* * * * * WEDNESDAY, FEBRUARY 28, 2024 ~ VOL. CCLXXXIII NO. 48
00
DJIA 38972.41 g 96.82 0.25%
What’s
News
Business & Finance
 The Justice Department
launched an antitrust inves-
tigation into UnitedHealth
Group, owner of the nation’s
biggest health insurer, a
leading manager of drug
benefits and a sprawling
network of doctor groups. A1
 Cox Enterprises is buy-
ing OpenGov in a deal that
values the provider of soft-
ware for cities and state
agencies at $1.8 billion. B1
 U.S. stocks ended mixed,
with the S&P 500 rising
0.2% and the Nasdaq gaining
0.4% to approach a record
reached in 2021. The Dow in-
dustrials declined 0.2%. B13
 Google is experiencing a
backlash against its ad-
vanced-AI-powered Gemini
that has broadened over the
chatbot’s responses to provoc-
ative either-or questions. B1
 Refire, a Chinese maker of
hydrogen fuel cells, is preparing
for a Hong Kong IPO as early
as this year, people familiar
with the matter said, reviving a
listing plan after a canceled at-
tempt in mainland China. B12
 Zoom shares rose 8% after
the videoconferencing pro-
vider forecast higher-than-ex-
pected earnings this year. B3
 J.M. Smucker said com-
parable sales in its most-re-
cent quarter grew by 6%,
led by growth in the com-
pany’s pet food business. B3
 Lowe’s reported a 17%
drop in quarterly sales, but
said earnings rose as its
margins improved and over-
head costs came down. B3
 Sony said it would lay off
900 employees from its Play-
Station business, adding to
job cuts across the videogame
industry this year and last. B4
World-Wide
 Democratic and Republi-
can congressional leaders
struck an optimistic tone that
they would avert a govern-
ment shutdown after a White
House meeting in which law-
makers also stepped up pres-
sure on the House speaker to
allow a long-stalled vote on
Ukraine aid to go forward. A1
 Alabama Republicans
scrambling to resolve the legal-
ity of in vitro fertilization plan to
double-barrel bills through the
Senate and House this week af-
ter a court ruling upended fertil-
ity treatments in the state. A3
 Biden said Israel agreed to
halt the war in Gaza during the
Islamic holy month of Rama-
dan if Hamas releases hos-
tages, adding pressure to nego-
tiators who are trying to broker
a cease-fire this week. A7
 The killing of a Georgia
student, allegedly by a Vene-
zuelan migrant who officials
say entered the country ille-
gally, has fueled efforts to
tighten laws in the state. A3
 French President Macron
left open the possibility of Eu-
rope’s sending troops to war-
ring Ukraine, departing from
Western allies’ customary reti-
cence on the subject. A6
 A Russian court sen-
tenced Oleg Orlov, one of the
country’s most-prominent
human-rights activists, to 30
months in prison for criticiz-
ing the war in Ukraine. A6
 China revised its state-se-
crets law to encompass sen-
sitive information that didn’t
previously fall under its
scope, the first amendments
to the law since 2010. A7
 Died: Zong Qinghou, 78,
soft-drinks magnate. B2
CONTENTS
Arts in Review..... A11
Banking & Finance B12
Business News.. B3,6
Crossword................ A12
Heard on Street.. B14
Markets...................... B13
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 16035.30 À 0.4% STOXX 600 496.33 À 0.2%
Biden Wins Michigan Amid Protest on Gaza Policy
NIC ANTAYA/BLOOMBERG NEWS
DECISIONS: President Biden prevailed in Tuesday’s Democratic primary, although some voters in heavily Arab-American
areas like Dearborn, above, rebelled over his support of Israel. In the GOP race, Donald Trump easily defeated Nikki Haley. A4
UnitedHealth Faces New Probe
By DOJ Over Antitrust Issues
BY ANNA WILDE MATHEWS
AND DAVE MICHAELS
The Justice Department
launched an antitrust investi-
gation into UnitedHealth
Group, owner of the nation’s
biggest health insurer, a lead-
ing manager of drug benefits
and a sprawling network of
doctor groups.
The investigators have in
recent weeks been interview-
ing healthcare-industry repre-
sentatives in sectors where
UnitedHealth competes, in-
cluding doctor groups, accord-
Hotel Staff
Shortages
Set Stage
For Higher
Travel Costs
BY WILL FEUER
Hotel owners have been on
an epic hiring spree. Yet even
after clawing back hundreds
of thousands of jobs during
the past two years, the indus-
try is still light on staff and
often struggling to adapt.
Daily housekeeping for all
guests, room service and
other amenities that were re-
duced or eliminated during
the pandemic are still lacking
at many properties.
At the same time, hotels
across the U.S. have held their
daily room rates near record
highs this winter, in part to
offset the increase in wages to
lure workers back. Hotels will
collectively pay $123 billion in
compensation this year, up
more than 20% from 2019, ac-
cording to the American Hotel
& Lodging Association.
Some hotel owners now
fret that a guest backlash
could be building as smaller
staffs can compromise the
level of service and higher
wages threaten to push the
cost of travel even higher.
“If we’re expecting empa-
thy from consumers, we’re not
going to get it,” said Bob Ha-
beeb, chief executive officer of
Maverick Hotels & Restau-
Opinion................ A13-15 rants, which owns about two
Personal Journal A9-10
Property Report.... B6
dozen hotels, mostly in Chi-
Sports.......................... A12 cago and the Midwest.
Technology................ B4 Habeeb expects he will
U.S. News.............. A2-5 need to increase wages across
World News......... A6-7
his hotel portfolio by 10% this
year—a cost that will be
> passed in part on to guests.
“Consumers are going to have
to pay more,” he said.
The leisure-and-hospitality
category has bolstered U.S.
Please turn to page A2
WSJ.com HHHH $5.
10-YR. TREAS. g 4/32 , yield 4.314% OIL $78.87 À $1.29 GOLD $2,034.00 À $5.50 EURO $1.0846 YEN 150.51
Shutdown
Worries
Recede,
Speaker
Feels Heat
Top lawmakers
sound optimistic on
a deal after meeting
at the White House
WA S H I N G T O N — D e m o -
cratic and Republican congres-
sional leaders struck an opti-
mistic tone that they would
avert a government shutdown
this weekend after a White
By Lindsay Wise,
Siobhan Hughes
and Annie Linskey
House meeting in which law-
makers also stepped up pres-
sure on House Speaker Mike
Johnson to allow a long-stalled
vote on Ukraine aid to go for-
ward.
Johnson (R., La.) was ex-
pected to put forward legisla-
tion in the coming days that
would keep the government
fully open, but the details re-
mained uncertain. Congress
has until Saturday at 12:01 a.m.
to fund the departments of
Veterans Affairs, Transporta-
tion, Agriculture, Energy and
several other agencies that
have been operating on tempo-
ing to people with knowledge Health Group and the Justice enforcement of laws that re- rary extensions since last Sep-
of the meetings. Department declined to com- strain monopolies in the U.S. tember. The funding for the
During their interviews, in- ment. UnitedHealth executives The department has had rest of the federal government
vestigators have asked about have said Optum and United- mixed results on merger en- expires after March 8.
issues including certain rela- Healthcare don’t favor one an- forcement, but its challenges The main holdup has been
tionships between the com- other, and routinely work to monopolies are continuing. in the Republican-led House,
pany’s UnitedHealthcare in- with competitors. The administration has where Johnson is managing a
surance unit and its Optum The probe comes as the Bi- signaled the healthcare indus- rowdy GOP conference that
health-services-arm, which den administration’s antitrust try is a priority in its anti- has taken a hard line on
owns physician groups, among enforcers stepped up investi- trust efforts. spending and is increasingly
other assets. gations of some of the coun- The UnitedHealth investiga- skeptical of foreign aid, even
Investigators have asked try’s biggest companies, such tion is taking aim at a health- as the Democratic-controlled
about possible impacts of the as Apple, Alphabet’s Google care giant that has been a pre- Senate has been ready for
company’s doctor-group ac- unit, Amazon and Live Nation. vious antitrust target, though months to move forward.
quisitions on rivals and con- The Justice Department’s top the company was able to beat Emerging from the meeting,
sumers, the people said. antitrust official, Jonathan back a Justice Department Johnson said he was “very op-
Representatives for United- Kanter, has pushed to revive Please turn to page A4 Please turn to page A5
INSIDE
With World Focused Elsewhere,
North Korea’s Threat Grew
Kim Jong Un expanded nuclear arsenal and built Russia ties
BY TIMOTHY W. MARTIN AND DASL YOON Kim has developed new weapons in the past
five years designed for regional warfare and
SEOUL—In March 2022, North Korean seen Russian soldiers recently use some of
leader Kim Jong Un walked out of a massive them in fighting with Ukraine. In January, he
hangar wearing a bomber jacket and dark sun- abandoned hopes of reunification with South
glasses. He pointed to the sky and launched his Korea and embraced more combative goals. He
biggest missile yet. has given up on talks with the U.S. after Presi-
“This miraculous victory is a priceless vic- dent Biden took office, and his ongoing court-
tory,” Kim said. ship of Russian President Vladimir Putin, who
BUSINESS It was classic North Korean theater. But be- is expected to visit Pyongyang soon, elevated
Macy’s says it will hind it were developments that together have North Korea on the global agenda higher than
made Kim’s regime a genuinely more capable it had been in years.
close 150 stores and and more threatening antagonist. Its ability to The dictator has exploited a fractured global
focus on upgrading
unleash some form of nuclear attack on the order to harden North Korea into a menacing
remaining locations. B1 world has never looked so credible, so prone to nuclear state—a potent complication for a
misperception and so resistant to dissuasion. Please turn to page A8
America’s New Watersports
Capital Is…Death Valley?
Salesforce.
i i i
After heavy rains, tourists are kayaking in
# CRM.
1-foot-deep water in the U.S.’s driest spot
BY ALICIA A. CALDWELL Death Valley.
The valley’s new, very tem- Ranked #1 for CRM
Applications based on
DEATH VALLEY, Calif.— porary, very shallow body of IDC 2023H1 Revenue
What to do when freak rain- water is called Lake Manly, Market Share Worldwide.
storms briefly revive a long- named for a 19th-century ex-
dead lake in the hottest, driest plorer who once rescued west-
place in the U. S.? ward immigrants stranded
Paddle it while you can, there. The lake’s estimated six
says self-described “Death billion gallons of brackish wa-
2023 H1
Valley desert rat” Patrick Don- ter sits atop Badwater 22.1% 5.7% 4.7% 3.8% 3.5%
nelly. Basin, a normally arid
“I figure hey, it’s salt flat that is the
a foot of water lowest spot in
and no one is go- North America. Source: IDC, Worldwide Semiannual Software Tracker, November 2023.
ing to drown, so If you like this
I’m probably qual- Lake Soon-be-gone? month’s version of
ified to take peo- Lake Manly, well,
ple out,” said the 41-year-old you should have seen it
field biologist, who lives in the 180,000 thousands years ago,
nearby town of Shoshone. when it may have been as
Since word has spread, deep as 600 feet, researchers salesforce.com/number1CRM
Donnelly has become an unof- estimate. But the current iter-
ficial guide to some of the ation still has enough water
thousands of tourists now for a tranquil afternoon CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
rushing to experience the new aboard most anything that Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2024 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
waterfront destination of Please turn to page A8
A2 | Wednesday, February 28, 2024 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Investment amounts for announced clean-economy projects, in billion dollars....
...at different stages of completion*
$5
....in different states Biden’s Green Push
Boosts GOP States
$5
$1 Operational Under construction Planned $1 Georgia

...by political leaning of state†

$5 On the map: Circles indicating strongly North Carolina
$1 or slightly Republican have a dark outline
BY JENNIFER HILLER Ohio, Texas and Georgia. Bat-
Strongly AND ANDREW MOLLICA tery plants and mining are
Democratic Michigan growing in Nevada.
A boom in U.S. manufactur- Around $12 billion in solar
ing and mining launched un- and $14 billion in critical-min-
Indiana der President Biden is just erals investments have been
Slightly
Democratic getting started. Most of it is announced across the U.S.,
heading to Republican-leaning though it takes longer to get
South Carolina
communities. approvals and permits for
Closely Democratic lawmakers mining than for factories.
divided Nevada passed two key climate laws a About $573 million in invest-
little more than two years ago, ment is planned for building
with virtually no Republican hydrogen electrolyzers, seen
Ohio
votes. Since then, companies as a low-carbon alternative to
Slightly
Republican have announced $170 billion in fossil fuels for heavy industry.
Arizona new or expanded factories and Economies closely tied to coal
mining projects in the U.S. that or oil and gas are to receive
would add around 200,000 around $20 billion of the re-
new industrial jobs, according cently announced investments.
Other states to data from Atlas Public Pol- Political rhetoric around the
Strongly icy and Utah State University. climate laws, especially the
Republican The new industrial jobs IRA’s tax credits, has ratcheted
would be devoted to making up with this year’s presidential
products such as batteries, election. Many Republicans
...by manufacturing sector electric vehicles, solar compo- have said they would roll back
Effective year nents, electrical-grid supplies all or part of the legislation,
$5 and equipment, or wind tur- and former President Donald
$1 2022 2023 2024 2025 2026 2027 bines, as well as critical min- Trump has been a vocal critic
erals mining, processing or re- of technologies like EVs and
Batteries cycling. wind power. Biden and Demo-
Industry experts say Repub- crats want voters to connect
lican-leaning states are at- their party with job growth.
tracting companies with poli- History shows tax incen-
Electric cies such as easier controls tives tend to stick around, in-
vehicles over land development and dicating that repealing the IRA
lower costs for labor, taxes or would be difficult given its
electricity. economic impact across many
A coming surge in the man- states, said Linda Willard, an
Solar energy
ufacturing sector is a signa- attorney with Dentons in
ture economic initiative and Washington, D.C. But clean-en-
key election-year issue for ergy policy isn’t likely to de-
President Biden, though many cide the election, and timing
Minerals
voters are unaware of the cli- matters. “Pocketbook impacts
Note: Data as of Feb. 5 mate and tax legislation that are really hard to gauge if a
*Some projects are operational but have expansions that are under construction or planned. underpin the investments. project is coming online in
†Categories are based on the partisan voting index, a measure of which party a state favored based on its voting history in the past two presidential elections relative to the national popular vote.
Sources: Atlas Public Policy and Utah State University’s Clean Economy Tracker (investments); U.S. House Office of the Clerk (voting history) Manufacturing for solar your community in two to
Andrew Mollica - print design by Camille Bressange /THE WALL STREET JOURNAL components is clustering in three years,” Willard said.

U.S.WATCH
TEXAS Texas A&M Forest Service. PENTAGON of the cuts would come from NEW YORK pop-music mainstream in the
Nuclear Facility The largest blaze, known as
the Smokehouse Creek Fire,
Army to Refocus, Army special operations forces.
About 7,500 troops will be
Two Guilty of Killing 1980s with such hits as “It’s
Tricky” and a fresh take on
Closes Amid Fires closed highways and remained Cut Force Nearly 5% added in other critical mis- Jam Master Jay Aerosmith’s “Walk This Way.”
Rapidly moving Texas wild- 0% contained as of Tuesday The U.S. Army is slashing sions, including air-defense and Two men were convicted of Mizell later started a record
fires Tuesday prompted evacu- afternoon, according to the the size of its force by about counter-drone units and five murder Tuesday in the death label, opened a studio in his
ation orders in small towns Forest Service. 24,000, or almost 5%, and re- new task forces around the of Run-DMC star Jam Master old Queens neighborhood and
and shut down a nuclear facil- The main facility that as- structuring to be better able to world with enhanced cyber, in- Jay, a brazen 2002 shooting in helped bring along other tal-
ity as strong winds, dry grass sembles and disassembles fight the next major war, as telligence and long-range the rap legend’s studio. ent, including rapper 50 Cent.
and unseasonably warm tem- America’s nuclear arsenal shut the service struggles with re- strike capabilities. “We’re mov- An anonymous Brooklyn Jordan, 40, was the famous
peratures fueled the blaze in down its operations Tuesday cruiting shortfalls. ing away from counterterror- federal jury delivered the ver- DJ’s godson. Washington, 59,
the state’s rural Panhandle. night in Texas as fires raged The cuts will mainly be in ism and counterinsurgency. We dict in the trial of Karl Jordan was an old friend who was
Republican Gov. Greg Ab- out of control near its facility. empty posts—not actual sol- want to be postured for large- Jr. and Ronald Washington. bunking at the home of the
bott issued a disaster declara- Pantex issued a statement on- diers—including in jobs related scale combat operations,” Jam Master Jay, born Ja- DJ’s sister. Prosecutors con-
tion for 60 counties as the line saying it had paused oper- to counterinsurgency that Army Secretary Christine Wor- son Mizell, worked the turn- tend the two men turned on
largest fire burned nearly 400 ations until further notice. swelled during the Iraq and Af- muth said on Tuesday. tables in Run-DMC as it him over a cocaine deal.
square miles, according to the —Associated Press ghanistan wars. About 3,000 —Associated Press helped hip-hop break into the —Associated Press

Hotel Guests
Face Higher
Travel Costs
MICHELLE BRUZZESE FOR THE WALL STREET JOURNAL (3)

Continued from Page One

hiring growth for much of the
past two years.
The industry’s appetite for
even more workers could help
sustain growth in the broader
hiring market, said Nancy
Vanden Houten, a lead U.S.
economist at Oxford Eco-
nomics.
The severity of hotel
worker shortages when U.S. Hotels have raised wages to lure workers, as the industry is light on staff. To offset the wage rise, hotels have held daily room rates near record highs this winter.
travel ramped up in 2021 has
eased. But the industry is still ter to typical vacationers than asking workers to do more. has alleviated some of the Average daily rates Average hourly earnings
below prepandemic staffing are needed for big conferences Employees doing laundry are pressure on staffing. of U.S. hotels of all workers in the
levels. Employment in the ac- or business travelers. Some helping strip beds at some ho- Still, Matthews has had to accommodation sector
commodation sector is down hotels that staffed up for the tels, and staffers at the front get creative about how the $160 $24
9% from early 2020, according rapid rebound of leisure travel desk might also sling drinks at Hard Rock staffs certain posi-
to government data. still might not have the ban- the bar when needed. tions. She said the hotel now
23
A number of reasons ac- quet staff needed for the re- Not all hotel markets are encourages customers to or- 140
count for the lingering short- turn of conferences that is ex- suffering the same labor der room service via QR code,
age in staff. pected this year. shortfall. Jenae Matthews, the rather than by calling a dedi- 22
Workers are often hesitant Now, the industry is experi- area human-resources director cated in-room dining atten- 120
to return to the hotel industry menting with ways to reduce for the Hard Rock Hotel in dant, a position that existed 21
after the mass layoffs in 2020, the need for workers, stirring Daytona Beach, Fla., said the before the pandemic. 100
said Chip Rogers, CEO of the more wariness among poten- situation in Southern Florida Across Atlanta-based Hos- 20
American Hotel & Lodging As- tial employees. is much improved from a few pitality Ventures Management
sociation. Many switched to “Hoteliers figured out how years ago. Group, which manages the 80
19
other industries with big pay to do more with less,” Rogers Florida was among the first Hard Rock Hotel Daytona
raises. Immigration laws are said. Many are leaning more states to allow hotels to reopen Beach and more than 50 other
also capping the amount of on food-delivery apps than in- in 2020, so the sector has had hotels, openings are down to 60 18
seasonal workers the industry house kitchen staff and say more time to revamp opera- about 10% of total staff, said 2019 ’20 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23
can hire. they have made the house- tions. Demand has come down Sue Sanders, chief strategy Note: Monthly data. Average daily rates is through January
The uneven recovery of keeping and check-in pro- over the past year, with more and administrative officer. Sources: CoStar (average daily rates); Labor Department (average hourly earnings)
travel is also to blame. Differ- cesses more efficient. travelers returning to cruises Sanders said HVMG de-
ent workers are needed to ca- Hotel operators are also and international travel. That cided at the peak of the hir- could be a key risk for hotels in-house employees, Chief Op-
ing challenges in 2021 to this year. erating Officer Rachel Moniz
move its recruiting efforts to Miller said unions in major said. Many of its properties
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  the corporate level, easing
pressure on property manag-
markets, including San Fran-
cisco and parts of Hawaii, are
are also leaning more on
technology, with some experi-
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Published daily except Sundays and general legal holidays. nation. She said that initia- this year and could secure big ins.
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The Screen Actors Guild accelerated hiring when In markets where demand brought back room service
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Tuesday about Matty regular market assessments to fewer tips for workers, mak- that require less labor.
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Matheson, an executive pro- make sure its hotels are pay- ing the job less desirable, “The services are all back,
By web: customercenter.wsj.com; By email: support@wsj.com ducer on “The Bear,” incor- ing competitive wages. Wage Miller said. but I think the way in which
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Greg Miller and C. Patrick tels across the country, is Moniz said. “A lot of people
Readers can alert The Wall Street Scholes, analysts at invest- keeping labor costs in check are fine if you’re not necessar-
Journal to any errors in news articles
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS by emailing wsjcontact@wsj.com or ment bank Truist, said labor by moving more of its work- ily doing a big formal fussy
by calling 888-410-2667. shortages and rising wages ers from contracted crews to room service.”
THE WALL STREET JOURNAL. * * Wednesday, February 28, 2024 | A3

U.S. NEWS

Alabama
GOP Races
To Pass IVF
Protections
BY GINGER ADAMS OTIS
AND TALAL ANSARI

Alabama Republicans
scrambling to resolve the le-
gality of in vitro fertilization
plan to double-barrel bills
through the Senate and House
this week after a court ruling
upended fertility treatments in
the state.
The bills, introduced in both
chambers Tuesday, would pro-
vide civil and criminal immu-
nity to those providing IVF.
“The Republican Caucus
feels this is an issue that must
be solved quickly, and leader-
ship in the House and Senate
are committed to ensuring
that happens,” said Charles The Spy
Who Loved
Murry, communications direc-
tor for House Speaker Nathan-
iel Ledbetter, on Monday.
Some IVF providers in Ala-
bama, including the state’s To Speed
major health system, sus-
pended treatments last week James Bond movies get
after the all-Republican state fresh exposure in an exhibit
Supreme Court issued a ruling opening March 1 at the
that said frozen embryos qual- International Spy Museum in
ify as children under a state Washington, D.C. Among the
law. The providers said the vehicles on display, from top:
Feb. 16 decision could expose the Aston Martin DB5 in
them to lawsuits. Alabama At- ‘Goldfinger’; the Glastron
torney General Steve Marshall Carlson CV23HT speedboat,
has said he has no plans to plus glider, in ‘Moonraker’; an
prosecute providers. Aston Martin V12 Vanquish
Republican leaders, already in ‘Die Another Day’; and the
struggling to find their footing Neptune submarine in ‘For
on abortion after a series of Your Eyes Only.’
electoral losses, urged swift
action. Donald Trump, the
party’s presidential front-run-
ner, called on the Alabama
Legislature to find an immedi-
ate solution to preserve IVF
access. The National Republi-
can Senatorial Committee,
which works to elect Republi-
cans in the U.S. Senate, en-
couraged candidates to
“clearly and concisely reject
efforts by the government to
restrict” IVF.
The court’s ruling hinged on
a 2018 constitutional amend-
ment that made it state policy
JIM LO SCALZO/EPA/SHUTTERSTOCK (4)

to “recognize and support the

sanctity of unborn life and the
rights of unborn children.”
Sen. Tim Melson and Rep.
Terri Collins introduced the
companion bills, which “effec-
tively fast-tracks legislation to
the governor’s desk,” Murry
said. The House bill will be in
committee by Wednesday and
on the floor for a vote Thurs-

Killing in Georgia Brings Calls for New Laws

day, he said. Gov. Kay Ivey, a
Republican, has said “we work
to foster a culture of life” in
Alabama, including IVF treat-
ments.
Some lawmakers said a bill
won’t be enough to clarify
IVF’s legal status. “I think we
are going to have to amend the
Alabama Constitution to create
an exception for IVF,” Rep.
Chris England, a Democrat,
wrote Monday on X, before the
legislation was released.
Melson, chairman of the Al-
abama Senate’s healthcare
committee, had shared draft
language of his bill late last
week. Local media reported it
said an embryo outside of a
woman’s uterus was a poten-
tial life, not a human life or
unborn life. That language
wasn’t in the bills released
Tuesday.
State legislation that con-
tradicts the Alabama Supreme
Court’s ruling may raise the
risk of a legal challenge, said
Susan Pace Hamill, law profes-
sor at the University of Ala-
bama School of Law.
“The omission of language
dealing with the status of the
embryo looks like, to me, an
attempt of the Republicans to
contain the damage without
BY JOSEPH DE AVILA
AND ADOLFO FLORES
A Venezuelan migrant’s al-
leged killing of a Georgia college
student has fueled efforts to
tighten laws in the state.
A proposal that has gained
traction among lawmakers
would strengthen rules regard-
ing the detention of people
who have been arrested and
are suspected of living illegally
in the U.S. It follows last week’s
killing of Laken Riley, a 22-
year-old nursing student in
Athens, Ga. Riley had gone for
a run and was later found dead
in a forested area behind a
lake, according to the Univer-
sity of Georgia Police Depart-
ment.
GOP presidential front-run-
ner Donald Trump has pointed
to high-profile crimes commit-
ted by immigrants illegally re-
siding in the U.S. to rally sup-
port for more restrictive
immigration policies and in-
creased border enforcement.
Decades of research have
found that immigrants are less
likely than native-born Ameri-
cans to commit crimes and
that neighborhoods with
greater concentrations of im-
migrants have lower rates of
crime and violence.
The proposal, sponsored by
a group of Georgia Republican
lawmakers, would require law-
enforcement officials to notify
federal immigration authorities
when detaining someone sus-
pected of living in the U.S. un-
lawfully. It would also require
local officials to comply with
federal requests to detain peo-
ple who could be deported so
immigration agents could pick
them up. Current state law en-
courages coordination between
local officials and immigration
authorities.
Another bill would allow
residents to file civil litigation
against local governments that
don’t require full cooperation
with immigration officials.
One day after Riley was
killed, police arrested Jose Anto-
nio Ibarra, a 26-year-old Vene-
zuelan citizen who immigration
officials said entered the U.S. il-
legally. Riley was a student at
the University of Georgia until
the spring of 2023, before she
transferred to the Augusta Uni-
versity College of Nursing’s
campus in Athens.
Ibarra faces charges of malice
murder, felony murder, aggra-
vated battery, aggravated as-
sault, false imprisonment, kid-
napping, hindering a 911 call and
concealing the death of another,
police said.
In an affidavit for Ibarra’s
arrest, police said he used an
unspecified object as a weapon,
disfiguring her skull. The two
public defenders representing
Ibarra couldn’t be reached for
comment.
Ibarra was denied bail on
Monday by the Athens-Clarke
County Superior Court.
The killing of Riley has am-
plified the debate about the na-
tion’s immigration system and
the influx of migrants coming violent crimes than immigrants
to the U.S. Georgia Gov. Brian living in the country without au-
Kemp, a Republican, has called thorization. The study examined
on President Biden to take fed- Texas Department of Public
eral action. Safety arrest data from 2012 to
“This senseless tragedy 2018.
should never have taken place, Another study published last
and we will continue to keep the year in the National Bureau of
family of Laken Riley in our Economic Research found that
prayers while asking the presi- immigrants were 30% less likely
dent to ensure these events do to be incarcerated than U.S.-
not repeat themselves,” Kemp’s born individuals who were
office said Tuesday. white. Immigrants were 60%
Biden is scheduled to visit less likely to be locked up when
Brownsville, Texas, on Thursday also taking into account incar-
to meet with U.S. Border Patrol ceration rates for Black people
agents and local leaders. Ac- born in the U.S.
cording to the White House, he Ibarra was arrested by bor-
is expected to discuss the Sen- der authorities on Sept. 8,
ate’s bipartisan border-security 2022, after entering the U.S.
bill, which has faced stiff oppo- without authorization near El
sition from some congressional Paso, Texas, according to Im-
Republicans. Trump is also ex- migration and Customs En-
pected to visit the Texas border forcement. He was then pa-
on Thursday. roled and released for further
A 2020 study published in processing.
the Proceedings of the National ICE said the New York Police
Academy of Sciences found that Department arrested Ibarra on
U.S.-born citizens are more than Aug. 31, 2023, and charged him
twice as likely to be arrested for with acting in a manner to in-
jure a child less than 17 and a
motor-vehicle license violation.
FROM LEFT: AUGUSTA UNIVERSITY/ASSOCIATED PRESS; JOSHUA L. JONES/ATHENS BANNER-HERALD/ASSOCIATED PRESS

dealing with the messy issue New York authorities released

that the Republicans created
to begin with,” Hamill said.
Republicans, who hold su-
permajorities in both the Sen-
ate and the House, likely won’t
need support from Democrats
to get their bills approved, ac-
cording to Hamill.
Democrats have nonetheless
tried to make their views on
the state Supreme Court ruling
part of the Legislature’s dia-
logue. Rep. Anthony Daniels
put forth his own bill late last
week. It says “any fertilized
human egg or human embryo
that exists outside of a human
uterus is not considered an
unborn child or human being
for any purpose under state
law.”
Given the Republican con-
trol of the House, his bill may
not get out of committee, Dan-
iels said.
Ibarra before the agency could
issue a detainer, a request to
local police to hold immigrants
who could be deported so im-
migration agents could pick
them up, ICE said.
The NYPD said there were no
arrests on file for Ibarra last
year. The Manhattan District At-
torney’s Office said it didn’t
have a record of the case.
Jeffrey Clark, chief of police
for the UGA Police Department,
said investigators don’t believe
Ibarra knew Riley. He called
her killing a crime of opportu-
nity.
“This was a very isolated in-
Laken Riley, a 22-year-old cident. We haven’t had a homi-
nursing student, was found cide at the University of Georgia
dead last week in Athens, in almost 30 years,” said Clark
Ga. A migrant who entered at a press conference on Friday.
the U.S. illegally has been “This was an individual who
charged in her killing. At woke up with bad intentions on
right, grief on UGA’s campus. that day.”
A4 | Wednesday, February 28, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL.

U.S. NEWS

Biden Wins Michigan Despite Protest Detroit

BY ELIZABETH FINDELL
AND SABRINA SIDDIQUI
tages still being held by Hamas
and allow more aid to reach
Or Grand
DEARBORN, Mich.—Presi-
dent Biden won Michigan’s
Gaza. But many Arab-American
and Muslim voters say the ef-
forts are too little, too late.
Rapids?
Democratic primary on Tues-
day as he heads toward a re-
election rematch against for-
Most voters supporting the
“uncommitted” campaign said
they don’t favor a return to
GOP Isn’t
mer President Donald Trump
in November.
Some Democratic voters in
heavily Arab-American sub-
the White House for Trump,
but they are leaning toward
voting third party or not vot-
ing at all in November because
In Accord
urbs of Detroit and elsewhere of their frustration with Biden. BY DANTE CHINNI
voted for “uncommitted” to a Laila Elabed, 36, walked
candidate, in protest of Bi- with her husband and children A protracted fight over who
den’s support for Israel in the to vote “uncommitted,” across is in charge of Michigan’s Re-
Gaza war. With 38% of the bal- the street from where their publican Party threatens to
lots in, Biden had 284,120 brick home is festooned with impede its plans for awarding
votes, or 81%, compared with Palestinian flags and yard delegates after Tuesday’s
48,646 for uncommitted, or signs calling for peace in Gaza. presidential primary.
14%. The owner of a Dearborn In January, a group of
In 2016, Republican nomi- bridal shop, Elabed voted for Michigan Republicans voted to
nee Trump won Michigan by Biden in 2020 and for Trump oust state GOP Chair Kristina
just shy of 11,000 votes more in 2016, she said. Now, she Karamo after she fell far short
than Hillary Clinton. Biden said, with family in the Middle of fundraising goals. Cam-
won the state in 2020 by some East affected by the war, she paign-finance reports show
154,000 votes. won’t vote for either. the party is $700,000 in debt.
Biden didn’t directly ad- “The important thing is to Pete Hoekstra, a former Michi-
dress the uncommitted vote in send a message to our govern- gan congressman and ambas-
a statement following his vic- ment not to spend our money sador to the Netherlands dur-
tory and remained focused on on war,” she said. “It’s my peo- ing Donald Trump’s
FROM TOP: KEVIN DIETSCH/GETTY IMAGES; KRISTEN NORMAN FOR THE WALL STREET JOURNAL

drawing a contrast with ple that are being killed.” presidency, stepped in to re-
Trump, whom he branded as a Biden campaign aides said place her, with the national
threat to democracy and basic they aren’t taking any votes for party’s approval.
freedoms. granted in November and will Among the changes he
“This fight for our free- continue outreach to communi- pushed through was moving a
doms, for working families, ties in Michigan angered over planned convention for award-
and for democracy is going to the war. ing most of the state’s dele-
take all of us coming to- They acknowledged there is gates after the primary from
gether,” Biden said. “I know frustration to overcome, al- Detroit to Grand Rapids, the
that we will.” though much of the campaign’s longtime GOP power center of
Listen to Michigan, one of messaging in the state will the state.
the groups that organized the continue to focus on issues But Karamo and her sup-
“uncommitted” effort, claimed such as the economy, abortion porters have argued that she
victory, saying it was a stron- and student loans. is still in power because, they
ger showing than anticipated. Michigan Gov. Gretchen say, the meeting to oust her
“Tens of thousands of Michi- Whitmer, a key Biden ally, said was illegitimate. And along
gan Democrats, many of she appreciated those who with that, they still plan to
whom voted for Biden in made their voices heard in hold their convention to
2020, are uncommitted to his Tuesday’s primary but warned award the delegates on Satur-
re-election due to the war in that the general election would day in Detroit—the same day
Gaza,” the group wrote on X, offer “a stark choice” between as Hoekstra’s convention in
formerly Twitter. “Count us Biden and Trump. Grand Rapids, where his sup-
out, Joe.” Supporters of the effort to vote ‘uncommitted’ in Michigan’s Democratic primary consoled each Olivia Grantham, 23, came porters plan to award dele-
As foreign policy looms other Tuesday night in Dearborn, top, as President Biden won. Above, a polling place in the city. out with her two sisters to gates.
over the November battle- cast protest votes against the Republicans backing Hoek-
ground state, its primary was sented in Congress by Demo- activists said pro-Palestinian recent elections, one of the war, she said. All voted “un- stra’s wing of the party went
being watched to gauge Bi- cratic Rep. Rashida Tlaib, the voices have largely been ig- messages behind voting un- committed” in the Democratic to court to get Karamo’s
den’s vulnerability to anger lone Palestinian-American nored by the Biden administra- committed is to ensure that primary and said they don’t branch of the party to turn
over his foreign policy. Michi- member of Congress. She and tion and they want to send a the Democratic Party no lon- know what they will do in No- over control of party assets,
gan has the highest percent- the city’s Arab-American message that their votes mat- ger takes these votes for vember, though they consider including its website, email
age of Arab-Americans of any mayor backed the “uncommit- ter. While a majority of Mus- granted, organizers said. Trump worse than Biden. list and bank accounts. Kent
state, and many are concen- ted” protest. lims and Arab-Americans have Biden has called for a tem- —Toula Vlahou County Circuit Court Judge J.
trated in Dearborn, repre- Many voters and national reliably voted for Democrats in porary cease-fire to free hos- contributed to this article. Joseph Rossi is presiding over
the case and was hoping to
rule on it soon. That could

Trump Notches Fifth Straight Primary Victory

settle the matter of where the
delegates will be awarded,
though some counties say that
regardless of the outcome,
they are sending state conven-
BY JOHN MCCORMICK we don’t have someone who tion delegates to Detroit.
AND ALEX LEARY can win a general election, all The Saturday convention
we are doing is caving to the will assign 39 of Michigan’s 55
GRAND RAPIDS, Mich.— socialist left.” convention delegates propor-
Donald Trump won Michigan’s Haley, who once had a good tionally using delegates from
Republican presidential pri- working relationship with Michigan’s 13 congressional
mary Tuesday, marking the Trump, said she wasn’t sure districts. The other 16 will be
DAVID ZALUBOWSKI/ASSOCIATED PRESS

LEV RADIN/PACIFIC PRESS/ZUMA PRESS

fifth straight victory for the whether that would ever be awarded, also proportionally,
former president in this year’s possible again, given the recent in Tuesday’s open primary.
major nominating contests animosity. “It’s not personal for The dueling events have
and delivering the latest blow me,” she said. “It’s not some- left local Republican leaders
to Nikki Haley’s underdog bid. thing I think about.” wondering where they should
The Associated Press called Haley has stressed in her show up to award delegates.
the race just after the polls campaign appearances that “It’s kind of up in the air,”
closed, moving Trump closer to even as essentially a Republican said Stephen Willis, chairman
a rematch with President Biden incumbent, Trump has failed to of the Clinton County Republi-
in November’s election and Nikki Haley has pledged to stay in the race against Donald Trump through Super Tuesday. secure roughly 40% of the vote can Party. “If the case is re-
heightening pressure on Haley in some of the early state con- solved in Karamo’s favor, we’ll
to bow out. With 30% of the ex- has pledged to stay in the race Trump is at the top of the clude stops in Colorado, Utah, tests and that suggests he could go to Detroit. If the case is re-
pected vote counted, Trump led through Super Tuesday. By a ticket, Republicans will keep Virginia, North Carolina, Mas- struggle to win in November. solved in Hoekstra’s favor,
Haley 67.1% to 27.9%. week or two later, Trump could losing to the socialist left,” Ha- sachusetts and Vermont. “He’s not going to get the we’ll split the delegation.” By
Trump’s dominance in the have the delegates needed to ley spokeswoman Olivia Perez- Haley pledged earlier in the 40% by calling them names,” split, Willis said he meant 20
first major contests in Iowa, secure the nomination. Cubas said in a statement. campaign to endorse the she said Sunday evening in delegates would go to Detroit
New Hampshire, Nevada and Trump’s campaign has Once a rising star in the GOP party’s eventual nominee but Troy, Mich. “He’s not going to and one would go to Grand
South Carolina, and now Michi- moved on and sees a Thursday before Trump came to domi- now refuses to reaffirm that get the 40% if he is not willing Rapids.
gan, has given the former presi- Texas border visit showdown nate the party, Haley had a sim- commitment when asked to change.” David Chandler, chairman
dent an air of inevitability and with Biden—who won the ple answer when asked in a about Trump. “What I will tell In her speech after losing in of the Iosco County GOP, was
knocked Haley, a former South Michigan Democratic primary, Wall Street Journal interview you is that I have serious con- South Carolina on Saturday, Ha- more declarative. “Regardless
Carolina governor and United but faced protest over the Is- the day before the primary why cerns about Donald Trump. I ley sounded at times like she of the ruling, our seven dele-
Nations ambassador, into also- rael-Hamas war—as a key mo- she is still campaigning when have more serious concerns was trying to carve out a third gates are going to Detroit,” he
ran status. ment of imagery for the gen- Trump appears unstoppable. about Joe Biden,” she said, path between Trump and Biden, said.
Michigan will be a key bat- eral election. “I’m doing what I think is adding that she doesn’t want both of whom she criticized re-
tleground in this fall’s general “We win Michigan, we win right,” she said. “I’m doing either to win. peatedly. While meeting with a
election, so primary results will the whole thing,” Trump said what I believe 70% of Ameri- She pointed to the 91 crimi- large group of reporters before
be analyzed for what they Tuesday night, calling into a cans want me to do.” nal charges Trump faces for a rally she held in Grand Rapids,
might forecast. The state state GOP gathering. “I can tell That number references matters including his handling Haley again rejected the notion
backed Trump in 2016, before you this, November 5th cannot polling showing 7 in 10 Ameri- of classified documents and that she might contemplate a
flipping to Biden in 2020. come fast enough because our cans want an option other efforts to overturn the 2020 third-party presidential bid.
Haley will face another wall country is in serious trouble.” than Trump versus Biden in presidential election. “I have not spoken with
REBECCA COOK/REUTERS

of Trump support on March 5, Haley’s campaign sought to this year’s presidential elec- “This may be his survival anyone about anything other
when 15 states hold contests sell its loss as one for Trump as tion. mode to pay his legal fees and than running as a Republi-
and roughly a third of nominat- well, calling the results a In a show of her determina- get out of some sort of legal can,” she said. “I’m running in
ing delegates are awarded. De- “flashing warning sign” for him tion, Haley’s campaign has out- peril, but this is like suicide a Republican primary and I’m
spite odds virtually no one ex- as a likely general election can- lined a grueling travel schedule for our country,” she said. going to continue running in a
pects her to overcome, Haley didate. “So long as Donald in the coming days that will in- “We’ve got to realize that if Republican primary.” Kristina Karamo

UnitedHealth physicians, as well as surgery

centers, an array of health
data and technology units, and
control over primary-care doc-
tors in its region.
The new Justice Depart-
whether Optum’s ownership of
healthcare providers could
present challenges to health
care and Optum medical
groups might affect its com-
pliance with federal rules
firm may absorb far more than
the capped amount, however.
In 2022, the Justice De-

Faces Probe one of the largest pharmacy-

benefit managers.
The Justice Department has
ment inquiry, reported earlier
by the Examiner News, a news
organization based in New
insurers that are rivals to
UnitedHealthcare.
In addition, the Justice De-
that cap how much a health
insurance company retains
from the premiums it collects
partment lost its challenge
aimed at blocking Optum’s ac-
quisition of health-technology

By DOJ been scrutinizing United-

Health’s planned acquisition
of home-health company Ame-
disys for about $3.3 billion.
Continued from Page One Amedisys said in August it
challenge to an acquisition had gotten a second request
two years ago. for information about the
UnitedHealth, based in Min- planned deal from Justice an-
netonka, Minn., had $372 billion titrust enforcers.
in revenue last year. Its insur- UnitedHealth is also facing a
ance unit covers about 53 mil- private antitrust suit by a Cali-
lion people, across a range of fornia hospital system called
plans including employer, Med- Emanate Health, alleging the
icaid and Medicare coverage. company tried to strong-arm
After years of acquisitions, the nonprofit over its affiliated
Optum includes about 90,000 physician groups and exert
York’s Hudson Valley, is partly
examining Optum’s acquisi-
tions of doctor groups and
partment officials are probing
Medicare-billing issues, in-
cluding the company’s prac-
from customers.
Under those rules, insur-
ance plans are supposed to
firm Change Healthcare. In
that case, the Justice Depart-
ment zeroed in on the alleged
how the ownership of both tices around documenting pa- absorb no more than 15% or anticompetitive potential of
physician and health-plan tients’ illnesses. 20% of the premium for their putting the insurer and
units affects competition, ac- Payments to Medicare administrative costs and prof- Change under the same corpo-
cording to the people with plans go up if patients have its, with the percentage vary- rate parent. UnitedHealth
knowledge of the matter. more health conditions, so ag- ing depending on the type of Group Chief Executive Andrew
Investigators asked gressive documentation prac- plan. The rest is supposed to Witty testified in that case
whether UnitedHealthcare fa- tices by doctors and other be spent on patient care, or that Optum maintains a
vored Optum-owned groups in healthcare providers can be rebated back to customers. “strictly arm’s length relation-
its contracting practices, po- lucrative for insurers such as When the same company ship” with UnitedHealthcare.
tentially squeezing rival physi- UnitedHealthcare. owns both the health insurer A federal judge rejected the
cians out of certain types of And investigators have and the physicians and other Justice Department’s argu-
attractive payment arrange- asked whether and how the healthcare providers who take ments, and Change is now
ments. Investigators explored tie-up between UnitedHealth- care of patients, the combined part of Optum.
THE WALL STREET JOURNAL.
Shutdown
Worries
Recede
Continued from Page One
timistic” about government
funding talks. Leaders think
“we can get to agreement on
these issues and prevent a gov-
ernment shutdown,” he said,
without taking questions.
The other congressional
leaders at the sit-down—Sen-
ate Majority Leader Chuck
Schumer (D., N.Y.), Minority
Leader Mitch McConnell (R.,
Ky.) and House Minority
Leader Hakeem Jeffries (D.,
N.Y.)—also sounded upbeat
about avoiding a shutdown.
“We are making good prog-
ress,” said Schumer, adding
there was some “back and
forth on some issues that dif-
ferent people want.” But he
said, “I don’t think those are
insurmountable.” He indicated
that the most likely path was
a short-term spending patch
to give negotiators more time
to complete the full fiscal-year
bills.
McConnell said everyone
was on the same page regard-
ing the need to keep the gov-
ernment funded. “I think we
can stop that drama right now
before it emerges,” he said.
The leaders sat down in the
Oval Office, with Biden and
Vice President Kamala Harris
positioned in armchairs near a
crackling fire. Congressional
leaders sat on sofas arranged
around a coffee table.
Participants in the meeting,
including McConnell, pressed
Johnson to allow a House vote
on a Ukraine aid package. At
one point, Central Intelligence
Agency Director William J.
Burns gave a presentation lay-
ing out how dire conditions
are for Ukrainians on the bat-
tlefield, with soldiers running
out of munitions.
The Senate passed a $95.3
billion package this month that
contains a fresh round of aid
for Ukraine and funds for Is-
rael and Taiwan. Johnson has
declined to put it on the House
floor. House Republicans are
deeply divided on Ukraine aid,
Sustainable performance
to electrify the future
* *
The Tuesday meeting included, from left, Senate Minority Leader Mitch McConnell, House Speaker Mike Johnson, Vice President
Kamala Harris, President Biden, Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.
Key Sticking Points Remain
People familiar with the
negotiations between House
Speaker Mike Johnson (R.,
La.) and Democrats said a
key sticking point is how
much money to appropriate
for the Special Supplemen-
tal Nutrition Program for
Women, Infants and Chil-
dren. Democrats are asking
for $7.03 billion, more than
the $6.3 billion previously
with a little more than half on
the record opposing it in the
past, including Johnson before
he became speaker. The Senate
bill would need significant
Democratic support to pass.
Schumer said the discussion
on Ukraine was “the most in-
tense I have ever encountered
in my many meetings in the
Oval Office.” He said he told
Johnson he would “regret it
for the rest of his life” if he
blocked assistance for Kyiv.
Johnson “said he wanted to
get Ukraine done, and he had
to figure out the best way to
do it,” Schumer recalled.
U.S. NEWS
sought by the Senate and
requested in President Bi-
den’s budget. But the GOP-
led House passed a measure
including $6 billion for the
program, which provides
food and health aid.
Another obstacle, these
people said, is a provision
to block the VA from re-
porting the names of veter-
ans who need help manag-
In the meeting, McConnell,
a fierce advocate for Kyiv, told
Johnson the House’s best path
forward on Ukraine is to pass
the Senate bill because making
changes would further delay
aid. “We have a time problem
here,” he told reporters.
Johnson said he continued
to insist on steps to secure the
southern U.S. border before
passing any foreign aid pack-
age. The House “is actively
pursuing and investigating all
the various options” on the
Ukraine package, he said, but
“the first priority of the coun-
try is our border.” Earlier this
ing their benefits to a
national background-check
system used to screen gun
purchases. Democrats want
the language stripped out.
Even if the issues get re-
solved, Johnson must sell
any deal to his conference
after House lawmakers re-
turn Wednesday to Wash-
ington. A House Republican
meeting is set for Thursday.
year, Republicans blocked a bi-
partisan Senate deal linking
aid to Ukraine with changes at
the border after they had in-
sisted they be paired together.
The meeting started shortly
before noon and lasted about
an hour. Johnson briefly spoke
one-on-one with the president
after the meeting ended. White
House officials declined to say
what they discussed, other
than explaining that their dis-
cussion wasn’t scheduled in
advance.
Afterward, Biden said a “bi-
partisan solution” is needed to
fund the government. Regard-
Wednesday, February 28, 2024 | A5
options, none of which will
satisfy all House Republicans.
He could seal a deal with con-
gressional Democrats and try
to pass fresh full-year spend-
ing legislation at a two-thirds
threshold, bypassing Republi-
can holdouts. Johnson could
put it off a few days or weeks
with a short-term patch—
again with Democrats’ help. Or
he could try to rely on his nar-
row Republican majority to
pass another stopgap bill
through September, triggering
automatic across-the-board
spending cuts; such a move
would be almost certain to
lead to a shutdown because
any such measure would be
dead on arrival in the Senate.
Beneath the surface of the
ROBERTO SCHMIDT/GETTY IMAGES
spending fight, a tug of war is
playing out inside the House
Republican conference between
military hawks and conserva-
tives opposed to further spend-
ing, with Johnson caught in
the middle. The military hawks
want to avoid the defense cuts
that would be triggered if Con-
gress fails to enact new full-
year spending measures by
ing Ukraine, he said “the need April 30. The critics of more
is urgent” for additional funds. spending benefit from congres-
“I think the consequences of sional inaction, because it
inaction in Ukraine are dire,” brings them closer to the date
Biden said. when across-the-board cuts
Such White House summits would be activated under a
are high-profile opportunities provision in last year’s Fiscal
for both sides to show they are Responsibility Act.
fighting for their parties’ pri- Some GOP lawmakers have
orities, rather than nitty-gritty said in recent days they
policy negotiations. But the wouldn’t mind a shutdown,
moment was particularly chal- while other figures including
lenging for Johnson, a for- McConnell have warned that
merly little-known conserva- shutdowns are bad policy—and
tive who leapfrogged from the bad politics.
lower ranks of House leader- So far, Johnson has passed
ship to assume the speaker- five major bills at a two-thirds
ship in October, after a group threshold with the help of
of GOP dissidents ousted his Democrats: two previous stop-
predecessor as speaker, Kevin gap spending bills; the annual
McCarthy of California. defense-policy bill; a tempo-
Unlike other senior leaders rary reauthorization of the
on Capitol Hill, Johnson has al- Federal Aviation Administra-
most no pre-existing relation- tion; and a bipartisan tax bill.
ship with Biden. McCarthy’s willingness to
For months, the Republican pass a stopgap bill with Demo-
House and Democratic Senate cratic votes in September trig-
have deferred on Congress’s gered the rebellion that led to
responsibility to set new his removal.
spending levels and priorities
for the federal government for
fiscal year 2024, instead pass- Watch a Video
ing a series of stopgap mea- Scan this code
sures by repeatedly extending for a video on
spending levels set back in De- Johnson’s belief
cember 2022. that a shutdown
Johnson has a number of can be avoided.
 A6 | Wednesday, February 28, 2024
FRED DUGIT/MAXPPP/ZUMA PRESS
‘Nothing should be excluded in pursuit of our goal: Russia cannot and must not win this war,’ Macron declared Monday.
Macron Riles Allies With Talk
Of Western Troops in Ukraine
French President Emman-
uel Macron is pushing how far
Europe is willing to go in sup-
porting Ukraine, riling some
allies over the possibility—
By Stacy Meichtry,
Bojan Pancevski and
Noemie Bisserbe
however remote—of deploying
troops there.
The divisions were cast into
sharp relief at the end of a
summit Macron hastily orga-
nized Monday in an attempt
to show Russian President
Vladimir Putin that European
capitals have no intention of
backing down in Ukraine—
even as additional military aid
from Washington remains
stuck in Congress. Europe has
struggled to expand its mili-
tary aid to a level that would
replace the flow from Wash-
ington, by far Kyiv’s biggest
supplier. But that didn’t stop
Macron, a leader with a his-
tory of off-the-cuff contro-
versy, from stirring the pot.
Asked whether leaders at
the summit had discussed the
possibility of sending troops
to Ukraine, Macron said: “Ev-
erything was discussed this
evening, in a very free and di-
rect manner. There is no con-
sensus today to officially send,
take responsibility for and en-
dorse ground troops. But in
terms of options nothing
Germans Debate Country’s Need for Nuclear Weapons
BY BERTRAND BENOIT
AND BOJAN PANCEVSKI
BERLIN—Russian expan-
sionism and fears about
American disengagement from
Europe are causing such alarm
here that Germany is begin-
ning to ponder a question
once considered unthink-
able: Does it need to have its
own nuclear weapons?
In recent weeks, German of-
ficials have called on France
and the U.K.—Europe’s two nu-
clear powers—to work
with Berlin to develop a fallback
plan for nuclear deterrence for
the North Atlantic Treaty Or-
ganization, should the U.S. no
longer be willing to fulfill that
role. Some politicians and aca-
YONHAP NEWS/ZUMA PRESS
PUMPED UP: Graduates make heart gestures during a commencement ceremony at a school
in Seoul, South Korea, that is open to nontraditional students aged 40 and older.
should be ruled out.”
Macron’s remarks were a
departure from the reticence
Western allies have shown in
even talking about sending
their soldiers to Ukraine. After
Macron spoke, Germany, Po-
land and the Czech Republic
said they didn’t have any
plans to send troops, and a
U.K. government spokesman
said there are no plans for
“large-scale deployment” in
addition to the small number
of personnel in Ukraine help-
ing its army.
The chief of the North At-
lantic Treaty Organization
told the Associated Press
“there are no plans for NATO
combat troops on the ground
in Ukraine.”
Still, Macron’s comments
were noticed in Moscow.
“The very fact of discussing
the possibility of sending cer-
tain contingents to Ukraine
from NATO countries is a very
important new element,”
Kremlin spokesman Dmitry
Peskov said. Asked whether
Western troops in Ukraine
could lead to a direct conflict
with NATO, Peskov said it
would be a matter not of
probability but of inevitability.
European allies are growing
more anxious over battlefield
setbacks in Ukraine. The fall
of the town of Avdiivka to
Russian troops has demoral-
ized many European officials
demics are going even further,
asking whether Germany could
someday need its own atomic
arsenal.
Germany isn’t the only coun-
try where policymakers are con-
templating the consequences of
proliferation, as some estab-
lished nuclear powers expand
their arsenals, new members
join the atomic club and others,
such as Iran, appear to be tak-
ing steps in that direction.
But in Germany, which has
embraced pacifism since
its World War II defeat, the
debate is especially fraught.
The discussion burst into
public view this month when
the finance minister, Christian
Lindner, reacted to comments
from U.S. presidential candi-
WORLD WATCH
WORLD NEWS
who are under pressure to fill
ammunition shortages ham-
stringing Ukrainian forces.
Europe is also fretting over
the possibility of Donald
Trump’s winning the presi-
dential election in November,
cementing a drift by many Re-
publicans in Congress toward
“America First” isolationism.
The Senate passed a $95
billion foreign-aid pack-
age that includes funding for
Ukraine. But House Speaker
Mike Johnson (R., La.) has
suggested it is unlikely to get a
House vote in its current form.
Macron has tried to fill the
leadership vacuum. But his at-
tempt to signal strength to
Russia backfired, said Jana
Puglierin, a policy fellow at the
European Council on Foreign
Relations. With NATO member
states’ highly skeptical about
sending troops, she said, he
has unnecessarily introduced
the potential for division.
“This is no way to promote
European unity and strength,”
she said.
Macron declined to say
which countries at the summit
discussed sending troops, add-
ing that France maintains
“strategic ambiguity” about its
own planning.
“Nothing should be ex-
cluded in pursuit of our goal:
Russia cannot and must not
win this war,” he said. A
French official said Macron
date Donald Trump indicating
that if he is elected Washing-
ton wouldn’t come to the aid
of NATO allies that weren’t
spending enough on defense.
In an article in the Frank-
furter Allgemeine Zeitung,
Lindner asked: “Under which
political and financial condi-
tions would Paris and London
be willing to maintain and ex-
pand their own strategic capac-
ities for our collective security?
And conversely, how much are
we ready to contribute?”
Other politicians, including
Friedrich Merz, leader of Ger-
many’s largest opposition
party, the conservative CDU,
and Katarina Barley, the cen-
ter-left SPD’s candidate for the
European election, have
and other EU leaders at the
summit discussed sending
forces for minesweeping and
to help maintain equipment,
adding that no one talked
about sending troops to actu-
ally fight on the front lines.
Macron has long champi-
oned the idea that Europe
needs to develop “strategic
autonomy” by banding to-
gether militarily to buy weap-
ons and develop the conti-
nent’s defense industry.
Macron said leaders attend-
ing the Paris summit agreed
to form a coalition to supply
long-range missiles to
Ukraine. He said France also
backed a Czech plan to send
ammunition to Ukraine. Czech
officials said they sourced
800,000 shells—both NATO-
standard and Soviet-era—from
around the world.
Macron said a sense of
“collective humility” was re-
quired in exploring all options,
including sending troops, not-
ing how far European support
for Ukraine has already come
since the start of the war.
“Many people who say to-
day: ‘never, never’ were the
same people who said two
years ago: ‘Never, never
tanks, never planes, never long-
range missiles,’” Macron said.
“I remind you that two years
ago, many around this table
said: ‘We are going to offer
sleeping bags and helmets.’”
also called for Germany to
seek a European nuclear deter-
rent independent from the U.S.
Senior government officials
say Chancellor Olaf Scholz, as
well as Foreign Minister An-
nalena Baerbock and Defense
Minister Boris Pistorius, re-
main skeptical about the pros-
pects for enhanced nuclear co-
operation with France and the
U.K. and the usefulness of
such an approach.
The shared view of these
top leaders, the officials say, is
that while the potential nu-
clear threat from Russia has
grown, relying on NATO’s pres-
ent nuclear-deterrence strat-
egy and investing massively in
better air-defense systems is
the best response for now.
JAPAN
Number of Babies Two Candidates
Fell to a Low in ’23 Shot and Killed
The number of babies born
in Japan last year fell for an
eighth straight year to a low,
government data showed
Tuesday, and a top official
said it was critical for the
country to reverse the trend
in the coming half-dozen
years.
The 758,631 babies born in
Japan in 2023 were a 5.1%
decline from the previous
year, according to the Health
and Welfare Ministry. It was
the lowest number of births
since Japan started compiling
the statistics in 1899.
Surveys show many youn-
ger Japanese balk at having
families, discouraged by bleak
job prospects, the high cost
of living and corporate cul-
tures not compatible with
having both parents work.
—Associated Press
THE WALL STREET JOURNAL.
Russian Court Jails
Veteran Rights Activist
For Denouncing War
BY ANN M. SIMMONS
A Russian court sentenced
one of the country’s most
prominent human-rights ac-
tivists to 30 months in prison
for criticizing the war in
Ukraine, part of a widening
campaign to crush dissent and
enforce domestic support for
Russia’s invasion of its smaller
neighbor.
Oleg Orlov, the 70-year-old
co-chair of a Nobel Peace
Prize-winning group, the Me-
morial Human Rights Center,
was found guilty of discredit-
ing the Russian military, ac-
cording to the ruling of the
Golovinsky Court of Moscow.
The trial was rerun after pros-
ecutors appealed an earlier
fine awarded in the case.
One of the rare Kremlin
critics to remain in Russia, Or-
lov has spent decades chroni-
cling human-rights abuses
both of the former Soviet
Union and the current admin-
istration as it has tended to-
ward authoritarianism.
Representatives of the em-
bassies of at least 19 coun-
tries, including the U.S., the
U.K., France and Germany, at-
tended his trial, according to
Memorial.
U.S. Ambassador to Russia
Lynne Tracy said she was
“alarmed and concerned”
about the court’s ruling and
added that “the Kremlin’s con-
stricting oppression of its peo-
ple’s constitutionally guaran-
teed rights is dragging the
country back into a dark, dan-
gerous and isolated place.”
Tuesday’s verdict, Memo-
rial said, “has nothing to do
with law or justice,” adding
that the judge had “deprived
Oleg Orlov of his freedom for
calling a spade a spade.”
Since Moscow’s invasion of
Oleg Orlov, co-chair of the Memorial Human Rights Center,
gestures while in a glass cage in a Moscow courtroom.
Still, the tenor of discus-
sions in Berlin is a sharp de-
parture from four years ago,
when French President Em-
manuel Macron invited Ger-
many and other European
governments to talk about
how Paris could extend its nu-
clear umbrella to cover all of
NATO in exchange for help-
ing to pay for the weapons.
Under NATO’s nuclear-
sharing arrangements, Ger-
man warplanes are equipped
to launch U.S. nuclear weap-
ons stationed in Germany. But
the decision to use the weap-
ons would lie solely with the
U.S.
Germany has long held the
position that NATO’s nuclear
deterrent should center on
MEXICO
Two candidates for mayor
in the Mexican city of Mara-
vatio have been gunned down
within hours of each other, as
experts warn the June 2 elec-
tion could be the country’s
most violent on record.
During the latest nation-
wide election in 2021, about
three dozen candidates were
killed. The campaigns for-
mally begin on Friday.
State prosecutors on Tues-
day said Armando Pérez was
found shot and killed in his
car in Maravatio just before
midnight. He was the may-
oral candidate for the conser-
vative National Action Party.
Officials with the ruling
Morena party confirmed their
candidate, Miguel Ángel Zav-
ala, was found shot and killed
in his car on Monday.
—Associated Press
Ukraine just over two years
ago, the Kremlin has intro-
duced laws to punish critics of
its military campaign, muz-
zled most independent media
and branded pro-peace au-
thors and artists as foreign
agents.
All legitimate challengers
have been sidelined or dis-
qualified from Russia’s presi-
dential election, scheduled for
March, including Boris Nade-
zhdin, a local town councilor
who had campaigned on a
platform of ending the war in
Ukraine.
In the spring of 2022, Orlov
wrote an article arguing that
the war in Ukraine was a se-
vere blow to the future of Rus-
sia and calling the political re-
gime in the country fascist,
Memorial said.
Orlov refused to participate
in what he considered “an un-
fair trial” and didn’t testify or
allow his lawyer to call wit-
nesses or defense experts, Me-
morial said. But he did make a
final statement to the court.
“I haven’t committed a
crime,” Orlov said in the state-
ment published on Memorial’s
website. “The article was writ-
ten more than a year ago. At
that time, some of my friends
thought that I was exaggerat-
ing things too much. But now
it’s absolutely clear that I
wasn’t exaggerating at all.”
Established in 1987, Memo-
rial is among the most storied
of the world’s human-rights
groups and regarded as an au-
thoritative source on the num-
ber of political prisoners in
Russia.
In 2022, Memorial was
jointly awarded the Nobel
Peace Prize together with Be-
larusian political activist Ales
Bialiatski and Ukraine’s Center
for Civil Liberties.
ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS
those U.S. weapons, fearing any
move to bring Germany under
France’s nuclear umbrella could
encourage the U.S. to reduce its
military presence in Europe.
German policymakers say
their country is more vulnera-
ble than France or the U.K.
Whether or not Trump is
elected, some fear U.S. disen-
gagement from Europe is in-
evitable.
A French official said Ger-
many hadn’t been in contact
about extending France’s nu-
clear umbrella. A U.K. Defense
Ministry spokesman said: “We
have declared our independent
nuclear deterrent to the defense
of NATO for over 60 years and
all NATO Allies benefit from the
protection it provides.”
PAKISTAN
Former Premier
Pleads Not Guilty
Imprisoned former Prime
Minister Imran Khan and his
wife pleaded not guilty on
Tuesday in a graft case alleg-
ing they accepted a gift of
land from a real-estate ty-
coon in exchange for large
sums of laundered money, of-
ficials said.
The case is the second to
indict Khan and his wife,
Bushra Bibi, over acts of cor-
ruption allegedly committed
while he was in office.
Khan, who was ousted in a
no-confidence vote in Parlia-
ment in April 2022, is cur-
rently serving multiple prison
terms and has some 170 le-
gal cases pending against
him on charges ranging from
corruption to inciting people
to violence and terrorism.
Khan has denied wrongdoing.
—Associated Press
THE WALL STREET JOURNAL. Wednesday, February 28, 2024 | A7

WORLD NEWS

Biden Raises Eyebrows

Over Cease-Fire Claim
President says Israel
is set to halt war for
Ramadan, sparking
Tuesday. “We don’t have one
right now. So the team is still
working at this very very
hard.…But we believe that we
are getting closer.”
and he pointed to a recent
opinion poll indicating that
four out of five Americans
support Israel in the conflict.
“This gives us more strength

MOHAMMED TALATENE/DPA/ZUMA PRESS

negotiators’ doubts
BY SUMMER SAID
AND STEPHEN KALIN
President Biden said Israel
has agreed to halt the war in
Gaza during the Islamic holy
month of Ramadan if Hamas
releases hostages, adding
pressure to negotiators who
are racing to broker a cease-
fire this week.
Israeli officials said the re-
marks, coupled with Biden’s
prediction that a cease-fire
could be reached by Monday,
took them by surprise. The
president’s remarks were also
met with skepticism from
some people involved in the
negotiations, which are medi-
ated by Qatar and Egypt.
White House National Secu-
rity Council spokesman John
Kirby later said the president’s
comments about completing
the deal by Monday signaled
“his optimism that we can get
there,” but Kirby insisted that
“it’s not done yet.”
“You don’t have a deal until
you have a deal,” he said on
The president’s comments
came ahead of the Democratic
primary in Michigan, where
pro-Palestinian activists and
young people have urged vot-
ers to select “uncommitted”
rather than the president. Bi-
den faces little competition
for his party’s presidential
nomination, but critics want
to register disapproval with
his pro-Israel stance and dem-
onstrate the strength of the
antiwar movement that is ril-
ing Democrats.
Biden in his comments is-
sued a warning to the current
Israeli government, calling out
National Security Minister Ita-
mar Ben-Gvir, who has be-
come a champion for Israel’s
far right. If Israel maintains
an “incredibly conservative
government” that includes
lawmakers like Ben-Gvir, the
country is “going to lose sup-
port from around the world,”
he said.
In response, Israeli Prime
Minister Benjamin Netanyahu
said he has been campaigning
to build support for Israel and
curb pressure to end the war,
to continue the campaign until
complete victory,” he said in a
video released by his office on
Tuesday.
The U.S., Israel and Arab
negotiators view the Muslim
holy month of Ramadan,
which begins on March 10, as
a critical deadline to reach a
deal to pause the fighting for
several weeks and delay a
planned Israeli incursion into
Rafah, the southernmost city
in Gaza where more than one
million Palestinians have
taken shelter. Ramadan has
been a flashpoint for violence
in Israel and the Palestinian
territories in recent years and
many fear that heavy fighting
in Gaza could trigger clashes
elsewhere.
Israeli Defense Minister
Yoav Gallant told commanders
in the field on Tuesday that he
was concerned about Hamas,
along with Lebanese militant
group Hezbollah and Iran,
which backs both groups, po-
tentially ratcheting up tensions
and “turning Ramadan into the
second phase of Oct. 7.”
The framework under dis-
Palestinians prayed last Friday on the ruins of Rafah’s Al-Huda Mosque, destroyed by Israeli raids.
cussion would allow for the
release of some 40 hostages
held by Hamas, more humani-
tarian aid to flow to starving
Palestinians and the freeing of
hundreds of Palestinian pris-
oners held in Israel.
Israel and Hamas remain
divided on important details
around several parts of the
deal, with negotiators working
to bridge the gap. The differ-
ences could prolong the talks
beyond the timeline laid out
by Biden, who may be trying
to jolt the talks after a rocky
few days of negotiations.
“The hostages being held
must be released,” Biden said
during an appearance Monday
evening on NBC. He said Is-
raelis agreed “that they would
not engage in activities during
Ramadan, as well, in order to
give us time to get all the hos-
tages out.”
Daniel Levy, a former Is-
raeli government official and
negotiator, said Biden’s com-
ments likely reflected an ef-
fort by the White House to
push forward the talks with-
out applying further pressure
on Netanyahu’s government.
“I am failing to see what
the cause is for such opti-
mism,” Levy said. “Netanyahu
keeps turning around and say-
ing, ‘We will do Rafah,’ and
the administration is not
clamping down on that.”
Qatari Foreign Ministry
spokesman Majed Al Ansari
said Tuesday that he was “op-
timistic” about the continuing
talks.
In response to Biden’s com-
ments on Monday, Israeli offi-
cials said they were surprised
by the president’s mention of
a Monday deadline. They also
said Israel wants to release
the hostages as soon as possi-
ble, and if Israel’s conditions
were met, there could be a
deal on Tuesday.
Senior Hamas official
Osama Hamdan told Al Araby
television that the group’s pri-
orities were to end the war
and get more humanitarian
aid into Gaza.
—Vivian Salama, Anat Peled,
Jared Malsin, Annie Linskey
and Dov Lieber
contributed to this article.

Beijing Widens the Scope of Its State-Secrets Law

BY AUSTIN RAMZY
HONG KONG—China revised
its law on state secrets on
Tuesday to encompass sensitive
information that didn’t previ-
ously fall under its scope, po-
tentially adding to foreign busi-
nesses’ concerns over the risks
of operating in the country.
The changes, the first to
the law since 2010, were ad-
opted by China’s top legisla-
tive body and signed by leader
Xi Jinping, the state-run Xin-
hua news agency reported.
The amendments are the lat-
est sign of Beijing’s height-
ened vigilance around poten-
tial national-security threats,
following the passage of a
strict information-security law
and the rewriting of a law
against espionage last year to
expand the scope of state con-
trol of information.
The latest iteration of the
state-secrets law cites Xi’s
“comprehensive national-secu-
rity” concept, which calls for
guarding against internal and
external threats while ensur-
ing the primacy of Xi and the
Communist Party.
“This revision is the latest
in a series of legal moves to
strengthen the national-secu-
rity state, which has been a
key element of Xi Jinping’s
approach to governance since
taking power in 2012,” said
Thomas Kellogg, the executive
director of the Georgetown
Center for Asian Law.
“We’re now at more than 20
state-security laws that have
either been passed or revised
in recent years—this is the lat-
est in that stream, and proba-
bly won’t be the last,” he said.
Under Xi, who has consoli-
dated power and swept away
precedents that would prevent
him from ruling indefinitely,
China has embraced a broad
emphasis on national security,
steeling the nation for potential
confrontation with the West.
As Xi tightens rules around
national security, American
companies have described de-
teriorating confidence in do-
ing business in China, citing
the slowing economy and a le-
gal environment that they re-
gard as being increasingly
hostile. China has cracked
down on due-diligence firms,
launched raids and legal re-
views of foreign companies
and detained some foreign ex-
ecutives or in some cases
blocked them from leaving
mainland China.
One provision of the re-
vised law establishes “work
secrets” at government and
party bodies that aren’t con-
sidered state secrets but could
“cause certain adverse effects
if leaked,” adding a potentially
broad new category of re-
stricted information.
The law, however, said im-
plementation rules for “work
secrets” would be released
separately, leaving little clar-
ity on how the new rules will
be defined. The new law takes
effect on May 1.

Leaked Hacking Documents

Show China Targets Minorities
A man living in New York
got a call in 2020 from police
in the southern Chinese city of
Shenzhen, who wanted to
know if he knew anything
By Liza Lin in
Singapore and Austin
Ramzy in Hong Kong
about an account on Twitter,
the social-media site now
known as X.
The man had immigrated to
the U.S. after being born in
China’s western region of Xin-
jiang, where the ethnic minor-
ity Uyghurs and other groups
have faced mass detentions
and other rights abuses. After
arriving in the U.S., he began
speaking out about the plight
faced by Uyghurs.
He didn’t know at the time
he got the call that he had
been targeted for a hack. A
trove of documents that were
purportedly leaked from a cy-
bersecurity firm in China this
month includes a chat log
dated March 2020—weeks be-
fore he got the call—in which a
representative of the company
discusses digging up informa-
tion on a number of people be-
hind social-media accounts.
The man said his account
was among those identified in
the chat log. “I have reasons to
believe that I was targeted in a
campaign to collect informa-
tion about Uyghurs,” he said.
The documents, which ap-
peared to come from a Chinese
cybersecurity firm called I-
Soon, have opened a new win-
dow into how China’s govern-
ment uses surveillance to
impose political controls in-
side and outside of its borders.
A Wall Street Journal analysis
of the documents indicates a
strong focus on people from
the country’s periphery, in-
cluding ethnic minority groups
that Beijing sees as a potential
source of political instability.
The documents, which were
originally uploaded to GitHub,
an online platform for devel-
opers, before being removed,
suggest I-Soon was part of a
group of private firms that
supplement China’s spying.
The Journal couldn’t indepen-
dently verify the authenticity
of the files—including hun-
dreds of pages of chat logs,
client lists and product manu-
als—but cybersecurity experts
say the documents appear to
be legitimate because they
align with activities previously
associated with Chinese state-
sponsored hacking groups.
The trove of documents
suggest I-Soon had a range of
targets, but a number of ex-
amples point to a focus on
ethnic minorities. The files
show I-Soon was pitching its
hacking capabilities to local
security officials in Xinjiang.
Chat logs also indicate the
firm was offering to monitor
Tibetan exiles in India.
I-Soon didn’t respond to a
request for comment. China’s
Ministry of
Public Security
didn’t respond
to a request for National
comment.
“The hackers
security has
were focused on become a larger
domestic threats
focus under
that migrated
abroad,” said Xi Jinping.
Drew Thomp-
son, a senior re-
search fellow at
the Lee Kuan Yew School of
Public Policy in Singapore.
“Their clients were keen on
data from government bureaus,
telecommunication providers,
airlines, so they could monitor
and access individual emails,
phones and keep track of dissi-
dents abroad,” added Thomp-
son, a former senior official at
the U.S. Defense Department
who was stationed in Beijing.
Under Chinese leader Xi
Jinping, national security has
become a larger focus, with
the Communist Party going to
great lengths to crush efforts
at political organizing outside
of its control. China has been
particularly focused on the
threat posed by regions on the
country’s margins such as
Xinjiang, Tibet and Hong
Kong, where large numbers of
people see themselves as
something other than Chinese.
For years, China’s govern-
ment sent Turkic minorities to
indoctrination camps in Xinji-
ang as part of a campaign of
forced assimilation that some
rights groups and Western
governments described as a
“crime against humanity.” The
Chinese government describes
its policies in Xinjiang as job
training designed to curb ter-
rorism and religious extrem-
ism.
Beijing has expanded its
campaign to target Uyghurs
and other minority groups out-
side China, telling people to spy
on their communities abroad or
risk retaliation against their
family members in Xinjiang,
overseas activists say.
“China wants to intimidate
Uyghurs by showing their
hands can even reach Ameri-
can soil,” said Ilshat Kokbore,
a Uyghur activist in the U.S.
I-Soon was
founded in
Shanghai
2010 by Wu Ha-
in MANDARIN MIRAGE
ibo, its chair-
man and gen-
SPESSARTITE GARNET RING
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described Wu Blazing with radiance, a fiery orange spessartite
as a patriotic garnet dazzles at the center of this Oscar Heyman
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safety defense system for the
public security bureau in Xin-
jiang’s Akusu region, accord-
Scan to see a video
ing to an official Xinjiang pro-
of this ring
curement notice posted in
July 2021.
I-Soon appears to represent
just one aspect of China’s
hacking capabilities. In the
past, Chinese hacking opera-
tions have broadly focused
mostly on military and indus-
trial espionage.
The recent leak “shows ex-
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—Clarence Leong
contributed to this article.
A8 | Wednesday, February 28, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Threat of
North Korea
Has Grown
Continued from Page One
world already in wars in Europe
and the Mideast.
Kim is playing a longer, more
strategic game with a nuclear
arsenal that has quickly grown
since talks broke down at the
February 2019 summit with for-
mer President Donald Trump in
Hanoi. That has made predict-
ing his next steps murkier and
more worrisome.
Particularly troubling, secu-
rity experts say, is how sure-
footed Kim looks, despite wide-
spread food shortages, a more
confrontational South Korean
administration and a U.S. that is
rotating nuclear assets into the
region more often.
At the 2022 weapons launch,
Kim oversaw North Korea’s first
full-range intercontinental bal-
listic missile test in nearly five
years. In the past, Russia and
China would have condemned

JUNG YEON-JE/AFP/GETTY IMAGES

the behavior at the United Na-
tions. But Beijing and Pyong-
yang had grown tighter over
their shared animosity toward
Washington, and North Korea
just weeks earlier had become
one of the few countries to pub-
licly back Russia’s invasion of
Ukraine. Since then, Pyongyang
has ripped off eight more ICBM
tests.
For decades, officials often
interpreted Pyongyang’s moves
through the prism of a well-es-
tablished “provocation play-
book,” where weapons tests and
bellicose language helped drive
urgency around the world for
talks with the regime. Kim and
his predecessors used that at-
tention to elevate the country’s
global standing and win aid or
sanctions relief by promising to
halt its weapons activity, often
covertly plowing forward any-
way. But Kim has ditched that
convention.
Now, Kim is developing his
nukes more with an eye to
keeping them than trading
them away, even if it means liv-
ing under sanctions. He is also
rewiring dynamics in the re-
gime to share authority and cre-
ate a more normalized govern-
ment, and adjusting his
relationships with allies by in-
creasing the reliance on Russia,
said Ken Gause, an expert on
North Korean leadership who
has been a consultant for the
U.S. government. “Kim Jong Un
is his own man at this point,”
he said. “The problem is many
people can’t see North Korea
changing.”
Reunification goal
A clear sign of Kim’s new
bravado emerged last month, as
he abandoned a foundational
doctrine of his predecessors.
Taking to a lectern at his coun-
try’s cavernous parliament hall,
he stood beneath towering stat-
ues of his father, Kim Jong Il,
and grandfather, Kim Il Sung.
In a fiery speech, Kim Jong
Un declared his regime would
no longer seek peaceful reunifi-
cation with Seoul. Instead,
South Korea should be codified
as the main enemy. He ordered
the country to prepare for war.
Pyongyang’s iconic “Arch of Re-
unification”—built by his father
in honor of his grandfather—
was torn down.
What a war or conflict could
A television screen at a railway station in Seoul showed file footage of a North Korean missile test on Feb. 2.
mean to Kim has drawn rising
concern from officials in Wash-
ington, Seoul and elsewhere.
Pyongyang has crammed
more weapons advances in the
past five years than during any
similar stretch in the country’s
history, said Kuyoun Chung, a
policy adviser for South Korea’s
navy, foreign ministry and unifi-
cation ministry.
Yet an all-out invasion car-
ried out by North Korea looks
highly unlikely, with Kim him-
self ruling it out in his policy
speech. North Korea has also re-
duced its arms reserves of late,
sending munitions and short-
range missiles to Russia for
fighting with Ukraine, according
to U.S. and South Korean offi-
cials. And in recent weeks,
North Korean soldiers have
been spotted re-mining the De-
militarized Zone, according to
people familiar with the matter,
which would be an odd move
ahead of a land attack.
But Washington and Seoul
officials say they remain con-
cerned about the potential for
lower-scale skirmishes between
the two Koreas, including drone
infiltration or maritime incur-
sions, especially in the Yellow
Sea or western border areas.
Waning support among
Americans for the war in
Ukraine and Israel’s efforts in
Gaza might give Kim the im-
pression that the U.S. is overex-
tended and exhausted, said Syd-
ney A. Seiler, a former U.S.
envoy for six-party talks with
North Korea in 2014 and 2015.
Kim could be harboring hopes
that following a threat—or even
limited use—of nuclear weap-
ons against South Korea, inter-
national pressure might build to
quickly de-escalate, forgo retali-
ation and allow North Korea to
extract financial gains for
peace, Seiler said.
A pair of former U.S. officials
surmised that Kim had made
the strategic decision to go to
war in an article last month on
38 North, a website dedicated to
North Korea news. Kim may
have concluded Washington will launches and dismantled parts
never accept his country as a le- of a key testing facility as a dip-
gitimate state and wants to lomatic goodwill gesture. He
eliminate it, said Robert L. Car- hoped to win a deal with the
lin, a former U.S. negotiator U.S. that shed sanctions, re-
with the North and one of the opened his country’s economy
authors. Pyongyang may believe and invited foreign investments,
that any agreements, including in exchange for disarmament on
those with Seoul, may not be his own terms.
sustained anyway, he said. The abrupt collapse of the
Kim’s nonmilitary options talks brought major disappoint-
might be exhausted, and his ment to Kim. Within weeks, he
goals likely now extend beyond began changing tactics.
sanctions relief given the North Korea restarted activ-
strength of North Korea’s nu- ity at its ICBM factory and re-
clear arsenal, he added. “Every built parts of its main rocket-
surprise attack worked by defi- launch site. Kim met Putin in
nition,” Carlin said. “I hear over Vladivostok, where the North
and over again: ‘They won’t use Korean leader blamed the U.S.
nuclear weapons.’ Well, that’s for acting in bad faith. In May
what they want us to think.” 2019, missile tests started again.
North Korea could possess Unlike the prior nuclear tests
50 to 60 nuclear warheads, ac- and long-range weapons
cording to an assessment by launches, North Korea priori-
Siegfried S. Hecker, Carlin’s co- tized developing new, sophisti-
author. Five years ago, Hecker cated missiles that could terror-
and others estimated Pyong- ize neighboring South Korea
yang’s stockpile and Japan—a
at roughly 35. missing part of
Founded in the regime’s ar-
1948, North Ko- Kim is playing a senal. The new
rea’s dynastic longer, more missiles, dubbed
Communist KN-23 and
state has out- strategic game KN-24, can be
lasted the Soviet n u c l e a r
Union’s nearly
with a larger equipped and
70-year run. nuclear arsenal. change direction
After taking midflight.
power in late Those weap-
2011, Kim had ons are now
paid homage to his father’s poli- used by Russian soldiers in the
cies on the military and econ- war in Ukraine, according to as-
omy, and packed on more than sessments by Washington,
100 pounds to physically resem- Seoul and Kyiv. “The North Ko-
ble his grandfather. His initial rean weapons are getting target
leadership legitimacy had cen- practice in Ukraine, and Russian
tered on a promise of delivering feedback on the weapons’ short-
economic revitalization. comings will allow North Korea
To cater to Pyongyang’s elite, to advance its technology even
Kim built a modern water park more,” said Moon Seong-mook,
and a dolphin aquarium. He a retired South Korean briga-
erected luxury apartments. He dier general who was a negotia-
approved more incentives for tor at inter-Korean military
farmers and backed more au- talks in 2007.
tonomy for small businesses. Kim closed 2019 with a de-
Kim spoke of aspirations to fiant speech that warned his
make North Korea a “peace-lov- nation to accept the reality of
ing nuclear power.” Ahead of a protracted fight with the
nuclear talks with Trump in U.S. “We have to live under
2019, he had halted weapons the sanctions by the hostile
forces,” Kim said. summit: submarine-fired ballis-
When Covid-19 emerged in tic missiles, a first-ever spy sat-
neighboring China, North Korea ellite, hypersonic technology
became one of the first coun- and new ICBM launch plat-
tries to slam its borders shut, in forms. A second plutonium-pro-
January 2020. Cross-border ducing reactor at the country’s
trade, key to the North’s pre- main nuclear site is believed to
pandemic economy, soon evap- have become operational.
orated. Since taking power, Kim has
Kim took unprecedented con- carried out more than 200 mis-
trol of the country’s society, sile tests. That’s more than tri-
economy and information. ple the output of his father and
grandfather combined.
After years of Covid isola-
Tightened screws tion, North Korea reopened to
In 2021, he pulled off his big- the outside world by inviting
gest leadership shake-up in a foreign dignitaries from Russia
decade, excising those he and China to a military parade
deemed disloyal or corrupt. He in Pyongyang last July.
handed subordinates more au- Kim showered more atten-
thority, which also meant he tion on his Russian guest, De-
could deflect blame to them for fense Minister Sergei Shoigu,
the country’s struggles. giving him a personal tour of a
He also tightened screws on North Korean weapons expo—
his people: Watching or distrib- including a stroll past the short-
uting South Korean movies be- range missiles now used in
came a crime punishable by fir- Ukraine. Pyongyang and Mos-
ing-squad execution—and cow have denied the existence
several violators were killed of any arms deals.
that way, according to human Kim, who once had a prolific
rights groups. pen-pal relationship with
Kim’s strongman moves re- Trump, promised in a letter last
flect how he’s still trying to summer to continue “holding
overcome the broken promise to hands firmly” with Putin.
his people of winning sanctions Months later, the two leaders
relief while holding on to the shook hands in-person at Rus-
country’s nuclear weapons, said sia’s main spaceport in the
Kang Chol-hwan, a North Ko- country’s Far East. It was Kim’s
rean prison camp escapee who first overseas trip since the
heads a human-rights group in pandemic. The Russian leader
Seoul. “Now he’s being honest promised assistance on North
that nuclear weapons are the Korea’s satellite endeavors.
only way for regime survival,” Before returning home, Kim
Kang said. toured a Russian fighter-jet fac-
At a November 2022 ICBM tory and examined a Russian
test, Kim unveiled his daughter, navy frigate. North Korean train
Kim Ju Ae, to the public for the shipments into Russia picked up
first time. Now she is a fixture soon after.
at marquee North Korea events, Pyongyang is estimated to
with Seoul’s spy agency believ- have provided around 5,000
ing she could be a potential suc- containers of weapons to Mos-
cessor. Kim reportedly now re- cow by the end of last year, and
fers to the young girl, who is could soon also include the sup-
thought to be about 11, as ply of tactical-guided weapons,
“Morning Star,” a moniker that South Korea’s defense minister
had been reserved for Kim Il recently told local media.
Sung. Russia is sending shipments
Beyond the ICBMs, Kim has lately with unknown goods into
racked up other military North Korea, too, according to
achievements since the Vietnam government officials.

This Park there’s this fleeting nature in

the desert and you just want
to see it all and absorb it all
with selfies of sweaty people
panting in mindbogglingly
high summer temperatures,

Will Float before it goes away.”

On recent weekdays, as
many as a dozen kayaks could
recorded one of its busiest
weekends ever over Presidents
Day. The crowds have kept up.
MIKAYLA WHITMORE FOR THE WALL STREET JOURNAL

Your Boat be spotted on the lake, some

Continued from Page One
floats. Spotted have been pad-
dleboards, kayaks and an in-
flatable unicorn.
For much of the year, signs
in Death Valley National Park
warn tourists of extreme heat,
up to a sizzling 129 degrees
last summer. Now, a notewor-
thy new sign asks visitors to
try not to venture into envi-
ronmentally sensitive areas
while enjoying the lake.
After a lake photo Donnelly
posted went viral, he has be-
come something of a Lake
Manly docent. He’s made mul-
tiple trips in the past week,
along with a few visits to a
sporting-goods store in nearby
Nevada for inflatable kayaks.
“Everything is ephemeral
out here,” Donnelly said re-
cently, getting philosophical
while bobbing through Death
Valley on a kayak off the salt-
crusted shoreline. “It is like
traveling in pairs, others glid-
ing along the waveless surface
in solitude. A couple adventur-
ers wore life-vests in the
roughly 1-foot deep water.
Desert winds stirred only
the slightest current, at times
slowly spinning an inflatable
kayak in a broad circle, offer-
ing its idle passenger a 360-
degree view of the valley and
snow-covered peaks.
”This is the first time I’ve
ever kayaked in my life and to
say I did it in Death Valley is
hilarious,” said Pat Anderson,
73, who was visiting the park
from Hurricane, Utah.
Anderson’s companions in-
cluded her sister-in-law,
Jeanie Carson, 69, of Hender-
son, Nev. “This is kind of a
once in a lifetime chance to do
this,” Carson said.
Dozens of others carefully
stepped into the lake through
ankle-deep water. To the boat-
ers, it appeared as if they
were walking on water, a mir-
acle almost as spectacular as
Patrick Donnelly kayaks on a temporary lake, created by rain, in Death Valley National Park.
the lake itself. Donnelly, a
hydro biologist, estimates the
lake may be navigable by
small boats for just days or
weeks, as it evaporates.
At its broadest point earlier
this month, the shores of Lake
Manly ran to the edge of Bad-
water Road, a winding, ragged
highway running through the
eastern side of Death Valley.
Donnelly dubbed the spot the
unofficial Lake Manly boat
ramp, where at any given time
on recent days kayak-toting
trucks and cars were parked.
The Ice Age lake re-
emerged in late August for the
first time since 2005, when
the remnants of Hurricane Hi-
lary swamped the park. Alas,
those rains also washed out
all the roads in the area, so no
visitors could reach the magi-
cal new lake, said Abby Wines,
a Death Valley National Park
ranger and spokeswoman.
Park officials mercifully
kept the lake secret. “We
didn’t exactly want to rub the
public’s nose in the fact that
there’s this amazing lake that
you can’t go see,” Wines said.
This month, however, a pair
Kim Harris said she and her
husband Wade “read about it
a couple of days ago…and said,
‘Thursday! Let’s get them in
the truck and let’s go.’”
The 66-year-old Harris was
standing beside her yellow
kayak, which was decorated
with stickers from the couple’s
extensive travels—though
Harris noted that the lake in
Death Valley was certainly one
of her saltier outings.
The Harrises day-tripped
of massive rainstorms from Barstow, roughly three
dropped three-quarters of the hours to the south. So many
2.25 inches of rain Death Val- had the same idea, however,
ley typically receives in an en- that the official parking lot
tire year in about three days. was full. So Harris parked
Lake Manly formed again, with others along the dirt
and this time, park officials shoulder of Badwater Road.
invited tourists to check it out Following her early after-
on newly repaired roads. noon trip across the lake Har-
Because the lake sits atop ris took the time to passersby
a normally arid salt flat where some helpful advice about
the water table is close to the aquatic sports at Death Valley.
desert floor, it has been slow “Don’t shave your legs the
to evaporate or seep into the morning before you kayak this
ground. The visitor center at lake,” she cracked, with a wry
Furnace Creek, a site often smile as she brushed dry,
memorialized on social media crusted salt off her calves.

© 2024 Dow Jones & Company. All Rights Reserved.
Airport Upgrades Lounge Act
United Airlines and Capital One up the ante in Denver as upscale options proliferate for fliers
CARRY ON
DAWN
GILBERTSON
I
Denver
f you want a peek into the
one-upmanship under way to
win your airport free time
and travel and credit card
loyalty, spend an afternoon at
Denver International Airport.
Yes, there’s a giant new Ameri-
can Express lounge in Atlanta and
shiny new Chase lounges at La-
Guardia and JFK. But no U.S. air-
port can beat that new-lounge
smell flowing into Denver’s con-
courses. The busting-at-the-seams
Colorado hub is a hotbed of new
lounges, rife with high-quality
grab-and-go food, custom IPAs
and shrimp banh mi. The upgrades
underscore the high stakes to woo
big-spending travelers and are a
preview of things to come at an
AMANDA VILLAROSA FOR THE WALL STREET JOURNAL (3)
airport near you.
Capital One, a recent lounge
entrant competing with American
Express and Chase for travel-lov-
ing premium cardholders, opened
its third lounge in Denver.
United Airlines, the airport’s
busiest carrier, opened two new
lounges in Denver last summer—
one is its largest worldwide. It
joined Club Fly, United’s first and
only grab-and-go market for club
New Airline Routes
Offer Cheaper Trips
BY JACOB PASSY
T
aking the air route less trav-
eled could be your ticket to a
cheaper vacation this spring
and summer.
Low-cost carriers are introducing
new routes and reworking their
maps to remain competitive. Fron-
tier Airlines, for instance, is reconfig-
uring its operations so that it flies
to and from Cleveland, Philadelphia
and some other cities
more often. Smaller
U.S. cities such as
Evansville, Ind., and Carriers add
Norfolk, Va., will see new options to
new direct flights
from other airlines. places like
Major airlines are
also getting in on the
Norfolk, Va., and
act, adding flights to Tulum, Mexico.
international locales
like Tulum, Mexico,
and Nice, France.
Cheaper flights and new routes
are regularly announced, especially
heading into spring. This year stands
to be one of the most fruitful in
years given nearly every U.S. airline
is making changes and airlines often
offer discounted rates on new
routes. If you’re willing to go some-
where that’s historically been harder
GETTY IMAGES (2)
to reach, the savings could be partic-
ularly high.
Low-cost carriers tend to adver-
tise some of their lowest prices tied
PERSONAL JOURNAL.
members in a rush,
which launched in 2022.
A third United lounge is
under renovation and
scheduled to open in
2025. And there are
plans for an even fan-
cier dedicated lounge
for travelers booking
United’s pricey Polaris
business-class tickets.
United made a big
bet early in the pan-
demic on an eventual
rebound in premium
travel demand and dou-
bled down on lounge space and
premium seats in places like Den-
ver and Newark, N.J. “We planned
ahead for this,” United President
Brett Hart said late last year.
Why Denver?
Lounge operators love Denver’s
sizzling passenger traffic. The air-
port welcomed nearly 78 million
passengers in 2023. That marked a
12% increase from 2022, when it
was the third-busiest U.S. airport
by passengers.
United has grown rapidly at
DIA. Jonna McGrath, vice president
of Denver airport operations for
United, says its previous clubs in
Denver were dated and couldn’t
handle the airline’s growth. United
will have 90 gates in Denver by this
fall, up from 66 in 2019.
United’s 35,000-square-foot,
two-level club on the B concourse,
its largest anywhere, has space for
600 passengers. It’s a showpiece
to these launches. When Frontier
announced a slate of new routes,
including flights to destinations like
Charlotte, N.C., and Fort Myers, Fla.,
it offered promotional fares as low
as $19 for a few days.
Even after those promotional
fares are gone, having a new carrier
on the route adds competition and
tends to nudge prices lower. The in-
troduction of one of these carriers,
especially a low-cost airline, to a
market is initially as-
sociated with a 20%
drop in flight prices,
says Hayley Berg,
lead economist at
travel-booking com-
pany Hopper.
“There is typically
an opportunity for
consumers to get a
lower price if they
can book when a
route is new,” Berg
says. Over time, though, prices tend
to recover some.
Welcome to Pittsburgh
Domestically, these new flights rep-
resent a partial reversal of a recent
trend where smaller airports lost
most of their scheduled flights as
airlines rethought their operations
in the wake of Covid-19, says Bijan
Vasigh, a professor at Embry-Riddle
Aeronautical University in Daytona
Beach, Fla.
THE WALL STREET JOURNAL.
 Craft beer is a big theme at
United’s giant new lounge at
Concourse B in Denver.
for the airline, offering more ame-
nities and types of food than even
some veteran travelers might ex-
pect. In one bar, travelers can or-
der flights of local beer and play
tabletop shuffleboard.
Denver consultant Vic Dukay
visited the club near gate B44 in
Denver recently, using one of two
passes he gets from a United
credit card. He says the breakfast
food was better than what was on
offer at the old clubs, though he
struggled to find a seat.
“In comparison to other United
Clubs, this is a significant up-
grade,’’ he says.
Grab-and-go is a hot trend in
airport lounges. These aren’t areas
to, well, lounge. Instead, fliers can
avoid long food lines in the termi-
Airline executives say that during
the past couple of years, many air-
lines targeted the same markets as
each other, particularly vacation
destinations during the spring and
summer months.
“There are a lot of people who
want to fly to Orlando and Vegas,
but if there’s a lot of capacity to Or-
lando and Vegas that may be per-
fectly well-addressed demand,” says
Brian Znotins, senior vice president
of network and schedule planning
at American Airlines.
Some carriers have responded by
shifting their focus to smaller, sec-
ondary markets and away from big-
ger hubs. Frontier has opted to prior-
itize routes that serve what it deems
“friends and family” destinations,
says Chief Executive Barry Biffle.
Case in point: Philadelphia to
Pittsburgh. The airline will launch
the route in mid-May, and round-
trip airfare is currently available for
as low as $78 on some days. Previ-
Wednesday, February 28, 2024 | A9
Denver’s Capital One Lounge has
a wide range of food offerings,
including bison sloppy joes.
nal and grab something decent on
the way to their gates without air-
port concession sticker shock.
United takes it to the extreme
in Denver with the grab-and-go-
only Club Fly near Gate B60.
There’s self-serve coffee and a cof-
fee bar serving lattes with Club
Fly latte art. I had read about the
new concept, but found it even
more impressive in person.
On my morning visit, the
fridges were stocked with Noosa
yogurt, fruit cups, hard-boiled
eggs and roast beef-and-cheddar
and turkey-and-pesto sandwiches.
The best part: You don’t pay.
Well, don’t pay extra. A United
Club membership ranges from
$550 to $650 a year, or you can
purchase a day pass for $59 where
ously, airfares on that route aver-
aged around $300, Biffle says, mak-
ing it a strong option for an ultra-
low-cost carrier like Frontier.
“If you want to take a family of
four to go see grandma, that’s
$2,400,” Biffle says. “You’re either go-
ing to drive or you won’t go there.”
Small hubs
Upstarts like Allegiant, Avelo and
Breeze tend to fly to smaller air-
ports by virtue of the lower costs
associated with those locations.
Among the routes Allegiant is mak-
ing a debut in June are flights be-
tween Harrisburg, Pa., and Jackson-
ville, Fla., and flights between
McAllen, Texas, and St. Petersburg,
Fla. One-way fares on Allegiant’s
new flights start as low as $45.
Avelo is launching four new
flights out of the Charles M. Schulz-
Sonoma County Airport in Califor-
nia’s wine country in early May. The
flights offer introductory fares start-
 Travelers check into the new
Capital One Lounge at Denver
International Airport, located in
Concourse A. It opened in
November.
available. (Some United credit
cards include lounge access.)
United’s McGrath says it’s par-
ticularly popular with connecting
passengers in a hurry.
Capital One raises bar
The Capital One lounges—where
Love Your Layover is the market-
ing slogan and occasional Wi-Fi
password—have taken grab-and-go
to new heights since the third
opened in November.
The first thing you see when
you walk into the lounges in Den-
ver and Washington’s Dulles Inter-
national Airport: a coffee stand or
bar, self-serve taps with cold brew,
lattes and other drinks, and an as-
sortment of to-go food.
I found chia pudding with pine-
apple, beet and pear salad and a
vegetable wrap with hummus
among the offerings.
Airport lounges traditionally
have traditionally frowned on
guests removing food. Here, they
offer brown paper to-go bags.
“If they want to get on their
way they can,’’ says Jenn Scheu-
rich, managing vice president and
head of Capital One Travel. “And
they’ve still had the opportunity
to enjoy a real great experience in
our lounge.’’
The Capital One lounges are
two lounges in one. Beyond the
grab-and-go area, Capital One of-
fers traditional lounge fixtures, el-
evated a notch. There’s
a bar with the coolest
complimentary drink
menu I’ve seen at a U.S.
airport lounge, includ-
ing beer made specifi-
cally for the lounge,
and custom glasses for
signature drinks.
Travelers are al-
ready walking away
with them, something
Capital One antici-
pated. The ceramic
mug for one drink you
get in Denver has this
stamped on the bottom:
“On permanent loan
from Capital One.’’
The food setup recalls the up-
scale buffets in Las Vegas before
the pandemic, with small plates
instead of a giant chafing dish or
messy platter of food.
Morgan Jason, a Denver finan-
cial services manager, has already
been to the Capital One lounge
three times this year.
For a February family trip to
Cancún, she and her husband
brought their two kids and her
parents into the lounge because
each has Capital One’s top-of-the-
line Venture X Rewards card. The
annual fee is $395 per card.
They had breakfast and
grabbed sandwiches to go for
lunch, a big money saver.
Jason had Chase’s premium
card in her wallet until last year,
when they heard about the Capital
One lounge coming to her home
airport. “We immediately
switched,’’ she says.
ing at $62 for a one-way ticket.
These low promotional prices
can significantly reduce the cost of
flying out of small hubs that have
fewer flights a day. An airline pro-
viding additional service to some-
where like Chicago is less likely to
move the needle on prices outside
of that particular route compared
with a less-frequented destination.
Some of the routes carriers are
rolling out are designed as sea-
sonal. Spirit added four new routes
to Tampa between March and early
April from Kansas City, Memphis,
Milwaukee and Nashville.
Internationally, major carriers
continue to re-establish service to
overseas markets they pulled out
of during Covid-19 and smaller in-
ternational destinations are seeing
growing demand as major foreign
hubs like Paris grapple with crowds.
American is one of multiple U.S.
carriers set to begin flying in March
to the new airport that opened in
Tulum, Mexico, in December. The
airline also plans to increase service
to smaller European markets, Zno-
tins says.
Potential hiccups
When airlines establish new routes,
don’t expect them to fly them mul-
tiple times a day—let alone on a
daily basis. It isn’t uncommon for
low-cost carriers to fly these newer
routes only a few times a week.
A sparse flight schedule can cre-
ate major headaches if problems
arise, such as bad weather. The infre-
quency of these flights means that it
could take days for the carrier to ac-
commodate passengers on another
flight if their original departure was
canceled or significantly delayed.
A10 | Wednesday, February 28, 2024
BY ALEXA CORSE
W Online Characters Come Alive
omen are finding
a way to get so-
cial media to do
what it’s sup-
posed to do. Or at
least what I’ve al-
ways hoped it would do: help us
make new friends.
Like so many of us, my brain
has felt increasingly taken over by
screens. I’m constantly online for
work, covering social-media com-
panies for a living. The time I used
to spend reading or meeting new
people was too often spent scroll-
ing feeds and streaming TV shows.
I was finally able to break the
cycle by joining a book club on-
line. Instead of shopping ads and
fake news, many women are find-
ing that online book clubs can be a
way to connect to new people in
communities they want to be part
of in real life.
“We don’t go out as much any-
more, I think, just in general as a
society. Everything can be
dropped off at our door,” says Ka-
tie Barney, a 38-year-old nurse
practitioner who joined a Chicago-
area offshoot for fans of the Insta-
gram account Beach Reads & Bub-
bly. “This is so much different. We
make an effort to meet up.”
While book communities have
long been on the internet, they ex-
perienced a new surge in recent
years, particularly around 2020
when many people were staying at
home during pandemic lockdowns.
#Bookstagram and its TikTok
equivalent #BookTok have spread
across the websites, with users
posting over 29 million times men-
tioning #BookTok. Publishers say
#BookTok can help launch
bestsellers and give blog-
gers copies of books in
exchange for reviews.
It isn’t just TikTok.
Romance novelist Abby
Jimenez created a Face-
book group in 2019 that
now has over 24,000
fans. “That has been in-
strumental in the success
of my books,” she says.
“These are the people
that are the ride-or-dies.”
From online
to IRL friends
Many people, especially
women, who joined on-
line book clubs are look-
ing to turn those connec-
tions into real-life friendships.
Katie Shober, who runs Beach
Reads & Bubbly, has over 160,000
followers. As an adult, “it’s diffi-
cult to make new friends,” Shober
says. “This has been a great vehi-
cle for connecting women, even if
they never read the book.”
Shober started the book-and-
cocktail-themed account in 2020
as a solely online exercise. Last
year, she launched a system where
fans of her account could start in-
person book clubs in their cities.
Groups have popped up for about
250 cities and locations.
Women who have joined those
book clubs sometimes end up with
a dozen new friends.
Barney, the nurse practitioner
in the Chicago area, started going
to one of those groups last year.
They started by meeting at local
restaurants, and now meet at each
other’s homes. They made a list of
each other’s birthdays to cele-
brate. They went to see the rom-
Milan Shows
What Comes
After ‘Quiet
Luxury’
OFF BRAND
RORY
SATRAN
“QUIET LUXURY” has become a bit
of a dirty phrase in Milan. To some
at the Italian brands that embody
the term, it’s reductive—an overly
TikTok-ified way of describing clas-
sic, refined clothing. Many fashion
industry people roll their eyes when
it comes up.
Brunello Cucinelli, one of the
kings of natural textiles, prefers the
term “gentle luxury.” At his fall pre-
sentation in Milan this past week,
the (extremely expensive) clothing
at which he excels looked especially
touchable. Cashmere sweatsuits
were layered with blanket-like
scarves and silky suiting hung in
loose pleats. Even an evening look,
composed of a black sweater
tucked into a feathered skirt, ap-
peared comfy. Holding a pillowy
bag, one Brunello disciple called it
“accogliente”—Italian for “cozy.”
One step beyond coziness is pro-
PERSONAL JOURNAL.
Readers are turning acquaintances in virtual book clubs into in-person communities
com movie “Anyone But You” to-
gether. They have supported each
other through grief and fertility
challenges.
Julie Colwell, 34, joined the
same group last year. She’s been
attending the monthly meetings
ever since. “I was a new mom and
I wasn’t getting out as much,” she
says. “I just really wanted to meet
new people, try something new.”
Social media has made it easier
than ever for us to stay in touch
with old friends who often live
many miles away, which is often
fabulous. But combine all those dig-
ital conversations with all the other
demands on our time—work and
 Katie Shober, front at right,
started a book-and-cocktail-
themed Instagram account, Beach
Reads & Bubbly, in 2020. About
250 groups have popped up,
including one she visited in the
Chicago area.
tection, and there was
plenty of that in Milan,
too. Chalk it up to an
uncertain luxury market,
the roiling geopolitical
climate or global warm-
ing, but using clothing
as a sanctuary seemed
to be on many design-
ers’ minds. For some,
like the excellent Brioni
La Donna and Loro Pi-
ana collections, that
means impeccable tai-
loring and forever-wor-
thy double-breasted
coats. Others, like Luke
and Lucie Meier at Jil
Sander, took the co-
cooning more literally, making succu-
lent, quilted floor-length capes.
The look of love at Prada
Miuccia Prada and Raf Simons, the
co-creative directors of Prada, are on
quite a roll. Their fall collection
started with thinking about love, Si-
mons said backstage, but “all the ele-
ments of love,” including loving your
home, or even loving your sheets.
There’s that theme of comfort again.
That manifested in a romance for
different eras of fashion, remixed: A
Jackie O. linen shift dress shot
through with a streak of shearling.
A leather bomber jacket embellished
with “1913,” the year Prada was
founded. A twin set in shocking red
and ultraviolet. High-tech nylon jack-
ets in midcentury couture shapes.
“There is no way to think about
the future unless you have a good
understanding of the past,” he said.
WORK & LIFE
 Mariah Cooke and Madison
Drake grew close after joining the
same online book club.
children—and it often feels hard to
make new friends in real life.
Craving connection
User numbers of an app called
“Bookclubs,” designed to help or-
ganize clubs, grew 240% from
2020 to 2021. Since then, its user
base has been roughly doubling
annually, the company says. The
app currently has just under one
million users with accounts.
That’s still a relatively small au-
dience, compared with other social
apps, and I wouldn’t expect book
clubs to be for everyone. Still,
Bookclubs Chief Executive Anna
Ford says that many users are
Everyday allure
at Bottega Veneta
In less than four years, Matthieu
Blazy has completely renewed Bot-
tega Veneta, making it a cult spot
for creative types that want unique
clothing and accessories with plenty
of craftsmanship. Without succumb-
ing to naked dresses and other re-
vealing gimmicks, the brand appeals
to a broad demographic, as shown
by front-row neighbors Julianne
Moore, 63, and A$AP Rocky, 35.
The fall collection, Blazy said
backstage, was a “celebration of the
everyday.” He found himself thinking
about the allure of everyday clothing
on his nightly dog walks. This meant
recognizable pieces like peacoats,
skirts and sweaters, reduced to their
essential essence but rendered fabu-
lous through textile innovation and
fabrication. A simple yellow evening
dress had a shirred-fabric fraying
turning to the app to build con-
nections. More than 90% of the
app’s users are female, and roughly
20% of users are younger, between
the ages of 18 and 34, according to
estimates from the company.
Young people are showing in-
terest in book clubs, Ford says,
“despite that perception of book
club being like, you know, older
women meeting in the living room
over wine.”
Like anything on the internet,
aspects of #Bookstagram and
#BookTok can be attention-chas-
ing or otherwise imperfect. Books-
tagrammers half-joke about spend-
ing more time scrolling and
posting than reading. A lot of the
chatter is about romance novels
and beach reads, not all literary
masterpieces. Online drama erupts
over strong opinions.
 Prada’s fall collection started
with thinking about love,
explained Raf Simons backstage,
but ‘all the elements of love,’
including loving your home, or
even loving your sheets.
(not unlike recent work by Phoebe
Philo) and a long column skirt
boasted leather plumes.
Blazy wanted to express resil-
ience, he said, like flowers blooming
in the desert. Fittingly, he designed
giant Murano glass cactus flowers
to decorate the show space.
Womblike sumptuousness
at Jil Sander
Real life crept into the fashion bub-
ble on the day of Jil Sander’s show,
when guests were confronted with
a triple-whammy of rain, traffic and
multiple public protests that closed
the streets. Supermodel Mariacarla
THE WALL STREET JOURNAL.
I joined a book club
I was born to be a bookworm.
Growing up, I devoured series like
“Magic Tree House” and imagined
myself solving mysteries alongside
Nancy Drew.
I joined an online book club
two years ago at the invitation of
my boyfriend’s sister-in-law, Ma-
riah Cooke. She had started the
book club with a friend, after mov-
ing from California to North Caro-
lina and wanting to build new
friendships. Book club gave us
something in common to talk
about as we swapped thoughts
about what we were reading. It
also helped me rediscover the joy
of getting lost in a book.
The group has now read scores
of books together and often meets
twice a month. Women spanning
the country and decades in age log
on to chat. Around two dozen mem-
FROM TOP: ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK (4); MARIAH COOKE; VALERIA TAMEZ
bers attended a recent meeting.
Some have even flown and driven
hours for annual weekend trips.
“I definitely didn’t see it turn-
ing into the friendships that it
has,” says Cooke, 29.
Last May, Cooke flew to Nash-
ville, Tenn., to stay with fellow
book clubber Madison Drake and
go to a Taylor Swift Eras concert
together.
“I have friends that would say,
‘Oh my gosh, That’s so weird. You
don’t know this person,’ ” says
Drake, 25, about spending time
with people she first met online. “I
talk to some of these people more
than I talk to friends in real life.”
Cooke looks forward to those
Zoom calls so much that she
logged on a week after giving
birth last year. “I was not going to
miss book club,” she says.
Boscono, like several models and
editors, had a harrowing trip from
Dolce & Gabbana to Jil Sander, and
was swept right into hair and
makeup and then onto the runway.
Wearing the first look, a cocoon-like
rounded red suit, Boscono was
worth the wait.
Jil Sander put forward an exten-
sive 68-look collection chock-full of
satisfyingly sumptuous pieces.
Chunky knitwear was sheathed in
fine netting, tailored pieces were
lined in silky quilting. Coats in deer
leather and Himalayan goat fur
looked like outerwear for an Icelan-
dic wedding.
Realism at Tod’s
At conservative Italian stalwart
Tod’s, Matteo Tamburini executed
an impressive debut. Upon arriving
from Bottega Veneta in December,
the first thing Tamburini discussed
with Tod’s group boss Diego Della
Valle was the need to create “desir-
able objects.”
“You don’t want to have a big
fashion show and then find nothing
in the store,” said Tamburini after
the show.
So in just a few short months,
Tamburini was able to create a
tightly edited women’s collection
full of androgynous separates and
light, appealing accessories. Stylist
Brian Molloy, who’s also worked
with The Row and Hermès, worked
magic with restraint. One supersoft
foldable tote big enough for a lap-
top had a slit at the top so it could
fit under your shoulder—easy stuff
PRADA
that merits a high price tag.
 THE WALL STREET JOURNAL.
BY WILLIAM MEYERS
Y
Philadelphia
ou have to know where
you started from to un-
derstand where you are
and how you got there.
So “Transformations:
American Photographs
From the 1970s,” at the Philadel-
phia Museum of Art through July 7,
begins with the oldest photographic
images in the museum’s collection.
Molly Kalkstein, the curatorial fel-
low in photography who arranged
this exhibition, included two prints
from the first full decade of the me-
dium, William Henry Fox Talbot’s
“Lace” (c. 1840-45) and a fading
portrait of “Sir William Allan,
P.R.S.A.” (c. 1843) by David Octav-
ius Hill and Robert Adamson. Both
are salted paper prints made from
paper negatives, the leading tech-
nology at that time and, almost two
centuries later, both are still inter-
esting although distinctly antique.
The glass plate negative of Tim-
othy H. O’Sullivan’s “Shoshone
Falls, Snake River, Idaho Territory”
is dated 1874, so this image is also
an antique, but the print is in-
cluded in the exhibition because it
was made in 1980 by Chicago Albu-
men Works. The 19th-century pro-
cess of albumen printing coats the
paper with egg white;
CAW began printing
old negatives in 1976
due to a renewed in-
terest at that time in
historic processes and
photographs. “Botani-
cal specimen” by an
unknown artist was
likewise made in the
1970s using a process
from the mid-1800s,
but then sold fraudu-
lently as genuine be-
cause galleries and
auction houses were
realizing increased
PHILADELPHIA MUSEUM OF ART (4)
prices for old works.
In 1975 Ansel Ad-
ams announced he
‘Lucy Watering at
Night’ (1973), by
Michael Jang.
TELEVISION REVIEW | JOHN ANDERSON
‘Elsbeth’: A Familiar Sleuth Returns
A
spinoff of a spinoff of a
spinoff (“The Good Fight,”
“The Good Wife,” Eliot Spitzer),
“Elsbeth” arrives courtesy of CBS, a
network with a distinguished tradi-
tion of turning one show into an-
other (from “Young Sheldon” all the
way back to “Rhoda,” “Maude” and
“The Jeffersons”). It is being birthed
at a time when fewer
dramatic pilots than
ever are being pro-
duced by network TV, The eccentric
though if that trajec- detective
tory were to change,
one might look back proves to be
at Carrie Preston as a
pivot point in tradi-
worthy of
tional viewing. her own series.
This could be the
pipe dream over at
Black Rock, but Els-
beth Tascioni—the Emmy-winning
Ms. Preston’s seemingly addled and
eccentric lawyer-sleuth—is a charac-
ter actually worthy of her own se-
ries, full of possibilities, fun to watch
and who in some sense is always
winking at the audience: In episode
1, which involves the murder of an
actress by her director (no mystery
to us), the director (Stephen Moyer)
tells Elsbeth she must have been, at
one time, an actress. Oh no, she
says, I could never . . . to which he
CBS
responds, “You’re doing a pretty
ARTS IN REVIEW
ART REVIEW
Defining a Decade on Camera
A wide-ranging exhibition focuses on the photographic styles and techniques of the 1970s
was no longer taking orders for
new prints; this made the price of
his existing prints escalate. He
took advantage of the increase to
make a limited number of “mu-
seum sets” of his classic works
that he sold directly to institu-
tions; the sets included “Clearing
Winter Storm, Yosemite National
Park” (c. 1937), seen here.
The legitimizing of photogra-
phy as an art—one worth collect-
ing, studying and even faking—
was accompanied by new
techniques and materials, and new
understandings of the social pur-
poses to which it could be put. Not
far from Ansel Adams’s glorious
depiction of nature, Ms. Kalkstein
hung two works by Robert Adams,
“Green Mountain, Jefferson
County, Colorado” (1973, print
1981) and “Burning Oil Sludge,
North of Denver, Colorado” (1974,
print 1977). There are mountains
in each, but far in the distance;
the foreground of the former is
good job right now.” Is the cat out
of the bag? Not entirely. Maybe a
leg and a tail.
Elsbeth is reminiscent of Peter
Falk’s Columbo, who feigned clueless-
ness while gulling the guilty and
cracking the case. Elsbeth is much
more upfront about her suspicions—
she makes it perfectly clear who she
thinks the perpetrator
is, virtually from the
moment a crime is
committed. And she
makes her suspicions
no secret from the
culpable parties. The
perpetrators simply
can’t believe that this
woman with the sur-
feit of tote bags and a
sense of inexplicable
enthusiasm is going
to be responsible for sending them
up the river.
That river, as we know, is in New
York, where Elsbeth has relocated
from Chicago for purposes of her
new job: court-ordered observer of
the NYPD as part of a consent de-
cree resulting from some ill-advised
arrests. No one on the force is happy
to see Elsbeth, whose sense of won-
derment at her new home marks her
as a Midwestern rube, but whose in-
vestigative instincts prove so sound
that even the begrudging Captain
Clockwise from above left: ‘The
Star Tease’ (1975), by Susan
Meiselas; ‘Untitled’ (1975), by
Mikki Ferrill; and ‘Untitled’ (1973),
by William Larson.
taken up with an extensive trailer
park, and there is a big plume of
black smoke in the middle of the
latter. Mr. Adams is an environ-
mentalist and uses photographs to
make his case.
“The Star Tease” (1975, print
2022) and “Shortie Watches”
(1973, print 2022) are two of the
pictures Susan Meiselas took of
striptease performers, their man-
agers and audiences at fairs and
carnivals in New England, Pennsyl-
vania and South Carolina. “Carni-
val Strippers” (1976), the book
published by Farrar, Straus & Gir-
oux, is in a vitrine, and helped
make Ms. Meiselas’s project a fac-
tor in the contemporaneous femi-
nist reassessment of the status of
 Carrie Preston and Wendell
Pierce in this spin-off of ‘The Good
Wife’ and ‘The Good Fight’ on CBS.
Wagner (Wendell Pierce) has to ac-
knowledge her gift. Officer Kaya
Blanke (Carra Patterson)—assigned
by Wagner to monitor the monitor—
quickly becomes her bemused ad-
Wednesday, February 28, 2024 | A11
women. Mikki Ferrill used her
camera over a 10-year period to
document the goings on at The Ga-
rage, a popular black dance venue
on the South Side of Chicago. “Un-
titled” (1975) is a black man in
dark glasses and a bold print shirt,
lost in his dancing; “Untitled”
(1973) is an elegant black woman
in a fluffy feather boa looking in-
tently at the photographer.
Frank Stewart was another
photographer who made a record
of black life at this time. “Subway,
Harlem” (1977) is a somewhat ab-
stract picture of people moving
through space; we see their bod-
ies, legs and feet, but not their
faces. Their anonymity is reminis-
cent of Ralph Ellison’s “Invisible
Man.” The young Michael Jang
concentrated on his own suburban
Chinese-American family; using
flash, he caught his aunt in “Lucy
Watering at Night” as she stands
in her patterned pantsuit holding
a hose dribbling water on her
sparse garden.
Joel Meyerowitz was one of the
mirer, as well as a quasi-co-conspira-
tor. This provides the kind of sisterly
chemistry that a show like this needs,
as well as a brake on some of Els-
beth’s more impulsive actions. If Els-
beth were alone with her efferves-
cence in a new big city, she would be
sad. If she were allowed to run com-
pletely amok, the show would be
first street photographers to
shoot in color; his 1974
chromogenic print “New
York City” has random peo-
ple on a sidewalk in mid-
town seemingly choreo-
graphed coming and going
in their different outfits.
And William Eggleston radi-
cally altered the use of color
in photography with pic-
tures like the violently red
“Greenwood, Mississippi”
(1973-74): a ceiling, a light-
bulb and part of a poster il-
lustrating positions from
the Kama Sutra.
Some period photogra-
phers embraced exotic tech-
nologies. Ruth Thorne-
Thomsen shot “Jude,
California” (1978), “Barbara,
California” (1978) and “Deb,
Santa Barbara, California” (1977)
in her “People” series with a pin-
hole camera, a box with a tiny ap-
erture on one side; the portraits
are extreme close-ups that capture
only part of the subjects’ faces.
William Larson used a fax ma-
chine (remember fax machines?)
to produce “Untitled” (1973) from
his “Fireflies” series. Sheila Pin-
kel’s “Folded Paper” (c. 1974-82) is
a throwback Cyanotype.
“Transformations” invites us to
consider whether this jumble of
1970s styles, intentions and tech-
niques made a dog’s breakfast of
photography or a delectable smor-
gasbord. What is certain is that
the effects are still playing out.
Transformations: American
Photographs From the 1970s
Philadelphia Museum of Art,
through July 7
Mr. Meyers writes on photography
for the Journal. See his photo-
graphs at www.williammeyerspho-
tography.com.
more fanciful than it already is: Dur-
ing the first three episodes (all that
were made available for review), vic-
tims and killers are played by the
likes of Linda Lavin,
Jesse Tyler Ferguson
and Jane Krakowski,
but the murders them-
selves are just a tad ri-
diculous and no one is
stricken by grief, or
even a case of nerves
at being pursued by
Ms. Tascioni. “The Good
Wife” and “The Good
Fight” were dramas,
with something of a
smile. “Elsbeth” is a
comedy with mayhem.
Ms. Preston is de-
lightful, but not to the
point of being cloying.
And though Elsbeth
may percolate cease-
lessly, happy waters in
this case run deep: A
viewer, always on her
side, will still be kept
wondering—not about
whether she’s right
(we all learn who
killed whom at the
outset of an episode)
but how she’ll prove it. And how
many skeptics she will leave sput-
tering in her wake.
Elsbeth
Begins Thursday, 10 p.m., CBS
Mr. Anderson is the Journal’s TV
critic.
A12 | Wednesday, February 28, 2024 THE WALL STREET JOURNAL.

SPORTS
MLB Team Trains With Stuffed Hippo
Cincinnati Zoo who once had her
own bobblehead day at a Reds
game. Fiona couldn’t be reached
for comment.
A century of evolution in Major League Baseball has put the sport on the cutting edge of “We get a lot of funny looks go-
ing through the clubhouse when
technology. But the league’s most innovative drill involves a toy animal attached to a string. I’m holding that thing, that’s for
sure,” House says.
If any coach in baseball were
going to come up with hippo tag-
Reds catcher Mat Nelson ging practice, it’s no surprise that
performs a tagging drill it would be House. He’s built an
during spring training. entire career on having unusual
ideas.
House had just reached the big
leagues in 2003 and 2004 with the
Pittsburgh Pirates when he had
the crazy notion to go to college
and play a different sport entirely.
So he enrolled at West Virginia
University to become a quarter-
back and pick up where he’d left
off as a high-school football leg-
end.
House didn’t get on the field
much that year, but he knew that
after years of baseball there was
one skill he needed to remaster:
how to get tackled by enormous
guys without suffering injuries.
One of the team’s strength coaches
offered to work on it with him
one-on-one. With a drill almost as
off-the-wall as tagging a hippo, the
coach personally reminded House
how to safely hit the ground.
“He would Judo throw me in
order to just learn how to take a
hit again,” House remembers.
Football didn’t stick. The next
BY ANDREW BEATON the particulars of bunt defense, it Austin Wynns working alongside change required rethinking de- year, House was back in the ma-
AND JOSHUA ROBINSON requires a human launching him- Hailey in Arizona, thousands of cades of baseball orthodoxy. But jors for a brief stint with the
self across the dirt while a team- miles from hippos’ wetland habi- catchers soon landed on the opti- Houston Astros. His five-season

T
he pink and gray stuffed
hippo had been gathering
dust all winter inside J.R.
House’s garage when it received
the surprise callup to the big
show. Hailey the Hippo was re-
quired at Cincinnati Reds spring
training.
House, the Reds third-base
coach and a former catcher in the
majors, took a look at his daugh-
ter’s pool toy and saw a low-tech
solution for one of the trickiest
parts of preparing for a season.
His players were going to practice
tagging a hippopotamus.
“It’s pretty dirty and gross, and
mate tries to catch a ball and then
slap him with a glove.
Instead, the Reds thwack a fake
hippo.
A century of evolution in base-
ball technology has given the
game some of the most detailed
video analysis in sports and ma-
chines that can simulate any kind
of pitch at over 100 miles per
hour. But the league’s most inno-
vative drill works with a man pup-
peteering a pool toy stuffed with
beans to make it buoyant in water.
House attached a long string to
Hailey’s snout, and he personally
mans the semiaquatic mammal
tats. But for anyone who might
have scoffed at this homespun
drill for a team with a payroll of
nearly $100 million, it’s actually
an ingenious adaptation to the
radical shift in baseball fundamen-
tals in recent years.
The need for a spring training
hippo arose out of a rule change a
decade ago designed to limit the
frequent and violent collisions at
home plate. Following a brutal hit
that ended San Francisco Giants
catcher Buster Posey’s season in
2011, Major League Baseball ruled
in 2014 that catchers could no lon-
ger block the runner’s path unless
mal technique for receiving the
ball, pivoting, and smacking their
glove on a runner: the swipe tag.
All they needed now was a way
to rehearse it. And volunteers
weren’t exactly lining up to be the
dummy runners.
“I’ve seen coaches try to slide
themselves,” House says, “and I’m
getting a little old for that.”
Over the years, House had
heard of teams trying all kinds of
gear instead, including duffel bags
filled with pillows. But none had
the simple elegance of a stuffed
animal on a string.
Hailey, who weighs approxi-
career in MLB saw him get just 60
at-bats with three home runs. His
last stint in affiliated ball came in
triple-A for the New York Mets in
2010, before he transitioned into
coaching in the minors. House was
hired to be the Reds’ third-base
coach in 2019.
It wasn’t long until House be-
gan bringing along an extra mem-
ber of the coaching staff to spring
training. At first, House’s daughter
Rilynn didn’t like the idea of her
Hailey being dragged down the
third-base line as a tagging
dummy. When her father con-
scripted the toy, he promised to

CAROLYN KASTER/ASSOCIATED PRESS

my wife tries to throw it away ev-
ery offseason,” House says, “but I
won’t let her because we keep us-
ing it.”
Practicing full-speed, live-tag-
ging is difficult and comes with a
high risk for injury. Unlike pitch-
ers’ fielding practice or going over
during drills. As one of his players
receives a relay throw, he yanks
the string so that Hailey breaks
for home. It’s the Reds’ job to tag
Hailey before she safely scores.
Baseball fans took notice of it
this month when a clip emerged
on social media of Reds catcher
they were in possession of the
ball—and runners weren’t allowed
to deviate from their direct path
to railroad the catcher.
In practice, this led to catchers’
leaving a narrow sliding lane into
home and baserunners learning to
aim for the back of plate. The
mately two pounds, has been a fix-
ture at Reds camp in each of the
past three springs. Except once
she gets there, no one calls her
Hailey. The Reds have taken to re-
ferring to their new special in-
structor as Fiona, the name of a
real-life 2,500-pound hippo at the
buy her a replacement if she
wanted. But now, even she can en-
joy her hippo’s surprising second
act.
“She’s given up on Hailey and
donated it to the Reds’ catching,”
House says. “So we appreciate
that.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 21 Bolt
connector
14 15 16 22 Territory
17 18 19 26 Prior to,
quaintly
20 21 22 27 Tender spots
23 24 25 26 27 28 Like some
details
28 29 30 29 Toffee bar
31 ___d’art
31 32 33 34 35 36
32 Put up
37 38 39 33 Kirk’s velocity
40 41 42 43 34 Fruits
sometimes
44 45 46 wrapped in
bacon Empty medal boxes for the U.S. team on display at the U.S. Olympic & Paralympic Museum.
47 48 49 50 51 52 53 35 Commotion
54 55 56 36 Some work
at home The U.S. Wants Its Skating Gold—
57 58

61
59

62
60

63
41 Speckled
horse But the Wrangling Isn’t Over Yet
42 Sheepish
response to BY LOUISE RADNOFSKY skaters are saying that they ent outcomes (or more.)
64 65 66 very much do want those With Canada, the argument
“Where’s the
TO AMERICAN SKATERS bronze medals, and that the is over the seemingly arcane
ice cream?”
and sports officials, the out- Russians should have been question of whether Va-
CONJUNCTION JUNCTION | By Laura Dershewitz & 43 Home of golf’s come finally seemed clear: pushed into fourth place. lieva’s points for first place
Katherine Baicker Masters after a two-year wait for the It’s not clear how long finishes in the women’s
Across 29 Atop, in 51 Ray-blocking Down Tournament results of the team figure the process of determining short program and free pro-
Arles letters 46 Pump skating competition at the any of these appeals will gram segments should have
1 May, maybe 1 They come 2022 Winter Olympics in take. CAS has a thicket of been redistributed across
30 Mystifying 54 Antarctic clean purchase
6 Scrape Beijing, Team USA had been new questions to consider, the other competitors,
craft admirer? 2 Skateboard 48 Detectives declared the winners and about points and provisions rather than simply vacated.
souvenir
31 “What a 57 Word with trick follow them were on the verge of getting this time rather than a Redistribution would result
10 Skywalker’s their gold medals. banned heart drug that a 15- in Canada getting a one-
mentor he
surprise!” gray or play 3 Sleep stopper 49 Marner of As far as they were con- year-old Valieva said acci- point lead over the ROC.
34 Ginned-up 59 City that fiction
was 4 Not this cerned, the decision of an dentally found its way into a The U.S. approach, by
outrage? gives London 50 Security international sports court to strawberry dessert made by contrast, has been simply to
14 Waikiki 5 Knocked back backed by
37 Tusked its annual disqualify teenage phenom a man she considers her manifest the gold medals
welcome some drinks the U.S.
omnivore Trafalgar Kamila Valieva from an grandfather. into their possession—and
15 “Easy to Square 6 Slams, say 51 Dignified event where she had It makes U.S. hopes for a quickly.
Be Hard” 38 Words Christmas clinched victory for the Rus- ceremony in Paris at the “There is no scenario at
spoken by 7 Grouses and 52 Taco choice
musical tree grumbles sian Olympic Committee— 2024 Olympics this summer, this point in which Team
a single 53 Doughnut leaving the U.S. team in sec- to crown a team that was USA is not the gold medal
16 Voracious person 60 Like lizards 8 Verdi opera shop fixture ond place—had already been denied its moment on a winners,” U.S. Olympic &
17 Poem 39 Measly 61 Refused to 9 Rudely abrupt 55 Password a long time coming. medal podium two years Paralympic Committee chief
written over settle, But the wrangling isn’t ago, seem optimistic. executive Sarah Hirshland
2,700 years 40 Serious perhaps 10 Excited cry manager?
over yet. The problem is that there told reporters last month,
ago deliberation? 11 Opening 56 Pic to click The Court of Arbitration is no clear International adding that she had spoken
62 Whiskey
43 They may order pieces 57 Inquire for Sport says it is fielding Skating Union rule dictating with International Olympic
18 Karachiite’s
language include 12 Roll with it! four separate appeals over precisely how to determine Committee officials and
aisles called 63 Sheer linen 58 Wish to take the medal reordering that final standings after the concluded “everybody has a
19 Take to ambulatories 64 Brand once 13 Tack on back followed Valieva’s disqualifi- doping disqualification of an sense of urgency and there’s
heart touted with Previous Puzzle’s Solution cation. Three of the appeals individual competitor from no reason for any delay” in
44 Clairvoyant
20 Emotionally “The Shoes of are coming from Russia: the the Olympic team figure handing over the hardware.
skill, for short B L E S S D U A L S MO G
unavailable Champions— A E S O P A R I A H E R E Russian Olympic Committee, skating competition—an un- Late Monday, the USOPC
preacher? 45 WNBA They Wash” R E C U R WA R M O D I N the Russian skaters, and the usual event that has only said nothing had changed
tiebreakers S I N G L E P A R E N T skating federation, CAS an- taken place three times and for them. “We still very
65 Gael’s
DAVID ZALUBOWSKI/ASSOCIATED PRESS

23 Part of N A G A N O D O G T A G S
46 The Theatre A I L K N O B O O F
nounced this week. All are sees countries field skaters much have our eye on Paris
WYSIWYG language contesting the decision to in ice dance, men’s, pairs for the medal ceremony,”
Cat, in “Cats” D O U B L E D OWN A B E L
24 Commotion 66 Star Wars A L G A E O R E P L A N A void Valieva’s points, with- and women’s skating, each said spokeswoman Kate
47 Some self- series, as well L I S T T R I P L E L U T Z out which the ROC team fell of whom earn points based Hartman. The International
25 Goals for driving cars as a hint to
T O E S T A R E R E from first place to third. The on their finish in their re- Olympic Committee–which is
sales reps S P E L U N K T I E R E D
49 John Deere this puzzle’s H OM E R S I M P S O N Russians want the gold med- spective segment. believed to have the medals
28 Come into symbol theme E L B A P O U R D E N C H als, not bronze ones. The various rules on the in its possession–did not im-
A L E X OW I E I M B U E The other appeal is com- books that might seem to mediately respond to a re-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. F O R E T A R P C Y C L E ing from Canada, whose apply produce three differ- quest for comment.
THE WALL STREET JOURNAL. Wednesday, February 28, 2024 | A13

OPINION
How the West Enabled Putin BOOKSHELF | By Leslie Lenkowsky

When I meet
top intelli-
gence offi-
cials, which
is seldom, I
ask two
questions.
BUSINESS
First, what’s
WORLD
in the classi-
By Holman W.
fied appen-
Jenkins, Jr.
dix to the
Justice De-
partment inspector general’s
report on the 2016 election,
which explains how James
Comey made Donald Trump
president? The second ques-
tion concerns a long-buried
U.S. intelligence finding about
the apartment-block bomb-
ings that shook Russian cities
in September 1999, attributed
to Chechen terrorists, widely
believed to have been carried
out by Russian security forces
to aid the rise of then-Prime
Minister Vladimir Putin.
In the latter case, on or
off the record, I’ve gotten
only blank looks and vague
disavowals.
In the long train of missed
opportunity, here’s one: Mr.
Putin rose to power over the
bodies of 293 Russian citizens
killed in their beds, many of
them elderly World War II
veterans. If Western govern-
ments had not shied away
from the evidence, in essence
covering up for Mr. Putin,
Russia would have found itself
on day one with a leader who
couldn’t deliver what the
country needed. Mr. Putin
couldn’t have gotten in the
door at Western confabs. He
couldn’t have traveled to their
capitals, couldn’t bring home
the trade and finance deals
then crucial to support Rus-
sia’s struggling post-Soviet
economy.
Making Mr. Putin non
grata in the West would have
exposed him to his own peo-
ple as a wrong turn that
couldn’t be sustained.
Instead, as Western strat-
egy unfolded, a studied si-
lence reigned, though it must
have occasioned eye-rolling in
the Bush administration when
Mr. Putin phoned up to com-
miserate about 9/11.
The mum spell was broken
only once, in early 2017. In an
apparently staged colloquy
during a confirmation hear-
ing, GOP Sen. Marco Rubio
and Trump appointee Rex
Tillerson referred not only to
the bombings but to related
U.S. intelligence—a clear sig-
nal to Mr. Putin to mind his
Ps and Qs, about what I don’t
know.
In the Russian city of Rya-
zan on Sept. 22, 1999, the
bombings came to an end.
Three figures, soon identified
as FSB agents, were spotted
planting explosives in a build-
ing basement. Mr. Putin’s suc-
cessor as head of the FSB,
Nikolai Patrushev, put out a
statement citing a “training
exercise.”
Yes, the same Mr. Patru-
shev who remains Mr. Putin’s
close adviser today, who re-
portedly blew up the aircraft
of renegade Wagner kingpin
Yevgeny Prigozhin. Among Mr.
Patrushev’s many roles, he is
the Russian media’s authorita-
tive source of anti-Western
conspiracy theories, including
a claim that the U.S. is eyeing
Russian lands in anticipation
of Wyoming and Montana be-
ing consumed by volcanoes
(yes, he says this).
In classic hopeless dictator
style, Mr. Putin trapped him-
self in office by the means
with which he got there. The
lurid corruption, the murders,
including at least three aimed
at stopping investigations
into the bombings, add to the
burden that makes it impossi-
ble for him to leave except
feet first.
The murdered Alexei
Navalny was his
country’s best hope
of resurrecting itself.
His career can be seen as
one long effort to wangle or
extort status from Western
leaders to help him stay in
power, increasingly through
threat and conflict. Mr. Putin
constantly invokes his nu-
clear arsenal as no U.S. presi-
dent does. In 2005, when the
Yukos affair was exploding,
he bragged about a warhead
supposedly capable of elud-
ing forthcoming missile de-
fenses. Last year, it was a nu-
clear torpedo capable of
roaming the oceans and de-
livering a hydrogen bomb to
a U.S. port. This year it’s a
nuclear space weapon to de-
stroy the world’s navigation,
communications, weather
and surveillance satellites.
All this was predictable 20
years ago. The West’s invest-
ment in Putin can-kicking
may have been understand-
able, but helped to foster id-
iot decision-making in Mos-
cow. Messrs. Putin and
Patrushev reimagined them-
selves as Russian patriots,
emissaries of God, fathers to
their people, providing a
meaningful death on the bat-
tlefield rather than from alco-
holism and Russia’s Third
World sanitation.
Overlooked, though, in
their drunk history readings
about Kiev in 988 A.D.: The
40 million who live in
Ukraine today, who’ve built
homes, families and busi-
nesses and, it turns out, will
fight for them.
Alexei Navalny, at 47,
didn’t survive long enough to
succumb to grandiosity and
paranoia. Russia’s tragedy in
losing Navalny was its loss of
the figure most likely to res-
cue the Russian state from
post-Putin chaos.
The Biden administration
is right: Ukraine is a strategic
defeat for Russia, though, on
current track, it can also be a
strategic defeat for the U.S.
Mr. Biden is neither Cham-
berlain nor Churchill because
both at least were capable of
pursuing their respective pol-
icies with physical energy and
presence. Mr. Biden risks dis-
crediting his aims (whatever
they are) merely by appear-
ing in public.
But it’s no “victory” for a
dictator when he must
ratchet up repression tenfold
to protect himself from his
own people. Wreathed in
whatever rhetoric he finds
useful, Mr. Putin’s only real
plan is to survive his miscal-
culation long enough to die in
bed, even as he deprives hun-
dreds of thousands of Rus-
sians and Ukrainians hope of
the same.
The Problems
On Campus
Attacking the Elites
By Derek Bok
Yale, 248 pages, $28
City of Intellect
By Nicholas B. Dirks
Cambridge, 275 pages, $39.99
S
peaking at a faculty meeting in 1957, Clark Kerr—the
chancellor of the University of California, Berkeley—
defined his job as “providing parking for the faculty,
sex for the students, and athletics for the alumni.” If true
then, it would not be a few years later, when Berkeley’s
Free Speech Movement got underway and politics began to
infuse campus life after a decade of calm. In the
commotion, Kerr himself rose to the presidency of the
entire California university system before being forced out
in 1967 by Gov. Ronald Reagan, who found his stewardship
less than resolute.
The job of governing a prestigious university hasn’t
become any easier. Among today’s challenges: ever rising
costs, ever increasing government
regulation, identity politics and their
related protests, nonstop fundraising
obligations, and, if that weren’t
enough, the strictures caused by
pandemics. After October’s
Hamas attack on Israel, yet
more campus controversy
exploded, especially at
America’s best universities.
Two Ivy League presidents
lost their jobs, and donations
worth millions of dollars
have been canceled.
Amid such uncertainty and
agitation, two former college
leaders have written thought-
ful books about the problems
now facing American higher education and what they
believe should be done to solve them—though neither
provides much hope that the problems will soon be solved.
In “Attacking the Elites,” Derek Bok, who led Harvard
from 1971 to 1991 (and for an additional year following

Fix the Insurrection Act Before Inauguration
It’s Jan. 19, hire lawyers, who say they’re
2025, the eve powerless to intervene. The
of Donald problem, the lawyers explain,
Trump’s sec- is that Mr. Trump has acted
ond Inaugura- legally under the provisions
tion Day. Ru- of the Insurrection Act of
POLITICS mors are 1807. “What’s the Insurrec-
swirling that tion Act?” the detainees ask.
& IDEAS
protesters It’s the right question, but
By William
plan major it’s being asked too late to
A. Galston
disruptions in help them. The time to ask
cities across and answer it is now, so that
the country. In response, the something can be done before
president-elect directs his it is too late.
aides to draw up orders plac- The Insurrection Act is a
ing state national guards collection of statutes enacted
across the country under fed- between 1792 and 1871 that
eral control. “Can we do this grant the president the au-
legally?” some worried staff- thority to deploy the U.S. mil-
ers ask. “Don’t we need the itary on American soil and
governors’ consent?” “No,” use it against Americans. It
Mr. Trump’s legal counsel contains three principal pro-
says, “the president has legal visions. The first allows the
authority to federalize the president to deploy troops if
guard, whatever a governor a state’s legislature (or in
may say.” some circumstances its gov-
The next day, Mr. Trump ernor) requests federal assis-
delivers his address, which tance to suppress an insur-
will instantly be dubbed “Son rection.
of American Carnage,” and The second provision al-
protests break out from coast lows the president to deploy
to coast. Protesters block troops without a state’s re-
streets, normal business quest or consent to “enforce
grinds to a halt, and scat- the laws” of the U.S. or to
tered instances of looting and “suppress rebellion” when-
violence take place. The pres- ever disorder makes it impos-
ident issues an order in his sible to enforce federal law
capacity as commander in through ordinary judicial pro-
chief to federalize and deploy ceedings.
the guards to quell disrup- The main provision per-
tions. mits the president to deploy
Within hours, tens of thou- troops in a state to counter
sands of troops are patrolling “any insurrection, domestic
major cities. By morning, violence, unlawful combina-
more than 100,000 Americans tion, or conspiracy” that “op-
have been arrested, over- poses or obstructs the execu-
whelming local jails and forc- tion of the laws of the United
ing the military to detain States or impedes the course
them in barbed-wire encamp- of justice under those laws.”
ments. As an analysis by the Bren-
Many of those arrested nan Center for Justice at New
York University Law School
makes clear, every key term in
the act—“insurrection,” “re-
bellion” and “domestic vio-
lence,” among others—is un-
defined, and a Supreme Court
decision handed down nearly
two centuries ago leaves the
act’s interpretation and appli-
cation in the president’s
hands. In Martin v. Mott
(1827), the court ruled that
the authority to decide
whether an exigency requiring
If Congress fails to do
so, troops could crush
protests to begin a
second Trump term.
the militia to be called out has
arisen “belongs exclusively to
the President, and . . . his de-
cision is conclusive upon all
other persons.” To be sure,
the military can’t carry out
the president’s order in ways
that violate other statutes or
the Constitution, but it’s hard
to see the basis on which a
threshold decision by the
president to deploy troops
could be challenged in the
courts.
The risks of leaving such
unfettered power in the presi-
dent’s hands are obvious, as is
the need to reform the Insur-
rection Act to limit the presi-
dent’s discretion. Bob Bauer
and Jack Goldsmith, a biparti-
san legal team with vast prac-
tical experience, have pro-
posed three main fixes. First,
Congress should define key
terms and narrow the presi-
dent’s discretion to decide
when circumstances trigger
the president’s authority. Sec-
ond, the president should be
required to consult with state
and local authorities to deter-
mine whether troop deploy-
ments are required and issue
an official finding to this ef-
fect. And third, Congress
should impose a short sunset
provision on the president’s
authority to deploy troops on
his own, after which their
continued use would require
congressional approval. The
Brennan Center has offered a
similar proposal, with an ad-
ditional proviso for judicial
review of the president’s deci-
sions. Congress should work
across party lines to enact re-
forms along these lines before
the 2024 election, as it did
with the Electoral Count Act
in 2022.
It’s easy to write all this
off as partisan alarmism. Af-
ter all, Mr. Trump’s defenders
could rightly point out that
he occupied the Oval Office
for four years, including the
nationwide protests that
erupted after the killing of
George Floyd, without once
invoking the Insurrection Act.
Why worry now?
For two reasons. First, it is
a dangerous mistake to give
any president such wide-
ranging discretion to deploy
lethal force for domestic pur-
poses. Second, Mr. Trump has
rethought his restraint about
using the act. As he told Iowa
supporters in November, he
deferred to the wishes of gov-
ernors and mayors during his
first term. “The next time,”
he said, “I’m not waiting.”
There are good reasons to
take him seriously.
Lawrence Summers’s 2006 resignation) mounts a vigorous
defense of “elite” universities. Rare outside the U.S., these
mostly private schools, he notes, are hardly what one
would expect in a democracy: They educate a small number
of the most able students, employ the most talented
scholars, and disproportionately produce leaders of
business, government and academia. At the heart of their
success is their ability to raise copious amounts of money
from wealthy donors and amass multibillion-dollar
investment funds, aka endowments. A specialist in antitrust
and labor law, Mr. Bok is uncomfortable with the “elite”
designation, “because it has connotations of smugness and
superiority.” But he defends the contributions these schools
have made and their continuing obligation to be “in the
nation’s service,” as Woodrow Wilson once urged upon
Princetonians.
Mr. Bok devotes most of his book to responding to
criticisms of the elites. He concedes some validity to the
complaints of progressives that admissions standards
exclude too many deserving applicants (and include too
many who are not, such as relatives of alumni), but he
argues that alternatives, such as a lottery among those who
meet minimum requirements, would not do much to
equalize opportunities for low-income young people
without broader changes in society. Although Mr. Bok
rejects charges that the faculties of the elites are
indoctrinating students with liberal ideas, he believes they
could do a better job of addressing their “dearth of
conservative colleagues.”
He does worry about the quality of education that the
“elites” provide. “Students today appear to be spending
much less time than they once did on preparing for class,”
he writes. Nor do students make much progress toward
“mastering” critical thinking, identifying “how they wish to
use their talents later in life,” or becoming “active and
engaged citizens.” He lays the blame at the feet of the
faculty, who prefer research to teaching and who happily
rely on part-time instructors to teach introductory courses.
Other analysts of American higher education, including Clark
Kerr six decades ago, have expressed similar concerns.
Amid today’s uncertainty and agitation, two
former college leaders reflect on the state of
higher education in America.
In 2013, after serving as a dean and administrator at
Columbia University, Nicholas Dirks became chancellor of
the University of California, Berkeley, the most highly
regarded of the publicly funded “elites.” He lasted only four
years. As he recounts in “City of Intellect,” his time in of-
fice was marked by many controversies—over state budget
cuts, faculty or administrator sexual harassment, campus
demonstrations over conservative speakers, plans to create

Please Boycott My Country
By Torkel Brekke nounced it wouldn’t enter into
new agreements with Israeli
Oslo universities. The University of
ering boycotts against the
worst states—such as Iran,
North Korea and Myanmar.
versities that attempt to iso-
late Israel. Norway would be a
great place to start. This
a “global” campus, and even his efforts to tighten security
in the face of death threats directed at himself and his
staff. Walking in the Grand Tetons shortly after resigning
his seemingly enviable position, he writes that “for the first
time in years, I felt a huge weight lifted off my shoulders.”
Now president of the New York Academy of Sciences, Mr.

I
have spent years re-
searching religious dis-
crimination against Jews
and Muslims globally and am
deeply troubled to find a mod-
ern strain of antisemitism
spreading in my own country.
Though cloaked under an-
other name—“anti-Zionism”—
its roots are traceable to a
well-documented Soviet appa-
ratus of anti-Israel and anti-
Western propaganda. This
poisonous ideology is a threat
to Jews everywhere.
Recent decisions by Norwe-
gian universities to cut insti-
tutional ties with Israel are
clear indications of anti-Zion-
ist sentiment here. Oslo Met-
ropolitan University on Feb. 14
condemned “Israel’s attack on
Gaza,” put on hold an ex-
change program with the Uni-
versity of Haifa and an-
Southeastern Norway criti-
cized Israel’s actions in Gaza
and terminated cooperation
agreements with two Israeli
universities on Feb. 19 but in-
sists, absurdly, that this
If universities in
Norway are going
to target Israel, they
should pay a price.
doesn’t amount to an aca-
demic boycott. Other schools
debate whether to follow suit.
A rational conversation on
this subject would begin with
people debating the ethics of
academic boycotts, then
weighing criteria for boycotts
in general, and finally consid-
But the debate about boycotts
of Israel is no more rational
than debates about the “sins”
of the Jews in earlier periods
of history.
While the most recent boy-
cott decisions have arisen in
the context of the devastating
war against Hamas in Gaza,
this isn’t the root cause. Some
university faculty in Norway
have been pushing for boy-
cotts of Israel for decades.
Meanwhile, Norway’s research
and innovation sector has
rushed to deepen its coopera-
tion with China.
What can be done? To date,
38 U.S. states have adopted
legislation designed to dis-
courage boycotts against Is-
rael. In a similar vein, univer-
sities in the U.S. should
consider setting up counter-
boycotts against foreign uni-
could mean terminating stra-
tegic partnerships for re-
search and student exchange.
When Norwegian university
faculty and boards call for
boycotts of Israel, their virtue
signaling typically comes
without a cost, but a counter-
boycott might change the cal-
culus because losing U.S. part-
ners would hurt most
institutions.
More broadly, a counter-
boycott could prompt Norwe-
gian students and scholars to
think critically about how
they have allowed this pro-
gressive, post-Holocaust
strain of antisemitism to fes-
ter under a different name.
Mr. Brekke is a professor of
religion and society at the MF
School of Theology, Religion
and Society.
Dirks portrays each stage of his career—from his earliest
years as a graduate student in anthropology on up to his
post at Berkeley—as a quest to put “humanist reason” at
the core of the university experience. He means, in essence,
more general education, more interdisciplinary work, and a
greater appreciation of cultural and historical perspectives.
But in his view, this “utopian possibility” too often
succumbs to a variety of trends and forces: e.g., the loyalty
of faculty members to their departments and disciplines; the
ascendance of science over the humanities; the persistence
of outdated institutional arrangements, including too many
weak schools and too little collaboration among strong
ones. He laments that failures of governance and mission
“have led so many to lose faith, trust, and confidence in the
world of higher education.”
Since last fall, especially after the hapless performance
in Congress by the leaders of three “elites,” even more
people have lost faith, trust and confidence. Anyone
wanting to understand why even the best American
universities are in such a state will learn a lot by reading
the reflections of Messrs. Bok and Dirks, even if solutions
remain elusive.
Mr. Lenkowsky is a professor emeritus at Indiana
University.
A14 | Wednesday, February 28, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The SEC’s Latest Insider-Trading Theory Delaware Shows That Musk Isn’t Above the Law
Jeb Bush and Joe Lonsdale have it pany’s shareholders” and was “tied to

C
ongress has never clearly defined in- Disagreement over facts aside, the major
sider trading in stocks, but that hasn’t problem with the SEC case is that it writes new backward when they complain that earnings and stock-value benchmarks,
the Elon Musk case imperils the rule which many critics thought he could
stopped the Securities and Exchange insider-trading law by enforcement with no lim-
of law. Delaware’s Tornetta v. Musk never meet.” In a 201-page opinion,
Commission and prosecutors iting principle. An executive does the opposite: It applies equal however, the judge found that not all
from finding the meaning in The agency rewrites the could be charged with invest- justice even to the most powerful, relevant facts had been disclosed to
statutory penumbras. Chair- law to invent a new ing in the shares of any stock most vocal CEO alive (“Musk and the shareholders, and that the first
man Gary Gensler’s SEC is at it in his industry group. Yet ev- Trump Cases Imperil the Rule of couple milestones—entitling Mr.
again in a civil trial next offense: ‘shadow trading.’ eryone knows stocks in the Law,” op-ed, Feb. 22). Musk to billions in compensation—
month that will try to extend same industry often move up Messrs. Bush and Lonsdale’s chief were highly likely to be met soon af-
its reach to punish trading in or down based on the news of complaint is that “judges have or- ter the grant, according to internal
the shares of another company about which the a single firm. dered massive punitive judgments on projections at the time.
defendant had no insider information. A Nvidia employee who knew his company behalf of dubious or nonexistent ‘vic- That is the sort of nuance and re-
Federal law doesn’t explicitly ban trading on had a strong earnings quarter and bought stock tims.’” They add that “the plaintiff, spect for private ordering that Dela-
Richard Tornetta, held nine shares” ware’s corporate judiciary is justly fa-
confidential information. But courts have said in tech companies, or even a tech-focused ETF,
of Tesla in 2018. mous for, and that has made
that insiders defraud companies by “misappro- could be charged under this SEC theory. A 2021 But that is how Delaware corpo- Delaware’s the corporate law of
priating” private information for personal gain. academic study dubbed this practice “shadow rate law works, and for good reason. choice in the U.S.
In a classic case, an insider trades in his com- trading” and “an undocumented and wide- To solve shareholders’ collective-ac- It is absurd for Messrs. Bush and
pany’s stock based on proprietary information spread mechanism that insiders use to avoid tion problem, the law effectively al- Lonsdale to treat the case as an ex-
or tips off someone else who then trades and regulatory scrutiny.” lows plaintiff law firms to bring cases ample of “blue-state politicians” who
cashes in. While courts have circumscribed in- i i i on behalf of nominal plaintiff share- are “sticking it” to Mr. Musk. Dela-
sider-trading liability, regulators keep inventing The SEC seems determined to prosecute Mr. holders. While many details of such ware’s judiciary is independent, and it
new theories. Panuwat as a way to send a message across the “plaintiff litigation” are controversial, found for Mr. Musk in another high-
In 2021 the SEC charged Matthew Panuwat, an market that such shadow trading is banned. But the principle is not. stakes case last year. The difference
employee at the biopharmaceutical firm Mediva- it’s an abuse of the law to punish someone after Messrs. Bush and Lonsdale also is in the facts of the cases—just as
oversimplify the case. They complain the rule of law requires.
tion, with insider trading for a timely and lucra- the fact for acts that he didn’t know at the time that the court rescinded Mr. Musk’s PROF. HOLGER SPAMANN
tive options trade on another pharmaceutical to be illegal. compensation even though it “had Harvard Law School
company’s stock. Having developed a highly effec- In 2014 Justice Antonin Scalia, joined by Jus- been approved by 80% of the com- Cambridge, Mass.
tive prostate-cancer drug, Medivation was shop- tice Clarence Thomas, lambasted the SEC’s pen-
ping itself to large drug companies in 2016. chant for defining insider trading however it
The SEC alleges that Mr. Panuwat started wants (in denying a cert petition in Whitman v.
purchasing call options for a different company, U.S.). “Only the legislature may define crimes
Incyte, soon after Medivation’s CEO sent an in- and fix punishments. Congress cannot, through
America Could Use a Revival of Shop Class
ternal email announcing an imminent deal to be ambiguity, effectively leave that function to the St. George, Maine, is on the right attitude has been prevalent since at
acquired by Pfizer. While Incyte and Medivation courts—much less to the administrative bureau- track (“A Maine Lobster Town Sees least the 1970s, when shop class was
Its Future in Shop Class” by Sierra viewed as a small step up from spe-
didn’t directly compete, the SEC alleges that cracy,” Justice Scalia wrote.
Dawn McClain, Cross Country, Feb. cial ed.
their stock prices were correlated, and that Mr. “When King James I tried to create new 17). Other communities should follow With the bloated cost of college,
Panuwat knew this. crimes by royal command, the judges responded its example. industries in upheaval and artificial
After news of Medivation’s acquisition broke, that ‘the King cannot create any offence by his In New York, most of the school intelligence threatening white-collar
the share prices of Incyte and several mid-sized prohibition or proclamation, which was not an programs in industrial arts have been jobs, I wonder if that snobbish vice
pharmaceutical companies popped. Mr. Panu- offence before,’” Justice Scalia wrote. “James replaced by technology classes, which principal would now see the value of
wat sold his Incyte options for a roughly I, however, did not have the benefit of Chevron are computer-based. Students find it career training.
$107,000 profit. The SEC says Mr. Panuwat com- deference.” Mr. Gensler may not have Chevron boring, however, to constantly view MARK THOMSEN
mitted insider trading by allegedly using confi- for long either. The High Court in January heard computer screens. They need to do Rehoboth, Mass.
dential Medivation information to bet on In- a challenge to the court-made Chevron doctrine, hands-on work and learn how to use
cyte’s stock. Medivation had a company policy which requires judges to defer to regulators’ tools and materials safely and cor- Reading about the town of St.
rectly, in addition to developing com- George, I can’t help but think of how
that forbade such trades, but violating a com- statutory interpretation when the law itself is
puter skills. many thousands of ADHD diagnoses
pany policy isn’t the same as violating a federal ambiguous. One issue is finding teachers and associated prescriptions could
statute. The SEC’s shadow insider-trading theory trained in industrial arts. People who have been avoided in recent years
In his defense, Mr. Panuwat says it was pub- looks like another example of how regulators had taught it have mostly retired or with shop classes in all schools, as we
licly known that Medivation was on the sale exploit vague laws to expand their power and been shifted to teach the technology had in the 1960s.
block, so information about its potential acqui- undermine legal due process. If Congress curriculum, and only one college in WILLIAM S. ROBSON
sition wasn’t private. He also claims he bet on wants to ban the practice, it can. But Mr. Gen- the State University of New York sys- Augusta, Ga.
Incyte because he believed the company was un- sler isn’t King James I, even if he sometimes tem has a program. New faculty will
dervalued by the market. acts as if he is. need to be trained for this shop-class Ms. McClain’s superb reporting
resurgence to be implemented suc- about shop class brings to mind that
cessfully on a national level. old joke about the plumber who
Phil Murphy’s Tax Resurrection CAROLYN GIERKE
Lancaster, N.Y.
charged a guy $500 for an hour’s
work. Outraged, the customer com-
plained, “I’m a lawyer and I don’t

N
ew Jersey Gov. Phil Murphy on Tuesday lion. As in many states, businesses must pay Ms. McClain’s article reminds me make $500 an hour!” The plumber re-
proclaimed the resurrection to much ju- New Jersey corporate tax if they generate reve- of the time I overheard a vice princi- plied, “Neither did I, when I was a
bilation in Trenton. Lo, he plans to re- nue in the state no matter where they are head- pal of a local high school refer to the lawyer.”
vive a corporate 2.5% surtax quartered. vocational curriculum as “spaghetti PETER J. COTCH
that lapsed a mere two The Governor revives a By the way, New Jersey’s 101.” This elitist and contemptuous Naples, Fla.
months ago. 2.5% corporate surtax 4.8% unemployment rate is
The Governor’s $55.9 bil- tied for the third highest in
lion budget for the next fiscal after only two months. the country with Illinois, after Will the EU Step Up to Seize Russian Reserves?
year includes a “new dedi- California (5.1%) and Nevada
Seizing Russian central-bank re- to have Europe seize Russian reserves
cated funding stream to sup- (5.4%). Employment has de- serves (“It’s Time to Seize Russia’s and the U.S. Congress approve new
port NJ TRANSIT.” That is, a 2.5% tax on corpo- clined by 76,015 in the last six months. Reserves,” Review & Outlook, Feb. 22) military assistance for Ukraine’s de-
rate income above $10 million, which would be Mr. Murphy claims the surtax will raise more is justified and long overdue. But the fense. Politicians on both sides of the
on top of the state’s current 9% top corporate than $800 million annually for mass transit. key decision needs to be taken in Eu- pond can point to each other’s contri-
rate. New Jersey’s new 11.5% top corporate rate Ridership remains 20% below pre-pandemic rope, complemented by additional butions as reason to take the essen-
would be America’s highest. levels as more residents work remotely, and U.S. military support for Ukraine. tial steps to oppose Mr. Putin’s war.
Only a year ago he boasted about letting the many have moved. New Jersey Transit received The U.S. has frozen only a small JEFFREY J. SCHOTT
2.5% corporate surtax on income over $1 million $4.5 billion in federal pandemic relief and will fraction of the estimated $300 billion Senior fellow, Peterson Institute for
expire at the end of 2023. “Allowing this sur- likely draw billions more from the 2021 infra- in Russian reserves. Most of the International Economics
charge to lapse will mean more money for them structure bill. funds had shifted to Europe before Palm Coast, Fla.
Vladimir Putin invaded Ukraine two
to create jobs, to invest in new and more effi- The problem is that New Jersey Transit’s
years ago. The bulk of the reserves—
cient equipment, to lower costs to consumers costs have risen 30% since 2019 owing to what dollars, euros and other currencies— The Face It Hurts to See
and to be able to stay here,” he crowed. Appar- Mr. Murphy calls “a variety of enhancements”— is held at Euroclear, a Belgium-based
ently not. namely, increased union hiring and wages. financial services company.
On the Front Cover Again
The Governor says his new surtax will hit There have been no service enhancements. Wel- The European Union needs to au- Again there’s Evan Gershkovich’s
only the biggest businesses. But many small and come to New Jersey. Pay more to the govern- thorize the seizure of the funds. Law- face on the front of the Journal
mid-sized businesses have income over $10 mil- ment and get back less. yers disagree on the legal authority to (“Court Rejects WSJ Reporter’s De-
do so, but the extensive analysis cited tention Appeal,” World News, Feb.
in your editorial makes a strong case 21). I don’t know him, but I’d recog-
‘Bump Stocks’ at the Supreme Court for seizure, especially if it is part of
international countermeasures against
nize him anywhere.
We get the print edition, and once
Russian aggression. European action my husband and I have scoured

T
he Supreme Court will hear arguments one shot ‘by a single function of the trigger,’” against Russian reserves, coupled with through it, I reuse the paper around
Wednesday about bump stocks, which as the ATF’s challenger tells the Justices. Ergo, the EU’s just-approved 50 billion-euro the house. I dry damp toddler shoes
are rifle accessories that enable rapid it isn’t a machine gun. The ATF used to agree, “Ukraine Facility,” should show Con- from puddle jumping, protect the ta-
firing. But the familiar and since it took this same posi- gress that Europe is pulling its weight ble from watercolor splashes, and re-
significant question in Gar- Whether to treat them tion in “15 classification let- and encourage House Republicans to cently wrapped up our Christmas an-
land v. Cargill is who gets to as machine guns is for tersThe between 2008 and 2017.” stop blocking Ukraine aid. gel. It felt wrong, however, to use
make the law. Solicitor General’s re- What better way to honor the Evan’s face for such trivial things
Most Americans likely had Congress, not the ATF. buttal reads like lawyerly leg- memory of Alexei Navalny and sup- around our home. When I wrapped
never heard of a bump stock erdemain. When the law refers port the brave people of Ukraine than our angel, I prayed that the next time
until the 2017 Las Vegas mas- to “a single function of the I see Evan’s face protecting my family
heirlooms, he will be home free with
sacre, when a man on the 32nd story of a hotel trigger,” she says, that merely means “a single
opened fire on a music festival. He killed 58 and volitional motion by the shooter—such as a pull
La Guardia’s Stuy Town his family. This week, as I tucked
away Valentine’s and heart-themed
wounded hundreds. or a push.” In reviewing “I Never Did Like Pol-
decor, I can’t believe I’m still using
“In a matter of minutes, the bump-stock de- The Fifth Circuit U.S. Court of Appeals, sit- itics” by Terry Golway (Bookshelf,
Evan’s face.
vices allowed the shooter to fire more than a ting en banc, didn’t buy it. In a ruling last year, Feb. 20), Edward Kosner writes that
VALERIE BREITBACH
Fiorello La Guardia, the former mayor
thousand shots,” the government tells the High eight of the 16 judges thought the statute “un- Bonaire, Ga.
of New York, “gently pressured Met
Court. At times his firing rate “reached nine ambiguously fails to cover non-mechanical Life to allow black tenants in its Stuy-
rounds per second.” bump stocks.” vesant Town and Peter Cooper Village
Urged on by President Trump, the Bureau of Several additional judges believed the law complexes on Manhattan’s East Side.”
Pepper ...
Alcohol, Tobacco, Firearms and Explosives contained enough ambiguity to require lenity, He may have done so, but any pres- And Salt
(ATF) issued a regulation in 2018 to “clarify” given the serious penalties that the government sure was a failure. When the housing
THE WALL STREET JOURNAL
that bump stocks count as “machines guns.” threatened. “If ATF could change the scope of complexes opened in 1947, the same
Their owners were told to turn them over or de- criminal liability by issuing a regulation—free year that La Guardia died, there was
stroy them. But read the statute. Federal law from the taxing obligations of bicameralism and no racial integration and a New York
says a “machine gun” is a weapon that “auto- presentment—the Executive could wield power state court decision rejected any re-
matically” fires more than one shot “by a single that our Constitution reserves to the Legisla- quirement for desegregation of pri-
vate housing.
function of the trigger.” ture,” the Fifth Circuit majority said.
Some of La Guardia’s journeys, like
That isn’t how a bump stock works. Essen- The lower accuracy of shooting with bump his namesake airport, would take
tially, it’s a casing that lets most of the gun, in- stocks means they’re not particularly useful, ex- much longer to complete.
cluding the trigger, slide forward and backward. cept for excitement at the firing range. The ATF ALEXANDER W. STEPHENS
The user’s trigger finger stays stationary. Ap- estimated in 2018 that the number owned by Sarasota, Fla.
plying forward pressure to the gun “bumps” the the public “could range from about 280,000 to
trigger into the finger, firing a round. The recoil about 520,000,” compared with hundreds of
Letters intended for publication should
then jolts the gun backward, resetting the trig- millions of firearms in U.S. circulation. be emailed to wsj.ltrs@wsj.com. Please
ger. A bump stock video on YouTube provides Since bump stocks simulate automatic fire, include your city, state and telephone
a sense of the firing speed. it’s reasonable for the law to treat them like number. All letters are subject to
The government’s problem is obvious: A fully automatic weapons. But that’s for elected editing, and unpublished letters cannot “That’s the thing with crypto currency
be acknowledged.
bump stock doesn’t make a rifle “fire more than legislators to decide. investing. It’s all about the long haul.”
THE WALL STREET JOURNAL.
The U.S. and Israel Play Into Iran’s Hands
By Seth Cropsey
A
s Israel pushes deeper into
Gaza and prepares for war
with Hezbollah in the
north, Iran’s campaign
against the Jewish state
and the U.S. is approaching an in-
flection point. Jerusalem and Wash-
ington need a new strategy that rec-
ognizes Tehran as their true enemy,
whose proxies function like an em-
pire. Instead of telegraphed Ameri-
can airstrikes or the Israeli Octopus
Doctrine of punishing Iranian prox-
ies, both nations must work to col-
lapse Iranian power in Iraq, Syria
and Lebanon.
Israel’s greatest failure since Oct.
7 is political. Much of the world con-
siders the massacre another round
of Israeli-Palestinian violence, not an
Iran-orchestrated attack. Since 2021
Hamas has been a full-fledged mem-
ber of what Tehran calls its “axis of
resistance,” a proxy network that
Treating Hamas and other
proxies as discrete threats
allows Tehran’s regional
power to accumulate.
spans the Levant, Lebanon and Ye-
men. Each proxy has a distinct char-
acter, but all are united in their ha-
tred of Israel and the U.S. From 2021
on, Hamas, Palestinian Islamic Jihad
and Hezbollah have reportedly
planned and coordinated operations
jointly from a nerve center in Beirut
with direct Iranian Revolutionary
Guard Corps supervision.
America has insisted on a ficti-
tious distinction between Tehran
and its proxies. But the threat this
pseudo-empire poses to the U.S.—as
well as countries across Europe and
Asia—is real.
Iran’s goal is regional dominance,
The FDA Could Help Save My Son From a Rare Disease
By Judy Stecker
M
y eldest son, Wheeler, has a
rare genetic disease that
will steal his vision, mobil-
ity, memory and, ultimately, his life.
Every morning when he leaves for
preschool, I worry it may be the last
time he’ll be able to see my face.
One in 10 Americans have rare dis-
eases—defined as affecting fewer
than 200,000 people in the U.S.—and
95% of these afflictions lack a Food
and Drug Administration-approved
treatment or therapy. Three in 10
children affected by rare diseases
won’t live to see their fifth birthday.
Wheeler turns 5 in May.
When my son was diagnosed with
CLN3 juvenile Batten disease at 4
weeks old, research into possible
therapies offered hope. That hope is
all but gone. The Beyond Batten Dis-
ease Foundation’s planned 2023
Phase III clinical trial of a potential
treatment is in limbo, seeking fund-
ing. (My family supports the founda-
tion.) Earlier this month, Amicus
Therapeutics abandoned its pursuit
of the only proposed gene therapy.
These developments are devastat-
ing but unsurprising. Given this, the
anti-innovation sentiment in Wash-
ington and unnecessary bureaucracy
at the FDA have made it difficult for
companies to justify investments in
In his 1997 memoir,
“Wooden: A Life-
time of Observa-
tions and Reflec-
tions,” Hall of Fame
UCLA basketball
coach John Wooden
UPWARD
MOBILITY related a story
about the impor-
By Jason L.
tance of maintain-
Riley
ing standards. In
the early 1970s, the
team had a rule against facial hair.
When star center Bill Walton
showed up to practice after a 10-
day break wearing a beard, the fol-
lowing exchange occurred:
Wooden: “Bill, have you forgot-
ten something?”
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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by which it plans to export the Is-
lamic revolution throughout the
Mideast. An Iran with proxies across
the Levant, and in time the Arabian
Peninsula, would be a bona fide
great power capable of competing
with Europe, Russia, China and India
for Eurasian influence. It would be
able to challenge America directly in
military, diplomatic and economic
terms. Eurasia has never been able
to secure itself absent a stable Mid-
dle Eastern order. Even ignoring its
oil flows, the Mideast is the nexus
point between Europe and Asia and
therefore the linchpin of the Eur-
asian economic power on which the
U.S. depends and a key transit route
for U.S. military forces.
Yet rather than consider the Is-
raeli struggle as a key to greater
geopolitical stability, Washington
treats it as merely another Gaza war.
Attacks by Iran-backed militants in
the Red Sea and on U.S. bases in
Iraq and Syria are considered after-
shocks of the Israel-Palestinian con-
flict. This plays into Tehran’s hands.
Iran’s difficulty is that it can nei-
ther win a conventional war against
the U.S. nor physically conquer Is-
rael so long as America remains in
the region. Tehran therefore seeks
other means to force the U.S. out of
the Mideast, leaving Israel and Jor-
dan exposed in a manner consistent
with the Soviet concept of “reflec-
tive control.” Rather than straight-
forwardly coercing an opponent with
military force, the idea is to trick an
adversary into doing something
against its interest.
Tehran wants to convince the U.S.
that simply to abandon the Middle
East on the grounds that it’s too
much trouble to maintain its posi-
tion and defend its allies. In particu-
lar, Tehran needs the U.S. to aban-
don the al-Tanf complex, a series of
Levantine bases that provide a buf-
fer between Iraq, Syria and Jordan.
The complex dominates the most
natural Iranian logistics route from
rare-disease therapies.
Rare-disease research is inher-
ently hard—the science is challeng-
ing and the small population makes
return on investment unlikely. Poli-
cies with a narrow-minded focus on
lowering drug prices make it still
harder. The Inflation Reduction
Act’s price setting will delay phar-
maceutical launches and inhibit re-
search into alternative uses of exist-
ing drugs. The march-in rights
guidance the administration pro-
posed in December to allow the gov-
ernment to seize patents from pub-
lic-private partnerships will
discourage their formation.
Though I know firsthand that the
FDA’s civil servants are committed
to their mission, the agency’s oner-
ous bureaucracy impedes access to
possible treatments with no mean-
ingful gain for patients.
In December, the FDA had an op-
portunity to give patients with rare
diseases more options when it is-
sued a final guidance on research
standards. While it’s understandable
to hold work on rare and common
diseases to the same safety criteria,
it’s harmful to stick both with the
same efficacy burdens. People with
untreated rare diseases already
have little prospect of seeing new
treatments. Yet the FDA chose to
keep the same outdated interpreta-
Bill Walton’s Lesson for Darryl George
Walton: “Coach, if you mean the
beard, I think I should be allowed
to wear it. It’s my right.”
Wooden: “Do you believe in that
strongly?”
Walton: “Yes, I do, coach. Very
much.”
Wooden: “Bill, I have a great re-
spect for individuals who stand up
for those things in which they be-
lieve. I really do. And the team is
going to miss you.”
“Bill went to the locker room
and shaved the beard off before
practice began. There were no hard
feelings. I wasn’t angry and he
wasn’t mad,” Wooden recalled. “I
think if I had given in to him, I
would have lost control not only of
Robert Thomson
Chief Executive Officer, News Corp
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OPINION
A billboard at Tehran’s Palestine Square threatens Israel.
Baghdad to Damascus, while shield-
ing Jordan from direct Iranian pres-
sure through Iraq. U.S. access to
other Iraqi bases cuts secondary
Baghdad-Damascus logistics routes.
Under the pretext of rage over the
war in Gaza, Iranian proxies are exe-
cuting missile and drone attacks
against these bases.
With the U.S. gone, Iran could
unify Iraq, Syria and Lebanon into a
single strategic space. Tehran could
then incorporate the West Bank into
its strategy more directly, pouring
more arms and Iranian-trained fight-
ers into it through smuggling routes
in Jordan, while also undermining
the Jordanian state. With its logis-
tics freed up and Amman under
pressure, Tehran could contemplate
even more-direct attacks on Israel,
including, with a requisite pretext, a
proxy-force ground assault from
Lebanon and Syria and mass bom-
bardment of Israeli critical infra-
structure. The goal is to make the
Jewish state unlivable for all but
those most dedicated to the Zionist
cause. If only a few hundred thou-
tion of efficacy criteria.
This standard simply doesn’t
work for children with rare dis-
eases. Accurate diagnoses of rare
diseases take four to nine years on
average. By the time a clinical trial
is available, children are too sick
for a drug’s efficacy to be assessed
fairly. The answer is to get as many
Instead, the agency keeps
safe treatment out of the
hands of patients with
no other options.
diagnosed children treated as soon
as possible so researchers can learn
from them. Identifying patients
earlier will become easier as child-
hood screening and genetic testing
improve.
The agency’s inflexibility with ef-
ficacy and trial design keeps safe
drugs out of the hands of patients
with no other options. Take the Be-
yond Batten Disease Foundation’s
paused clinical trial. Miglustat
showed promise in slowing CLN3’s
progression in Phase I/II trials. The
drug has a strong safety profile and
has been approved for use against
Gaucher disease in the U.S. for de-
Bill but of his teammates.”
Mr. Walton, who went on to his
own Hall of Fame career in the Na-
tional Basketball Association, didn’t
make a federal case out of the
school’s grooming policy, but times
have changed. Last year Darryl
George, a high-school student in
the Barbers Hill school district near
Houston, was disciplined for violat-
ing his school’s policy on hair
length. Darryl, who is black, has
long dreadlocks. The school’s dress
code for boys says that hair may
not “be gathered or worn in a style
that would allow the hair to extend
below the top of a t-shirt collar, be-
low the eyebrows, or below the ear
lobes when let down.”
Because he refused to cut his
dreadlocks, Darryl was assigned to
in-school suspension. His family re-
sponded by filing a federal civil-
rights lawsuit. A new Texas law,
the Crown Act, prohibits schools
and employers from discriminating
based on someone’s hairstyle. The
George family alleges that Gov.
Greg Abbott and Attorney General
Ken Paxton allowed the school dis-
trict to violate the new law.
Meanwhile, Barbers Hill officials
asked a state court to clarify
whether the Crown Act applies to
hair length—which isn’t mentioned
in the legislation—and last week
Judge Chap B. Cain III of the 253rd
District Court ruled in favor of the
school district and upheld Darryl’s
suspension. “The CROWN Act does
not render unlawful those portions
Wednesday, February 28, 2024 | A15
Saudi Arabia and the United Arab
Emirates have studiously avoided es-
calation. Neither clearly has any in-
terest in serving on the front lines of
regional conflict.
To counter Tehran’s strategy, Je-
rusalem and Washington should in-
vert Iranian logic by forcing the re-
gime to feel the costs of an empire.
Those costs must exceed the inef-
fective airstrikes the U.S. has exe-
cuted in recent months. In the short
term, this should include a more ag-
ABEDIN TAHERKENAREH/SHUTTERSTOCK
gressive targeted killing campaign
against Iranian and proxy opera-
tives in Iraq, Syria and Lebanon.
Eventually, Israel and America
should apply enough pressure to
force Iran to step into the open and
take actual control over these terri-
tories, with the requisite costs of
daily administration.
Iran has cash, but a more expan-
sive sanctions regime, a change in
sand Israelis remain, Iran and its oil prices or other macroeconomic
network can overwhelm them with disruptions would undermine the re-
relative ease. sources it has to fund its proxy con-
Neither Jerusalem nor Washing- quest campaign. Adding direct rule
ton is acting to prevent this out- to this set of tasks would overwhelm
come. Neither country treats Iran’s Iranian capacity, transforming Teh-
proxy network as the veritable em- ran’s proxy network into a costly,
pire it is. Tehran hides behind im- restive empire, populated primarily
plausible deniability by claiming by Sunnis with few sympathies for
that it has no direct control over Tehran’s Shiite mullahs. This strat-
these proxies. Because Lebanon, egy would cut each head off the Ira-
Syria and Iraq are legally indepen- nian imperial monster, until it is left
dent states with standard sovereign only with the core.
rights and privileges, any reprisals The issue is the degree to which
impose a higher political cost on Is- Iranian manipulation of the U.S. has
rael and the U.S. That deters seri- already succeeded. Washington has
ous military actions to degrade failed to respond seriously to an Ira-
Iran’s capabilities. nian attack since Oct. 7, holding to
Israel conducts tit-for-tat strikes the lie that Tehran isn’t in control of
against Iranian proxies, but that an axis it quite obviously is. The re-
doesn’t put a meaningful cost on sult is American paralysis, which
Tehran’s actions. The Jewish state will only intensify as Iranian pres-
doesn’t have the military capability sure increases.
to strike Iran directly and cause
crippling damage. An Israeli partner- Mr. Cropsey is president of the
ship with Gulf Arabs could threaten Yorktown Institute. He served as a
Iran’s domestic stability, and thereby naval officer and as deputy under-
the core of this empire, but that’s secretary of the Navy and is author
out of the question. Since 2019, of “Mayday” and “Seablindness.”
cades. Yet the FDA has insisted that that used in emergency-use authori-
the foundation conduct substantially zation. During an emergency like the
more scientific and clinical develop- pandemic, an emergency-use autho-
ment and applied additional complex rization allows the FDA to allow a
requirements that significantly ex- treatment when the known and po-
panded the geographic footprint and tential benefits of the drug out-
cost of the Phase III clinical trial. weigh the known and potential risks
The FDA has the ability to adjust of the drug and the disease, and
course and help kids with rare dis- there is no other alternative treat-
eases right now. The FDA could mod- ment. The agency could also
ify the Expanded Access program for broaden the use of accelerated ap-
rare diseases. Currently, it allows ex- proval, a program that shifts more
perimental treatment only for single of the evidence requirement for effi-
patients, but a broader version could cacy to after the drug has been
reach more patients much quicker made available. The FDA has exer-
than a clinical trial. cised these flexibilities before but
The agency should also revise on an ad hoc basis. Something more
and finalize the March 2019 draft systematic and defined would en-
guidance on natural-history studies courage investment.
for rare-disease drug development The pace of science is accelerat-
and give natural-history data—re- ing, but people struggling with rare
search that tracks the course of a diseases won’t see that progress if
disease—weighted consideration. As the regulatory state can’t keep up.
former FDA Commissioner Scott Impeding access and stifling innova-
Gottlieb has acknowledged, robust tion isn’t the answer. Time can’t be
natural-history data could be used wasted for anyone with a rare dis-
in lieu of a placebo group in clinical ease, and for children like Wheeler,
trials. This would allow for more time is swiftly running out.
open trials, in which everyone gets
therapy, creating incentives for Ms. Stecker, a senior vice presi-
more patient participation and get- dent at Hill & Knowlton, works with
ting more children treated. clients in the pharmaceutical indus-
In approving treatment for dis- try. She has served as assistant sec-
eases affecting small populations— retary of public affairs and deputy
fewer than 5,000 people—the FDA chief of staff at the Department of
should apply a threshold similar to Health and Human Services.
of the Barbers Hill dress and following rules and everything to
grooming restrictions limiting male do with racism. “We are going to
students’ hair length,” Judge Cain seek justice for black males . . .
said. The George family said it will who have long been and are still
appeal that ruling. The civil-rights being discriminated against,” said
suit is pending. Allie Booker, an attorney repre-
Greg Poole, superintendent of senting the George family. State
the Barbers Hill school district, has Rep. Ron Reynolds, a Houston-
said the purpose of the dress code area Democrat who heads the
is to “teach grooming and hygiene, Texas Legislative Black Caucus,
said the school district is telling
black students, “You either con-
A Texas student falls foul form to our European standards
of what a student should look like
of his school’s grooming and dress like and act like, or else
standards and makes a you’re going to face the same con-
sequences as Darryl, and you
federal case out of it. won’t be allowed to attend school
here.”
Darryl deserves equal treatment,
instill discipline, maintain a posi- not special treatment, and no one
tive and safe learning environment, has presented evidence that he is a
prevent disruption, avoid safety target of racial bias. The last thing
hazards, and teach respect for au- he needs is to be surrounded by
thority.” He told the Houston adults who encourage him to see
Chronicle that the George family any confrontation with people in
moved to the district from one that authority as racially motivated and
had no restrictions on hair length who insist on pretending that
and that Darryl’s mother had black people are still living in the
signed a student handbook that ex- 1950s.
plained their new district’s groom- Darryl is sitting alone in school
ing policy. instead of in a classroom with fel-
“We have African-American stu- low students because he refuses to
dents not subject to the hair limita- get a haircut. He says it’s “lonely,”
tion length because they qualify for but it’s also unnecessary. Racial
religious reasons,” Mr. Poole told disparities in income and employ-
the paper. “We do not have an ex- ment often stem from racial dispar-
ception for ‘I don’t want to follow ities in education. People who want
the rules.’ ” to make a martyr of this young
For Darryl’s defenders, how- man over a trendy hairdo aren’t
ever, this has nothing to do with doing him any favors.
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5078.18 À 0.17% S&P FIN À 0.27%
Macy’s to Close 30% of Its Stores
Chain markets San
Francisco flagship
as new CEO moves
to shrink company
BY SUZANNE KAPNER
Macy’s new boss, Tony
Spring, says the department-
store chain needs to shrink. He
wants to make sure it doesn’t
become less relevant to mil-
lions of shoppers as a result.
The retailer said Tuesday
that it would close about 150
underperforming Macy’s
stores, or about 30% of its
fleet, over the next three
years. It will focus on upgrad-
ing its remaining 350 Macy’s
locations, while also opening
smaller versions of its name-
sake chain and adding Bloom-
ingdale’s and Bluemercury lo-
cations.
Spring, who became chief
executive on Feb. 4 after more
than three decades with
Bloomingdale’s, outlined the
plan as Macy’s released its fi-
nancial performance for the
holiday quarter. The company
said it met its previously dis-
closed sales estimates and sur-
passed its earnings forecast.
Shares in Macy’s gained 65
cents, or 3.4%, to $19.95 on
Tuesday.
Many department-store
chains—from Sears to Lord &
Taylor—have downsized them-
selves to the point of irrele-
vance.
“This isn’t just about
shrinking,” the 59-year-old
Spring said. “This is about re-
sizing the portfolio to make
sure we are giving people an
Wall Street Expands ETF Plans to Ether
BY VICKY GE HUANG
Wall Street firms launched
bitcoin exchange-traded funds
just a few weeks ago. Now,
they want to offer everyday in-
vestors funds holding a smaller
and more volatile crypto asset.
At least 10 firms including
BlackRock and Fidelity Invest-
ments have filed applications
to launch what would be the
first U.S.-listed ETFs holding
ether, the second-largest cryp-
tocurrency. As with bitcoin and
other ETFs, the firms would
earn management fees for any
investments people make.
Ether, the in-house token on
the Ethereum blockchain,
surged above $3,200 Tuesday
for the first time since April
2022 in anticipation of the po-
tential approvals. That gave it a
market cap of about $390 bil-
lion, compared with bitcoin’s
more than $1 trillion valuation.
The Securities and Exchange
Apple Abandons Its
Electric-Car Project
BY AARON TILLEY
AND MIKE COLIAS
Apple has put an end to its
decadelong push to build its
own electric vehicle, an effort
once seen as having the po-
tential to transform the auto
industry.
That transformation, which
has been under way for years
without Apple, continuously
increased the level of difficulty
Apple faced as it spent billions
trying to catch or exceed the
capabilities made available
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com
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S&P IT À 0.06%
Macy's store count by brand
Bloomingdale’s
Macy’s
Bluemercury
800
600
400
200
0 – 50
FY2015 ’20
*Excludes licensed sales
Note: Latest fiscal year ended Feb. 3.
opportunity to shop the way
they want.”
One location that Macy’s is
evaluating is its San Francisco
flagship on Union Square,
which spans a city block. The
company is marketing the site
to buyers. A store closure—if it
moved forward—wouldn’t hap-
pen until 2025 at the earliest.
The company sold another
building on the square in
2019.
A closure of the flagship
store would represent a body
blow to the Union Square
shopping district, which sits
in an area that has been hurt
by crime, homelessness and
an exodus of retail stores
since the pandemic. In 2023,
the owner of the city’s big-
gest mall situated just blocks
from Union Square said it
was handing it back to the
lender.
City leaders have poured
Please turn to page B2
Price performance, year to date
40%
30
20
10
0 gained any appreciable size.
–10
Jan. 2024
*Data as of Feb. 23
Sources: CoinDesk (bitcoin);
Kraken (ether);
JPMorgan estimates,
Bloomberg (net flows)
Commission faces a May dead-
line to approve or reject the
first application for a spot
ether ETF and is expected to
during a revolution led by
Tesla.
The secret group inside the
iPhone giant—known inter-
nally as Project Titan—has
been informed that Apple
would be shutting down its ef-
forts in building a car while
the company ramps up invest-
ments in the area of genera-
tive artificial intelligence, a
person familiar with the situa-
tion said.
Some of the employees in-
side the group will be shifting
Please turn to page B4
(877) 632-2589
DJ TRANS g 0.29%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.01%
Wednesday, February 28, 2024 | B1
2–YR. TREAS. yield 4.712% NIKKEI (Midday) 39191.99 g 0.12% See more at WSJ.com/Markets
Cox Strikes
$1.8 Billion
Share-price and index performance over the past three years Comparable store-sales,
150%
change from a year earlier
60% Deal for
100
Macy’s
40
Software
50
20
0
4Q 2023
–5.4%*
Provider
S&P 500 BY LAUREN THOMAS
–20
0 Cox Enterprises is buying
OpenGov in a deal that values
–40
the provider of software for
cities and state agencies at
–60 $1.8 billion.
’23 2022 ’23 ’24 FY2020 ’21 ’22 ’23 Cox, a big family-owned
provider of communications
Sources: the company (stores, sales); FactSet (performance) and automotive services that
already held a big minority
stake in OpenGov, is buying
the rest, according to execu-
tives of the companies.
OpenGov’s management
and employees will roll over a
significant portion of their eq-
uity into the deal and the
company will be run by its ex-
isting leadership under the
Cox umbrella.
Closely held OpenGov,
based in San Francisco, has
built a software platform since
its founding a dozen years ago
that helps with budgeting, ac-
counting, asset management
and other local-government
needs.
The city of Los Angeles is
using OpenGov to prepare for
JUSTIN SULLIVAN/GETTY IMAGES
the 2028 Summer Olympics,
while a county in Oregon is
using it to try to combat
homelessness by getting cash
distributed more quickly in
the community.
Atlanta-based Cox, a
A Macy’s store at a mall in San Leandro, Calif., that is among the 150 sites set to close. roughly 125-year-old outfit
with about $23 billion in an-
nual revenue, has a history of
ponying up for a variety of
companies—many with local-
market expertise—from on-
line-car marketplace Auto-
trader to news and technology
Spot bitcoin ETF net flows* “Ether is just a very volatile provider Axios.
asset and subject to tremen- Its Cox Communications
BlackRock dous price swings,” said Ben business is the third-biggest
Ether Schiffrin, director of securities cable provider in the U.S.,
Bitcoin Fidelity policy at Better Markets, which with 6.5 million customers.
advocates for tighter financial Cox Automotive, its other
ARK 21Shares regulations. business vertical, owns the
Volatility and the potential Kelley Blue Book brand,
Bitwise for price manipulation aren’t among others.
unique to ether. Thousands of OpenGov’s board includes
Invesco Galaxy cryptocurrencies have prolifer- Silicon Valley heavyweights
ated over the years, and only Marc Andreessen, the venture
Valkyrie about a dozen of those have capitalist; Joe Lonsdale, co-
founder of Palantir Technolo-
VanEck
The SEC hasn’t given a clear gies; and John Chambers, for-
signal of whether it will ap- mer chief executive of Cisco
prove or reject the ether appli- Systems. The new OpenGov
Franklin Templeton
cations. Several new factors are board would be a mix of Cox
Feb.
also at play since firms applied and OpenGov leaders.
WisdomTree
for spot bitcoin ETFs. The deal will allow Open-
The SEC had for years cited Gov to speed up product de-
Grayscale
bitcoin’s susceptibility to fraud velopment and make more ac-
–$8 billion –6 –4 –2 0 2 4 6 in repeatedly rejecting applica- quisitions, the executives told
tions for spot bitcoin ETFs. The Wall Street Journal.
simultaneously apply the same backed by more speculative That was before a court ruling Zac Bookman, co-founder
decision to the other applica- crypto assets, which they say in August compelled the and CEO of OpenGov, said it
tions. Critics say a greenlight would expose investors to more agency to approve such funds also would allow OpenGov to
could pave the way for ETFs risks than they might realize. Please turn to page B2 Please turn to page B2
INSIDE Google’s Big AI Chatbot Push
Leaves It Mired in Controversy
BY MILES KRUPPA Tech commentators includ- shot shared on Musk’s social-
ing Elon Musk promoted new media site X.
Google’s artificial-intelli- criticisms over the past few The online backlash illus-
gence push is turning into a days of Gemini’s responses to trates the concerns that held
reputational headache. prompts such as, “Who has Google back from releasing its
Gemini, a chatbot based on done more harm: libertarians chatbot technology to the pub-
the company’s most advanced or Stalin?” lic years ago. That caution
AI technology, angered users In response to the ques- created an opening for the
last week by producing ahis- tion—comparing a political startup OpenAI and its largest
TECHNOLOGY toric images and blocking re- philosophy that champions backer Microsoft to steal the
Sony will lay off 900 quests for depictions of white limited government with the spotlight with ChatGPT.
people. The controversy ruthless Soviet dictator Jo- Chatbots such as Gemini
PlayStation workers as morphed over the weekend seph Stalin—Gemini said, “It are designed to produce the
videogame spending into a broader backlash against is difficult to say definitively next most likely word in a se-
has turned flat. B4 the chatbot’s responses to which ideology has done more quence based on a statistical
some philosophical questions. harm,” according to a screen- Please turn to page B4
 B2 | Wednesday, February 28, 2024
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Evergreen Marine................B13
Alibaba.............................................B2
Allegiant.........................................A9
Alphabet.................................A1,B4
Amazon.com..............A1,B6,B14
American Airlines..................A9
American Express..................A9
Anheuser-Busch InBev......B6
Apple...........................................A1,B1
B H
BlackRock...............................B1,B7
Bumble............................................B3
BYD..................................................B14
C-E
CarMax............................................B4
Carnival.........................................B13
Cathay Capital........................B12
Cava...................................................B3
China Petroleum &
Chemical..................................B12
CMA CGM..................................B13
Coca-Cola.......................................B2
Cosco Shipping......................B13
Cox Enterprises........................B1
Coyote Ventures...................B13
Danone............................................B2
EasyJet..........................................B13
Eli Lilly..................................B4,B14
INDEX TO PEOPLE
A Huang, Jensen..........................B4
Andreessen, Marc...................B1
B K
Bartasi, Gina............................B13
Berg, Hayley...............................A9
Berkowitz, Elana...................B13
Biffle, Barry.................................A9
Bookman, Zac............................B1
C Sanders, Sue..............................A2
Chambers, John........................B1
Clement, Dallas........................B2
Cocks, Chris.................................B7
F Mohammad, Shamim.........B4
Fromme, Tobias.....................B13
G
Goetter, Gina..............................B7
H-I
Habeeb, Bob................................A1
Hart, Brett....................................A9
Holz, Jared.................................B14
Houten, Nancy Vanden.....A2
LANNA APISUKH FOR THE WALL STREET JOURNAL
Macy’s plans smaller versions of stores in its namesake chain.
Macy’s
To Close
150 Stores
Continued from page B1
police resources into the area
and vowed to make shoppers
and tourists feel safe. Mayor
London Breed, who faces a
strong re-election challenge in
November, said it would be
hard to think of San Francisco
without Macy’s. However, she
added, “There is tremendous
opportunity at this site, and I
know this city will continue to
draw new investments and
ideas.”
Spring is launching his
strategy as Macy’s is under at-
tack from activist investors,
who have offered to buy the
company for $5.8 billion. When
Macy’s rejected the offer from
Arkhouse Management and
Brigade Capital Management,
Arkhouse launched a proxy
fight by nomi-
nating nine di-
rectors to its
board.
Macy’s has
said it would
evaluate the di-
rector nomi-
nees.
F o r m e d
through the
amalgamation
of regional de-
partment stores, Macy’s was
once a sprawling chain. As re-
cently as 2019, the company
had roughly 870 stores overall,
including 643 Macy’s loca-
tions. Past CEOs have tried to
make the company smaller—in
part by closing stores—and
more responsive to shifting
consumer tastes, with uneven
results.
Macy’s, which posted over
$23 billion in sales last year,
faces many of the same pres-
sures that are challenging
other department stores. It
has many competitors that
have been better at attracting
younger shoppers and cavern-
ous stores that are aging, un-
derused or located in retail
corridors that have lost their
luster.
In January, it eliminated
13% of its corporate staff and
said it would close five stores.
Costs associated with re-
NY * *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
China Beverage Pioneer Beat Coke
Novo Nordisk...........................B14
F Nvidia...............................................B4
Fidelity Investments...........B3 O
Frontier Airlines......................A9 Ocean Network ExpressB13
OpenGov.........................................B1
BY JAMES T. AREDDY
G
GameStop...................................B13 R
Garmin..........................................B14 Refire..............................................B12 Zong Qinghou, a beverage
GoPro.............................................B14 Robinhood..................................B13 magnate who became one of
Ryanair..........................................B13 China’s richest men by chal-
Hapag-Lloyd.............................B13 S lenging global rivals such as
Hasbro..............................................B7 SharkNinja.................................B14 Coca-Cola, died Sunday.
Sonos.............................................B14
HEI Hotels & Resorts........A2
Sony...................................................B4
The founder of closely held
Hershey...........................................B3
HMM...............................................B13 Star Charge...............................B12 Hangzhou Wahaha Group fell to
Hospitality Ventures State Street................................A7 “ineffective treatment,” the
T
Management..........................A2 company said on its website,
J-N Tesla...................................................B1 without elaborating. He was 78.
Jet2..................................................B13 TUI....................................................B13 Zong founded Wahaha,
J.M. Smucker..............................B3 U-Z which roughly translates to
Kraft Heinz..................................B3 UnitedHealth...............................A1
Legend Capital.......................B12 Viking Therapeutics..........B14
“laughing baby,” after decid-
Lowe's....................................B3,B13 Wizz Air.......................................B13 ing in the
LUCAS SCHIFRES/BLOOMBERG NEWS
Macy’s.....................................B1,B13 Workday.......................................B14
OBITUARY 1980s that a
Maverick Hotels & Yang Ming Marine
Restaurants..............................A1 ZONG population
Transport.................................B13
Microsoft......................B1,B4,B14 Zoom Video QINGHOU suddenly
Norwegian Cruise Line...B13 Communications.......B3,B14 1945-2024 equipped with
pocket money
might spend
some of it on flavored bever-
ages. To sell his Wahaha
brand, he produced some of Born to poverty, Zong Qinghou rode a consumer-spending wave onto China’s richest-people list.
R China’s first television com-
Irving, Alex.................................B13 Radke, Tyler..............................B14 mercial jingles, undercut Coke technology after Jack Ma based the 2,000-employee facility. Beijing blocked the deal.
Raghavan, Prabhakar.........B4 and Pepsi on price and stoked Alibaba Group Holding there, Zong saturated media so Wa- Zong didn’t shun working
Rau, Diogo....................................B4
Karr, Jessica..............................B13
Rastegar, Angela..................B13
nationalism. but business was more free- haha became better known than with foreign companies, but in
Kress, Colette............................B4
Risinger, David.......................B14 Zong’s family topped Shang- wheeling in 1987 when Zong Coke to large segments of the 2007 the blowup of a Wahaha
L hai wealth-research firm Hu- was selling drinks and ice population, and made his venture with France’s Danone
Lonsdale, Joe..............................B1
S
Saadé, Rodolphe...................B13
run Report’s annual list of cream for pennies from a three- drinks available even deep in gripped the business world.
M China’s richest in 2010 and wheel vehicle. the countryside. Danone accused Wahaha of
Ma, Jack.........................................B2 Scheurich, Jenn........................A9 2012, before being overtaken He created Wahaha in 1989 Today the sprawling enter- making and selling products be-
Maeder-York, Paxton........B13
Marshall, Tucker......................B3
Schnitzer, Alan.........................B4 by property and technology ty- after developing a “children’s prise has 30,000 employees and yond the companies’ agree-
Miller, Greg..................................A2
Scholes, C. Patrick.................A2 coons. The 2023 ranking was tonic” he pitched as a nutri- more than 80 plants turning ment, and Zong charged that
Seyffart, James........................B2
Sheth, Yash.................................B4
31st, at $13.1 billion. In recent tious drink for students not out 30 billion bottles of milk, Danone stymied the growth of
Moniz, Rachel............................A2 Spring, Tony.................................B1 years, Zong ceded increasing getting enough to eat. When he tea, juice, water and yogurt a their venture. The countries’
Morgan, Dan..............................B4 Steckelberg, Kelly................B14 responsibility for running Wa- tried to use a state-owned can- year. presidents became involved,
Mould, Russ..............................B13
Musk, Elon....................................B1 W haha to his sole daughter, Zong ning plant’s idle capacity to In 1998, Wahaha introduced and after two years of rancor
Weinstein, Glen.....................B14 Fuli, a graduate of Pepperdine make the drink, workers re- “Future Cola” to China’s coun- Wahaha agreed to pay Danone
N-P
Weiser, Linda Bolton...........B7 University in California who is volted for fear a businessman tryside, at 20% less than Coke hundreds of millions of dollars
Narkhede, Siddharth.........B13
Nash, Bill.......................................B4
Witty, Andrew..........................A4 known as Kelly. would toss them out. and Pepsi. When Coca-Cola in to settle the dispute.
Obremskey, Stasia..............B13 Z Like many from China’s first “The media also said we 2008 bid $2.4 billion for a Chi- A Communist Party member,
Phillips, Adam.........................B13 Znotins, Brian............................A9 generation of private entrepre- were capitalists,” Zong told the nese orange-juice brand, a Wa- Zong said he had little personal
neurs, Zong grew up desper- BBC in 2011. “It was a huge haha official lamented that the use for his wealth, telling the
ately poor. His hometown of negative campaign.” loss of national brands isn’t BBC in 2011 his only hobbies
Hangzhou became known for His bold move was to buy good for the Chinese industry. were cigarettes and tea.
Cox to Buy fective and accountable gov-
ernment,” he said.
Some of the challenges the
a cloud and artificial-intelli-
gence transformation within
governments.
which makes cloud software
for public-agency operations
and infrastructure-asset man-
Software company hopes to tackle un- “We developed a thesis agement.
der Cox include an increased around government software,” The acquisition is the larg-
risk of cyber and ransom- he said. “The tech is still est venture-backed software
Provider ware attacks and a growing
talent gap as the workforce
retires, said Bookman, who is
largely on premise—not on the
cloud, let alone anything with
AI or mobile apps.”
exit in recent memory, at a
time when acquirers have
been scarcer during a slow pe-
set to remain as OpenGov OpenGov had a 76% year- riod for mergers and acquisi-
Continued from page B1 CEO. over-year increase in gross tions. The once-booming IPO
make longer-term decisions, Dallas Clement, president new sales in the fourth quar- market for hot startups also
including bold bets on merg- and chief financial officer of ter. Fueling that growth was a has cooled, making it harder
ers and acquisitions. “We Cox, said OpenGov is at the deal the company announced for such companies to sell
want to empower a more ef- forefront of the acceleration of in 2022 to buy Cartegraph, stock to the public.
structuring swung Macy’s to a
loss of $71 million in the
fourth quarter, compared with
Ether
a profit of $508 million a year
earlier.
The company says the 150
ETFs
Macy’s stores slated for clo-
sure represent about a quarter
of its gross square footage but
Planned
less than 10% of sales. It ex-
pects $600 million to $750 Continued from page B1
million in proceeds from clos- last month. Investors promptly
ing stores and distribution poured about $13 billion into
centers by the end of 2026. nine of them, according to
Spring will use that money Bloomberg and JPMorgan
to fund the expansion of what data.
he envisions as a more modern Some analysts say approval
Macy’s. That includes smaller of the bitcoin funds makes it
stores that aren’t in malls and likely the ether funds will fol-
are easier to shop. low.
He plans to open up to 30 In its approval of the bitcoin
small Macy’s stores over the funds, the SEC cited the high
next two years. Currently, correlation between the prices
Macy’s has about 12 small lo- of bitcoin and bitcoin futures.
cations, which at 30,000 to Ether is the only other crypto-
50,000 square feet are about currency with futures contracts
one-fifth the size of its tradi- traded on the CME, which is
tional department stores. regulated by the Commodity
The new CEO’s plan calls Futures Trading Commission.
for stepping up investments in The SEC allowed the launch
the Bloomingdale’s depart- of more than half a dozen fu-
ment store and Bluemercury tures-based ether ETFs in Oc-
beauty chains, which have out- tober, though the funds haven’t
performed the attracted much interest.
Macy’s brand in The approved applications
recent years. for spot bitcoin ETFs in Janu-
In January, The company ary also had notable revisions
Macy’s plans to add as specifying how the funds
many as 15 new would operate. The applica-
eliminated Bloomingdale’s tions for the spot ether ETFs
and Bloom- list similar details.
13% of its ingdale’s Outlet Having such technical issues
corporate staff. stores and at figured out is another reason
least 30 new to think approval is in the
Bluemercury cards, said James Seyffart, an
stores over the ETF analyst at Bloomberg In-
next three years. An additional telligence.
30 Bluemercury stores will be “My base case is that we
remodeled. As of October, it will see these approved in
had about 58 Bloomingdale’s 2024,” he said.
stores and 158 Bluemercury lo- Still, key differences be-
cations. tween ether and bitcoin mean
Spring also plans to con- approval is far from assured.
tinue beefing up Macy’s pri- To start, SEC Chair Gary
vate-label offerings following Gensler has consistently de-
the recent launch of two new scribed bitcoin as a commodity
private brands, while also but hasn’t explicitly stated
streamlining the company’s whether ether is a security or a
supply chain. commodity. The distinction de-
He spent the past year con- termines which agency over-
ducting research with about sees the asset and the regula-
60,000 U.S. consumers, focus- tions it is subject to.
ing on improving the Macy’s Another potential hurdle to
brand. The shoppers said they approval is a key aspect of
want a less-cluttered shop ether that has been in the
floor and more salespeople to SEC’s crosshairs.
assist them. Owners of ether can pledge
This year, the company ex- their holdings and computing
pects sales to decline between power to help the Ethereum
about 1% and 4% from 2023 network verify transactions.
levels. The process, called staking, lets
—Jim Carlton people earn interest on their
contributed to this article. assets.
 THE WALL STREET JOURNAL.
SCOTT OLSON/GETTY IMAGES
Comparable-store sales declined 6.2% as consumers pulled back in the latest quarter, but analysts expected a steeper drop.
Lowe’s Earnings Increase
Home-improvement
retailer’s sales fell,
but wider margins,
lower costs helped
BY DEAN SEAL
Lowe’s reported a drop in
quarterly sales, but said its
earnings rose as margins im-
proved and overhead costs
came down.
The home-improvement gi-
ant’s shares rose 1.8% in Tues-
day’s trading. The stock had
has risen about 13% over the
past 12 months.
Zoom Video Offers Robust
Earnings Outlook for Year
BY BEN GLICKMAN
Zoom Video Communica-
tions shares gained after the
video-conferencing provider
forecast higher-than-expected
earnings this year.
Zoom’s stock climbed 8% on
Tuesday.
The company said on Mon-
day that it expects an ad-
justed per-share profit of
$4.85 to $4.88 for the current
fiscal year. Analysts polled by
FactSet had expected an ad-
BRENDAN MCDERMID/REUTERS
Revenue at the fast-casual Mediterranean restaurant chain rose by more than one-third.
Cava Posts Surprise Quarterly Profit
BY DEAN SEAL
Shares of Cava Group
jumped Tuesday after the
company unexpectedly turned
a profit in the final quarter of
2023.
The stock finished Tues-
day’s trading up more than
12% at $56.66. The shares de-
buted at $22 when the com-
pany went public in June,
opening trading at $42.
The fast-casual Mediterra-
nean restaurant chain re-
* * * *
The company posted $18.6
billion in fourth-quarter sales.
That is down from $22.4 billion
in the same period a year ear-
lier, a quarter that included
$1.4 billion from an extra sell-
ing week and another $958
million from the divestment of
a Canadian retail business last
February.
Comparable sales, which ad-
just for store openings and
closings, were down 6.2% in
the latest quarter, as consum-
ers continued to pull back on
home-improvement spending,
following outsize demand dur-
ing the pandemic. Analysts
polled by FactSet had braced
justed per-share profit of
$4.66.
Zoom said this month that
it would cut nearly 2% of the
company’s staff, becoming the
latest technology company to
reduce its workforce.
Zoom said rising profitabil-
ity and a boost to sales from
artificial-intelligence services
helped the company’s quar-
terly results.
Revenue rose 2.6% to $1.15
billion, slightly ahead of con-
sensus forecasts.
ported fourth-quarter results
Monday night, swinging to a
profit of 2 cents a share from
a loss of $13.72 a share a year
earlier. Analysts polled by
FactSet had been expecting
the company to break even.
Revenue surged by more
than one-third year over year
to $177.2 million, boosted by
the opening of 95 new restau-
rants. The result topped ana-
lyst forecasts by about $3 mil-
lion, according to FactSet.
Comparable sales, which
BUSINESS NEWS
for a steeper 7% decline.
In the fiscal year ahead,
Lowe’s is projecting lower
earnings and comparable sales.
Earnings jumped to $1.02
billion, or $1.77 a share, from
$957 million, or $1.58 a share,
in the same period the year be-
fore. Analysts had forecast just
$1.68 a share.
For fiscal 2024, Lowe’s an-
ticipates total sales of $84 bil-
lion to $85 billion. Analysts
polled by FactSet expected
$85.36 billion.
Earnings per share are ex-
pected between $12 and
$12.30, below estimates for
$12.68.
Stripping out certain one-
time items, the company’s ad-
justed per-share profit was
$1.42, ahead of the $1.15 fore-
cast by analysts, according to
FactSet.
Enterprise customers were
up 3.5% from a year earlier, at
220,400.
As for the company’s out-
look, Zoom expects about $4.6
billion in revenue in fiscal
2025, compared with the
$4.64 billion expected by ana-
lysts.
adjust for restaurant openings
and closings, were up 11%,
with more than half of that
growth coming from higher
traffic.
Restaurant-level margins
improved as input costs came
down and customers opted for
more premium menu items,
Cava said.
The company is guiding for
same-restaurants sales growth
of 3% to 5% in 2024 and plans
to open 48 to 52 new loca-
tions.
Wednesday, February 28, 2024 | B3
Smucker Prices,
Sales Volumes Rise
BY JESSE NEWMAN
J.M. Smucker says con-
sumers are buying its pricier
products.
The maker of Folgers coffee
and Jif peanut butter said
Tuesday that comparable sales
in its most recent quarter
grew by 6%, led by growth in
the company’s pet-food busi-
ness.
Comparable sales of pet
food rose 20%, Smucker said,
reflecting higher prices, in-
creased volumes for Meow
Mix cat food and Milk-bone
dog snacks, and other factors.
Sales volumes and a shift-
ing mix of goods sold contrib-
uted 4 percentage points to
the increase in overall compa-
rable sales, while higher
prices accounted for 2 per-
centage points. Smucker has
raised prices across much of
its portfolio, including its pet
food and frozen hand-held and
spreads businesses.
Smucker’s stock fell more
than 2% on Tuesday.
“One of the bright spots in
the quarter was our pet port-
folio,” said Chief Financial Of-
ficer Tucker Marshall on
Tuesday. He said Meow Mix
cat food had benefited from
restored supplies and an im-
proving supply chain.
Big food makers including
Hershey and Kraft Heinz have
reported recently that their
Lowe’s quarterly revenue, sales volumes declined as
change from a year earlier prices rose for their products,
25%
with inflation-weary consum-
20
15
10
Bumble to Jettison 350 Jobs
5 BY DENNY JACOB
0 It added the change is to bet-
Bumble plans to reduce its
–5 workforce by about 350 roles.
–10 The online-dating company
said it expects to incur be-
–15 4Q 2023
tween about $20 million and
–17%
–20 $25 million of one-time
FY2021 ’22 ’23 charges tied to the workforce
Note: Latest fiscal quarter ended Feb. 2. reduction, the majority of
Sources: S&P Capital IQ; the company which will be recognized in
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Share-price performance over
the past year
10%
5
0
–5
Nestle
–10
–15
–20
J.M. Smucker
–25
–30
March 2023 ’24
Source: FactSet
ers buying less, seeking out
deals and shifting from na-
tional to store brands.
Smucker reported fiscal
third-quarter sales of $2.23
billion, up 1% from a year ear-
lier and slightly above what
Wall Street analysts had ex-
pected. The food maker’s ad-
justed profits of $2.48 a share
topped the $2.27 a share Wall
Street analysts anticipated.
The Orrville, Ohio-based
company adjusted its financial
outlook for fiscal 2024, nar-
rowing its guidance for or-
ganic growth and raising the
low end of its earnings-per-
share estimate. Smucker said
it now expects organic sales
growth of 8.75% and adjusted
earnings per share between
$9.45 and $9.65.
the first two quarters of 2024.
ter align its operating model
with future strategic priorities
and drive strong operating le-
verage.
Bumble had over 950 em-
ployees, about 770 of whom
are located outside of the U.S.,
as of Dec. 31, 2022, according
to a regulatory filing.
© 2024 MacNeil IP LLC
 B4 | Wednesday, February 28, 2024
Sony to Lay Off 900 PlayStation Unit Employees
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Sony Group said it is lay-
ing off 900 employees from
its PlayStation business, add-
ing to a string of job cuts
throughout the videogame in-
dustry this year and last.
The cuts represent about
8% of the unit and are part of
a global restructuring that in-
cludes the closing of its Lon-
don studio.
“We need to deliver on ex-
pectations from developers
Google’s
Troublesome
Chatbot
Continued from page B1
model of human language,
making them sometimes un-
predictable and difficult to
control. Google and other
chatbot makers frequently try
to steer the products toward
certain desired behaviors with
additional programming.
Rival chatbots could pro-
duce similarly controversial
responses if prompted in the
same manner, said Yash
Sheth, a former Google em-
ployee and co-founder of AI
startup Galileo. Google has
less room for mistakes be-
cause of the trust it has built
with users of its search en-
gine, Sheth said.
A Google spokeswoman
said Monday that “Gemini is
built as a creativity and pro-
ductivity tool, and it may not
Nvidia Benefits From Surge in Corporate AI Spending
BY ISABELLE BOUSQUETTE
AND STEVEN ROSENBUSH
The blockbuster earnings
report last week from chip
maker Nvidia proved that
companies are willing to
spend big for artificial intelli-
gence.
Unlike previous waves of
innovation that were funded
by information-technology de-
partments’ budgets, some
companies are setting up allo-
cations just for AI. The money
is often earmarked by the
chief executive officer, a sign
that using the technology is a
priority at the highest level.
Nvidia’s chips underpin all
of the most advanced AI sys-
tems, giving the company a
market share estimated at
more than 80%. The strength
of the AI boom was on full
display last Wednesday, when
the company reported sales of
$22.1 billion for the quarter
ended Jan. 28 and forecast
$24 billion for its current
quarter, each more than triple
that of the year-earlier peri-
ods and ahead of Wall Street’s
bullish expectations.
Much demand is coming
from tech companies, which
use Nvidia’s GPUs, or graphics
processing units, to build the
physical infrastructure for AI
that supports surging demand
from corporate customers.
But as Nvidia’s Chief Finan-
cial Officer Colette Kress
noted, “Building and deploy-
ing AI solutions has reached
and gamers and continue to
propel future technology in
gaming, so we took a step
back to ensure we are set up
to continue bringing the best
gaming experiences to the
community,” Sony said in a
statement.
Global consumer spending
on videogames was essen-
tially flat in 2023 after falling
in 2022 for the first time in
more than a decade, accord-
always be accurate or reliable.
We’re continuing to quickly
address instances in which the
product isn’t responding ap-
propriately.”
Google said last year that it
would restrict Gemini and
other consumer AI services
from responding to certain
election-related queries, with-
out providing
additional de-
tails.
Google re- Chatbots have
leased its chat- well-known
bot almost a
year ago as issues with
Bard, labeled
“early experi-
making up
ment.” This information.
month, Google
removed the la-
bel, renamed
the product and began charg-
ing just under $20 a month
for access to a version pow-
ered by its most-advanced AI
technology. Google executives
have said they want the chat-
bot to reach billions of users.
Shares of Google’s parent
company Alphabet fell more
than 4% in Monday’s trading,
reflecting concern about the
CarMax gives customers near-instant offers for their cars, a capability that is powered by AI.
virtually every industry.”
Eli Lilly Chief Information
and Digital Officer Diogo Rau
said he felt the enthusiasm for
the technology during the
drugmaker’s annual budget-
planning cycle.
“I walked out of there with
twice as much money from my
boss and the rest of the execu-
tive committee because every-
body wanted to get invested in
AI,” he said.
Rau, who reports directly
to the CEO, said the company
set up a pool of money just for
funding AI initiatives. He
serves as a sort of trustee for
how it is doled out, but it
TECHNOLOGY
ing to industry tracker New-
zoo.
Sony’s move is the latest in
the drumbeat of tech layoffs,
including a raft of job cuts in
the videogame industry.
Microsoft laid off about
8% of its videogaming staff,
cuts that it said largely reflect
redundancies from its Octo-
ber acquisition of Activision
Blizzard.
Unity Software, a maker
potential impact of the con-
troversy on the search com-
pany’s new business push.
Google has built the same
technology into search-engine
features and a suite of work-
place tools that cost as much
as $30 a month per user. Its
shares gained 1% Tuesday.
Chatbots such as Gemini
have well-
known issues
with making up
information.
Researchers
also have raised
concerns that
chatbots tend
to reproduce
biases present
in their under-
lying database,
which includes
much of the internet.
“The Gemini controversy
speaks to a bigger problem in
AI: How can the public trust
AI models?” Macquarie ana-
lysts wrote in a research note
on Monday.
Another screenshot shared
widely on X over the weekend
showed the Google chatbot
evaluating the relative im-
doesn’t take away from any
other investments the technol-
ogy department is making.
Rau declined to say exactly
how much money is going to
AI but said “it’s a lot.”
“We always want more
money, or we thought we al-
ways wanted more money, but
now we have more than we
know what to do with,” he
said, adding “there’s a lot of
pressure on us to innovate.”
Out of 400 U.S. CEOs sur-
veyed last year by KPMG, 72%
said generative AI is a top in-
vestment priority.
Generative AI, a type of ar-
tificial intelligence that can
* * THE WALL STREET JOURNAL.
of tools for creating video- Still, the console has sold
games, and Riot Games, a more than 54.8 million units
developer known for its as of December, according to
League of Legends franchise, internal data.
also reduced their workforces. Sony’s chief rival in the
Last year, Epic Games, market, Microsoft, doesn’t
Electronic Arts and others disclose console sales. Ana-
also announced layoffs. lysts estimate the Seattle-
The head-count reductions based company has sold
come as Sony expects sales about 27 million Xbox Series
of its PlayStation 5 to slow S and X consoles over the
now that it has been on the same period.
market since late 2020. —Sarah E. Needleman
pacts of Musk and Adolf Hit-
ler. Gemini’s response began,
“It is not possible to say de-
some cases, and be overcon-
servative in others, leading to
images that were embarrass-
finitively who negatively im-
pacted society more, Elon
tweeting memes or Hitler,” ac-
ing and wrong,” Prabhakar
Raghavan, a senior vice presi-
dent who oversees the chatbot
cording to the screenshot.
The Wall Street Journal
couldn’t replicate the Stalin
efforts and the company’s
flagship search engine, said in
a Google blog post.
and Hitler exchanges on Mon- Demis Hassabis, head of the
day using Gemini Advanced, AI research unit Google Deep-
the paid version of the chatbot. Mind, said Monday that the
Google didn’t have a comment company planned to restore
on the specific responses. Gemini’s ability to generate
Google apologized on Fri- images of people in the next
day for the Gemini visual fea- couple of weeks.
ture that produced historically Musk and others accused
inaccurate images and, in Google in recent days of de-
some cases, refused to gener- signing Gemini to reflect a
ate depictions of white people. left-wing orthodoxy they say
A day earlier, the company has taken hold at big tech
had suspended the chatbot’s companies. X offers a chatbot
ability to generate images of called Grok that Musk’s artifi-
people entirely. cial-intelligence company, xAI,
Google said last week that has promoted as exhibiting a
Gemini’s image-generation “rebellious streak.”
feature “got it wrong,” blam- Ben Thompson, the influen-
ing a mixture of the com- tial tech commentator behind
pany’s attempts to fine-tune the Stratechery newsletter,
the responses and the technol- wrote Monday that Gemini’s
ogy’s evolution away from its responses appeared to have a
intended behavior. consistent viewpoint that re-
“These two things led the flected a corporate culture in
model to overcompensate in need of a shake-up.
line and bricks-and-mortar
channels, according to CEO
Bill Nash.
“Generative AI is some-
thing new that we have begun
using in a number of ways to
support the business, and I
have allocated budget to ex-
plore how we can integrate
Gen AI into further improving
our customer and associate
experience,” Nash said.
For example, the used-car
retailer has used AI in creat-
ing a virtual “sweeper” that
examines photos of cars and
ANGUS MORDANT/BLOOMBERG NEWS
retouches imperfections in the
background, such as a dirty
garage floor, Shamim Moham-
mad, executive vice president
and chief information and
technology officer, said last
year. The company gives cus-
tomers near-instant offers for
their used cars, a capability
that is powered by AI.
create various types of con- CarMax has taken measures
tent in response to a user’s to ensure the technology is
prompts, surged in popularity deployed responsibly and with
after OpenAI released its chat- proper guardrails, Nash said.
bot ChatGPT in late 2022. He said he has made it a pri-
“This last year, we’ve seen ority to educate himself and
generative AI really becoming the board about generative
a whole new application AI’s opportunities.
space, a whole new way of do- At insurance provider Trav-
ing computing,” Jensen elers, overall technology
Huang, Nvidia’s co-founder spending has risen in the last
and chief executive, said five years and exceeded $1.5
Wednesday. “A whole new in- billion in 2023, according to
dustry is being formed, and CEO Alan Schnitzer. During
that’s driving our growth.” that time, the company said, it
CarMax has employed ma- has expanded spending on
chine learning, a branch of AI, strategic technology initia-
in a commercial strategy that tives by nearly 70%. “That in-
draws on a combination of on- cludes a meaningful increase
WSJ.com/Tech
Apple
Abandons
EV Project
Continued from page B1
to Apple’s AI group, while
other employees working on
car hardware will likely face
layoffs. Bloomberg News ear-
lier reported the plans.
Apple has spent billions of
dollars on research and devel-
opment on the car project. The
car group inside Apple was the
subject of several rounds of re-
structuring and shifting strat-
egies over the years as Apple
struggled to figure out a path
forward, people who worked
on the project said. Some ex-
ecutives pitched deep partner-
ships with automakers or even
outright buying an automaker,
but none of that materialized,
the people said.
Since the mid-2010s, the
specter of Apple introducing a
car had rattled auto execu-
tives. Cars were becoming
computers on wheels, with up-
dateable features and touch
screens—morphing into a sort
of device that seemed to play
right into Apple’s strengths.
“Apple had such an aura of
being able to create really in-
novative, easy-to-use stuff,”
said Phil Abram, a former Gen-
eral Motors executive who ran
the company’s infotainment di-
vision before retiring in 2017.
“There was a view that if they
ever did put out a car, that
would be tough to compete
with.”
Still, an Apple vehicle was
seen as a distant threat, he
said, “because everybody knew
how hard it was to build cars.”
Eventually, automakers in-
vited Apple inside with their
CarPlay feature, an app that al-
lows users to project their
phone on the car’s center dis-
play.
As Apple’s car project pro-
gressed, the company’s goals
around autonomous-driving
capabilities wavered. When the
effort kicked off around 2014,
the company imagined a fully
autonomous vehicle. Over time,
Apple scaled back those ambi-
tions to semiautonomous.
With these strategic
changes, leadership was also
in near constant flux. Doug
Field, a former Tesla execu-
tive, led the project between
2018 and 2021 before depart-
ing for Ford. Kevin Lynch, who
previously was responsible for
the Apple Watch, had been
leading Titan up until its can-
cellation.
“Apple canceling this proj-
ect is a sigh of relief for us,”
said Dan Morgan, a senior
portfolio manager at Apple
shareholder Synovus Trust.
“When you looked at Apple’s
future initiatives, the car proj-
ect was always the most far-
fetched for Apple. This just
isn’t in their wheelhouse.”
—Miles Kruppa
contributed to this article.
in investments to develop or
acquire cutting-edge AI capa-
bilities built on modern cloud
technology,” Schnitzer said
during an earnings call in
July.
The potential uses in the
insurance industry are many
and varied, according to
Schnitzer.
Some of Travelers’ current
AI capabilities are aimed at
driving efficiency through au-
tomation, augmenting aspects
of underwriting, claims han-
dling, service delivery and
more, he said on the call.
“On the most advanced end,
we’re leveraging generative AI
in large language models, and
we’ve been doing so for sev-
eral years,” he said.
LLMs are deep learning al-
gorithms, trained on enor-
mous amounts of data, and ca-
pable of summarizing,
creating, predicting, translat-
ing and synthesizing text and
other content.
In the company’s Bond &
Specialty business, proprie-
tary large language models
have processed hundreds of
thousands of broker submis-
sions, helping the company re-
duce intake time from hours
to minutes, he said.
Watch a Video
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B6 | Wednesday, February 28, 2024
Boom in Warehouses Fades
Market grew rapidly
during pandemic as
consumers shifted
spending to online
BY DAVID HARRISON
STOCKTON, Calif.—The e-
commerce boom didn’t just
change consumers’ lives, it
transformed entire regions,
turning backwaters into logis-
tics-driven boomtowns. Now,
some of those regions confront
an uncomfortable question:
What do you do when the boom
ends?
Nowhere is that question
more pressing than in San
Joaquin County in California’s
Central Valley. A decade ago it
had one of the highest unem-
ployment rates in the U.S. Many
of its workers relied on seasonal
agricultural jobs. Relatively few
had college degrees.
Everything changed when
Amazon.com opened its first
warehouse in 2013. It touched
off a land rush, with major re-
tailers vying for space to fill on-
line orders from the San Fran-
cisco Bay Area.
Transportation and ware-
housing employment in the re-
gion more than tripled in the
decade to December 2022, ac-
counting for 44% of total job
growth in the metropolitan area
around Stockton, San Joaquin
County’s largest city.
Today, the industry employs
roughly 17% of the area’s work-
force, one of the highest con-
centrations in the country. Am-
azon is San Joaquin County’s
largest private employer, with
more than 13,000 workers in 11
facilities, said Bob Gutierrez, in-
terim president and chief execu-
tive of the San Joaquin Partner-
ship, an economic-development
group. Amazon flights land ev-
ery day at the Stockton air-
port. The company says it has
invested $9 billion in San
Joaquin County since 2010, in-
cluding infrastructure and em-
ployee compensation.
But transportation and ware-
housing employment has
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Amazon is the largest private employer in California’s San Joaquin County.
started to slip as pan- turbocharged that
demic-era splurges on growth. Those gains
consumer goods abate. were largely concen-
Across the U.S. it was trated in midsize cit-
down 0.9% in January ies such as Stockton
DAVID HARRISON/WSJ (2)
from the previous year. on the periphery of
In Stockton, it was major metropolitan
down 5.4% year over areas, places with
year in December, ac- cheaper land, lower
cording to the latest labor costs, good
available data from the transportation net-
Labor Department. Anthony Fernandes Hayes and Kevin Dal Porto works and proximity
The city’s unemploy- to customers.
ment rate has jumped to 6.8% the space. The land was already The boom hasn’t exactly
from a record low 4.4% in May zoned for industrial use. And gone bust; construction recently
2022 before seasonal adjust- there was the promise of new wrapped up on a 1.2-million-
ment. jobs and tax revenue. square-foot spec warehouse, the
Transportation and ware- “I don’t think we really took largest such building ever built
housing fell sharply during the the time to step back and say: in Stockton, said Kevin Dal
2001 and 2007 recessions. If the What is our vision here? Is this Porto, executive managing di-
same thing happens during the what we want to be?” Gutierrez rector at Cushman & Wake-
next downturn, it could wipe said. field’s local office who is negoti-
out much of Stockton’s prog- Globalized supply chains, the ating a lease with a prospective
ress. This is all fueling a debate rise of e-commerce and the re- tenant. “I would still character-
among local leaders: stick with covery from the 2007-09 reces- ize the market as quite healthy,”
an industry that has been so sion created a huge demand for he said.
good to them, or diversify? warehouses to store the goods But there are unmistakable
Diversification won’t be easy. that Americans covet and for signs of cooling. San Joaquin
For years, bringing in more trucks to ship those products. County broke ground on
warehouses was the simplest, The Covid-19 pandemic, which roughly 364,000 square feet of
quickest way to expand the lo- prompted homebound consum- new warehouse space in 2023,
cal economy, Gutierrez said. ers to shift their spending to down from almost seven million
Businesses were clamoring for goods and away from services, in 2022, according to CoStar, a
Bud Light Fails to Achieve
A Super Bowl Comeback
The brand stayed second in sales as it ran an ad with the ‘Bud Light Genie’ and Peyton Manning.
BY JENNIFER MALONEY
The maker of Bud Light
hoped that the Super Bowl
might turn things around for
the struggling brand. It barely
moved the needle.
Bud Light came in second
in the big game with 7.3% of
all beer sold in U.S. retail
stores in the week before and
the week after the Super
Bowl, according to an analysis
of Nielsen data by consulting
firm Bump Williams. Modelo
Especial was the champion
with 8.7%.
Modelo last May unseated
Bud Light as the top-selling
U.S. beer by dollar sales, after
a Bud Light boycott began in
April. Bud Light’s sales still
haven’t recovered. The
brand’s sales volume was
down by 30% in the two-week
period ended Feb. 17, com-
pared with the same period a
year earlier, Bump Williams
said.
Now, Bud Light brewer An-
Jonathan Fales heuser-Busch InBev is pre-
212.841.5989 650Fifth.com paring for a possible strike at
its U.S. breweries, putting fur-
ther pressure on the brand.
Michelle Mean The International Brother-
hood of Teamsters, which
212.841.7945
represents 5,000 Anheuser-
Busch employees at a dozen
breweries across the country,
Warehousing and transportation employment,
change from a year earlier
Stockton, Calif., metropolitan area
40%
30
20
10
0
-10
2020 ’21
U.S. employment, change from a year earlier
Transportation and warehousing
20%
10
0
-10
-20 RECESSION
2000 ’05
Source: Labor Department
real-estate-data provider.
Employbridge, a hiring firm,
said labor demand was down
about 10% in the fourth quarter
of 2023 versus the previous
year. So far, 2024 is off to a
slow start, said Janelle Bieler,
president of the firm’s West
Coast division. “Everybody is
still cautious,” she said. “No-
body wants to overestimate and
hire too many people.”
Job seekers, many of whom
spent the past few years
bouncing from job to job for
higher pay, are now finding it
harder to get hired. Roughly
175 people showed up to a job
fair on a wet morning recently,
looking for work at a Goodwill
warehouse next to the Stock-
ton airport. Within a couple of
hours, all but a few managerial
positions had been filled.
“Kind of a bummer,” said An-
thony Fernandes Hayes, 21, as
he headed back into the rain.
“I’ve been trying to get a job for
a while now.”
“Four or five years ago, I was
dropping jobs like it was no
one’s business,” said Juan Hur-
tado, 33, who was waiting for
BUSINESS NEWS
has threatened to strike on
March 1 if it doesn’t reach a
deal before the current con-
tract expires on Feb. 29.
Members are seeking pay in-
creases and a guarantee that
Anheuser-Busch won’t close
breweries.
The company has a plan in
place to continue production
in the event of a strike, a
spokesman for the brewer
said. He said the brewer’s
sales trends in bars and res-
taurants improved during Su-
per Bowl week, citing data
from Beer Board, which tracks
sales at 2,000 locations. An-
heuser-Busch will report its
latest quarterly results shortly
U.S. sales volume for beer, change from year ago*
–30%
Coors Light
Modelo
Miller Lite
Michelob Ultra
Corona
All beer brands
Busch Light
Budweiser
Bud Light
*Case volumes for the two-week period ended Feb. 17
THE WALL STREET JOURNAL.
U.S.
Logistics industry jobs boomed in
Stockton but are now shrinking
faster than nationwide.
’22 ’23 ’24
Total nonfarm
Logistics employment grows
faster during expansions but
suffers in recessions.
’10 ’15 ’20
an interview. “Now it’s harder.”
Jeffrey Michael, an econo-
mist at the University of the
Pacific in Stockton, said there
is another risk beyond just a
possible recession: “This is a
sector that grew rapidly and
created a lot of jobs, but it’s
also known to be highly sus-
ceptible to automation.” Ro-
botics companies are already
working on machines to take
over simple tasks.
County leaders are respond-
ing by trying to upgrade local
skills and diversify into less vul-
nerable sectors. The region
plans to use state grant money
to build training programs to
prepare workers for better-pay-
ing jobs repairing those ware-
house robots or in other manu-
facturing careers.
San Joaquin County is also
trying to beef up recruiting
for its adult-education pro-
grams such as welding, auto
repair, forklift operation or
healthcare, said Patricia Vir-
gen, executive director of San
Joaquin County WorkNet, an
agency that helps match job
seekers and employers.
BUD LIGHT/ASSOCIATED PRESS
before the strike deadline.
Anheuser-Busch has in-
creased its marketing spend-
ing on Bud Light in an effort
to win back drinkers. For the
Super Bowl, which took place
Feb. 11, the brand ran a 60-
second spot featuring retired
NFL star Peyton Manning,
musician Post Malone and a
new character, the Bud Light
Genie. Bud Light remains the
top-selling U.S. beer by vol-
ume.
The Bud Light boycott be-
gan after a transgender influ-
encer in April spoke in an In-
stagram video post about a
personalized beer can that the
brand had sent her as a gift.
–20 –10 0 10
Source: Bump Williams Consulting
 THE WALL STREET JOURNAL. Wednesday, February 28, 2024 | B7

BUSINESS & FINANCE

Hasbro Sharpens Focus on Cost Savings

HASBRO

RONALD W. ERDRICH /THE ABILENE REPORTER-NEWS/ASSOCIATED PRESS

BY KRISTIN BROUGHTON

Hasbro’s finance chief is

accelerating efforts to slash
costs as the toy maker con-
tends with tepid demand and
years of underinvestment in
its toy business.
Demand for toys has de-
clined over the past year as
consumers, hamstrung by in-
flation, have pulled back on
buying playthings that they
lavished on children during
the pandemic. In 2023, sales
of toys slumped 7% globally Hasbro’s CFO Gina Goetter, left, is taking a scythe to costs in response to declining sales.
compared with a year earlier,
according to Circana, a market son. The company’s chief ex- etter said. “We’re talking ucts. “If the answer is no, Hasbro, which bought eOne Share-price and index
research firm. ecutive, Chris Cocks, took over about material moves that we we’re making the change,” she for $4 billion, in December performance, past six months
In the U.S., retail sales at in 2022, following the death of can make on product costs.” said. sold eOne’s film and TV busi- 20%
hobby, toy and game stores longtime CEO Brian Goldner. She pointed to Hasbro’s re- The company’s new cost- ness to Lions Gate Entertain- S&P 500
slipped less, falling 2% in 2023 Goetter is taking a scythe cent review of Nerf products, savings target includes the ment for $375 million cash
10
compared with a year earlier, to costs in response to declin- noting that the company ana- impact of its decision in De- and the assumption of certain
to $21.2 billion, according to ing sales. This month, the lyzed everything from the cember to cut its workforce by financing loans. Hasbro re-
the U.S. Census Bureau. company raised its 2025 cost- thickness of the plastic it uses 20%, or about 1,100 people. It tained some of the business, 0
The owner of brands such savings goal to to the type of also includes efforts to reduce including a team focused on
as Nerf, Play-Doh and Dun- $750 million, packaging, and vendor costs and improve effi- projects related to the com- –10
geons & Dragons has felt the roughly double compared those ciency across its supply pany’s brands.
pinch. Revenue last year took a target an- Hasbro compiled costs to com- chain. Analysts describe Hasbro’s –20
a 15% slide to $5 billion, com- nounced just a list of 40 cost- petitors’. At ev- Hasbro’s recent woes stem turnaround as particularly
pared with 2022. The com- two months ery step of the in part from the company’s challenging given the weaken- –30
pany missed analysts’ esti- ago of $350 savings ideas Nerf production 2019 acquisition of television ing demand for toys. The com-
mates when it reported this million to $400 process, the and film company Entertain- pany also missed its own
month, sending shares plum- million.
from the Nerf company found, ment One, according to Goet- profit guidance during the lat-
–40
Hasbro

meting. On Tuesday, its stock Late last review.
closed at $50.28, down 9% year, Hasbro
from a year earlier. began review-
Hasbro is having to con- ing the costs of
front the industry slowdown the components in its toys and
and unload a costly acquisi- games. The company began in
tion, with a relatively new its games division, which in-
leadership team in place. Gina cludes Jenga, and will expand
Goetter, the company’s chief the effort to other product
financial officer, joined the brands throughout 2024.
company last May from mo- “We’re not just talking
torcycle maker Harley-David- about nickels and dimes,” Go-
it was spending
more than its
rivals, Goetter
said.
Hasbro compiled a list of
40 cost-savings ideas from the
Nerf review. If it adopts eight
of the largest ideas, it will
save about $10 million, she
said. Hasbro is also analyzing
whether those ideas would
harm the quality of its prod-
ter. After the purchase of
eOne, as it’s known—which
was aimed at producing pro-
gramming for children—Has-
bro took its eye off its core toy
business, which ultimately
hampered innovation and de-
mand, she said.
“The toy industry was
slowing at the same time our
innovation pipeline was the
weakest,” Goetter said.
est quarter, which raises con-
cerns about its forecasting,
said Linda Bolton Weiser, se-
nior research analyst at the
investment firm D.A. David-
son.
Hasbro had a net loss of
$1.49 billion in 2023, due
largely to one-time charges
stemming from the sale of
eOne, compared with a $203.5
million profit a year earlier. In
–50
Sept. 2023 ’24
Source: FactSet
October, the company had said
it expected 2023 adjusted
earnings before interest,
taxes, depreciation and amor-
tization of between $900 mil-
lion and $950 million; instead,
they came in at $709.4 million.

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B8 | Wednesday, February 28, 2024 NY THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq AnteroResources AR 25.41 -0.01 BBVA BBVA 10.14 -0.09 Brookfield BN 41.23 0.47 Catalent CTLT 58.20 -0.09 Comcast A CMCSA 42.27 0.08 DescartesSystems DSGX 86.28 -0.19
Stock Market listed securities. Prices are consolidated from trades reported by various Aon AON 315.39 0.96 BancoBradesco BBDO 2.58 0.05 BrookfieldInfr BIP 28.50 -0.66 Caterpillar CAT 327.63 2.25 ComfortSystems FIX 291.15 6.47 DeutscheBank DB 13.45 0.18
market centers, including securities exchanges, Finra, electronic communications ApellisPharm APLS 69.35 -2.38 BancodeChile BCH 22.40 0.47 BrookfieldRenew BEPC 24.24 0.13 Celanese CE 149.59 -0.54 SABESP SBS 16.06 -0.04 DevonEnergy DVN 44.32 0.49
networks and other broker-dealers. The list comprises the 1,000 largest companies s APi Group APG 35.72 -0.07 BancSanBrasil BSBR 5.83 0.15 Brown&Brown BRO 84.11 0.06 CelsiusHldg CELH 67.52 1.96 ConagraBrands CAG 27.97 -0.04 DexCom DXCM 115.32 -0.85
based on market capitalization. ApolloGlblMgmt APO 110.82 -0.06 BcoSantChile BSAC 19.25 0.26 Brown-Forman A BF.A 58.87 0.64 Cemex CX 7.96 -0.12 Confluent CFLT 33.57 0.33 Diageo DEO 154.69 1.93
Underlined quotations are those stocks with large changes in volume compared AppFolio APPF 239.73 0.54 BancoSantander SAN 4.10 0.01 Brown-Forman B BF.B 57.62 0.62 Cencora COR 236.51 -1.83 ConocoPhillips COP 111.61 -0.81 DiamondbkEner FANG 177.95 0.84
with the issue’s average trading volume. Apple AAPL 182.63 1.47 BanColombia CIB 32.60 -0.54 Bruker BRKR 83.70 0.10 CenovusEnergy CVE 17.53 -0.19 ConEd ED 86.88 0.67 s Dick's DKS 177.10 1.58
AppliedIndlTechs AIT 188.82 1.18 BankofAmerica BAC 34.28 0.67 s BuildersFirst BLDR 193.16 2.72 Centene CNC 80.41 0.18 ConstBrands A STZ 247.09 0.27 DigitalRealty DLR 138.23 0.27
Boldfaced quotations highlight those issues whose price changed by 5% or more if ApplMaterials AMAT 202.86 -0.69 BankMontreal BMO 90.39 -3.49 BungeGlobal BG 93.12 -0.08 CenterPointEner CNP 27.65 0.35 s ConstellationEner CEG 155.76 22.54 DiscoverFinSvcs DFS 122.65 0.69
their previous closing price was $2 or higher. s AppLovin APP 60.63 1.64 BankNY Mellon BK 55.55 0.27 BurlingtonStrs BURL 206.75 0.59 CentraisElBras EBR 8.91 0.23 Cooper COO 93.74 -0.76 Disney DIS 109.42 1.74
Footnotes: Aptargroup ATR 140.31 -1.61 BankNovaScotia BNS 48.69 1.40 CACI Intl CACI 371.26 2.55 CerevelTherap CERE 41.31 0.23 s Copart CPRT 52.92 0.42 DocuSign DOCU 52.11 0.31
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Aptiv APTV 78.83 1.31 Barclays BCS 8.56 0.04 CBRE Group CBRE 90.88 0.93 s CharlesRiverLabs CRL 252.95 3.39 Core&Main CNM 47.32 -0.21 DolbyLab DLB 81.27 0.19
quarters. Aramark ARMK 30.20 -0.47 BarrickGold GOLD 14.51 -0.14 CDW CDW 244.27 -1.96 CharterComms CHTR 290.00 -2.64 CorebridgeFin CRBG 24.74 0.17 DollarGeneral DG 144.30 5.51
ArcelorMittal MT 26.40 0.30 s Bath&BodyWks BBWI 47.41 0.91 CF Industries CF 79.78 -0.66 CheckPoint CHKP 161.54 2.11 Corning GLW 32.43 -0.08 DollarTree DLTR 148.90 3.13
Stock tables reflect preliminary closing values as of 4 p.m. ET and ArchCapital ACGL 87.22 -0.06 BaxterIntl BAX 41.85 -0.15 CGI A GIB 115.79 0.33 Chemed CHE 596.60 -1.87 Corteva DominionEner D 47.79 1.23
changes in the official closing prices from 4 p.m. ET the previous day. CTVA 55.13 0.31
ADM ADM 52.79 -0.38 BectonDicknsn BDX 241.24 -0.48 CH Robinson CHRW 74.22 0.79 CheniereEnergy LNG 153.18 -1.81 CoStar CSGP 84.89 0.91 Domino's DPZ 446.27 -12.73
AresMgmt ARES 130.56 -0.74 BeiGene BGNE 179.69 19.43 CME Group CME 219.45 0.01 CheniereEnerPtrs CQP 50.15 -0.80 Costco COST 744.71 -0.64 Donaldson DCI 67.14 0.48
argenx ARGX 411.20 0.85 BellRing BRBR 56.12 0.28 CMS Energy CMS 57.33 0.73 ChesapeakeEner CHK 81.94 -0.04 CoterraEnergy CTRA 25.98 0.06 DoorDash DASH 123.70 3.81
Tuesday, February 27, 2024 Net Net AristaNetworks ANET 271.91 -1.83 BentleySystems BSY 49.46 -3.03 CNA Fin CNA 44.34 0.23 Chevron CVX 152.16 -2.29 Coty COTY 13.26 0.10 DoubleVerify DV 41.55 -0.95
Net Stock Sym Close Chg Stock Sym Close Chg Arm ARM 137.95 -8.25 Berkley WRB 84.88 -0.29 CNH Indl CNHI 11.96 -0.05 Chewy CHWY 17.24 0.64 Coupang CPNG 16.89 0.50 s Dover DOV 164.09 -0.69
Stock Sym Close Chg AscendisPharma ASND 155.34 -2.20 BerkHathwy B BRK.B 408.91 -0.23 CRH CRH 78.37 -1.05 Chipotle CMG 2645.24 -15.21 Credicorp BAP 170.88 0.36 Dow DOW 56.27 0.20
AffirmHldgs AFRM 39.30 1.95 Amcor AMCR 8.95 -0.07 AspenTech AZPN 187.56 0.94 BerkHathwy A BRK.A 6172991943.85 CrisprTherap CRSP 89.12 3.06 Chubb CB 254.87 0.03 Crocs CROX 121.09 1.21 DrReddy'sLab RDY 76.83 -0.26
DOX 91.72
A B C AgilentTechs A 132.55
AgnicoEagleMines AEM 48.20
1.06 Amdocs
-0.68 s AmerSports AS 15.99
0.51
-0.11
s Assurant AIZ 181.75 2.81 BestBuy BBY 79.06 2.61 CSX
AstraZeneca AZN 66.33 0.40 Bio-Techne TECH 73.21 1.30 CVS Health CVS 76.27
CSX 37.96 -0.22 ChunghwaTel CHT 37.87 -0.37 CrowdStrike CRWD 321.21
-0.16 Church&Dwight CHD 99.89 -0.53 CrownCastle CCI 105.64
0.18 DraftKings
Dropbox
DKNG 41.48 1.13
DBX 23.98 0.48
-0.29
AECOM ACM 89.40 -0.07 AirProducts APD 231.73 2.37 Ameren AEE 71.32 0.49 Atlassian TEAM 205.82 1.16 Bio-RadLab A BIO 329.74 -8.42 CadenceDesign CDNS 300.01 -3.68 ChurchillDowns CHDN 121.40 0.56 Crown Holdings CCK 77.49 1.65 DukeEnergy DUK 90.85 0.20
AES AES 15.10 -0.45 Airbnb ABNB 152.06 2.79 AmericaMovil AMX 19.33 0.02 AtmosEnergy ATO 112.53 0.91 Biogen BIIB 223.94 0.23 CaesarsEnt CZR 41.96 1.13 Ciena CIEN 56.14 -0.02 CubeSmart CUBE 43.05 0.33 Duolingo DUOL 194.57 10.83
Aflac AFL 80.21 0.51 AkamaiTech AKAM 107.76 -0.31 AmerAirlines AAL 15.54 0.26 Autodesk ADSK 256.95 -0.40 BioMarinPharm BMRN 90.68 0.58 CamdenProperty CPT 93.23 0.65 Cigna CI 340.74 -1.57 Cummins CMI 268.54 2.33 DuPont DD 69.60 -0.31
AGCO AGCO 107.57 0.01 Albemarle ALB 128.59 7.07 AEP AEP 84.07 3.30 s Autoliv ALV 114.63 1.76 BioNTech BNTX 92.79 -0.73 Cameco CCJ 41.63 0.76 CincinnatiFinl CINF 113.32 1.08 Curtiss-Wright CW 236.03 -1.98 Dynatrace DT 48.97 -0.56
Ansys ANSS 335.77 -0.55 Albertsons ACI 20.80 -0.77 s AmerExpress AXP 217.98 1.02 ADP ADP 251.31 -2.24 Birkenstock BIRK 51.45 0.45 CampbellSoup CPB 42.26 0.08 Cintas CTAS 628.15 -5.79 CyberArkSoftware CYBR 260.37 2.41 s elfBeauty ELF 202.00 2.39
APA APA 30.20 0.58 Alcon ALC 81.18 0.65 AmericanFin AFG 126.58 -0.14 s AutoZone AZO 2954.99184.53 BlackRock BLK 800.54 -5.49 CIBC CM 46.47 -0.04 CiscoSystems CSCO 48.31 -0.09 Cytokinetics CYTK 80.99 1.99 s EMCOR EME 277.47 2.59
ASE Tech ASX 9.60 -0.26 AlexandriaRlEst ARE 121.70 2.59 AmHomes4Rent AMH 36.17 0.59 Avalonbay AVB 174.37 0.75 Blackstone BX 126.75 1.47 CanNtlRlwy CNI 131.34 -0.27 Citigroup C 55.71 0.35 ENI E 31.19 0.37
ASML ASML 941.37 -6.22 Alibaba BABA 77.68 1.17 AIG AIG 71.95 0.63 Avangrid AGR 31.62 0.69 Block SQ 77.71 3.05 CanadianNatRscs CNQ
CP
66.11 0.23 CitizensFin CFG 30.96 0.53 D E F EOG Rscs EOG 113.94 1.89
AT&T T 16.83 0.23 AlignTech ALGN 313.06 2.22 AmerTowerREIT AMT 186.68 -1.04 Avantor AVTR 24.41 -0.05 BlueOwlCapital OWL 17.99 0.12 CdnPacKC 86.06 -0.53 CleanHarbors CLH 182.71 -1.25 EPAM Systems EPAM 307.04 4.63
AbbottLabs ABT 119.40 0.71 Allegion ALLE 129.29 0.80 AmerWaterWorks AWK 118.03 0.60 AveryDennison AVY 214.10 -0.21 Boeing BA 201.40 0.86 CapitalOne COF 136.82 2.33 Cleveland-Cliffs CLF 20.71 0.46 DTE Energy DTE 107.33 1.14 EQT EQT 36.52 -0.22
AbbVie ABBV 178.99 0.18 AlliantEnergy LNT 47.82 0.39 Ameriprise AMP 408.71 0.78 AxonEnterprise AXON 271.82 0.23 Booking BKNG 3478.12 -21.63 CardinalHealth CAH 109.61 -0.66 Clorox CLX 151.89 0.88 s Danaher DHR 254.86 3.21 s EagleMaterials EXP 251.07 0.08
s AcadiaHealthcare ACHC 87.38 1.89 Allstate ALL 159.54 -0.26 Ametek AME 177.77 -1.12 BCE BCE 37.30 0.04 BoozAllen BAH 146.53 -1.20 Carlisle CSL 347.20 -3.09 Cloudflare NET 98.25 -0.83 Darden DRI 169.53 -0.01 EastWestBncp EWBC 73.11 1.93
Accenture ACN 377.91 0.43 AllyFinancial ALLY 36.60 0.56 Amgen AMGN 278.49 -7.88 BHP Group BHP 57.74 0.54 BostonProps BXP 64.92 0.84 Carlyle CG 44.82 0.91 Coca-Cola KO 60.34 -0.37 Datadog DDOG 130.95 1.60 EastGroup EGP 177.32 -1.85
s AcuityBrands AYI 250.16 5.78 AlnylamPharm ALNY 159.00 0.34 AmkorTech AMKR 30.51 -0.21 BJ'sWholesale BJ 72.68 1.06 BostonSci BSX 66.43 -0.24 CarMax KMX 76.66 2.70 CocaColaCon COKE 832.38 -15.58 DaVita DVA 127.60 2.64 EastmanChem EMN 86.15 -0.39
Adobe ADBE 552.49 -7.99 Alphabet A GOOGL 138.88 1.31 Amphenol APH 107.94 -0.16 BP BP 35.42 0.10 BristolMyers BMY 50.51 -0.01 Carnival CCL 15.91 1.13 Coca-ColaEuro CCEP 70.76 -0.93 Dayforce DAY 71.91 0.65 Eaton ETN 283.57 -0.73
AdvDrainageSys WMS 164.53 0.63 Alphabet C GOOG 140.10 1.35 AnalogDevices ADI 189.07 0.06 BWX Tech BWXT 89.28 -0.61 BritishAmTob BTI 30.12 -0.10 Carnival CUK 14.58 1.04 CognizantTech CTSH 79.14 -0.37 DeckersOutdoor DECK 871.40 1.93 eBay EBAY 44.39 0.51
AdvMicroDevices AMD 178.00 1.99 Altria MO 40.90 0.19 AngloGoldAsh AU 18.30 -0.22 Baidu BIDU 112.36 1.77 Broadcom AVGO 1296.23 -12.90 CarrierGlobal CARR 55.04 1.04 Coherent COHR 58.02 -0.55 Deere DE 360.66 -2.55 s Ecolab ECL 222.09 1.81
Aegon AEG 5.81 0.02 Amazon.com AMZN 173.54 -1.19 AB InBev BUD 63.06 -0.04 BakerHughes BKR 29.72 -0.12 BroadridgeFinl BR 200.01 -1.39 s Carvana CVNA 80.42 10.54 s CoinbaseGlbl COIN 199.22 5.28 DellTechC DELL 91.56 -1.21 Ecopetrol EC 11.98 0.10
AerCap AER 77.31 1.34 Ambev ABEV 2.66 0.07 AnnalyCap NLY 18.91 0.08 s Ball BALL 62.61 0.23 BrookfieldAsset BAM 40.95 -0.11 s CaseysGenStores CASY 300.92 1.88 ColgatePalm CL 86.41 0.26 DeltaAir DAL 41.98 0.19 Continued on Page B12

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FederalSignal FSS 85.98 2.6 KeyarchAcqnRt KYCHR 0.27 28.0 ONEOK OKE 75.68 2.0 SeapeakPfdB SEALpB 25.25 0.2 Vertiv VRT 68.80 -0.1 Kennedy-Wilson KW 8.30 0.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Ferguson FERG 211.48 -0.6 Kingstone KINS 3.75 16.4 OReillyAuto ORLY 1083.57 1.9 SelectiveInsPfdB SIGIP 18.96 -0.7 VikingTherap VKTX 90.00 121.0 LG Display LPL 4.11 -5.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Ferrari RACE 424.16 0.5 KiniksaPharm KNSA 21.11 3.6 OrionGroup ORN 7.10 -0.3 SharkNinja SN 55.38 -1.5 VirtusCvPfdA NCVpA 22.18 ... LifezoneMetalsWt LZM.WS 0.35 -7.9
session. % CHG-Daily percentage change from the previous trading session. FidNatlInfo FIS 68.15 -0.5 Kirby KEX 88.70 -0.7 Orix IX 105.72 0.5 SherwinWilliams SHW 328.09 1.6 Vistra VST 51.18 4.6 LytusTech LYT 2.65 -6.1
FirstCitizBcshA FCNCA 1598.25 1.3 Koppers KOP 53.22 1.4 OtisWorldwide OTIS 94.29 ... ShoeCarnival SCVL 32.64 2.9 VulcanMatls VMC 263.68 0.9 MaidenHoldings MHLD 1.27 -3.8
Tuesday, February 27, 2024 FirstWatchRest FWRG 25.24 1.8 KrystalBiotech KRYS 172.81 8.4 Owens&Minor OMI 25.06 4.6 SilenceTherap SLN 25.96 6.4 WellsFargoPfdACC WFCpC 19.93 -0.5 ManchesterUnited MANU 15.14 0.7
Fitell FTEL 5.82 4.8 KymeraTherap KYMR 45.31 0.3 PJT Partners PJT 105.46 0.5 SimpsonMfg SSD 207.32 3.8 WellsFargoPfdADD WFCpD 19.30 -0.6 Medigus MDGS 2.65 0.5
52-Wk % 52-Wk % 52-Wk % Flexsteel FLXS 35.23 2.6 LGL Group LGL 6.74 -3.4 PVH PVH 139.18 0.8 SizzleAcqn SZZLU 20.88 122.1 WellsFargo WFC 54.89 1.3 MicrovastWt MVSTW 0.07 -1.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Floor&Decor FND 120.69 3.9 LPL Financial LPLA 270.23 ... PagSeguroDig PAGS 13.83 3.1 SizzleAcqn SZZL 22.50 120.6 WestRock WRK 44.76 2.2 MobixLabs MOBX 2.40 0.4
FlutterEnt FLUT 218.00 2.7 LandcadiaIV LCAHU 10.75 2.4 ParPacific PARR 40.70 -0.8 SkylineChamp SKY 83.99 0.5 Williams-Sonoma WSM 235.87 1.6 MoolecScience MLEC 1.59 0.6
AssetMarkFin AMK 34.43 0.3 CitiTrends CTRN 30.35 1.6
Highs Assurant
AthenaTechII
AIZ 182.27
ATEK.U 11.60
1.6
3.4
CleanSpark CLSK
ClearwaterPaper CLW
23.45
40.98
2.7
6.6
FulcrumTherap FULC
FutureTechII FTIIU
10.50 4.6
11.42 2.5
LandcadiaIV A
LennoxIntl
LCA
LII
10.56
469.94
-0.1
1.2
Parsons
PassageBio
PSN
PASG
81.92 0.5
1.59 6.1
SkyWest
SolarmaxTech
SKYW
SMXT
62.45 0.8
9.35 100.0
Wingstop
WisdomTree
WING 352.77 -3.0 Movella
WT 8.02 0.3 NetPower
MVLA
NPWR
0.23 -4.6
7.55 1.1
AAON AAON 86.50 0.7 GE HealthCare GEHC 92.58 2.1 LeonardoDRS DRS 23.02 8.7 PatrickIndustries PATK 117.58 1.1 SolenoTherap SLNO 52.73 1.7 Zymeworks ZYME 13.14 4.3 NWTN NWTN 5.85 -4.1
AthenePfdA ATHpA 25.51 -0.2 CogentComm CCOI 80.58 -0.1
ACM Research ACMR GMS GMS 92.81 0.6 LibertyRscsAcqn LIBYU 15.30 5.8 PembinaPipeline PBA 35.01 0.8 SoundHoundAI SOUN 7.91 19.3 NewHorizAircraft HOVR 1.18 -0.8
Lows
22.78 0.9 AultDisruptive ADRT.U 17.60 10.7 CoinbaseGlbl COIN 209.94 2.7
AcresCmclPfdC ACRpC 24.28 0.8 GaotuTechedu GOTU 8.13 30.6 LigandPharm LGND 94.57 19.9 PennyMacPfdC PMTpC 20.15 -0.4 SoundHoundAI Wt SOUNW 3.70 18.1 NewPacificMetals NEWP 0.94 -1.1
Autoliv ALV 115.31 1.6 CollegiumPharm COLL 37.79 0.6
ADMA Biologics ADMA 5.58 2.2 GarrettMotion GTX 9.77 -2.2 Light&Wonder LNW 97.35 1.6 PerformanceFood PFGC 76.73 1.0 SparkIAcqn SPKLU 11.32 9.7 NY Mortgage NYMT 7.02 0.1
AutoZone AZO 2956.85 6.7 ColombierAcqnIIA CLBR 10.48 0.3 AN2 Therap ANTX 2.96 -4.8
AG Mortgage PfdC MITTpC 24.00 0.5 GencoShipping GNK 20.15 1.1 Limbach LMB 47.90 3.7 PetroleoBrasilA PBR.A 17.32 0.8 SproutsFarmers SFM 62.05 1.0 NioCorpDevts NB 2.28 0.9
Axogen AXGN 10.83 2.1 Compugen CGEN 2.85 3.5 A SPAC I A ASCA 10.00 -8.7
AG Mortgage Nts MITN 25.95 -0.4 Gentex GNTX 36.51 1.2 LincolnElectric LECO 253.79 0.1 Pilgrim'sPride PPC 32.63 3.3 Squarespace SQSP 34.47 0.8 Northann NCL 0.65 -2.9
BIMI Intl BIMI 4.13 0.5 ConcordAcqnIIIWt CNDB.WS 0.25 9.0 AgEagleAerial UAVS 1.02 -0.9
ASGN ASGN 98.73 2.5 GoldenOcean GOGL 12.00 3.4 Lowe's LOW 239.49 1.8 PonoCapitalTwoUn PTWOU 16.03 -7.2 Stantec STN 84.53 0.9 Nxu NXU 0.81 -12.0
BRF BRFS 3.16 10.4 ConstellationEner CEG 156.67 16.9 Agriforce AGRI 0.18 -2.2
ATI ATI 48.95 3.7 B.RileyNts2024 RILYO 25.10 0.2 Copart CPRT 53.00 0.8
GreenlightCapRe GLRE 12.58 3.1 MYR Group MYRG 168.16 2.1 PonoCapTwoA PTWO 15.00 -3.5 SterlingInfr STRL 113.08 18.1 Ohmyhome OMH 0.85 -6.2
AirTransportSvcs ATSG 12.49 -4.1
AXT AXTI 5.43 18.5 Groupon GRPN 19.00 -0.9 MarathonDigital MARA 32.87 3.8 PowellIndustries POWL 174.42 3.1 SumitomoMits SMFG 11.23 2.8 OnfolioWt ONFOW 0.03 -26.1
Ball BALL 63.55 0.4 CoyaTherap COYA 9.63 7.9 AmerStWater AWR 71.28 -0.6
AZEK AZEK 48.72 1.1 BancoMacro BMA 38.29 -1.4 CreativeRealities CREX 4.23 7.1 GpoFinGalicia GGAL 23.29 -4.7 MartinMarietta MLM 559.20 1.0 Power&Digital II XPDBU 10.85 0.5 SummitMaterials SUM 43.08 0.8 OxbridgeRe OXBR 0.93 -3.4
AquaMetals AQMS 0.47 0.5
Guess GES 26.13 1.7 Masco MAS 76.73 1.8 PraxisPrecision PRAX 51.35 2.8 Suzano SUZ 11.65 2.8 PACB
AZZ AZZ 74.70 -0.7 BankofAmPfdPP BACpP 19.16 -0.3 CrineticsPharm CRNX 40.79 4.7 AriszAcqnA ARIZ 5.28 -13.8 PacBiosciCA 4.97 7.5
HNI HNI 44.20 1.7 MasterBrand MBC 17.61 7.2 PriceSmart PSMT 83.96 1.3 Sylvamo SLVM 59.32 0.5
AbeonaTherap ABEO 7.87 -2.5 BaringsBDC BBDC 9.88 1.3 CustomersBncpPfdF CUBIpF 25.69 0.3 AscentSolar ASTI 0.44 -18.6 ParamountPfdA PARAP 14.25 1.3
Abercrombie&Fitch ANF 128.69 -0.3 Bath&BodyWks BBWI 47.60 2.0 CymaBayTherap CBAY 32.33 0.1 HealthEquity HQY 84.13 -0.1 McKesson MCK 524.69 ... PrimoWater PRMW 16.28 1.9 SynchronyFinl SYF 41.10 2.7 PathfinderBncp PBHC 11.56 -1.6
Auddia AUUD 3.06 -17.7
AcademySports ASO 73.50 2.7 BayviewAcqn BAYAU 10.63 3.8 CytomXTherap CTMX 2.44 36.4 Hibbett HIBB 81.71 3.8 MediWound MDWD 14.74 4.9 PrimorisSvcs PRIM 41.11 -6.9 ADS-TEC Wt ADSEW 1.16 ... B2Gold BTG 2.40 -1.2 PineappleEner PEGY 0.06 -16.4
AcadiaHealthcare ACHC 87.77 2.2 BeaconRoofing BECN 90.62 1.2 DNOW DNOW 14.06 2.8 Hims&HersHealth HIMS 13.92 31.0 MerchantsBncpPfdB MBINO 24.70 -0.1 Progressive PGR 193.95 -0.7 TIM TIMB 19.14 3.0 BanzaiIntl BNZI 0.67 -8.4 QuiptHomeMed QIPT 4.20 1.6
AchillesTherap ACHL 1.55 9.6 BeamTherap BEAM 49.50 25.9 DTE EnergyDeb77 DTW 24.72 -0.3 HomeDepot HD 375.80 1.1 Merus MRUS 49.01 2.8 ProtaraTherap TARA 4.95 3.0 TJX TJX 100.74 1.3 Beneficient BENF 0.13 -16.6 SJW Group SJW 56.15 -1.7
AcuityBrands AYI 250.94 2.4 Bitfarms BITF 3.91 -1.7 Danaher DHR 255.59 1.3 ICF Intl ICFI 155.94 1.1 MicronTech MU 92.75 2.7 PubMatic PUBM 21.83 23.6 TarsusPharm TARS 39.77 18.3 Bio-Path BPTH 5.06 -11.9 SagaliamAcqnRt SAGAR 0.05 -4.2
AdTheorent ADTH 3.12 4.2 BlockHR HRB 50.25 2.1 DianthusTherap DNTH 26.98 0.1 IDT IDT 37.47 2.0 MicroStrategy MSTR 890.00 9.5 Qualcomm QCOM 159.20 0.8 TatTechnologies TATT 13.32 0.1 BoneBiologics BBLG 2.30 -12.8 Shyft SHYF 10.10 -2.1
AgiosPharm AGIO 35.50 5.9 BlueLinx BXC 124.67 2.0 Dick's DKS 177.71 0.9 IES Holdings IESC 108.36 -1.4 MidCapFin MFIC 14.69 4.1 QuantaServices PWR 241.07 1.7 TelefonicaBras VIV 11.43 3.7 BridgeInvt BRDG 6.70 3.4 SingularityFut SGLY 2.50 -9.6
AirLeasePfdA ALpA 25.58 0.2 BlueprintMed BPMC 99.87 5.0 Dillard's DDS 447.35 0.5 ImperialOil IMO 63.33 0.7 MillerIndustries MLR 44.70 0.7 RegalRexnord RRX 170.44 0.8 TempurSealy TPX 54.02 3.6 Canoo GOEV 0.10 8.3 60DegreesPharm SXTP 0.26 -3.6
Alarm.com ALRM 75.52 1.2 BrinkerIntl EAT 47.30 1.1 DirectDigital DRCT 21.99 20.7 ImperialPetPfdA IMPPP 22.50 3.4 MindMed MNMD 5.66 11.6 RenaissancePfdG RNRpG 19.01 ... Tennant TNC 114.97 4.1 ChinaPharma CPHI 0.07 -11.0 SmithMicro SMSI 0.44 -10.2
AlarumTech ALAR 17.78 8.0 BuildersFirst BLDR 194.89 1.4 DormanProducts DORM 96.42 15.9 Inhibrx INBX 39.79 2.2 MitsubishiUFJ MUFG 10.27 1.5 ReposiTrak TRAK 15.98 4.1 TextainerPfdB TGHpB 25.20 0.1 ClarivatePfdA CLVTpA 26.41 -16.4 SolarmaxTech SMXT 3.50 100.0
AllisonTransm ALSN 75.48 0.7 CAVA CAVA 58.22 12.2 Dover DOV 166.56 -0.4 InstalledBldg IBP 239.54 0.8 MiX Telematics MIXT 9.64 3.1 ResearchSolutions RSSS 3.20 6.7 Textainer TGH 50.15 0.1 CrownElectrokin CRKN 0.09 -1.0 SolitarioRscs XPL 0.43 1.7
AlphaMetal AMR 452.00 -0.8 CBIZ CBZ 76.44 0.8 DreamFinders DFH 39.33 -0.3 Intellinetics INLX 9.76 8.1 ModineMfg MOD 91.12 3.7 ReservoirMedia RSVR 7.37 1.0 ThorIndustries THO 128.50 0.6 DiamondHillInvt DHIL 145.34 -2.2 SoloBrands DTC 2.52 -1.9
AlphaProTech APT 5.73 -0.4 C4 Therap CCCC 10.25 2.5 DycomInds DY 124.11 0.6 Interface TILE 15.37 14.1 Moog B MOG.B 148.25 -0.9 Robinhood HOOD 16.29 4.2 Toll Bros TOL 113.92 -1.1 ExactSciences EXAS 56.11 -1.1 StryveFoods SNAX 1.26 -0.7
AlpineImmune ALPN 36.70 3.5 Cadre CDRE 36.77 0.6 elfBeauty ELF 204.72 1.2 Intuit INTU 670.73 0.8 MountainI A MCAA 11.42 ... Root ROOT 25.77 10.7 TopBuild BLD 414.33 0.9 Fanhua FANH 4.90 -3.5 SturmRuger RGR 42.00 1.5
Altimmune ALT 14.50 22.0 CardiolTherap CRDL 1.82 -2.3 EMCOR EME 278.39 0.9 IovanceBiotherap IOVA 17.60 5.2 MuellerIndustries MLI 51.90 1.3 RossStores ROST 149.86 1.2 ToyotaMotor TM 238.84 ... FirstComSC FCCO 16.11 ... SunriseNewEner EPOW 0.82 -2.2
AmerSports AS 16.54 -0.7 CarlyleSecured CGBD 16.51 5.7 ESAB ESAB 98.22 -0.6 IronMountain IRM 75.95 -1.8 NVR NVR 7635.00 -0.3 RxSight RXST 58.04 2.7 TractorSupply TSCO 252.67 3.5 FlexLNG FLNG 24.16 -2.0 SunshineBioWt SBFMW 0.04 -33.3
AmerCoastalIns ACIC 14.06 0.5 Carter's CRI 87.95 -1.1 EsgenAcqn ESACU 12.15 4.5 Itron ITRI 94.59 -0.5 NXP Semicon NXPI 252.83 0.8 SAP SAP 189.83 0.9 Trex TREX 101.91 -1.8 FocusUniversal FCUV 0.31 -4.1 Tegna TGNA 13.64 ...
AmerEagle AEO 24.47 0.5 Carvana CVNA 83.37 15.1 EagleMaterials EXP 253.13 ... Jabil JBL 144.50 1.9 Natera NTRA 76.57 2.7 SCE III Pfd SCEpH 25.30 -0.2 Trimble TRMB 62.49 ... GigaMedia GIGM 1.26 1.6 Thoughtworks TWKS 2.90 -28.9
AmerExpress AXP 218.08 0.5 CaseysGenStores CASY 302.18 0.6 Ecolab ECL 222.58 0.8 JanuxTherap JANX 52.00 229.5 NaturalGasSvcs NGS 16.61 3.4 SCE IV Pfd SCEpJ 23.32 -0.5 TriNet TNET 131.25 1.3 Gogoro GGR 1.41 1.3 TizianaLife TLSA 0.47 -2.2
AmericanWoodmark AMWD 100.08 3.7 CECO Env CECO 22.06 2.1 EnerpacTool EPAC 34.32 0.3 JasperTherap JSPR 22.22 1.1 NaviosMaritime NMM 33.92 0.1 SFL SFL 13.48 -0.3 UltaBeauty ULTA 562.80 0.9 Graphex GRFX 0.39 -10.2 TreasureGlobal TGL 3.63 -12.2
AnnalyCapPfdG NLYpG 25.69 0.2 Celestica CLS 42.45 ... ePlus PLUS 83.09 -0.4 JonesLang JLL 193.82 1.1 Netflix NFLX 605.36 2.4 SPX Tech SPXC 114.28 4.1 UltraparPart UGP 6.35 1.3 GrayTelevision GTN 5.67 -5.0 VOC Energy VOC 6.08 2.4
APi Group APG 36.23 -0.2 CelldexTherap CLDX 51.64 5.8 Equifax EFX 268.99 1.2 JumiaTech JMIA 5.77 22.4 NeuroSense NRSN 2.20 29.5 SableOffshoreA SOC 13.00 3.4 UnitedRentals URI 683.84 0.8 GreenfireResources GFR 4.68 1.3 Veradigm MDRX 6.80 -8.5
ApogeeEnt APOG 57.57 0.3 CellebriteDI CLBT 12.04 -0.9 ErieIndemnity ERIE 390.57 9.9 KB Home KBH 64.60 0.4 NewMarket NEU 636.66 0.8 SafeBulkers SB 4.71 2.2 UnivLogistics ULH 34.98 0.6 HeliusMedical HSDT 5.51 -2.1 ViomiTech VIOT 0.70 ...
AppLovin APP 61.35 2.8 CellebriteDIWt CLBTW 2.75 -2.6 EverQuote EVER 20.34 2.9 Kamada KMDA 6.44 4.6 NorthernTechsIntl NTIC 14.97 4.4 SanaBiotech SANA 10.00 17.6 UrbanOutfitters URBN 47.29 2.7 Hempacco HPCO 0.24 -4.0 Volcon VLCN 0.81 5.1
AquestiveTherap AQST 3.38 12.3 CementosPacasm CPAC 5.65 ... F&GAnnuitiesNts FGN 26.69 -0.3 KaratPkg KRT 29.19 -0.5 NuHoldings NU 11.23 3.9 SarcosTechRobotWt STRCW 0.24 306.7 VSE VSEC 73.86 -1.2 iHuman IH 2.01 -5.6 WorksportWt WKSPW 0.04 -33.3
Arcellx ACLX 67.80 5.2 Ceragon CRNT 3.12 -2.0 FTAIAviationPfdA FTAIP 25.60 0.4 KellyServices A KELYA 24.72 2.1 Nucor NUE 193.91 0.8 ScanSource SCSC 43.46 -0.7 Valvoline VVV 42.73 1.2 InspireVeterinary IVP 0.09 -5.4 YatsenHolding YSG 0.45 -3.8
ArcturusTherap ARCT 43.81 5.0 CharlesRiverLabs CRL 253.60 1.4 Fastenal FAST 73.27 0.2 KellyServicesB KELYB 24.00 7.4 Nuvalent NUVL 89.35 2.7 ScienceApplicat SAIC 140.84 0.8 Vaxcyte PCVX 81.65 2.6 iRobot IRBT 10.00 -2.9 ZeviaPBC ZVIA 1.36 7.5
ArmstrongWorld AWI 123.82 0.6 ChimeraInvPfdD CIMpD 24.28 0.5 FateTherap FATE 8.63 7.3 KerosTherap KROS 70.67 5.9 nVentElectric NVT 66.95 0.2 Seagate STX 93.00 2.3 VersaBank VBNK 11.75 1.9 Kaltura KLTR 1.38 -2.8 Zoomcar ZCAR 1.28 -12.9

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LEGAL NOTICE Analyst Research Scientist and

mortgage REIT (NY, NY) 11 Capital Partners LP: ID, research Member of Technical Staff

8%-9%
& make invstmt recommendations. Reqs Bach- (New York, New York). Research Scientist and
UNITED STATES DISTRICT COURT If you are a member of the Class, your rights will be elor’s in Fin., Econ, or a rel. fld or equiv, & 3 yrs Member of Technical Staff positions available.
DISTRICT OF NEW JERSEY affected by the pending Action and the Settlement, and Return of exp generating invstmt recommendations D. E. Shaw Research, LLC seeks a full-time Re-
you may be entitled to share in the Settlement Fund. based on quantitative metrics & qualitative pri- search Scientist and Member of Technical Staff
This notice provides only a summary of the information
TAX EFFICIENT mary research; performing complex fin’l anal- to work in its office in New York, New York. Re-
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District Court Judge You may also obtain a copy of the Notice and Claim
SEEKING RIA’S & ID attractive invstmt opportunities; conducting velop scientific techniques to direct unprece-
dented computational power toward the solu-
Situated, Plaintiff, v. stat. analysis w/ R on multi-variable macro indi-
Form by contacting the Claims Administrator by mail at ACCREDITED INVESTORS cators, incl consumer price index (CPI), pur- tion of key drug-design problems, including de-
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submit a Claim Form postmarked (if mailed), or online Australian-based Manufacturer Mathematics, Physics, Chemistry, or a related
TO: All persons and entities who, from November 5, 2019 via www.BectonSecuritiesSettlement.com, no later than Hardware & Home Products quantitative field of study. Knowledge or expe-
to February 5, 2020, inclusive, purchased or June 14, 2024, in accordance with the instructions set forth rience in the following must have been gained
• Multi-Million Dollar Turnover DS1 Factory through academic research and/or coursework:
otherwise acquired Becton, Dickinson and in the Claim Form. If you are a Class Member and do not probability theory; statistical mechanics; sto-
Company (“BD”) common stock or call options, or • Profitable, Debt-Free Innovation Engineer chastic algorithms, including stochastic approx-
submit a proper Claim Form, you will not be eligible to share
sold BD put options, and were damaged thereby: in the distribution of the net proceeds of the Settlement, but • Market Leader, Recognised Brand Mars Wrigley Confectionery US, imation; scientific computing and numerical
• Existing customers Major Retailers, methods; programming in Python and C++; and
you will nevertheless be bound by any releases, judgments, LLC.: DS1 Factory Innovation sampling methods, such as molecular dynam-
PLEASE READ THIS NOTICE CAREFULLY; B2B & E-commerce Engineer – Hackettstown, NJ –
or orders entered by the Court in the Action. ics or Markov Chain Monte Carlo. Applicants
YOUR RIGHTS WILL BE AFFECTED BY A CLASS • Export sales in USA, Africa, SE Asia Developing the process design & may submit a resume by mail to D. E. Shaw Re-
ACTION LAWSUIT PENDING IN THIS COURT. If you are a member of the Class and wish to exclude capability for very large-scale search, LLC, 120 West 45th Street, 39th Floor,
• Award winning products New York, NY 10036 or by email:
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of yourself from the Class, you must submit a request industrial chocolate, gum, mint &
• Wholly-owned site w/ 1000 ton desres-recruitment@DEShawResearch.com.
for exclusion such that it is received no later than fruity confection mfg, & its Submissions must reference 893-WJ. No
the Federal Rules of Civil Procedure and an Order of the Stamping, Warehouse etc. interactions to deliver & validate
United States District Court for the District of New Jersey April 1, 2024, in accordance with the instructions set forth in phone calls please. The salary range for this po-
the Notice. If you properly exclude yourself from the Class, Email only to King & Wood Mallesons specs for mfg processes. Job req’s sition is $300,000-$475,000/year. Our compen-
(“Court”), that the above-captioned action (“Action”) has Bach’s deg in Food Engg, Food sation package also includes variable compen-
been certified as a class action on behalf of the following you will not be bound by any releases, judgments, or orders M&AOpportunity@au.kwm.com sation in the form of sign-on and year-end bo-
quoting “WJ EOI” Tech, or a closely rltd fld + 5 yrs in
class: all persons and entities who, from November 5, 2019 entered by the Court in the Action and you will not receive nuses, and generous benefits, including reloca-
any job title involving exp in R&D tion and immigration assistance. We follow a
to February 5, 2020, inclusive (“Class Period”), purchased any benefits from the Settlement. Excluding yourself from Engg in a very large-scale industrial hybrid work schedule, in which employees work
or otherwise acquired BD common stock or call options, or the Class is the only option that may allow you to be part chocolate, gum, mint, & fruity from the office on Tuesday through Thursday,
of any other current or future lawsuit against Defendants or confectionary mfg env. Green belt and have the option of working from home on
sold BD put options, and were damaged thereby (“Class”).
any of the other released parties concerning the claims being
Physician Nashville Opportunity Monday and Friday. D. E. Shaw Research, LLC
Certain persons and entities are excluded from the Class Six Sigma certification req’d. Up to
Physician to sell solely owned accredited is an equal employment opportunity employer
by definition as set forth in the Stipulation and Agreement resolved by the Settlement. 20% domestic travel rqd. To apply, and does not discriminate against any applicant
Gyn Ambulatory Surgery Center, including send resume identifying Job Code on the basis of race, color, religion, gender,
of Settlement dated December 19, 2023 (“Stipulation”) Any objections to the proposed Settlement, the proposed very well established Gynecology practice 131 to MarsTA-PIC@effem.com. gender identity, pregnancy, national origin, age,
and the detailed Notice of (I) Pendency of Class Action Plan of Allocation, and/or Class Counsel’s motion for No calls. military service eligibility, veteran status, sexual
in Nashville Tennessee.
and Proposed Settlement; (II) Settlement Hearing; and attorneys’ fees and Litigation Expenses must be filed with orientation, marital status, disability, or other
(III) Motion for Attorneys’ Fees and Litigation Expenses the Court and delivered to Class Counsel and Defendants’ The owner will stay to category protected by law.
(“Notice”). The Stipulation and Notice can be viewed at Counsel such that they are received no later than transition if desired.
www.BectonSecuritiesSettlement.com. April 1, 2024, in accordance with the instructions set forth Serious inquiries,
in the Notice. reply to.
YOU ARE ALSO HEREBY NOTIFIED that Talent Development Lead
Court-appointed Lead Plaintiff and Class Representative PLEASE DO NOT CONTACT THE COURT, LWEB.4@me.com ByteDance Inc Talent
Industriens PensionsforsikringA/S (“Class Representative”), THE CLERK’S OFFICE, DEFENDANTS, OR Development Lead (Mult.Pos.),
on behalf of itself and the Court-certified Class, has reached DEFENDANTS’ COUNSEL REGARDING THIS New York, NY. Design & THE
MARKETPLACE
a proposed settlement of the Action with defendants BD and implement talent development
NOTICE. All questions about this notice, the Settlement,
Thomas E. Polen (together, “Defendants”) for $85,000,000 or your eligibility to participate in the Settlement should be Asset Business Sale solutions for leaders of the
company, including talent review
in cash (“Settlement”). If approved by the Court, the directed to Class Counsel or the Claims Administrator. Health Science & Medical process with a focus on identifying
Settlement will resolve all claims in the Action.
Requests for the Notice and Claim Form should be made to Print & Digital Content talent for critical roles. Provide ADVERTISE TODAY
A hearing (“Settlement Hearing”) will be held on the Claims Administrator: Distributor to Hospitals, Univ & Gov leadership effectiveness
April 22, 2024 at 11:30 a.m., before the Honorable Cathy $25 mill plus revenues assessment & diagnosis & create
Becton, Dickinson and Company Securities Litigation ongoing solution to build stronger (800) 366-3975
L. Waldor, United States Magistrate Judge for the District 34k sq ft warehouse NE location
c/o JND Legal Administration leadership teams. Domestic For more information visit:
of New Jersey, either in person at the Martin Luther King kevin.ream@rittenhouse.com wsj.com/classifieds
P.O. Box 91443 and/or international travel up to
Building & U.S. Courthouse, 50 Walnut Street, Newark, NJ 50% required. Salary Range:
07101, Courtroom 4D, or by telephone or videoconference Seattle, WA 98111
1-888-995-0312 $124,800 - $228,000 per year. To
(in the discretion of the Court), to determine, among apply & info. on benefits offered
other things: (i) whether the Settlement on the terms and info@BectonSecuritiesSettlement.com CAREERS visit: jobs.bytedance.com/en/ &
conditions provided for in the Stipulation is fair, reasonable, www.BectonSecuritiesSettlement.com type Job ID A98807 in search bar.
and adequate to the Class, and should be finally approved Contact
by the Court; (ii) whether the Action should be dismissed All other inquiries should be made to Class Counsel: lpresumes@bytedance.com if you
with prejudice against Defendants and the releases specified Kessler Topaz Meltzer & Check, LLP Senior Software Engineer have difficulty applying.
and described in the Stipulation (and in the Notice) should Sharan Nirmul, Esq. ByteDance Inc, Senior Software
be granted; and (iii) whether Class Counsel’s motion for Joshua D’Ancona, Esq. Engineer (Mult.Pos.), New York,
attorneys’ fees in an amount not to exceed 25% of the 280 King of Prussia Road NY. Design & develop large-scale
Settlement Fund and payment of expenses in an amount not Radnor, PA 19087 platforms, systems, & services
to exceed $1,000,000 (which amount may include a request 1-610-667-7706 that powers Enterprise IT relative

SHOWROOM
for reimbursement of the reasonable costs and expenses solution. Troubleshoot, debug,
incurred by Class Representative directly related to its info@ktmc.com maintain & upgrade backend
representation of the Class) should be approved. Any updates services/systems. Salary Range:
regarding the Settlement Hearing, including any changes BY ORDER OF THE COURT $194,000 - $355,000 per year. To (800) 366-3975
United States District Court apply & info. on benefits offered
to the date or time of the hearing or updates regarding in-
visit: jobs.bytedance.com/en/ &
sales.showroom@wsj.com
person or remote appearances at the hearing, will be posted District of New Jersey
to the website www.BectonSecuritiesSettlement.com.
type Job ID A133838 in search For more information visit:
bar. Contact wsj.com/classifieds
lpresumes@bytedance.com if you
have difficulty applying. © 2024 Dow Jones & Company, Inc.
www.BectonSecuritiesSettlement.com 1-888-995-0312 © 2024 Dow Jones & Company, Inc.
All Rights Reserved.
All Rights Reserved.
THE WALL STREET JOURNAL. NY Wednesday, February 28, 2024 | B9

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This award was issued on 11/01/2023 by Five Star Professional (FSP) for the time period 02/13/2023 through 08/31/2023. 3,564 Connecticut-area wealth managers were considered for the award; 313 (9% of
candidates) were named 2023 Five StarWealth Managers.This award was issued on 05/01/2023 by Five Star Professional (FSP) for the time period 08/29/2022 through 03/03/2023. 472 HudsonValley-area wealth
managers were considered for the award; 33 (7% of candidates) were named 2023 Five StarWealth Managers.This award was issued on 12/01/2023 by Five Star Professional (FSP) for the time period 03/13/2023
through 09/29/2023. 6,515 New Jersey-area wealth managers were considered for the award; 462 (7% of candidates) were named 2024 Five StarWealth Managers.This award was issued on 07/01/2023 by Five
Star Professional (FSP) for the time period 09/12/2022 through 03/31/2023. 749 Westchester-area wealth managers were considered for the award; 73 (10% of candidates) were named 2023 Five Star Wealth
Managers. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria – required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed
as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine;
B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP’s consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints
registered with a regulatory authority or complaints registered through FSP’s consumer complaint process; feedback may not be representative of any one client’s experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years;
E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria – considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional
discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager’s future performance. Wealth managers
may or may not use discretion in their practice and therefore may not manage their clients’assets.The inclusion of a wealth manager on the Five StarWealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication.Working with a Five StarWealth Manager
or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com. This year, we honored 14 New Jersey-area investment professionals with the
Five Star Investment Professional award.
B10 | Wednesday, February 28, 2024 THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38972.41 t 96.82, or 0.25% Trailing P/E ratio 27.31 21.67 5078.18 s 8.65, or 0.17% Trailing P/E ratio * 22.85 17.82 16035.30 s 59.05, or 0.37% Trailing P/E ratio *† 34.12 24.61
High, low, open and close for each P/E estimate * 18.62 17.60 High, low, open and close for each P/E estimate * 21.25 17.92 High, low, open and close for each P/E estimate *† 30.65 24.02
trading day of the past three months. Dividend yield 1.81 2.12 trading day of the past three months. Dividend yield * 1.49 1.71 trading day of the past three months. Dividend yield *† 0.81 0.90
All-time high 39131.53, 02/23/24 All-time high 5088.80, 02/23/24 All-time high: 16057.44, 11/19/21

Current divisor 0.15265312230608

39000 5200 15800

38000 5000 15400

37000 4800 15000

Session high 36000 4600 14600

DOWN UP
Session open Close
t

65-day moving average

35000 4400 14200
Close Open
t

65-day moving average Session low 34000 4200 65-day moving average 13800

Bars measure the point change from session's open

33000 4000 13400
Nov. Dec. Jan. Feb. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*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* 901,180,782 12,201,161
Industrial Average 39087.90 38881.90 38972.41 -96.82 -0.25 39131.53 31819.14 19.3 3.4 8.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 620,937,011 9,603,238
Transportation Avg 15886.19 15772.10 15796.88 -45.37 -0.29 16695.32 13444.01 7.3 -0.6 5.8 Most-active issues in late trading Decl. volume* 269,015,062 2,379,252
Utility Average 842.70 833.67 842.36 9.63 1.16 975.39 783.08 -7.1 -4.5 1.9 Volume After Hours Issues traded 2,917 313
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50675.05 50452.12 50652.17 135.14 0.27 50656.91 38697.55 26.2 6.0 8.0 Advances 1,606 152
Beyond Meat BYND 9,790.0 13.34 5.82 77.39 15.50 7.08
Barron's 400 1115.44 1108.95 1113.99 5.04 0.45 1113.99 881.58 13.5 3.9 6.9 Declines 1,224 136
Finl Select Sector SPDR XLF 6,887.3 40.19 -0.03 -0.06 40.23 40.17
Unchanged 87 25
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,632.8 506.97 0.04 0.01 508.24 506.81 New highs 181 6
Nasdaq Composite 16046.10 15940.51 16035.30 59.05 0.37 16041.62 11138.89 40.0 6.8 6.7 iShares China LC ETF FXI 4,323.8 24.34 0.02 0.08 24.35 24.31 New lows 22 7
Nasdaq-100 17987.54 17871.06 17971.05 37.72 0.21 18004.70 11830.28 49.2 6.8 11.7 SoundHound AI SOUN 4,060.0 7.25 0.39 5.69 7.44 6.75 Closing Arms† 0.53 0.16
DXC Technology DXC 3,156.8 21.84 … unch. 21.84 21.50 Block trades* 4,266 114
S&P
0.17
iShares MSCI ACWI ETF ACWI 3,080.2 106.69 … unch. 106.69 106.69
500 Index 5080.69 5057.29 5078.18 8.65 5088.80 3855.76 27.9 6.5 10.0 Nasdaq NYSE Arca
Coupang CPNG 2,912.7 18.43 1.54 9.12 19.30 16.89
MidCap 400 2868.40 2858.11 2866.76 12.28 0.43 2866.76 2326.82 10.2 3.1 4.7 Total volume*5,423,025,528 268,305,106
SmallCap 600 1308.70 1301.70 1306.16 10.42 0.80 1339.63 1068.80 4.6 -0.9 0.7 Percentage gainers… Adv. volume*3,936,570,255 182,680,012
Beyond Meat BYND 9,790.0 13.34 5.82 77.39 15.50 7.08 Decl. volume*1,427,483,976 83,300,626
Other Indexes
Flywire FLYW 568.4 29.00 4.48 18.27 32.90 23.85 Issues traded 4,459 1,891
Russell 2000 2058.06 2045.37 2056.11 27.14 1.34 2066.21 1636.94 8.4 1.4 -2.2
Advances 2,621 1,318
NYSE Composite 17605.74 17560.31 17598.32 31.71 0.18 17616.02 14599.05 14.1 4.4 5.4 Ambarella AMBA 182.2 64.31 6.35 10.96 67.45 57.60
Declines 1,643 538
Value Line 594.25 589.77 593.92 3.70 0.63 598.74 498.09 3.7 0.01 -1.3 Nextdoor Holdings KIND 113.3 2.25 0.21 10.29 2.26 2.01
Unchanged 195 35
NYSE Arca Biotech 5296.49 5214.86 5276.97 51.58 0.99 5511.46 4544.40 0.3 -2.6 -2.8
Coupang CPNG 2,912.7 18.43 1.54 9.12 19.30 16.89
New highs 271 240
NYSE Arca Pharma 1021.55 1008.90 1018.49 -3.06 -0.30 1023.94 791.91 26.7 11.9 14.4 ...And losers New lows 65 11
KBW Bank 96.19 95.29 96.11 1.07 1.13 109.65 71.71 -12.4 0.1 -5.4 Integral Ad Science IAS 80.0 13.98 -3.12 -18.25 17.10 13.57 Closing Arms† 0.58 1.23
PHLX§ Gold/Silver 105.88 104.39 104.39 -0.80 -0.76 144.37 103.31 -8.2 -16.9 -7.2 Lemonade LMND 1,119.5 18.01 -3.71 -17.08 23.60 17.77 Block trades* 32,202 1,225
PHLX§ Oil Service 81.23 80.32 80.88 0.48 0.59 98.76 69.29 -7.2 -3.6 13.2 Eventbrite EB 172.2 7.00 -1.32 -15.87 8.35 7.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4697.16 4651.40 4654.89 -8.58 -0.18 4667.37 2906.29 57.3 11.5 14.9 Recursion Pharm RXRX 985.7 13.06 -2.46 -15.85 15.75 12.91 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.75 13.41 13.43 -0.31 -2.26 26.52 12.07 -35.1 7.9 -21.7 Inogen INGN 79.5 8.00 -1.34 -14.35 9.45 7.02 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 760.70 1.53 0.20 4.6 Janux Therapeutics JANX 49.75 34.65 229.47 52.00 5.65 199.2 Minerva Neurosciences NERV 2.80 -4.00 -58.82 13.49 1.50 29.6
MSCI ACWI ex-USA 322.09 0.74 0.23 1.7 Viking Therapeutics VKTX 85.05 46.57 121.02 90.00 8.28 672.5 Infobird IFBD 1.28 -1.48 -53.62 82.48 0.43 -98.4
MSCI World 3331.88 6.09 0.18 5.1 Sizzle Acquisition SZZL 22.50 12.30 120.59 22.50 5.32 116.8 Thoughtworks TWKS 3.28 -1.33 -28.85 8.80 2.90 -55.4
MSCI Emerging Markets 1027.75 3.64 0.36 0.4 Solarmax Technology SMXT 8.00 4.00 100.00 9.35 3.50 ... Stagwell STGW 5.27 -1.76 -25.00 9.23 3.83 -23.3
Americas MSCI AC Americas 1921.35 3.62 0.19 5.9 WeTrade Group WETG 3.44 1.11 47.64 77.70 2.11 -94.7 Oragenics OGEN 2.45 -0.71 -22.47 7.74 2.10 -46.7
Canada S&P/TSX Comp 21318.90 –5.41 –0.03 1.7 Denali Therapeutics DNLI 23.35 6.46 38.25 33.31 15.45 -14.0 MicroCloud Hologram HOLO 9.43 -2.57 -21.42 113.00 1.50 -53.8
Latin Amer. MSCI EM Latin America 2573.54 39.50 1.56 –3.4 BigBear.ai BBAI 3.44 0.95 38.15 3.79 1.16 17.0 Lotus Technology ADR LOT 11.30 -2.95 -20.70 17.99 8.59 10.4
Brazil Bovespa 131689.37 2080.32 1.61 –1.9 Turnstone Biologics TSBX 5.48 1.47 36.66 13.20 1.63 ... Aaron's AAN 8.52 -1.94 -18.55 16.16 6.72 -40.6
Chile S&P IPSA 3528.40 63.57 1.83 1.8 Pyxis Oncology PYXS 6.37 1.59 33.26 6.92 1.35 180.6 Auddia AUUD 3.25 -0.70 -17.72 38.50 3.06 -89.3
Mexico S&P/BMV IPC 56241.03 46.31 0.08 –2.0 AdaptHealth AHCO 10.00 2.37 31.06 17.85 6.37 -37.5 Clarivate CLVT 7.38 -1.56 -17.45 11.99 6.07 -27.1
EMEA STOXX Europe 600 496.33 0.90 0.18 3.6 Hims & Hers Health HIMS 13.43 3.18 31.02 13.92 5.65 19.2 Direxion S&P Biotech Br LABD 5.90 -1.22 -17.13 29.92 5.83 -64.7
Eurozone Euro STOXX 499.86 2.15 0.43 5.4 Gaotu Techedu ADR GOTU 7.76 1.82 30.64 8.13 2.22 131.6 La Rosa Holding LRHC 1.96 -0.38 -16.24 5.53 0.90 ...
Belgium Bel-20 3696.65 11.46 0.31 –0.3 Codexis CDXS 4.15 0.95 29.69 5.07 1.45 -14.2 ASP Isotopes ASPI 3.44 -0.64 -15.69 4.19 0.28 91.1
Denmark OMX Copenhagen 20 2557.47 –20.62 –0.80 12.0 Elevation Oncology ELEV 3.71 0.81 27.93 5.89 0.36 236.5 Perrigo PRGO 27.30 -4.87 -15.14 40.28 26.81 -27.6
France CAC 40 7948.40 0.23 5.4 GSI Technology GSIT 3.42 0.74 27.61 9.80 1.45 109.8 CareMax CMAX 7.17 -1.26 -14.95 140.40 4.09 -94.4
18.58
Germany DAX 17556.49 0.76 4.8
Israel Tel Aviv 1942.93
133.26
… Closed 4.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 32706.44 148.63 0.46 7.8 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 852.98 0.11 0.01 8.4
Norway Oslo Bors All-Share 1456.91 –3.55 –0.24 –4.1 SoundHound AI SOUN 295,444 1219.1 6.86 19.30 7.91 1.49 Janux Therapeutics JANX 15,426 11427 49.75 229.47 52.00 5.65
South Africa FTSE/JSE All-Share 73142.11 –479.13 –0.65 –4.9 Canoo GOEV 117,036 111.1 0.11 8.28 0.85 0.10 BondBloxx Bbg 5Y US Trea XFIV 439 5750 48.15 -0.11 50.52 46.53
Ault Alliance AULT 115,905 4340.3 0.46 19.06 693.22 0.35 Natixis Loomis Sayles Foc LSGR 839 4010 31.38 0.20 31.52 23.49
Spain IBEX 35 10113.79 –24.61 –0.24 0.1
0.23 Marathon Digital MARA 115,829 46.2 30.31 3.84 32.87 5.13 Minerva Neurosciences NERV 1,933 3405 2.80 -58.82 13.49 1.50
Sweden OMX Stockholm 919.39 2.10 1.8
Nikola NKLA 110,606 8.2 0.76 4.57 3.71 0.52 BondBloxx Bbg 7Y US Trea XSVN 364 3247 47.04 -0.17 50.41 44.79
Switzerland Swiss Market 11440.45 –12.43 –0.11 2.7
Turkey BIST 100 9179.48 –154.65 –1.66 22.9 Tesla TSLA 108,326 -2.2 199.73 0.17 299.29 152.37 John Hancock Mtg-Bkd JHMB 408 3205 21.30 -0.21 22.02 20.20
U.K. FTSE 100 7683.02 –1.28 –0.02 –0.6 ProSh UltraPro Shrt QQQ SQQQ 102,634 -14.7 11.07 -0.72 42.57 10.84 DHC Acquisition Cl A DHCA 683 3033 10.78 0.28 11.19 9.99
U.K. FTSE 250 19163.66 36.74 0.19 –2.7 CXApp CXAI 98,288 19974.8 2.82 81.94 21.00 1.03 VictoryShares THB Mid Cap MDCP 871 2418 27.42 -0.19 27.51 22.20
Direxion Dly Semi 3 Bear SOXS 87,562 -13.1 3.99 0.25 23.98 3.86 Agric & Nat Solns Cl A ANSC 1,561 2117 10.15 ... 10.15 10.05
Asia-Pacific MSCI AC Asia Pacific 173.26 0.48 0.28 2.3
SoFi Technologies SOFI 65,708 29.5 9.15 7.14 11.70 4.45 Pegasus Digital Cl A PGSS 270 2034 11.19 -0.53 11.25 10.33
Australia S&P/ASX 200 7663.00 10.16 0.13 1.0
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3015.48 38.46 1.29 1.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16790.80 156.06 0.94 –1.5
India S&P BSE Sensex 73095.22 0.42 1.2
Scan this code
305.09
Japan NIKKEI 225 39239.52 5.81 0.01 17.3 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3157.32 –13.79 –0.43 –2.6 and track most-active stocks,
South Korea KOSPI 2625.05 –22.03 –0.83 –1.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 18854.41 –93.64 –0.49 5.2 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1393.70 –4.44 –0.32 –1.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Thailand baht .02787 35.880 4.4
CREDIT MARKETS Argentina peso .0012841.1500 4.1
Vietnam dong .00004059 24635 1.5
Brazil real .2027 4.9341 1.7 Europe
4.3
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Canada dollar .7391 1.3531 2.1
.001019 981.48 12.2
Czech Rep. koruna
Denmark krone
.04283 23.350
.1455 6.8734 1.4
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs.
Chile peso
Colombiapeso .000254 3930.50 1.4 Euro area euro 1.0846 .9220 1.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Hungary forint .002774 360.43 3.8
A consumer rate against its 30-year mortgage, Rate Iceland krona .007263 137.69 1.2
Mexico peso .0586 17.0648 0.6
benchmark over the past year 6.00% Norway krone .0949 10.5348 3.5
Bankrate.com avg†: 7.53% Uruguay peso .02560 39.0662 0.02
Tradeweb ICE 14% Poland zloty .2519 3.9702 0.9
30-year fixed-rate Asia-Pacific Sweden krona .0970 10.3072 2.0
Fidelity Bank Trust 6.25% Tuesday Close 5.00
mortgage 8.00% Dubuque, IA 563-557-2300 t t 7 WSJ Dollar Index Australiadollar .6545 1.5279 4.1 Switzerland franc 1.1382 .8786 4.4
4.00 China yuan .1389 7.1981 1.2 Turkey lira .0321 31.1446 5.7
s
t
Rockland Federal Credit Union 6.25% One year ago Hong Kong dollar .1278 7.8244 0.2 Ukraine hryvnia .0261 38.3500 0.5
6.75 0
Rockland, MA 800-562-7328 3.00 India rupee .01206 82.908 –0.3 UK pound 1.2684 .7884 0.4
s
10-year Treasury 5.50 Farmers State Bank 6.38% Indonesia rupiah .0000638 15662 1.8 Middle East/Africa
2.00 –7 s Euro
note yield Marion, IA 319-390-2534 Yen Japan yen .006644 150.51 6.7 Bahrain dinar 2.6532 .3769 –0.01
t 4.25 1.00 Kazakhstan tenge .002222 449.97 –1.2 Egypt pound .0324 30.9024 –0.1
Dearborn Federal Svgs Bk 6.50% –14 Macau pataca .1240 8.0635 0.1 Israel shekel .2771 3.6083 0.1
Dearborn, MI 313-565-3100 1 3 6 1 2 3 5 7 10 20 30 2023 2024
3.00 Malaysia ringgit .2100 4.7620 3.6 Kuwait dinar 3.2500 .3077 0.2
Macatawa Bank 6.50% month(s) years New Zealand dollar .6171 1.6205 2.4
MAM J J A S O N D J F Oman sul rial 2.5975 .3850 unch
Zeeland, MI 616-748-9491 maturity Pakistan rupee .00358 279.500 –0.6 Qatar rial .2742 3.646 0.1
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.975 1.0 Saudi Arabia riyal .2666 3.7505 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7440 1.3440 1.8 South Africa rand .0524 19.0982 4.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0007506 1332.33 2.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Sri Lanka rupee .0032209 310.47 –4.2
Yield (%) 52-Week Total Return (%) Taiwan dollar .03163 31.615 3.0 WSJ Dollar Index 98.42 0.01 0.01 2.70
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.30 4.55 l 5.40 5.30 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2130.810 4.530 4.460 5.120 3.610 1.915 –3.584
Money market, annual yield 0.51 0.51 0.46 l 0.64 0.43
Five-year CD, annual yield 2.86 2.86 2.75 l 2.87 2.41 U.S. Treasury Long, Bloomberg 3068.580 4.550 4.550 5.280 3.630 –3.645–10.310 Commodities Tuesday 52-Week YTD
30-year mortgage, fixed† 7.53 7.46 6.75 l 8.28 4.23 Aggregate, Bloomberg 2016.920 4.980 4.900 5.740 4.200 2.973 –3.292 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.80 6.65 6.00 l 7.42 4.25 Fixed-Rate MBS, Bloomberg 1981.280 5.200 5.120 6.050 4.290 1.754 –3.523
Jumbo mortgages, $766,550-plus† 7.60 7.55 6.79 l 8.33 4.27 DJ Commodity 948.70 7.47 0.79 1035.63 930.59 -5.72 -0.95
High Yield 100, ICE BofA 3541.154 7.335 7.321 9.101 7.030 10.890 2.095 Refinitiv/CC CRB Index 276.49 2.86 1.04 290.29 253.85 2.47 4.80
Five-year adj mortgage (ARM)† 6.52 6.44 5.64 l 7.16 3.33
Muni Master, ICE BofA 585.956 3.214 3.218 4.311 2.801 5.013 –0.174 Crude oil, $ per barrel 78.87 1.29 1.66 93.68 66.74 2.36 10.08
New-car loan, 48-month 7.87 7.86 6.75 l 7.87 3.84
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 841.333 7.508 7.577 8.842 7.206 8.602 –2.175 Natural gas, $/MMBtu 1.615 -0.044 -2.65 3.575 1.576 -41.21 -35.76
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. 2034.00 5.50 0.27 2081.90 1812.70 11.21 -1.38
THE WALL STREET JOURNAL. * * * * Wednesday, February 28, 2024 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 102-092 102-113 102-077 102-082 –.4 3,085,937 June .05749 .05766 .05748 .05763 .00013 1,351
Contract Open
March 44.47 45.50 44.41 44.91 .51 21,930 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Euro (CME)-€125,000; $ per €
May 45.02 46.12 45.02 45.53 .51 237,203 Feb 94.6700 94.6725 t 94.6700 94.6700 566,024 March 1.0861 1.0875 1.0842 1.0854 –.0002 698,449
Open High hi lo Low Settle Chg interest
Rough Rice (CBT)-2,000 cwt.; $ per cwt. April 94.6750 94.6800 t 94.6700 94.6750 462,232 June 1.0901 1.0916 1.0884 1.0896 –.0002 14,289
Copper-High (CMX)-25,000 lbs.; $ per lb. March 18.26 18.26 17.87 17.99 –.30 967 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Feb 3.8200 3.8200 3.8200 3.8310 0.0070 747 May 18.60 18.63 18.22 18.36 –.29 9,200 Index Futures
Dec 94.6475 94.6475 94.6450 94.6450 1,123,045
May 3.8360 3.8655 3.8340 3.8505 0.0160 107,784 Wheat (CBT)-5,000 bu.; cents per bu.
Dec'24 95.4700 95.5050 t 95.4400 95.4450 –.0150 1,135,977 Mini DJ Industrial Average (CBT)-$5 x index
Gold (CMX)-100 troy oz.; $ per troy oz. March 576.00 591.75 575.50 586.00 8.75 20,943
Feb 2035.90 2035.90 2035.90 2034.00 5.50 242 May 573.75 589.50 571.50 584.25 9.50 183,660 March 39097 39154 38911 39016 –100 105,031
March 2031.00 2038.00 2028.70 2034.40 5.30 3,085 Wheat (KC)-5,000 bu.; cents per bu. Currency Futures June 39515 39572 39344 39441 –103 1,036
March 584.00 597.25 583.50 593.50 9.75 6,146 Mini S&P 500 (CME)-$50 x index
April 2041.20 2049.10 2038.10 2044.10 5.20 316,780 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 5077.50 5093.00 5067.00 5090.00 9.75 2,262,797
June 2060.70 2068.80 2058.40 2064.10 5.30 43,286 May 576.00 591.25 575.50 585.75 9.25 117,472
March .6658 .6685 .6657 .6665 .0010 305,645
Aug 2078.80 2086.90 2077.60 2082.70 5.40 23,792
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 5137.00 5153.50 5128.25 5151.00 9.75 73,535
March 253.050 254.400 251.675 253.000 –.050 7,614 June .6752 .6779 .6752 .6759 .0009 9,764 Mini S&P Midcap 400 (CME)-$100 x index
Oct 2097.20 2104.70 2095.20 2100.60 5.50 6,000 Canadian Dollar (CME)-CAD 100,000; $ per CAD March 2858.40 2873.90 2855.40 2872.30 13.00 38,659
April 259.025 260.650 257.675 258.950 .050 16,788
Palladium (NYM) - 50 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. March .7407 .7418 .7388 .7394 –.0009 154,219 June 2894.10 12.10 3
Feb 939.10 –14.60 3 Feb 185.600 186.375 s 185.525 185.600 –.125 1,173 June .7417 .7428 .7399 .7404 –.0009 6,440 Mini Nasdaq 100 (CME)-$20 x index
June 961.50 982.50 945.00 952.20 –14.50 20,324 April 188.300 189.150 187.300 187.725 –.375 127,874 British Pound (CME)-£62,500; $ per £ March 17951.00 18040.25 17908.75 18021.00 44.00 282,525
Platinum (NYM)-50 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 1.2686 1.2699 1.2662 1.2682 .0002 193,211 June 18187.50 18277.50 18147.50 18261.25 45.50 2,669
Feb 892.80 16.00 11 April 86.100 86.775 85.800 85.900 –.375 95,545 June 1.2688 1.2704 1.2670 1.2688 .0001 13,559
Mini Russell 2000 (CME)-$50 x index
April 883.90 901.70 883.10 897.00 15.90 77,355 June 99.750 100.350 s 99.050 99.325 –.525 47,418 March 2031.00 2062.40 2027.10 2059.90 27.70 510,879
Swiss Franc (CME)-CHF 125,000; $ per CHF
Silver (CMX)-5,000 troy oz.; $ per troy oz. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March 1.1389 1.1408 1.1374 1.1391 .0014 63,409
June 2055.40 2085.90 2050.30 2083.50 28.40 2,315
Feb 22.523 –0.452 4 March 565.50 566.50 562.50 564.50 –2.50 4,030 Mini Russell 1000 (CME)-$50 x index
May 586.50 586.50 581.50 585.50 –2.00 3,877 June 1.1507 1.1520 1.1488 1.1504 .0015 633 March 2786.30 2792.30 2779.90 2792.30 7.00 6,177
May 22.735 22.930 22.625 22.757 0.022 104,691
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Milk (CME)-200,000 lbs., cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD U.S. Dollar Index (ICE-US)-$1,000 x index
Feb 16.13 16.13 16.11 16.11 –.01 4,732 March .6542 .6562 .6529 .6547 .0006 201,329 March 103.72 103.86 103.54 103.76 .01 28,946
April 77.62 79.00 77.17 78.87 1.29 340,212
March 17.60 17.63 17.17 17.28 –.30 4,507 June .6555 .6579 .6548 .6565 .0006 2,743 June 103.34 103.44 103.20 103.38 .01 979
May 77.11 78.33 76.67 78.23 1.14 190,737
June 76.62 77.72 76.18 77.64 1.05 165,627
Cocoa (ICE-US)-10 metric tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN
March 6,780 6,893 6,743 6,755 –129 626 March .05831 .05850 .05829 .05845 .00013 248,804 Source: FactSet
July 76.08 77.06 75.68 77.00 0.95 104,069
May 6,511 6,588 6,369 6,455 –102 96,558
Sept 74.86 75.71 74.48 75.66 0.81 94,486
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 73.23 73.99 72.86 73.91 0.67 179,677 March 191.10 192.55 188.55 194.05 3.95 787
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
March 2.7460 –.0167 18,209
May 180.00 184.60 177.50 183.05 3.45 111,468 Bonds | wsj.com/market-data/bonds/benchmarks
2.7717 2.7863 2.7334 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
April 2.7160 2.7287 2.6816 2.6977 –.0096 102,842
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
March
May
23.24
22.20
24.07
22.95
23.12
22.16
23.84
22.68
.69 47,305
.52 296,115 Tracking Bond Benchmarks
March 2.3067 2.3477 2.3060 2.3444 .0388 17,153 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
April 2.5634 2.5983 2.5595 2.5944 .0372 101,544 May 41.80 … 2,190 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
March 1.625 1.720 t 1.511 1.615 –.044 2,492 March 96.75 99.00 s 96.71 100.75 4.17 39 Total Total
April 1.751 1.838 1.710 1.808 .064 294,822 May 94.65 98.80 s 94.54 98.80 4.00 132,548 return YTD total Yield (%) return YTD total Yield (%)
May 1.905 1.989 1.865 1.965 .074 263,065 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
March 376.95 377.40 368.95 368.95 –10.00 1,533
July 2.390 2.485 2.359 2.460 .080 101,218
May 379.55 380.00 371.25 371.25 –10.00 6,270 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 2.456 2.560 2.441 2.539 .079 95,191
Oct 2.521 2.631 2.516 2.612 .078 103,835
-2.1 U.S. Aggregate 4.980 4.200 5.740 1981.28 -2.6 Mortgage-Backed 5.200 4.290 6.050
Interest Rate Futures 2016.92
Agriculture Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Fixed Income Indices 1955.93 -2.7 Ginnie Mae (GNMA) 5.230 4.350 6.020
March 125-130 125-280 124-150 124-180 –15.0 290,598
Corn (CBT)-5,000 bu.; cents per bu. 3060.63 -1.9 U.S. Corporate 5.440 4.990 6.430 1164.92 -2.6 Fannie mae (FNMA) 5.190 4.280 6.050
June 127-120 127-260 126-090 126-130 –17.0 1,409,849
March 406.50 411.50 406.25 408.25 1.25 115,990 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
May 421.00 426.50 421.00 423.50 2.00 607,049 2967.26 -0.8 Intermediate 5.360 4.890 6.350 1803.73 -2.1 Freddie Mac (FHLMC) 5.130 4.240 6.190
March 118-290 119-090 118-060 118-100 –9.0 414,618
Oats (CBT)-5,000 bu.; cents per bu. June 118-310 119-090 118-060 118-100 –10.0 1,167,540 4049.13 -3.9 Long term 5.600 5.160 6.600 585.96 -0.4 Muni Master 3.214 2.801 4.311
March 377.75 380.00 371.50 373.00 –2.00 579 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
May 366.25 370.00 362.00 366.00 3.00 2,117 March 109-230 109-280 109-150 109-170 –2.5 847,837 583.32 -2.5 Double-A-rated 5.000 4.320 5.760 416.93 -0.4 7-12 year 2.872 2.404 4.097
Soybeans (CBT)-5,000 bu.; cents per bu. June 110-080 110-130 109-315 110-015 –3.0 3,796,408
March 1136.00 1152.25 1128.75 1131.25 –4.75 51,561 824.32 -1.7 Triple-B-rated 5.650 5.250 6.700 473.92 -0.4 12-22 year 3.540 3.294 4.742
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
May 1145.00 1161.50 1138.50 1140.75 –4.50 335,584 March 106-085
106-115 106-152 106-072 –1.0 1,299,474 High Yield Bonds ICE BofA 446.91 -0.5 22-plus year 4.192 4.020 5.274
Soybean Meal (CBT)-100 tons; $ per ton. June 106-247 106-285 106-200 106-215 –1.0 4,826,759
March 334.50 339.80 t 326.70 327.80 –6.60 30,657 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 527.00 0.2 High Yield Constrained 7.886 7.620 9.560 Global Government J.P. Morgan†
May 328.80 333.90 t 323.30 324.90 –3.70 230,981 March 101-262 101-278 101-245 101-248 –.6 692,229
514.77 1.5 Triple-C-rated 13.177 12.776 15.457 534.29 -1.7 Global Government 3.340 2.740 3.810

3541.15 -0.02 High Yield 100 7.335 7.030 9.101 786.39 -2.0 Canada 3.580 2.880 4.260
Cash Prices | wsj.com/market-data/commodities Tuesday, February 27, 2024 460.11 0.8 Global High Yield Constrained 7.727 7.648 9.440 349.36 -2.0 EMU§ 3.157 2.669 3.790
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 350.52 1.3 Europe High Yield Constrained 6.265 6.222 8.022 644.46 -2.4 France 3.060 2.540 3.630
separate from the futures price on an exchange, which reflects what the commodity might be worth in future U.S Agency Bloomberg Fixed Income Indices 455.69 -2.6 Germany 2.550 2.020 3.030
months.
1769.03 -0.6 U.S Agency 4.850 4.130 5.390 278.56 -0.2 Japan 1.080 0.710 1.300
Tuesday Tuesday Tuesday
Copper,Comex spot 3.8310 Wheat,No.2 soft red,St.Louis-u 6.1100 1566.68 -0.4 10-20 years 4.840 4.120 5.370 494.63 -2.8 Netherlands 2.780 2.260 3.320
Energy Iron Ore, 62% Fe CFR China-s *116.0 Wheat - Hard - KC (USDA) $ per bu-u 6.2975
Steel, HRC USA, FOB Midwest Mill-s *860.0
3337.58 -3.2 20-plus years 4.950 4.300 5.740 779.04 -4.1 U.K. 4.420 3.510 4.880
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.500 Wheat,No.1soft white,Portld,OR-u 6.3750
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals Food 2686.90 -1.4 Yankee 5.270 4.720 6.110 841.33 -0.9 Emerging Markets ** 7.508 7.206 8.842
BMI Lithium Carbonate, EXW China, =99.2%-v,w 13250
Metals Beef,carcass equiv. index
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11325
BMI Cobalt sulphate, EXW China, >20.5% -v,m 4448 choice 1-3,600-900 lbs.-u 284.13 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Gold, per troy oz
Engelhard industrial 2035.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3628 select 1-3,600-900 lbs.-u 271.69
Handy & Harman base
Handy & Harman fabricated
2035.05
2258.91
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m
Fibers and Textiles
538 Broilers, National comp wtd. avg.-u,w
Butter,AA Chicago-d
1.2625
2.8350 Global Government Bonds: Mapping Yields
Cheddar cheese,bbl,Chicago-d 167.00
LBMA Gold Price AM *2035.15
Cheddar cheese,blk,Chicago-d 161.00
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
LBMA Gold Price PM *2027.20 Burlap,10-oz,40-inch NY yd-n,w 0.7775
Krugerrand,wholesale-e 2116.50 Cotton,1 1/16 std lw-mdMphs-u 0.9605 Milk,Nonfat dry,Chicago lb.-d 118.00 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Maple Leaf-e 2136.86 Cotlook 'A' Index-t *100.70 Coffee,Brazilian,Comp-y 1.8048
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0412 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
American Eagle-e 2136.86 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Mexican peso-e 2461.72 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.0550
Flour,hard winter KC-p 18.10 4.625 U.S. 2 4.712 t l 4.738 4.365 4.791
Austria crown-e 1997.81 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. 4.000 10 4.314 s l 4.298 4.159 3.921
Austria phil-e 2136.86
Bran,wheat middlings, KC-u,w 85 Hogs,Iowa-So. Minnesota-u 79.63
Silver, troy oz. 0.250 Australia 2 3.828 s l 3.824 3.911 3.700 -88.4 -90.5 -109.1
Corn,No. 2 yellow,Cent IL-bp,u 3.8700 Pork bellies,12-14 lb MidUS-u 1.5710
Engelhard industrial 22.7000 Pork loins,13-19 lb MidUS-u 1.2805 3.000 10 4.143 s l 4.113 4.249 3.889 -17.1 -16.9 -2.9
Corn gluten feed,Midwest-u,w 146.0
Handy & Harman base 22.5440 Steers,Tex.-Okla. Choice-u n.a.
Corn gluten meal,Midwest-u,w 435.4 2.500 France 2 2.936 s l 2.929 2.567 3.183 -177.6 -180.0 -160.7
Handy & Harman fabricated 28.1800 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 294.50
LBMA spot price *£17.7300 Hominy feed,Cent IL-u,w 145 3.500 10 2.940 s l 2.903 2.785 3.065 -137.4 -138.0 -85.3
(U.S.$ equivalent) *22.5100 Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 293 2.500 Germany 2 2.954 s l 2.942 2.640 3.068 -175.8 -178.7 -172.3
Coins,wholesale $1,000 face-a 18625 Oats,No.2 milling,Mnpls-u 4.2600 Degummed corn oil, crude wtd. avg.-u,w n.a.
Other metals 2.200 10 2.467 s l 2.447 2.305 2.580 -184.7 -183.5 -133.8
Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.3650
LBMA Platinum Price PM *886.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. 3.600 Italy 2 3.436 t l 3.463 3.102 3.570 -127.6 -126.6 -122.0
Platinum,Engelhard industrial 898.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 353.00 Soybean oil,crude;Centl IL-u,w 0.4377 4.200 10 3.906 s 3.885 3.817 4.431 -39.8 51.3
l -40.8
Palladium,Engelhard industrial 975.0 Soybeans,No.1 yllw IL-bp,u 11.0600 Tallow,bleach;Chicago-h 0.4213
Aluminum, LME, $ per metric ton *2140.5 Wheat,Spring14%-pro Mnpls-u 8.3875 Tallow,edible,Chicago-u n.a. 0.100 Japan 2 0.169 s l 0.160 0.048 -0.025 -454.3 -456.9 -481.6
0.600 10 0.695 s l 0.691 0.720 0.505 -361.9 -359.2 -341.3
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;
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 2.800 Spain 2 3.103 s l 3.094 3.116 3.304 -160.8 -163.5 -148.7
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/26 3.250 10 3.343 s 3.313 3.204 3.536 -97.0 -38.2
Source: Dow Jones Market Data
l -97.2
3.500 U.K. 2 4.647 s l 4.595 4.358 4.062 -6.4 -13.5 -72.8
4.250 10 4.132 s l 4.094 3.972 3.704 -18.2 -18.8 -21.4
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close

Money Rates February 27, 2024 Corporate Debt

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
guide to general levels but don’t always represent actual transactions. expectations
Week —52-WEEK— Week —52-WEEK— Investment-grade spreads that tightened the most…
Inflation Latest ago High Low Latest ago High Low Spread*, in basis points
Jan. Index Chg From (%) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
level Dec. '23 Jan. '23 Federal funds Commercial paper (AA financial)
Effective rate 5.3300 5.3300 5.3500 4.5800 90 days n.a. n.a. 5.54 4.74 Massachusetts Institute of Technology MASSIN 3.308 4.72 July 1, ’26 –2 –16 n.a.
U.S. consumer price index
High 5.5500 5.6500 5.6500 4.9000 –12
All items 308.417 0.54 3.1 Secured Overnight Financing Rate Sumitomo Mitsui Financial SUMIBK 2.174 5.02 Jan. 14, ’27 55 70
Core 313.623 0.55 3.9 Low 5.3200 5.3100 5.3300 4.5500
5.31 5.30 5.40 4.55 –9
Bid 5.3200 5.3100 5.3300 4.5700 Bank of Nova Scotia BNS 5.350 5.21 Dec. 7, ’26 49 49
International rates Offer 5.3300 5.3300 5.3700 4.5800 Value 52-Week
–9
Latest Traded High Low Tapestry TPR 7.000 5.92 Nov. 27, ’26 119 128
Week 52-Week Treasury bill auction
Latest ago High Low DTCC GCF Repo Index Caterpillar Financial Services … 4.500 4.75 Jan. 8, ’27 27 –8 27
4 weeks 5.285 5.280 5.840 3.190
Treasury 5.340 24.560 5.504 4.561 –8
Prime rates 13 weeks 5.255 5.230 5.345 4.675 MBS 5.354 31.820 5.689 4.571
Verizon Communications VZ 2.625 5.10 Aug. 15, ’26 37 38
U.S. 8.50 8.50 8.50 7.75 26 weeks 5.130 5.100 5.350 4.620 –7
Notes on data: HSBC Holdings HSBC 6.500 6.16 Sept. 15, ’37 189 200
Canada 7.20 7.20 7.20 6.70
Japan 1.475 1.475 1.475 1.475 Secondary market U.S. prime rate is the base rate on corporate General Motors GM 6.250 6.16 Oct. 2, ’43 160 –6 164
loans posted by at least 70% of the 10 largest
Policy Rates Fannie Mae U.S. banks, and is effective July 27, 2023. Other
30-year mortgage yields prime rates aren’t directly comparable; lending …And spreads that widened the most
Euro zone 4.50 4.50 4.50 3.00
practices vary widely by location; Discount rate
Switzerland 2.25 2.25 2.25 1.50 30 days 6.508 6.556 7.495 5.496 John Deere Capital … 1.050 4.99 June 17, ’26 27 15 n.a.
is effective July 27, 2023. Secured Overnight
Britain 5.25 5.25 5.25 4.00 60 days 6.520 6.563 7.554 5.500
Australia 4.35 4.35 4.35 3.35 Financing Rate is as of February 26, 2024. Commonwealth Bank of Australia CBAAU 5.316 5.13 March 13, ’26 42 6 26
DTCC GCF Repo Index is Depository Trust &
Overnight repurchase Other short-term rates Clearing Corp.'s weighted average for overnight Mizuho Financial MIZUHO 2.564 5.71 Sept. 13, ’31 142 6 n.a.
U.S. 5.33 5.31 5.48 4.55 trades in applicable CUSIPs. Value traded is in
Week 52-Week billions of U.S. dollars. Federal-funds rates are Credit Suisse … 7.500 5.34 Feb. 15, ’28 102 6 101
U.S. government rates Latest ago high low Tullett Prebon rates as of 5:30 p.m. ET.
Citigroup C 4.600 5.51 March 9, ’26 78 5 n.a.
Sources: Federal Reserve; Bureau of Labor
Discount Call money Statistics; DTCC; FactSet;
GlaxoSmithKline Capital … 4.200 5.26 March 18, ’43 70 5 n.a.
5.50 5.50 5.50 4.75 7.25 7.25 7.25 6.50 Tullett Prebon Information, Ltd.
Guardian Life Global Funding GUARDN 5.737 4.92 Oct. 2, ’28 59 5 n.a.
5
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Mitsubishi UFJ Financial MUFG 2.757 5.24 Sept. 13, ’26 53 n.a.

Largest 100 exchange-traded funds, latest session ETF

Closing Chg YTD
Symbol Price (%) (%)
High-yield issues with the biggest price increases…
Bond Price as % of face value
Closing Chg YTD SPDR S&P Div SDY 125.30 0.36 0.3
Tuesday, February 27, 2024 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) TechSelectSector XLK 205.67 0.09 6.9
Closing Chg YTD VangdInfoTech VGT 515.27 0.15 6.5
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.61 ... –0.5 Dish DBS … 5.875 16.26 Nov. 15, ’24 93.250 1.38 92.000
VangdSC Val VBR 181.98 0.65 1.1
CommSvsSPDR XLC 79.20 0.81 9.0 iShRussMC IWR 80.33 0.45 3.3
iShRuss1000 IWB 279.08 0.21 6.4
VangdExtMkt VXF 169.71 0.86 3.2
Navient NAVI 5.625 8.61 Aug. 1, ’33 81.000 0.38 n.a.
CnsmrDiscSel XLY 182.45 0.33 2.0 VangdDivApp VIG 178.25 0.01 4.6
DimenUSCoreEq2 DFAC 30.71 0.36 5.1 iShRuss1000Grw IWF 330.64 0.13 9.1
VangdFTSEAWxUS VEU 57.26 0.16 2.0 Bausch Health BHCCN 11.000 22.19 Sept. 30, ’28 68.750 0.25 67.450
EnSelSectorSPDR XLE 85.89 –0.43 2.4 iShRuss1000Val IWD 170.66 0.28 3.3
VangdFTSEDevMk VEA 48.83 0.18 1.9
FinSelSectorSPDR XLF 40.21 0.27 6.9 iShRuss2000 IWM 204.00 1.42 1.6 0.25
iShS&P500Grw IVW 82.42 0.07 9.7
VangdFTSE EM VWO 41.57 0.31 1.1 Onemain Finance OMF 6.875 5.62 March 15, ’25 101.250 100.975
GrayscaleBitcoin GBTC 50.85 4.57 46.9 VangdFTSE Europe VGK 65.52 0.17 1.6
HealthCrSelSect XLV 146.74 –0.24 7.6 iShS&P500Value IVE 179.14 0.26 3.0
iShSelectDiv DVY 116.27 0.93 –0.8
VangdGrowth VUG 338.50 0.17 8.9 Crane CXT 6.550 6.31 Nov. 15, ’36 102.029 0.24 n.a.
InvscNasd100 QQQM 180.16 0.23 6.9
VangdHlthCr VHT 269.62 0.12 7.5
InvscQQQI QQQ 437.60 0.24 6.9 iSh7-10YTreaBd IEF 93.69 –0.22 –2.8
0.13
RSP iShShortTreaBd SHV 110.46 0.02 0.3
VangdHiDiv VYM 115.28 0.15 3.3 Occidental Petroleum OXY 7.875 5.74 Sept. 15, ’31 112.921 112.739
InvscS&P500EW 162.06 0.44 2.7
VangdIntermBd BIV 74.67 –0.17 –2.2
iShCoreDivGrowth DGRO 56.15 0.14 4.3 iShTIPSBond TIP 106.05 –0.12 –1.3
VangdIntrCorpBd VCIT 79.64 –0.08 –2.0
iShCoreMSCIEAFE
iShCoreMSCIEM
IEFA
IEMG
72.03
50.94
0.26
0.18
2.4
0.7
iSh20+YTreaBd
iShUSTreasuryBd
TLT
GOVT
92.93
22.54
–0.71
–0.18
–6.0
–2.2
VangdIntermTrea VGIT 58.16 –0.12 –2.0 …And with the biggest price decreases
iSh0-3MTreaBd SGOV 100.66 0.02 0.4 VangdLC VV 233.04 0.22 6.8
iShCoreMSCITotInt IXUS 66.04 0.20 1.7
VangdMegaGrwth MGK 283.28 0.19 9.2 Teva Pharmaceutical Finance … 6.150 6.79 Feb. 1, ’36 94.829 –1.14 n.a.
iShCoreS&P500 IVV 509.32 0.18 6.6 JPM EqPrem JEPI 56.90 –0.04 3.5
VangdMC VO 238.90 0.50 2.7
iShCoreS&P MC IJH 57.28 0.53 3.3 JPM UltShIncm JPST 50.41 0.02 0.4
VMBS Venture Global Calcasieu Pass VENTGL 4.125 6.18 Aug. 15, ’31 87.842 –0.66 88.757
PacerUSCashCows COWZ 53.78 0.22 3.4 VangdMBS 45.09 –0.20 –2.7
iShCoreS&P SC IJR 107.51 0.84 –0.7
ProShUltPrQQQ TQQQ 59.91 0.62 18.2 VangdRealEst VNQ 83.98 0.12 –5.0 –0.51
iShCoreS&PTotUS ITOT 111.71 0.26 6.2
VangdRuss1000Grw VONG 85.10 0.13 9.1
Transocean RIG 6.800 9.74 March 15, ’38 77.743 77.250
iShCoreTotUSDBd IUSB 45.16 –0.15 –2.0 SPDRBbg1-3MTB BIL 91.73 0.02 0.4
iShCoreUSAggBd AGG 97.00 –0.13 –2.3 SPDR DJIA Tr DIA 389.66 –0.27 3.4 VangdS&P500ETF VOO 465.93 0.18 6.7
Embarq EMBARQ 7.995 16.15 June 1, ’36 57.000 –0.50 60.500
iShEdgeMSCIMinUSA USMV 81.44 0.04 4.4 SPDR Gold GLD 188.00 –0.11 –1.7 VangdST Bond BSV 76.39 –0.03 –0.8
iShEdgeMSCIUSAQual QUAL 160.10 –0.01 8.8 SPDRPtfDevxUS SPDW 34.73 0.14 2.1 VangdSTCpBd VCSH 76.96 0.01 –0.5 –0.38
VangdShortTrea VGSH 58.00 0.03 –0.6
Goldman Sachs Capital I GS 6.345 5.98 Feb. 15, ’34 102.679 103.552
iShGoldTr IAU 38.40 –0.10 –1.6 SPDRS&P500Value SPYV 48.08 0.25 3.1
iShiBoxx$HYCpBd HYG 77.20 0.13 –0.2 SPDRPtfS&P500 SPLG 59.64 0.18 6.7 VangdSC VB 218.77 0.84 2.6 Prime Security Services Borrower PRSESE 5.750 6.17 April 15, ’26 99.184 –0.32 99.500
iShiBoxx$IGCpBd LQD 107.57 –0.14 –2.8 SPDRS&P500Growth SPYG 71.43 0.15 9.8 VangdTaxExemptBd VTEB 50.60 –0.08 –0.9
iShMBS MBB 91.47 –0.14 –2.8 SPDR S&P 500 SPY 506.93 0.19 6.7 VangdTotalBd BND 71.94 –0.15 –2.2 Advance Auto Parts AAP 5.900 6.03 March 9, ’26 99.750 –0.28 n.a.
iShMSCIACWI ACWI 106.69 0.20 4.8 SchwabIntEquity SCHF 37.80 0.08 2.3 VangdTotIntlBd BNDX 48.61 –0.16 –1.5
iShMSCI EAFE EFA 77.50 0.27 2.9 SchwabUS BrdMkt SCHB 59.14 0.32 6.2 VangdTotIntlStk VXUS 58.93 0.19 1.7 Occidental Petroleum OXY 7.500 5.67 May 1, ’31 110.657 –0.21 110.682
iSh MSCI EM EEM 40.50 0.20 0.7 SchwabUS Div SCHD 77.54 0.09 1.9 VangdTotalStk VTI 251.94 0.28 6.2
iShMSCIEAFEValue EFV 52.33 0.42 0.4 SchwabUS LC SCHX 60.16 0.20 6.7 VangdTotWrldStk VT 107.47 0.21 4.5 *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.
iShNatlMuniBd MUB 107.73 –0.03 –0.6 SchwabUS LC Grw SCHG 90.74 0.19 9.4 VangdValue VTV 155.62 0.14 4.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCpBd IGSB 51.02 ... –0.5 SPDR S&PMdCpTr MDY 523.60 0.42 3.2 WT FRTrea USFR 50.28 ... 0.1 Source: MarketAxess
B12 | Wednesday, February 28, 2024 * THE WALL STREET JOURNAL.

BANKING & FINANCE

Chinese Hydrogen Fuel-Cell Maker Plans IPO

BY DAVE SEBASTIAN the people said. better known as Sinopec; Chi- drew that plan in the same
Deliberations are continu- nese investment firm Legend year, according to a filing,
Refire, a Chinese maker of ing, and the size and timing of Capital; and Paris-based Ca- which didn’t specify the rea-
hydrogen fuel cells, is prepar- the deal could change depend- thay Capital. son for its cancellation.
ing for a Hong Kong initial ing on market conditions. Re- Refire would be joining the New Hong Kong listings
public offering as early as this fire didn’t respond to requests rush of companies along the raised just $5.9 billion in 2023,
year, people familiar with the for comment. electric-vehicle supply chain the lowest total in more than
matter said, reviving the com- Hydrogen fuel cells, which that are tapping the funding 20 years, according to Dea-
pany’s listing plan after a can- mix hydrogen with oxygen to market at a time when Chi- logic.
celed attempt in mainland create electricity, are among nese IPOs are in the doldrums. The volume so far in 2024
China. the green alternatives for ve- Star Charge, a maker of EV stands at $278.6 million, down
The Shanghai-based com- hicles. Founded in 2015, Refire charging stations, aims to go 42% from the same period last

QILAI SHEN/BLOOMBERG NEWS

pany is set to file a prelimi- says its products were power- public in Hong Kong as early year.
nary prospectus with the ing more than 5,000 fuel-cell as the second half of this year, In mainland China, the
Hong Kong stock exchange as vehicles and various devices in The Wall Street Journal re- country’s securities regulator
soon as this week, the people more than 40 cities as of the ported. has since August put most
said, barring any last-minute second quarter of last year. Refire filed for an IPO in listing approvals on ice to pre-
snags. The company’s backers in- 2021 on the Shanghai Stock vent share sales from weigh-
The deal could raise up- clude state-owned oil giant Exchange’s Nasdaq-style STAR ing on its flagging domestic
ward of $100 million, one of China Petroleum & Chemical, Market. The company with- stock market. Refire’s Hong Kong listing could raise upward of $100 million.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
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Net
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Continued From Page B8 Net Net PepsiCo PEP 168.16 -0.10 s ScienceApplicat SAIC 140.51 1.05 Teradyne TER 100.27 -1.88 WasteConnections WCN 168.33 -1.30 Weyerhaeuser WY 32.90 0.12 XPO XPO 118.61 -1.87
Net Stock Sym Close Chg Stock Sym Close Chg s PerformanceFood PFGC 76.67 0.73 Sea SE 46.73 1.37 Tesla TSLA 199.73 0.33 WasteMgt WM 207.78 0.32 WheatonPrecMet WPM 39.50 0.31 XcelEnergy XEL 58.28 0.23
Stock Sym Close Chg s HomeDepot HD 375.56 3.96 ManhattanAssoc MANH 250.47 0.38 PermianRscs PR 15.21 0.01 s Seagate STX 90.70 2.04 TetraTech TTEK 175.81 -2.00 Waters WAT 332.65 5.62 Williams WMB 35.04 0.32 XPeng XPEV 9.38 0.16
EdisonIntl EIX 67.71 1.16 HondaMotor HMC 35.25 -0.41 ManulifeFinl MFC 24.10 0.18 PetroleoBrasil PBR 17.70 0.05 Sempra SRE 71.06 0.15 TevaPharm TEVA 13.30 0.01 Watsco WSO 389.11 5.40 s Williams-Sonoma WSM 233.44 3.71 Xylem XYL 125.69 -0.02
s PetroleoBrasilA PBR.A 17.22 0.13 SentinelOne S 28.50 0.48 TexasInstruments TXN 164.94 0.64 WeatherfordIntl WFRD 104.13 -0.90 WillisTowers WTW 275.06 0.04 YPF YPF 17.41 -0.50
EdwardsLife EW 86.51 0.36 Honeywell HON 198.18 -1.01 Maplebear CART 31.56 0.17
ElancoAnimal ELAN 16.46 0.20 HormelFoods HRL 30.90 0.45 MarathonOil MRO 24.29 0.14 Pfizer PFE 26.89 -0.29 ServiceIntl SCI 71.71 -0.05 TexasPacLand TPL 1587.10 26.87 WebsterFin WBS 47.79 1.10 WillScotMobile WSC 47.35 -0.66 Yum!Brands YUM 137.04 -1.02
PhilipMorris PM 90.18 -0.24 ServiceNow NOW 767.14 -12.52 TexasRoadhouse TXRH 149.68 -0.61 s WellsFargo WFC 54.81 0.68 s Wingstop WING 339.01 -10.45 YumChina YUMC 42.52 0.52
Elastic ESTC 131.21 0.51 DR Horton DHI 145.44 -0.42 MarathonPetrol MPC 171.13 -1.31 Wipro WIT 6.30 -0.02 ZTO Express ZTO 19.04 -0.03
HostHotels HST 20.23 0.18 Markel MKL 1461.42 18.35 Phillips66 PSX 145.34 -2.97 s SharkNinja SN 53.77 -0.83 Textron TXT 87.67 0.56 Welltower WELL 92.12 0.26 Wix.com
ElbitSystems ESLT 223.38 3.33 WIX 140.32 5.78 ZebraTech ZBRA 275.78 -2.28
HoulihanLokey HLI 129.56 -1.39 MarketAxess MKTX 213.97 0.05 s Pilgrim'sPride PPC 32.21 1.02 Shell SHEL 63.40 0.02 ThermoFisher TMO 566.17 2.69 WescoIntl WCC 144.35 -0.25
ElectronicArts EA 139.50 -2.89
ElevanceHealth ELV 507.41 0.86 HowmetAerospace HWM 65.97 0.11 Marriott MAR 249.03 -0.19 PinnacleWest PNW 69.01 -0.26 s SherwinWilliams SHW 327.72 5.21 ThomsonReuters TRI 157.55 -1.54 WestPharmSvcs WST 358.29 -5.00 WoodsideEnergy WDS 19.99 0.26 Zillow C Z 54.84 1.17
Pinterest PINS 36.08 0.69 ShinhanFin SHG 31.55 0.40 3M MMM 92.30 0.48 WesternDigital WDC 57.48 0.40 Woodward WWD 137.67 -0.72 Zillow A ZG 52.67 1.01
EmersonElec EMR 106.13 -0.06 Hubbell HUBB 367.49 -2.09 Marsh&McLen MMC 203.23 -0.27 WF 34.01 0.92 ZimmerBiomet ZBH 126.37 -0.51
Enbridge ENB 34.49 0.10 HubSpot HUBS 615.61 8.65 s MartinMarietta MLM 559.08 5.77 PioneerNatRscs PXD 233.75 -0.21 ShockwaveMed SWAV 263.47 3.58 Toast TOST 22.12 0.78 WesternMidstrm WES 34.04 0.16 WooriFinl
PlainsAllAmPipe PAA 16.36 0.17 Workday WDAY 295.05 -12.16 Zoetis ZTS 199.00 1.96
EncompassHealth EHC 75.34 -0.05 Humana HUM 362.70 2.75 MarvellTech MRVL 69.13 0.51 Shopify SHOP 76.63 -0.93 s Toll Bros TOL 111.32 -1.24 Westlake WLK 136.80 -0.12 WynnResorts WYNN 102.69 -0.55 ZoomVideo ZM 68.17 5.05
JBHunt JBHT 207.53 -0.46 s Masco MAS 76.63 1.32 PlainsGP PAGP 17.11 0.21 SimonProperty SPG 149.70 0.17 s TopBuild BLD 413.15 3.73 s
Endeavor EDR 24.44 1.12 WestRock WRK 44.67 0.95 XP XP 24.61 0.50 Zscaler ZS 242.49 0.79
HuntingtonBcshs HBAN 13.02 0.24 Mastercard MA 474.75 0.24 Pool POOL 391.06 4.66 s SimpsonMfg SSD 207.25 7.68 Toro TTC 91.96 -0.74
EnergyTransfer ET 14.69 ...
HuntingIngalls HII 289.49 1.16 MatadorRscs MTDR 62.20 0.95 Primerica PRI 244.58 -2.61 SiriusXM SIRI 4.69 -0.04 TorontoDomBk TD 59.65 -0.13
EnphaseEnergy ENPH 121.11 1.27
HyattHotels H 151.47 0.51 MatchGroup MTCH 37.32 0.70 PrincipalFinl PFG 80.68 0.57 SiteOneLandscape SITE 164.91 -0.65 TotalEnergies TTE 64.54 0.24
Entegris ENTG 131.89 -0.62
ProcoreTech PCOR 76.93
BANKRATE.COM® MMA, Savings and CDs
McCormickVtg MKC.V 68.00 0.41 2.55 SkechersUSA SKX 60.90 0.40 s ToyotaMotor TM 238.04 -0.09
Entergy ETR 100.77 0.82 ICICI Bank IBN 25.58 0.05
IdexxLab IDXX 575.07 5.20 McCormick MKC 67.84 -0.04 Procter&Gamble PG 159.30 -0.92 Skyworks SWKS 104.17 0.44 s TractorSupply TSCO 251.20 8.49
EnterpriseProd EPD 27.61 0.20
ING Groep ING 13.75 0.17 McDonald's MCD 293.76 -3.36 s Progressive PGR 192.18 -1.40 SmithAO AOS 82.30 0.71 TradeDesk TTD 85.60 3.41
s Equifax EFX 268.33 3.08
Prologis PLD 132.49 -0.07 Smith&Nephew SNN 27.96 -0.57 Tradeweb TW 105.11 -0.10
Equinix
Equinor
EQIX 873.05 -0.31
EQNR 24.88 0.12
IQVIA
ITT
IQV 248.84
ITT 125.01
1.36
-0.76
s McKesson
Medpace
MCK 518.98 -0.22
MEDP 403.59 0.33 PrudentialFinl PRU 107.67 0.62 Smucker SJM 122.64 -2.61 TraneTech TT 283.52 -1.31 Average Yields of Major Banks Tuesday, February 27, 2024
Medtronic MDT 83.84 0.17 Prudential PUK 20.79 -0.14 Snap SNAP 10.90 0.18 TransDigm TDG 1174.22 -13.18
Equitable EQH 34.53 0.08 IcahnEnterprises IEP 19.32 0.17
MercadoLibre MELI 1607.44 -2.69 PublicServiceEnt PEG 61.58 1.94 Snap-On SNA 273.76 2.55 TransUnion TRU 77.19 0.73 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
EquityLife ELS 66.56 0.64 Icon ICLR 322.46 3.73
Merck MRK 129.03 0.19 PublicStorage PSA 279.58 0.96 Snowflake SNOW 234.03 3.10 Travelers TRV 221.88 1.80 National average
EquityResdntl EQR 59.47 0.65 IDEX IEX 236.05 -0.01
MetaPlatforms META 487.05 5.31 PulteGroup PHM 106.86 0.66 SOQUIMICH SQM 45.65 1.53 s Trex TREX 93.17 -1.69
s ErieIndemnity ERIE 389.34 34.96 IllinoisToolWks ITW 261.51 1.76
EssentialUtil WTRG 34.79 0.61 Illumina ILMN 139.76 2.79 MetLife MET 69.16 0.59 PureStorage PSTG 41.48 -0.02 SoFiTech SOFI 9.15 0.61 s Trimble TRMB 61.78 -0.03 Savings 0.59 0.46 0.53 1.94 1.48 1.58 1.39 1.21 1.19
Mettler-Toledo MTD 1213.21 17.95 Qiagen QGEN 43.49 -0.07 Sony SONY 85.79 -0.28 Trip.com TCOM 44.32 -1.58 Jumbos 0.97 0.48 0.53 1.99 1.51 1.75 1.53 1.32 1.33
EssexProp ESS 227.73 1.94 s ImperialOil IMO 63.00 0.44
Qorvo QRVO 114.01 0.49 Southern SO 66.46 0.21 TruistFinl TFC 34.88 0.35
EsteeLauder EL 148.51 3.49 Incyte INCY 61.00 0.47
s
MicrochipTech MCHP 82.94 0.04
MicronTech MU 91.85 2.39
s Qualcomm QCOM 158.30 1.27 SoCopper SCCO 80.80 0.86 Twilio TWLO 57.76 -0.02
Weekly change
Etsy ETSY 72.08 0.12 Informatica INFA 32.80 0.53
Microsoft MSFT 407.48 -0.06 s QuantaServices PWR 239.57 3.93 SouthwestAir LUV 34.52 0.37 TylerTech TYL 436.39 -4.80 Savings -0.03 -0.03 0.00 0.12 0.04 -0.01 -0.01 0.03 0.02
Everest EG 367.71 0.71 Infosys INFY 20.00 0.01
QuestDiag DGX 126.43 0.23 SouthwesternEner SWN 6.86 -0.08 TysonFoods TSN 54.13 0.01 Jumbos
Evergy EVRG 50.20 0.73 IngersollRand IR 90.38 -0.38 s MicroStrategy MSTR 871.80 75.32 -0.04 -0.02 0.00 0.12 0.04 0.00 0.00 0.04 0.03
Splunk SPLK 155.60 0.05 UBS Group UBS 28.57 0.22
t
EversourceEner ES 59.27 1.63
ExactSciences EXAS 56.90 -0.61
Ingredion
Insulet
INGR 115.16
PODD 166.62
0.54
-2.21
MidAmApt MAA 124.89 1.19
Middleby MIDD 153.48 -1.39
R S Spotify SPOT 253.02 -1.97 UDR UDR 35.08 0.06
Exelon
Expedia
EXC 36.21 0.58
EXPE 136.24 1.29
Intel INTC 42.73
InteractiveBrkrs IBKR 107.09
-0.26
-0.70
s MitsubishiUFJ MUFG 10.24 0.15
MizuhoFin MFG 3.77 0.08
RBC Bearings RBC 271.53
RB Global RBA 76.78
1.33
-0.35
StanleyBlackDck SWK 88.50 1.51
s Stantec STN 84.53 0.76
U-Haul
U-Haul N
UHAL 63.75 -0.07
UHAL/B 62.69 0.05 Consumer Savings Rates
ExpeditorsIntl EXPD 118.73 -0.57 ICE ICE 138.63 0.72 Mobileye MBLY 25.36 0.98 RELX RELX 44.04 -0.60 Starbucks SBUX 94.13 -0.15 US Foods USFD 51.64 0.27
ExtraSpaceSt EXR 140.22 1.02 InterContinentl IHG 110.74 0.11 Moderna MRNA 96.20 2.18 RPM RPM 112.77 0.68 StateStreet STT 73.48 0.61 UWM UWMC 6.71 0.16 Below are the top federally insured offers available nationwide according to Bankrate.com's
ExxonMobil XOM 104.03 -0.22 IBM IBM 184.87 0.74 MohawkInds MHK 115.05 1.17 RTX RTX 90.42 0.40 SteelDynamics STLD 132.97 1.90 Uber UBER 78.75 0.39 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please
F5 FFIV 185.44 -1.44 IntlFlavors IFF 74.44 -2.97 MolinaHealthcare MOH 400.12 -1.58 RalphLauren RL 182.60 -4.39 Stellantis STLA 26.16 -0.01 Ubiquiti UI 121.83 2.06 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
FTI Consulting FCN 216.11 -3.89 IP MolsonCoorsB TAP 62.76 0.02 RangeResources RRC 31.34 Steris STE 232.52 -1.19 UiPath PATH 23.68 -0.33
Fabrinet FN 202.39 2.66
IntlPaper
Interpublic IPG
34.20
32.40
0.40
0.12 monday.com MNDY 217.44 1.44 RaymondJames RJF 119.71
-0.07
1.06 Stevanato STVN 30.81 -1.86 s UltaBeauty ULTA 561.41 5.09 High yield savings
FactSet FDS 461.54 2.47 s Intuit INTU 669.36 5.52 Mondelez MDLZ 73.13 -0.16 RealtyIncome O 52.31 -0.18 StifelFinancial SF 76.32 0.10 Unilever UL 49.61 -0.86
Bank Yield Bank Yield
FairIsaac FICO 1276.03 -12.22 IntuitiveSurgical ISRG 386.46 -1.81 MongoDB MDB 449.95 -0.85 s RegalRexnord RRX 169.12 1.39 STMicroelec STM 46.31 1.46 UnionPacific UNP 253.29 0.65
s Fastenal FAST 73.15 0.15 InvitatHomes INVH 33.53 0.22 MonolithicPower MPWR 709.29 -15.60 RegencyCtrs REG 60.53 0.30 Stryker SYK 352.21 -0.25 UnitedAirlines UAL 44.90 -0.07 Phone number Minimum (%) Phone number Minimum (%)
FederalRealty FRT 97.91 0.51 s IronMountain IRM 74.00 -1.37 MonsterBev MNST 56.11 0.39 RegenPharm REGN 993.35 4.07 s SumitomoMits SMFG 11.21 0.31 UnitedMicro UMC 7.57 -0.05
FedEx FDX 241.40 0.28 ItauUnibanco ITUB 7.04 0.13 Moody's MCO 377.67 -2.45 RegionsFinl RF 18.58 0.35 s SummitMaterials SUM 42.59 0.34 UPS B UPS 148.27 0.77 Money market account Six-month CD
s Ferguson FERG 209.71 -1.22 MorganStanley MS 85.49 -0.18 ReinsGrp RGA 175.21 3.06 SunComms SUI 130.74 -0.61 s UnitedRentals URI 676.48 5.69 MyBankingDirect $500 5.35 BaskBank,adivofTexasCapitalBank,NA $1,000 5.35
s Ferrari RACE 421.31 1.98 J K L Morningstar MORN 295.19 -0.38 Reliance RS 322.90 -2.69 SunLifeFinancial SLF 53.87 -0.32 US Bancorp USB 41.37 0.53 (516) 683-4100 (877) 839-2265
FidNatlFinl FNF 50.09 0.60 Mosaic MOS 31.22 -0.42 RenaissanceRe RNR 226.19 0.94 SuncorEnergy SU 33.63 -0.18 US Steel X 47.38 -0.27
s FidNatlInfo FIS 66.98 -0.35 JD.com JD 24.08 0.38 MotorolaSol MSI 328.68 0.13 RentokilInit RTO 28.00 -0.04 SuperMicroComp SMCI 851.11 -25.23 UnitedTherap UTHR 226.75 3.17
BrioDirect $5,000 5.35 America First FCU $500 5.30
FifthThirdBncp FITB 33.97 0.70 JPMorganChase JPM 183.45 0.09 MurphyUSA MUSA 414.13 2.32 Repligen RGEN 192.71 0.92 s Suzano SUZ 11.53 0.31 UnitedHealth UNH 513.42 -11.90 (877) 369-2746 (801) 627-0900
s Jabil JBL 142.70 2.64 NICE NICE 248.89 5.46
s FirstCitizBcshA FCNCA 1590.13 21.13
JackHenry JKHY 175.19 0.77
RepublicSvcs RSG 184.52 -0.35 s SynchronyFinl SYF 41.01 1.09 UnitySoftware U 31.02 -2.02 Vio Bank $100 5.30 TAB Bank $1,000 5.27
FirstHorizon FHN 14.13 0.25 NIO NIO 5.78 0.13 ResMed RMD 180.99 -2.30 Synopsys SNPS 574.00 -1.70 UnivDisplay OLED 169.04 -4.08 (888) 999-9170
JacobsSolns J 147.29 0.81 NNN REIT NNN 40.70 -0.45
(800) 355-3063
FirstIndRlty FR 53.01 -0.41 RestaurantBrands QSR 75.50 -0.88 Sysco SYY 81.14 0.30 UniversalHealthB UHS 165.79 1.46
JamesHardie JHX 38.82 0.33 ... One-month CD
FirstSolar FSLR 144.99 0.41 NRG Energy NRG 54.04 1.27 Revvity RVTY 105.63 1.67 UnumGroup UNM 49.20 One-year CD
FirstEnergy FE 36.87 0.39 JazzPharm JAZZ 132.26 -0.51 s NVR NVR 7543.11 -26.45 RexfordIndlRealty REXR 51.08 0.04 T U V VICI Prop VICI 29.39 -0.16
FirstService FSV 163.62 -0.80 JefferiesFinl JEF 41.26 0.03 s NXP Semicon NXPI 245.73 1.94 RioTinto RIO 64.98 0.33 VailResorts MTN 229.04 1.55 VirtualBank $10,000 2.48 BaskBank,adivofTexasCapitalBank,NA $1,000 5.40
Fiserv FI 150.65 -0.31 J&J JNJ 160.98 0.19 Nasdaq NDAQ 56.37 0.18 Rivian RIVN 11.14 0.44 TAL Education TAL 15.11 0.67 Vale VALE 13.62 0.45 (877) 998-2265 (877) 839-2265
FiveBelow FIVE 200.78 4.78 JohnsonControls JCI 59.42 0.84 s Natera NTRA 76.16 1.97 RobertHalf RHI 80.94 0.42 TC Energy TRP 39.44 0.15 ValeroEnergy VLO 142.98 -2.11 Lone Star Bank
s JonesLang JLL 186.92 2.08 TD Synnex SNX 102.03 -0.29 $1,000 0.20 First Internet Bank of Indiana $1,000 5.36
FleetCorTech FLT 278.55 0.24 NationalGrid NGG 66.38 0.72 s Robinhood HOOD 16.25 0.66 s Vaxcyte PCVX 81.05 2.08
Flex FLEX 27.80 -0.20 JuniperNetworks JNPR 37.16 0.08 NatWest NWG 6.04 0.08 Roblox RBLX 40.83 -0.46 TE Connectivity TEL 143.63 0.84 VeevaSystems VEEV 222.92 -1.08
(713) 358-9400 (888) 873-3424
s Floor&Decor FND 120.55 4.58 KB Financial KB 46.37 -0.17 NetApp NTAP 87.17 -0.26 RocketCos. RKT 11.95 0.48 Telus TU 17.71 0.06 Ventas VTR 42.64 -0.33 Presidential Bank, FSB $1,000 0.10 CFG Community Bank $500 5.35
FLUT 216.50 5.60 KBR KBR 59.42 -0.07 NetEase NTES 113.14 5.66 ROK 280.97 Ternium TX 40.42 0.60 VLTO 87.79 1.48 (800) 799-1424
s FlutterEnt Rockwell 3.16 Veralto (888) 205-8388
FomentoEconMex FMX 121.84 3.43 KE Holdings BEKE 14.11 0.15 s Netflix NFLX 601.67 14.02 RogersComm B RCI 45.03 -0.02 TFI Intl TFII 148.55 -1.73 VeriSign VRSN 193.56 0.54
FordMotor F 12.00 0.05 KKR KKR 96.02 0.22 Neurocrine NBIX 136.03 0.45 RoivantSciences ROIV 11.80 0.10 s TIM TIMB 19.03 0.55 VeriskAnalytics VRSK 242.92 -0.19 Two-month CD Two-year CD
Fortinet FTNT 69.95 1.55 KLA KLAC 677.58 -6.24 NewOrientalEduc EDU 92.59 0.55 Roku ROKU 63.83 -0.52 s TJX TJX 100.52 1.29 Verizon VZ 39.93 0.24 VirtualBank
Fortis FTS 38.72 0.13 KarunaTherap KRTX 314.89 -1.10 Newmont NEM 29.86 -0.15 Rollins ROL 42.69 -0.24 T-MobileUS TMUS 164.62 0.71 $10,000 2.74 TAB Bank $1,000 5.00
VertexPharm VRTX 430.92 -2.56
VRT 66.27 -0.04 (877) 998-2265 (800) 355-3063
Fortive FTV 86.12 0.10 Kaspi.kz KSPI 104.23 0.90 NewsCorp A NWSA 26.43 0.07 RoperTech ROP 547.10 -0.81 TPG TPG 44.19 0.31 s Vertiv
Kellanova K 55.63 -0.81 T.RowePrice TROW 110.86 0.40 $1,000 0.20 $2,000 4.96
FortuneBrands FBIN 81.46 1.63 NewsCorp B NWS 27.57 0.05 s RossStores ROST 149.62 1.78 Viatris VTRS 13.23 -0.20 Lone Star Bank Luana Savings Bank
FoxB FOX 27.11 -0.11 Kenvue KVUE 18.92 -0.02 NextEraEnergy NEE 55.56 0.41 RoyalBkCanada RY 96.92 -1.05 TaiwanSemi TSM 128.59 -2.05
VinFastAuto VFS 5.58 0.40 (713) 358-9400 (800) 666-2012
FoxA FOXA 29.57 -0.06 KeurigDrPepper KDP 29.50 ... Nextracker NXT 60.26 0.64 RoyalCaribbean RCL 123.25 3.68 TakeTwoSoftware TTWO 147.94 -1.77
Vipshop VIPS 17.34 0.17 Presidential Bank, FSB $1,000 0.10 First Internet Bank of Indiana $1,000 4.86
Franco-Nevada FNV 105.06 -1.77 KeyCorp KEY 14.14 0.46 Nike NKE 105.15 0.61 RoyaltyPharma RPRX 31.30 -0.03 TakedaPharm TAK 14.84 0.03
Visa V 283.17 -0.98
KeysightTech KEYS 152.76
VST 50.98 2.23 (800) 799-1424 (888) 873-3424
FranklinRscs BEN 27.09 0.36 0.41 NiSource NI 26.02 0.31 RyanSpecialty RYAN 47.24 0.16 Tapestry TPR 47.53 -0.09 s Vistra
FreeportMcM FCX 38.16 0.13 KimberlyClark KMB 121.19 -0.04 Nokia NOK 3.57 0.04 Ryanair RYAAY 140.83 1.15 TargaResources TRGP 97.08 -0.48
Vodafone VOD 8.78 0.31
FreseniusMedCare FMS 19.62 -0.07 KimcoRealty KIM 19.56 0.28 Nomura NMR 5.77 0.11 s SAP SAP 189.17 1.66 Target TGT 151.99 1.84 s VulcanMatls VMC 263.56 2.48
Three-month CD Five-year CD
Futu FUTU 52.96 1.62 KinderMorgan KMI 17.17 0.04 Nordson NDSN 268.00 -2.87 S&P Global SPGI 427.84 -5.57 TechnipFMC FTI 21.97 ... America First FCU $500 5.50 First Internet Bank of Indiana $1,000 4.61
G H I
KinsaleCapital KNSL 512.22
Klaviyo KVYO 29.08
0.60
0.49
NorfolkSouthern NSC 252.48 -2.07
NorthernTrust NTRS 81.78 0.58
SBA Comm SBAC 199.95 -7.83 TeckResourcesB TECK 38.32
TeledyneTech TDY 424.90
-0.48
-1.33
W X Y Z (801) 627-0900 (888) 873-3424
SEI Investments SEIC 67.34 0.32
Knight-Swift KNX 57.46 -0.36 NorthropGrum NOC 458.36 -0.98 SK Telecom SKM 21.88 -0.09 Teleflex TFX 226.04 -1.80 WEC Energy WEC 77.46 0.91 Banesco USA $1,500 5.25 First National Bank of America $1,000 4.55
s GE HealthCare GEHC 92.52 1.90 Philips PHG 20.17 0.09 ERIC 5.51 WEX WEX 220.43 -1.00
GFLEnvironmental GFL 35.61 -1.18
Novartis NVS 103.15 -0.10 SS&C Tech SSNC 64.00 -0.21 Ericsson 0.09 (888) 228-1597 (800) 968-3626
KoreaElecPwr KEP 9.10 -0.25 NovoNordisk NVO 122.23 -1.26 Saia SAIA 570.40 -3.96 s TelefonicaBras VIV 11.35 0.40 W.P.Carey WPC 54.88 0.04
GSK GSK 42.38 0.04 KraftHeinz KHC 35.80 -0.16 Telefonica TEF 4.14 0.05 WPP WPP 45.49 -0.62
Merrick Bank $25,000 5.25 Popular Direct $10,000 4.45
s NuHoldings NU 11.14 0.42 Salesforce CRM 299.50 -0.89
Gallagher AJG 243.55 -0.49 Kroger KR 48.37 1.11 s Nucor NUE 193.12 1.53 Samsara IOT 33.78 0.29 TelekmIndonesia TLK 25.66 -0.58 Wabtec WAB 137.70 0.02 (866) 638-6851 (800) 274-5696
Gaming&Leisure GLPI 44.55 0.09 LKQ LKQ 52.93 0.49 Nutanix NTNX 58.23 -0.69 Sanofi SNY 48.21 0.01 s TempurSealy TPX 53.87 1.88 WalgreensBoots WBA 21.63 0.64
Gap
Garmin
GPS 19.70 0.34
GRMN 134.69 -0.53
s LPL Financial LPLA 267.95
L3HarrisTech LHX 211.74
0.02
... s
Nutrien NTR 53.18 -0.39
nVentElectric NVT 66.24 0.12
SareptaTherap SRPT 141.53
Schlumberger SLB 48.46
3.88
-0.10
Tenaris TS
TencentMusic TME 10.41
35.99 -0.13
-0.01
Walmart WMT 59.59 -0.01
WarnerBrosA WBD 8.70 0.15
High yield jumbos - Minimum is $100,000
Gartner IT 461.05 0.08 LabCorp.ofAmerica LH 215.69 0.22
GenDigital GEN 21.42 -0.08 LamResearch LRCX 930.73 -8.03
NVIDIA NVDA 787.01 -3.91 SchwabC SCHW 65.35 0.95 TenetHealthcare THC 90.23 -1.58 WarnerMusic WMG 34.52 0.22 Money market account Six-month CD
GeneralDynamics GD 273.70 0.68
GeneralElec GE 153.99 -0.78
LamarAdv LAMR 109.43 -0.10 O P Q Vio Bank 5.30 America First FCU 5.30
LambWeston LW 100.82 -1.23
GeneralMills GIS 64.21 -0.79 s ONEOK OKE 74.37 1.46 (888) 999-9170 (801) 627-0900
GeneralMotors GM
Genmab
40.18 0.39
GMAB 29.05 -0.35
LasVegasSands LVS 53.40
LatticeSemi LSCC 74.21
-0.53
-0.88 ON Semi ON 76.97
s OReillyAuto ORLY 1081.75
-0.60
19.68
Dividend Changes UFB Direct 5.25 TAB Bank 5.27
Lear LEA 135.78 1.46 (877) 472-9200 (800) 355-3063
s Gentex GNTX 36.42 0.42 LegendBiotech LEGN 69.99 2.99 OccidentalPetrol OXY 60.60 0.13
GenuineParts GPC 150.57 2.15 Okta OKTA 86.91 0.59 Amount Payable / Western State Bank 5.15 Popular Direct 5.27
Leidos LDOS 126.58 0.89
Gerdau GGB 4.35 0.11 Lennar B LEN.B 141.84 -1.89 OldDomFreight ODFL 441.06 -4.83 Company Symbol Yld % New/Old Frq Record (701) 277-5003 (800) 274-5696
GileadSciences GILD 73.02 0.07 Lennar A LEN 153.87 -0.26 OldRepublic ORI 28.99 0.06
GitLab GTLB 72.13 1.02 s LennoxIntl LII 469.04 5.74 OmegaHealthcare OHI 31.25 0.02 Increased One-month CD One-year CD
GlobalPayments GPN 133.23 -0.10 LeviStrauss LEVI 18.25 0.14 Omnicom OMC 89.16 0.07 Domino's Pizza DPZ 1.4 1.51 /1.21 Q Mar29 /Mar15 Lone Star Bank 5.15 GTE Financial Credit Union (U) 5.38
GlobalFoundries GFS 53.50 -1.02 LiAuto LI 46.21 4.87 OnHolding ONON 34.10 1.31 Macy's 3.3 .1737 /.1654 Q Apr01 /Mar15
Globant GLOB 223.44 -2.46 OntoInnovation ONTO 180.02 -0.49
M (713) 358-9400 (888) 871-2690
LibertyBroadbandC LBRDK 60.47 -0.18 Mueller Industries MLI 1.6 .20 /.15 Q Mar29 /Mar15
GlobeLife GL 128.20 1.11 LibertyBroadbandA LBRDA 60.43 -0.21 OpenText OTEX 39.17 0.71 VirtualBank 2.48 First Internet Bank of Indiana 5.36
GlobusMedical GMED 56.43 0.52 Oracle ORCL 111.38 0.41 Steel Dynamics STLD 1.4 .46 /.425 Q Apr14 /Mar31 (877) 998-2265 (888) 873-3424
LibertyGlobalA LBTYA 18.16 0.21
GoDaddy GDDY 113.37 -0.69 Orange ORAN 11.69 0.06 Vistra VST 1.7 .215 /.213 Q Mar29 /Mar20
LibertyGlobalC LBTYK 19.24 0.29 Presidential Bank, FSB 0.10 CFG Community Bank 5.35
GoldFields GFI 12.41 -0.14 LibertyGlobalB LBTYB 18.10 0.45
s Orix IX 105.09 0.56
GoldmanSachs GS 390.81 0.59 s OtisWorldwide OTIS 93.85 0.03 Reduced (800) 799-1424 (888) 205-8388
LibertyFormOne A FWONA 62.16 0.81
Grab GRAB 3.15 -0.04 Ovintiv OVV 46.06 0.09 Fidelity Natl Info Svcs FIS 2.2 .36 /.52 Q Mar22 /Mar08
Graco GGG 89.57 -0.29
LibertyFormOne C FWONK 68.88 0.66
OwensCorning OC 148.92 1.62
Two-month CD Two-year CD
LibertySirius C LSXMK 30.23 0.21
Grainger GWW 969.54 5.91 LibertySirius A LSXMA 30.39 0.20 PDD PDD 128.33 1.85 Initial Lone Star Bank 5.15 Luana Savings Bank 5.11
GraphicPkg GPK 26.06 -0.31 s Light&Wonder LNW 96.60 1.53 PG&E PCG 16.59 0.22 Hub Group Cl A HUBG 1.4 .125 Mar27 /Mar08 (713) 358-9400 (800) 666-2012
Grifols GRFS 9.30 0.01 EliLilly LLY 765.00 PNC Finl PNC 145.95 1.10
GpoAeroportuar PAC 149.85 -1.60
-6.92
POSCO PKX 79.68 -1.87
VirtualBank 2.74 TAB Bank 5.00
s LincolnElectric LECO 253.54 0.31 Stocks (877) 998-2265 (800) 355-3063
GpoAeroportSur ASR 288.59 -10.12 Linde LIN 444.80 -0.14 PPG Ind PPG 140.91 -1.43
180 Life Sciences ATNF 1:19 /Feb28
Guidewire GWRE 120.66 -0.44 LithiaMotors LAD 293.35 5.91 PPL PPL 26.43 0.22 Presidential Bank, FSB 0.10 First Internet Bank of Indiana 4.86
HCA Healthcare HCA 314.00 0.80 PTC PTC 182.36 0.69 Celularity CELU 1:10 /Feb29
LiveNationEnt LYV 93.54 1.37 (800) 799-1424 (888) 873-3424
HDFC Bank HDB 53.76 -0.07 LloydsBanking LYG 2.31 0.06
s PVH PVH 137.13 1.11 Faraday Future FFIE 1:3 /Mar01
HF Sinclair DINO 58.66 0.38 LockheedMartin LMT 430.43 1.25
Paccar PCAR 111.33
PackagingCpAm PKG 174.78
-0.92
Foreign
Three-month CD Five-year CD
HP HPQ 28.83 0.03 Loews L 74.99 0.45
0.70
HSBC HSBC 38.36 0.28 PalantirTech PLTR 24.53 0.97 Betterware de Mexico BWMX 5.8 .3521 Q Mar14 /Mar08 America First FCU 5.50 First Internet Bank of Indiana 4.61
LogitechIntl LOGI 89.94 0.09
H World HTHT 37.60 -0.01 s Lowe's LOW 235.39 4.07
PaloAltoNtwks PANW 314.75 11.97
Fresh Del Monte Produce FDP 3.7 .25 Q Mar29 /Mar07 (801) 627-0900 (888) 873-3424
Haleon HLN 8.24 -0.03
Lucid LCID 3.17 0.02
ParamountA PARAA 21.57 0.70 Merrick Bank 5.25 Popular Direct 4.45
Halliburton HAL 34.96 0.05 ParamountB PARA 11.25 0.16 GasLog Ptrs Pfd. A GLOPpA 8.7 .53906 Q Mar15 /Mar08
HartfordFinl HIG 95.74 0.36
lululemon LULU 467.84 -0.41
ParkerHannifin PH 531.49 0.68 GasLog Ptrs Pfd. C GLOPpC 8.5 .53125 Q Mar15 /Mar08 (866) 638-6851 (800) 274-5696
LyondellBasell LYB 99.00 0.18
HealthpeakProp PEAK 16.24 0.06 s Parsons PSN 80.98 0.44 Playtika Holding PLTK 5.3 .10 Apr05 /Mar22 Banesco USA 5.25 Quontic Bank 4.30
Heico
Heico A
HEI 193.52 -5.46
HEI.A 155.04 -5.46
M N Paychex PAYX 122.90
PaycomSoftware PAYC 183.10
-0.47
3.02
Sasol ADR SSL 6.9 .52479 SA Mar29 /Mar15 (888) 228-1597 (800) 908-6600
Sun Life Financial SLF 4.3 .57712 Q Mar28 /Feb28
HenrySchein HSIC 77.85 -2.72 M&T Bank MTB 138.73 3.05 Paylocity PCTY 168.04 -2.75
Vale ADR VALE 9.7 .3182 SA Mar26 /Mar13 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
Hershey HSY 187.17 -1.44 MGM Resorts MGM 42.00 0.25 PayPal PYPL 60.16 0.83 compounding and rate stated for the lowest required opening deposit to earn interest. CD
Hess HES 145.32 -4.64 MKS Instrum MKSI 119.45 -1.38 Pearson PSO 12.14 -0.04 Note: Dividend yields as of 3:30 p.m. ET figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
HessMidstream HESM 34.02 -0.19 MPLX MPLX 39.37 0.03 s PembinaPipeline PBA 34.90 0.27 Sources: FactSet; Dow Jones Market Data
HewlettPackard HPE 14.89 -0.04 MSA Safety MSA 182.00 -0.74 PenskeAuto PAG 151.75 1.13
which may be checks. Rates are subject to change.
Hilton HLT 203.59 0.58 MSCI MSCI 557.84 -10.09 Pentair PNR 76.51 0.56 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410
Hologic HOLX 75.36 0.55 MagnaIntl MGA 54.74 1.41 Penumbra PEN 232.32 1.06 spin-off. Internet: www.bankrate.com

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
LgCpGwId InstPre 32.18 +0.04 9.1 SrsEmrgMkt 17.54
+0.05 1.2 JPMorgan R Class NHoriz 59.09 +0.23 5.1 MuShtAdml 15.75 ... 0.3 Welltn 42.52 +0.02 2.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 30.95 +0.15 3.3 SrsGlobal 14.12
+0.02 1.9 CoreBond 10.09 -0.04 -1.5 R2030 24.58 +0.03 2.7 PrmcpAdml r 164.25 +0.20 5.1 WndsrII 44.80 +0.12 4.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.05 +0.04 6.7 SrsGroCoRetail 21.83
+0.14 12.1 CorePlusBd 7.10 -0.04 -1.4 Putnam Funds Class A RealEstatAdml 119.04 +0.22 -4.9 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.84 -0.02 -2.0 SrsIntlGrw 18.11
-0.03 5.7 Lord Abbett I PutLargCap p 32.43 +0.17 5.1 SmCapAdml 104.80 +0.86 2.6 ExtndIstPl 317.78 +2.79 3.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.68 -0.02 5.5 SrsIntlVal 11.99
+0.02 2.7 ShtDurInc p 3.84 ... 0.5 Schwab Funds SmGthAdml 88.75 +0.92 4.4 IdxIntl 18.92 +0.04 1.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.53 -0.03 -5.1 TotalBond 9.38
-0.02 -1.5 Metropolitan West 1000 Inv r 109.05 +0.22 6.5 STBondAdml 10.00 -0.01 -0.5 MdCpGrAdml 98.02 +0.37 3.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.44 +0.33 1.6 Fidelity SAI TotRetBdI NA ... NA S&P Sel 77.99 +0.14 6.7 STIGradeAdml 10.15 -0.01 -0.2 MdCpVlAdml 76.48 +0.45 1.9
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 139.94 +0.38 6.2 TotalBd 8.88 -0.02 -1.4 TRBdPlan NA ... NA TSM Sel r 86.00 +0.23 6.2 STIPSIxAdm 23.81 ... ... SmValAdml 78.19 +0.51 1.1
TotalMarketIndex 17.66 +0.05 6.3 U.S.TreBdIdx 8.62 -0.02 -1.9 MFS Funds TIAA/CREF Funds TotBdAdml 9.46 -0.02 -2.0 TotBd2 9.35 -0.01 -2.0
TtlIntIdxInstPr 13.36 +0.02 1.6 Fidelity Selects IIE 33.89 -0.02 2.9 EqIdxInst 35.76 +0.10 NA TotIntBdIdxAdm 19.46 -0.03 -1.2 TotIntlInstIdx r 126.56 +0.24 1.6
Tuesday, February 27, 2024 USBdIdxInstPrem 10.17 -0.02 -2.0 Semiconductors r 28.89 -0.12 19.1 MFS Funds Class I IntlEqIdxInst 22.47 +0.03 NA TotIntlAdmIdx r 31.65 +0.06 1.6 TotItlInstPlId r 126.59 +0.24 1.6
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 28.98 +0.02 4.7 GrowthI 193.88 -0.03 12.7 LrgCpGrIdxInst 56.56 +0.07 9.1 TotStAdml 122.64 +0.32 6.2 TotSt 122.61 +0.33 6.2
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.37 -0.02 -1.6 Tech 31.31 -0.01 9.8 ValueI 49.51 +0.07 4.0 VANGUARD ADMIRAL TxMCapAdml 263.17 +0.56 6.5 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds Natixis Funds 500Adml 469.42 +0.81 6.7 TxMIn r 15.67 +0.01 1.8 BalInst 45.92 +0.05 3.0
AB Funds Artisan Funds US CoreEq2 34.21
+0.10 5.4 FF2030 GlbA
MuniIncmShares 11.08 +0.01 0.3 IntlVal Inst 46.98 -0.08 2.2 US Small 44.78
+0.28 0.9 FF2040
16.94 +0.01 2.2 64.25 +0.11 1.8 LSGrowthY 25.44 +0.06 9.5 BalAdml 45.91 +0.05 3.0 USGroAdml 161.53 +0.50 10.1 DevMktsIndInst 15.70 +0.02 1.7
10.92 +0.02 4.1 Franklin A1 Northern Funds CAITAdml 11.41 ... -0.1
ValAdml 60.71 +0.10 4.2 DevMktsInxInst 24.53 +0.02 1.7
AB Funds - ADV Baird Funds US SmCpVal 44.65
+0.18 -0.6 Freedom2030 K 16.92 IncomeA1
LgCpGrAdv 102.81 -0.02 10.8 AggBdInst 9.63 -0.01 -1.8 US TgdVal 31.64
+0.19 -0.8 Freedom2035 K 14.96
+0.01 2.2 2.29 ... -0.8 StkIdx 52.26 +0.09 6.7 CapOpAdml r 189.17 +0.31 5.6
WdsrllAdml 79.47 +0.22 4.5
ExtndInst 128.77 +1.13 3.3
+0.02 3.1 FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.37 +0.01 4.6 GrwthInst 174.21 +0.31 8.9
American Century Inv CorBdInst 9.95 -0.02 -1.6 USLgVa 46.34
+0.12 4.0 Freedom2040 K 10.92 WellsIAdml 59.92 ... -0.9
+0.02 4.1 IncomeAdv 2.27 ... -0.8 LrgCpStr 18.42 +0.03 NA EMAdmr 34.63 +0.16 1.3 InPrSeIn 9.25 -0.02 -1.4
Ultra 80.88 +0.03 8.5 BlackRock Funds Dodge & Cox WelltnAdml 73.42 +0.02 2.8
Idx2030InsPre 19.24 +0.01 1.7 FrankTemp/Franklin A
Parnassus Fds EqIncAdml 85.95 +0.24 2.0 InstIdx 419.80 +0.72 6.7
American Funds Cl A HiYldBd Inst 7.01 -0.01 0.7 Balanced 101.93 +0.09 0.7 Idx2035InsPre 22.03 DynaTech A 150.05 -0.24 12.2 ExplrAdml 107.54 +0.71 4.2
WndsrAdml 72.70 +0.26 0.4
+0.02 2.5 ParnEqFd 58.30 +0.19 5.8 InstPlus 419.80 +0.72 6.7
AmcpA 41.07 +0.14 7.7 BlackRock Funds III GblStock 15.03 +0.03 0.7 Idx2040InsPre 22.95 VANGUARD FDS
+0.04 3.4 Growth A 132.15 -0.14 7.8
PGIM Funds Cl Z
ExtndAdml 128.78 +1.13 3.3 InstTStPlus 87.45 +0.23 6.2
AMutlA 52.82 +0.10 3.6 iShS&P500IdxK 596.23 +1.03 6.7 Income 12.41 -0.02 -1.7 Idx2045InsPre 24.02 +0.05 3.7 RisDv A 92.18 +0.11 4.2 GNMAAdml 9.06 -0.03 -2.6 DivdGro 39.02 +0.02 4.9 MidCpInst 65.36 +0.32 2.7
TotalReturnBond NA ... NA
BalA 32.95 ... 3.0 BlackRock Funds Inst Intl Stk 48.69 +0.08 -1.0 Idx2050InsPre 24.06 +0.04 3.7 Guggenheim Funds Tru GroIncAdml 97.70 +0.17 8.3 IntlVal 41.02 +0.09 1.6 MidCpIstPl 322.37 +1.58 2.7
BondA 11.18 -0.02 -2.1 EqtyDivd 19.79 +0.06 3.2 Stock 250.10 +0.69 2.7 Fidelity Invest PIMCO Fds Instl LifeCon 20.51 ... NA
TotRtnBdFdClInst 23.33 -0.03 -1.4 GrwthAdml 174.20 +0.31 8.9 RealEstaInstl 18.42 +0.03 -4.9
CapIBA 66.66 -0.02 0.7 StratIncOpptyIns 9.34 ... -0.3 DoubleLine Funds Harbor Funds AllAsset 10.99 ... NA
HlthCareAdml r 93.08 +0.20 5.6 LifeGro 42.75 +0.08 NA
Balanc 28.07 +0.01 4.2 SmCapInst 104.79 +0.85 2.5
CapWGrA 62.83 +0.04 4.5 TotRet 9.79 -0.02 NA TotRetBdI 8.67 -0.01 -1.5 BluCh 193.48 +0.71 11.7 CapApInst 108.59 +0.07 12.5 TotRt 8.46 -0.02 NA
HYCorAdml r 5.36 -0.01 -0.2 LifeMod 31.03 +0.03 NA SmCapIstPl 302.48 +2.48 2.6
EupacA 56.94 +0.03 4.1 Calamos Funds Edgewood Growth Instituti PIMCO Funds A PrmcpCor 33.54 +0.04 5.7
BluChpGr K6 29.82 +0.10 11.1 Harding Loevner InfProAd 22.71 -0.04 -1.4 STIPSIxins 23.83 ... ...
FdInvA 76.24 +0.09 6.6 MktNeutI 14.33 -0.01 1.1 EdgewoodGrInst 48.71 +0.04 11.4 Contra 18.37 +0.04 14.3 IntlEq 25.98 +0.05 0.1 IncomeFd 10.49 ... NA InfTechIdx 263.76 +0.29 6.4 STAR 27.40 +0.03 NA TotBdInst 9.46 -0.02 -2.0
GwthA 68.64 +0.22 8.7 Columbia Class I Federated Hermes Int Invesco Funds Y PIMCO Funds I2 IntlGrAdml 105.93 +0.58 4.0 TgtRe2020 27.10 +0.01 NA
ContraK 18.43 +0.04 14.3 TotBdInst2 9.35 -0.01 -2.0
HI TrA 9.48 -0.01 0.8 DivIncom I 31.81 +0.01 4.6 TtlRtnBdI NA ... NA CpInc 9.77 ... 2.0 DevMktY 38.36 +0.23 -0.7 Income 10.49 ... NA ITBondAdml 10.10 -0.02 -2.0 TgtRe2025 18.67 +0.02 NA TotBdInstPl 9.46 -0.02 -2.0
ICAA 53.58 +0.13 6.3 Dimensional Fds Fidelity GroCo 35.69 +0.22 11.8 JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.48 -0.01 -1.6 TgtRe2030 36.21 +0.04 NA TotIntBdIdxInst 29.20 -0.05 -1.2
IncoA 23.53 ... 0.4 EmgMktVa 29.82 +0.04 1.3 500IdxInstPrem 176.57 +0.31 6.7 InvGrBd 9.86 -0.02 -1.7 DispValMCI 28.37 +0.09 3.7 IncomeFd 10.49 ... NA LarCapAd 117.66 +0.20 6.7 TgtRe2035 22.69 +0.03 NA TotStInst 122.66 +0.32 6.2
N PerA 59.13 +0.06 5.8 EmMktCorEq 22.68 +0.04 1.2 Contrafund K6 26.21 +0.05 13.8 LowP 45.41 +0.17 3.0 John Hancock Price Funds LTGradeAdml 7.76 -0.03 -3.8 TgtRe2040 40.48 +0.06 NA ValueInst 60.71 +0.10 4.2
NEcoA 58.10 +0.06 7.7 IntlCoreEq 15.47 +0.03 1.0 ExtMktIdxInstPre 80.62 +0.70 3.3 Magin 13.79 ... 12.0 BondR6 13.31 -0.03 -1.6 BlChip 166.38 +0.30 11.4 MidCpAdml 295.89 +1.45 2.7 TgtRe2045 27.58 +0.05 NA WCM Focus Funds
NwWrldA 77.42 +0.28 3.2 IntSmCo 19.22 +0.08 -0.5 FidSer5 7.48 -0.02 -2.3 NASDAQ 203.32 +0.75 6.9 JPMorgan I Class DivGro 74.39 +0.07 5.1 MuHYAdml 10.67 ... 0.2 TgtRe2050 46.11 +0.10 3.8 WCMFocIntlGrwIns 25.01 ... 9.9
SmCpA 67.35 +0.38 1.7 IntSmVa 21.21 +0.08 -0.1 FidSerToMarket 16.67 +0.05 6.2 OTC 20.00 +0.05 9.3 CoreBond 10.07 -0.05 -1.7 Growth 95.04 +0.10 9.8 MuIntAdml 13.67 ... -0.1 TgtRe2060 47.40 +0.09 NA Western Asset
TxExA 12.39 ... -0.2 LgCo 33.73 +0.06 6.7 GrowthCompanyK6 25.33 +0.17 12.8 Puritn 24.65 +0.01 5.8 EqInc 23.52 -0.02 2.7 LgCapGow I 72.55 ... 10.3 MuLTAdml 10.91 ... -0.3 TgtRet2055 51.45 +0.11 NA CoreBondI NA ... NA
WshA 60.22 +0.06 5.3 US CoreEq1 38.21 +0.10 6.0 IntlIdxInstPrem 48.65 +0.07 2.7 SAIUSQtyIdx 21.08 +0.03 8.9 LgCpGwth 67.79 +0.08 12.7 MidCap 105.48 +0.33 5.4 MuLtdAdml 10.83 ... 0.1 TgtRetInc 13.06 ... NA CorePlusBdI NA ... NA
THE WALL STREET JOURNAL.
Nasdaq Approaches Record Set in 2021
Bitcoin prices trade
near $57,000 as
investors add riskier
assets to portfolios
BY GUNJAN BANERJI
The technology-heavy Nas-
daq Composite resumed its
climb, closing within striking
distance of the record hit in
2021.
The gauge rose 0.4% to
16035.30,
TUESDAY’S about 22
MARKETS points off its
record close of
16057.44 set on Nov. 22, 2021.
The S&P 500 was little
changed for much of the day
before closing up 0.2%. The
Dow Jones Industrial Average
lost 96.82 points, or 0.2%. All
three are on track to close out
the month with gains.
Bitcoin prices kept surging
after hitting their highest lev-
els since 2021 in the prior ses-
sion. Bitcoin prices rose 4.6%
Alabama Ruling Adds to Worry for IVF Startups
BY BRIAN GORMLEY
A ruling by Alabama’s Su-
preme Court that frozen em-
bryos are children increases
regulatory concerns in the in
vitro fertilization market at a
time when startups are seek-
ing to innovate in the industry.
The ruling prompted some
IVF clinics in Alabama to
pause services because they
feared lawsuits.
In vitro fertilization in-
volves combining eggs and
sperm outside the body to pro-
duce embryos and accounts
for 2% of U.S. births.
The ruling raises the pros-
pect that extra embryos pro-
duced through IVF would need
to be stored indefinitely if they
remain in Alabama.
Patients elsewhere have op-
tions such as permitting em-
bryos to be used in scientific
research.
European Airlines Fly High on Resilient Demand
BY ANTHONY O. GORIAINOFF
Travel demand in Europe is
continuing to withstand high
inflation and geopolitical con-
cerns with customers prioritiz-
ing holidays, but the sector isn’t
out of the woods just yet.
During the fiscal third quar-
ter, Ryanair, easyJet and Wizz
Air all reported increased pas-
senger numbers which boosted
earnings, with the former’s av-
erage fares rising 13%. Year
over year, the airlines carried
7%, 14% and 22% more passen-
gers, respectively, over the
quarter ended Dec. 31.
This demand has continued
into 2024, with easyJet noting
an increase in summer book-
ings in terms of both volume
and pricing. Travel operators
TUI and Jet2 also said forward
winter bookings were up 8%
and 17% respectively, while
summer bookings were 8% and
12.5% higher.
Global Shipping Lines
Extend Sharing Accord
BY DOMINIC CHOPPING
Four Asian and European
container lines are extending
their vessel-sharing agreement
as rival carriers reset their alli-
ances in a market beset by
plentiful capacity and low
freight rates.
China’s Cosco Shipping,
CMA CGM of France, Taiwan’s
Evergreen Marine and Hong
Kong-based Orient Overseas
Container Line, a unit of Cosco,
agreed to continue sharing ship
capacity through 2032 under
the Ocean Alliance pact they
formed in 2017.
The extension of the Ocean
Alliance agreement, which was
set to expire in 2027, adds a
measure of stability to the net-
work of shipping pacts that has
undergone a shakeup since
Maersk Line and Mediterra-
nean Shipping announced in
January they would end their
2M Alliance operating agree-
ment next year.
Carriers say the shipping al-
* * * *
to $56,989.30—their highest
level since Dec. 2, 2021.
The cryptocurrency’s rally
highlights the appetite for risk-
ier bets that has swept mar-
kets recently. Investor enthusi-
asm over artificial-intelligence
technology has propelled major
indexes to records in recent
weeks, with the S&P 500 up
6.5% this year, though the
moves were more subdued
Tuesday.
“The runway for additional
gains looks pretty good,” said
Adam Phillips, managing direc-
tor of investments at EP
Wealth Advisors. “We view a
pullback as healthy and really
as an opportunity to add to
equities.”
Many investors have also
shown growing optimism
about the U.S. economy to
start the year, helping power
the market higher. The Russell
2000 index of small compa-
nies, which tends to be more
sensitive to the economy,
jumped 1.3%%, outpacing the
major indexes.
Venture capitalists, re-
sponding to trends such as
couples waiting longer before
trying to have children, have
backed startups using technol-
ogy and services to make IVF
less costly and more success-
ful and accessible.
Those trends won’t be
dented by the ruling, which
only applies to Alabama, sev-
eral investors and entrepre-
neurs said. Elana Berkowitz,
managing partner of venture
investor Springbank, said the
need for IVF services remains
high. “There’s enormous tail-
winds,” she said.
Some investors and entre-
preneurs said they worry
other conservative states
could enact laws restricting
access to IVF, raising risks for
startups.
“You have now introduced
judicial risks on top of busi-
ness risks,” said Stasia Obrem-
Ryanair’s average fares rose 13% during the fiscal third quarter.
Customers who had to skip
holidays over the past few
years due to the cost-of-living
crisis may well be readjusting
their priorities as conditions
ease, according to AJ Bell ana-
lyst Russ Mould. “In a world
liances allow them to offer
broader geographic coverage
while bringing costs down, and
the companies said Tuesday
that the deal extension will en-
sure they can continue to pro-
vide steady service.
“The decision to extend our
cooperation for at least five
more years forges our commit-
ment to meet our customers’
needs and build even more se-
cure, reliable and sustainable
supply chains,” CMA CGM
Chief Executive Rodolphe
Saadé said.
Maersk and Germany’s
Hapag-Lloyd said in January
they would form a new alli-
ance, called Gemini. That
would bring together the
world’s second- and fifth-larg-
est container lines by capacity,
according to maritime data
group Alphaliner. Maersk and
Hapag-Lloyd said a pool
of around 290 vessels will be
used in the collaboration, offer-
ing a combined capacity of 3.4
million containers, measured in
MARKETS
Index performance on Tuesday
0.4%
0.3
Nasdaq Composite
0.2
0.1
0
–0.1
S&P 500
–0.2
–0.3 Dow industrials
–0.4
–0.5 Five-minute intervals
10 a.m. 11 noon 1 p.m. 2 3
Source: FactSet
Shares of cruise stocks sumer demand for travel. Rival
jumped after upbeat quarterly Carnival added almost 8%.
results from Norwegian In bonds, the extra yield
Cruise Line Holdings. The that investors demand to hold
company’s shares jumped 20% investment-grade corporate
after it reported strong earn- debt over safer Treasurys is
ings and cited healthy con- hovering around some of the
skey, managing director and
founding team member of RH
Capital.
benefits to self-insured em-
ployers. Kindbody doesn’t have
clinics in Alabama, but some
Jessica Karr, general part-
ner of Coyote Ventures, said
of its clients have employees
there, said founder and Execu-
she would still consider in- tive Chair Gina Bartasi. Kind-
vestments in body has been
the field, such helping Ala-
as in startups bama patients
selling technol- Some firms are obtain services
ogy to IVF clin- offering services in neighboring
ics, but would states, she said.
take into ac- to Alabama Sunf ish
c o u n t Technologies, a
whether com-
patients affected Santa Monica,
panies depend by the ruling. Calif.-based
heavily on clin- startup whose
ics in states investors in-
where legisla- clude Coyote
tion might curtail IVF treat- Ventures, provides financial
ment. services for couples seeking
Some startups are offering assisted-reproductive services.
services to Alabama patients It has been adding to its ca-
affected by the ruling. pacity to offer free consulta-
New York-based Kindbody tions in Alabama because it
operates a network of fertility expects demand there to in-
clinics and provides fertility crease, Chief Executive Angela
portive earnings backdrop, with
stable fuel prices, higher fares
within Europe, constrained sup-
ply, and resilient demand, Bern-
stein analysts Alex Irving and
Tobias Fromme said in a note,
adding that they see Ryanair as
the best-positioned operator
with a net cash balance sheet.
This suggests that macro
JAKUB PORZYCKI/NURPHOTO/ZUMA PRESS
concerns aren’t translating into
earnings compression, the ana-
lysts said. Pent-up demand
from the pandemic as well as a
strong labor market are also
offsetting downside risks from
macroeconomic challenges, said
Siddharth Narkhede, head of
airline analysts at aviation-ana-
lytics company Ishka.
Still, risks remain for the in-
where nominal GDP growth is dustry. Any unexpected jumps
running between 5%-8%, any- in oil prices, prompting higher
one who is getting a decent pay fuel costs and fares, could damp
increase may well feel able to consumer sentiment and spend-
fund that holiday,” he said. ing power and hit cost bases
Meanwhile, the industry is even if hedges are in place, AJ
benefiting from a more-sup- Bell’s Mould said. Staff costs
The pact between Cosco Shipping, seen here, CMA CGM, Evergreen Marine and Orient Overseas was set to expire in 2027.
20-foot equivalents, with Alliance that includes South
Maersk deploying 60% of the Korea’s HMM, Singapore’s
ships and Hapag-Lloyd 40%. Ocean Network Express and
The agreement with Maersk Taiwan’s Yang Ming next year.
means Hapag-Lloyd will leave The realignment comes as
the separate pact called THE ocean carrier earnings are re-
Wednesday, February 28, 2024 | B13
lowest levels since the 2008 fi-
nancial crisis, according to
FactSet. The narrowing gap in-
dicates many investors expect
these companies to stay
healthy and keep making regu-
lar payments on their debt.
Still, some investors said
forecasts for this year had
grown too rosy and that the
Federal Reserve’s interest-rate
hikes could still tip the econ-
omy into a downturn. Bets that
the central bank will trim rates
around six times this year have
receded lately.
The yield on the 10-year
Treasury note rose to 4.314%
on Tuesday.
Fresh data this week high-
4 lighted some of the risks to the
economy. U.S. consumer confi-
dence ticked lower in February,
and domestic orders for dura-
ble goods—such as appliances,
cars and computers—fell more
than expected last month.Infla-
tion data later this week will
shed more light on the path of
prices and how the Fed might
proceed with interest rates.
Rastegar said.
San Mateo, Calif.-based
CryoFuture, which stores em-
bryos, sperm and eggs at its
California and New Jersey fa-
cilities, has offered to trans-
port frozen embryos for pa-
tients in Alabama to one of its
storage centers or a fertility
clinic out of state and at cost.
CryoFuture also has offered
Alabama patients the option to
store embryos at one of its fa-
cilities for $100 for one year,
compared with a normal an-
nual cost of $400, he said.
Some entrepreneurs said
they hope the Alabama ruling
would spur state and federal
lawmakers to protect IVF
treatment.
“What this has done is ele-
vate the conversation to a na-
tional level,” said Paxton Mae-
der-York, CEO of startup Alife
Health, a software provider to
IVF clinics.
also could increase, especially if
inflation picks up again, he
added.
Indeed, inflation pressures
are likely to continue due to la-
bor shortages and supply-chain
issues, as well as high interest
rates, Ishka’s Narkhede noted.
Furthermore, competition—
perhaps the most consistent
feature of the airline industry—
could hit the pricing power of
airlines and travel operators,
especially if demand softens un-
expectedly in the key summer
season, Mould said.
“Markets seem to be dis-
counting the possibility of a re-
cession, so that perhaps would
be the nastiest surprise of all,
as it would presumably hit
bookings and force a price re-
sponse. Airlines did push prices
hard in 2023, helped by strong
demand, and it remains to be
seen whether travel agents,
consumers or both, push back
in 2024,” Mould added.
treating from historic highs
during the Covid-19 pandemic,
when a boom in shipping de-
mand sent freight rates soaring
on tight capacity.
Adding to complexities, re-
In corporate news, Macy’s
shares gained 3.4% after the
department-store operator said
it would shut stores as part of
its latest turnaround push.
Shares of Lowe’s advanced
1.8% after the home-improve-
ment company said lower
overhead costs helped boost its
profit.
Overseas, the Stoxx Europe
600 rose 0.2%. At midday
Wednesday, Japan’s Nikkei 225
was down 0.1% and Hong
Kong’s Hang Seng Index was
down 0.5%. S&P 500 futures
were flat.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
SEVEN-YEAR NOTES
Applications $110,048,696,800
Accepted bids
" noncompetitively
$43,817,110,700
$154,341,700
" foreign noncompetitively $0
Auction price (rate) 99.539228
(4.327%)
Interest rate 4.250%
Bids at clearing yield accepted
Cusip number
59.81%
91282CKC4
The notes, dated Feb. 29, 2024, mature on Feb. 28,
2031.
Lawmakers
Ask the SEC
Not to Curb
Trade Firms
BY ALEXANDER OSIPOVICH
A bipartisan group of
members of Congress is urg-
ing the Securities and Ex-
change Commission to dump
its proposal to restrict the
use of advanced analytics and
artificial intelligence by firms
such as Robinhood Markets.
In a Tuesday letter to SEC
Chair Gary Gensler, 20 mem-
bers of the House of Repre-
sentatives described the
agency’s proposed rule as
overly broad and warned that
it could limit access to even
the simplest investing tools,
such as web-based retirement
calculators.
“This rule would harm his-
torically underserved, low-
and moderate-income retire-
ment savers and investors
who rely on low-cost broker-
age services and self-directed
investment tools,” said the
letter, whose lead signers
were Reps. Ritchie Torres (D.,
N.Y.) and Ann Wagner (R.,
Mo.). Most of the signatories
were Republicans.
The SEC’s proposed rule on
predictive data analytics is
one of several efforts to up-
date financial regulation for
the meme-stock era.
The agency’s initiatives
have met heavy opposition
from both Wall Street and
Capitol Hill.
After the frenzied trading
in GameStop of early 2021,
some officials raised concerns
that smartphone-based trad-
ing apps were encouraging
investors to view trading as a
game.
Unveiled in July, the SEC’s
proposal would push broker-
dealers and investment advis-
ers to neutralize or eliminate
conflicts of interest created
by algorithms that predict,
guide or forecast investor be-
havior.
CFOTO/NURPHOTO/ZUMA PRESS
cent attacks on merchant ves-
sels in the Red Sea have forced
shipping lines to divert their
vessels by thousands of miles,
which has increased fuel costs
and sent freight rates higher.
 B14 | Wednesday, February 28, 2024
Zoom Gets Help From Low Expectations
Latest results and a buyback give its stock a boost, though growth remains sluggish
Nobody expects much from
Zoom Video Communications
these days. Sometimes that works
to the company’s advantage.
The videoconferencing wunder-
kind that shot to fame during the
early days of the pandemic has
been experiencing a long and
painful comedown since. Revenue
growth has been in the low-single-
digit-percentage range for the past
six quarters, culminating in just
2.6% growth for the fiscal year
ended January, according to the
company’s fourth-quarter results
reported late Monday. That makes
Zoom the slowest-growing among
cloud-software companies gener-
ating more than $1 billion in an-
nual revenue, according to data
from S&P Global Market Intelli-
gence. Workday—a notably larger
cloud provider—said Monday that
its annual revenue grew nearly
17% over the same period.
Zoom hasn’t even been able to
break into the market’s artificial-
DENIS BALIBOUSE/REUTERS
BYD dropped a bomb by cutting some prices more than 10%, advertising them with the slogan ‘Bi You Di ’—meaning ‘cheaper than gasoline’ in Chinese.
China’s EV Champion Takes On Gasoline Cars
Competition in China’s car mar-
ket is getting even more intense.
That means cheaper Chinese elec-
tric vehicles. It is also terrible news
for China’s competitors abroad.
As margins compress at home,
China’s EV makers are turning to
global markets. And Western and
Japanese automakers’ traditional
strength in gasoline-powered vehi-
cles won’t necessarily save them:
BYD, China’s homegrown EV cham-
pion, is starting to undercut the
prices of some internal-combustion-
engine-based vehicles too.
The price war in the Chinese auto
market that began in late 2022
shows no signs of stopping. BYD,
which overtook Tesla in EV sales
last quarter, dropped another bomb
last week—cutting prices of some
models by more than 10%. Its Qin
Plus DM-i sedan now starts at the
equivalent of $11,090—cheaper than
some equivalent gasoline-powered
cars from brands including Volks-
wagen and Toyota.
Roomba Maker iRobot’s Cleanup May Cost More Sales
Roomba maker iRobot can’t af-
ford to spend like it used to. It also
might not be able to afford to
spend much less.
The seller of robot vacuum
cleaners outlined more details of
its painful restructuring plan Tues-
day during a conference call to dis-
cuss its fourth-quarter results.
The restructuring comes after
the company and Amazon.com
called off their merger last month
due to resistance from regulators.
IRobot said then that it would lay
off about 31% of its workforce and
search for a new CEO as it copes
with a sharp drop in sales.
One detail shared Tuesday was a
plan for “greater reliance” on con-
tract manufacturers for designing
and producing the company’s prod-
ucts. This will allow iRobot to re-
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
intelligence party—despite its best
efforts. The company unveiled a
generative AI tool called Zoom AI
Companion in September, and said
less than two months later that
more than 125,000 of its custom-
ers were using it. But Zoom’s
stock price slumped nearly 7%
over the past six months prior to
its latest results—a notable lag-
gard on the BVP Nasdaq Emerging
Cloud Index, which has jumped
nearly 16% in that time.
A weak stock at least set a bet-
ter stage for Zoom’s quarterly re-
sults. The shares jumped 8% on
Tuesday, which is a nice change
considering the stock fell after 10
of the past 12 reports, according to
FactSet.
Zoom’s adjusted operating in-
come for the quarter beat Wall
Street’s targets while billings—a
measure of business transacted
during the period—exceeded ana-
lysts’ forecasts by the widest mar-
gin in a year. Zoom took the occa-
BYD advertised its price cut
with the slogan “Bi You Di,” which
means “cheaper than gasoline” in
Chinese, but is also a play on its
name, which stands for Build Your
Dreams. The models in question
are plug-in hybrids, which are
usually cheaper than pure EVs due
to smaller batteries. But the gam-
bit is significant because they are
explicitly competing with gaso-
line-powered cars head on. BYD’s
move has already forced other au-
tomakers to follow suit—foreign
and domestic.
After years of explosive
growth—1 in 3 cars sold in China is
an EV—the market is starting to
slow. In January, sales of new-en-
ergy vehicles including plug-in hy-
brids fell 39% from the previous
month—although that marks a 79%
rise from a year earlier, according to
the China Association of Automobile
Manufacturers. BYD reported a 44%
month-on-month drop in car sales
in January.
duce research-and-development ex-
penses and improve gross margins
that totaled 22% for 2023—badly
trailing those of consumer elec-
tronics peers Sonos, GoPro,
Garmin and SharkNinja, which av-
eraged 45% last year.
The company also reiterated a
plan to “consolidate marketing ef-
forts,” which it thinks can reduce
sales-and-marketing costs by $40
million this year.
Those sound like solid enough
moves considering iRobot’s rapidly
shrinking business. Revenue fell
25% in 2023 after sliding 24% in
the prior year, and the midpoint of
the company’s forecast points to a
5% decline this year.
But a big reason for those falling
sales has been growing competi-
tion—much of it from lower-priced
ON
THE
Zoom’s revenue
$5 billion
4
3
2
1
0 has been doing a little better, but
FY2017 ’19 ’21 ’23 ’25
Note: Fiscal year ends in January. FY2025 is a projection
Source: the company
sion to unveil its second-ever
share-buyback plan, this one worth
$1.5 billion.
Zoom’s heady growth days have
hardly returned. The company
Some of the weaker players likely
won’t survive—there are far too
many carmakers in China. Nomura
says there are 180 auto brands in
China. It expects two-thirds of those
to disappear. Price cuts also will eat
into margins, even for BYD. But fall-
ing raw-materials prices could help
soften the blow. Goldman Sachs es-
timates BYD’s battery cost could de-
cline by 22% in 2024. Foreign car-
makers, which dominated China’s
internal-combustion-engine-based
car market, will need to grin and
bear the hit to margins if they want
to stay in the world’s largest auto
market.
BYD will probably seek other
ways to shore up its margins, in-
cluding selling more premium mod-
els and shipping more cars abroad.
Around 77% of BYD’s revenue came
from selling mass-market cars in
China last year, according to Gold-
man Sachs. The bank expects that
share to drop to 64% this year and
exports to rise to 16%—from 12% in
brands. That forced iRobot to boost
its marketing spending even as its
sales were falling. Sales-and-mar-
keting costs jumped to 25% of reve-
nue in 2022 after remaining steady
at 19% for the four preceding years.
That competitive dynamic isn’t
changing even with the loss of the
Amazon deal. “Our performance
continues to be impacted by slug-
gish consumer spending as well as
aggressive competition in all re-
gions,” interim CEO Glen Weinstein
said on Tuesday’s call.
Wall Street remains skeptical.
IRobot’s heavily shorted stock slid
nearly 3% on Tuesday after having
already lost 29% since the deal was
called off. Selling more Roombas
while spending less doing it won’t
be an easy haul.
—Dan Gallagher
projected $4.6 billion in revenue
for the current fiscal year, which
would amount to 2% growth and
was slightly below Wall Street’s
already anemic projections. But
the company seems to have stabi-
lized the consumer side of its
business, where revenue was flat
in the fiscal fourth quarter after
seven straight quarters of de-
clines. This segment is made up of
individuals and small businesses
that rushed onto the service early
in the pandemic but have been
slowly melting away since.
Zoom’s enterprise segment that
sells to large business customers
has also felt the pain of corporate
budget crunches and competition
with much larger players such as
Google and Microsoft, which em-
bed videoconferencing features into
their larger suite of software offer-
ings. That segment could do better
in the new fiscal year. On Monday’s
call, Zoom Chief Financial Officer
2023. The domestic premium seg-
ment will make up the rest.
January sales contain possible
hints of things to come. BYD’s ex-
port volumes in January were flat
from the previous month, in con-
trast to the sharp fall in domestic
shipments. Exports made up 18%
of its car sales last month, com-
pared with 7% a year earlier.
China became the world’s largest
auto exporter last year. Shipping
gas-powered cars to Russia, which is
under Western sanctions, was one
key reason.
But strong EV exports to coun-
tries like Brazil and Thailand also
helped.
As Chinese EV makers find their
domestic market growing tougher,
they will set their sights abroad.
BYD, especially, is dreaming big.
That could become a nightmare for
foreign competitors—not just for
their EV businesses, but their legacy
gasoline-powered ones, too.
—Jacky Wong
iRobot’s operating results
Revenue Cost of revenue
$1.50 billion
1.25
1.00
0.75
0.50
0.25
0
2015 ’16 ’17
Source: S&P Global Market Intelligence
THE WALL STREET JOURNAL.
Kelly Steckelberg said the majority
of the company’s customers had a
“renewal event” in the recently
ended year, meaning fewer will be
up for renewal this year. “So we
expect that to have a much lower
impact in FY ’25,” she said.
In the meantime, Zoom’s inves-
tors will need to take comfort in
the company’s relatively strong
earnings and cash flow that has
helped it amass a war chest of
about $7 billion in cash and equiv-
alents—the fourth largest among
cloud-software companies. That
fuels the buyback, and could help
the company land a decent acqui-
sition, if such an opportunity
arises.
Tyler Radke of Citigroup called
the results “better than feared” in
a note Thursday, adding that
“we’d expect [the] stock to retrace
recent underperformance.”
A Zoom call with a satisfactory
conclusion has been a long time in
coming. —Dan Gallagher
Viking
Therapeutics
Invades
Eli Lilly’s
Territory
Pharma executives, get out
your wallets. A new competitor
to Eli Lilly’s and Novo Nordisk’s
obesity blockbusters could be
emerging.
In a new mid-stage study, bio-
tech company Viking Therapeu-
tics reported its obesity medica-
tion helped patients lose up to
14.7% of their weight after 13
weeks of treatment. The effect
seemed to eclipse that of Lilly’s
tirzepatide, the active ingredient
in Zepbound and Mounjaro, over
the same time frame. The news
sent shares of San Diego-based
Viking up more than twofold on
Tuesday, giving it a market cap of
about $8.5 billion. Lilly, mean-
while, fell slightly.
Like Lilly’s Zepbound, Viking’s
drug has a dual approach of pro-
moting two hormones: GLP-1 and
GIP. The dual action seems to lead
to better weight loss than just ac-
tivating GLP-1s, which is what
Novo Nordisk’s Ozempic does.
One big caveat is that this was
only a mid-stage study, known as
a Phase II, so Viking will have to
replicate the results in a bigger
Phase III study. And Lilly has a
Phase III drug, retatrutide, with
higher efficacy that could be on
the market before Viking’s drug
gets there. Lilly will be fine.
But Tuesday’s news is a nega-
tive for Lilly investor perception
because Viking’s drug could at-
tract a global strategic partner,
wrote David Risinger, an analyst
at Leerink Partners. Jared Holz, a
healthcare-equity strategist at Mi-
zuho, wrote that Viking will move
to “the top tier as far as potential
takeout candidates in biotech.”
The obesity space is still very
much an industry of two. But if
results like these hold up, it is
likely to expand to more players
later this decade.
—David Wainer
Sales and marketing expenses
’18 ’19 ’20 ’21 ’22 ’23