
bank or bond market financing.
The country’s trust industry had
around $2.9 trillion of assets as of
March, according to the China
Trustee Association. About 72% are
held by these financing trusts
which peddle investment products
to wealthy investors and compa-
ON
THE
Forward P/E ratios
35 times
Siemens Healthineers
GE Healthcare Technologies
Royal Philips
30
25
20
15
10
2019 ’20
Source: FactSet
day of the results last month. But
that reaction highlights the oppor-
tunity for those prepared to bet
early on a benign outcome. A set-
tlement is expected in the coming
months.
Among the investors that are
happy to shoulder the risk is Exor,
lagher Re wrote in January.
Accordingly, there has been a re-
duction in capital from these alter-
native sources. Even through the
first half of 2023, with yields on
ILS relatively higher than their
benchmarks than in the past,
“there were still no obvious signs
of fresh reinsurance capital enter-
ing the market,” Gallagher Re
wrote in July.
Less alternative capital in the
market has allowed reinsurers to
push through significant rate in-
creases. That has been a boon to
shares of large reinsurance provid-
ers, with U.S.-listed Everest Group,
RenaissanceRe and Arch Capital
Group all up by at least 34% over
the past 12 months, versus a gain
of less than 1% for the S&P 500 fi-
nancial sector overall.
On the flip side, primary insur-
ers that buy reinsurance coverage
have felt the effects of higher costs.
State Farm cited rising reinsurance
China’s outstanding trust funds
invested in real estate, quarterly
3.0 trillion yuan
2.5
2.0
1.5
1.0
0.5
0
2010 ’15 ’20
Note: 1 trillion yuan = $138.2 billion
Source: China Trustee Association via Wind
nies.
Unsurprisingly, the worsening
crisis in China’s housing market has
already dealt a blow to the trust in-
the investment vehicle of Italy’s
Agnelli automotive dynasty and a
kind of European Berkshire Hatha-
way in its long-term thinking. On
Monday, it came out in support of
Philips’s strategy and said it had
taken a 15% stake, becoming the
company’s largest shareholder.
Philips stock jumped about 5% in
early Amsterdam trading.
The shares are cheap in two
ways: They change hands at a low
multiple of profit forecasts rela-
tive to peers and those forecasts
are depressed due to the recall cri-
sis. Earnings per share this year
are expected to be 37% lower than
in 2020, based on FactSet consen-
sus.
The risk for investors is that
’23
the legal processes drag on, cloud-
ing the company’s outlook. Even
when a deal with U.S. regulators
emerges, the question of Philips’s
exposure to class-action lawsuits
will remain. It set aside €575 mil-
lion, equivalent to $629 million, to
cover litigation in its first-quarter
report this year, and didn’t update
this number last month.
Still, the path forward seems
costs as a reason it stopped the
sale of new home-insurance poli-
cies in California. Higher catastro-
phe losses hit Progressive, Allstate
and others in the second quarter.
Not only have reinsurers in some
cases raised the cost of coverage,
but they have also moved up the
starting point for when they will
begin to absorb losses. Thus, the
amount of losses that primary in-
surers have to take before reinsur-
ance kicks in is in many cases get-
ting larger. Reinsurers are now
typically seeking to start at the
level of catastrophe losses that oc-
cur around once every 10 years,
rather than the more typical start-
ing point of one-in-three-year or
-five-year events, Gallagher Re said
in its January report.
Clearly, the insurance industry
as a whole needs to keep adjusting
to worse events, more often. That
won’t happen without cost.
—Telis Demos
dustry. In mid-2019, around 15% of
financing trust assets were invested
in real estate. But defaults on trust
investment products—especially
those linked to real estate—picked
up over the past couple of years,
and many financing trusts scaled
back their investments in property.
Such outstanding investment in
real estate has dropped 62% since
2019 and accounted for only 7.4% of
total financing trust assets as of
March. But the absolute outstand-
ing amount—around $156 billion—
is still rather sizable.
And although the size of the
missed payments announced by the
three companies isn’t that big in
the grand scheme of China’s finan-
cial system, it is still concerning
since Zhongrong has some impor-
tant backers. Zhongrong’s top
shareholders are a state-owned en-
terprise, Jingwei Textile Machin-
ery, and private asset-management
.
THE WALL STREET JOURNAL.
likely to be one of greater legal
clarity, which the market should
reward. And operationally the
business already has found a bet-
ter place. Comparable sales
growth was 9% in the second
quarter, buoyed by improving sup-
ply-chain snarls. The company
also swung from cash outflows to
inflows, which is important given
its €8.2 billion debt load.
It helps that Philips is no longer
a conglomerate but instead a fo-
cused company serving a funda-
mentally attractive industry. While
new Chief Executive Roy Jakobs
announced job cuts of 10,000 since
he took over last October, out of a
previous total of 79,000 staff, he
hasn’t had to perform transforma-
tive corporate surgery in the way
Larry Culp has at GE.
Traditional fund managers of-
ten avoid betting on legal situa-
tions because they can’t be ele-
gantly modeled or timed, but that
is also an opportunity for arm-
chair stock pickers to pick up
what should be a quality stock on
the cheap.
—Stephen Wilmot
Help PayPal
Maybe PayPal’s new chief exec-
utive can figure out a way to
tackle its old challenges.
After surging during the pan-
demic, PayPal shares struggled to
find their footing in the aftermath.
Not only did revenue and volume
growth slow, but a shift in Pay-
Pal’s growth mix toward more
back-end processing of payments
stifled key profit-margin metrics.
Its shares are down some 80%
from their high back in mid-2021.
A pending leadership transition
weighed on the stock. Longtime
CEO Dan Schulman announced in
February that he planned to retire
at the end of the year. On Monday,
PayPal announced a successor: Alex
Chriss from TurboTax maker Intuit.
He has been executive vice presi-
dent and general manager of Intuit’s
Small Business and Self-Employed
Group, which put him in charge of
more than half of Intuit’s revenue.
Chriss won’t have to wait until
year-end to take over. His appoint-
ment as president and CEO will be
effective on Sept. 27, PayPal said.
The stock rose 2.8% on Monday.
Something that stands out about
the appointment is Chriss’s small-
business experience. A vital initia-
tive at PayPal is its emerging plat-
form providing back-end payments
services for small businesses. That
has been a huge source of growth at
Stripe and Shopify, and it can help
PayPal stave off the margin com-
pression driven by a tilt away from
growth in its payment button and
toward large-enterprise processing.
“Throughout my career, I have
championed small and medium
businesses and entrepreneurs,”
Chriss said in PayPal’s announce-
ment. Introducing his new com-
pany to his old clients could be
one key for him to get off to a fast
start. —Telis Demos
company Zhongzhi Enterprise,
which is one of the largest in the
industry.
That raises the specter of further
trouble in the industry, especially
since China’s housing sector seems
poised to sink even further.
Country Garden, one of the larg-
est surviving private property de-
velopers, missed coupons on two of
its bonds last week. The developer
had been considered one of the
sturdier private players remaining
in the industry. And the new trou-
ble in the trust sector comes with
an additional ominous backdrop:
Chinese banks in July extended the
smallest amount of net new loans
since 2009.
Investors would do well to keep
a close eye on China’s trusts—espe-
cially if, as seems likely, the nation’s
property sector takes another turn
for the worse in the late summer.
—Jacky Wong