P2JW123000-6-A00100-16DDF61078D
* * * * * * THURSDAY, MAY 2, 2024 ~ VOL. CCLXXXIII NO. 103
DJIA 37903.29 À 87.37 0.23%
What’s
News
Business & Finance
 The Federal Reserve ac-
knowledged a recent set-
back in its inflation fight but
said it was more likely to
keep interest rates at their
current level for longer than
to raise them again. A1
 The S&P 500 extended its
recent slide after the central
bank’s outlook, falling 0.3% and
matching the Nasdaq’s session
decline. The Dow rose 0.2%. B10
 Exxon was set to close its
$60 billion deal for Pioneer
following an agreement with
antitrust enforcers not to add
former Pioneer CEO Scott
Sheffield to its board, people fa-
miliar with the matter said. A1
 Brazilian aircraft maker
Embraer is exploring options
for a new model to chal-
lenge Airbus and Boeing’s
duopoly for large jets. A1
 A growing number of com-
panies are offering 401(k)
plans that promise employ-
ees a degree of predictability,
with retirement paychecks
they can count on for life. B1
 CoreWeave, a cloud-com-
puting startup backed by
Nvidia and tailored for artifi-
cial intelligence, nearly tri-
pled its valuation to $19 bil-
lion in a funding round. B4
 J&J said it would put to a
vote a nearly $6.5 billion set-
tlement offer for tens of
thousands of talc-related
personal-injury lawsuits. B1
 MLB fans in some cities
lost access to Bally Sports
regional networks after Com-
cast and Diamond failed to
reach a new carriage deal. B2
 Qualcomm reported a
slight rise in quarterly sales
as the mobile-phone chip
company grew its footprint in
the automotive industry. B3
World-Wide
 Hundreds of protesters
were arrested across several
campuses, as universities
and police crack down on
what they say are outsiders
escalating pro-Palestinian
demonstrations. A5
 University leaders are nav-
igating the most tumultuous
wave of student demonstra-
tions since the Vietnam War
with varied strategies. A5
 Two Republicans joined
Democrats in the Arizona
Senate to roll back the state’s
near total ban on abortions,
as some in the GOP look to
reverse a major political lia-
bility for the party. A3
 A six-week abortion ban
took effect in Florida, adding
to anxieties in the South,
where access to the procedure
has narrowed since the Su-
preme Court overturned Roe
v. Wade two years ago. A3
 Rep. Marjorie Taylor Greene
said she would call a vote next
week in a long-shot effort to
oust House Speaker Mike
Johnson over many Republi-
can colleagues’ objections. A4
 Proposals for a restrictive
new political funding law set
off an opposition storm in
the former Soviet republic of
Georgia, with critics accus-
ing Russia of meddling in
Tbilisi’s domestic affairs. A7
 The surprise announce-
ment of a new prime minis-
ter for Haiti threatened to
fracture a transitional coun-
cil tasked with choosing new
leaders for the country. A7
 The Biden administration
said it would cancel $6 billion in
student loans for people who
attended the Art Institutes. A2
 Died: Paul Auster, 77, nov-
elist and filmmaker. A3
CONTENTS
Arts in Review..... A11
Business News....... B3
Crossword................ A12
Equities........................ B6
From Page One.... A8
Heard on Street... B11
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com HHHH $5.00
NASDAQ 15605.48 g 0.3% STOXX 600 504.31 g 0.1% 10-YR. TREAS. À 22/32 , yield 4.591% OIL $79.00 g $2.93 GOLD $2,299.90 À $8.50 EURO $1.0715 YEN 154.51
Blinken Meets With Hostage Families in Israel Fed Cites
Inflation
Setback,
Holds
Rate Firm
Officials extend
their wait-and-see
stance, approve
slowing bond runoff
BY NICK TIMIRAOS
TOMER APPELBAUM/AGENCE FRANCE-PRESSE/GETTY IMAGES
WASHINGTON—The Fed-
eral Reserve acknowledged a
recent setback in its inflation
fight but said it was more
likely to keep interest rates at
their current level for longer
than to raise them again.
Officials held their bench-
mark federal-funds rate steady
Wednesday at a range be-
tween 5.25% and 5.5%, the
highest in two decades and a
level it reached last July, fol-
PLEA FOR RELEASE: Secretary of State Antony Blinken meets in Tel Aviv on Wednesday with the families of hostages lowing a run of economic data
kidnapped by Hamas in the Oct. 7 attack on Israel. The U.S. is pressing for a temporary cease-fire deal in the Gaza Strip. A6 that revealed simmering price
pressures in the economy.
Fed Chair Jerome Powell
FTC, Exxon Clear Way for Megadeal
indicated that the bar to cut
interest rates had gone up, but
that the bar to increase rates
was even higher.
“It’s likely to take longer
Oil giant agrees to The Federal Trade Com- into a consent decree with massive swath of prolific oil for us to gain confidence that
mission was set to allege as the FTC, agreeing to keep land in the Midland Basin of we are on a sustainable path”
freeze out Pioneer ex- soon as this week that Shef- Sheffield off the board, the West Texas, where the to lower inflation, Powell said.
CEO as condition for field engaged in collusive ac- people said. With the filing of smaller shale driller has oper- He said he expected infla-
tivity that could have raised that agreement, the deal be- ated for decades. tion would resume its decline
$60 billion purchase the price of oil, these people tween Exxon and Pioneer In December, the compa- this year, but added, “my con-
said. The allegations will in- could close within days. nies disclosed the FTC had fidence in that is lower than
BY COLLIN EATON clude that Sheffield sent hun- Sheffield declined to com- sought additional information it was.”
dreds of messages to repre- ment. from the companies about the At the same time, Powell
Exxon Mobil is set to close sentatives of the Organization Exxon agreed in October to deal, a step it takes when re- said, for officials to put rate
its $60 billion megadeal for of the Petroleum Exporting buy Pioneer for $60 billion in viewing whether a merger increases back on the table,
Pioneer Natural Resources Countries about market dy- stock, marking its biggest could be anticompetitive un- they would need persuasive
following an agreement with namics, including pricing and deal since it merged with Mo- der U.S. law. Please turn to page A2
antitrust enforcers not to add production levels. bil in the late 1990s and the Exxon and Pioneer to-
former Pioneer CEO Scott There is no allegation of largest oil-and-gas deal in Please turn to page A2  Companies trim debt amid
Sheffield to its board of direc- any wrongdoing by Exxon, ac- two decades. high interest rates............ B3
tors, according to people fa- cording to the people. The Houston-based oil gi-  BP’s ambitions reside in  S&P 500 slips after Fed
miliar with the matter. The oil giant will enter ant is set to acquire Pioneer’s Gulf of Mexico..................... B1 meeting................................ B10
Medicare Costs Hit CVS
CVS Health posted sharply lower first-quarter net income and Beijing Braces for a Rematch
Of Trump vs. China
cut its guidance for 2024, citing higher medical costs in its
Medicare business, which it has invested heavily in. B1
CVS’s Medicare Advantage Quarterly net income/loss
enrollment
$3 billion
4.0 million 4.2M 1 Q 2024
$1.12B Officials prepare for potential of more drama in U.S. relations
3.5 2
BY LINGLING WEI Xinhua News Agency said in an unusually ex-
3.0
1 pressive tweet.
Last year, as Mike Pompeo’s memoir, Now Chinese officials are quietly preparing
2.5
0 “Never Give an Inch,” made the rounds for the prospect of Trump’s return to the
among China’s leaders, one passage in partic- White House—and bracing for drama in its
2.0
ular enraged Xi Jinping. The secretary of U.S. relations to amp up again, according to
–1 state under former President Donald Trump people close to the Chinese leadership’s think-
1.5
wrote that the U.S. should “grant full diplo- ing.
–2 matic recognition” to Taiwan. President Biden has made life difficult for
1.0
Xi’s anger at the remark foreshadowed a Beijing, too, by keeping in place and even ex-
–3 broader worry coursing through Beijing: What panding Trump’s tough-on-China economic
0.5
awaits China should Trump and his inner cir- policies, and by building up coalitions with
cle regain power? U.S. allies to counter China. Yet Biden has also
0 –4 Trump’s four years in the White House had sought to dial back rancor with Beijing, an ef-
2021 ’22 ’23 ’24 2021 ’22 ’23 ’24
brought turmoil to the relationship. When he fort Xi appreciates, the people said.
Source: the company left in 2020, Beijing breathed a sigh of relief. A case in point: Washington took care not
“Good riddance, Donald Trump!” the official Please turn to page A8
Annual Meetings Can Be
Romantic at Berkshire Hathaway
Brazilian Aircraft Maker INSIDE
i i i Eyes Jet to Rival Boeing
Warren Buffett himself has jumped in
BY ANDREW TANGEL tially make-or-break bet: New
to serve as a wingman at Omaha gathering AND BENJAMIN KATZ aircraft programs typically
cost tens of billions of dollars
BY KAREN LANGLEY him at a past Berkshire week- With Boeing in the throes to develop, can take more than
end. of its latest crisis, one of its a decade from inception to en-
This weekend, thousands of Buffett has dubbed the smaller rivals, Embraer, is ex- tering service and regularly
investing aficionados will de- gathering “Woodstock for ploring options for a new don’t get to market.
scend on Omaha to hear War- Capitalists,” and it is more model to challenge the Gus Kelly, chief executive of PERSONAL JOURNAL
ren Buffett hold forth on busi- than a chance to hear from duopoly for large jets that has AerCap, one of the biggest air- As prices soar,
ness and life. If they are lucky, the legendary investor and at- dominated the industry for al- craft lessors, said he wouldn’t
they might catch a passionate tend to corporate formalities. most three decades. expect any new Embraer-de-
many drivers cling to
shareholder proposal. Planning to propose at the Internal assessments con- rived narrow-body jet until their old cars—and
In something of a Omaha event? It helps that ducted by Embraer have de- the mid-to-late 2030s, much count the savings. A9
closely held secret, Berkshire-owned Bor- termined that the Brazilian as airlines and lessors might
the famed Berk- sheims jewelry store is company has the technological welcome the competition. “I
shire Hathaway an- conveniently nearby. know-how and manufacturing think it’s a long shot, to be
nual gathering has a In fact, on Friday, at- might to develop a next-gen- honest,” Kelly said on an in-
romantic history. tendees can sip cock- eration narrow-body aircraft, vestor call Wednesday. “And
While getting en- tails at a shareholder- its first in that market seg- even if it does come off, I
Markets..................... B10 gaged at a fancy res- Long-term only shopping night at ment, people familiar with the don’t think it will be relevant
Opinion................ A13-15 investing
Personal Journal A9-10
taurant or scenic over- Borsheims, followed company’s strategy and plan- for the next 15 years.”
Sports.......................... A12 look is nice, a select by a picnic dinner and ning said. Embraer has a mar- While the plans are still in
Technology................ B4 group of couples across the more shopping Saturday eve- ket value of about $5 billion their infancy and a final deci-
U.S. News.............. A2-5 U.S. can trace their big mo- ning at the company’s Ne- and specializes in regional and sion hasn’t been made, Em-
World News......... A6-7
ment back to the well-known braska Furniture Mart. business jets. braer has been laying the
weekend confab in Nebraska. Buffett himself has been The plane would compete groundwork, including assess- SPORTS
> “Believe it or not, Omaha known to man the counter at head-on with the successors ing potential payload and Superstars who slug
doesn’t have too many claims Borsheims, inspiring ring pur- to Boeing’s 737 MAX and Air- range requirements. Embraer
to fame. Warren was one of chases. bus’s A320 in a category that has also sounded out potential
from both sides of the
them,” says Nebraska native “It was sort of this magical, is key for both manufacturers. financial and industrial part- plate have become a
Michael Dentlinger, on why he once-in-a-lifetime kind of Greenlighting the project ners that the company would disappearing breed. A12
asked Rachel Gogan to marry Please turn to page A8 would also represent a poten- Please turn to page A4
P2JW123000-5-A00200-2--------XA

A2 | Thursday, May 2, 2024 * ** ** THE WALL STREET JOURNAL.

U.S. NEWS
Methodist Church Votes to End Ban on Ordaining Gay Clergy U.S.WATCH
The United Methodist sparking the ire of more con-
Church is moving to end its servative factions. The topic WASHINGTON, D.C.
longstanding ban on the ordi- came to a head at the church’s
nation of gay clergy, following 2019 general conference in St.
More Student Debt
decades of debate over the Louis, where a liberal faction Will Be Canceled
role of LGBTQ people in the seeking inclusion for LGBTQ The Biden administration on
church. people faced off with more Wednesday said it would can-
The Wednesday vote to conservative members. cel $6 billion in student loans
end the ban passed with 93% A plan proposed at the for people who attended the
approval at the Methodist time by progressives to pro- Art Institutes, a system of for-
Church’s first general confer- vide more local decision-mak- profit colleges that closed the
ence meeting since 2019. It ing on same-sex marriage and last of its campuses in 2023.
was packaged with several LGBTQ clergy failed, while a Saying the chain lured stu-
other measures that had re- plan to strengthen the ban dents with “pervasive” lies, the
ceived substantial support passed. The conference also Education Department is in-
from a legislative committee. approved stricter punishments voking its power to cancel stu-
Delegates at the Charlotte, for those who disobeyed. dent loans for borrowers who
N.C., conference (photo) also Some liberal congregations were misled by their colleges.
voted to prevent clergy and said after the 2019 vote they The Education Department
churches from being punished would continue to hold same- will automatically erase loans
for holding—or for refusing to sex weddings. for 317,000 people who at-
hold—same-sex weddings. The denomination agreed tended any Art Institute cam-
The vote to allow the ordi- to allow churches to disaffili- pus between Jan. 1, 2004, and
nation of people whom the ate from the Methodist Oct. 16, 2017.
church describes as “self- Church, while retaining church In total, the Democratic ad-
avowed practicing homosexu- property, until the end of 2023. ministration says it has ap-
CHRIS CARLSON/ASSOCIATED PRESS

als” comes after a decades- Some of the conservative proved the cancellation of al-
long schism over LGBTQ churches that left formed a most $160 billion in student
rights. Thousands of congre- separate entity, the Global loans.
gations have left the Christian Methodist Church. That —Associated Press
denomination in recent years. church said Wednesday it
Though the ban had been wouldn’t comment on the KANSAS
in place for decades, many United Methodists’ decisions.
clergy members ignored it, —Victoria Albert
Twister Leaves One
Dead in Small City
One person died on Tues-
day when a tornado ripped

Exxon, FTC spending and to send more

cash to shareholders.
Pioneer and many other oil
through the small city of
Westmoreland in northeast-
ern Kansas, destroying

Clear Way producers reaped billions

more in cash flow in the years
that followed, and distributed
houses, RVs and outbuildings,
authorities said.
Pottawatomie County offi-

For Deal much of that to investors. En-

ergy prices spiked in 2022 fol-
lowing Russia’s invasion of
Ukraine.
Continued from Page One As The Wall Street Journal
gether submitted millions of previously reported, after
documents for the antitrust years of rapid drilling, limita-
probe, people familiar with tions on shale companies’ in-
the matter said. ventory of potential drilling
The antitrust enforcers will locations have also prevented
MICHAEL M. SANTIAGO/GETTY IMAGES
cials said a tornado struck
the city of about 700 people
Tuesday evening, destroying
22 homes.
A Pottawatomie County
spokesperson confirmed the
single fatality. Three people
were reported injured, but
none of them were critical,
the spokesperson said.

allege Sheffield attempted to them from speeding up oil- Tuesday’s storms came
coordinate an anticompetitive production growth to prior just two days after tornadoes
campaign to curtail output by high levels. tore through Oklahoma on
American frackers, which Executives and investment Sunday, killing four people
could have raised oil prices bankers cited inventory con- and injuring at least 100.
and thus benefited Pioneer, cerns as a crucial driver be- —Associated Press
the people said. hind a wave of mergers and
For years, investors urged acquisitions that began last MARYLAND
frackers to stop overspending year.
on drilling new wells and Exxon’s $60 billion deal for Pioneer would be the largest oil-and-gas acquisition in two decades. Sheffield started working
Millions to Be Paid
pumping ever-increasing for Pioneer’s predecessor com- In Unjust Conviction
amounts of crude, and instead peted for years with OPEC for which Barkindo discussed demic in 2020, a historic drop pany, Parker & Parsley Petro- Maryland officials on
to keep production largely market share. OPEC negotiations on cutting in oil demand prompted U.S. leum, in 1979. That company Wednesday approved more
flat, which would increase At a 2017 dinner in Hous- oil output, among other topics. producers to dramatically cut merged with another in 1997 than $3 million in compensa-
cash flows and enable higher ton, shale executives sat down “They’re trying to find out their drilling rigs, shut in wells to form Pioneer. Sheffield had tion for a Baltimore man who
returns to shareholders. It for a first-of-its-kind dinner more about U.S. shale and and slow production growth. retired in 2016 but returned to spent 31 years in prison on a
took years—and the crippling with Mohammad Barkindo, we’re trying to find out what They stuck with capital disci- the job in 2019. He retired for wrongful murder conviction.
Covid-19 pandemic—for shale who was then the secretary- OPEC is thinking,” Sheffield pline for years, with Pioneer a second time at the end of Gov. Wes Moore apologized
producers to agree. general of OPEC. Sheffield at- said at the time. and other large shale compa- 2023, after the sale of Pioneer to Gary Washington, who was
U.S. frackers fiercely com- tended the dinner, during After the onset of the pan- nies vowing more conservative to Exxon was proposed. a 25-year-old new father when
he was convicted in 1987 of
first-degree murder and a gun

Fed Cites marked the index’s biggest

blown gain in more than a
year.
ences other borrowing costs
throughout the economy, such
as on mortgages, credit cards
Federal-funds rate target
interest rates might not be as
restrictive as previously an-
ticipated, casting doubt on
crime in the fatal shooting of
Faheem Ali the year before.
No physical evidence linked

Inflation
7% RECESSION
The Nasdaq fell 0.3% to and business loans. The 30- whether rate cuts would be him to the murder, according
15605.48, while the Dow Jones year fixed-rate mortgage Wednesday warranted this year and to Moore, and witnesses said
Industrial Average ended up stood at 7.17% last week, up 6 whether rate increases might that he wasn’t the shooter.
Unchanged

Setback 0.2% at 37903.29.

Yields on the 10-year Trea-
sury note fell 0.092 percent-
from 6.61% at the end of last
year, according to Freddie
Mac.
5
be back in play should
monthly inflation readings
run at a pace more consistent
Washington, now 63, was re-
leased in October 2018.
—Associated Press
age point, the largest one-day Higher rates have also with inflation above 3%.
4
Continued from Page One decline in three months, to boosted the U.S. government’s “Of course, we’re not satis-
evidence that higher interest
rates weren’t bringing down
close at 4.591%.
“The hurdle to hike is
cost of interest payments on
more than $27 trillion in pub- 3
fied with 3% inflation,” Powell
said. “‘Three percent’ can’t be
CORRECTIONS 
inflation. higher than the market had licly-held debt. Those ex- in a sentence with ‘satisfied.’” AMPLIFICATIONS
“That’s not what we think priced in,” said Michael de penses are on pace to surpass 2 Nevertheless, he suggested
we’re seeing,” Powell said. Pass, global head of rates defense spending this year. the bar to resume rate in- Readers can alert The Wall Street
Journal to any errors in news
“That will be a question that trading at Citadel Securities. Some analysts said they creases would require some- articles by emailing
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In the run-up to Wednes- where policy is.” didn’t begin to entertain a tion stalling out around its 888-410-2667.
day’s announcement, inves- Separately, the central more wholesale rethink about 0 current level. “If we did have
tors had been squirrelly over bank approved plans to slow whether policy was tight 2000 ’05 ’10 ’15 ’20 a path where…inflation is
the prospect that Powell the continuing reduction of enough amid signs that some moving sideways and we’re THE WALL STREET JOURNAL
might entertain rate in- its $7.4 trillion asset portfolio hard-hit sectors of the econ- Note: Chart shows midpoint of range since 2008. not gaining greater confi- (USPS 664-880)
creases. Stocks moved higher in a bid to extend the wind- omy, including manufacturing Source: Federal Reserve
dence, well, that would be a (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
after Powell said he thought down of emergency pandemic and housing, might be case in which it could be ap- (Western Edition ISSN 0193-2241)
rate increases were unlikely, stimulus efforts it launched through the worst of the hit School of Management. “If propriate to hold off on rate
Editorial and publication
but then they reversed course four years ago. from higher rates. this continues to look bad on cuts,” he said. headquarters: 1211 Avenue of the
as investors digested his com- The central bank lifted in- “They are sticking to their the inflation front, they will Powell outlined two other Americas,
ments. terest rates rapidly from near story until they get enough have to respond at some scenarios: One in which the New York, N.Y. 10036
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setbacks: Over the six months
through March, prices rose at
an annualized 3.0% rate, up
from 1.9% for the six months
ending in December. The Fed
targets 2% inflation over time.
Fed Chair Jerome Powell said he expected inflation to resume its decline this year. Stocks Some Fed officials have
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THE WALL STREET JOURNAL. * * * * * Thursday, May 2, 2024 | A3

U.S. NEWS

Arizona Senate Votes to Repeal Abortion Ban

Two Republicans Gov. Katie Hobbs said. Her of-
fice said she would sign the
join with Democrats; bill Thursday.
governor’s office The Arizona Supreme
Court’s decision in April to
promises signature bring back a 160-year-old,
near-total ban on the proce-
BY ELIZA COLLINS dure inflamed the politics in
one of the country’s top elec-
PHOENIX—Two Republicans toral battlegrounds, which is
joined with Democrats in the now effectively ground zero for
Arizona Senate to roll back the abortion politics. It hasn’t gone
state’s near total ban on abor- into effect yet and the state’s
tions, as some in the GOP look 15-week abortion ban is still
to reverse a major political lia- the law of the land.
bility for the party ahead of However, because of a quirk
the November elections. in legislative procedure in Ari-
The move Wednesday zona, residents are likely to
comes a week after the Ari- spend much of their summer
zona state House also voted to under the 160-year-old law be-
repeal the ban. Three Republi- cause bills in the state typi-
cans joined with all Democrats cally take effect 90 days after
in that vote. the legislative session ends.
“This total abortion ban The state’s Democratic attor-
would have jailed doctors, ney general has said she is
threatened the lives of women looking at legal options to keep
across our state and stripped the Civil War-era ban from tak-
millions of Arizonans of their ing place at all.
bodily autonomy,” Democratic Republican Sens. Shawnna
Bolick and T.J. Shope crossed
party lines to advance the
measure. Both are seen as
Democratic targets in this
year’s election. Bolick is also
married to one of the Supreme
Court justices who voted to re-
instate the ban.
Even though the ban was
overturned, Democrats are still
expected to campaign heavily
on access to the procedure
here and across the country,
arguing that former President
Donald Trump sowed uncer-
tainty by nominating justices
to the Supreme Court who re-
pealed the constitutional right
to an abortion and Republicans
will continue to push to limit
access to the procedure.
Arizona voters are expected
to consider at least one ballot
measure to expand access to
the procedure beyond 15 weeks
along with at least a half-
dozen other states. One of
them is Florida, which put in
place a six-week abortion ban
on Wednesday, giving Demo-
crats another opportunity to
cast Republicans as extreme on
abortion.
“Across our nation, we wit-
ness a full-on assault, state by
state, on reproductive freedom.
And understand who’s to
blame. Former President Don-
ald Trump did this,” Vice Pres-
ident Kamala Harris said
Wednesday in Jacksonville, Fla.
Trump in an interview with
Time magazine published on
Tuesday didn’t directly answer
if he would veto a national
abortion ban as president, say-
ing he didn’t think a bill would
get to the president’s desk,
adding: “It’s about states’
rights.” Asked if he was sup-
portive of states punishing
women who seek abortions or
monitoring pregnancies to try
to prevent abortions, he said
those decisions should be with
the states.
Arizona is seen as one of
the most important states
ahead of the November elec-
tion and voters here could de-
cide who controls the White
House and both chambers of
Congress. The state Senate and
state House, both currently
controlled by Republicans, are
also seen as highly competi-
tive.
The decision to bring back
the near total ban on abortion
was seen as helpful for Demo-
crats who are on defense on
other major issues in the state
such as the economy and im-
migration.
Bolick in a lengthy floor
speech on Wednesday said she
opposed abortion and “wanted
to protect more babies,” which
was why she was voting to re-
turn to the 15-week ban. Some
Republicans have argued that
returning the state to a 15-
week restriction could help
blunt the chances of the ballot
measure passing.
Republicans in the state leg-
islature are also considering
getting their own more restric-
tive ballot initiatives on the
ballot, including one measure
that would allow for abortion
until the beginning of the 15th
week, according to a strategy
memo reviewed by The Wall
Street Journal last month.
Most Republicans in the
state Senate wanted to keep
the 160-year-old ban. “The
epitome of delusion is saying I
am pro-life yet voting to repeal
an abortion ban,” Sen. Anthony
Kern, a Republican who op-
posed the repeal, said on the
Senate floor.
Trump and Kari Lake, the
expected GOP Senate candi-
date, both have said the out-
right ban goes too far and
called on the legislature to re-
move it. But Lake has also said
in an interview with the Idaho
Dispatch in April that given
the attorney general had said
she wouldn’t enforce it, “we
don’t have that law as much as
many of us wish we did.”

Florida’s Six-Week Curb

Begins, Following Georgia’s
BY LAURA KUSISTO

ATLANTA—When Georgia
banned abortion around six
weeks of pregnancy in 2022,

ALYSSA POINTER FOR THE WALL STREET JOURNAL (3)

the number of patients seeking
the procedure at the Feminist
Women’s Health Center dwin-
dled to a trickle, confirming
worries from abortion-rights
advocates who predicted the
law would operate much like a
total ban. Then, after the ini-
tial shock, the appointment
traffic came back.
On a recent warm April day,
the suburban Atlanta facility
was almost as busy as it ever Below, Neesha Lewis holds a photo of herself with her son, who was adopted by a family in Florida. Above, the Feminist Women’s Health Center in Atlanta.
was. It has been providing
abortions three days a week, states have bans on abortion allowed a referendum on the away after an ultrasound re- Lewis, 33 years old and
seeing about 30 patients a day. throughout pregnancy, restric- November ballot that, if ap- veals it is too late. raising four children as a sin-
And the clinic recently added a tions at or around six weeks proved, would restore broad If patients take abortion gle mother, said friends and
fourth day to accommodate are less common and more protections for abortion. pills and they don’t work— family pushed her to travel to
demand. poorly understood. These so- South Carolina’s Supreme which occasionally happens— a clinic out of state. She has
“A six-week ban is not a to- called heartbeat laws generally Court allowed a heartbeat law it is sometimes too late to try had abortions previously but
tal ban,” said Kwajelyn Jack- prohibit abortion once fetal in recent months, and lawmak- again, Georgia providers say. said the law put up a road-
son, the clinic’s executive di- cardiac activity can be de- ers in Iowa are asking the high “We can’t provide care and block that helped her decide to
rector. While operating under tected. For Georgia, the limits court there to allow a six-week that can be really hard,” said keep the pregnancy.
the new limits, the facility is have reduced abortions by ban to take effect. Lisa Haddad, an Atlanta ob- For months, she wrestled
“ultimately able to see thou- about half, compared with ac- Georgia’s six-week window stetrician-gynecologist. with whether she would keep
sands of patients,” she said. tivity before the ban. has prompted women to pay Overall, the number of the child herself and went to an
In neighboring Florida, a Before the Supreme Court closer attention to when they abortion clinics in Georgia in- adoption agency, where she
six-week ban took effect withdrew the federal constitu- might be pregnant and visit creased slightly in the couple wrote down the life she envi-
Wednesday, creating addi- tional right to an abortion, clinics earlier, researchers and of years since the ban took ef- sioned for the son she would
tional regionwide anxieties in women had a right to choose providers say. Women are call- fect, according to a database soon deliver: both a mother and
the South, where abortion ac- the procedure until fetal via- ing the Feminist Women’s run by the University of Cali- a father, maybe even a backyard
cess has narrowed dramati- bility, or around 23 weeks of Health Center if their period is fornia, San Francisco. and a dog. When she found a
cally since the Supreme Court pregnancy. While very few even one day late or they have still does perform a number of In some circumstances, the Florida family who checked all
overturned Roe v. Wade two abortions happened that late, the first hint of early preg- surgical procedures. Georgia law has pushed those boxes, she made up her
years ago. If Georgia is any the six-week deadline comes nancy symptoms like nausea, The ban offers a tight and women to continue pregnan- mind on adoption.
guide, Florida can expect a soon after many pregnant clinic staffers said. An increase unpredictable window of just a cies they might otherwise have Lewis had an emergency
complicated landscape ahead: women miss their first period. in the number of patients couple of weeks for most ended. Neesha Lewis found out caesarean under general anes-
Fewer overall abortions but Florida’s Republican-led coming from states with total women to get an appointment she was pregnant shortly after thesia. When she woke up after
continued access for women legislature passed the six-week bans also has helped keep after being able to learn they the six-week law took effect. the ordeal, the baby’s new fa-
who act fast, and bustling ac- abortion ban a year ago, but it numbers at clinics up. are pregnant. Some patients She knew nothing about the ther was cradling him and say-
tivity at clinics, though uncer- wasn’t cleared to take effect Most patients at the clinic take time off work, find child new restrictions and learned it ing how proud he was of her
tainty for doctors and patients. until a recent state Supreme take medication to end their care and procure funds for the was too late for an abortion son. “I’m so thankful I did not
While more than a dozen Court ruling. That court also pregnancies, though the center procedure only to be turned appointment. go with Option A,” she said.

Author of ‘New York Trilogy,’ Filmmaker, 77

BY JAMES LEIGH

Paul Auster, the prolific

American novelist behind the
acclaimed “New York Trilogy,”
has died. He was 77 years old.
Auster died at his home in
Brooklyn on Tuesday from
complications from lung can-
cer, according to his wife, au-
thor Siri Hustvedt. He was
surrounded by
his family.
OBITUARY Auster was
PAUL AUSTER born in 1947 to
1947-2024 Jewish parents
in Newark, N.J.
In an interview with the
TIMOTHY FADEK/CORBIS/GETTY IMAGES

Guardian last year, he recalled

a childhood incident when a
boy standing next to him was
killed by a lightning strike.
“Being right next to a boy who
was essentially murdered by
the gods changed my whole
view of the world,” he said.
After graduating from Co-
lumbia University in 1970 and Paul Auster wrote more than 30 books and was shortlisted for the Booker Prize.
working several odd jobs (in-
cluding an attempt at writing favorable reviews upon its of Mr. Bones, a dog struggling Auster’s own life was
pornography which he aban- publication in 1982. He gained to deal with the fact that his struck by tragedy in 2022
doned because “I ran out of renown for the series of nov- master is dying. when his son Daniel from his
synonyms”), Auster moved to els that would become the His 800-page novel “4 3 2 first marriage to writer Lydia
Paris for several years before New York Trilogy. The series, 1,” published in 2017, was a fi- Davis died from a drug over-
returning to the U.S. where he comprising “City of Glass,” nalist for the Booker Prize. dose after he was charged
made a living as a translator “Ghosts” and “The Locked Auster also wrote and di- with the death of his 10-
of French literature. Room,” is a postmodern take rected several films. He collab- month-old daughter, Ruby.
Auster wrote more than 30 on detective fiction that ex- orated with co-director Wayne In 2023, Auster’s wife Siri
books and was shortlisted for amines existential themes of Wang on the 1995 indepen- Hustvedt revealed that her
the Booker Prize and voted identity and knowledge. dent film “Smoke,” starring husband had been diagnosed
into the American Academy of These themes would be ex- Harvey Keitel and William with cancer. He published his
Arts and Letters, the Associ- plored in his subsequent fic- Hurt, about a Brooklyn smoke final novel “Baumgartner,”
ated Press said. tion, particularly in “Moon shop and its diverse clientele. last year.
“The Invention of Solitude,” Palace,” “Leviathan” and Auster and Wang followed Auster is survived by Hus-
a memoir that dealt with the “Timbuktu,” the latter of with a sequel, the largely im- tvedt and their daughter So-
death of his father, garnered which is told through the eyes provised “Blue in the Face.” phie.
P2JW123000-4-A00400-16DDF61078D
A4 | Thursday, May 2, 2024
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
Rep. Marjorie Taylor Greene, seen at a news conference Wednesday, acknowledged the move against Johnson is unlikely to succeed.
Greene Says She Will Force
Vote on Ousting Speaker
GOP hard-liner has
faulted Johnson on
government funding,
other key measures
BY LINDSAY WISE
AND NATALIE ANDREWS
WASHINGTON—Republi-
can Rep. Marjorie Taylor
Greene said she would call a
vote next week to oust House
Speaker Mike Johnson, marking
the latest chapter in an intra-
party struggle between hard-
line conservatives and the
GOP’s governing wing.
Greene’s decision to move
forward with the long-shot ef-
fort, over many Republican col-
leagues’ objections, came after
more than a month of holding
the threat over the leader’s
head and pushing him to quit.
“I think every member of
Congress needs to take that
vote,” the Georgia lawmaker
said Wednesday at a press con-
ference in which she accused
Johnson (R., La.) of selling out
his conservative values and
ticked off a series of purported
betrayals. “Next week I am go-
ing to be calling this motion to
vacate, absolutely calling it,”
she said.
Greene and other critics
have fumed over how Johnson
has repeatedly turned to Demo-
crats to help pass legislation to
avoid government shutdowns
and other critical measures,
such as a $95 billion foreign-aid
Embraer
Eyes Boeing
Jet Rival
Continued from Page One
need, the people said, includ-
ing Saudi Arabia’s Public In-
vestment Fund and manufac-
turing companies in Turkey,
India and South Korea.
A spokesman for Embraer
said that while the company
“certainly has the capability to
develop a new narrow-body
aircraft,” it doesn’t have any
plans for a sizable new project
at this time and is focused on
selling its existing models.
Embraer’s ambitions have
firmed in recent months with
Boeing in turmoil after a 737
MAX jet operated by Alaska
Airlines lost a fuselage panel
midflight, the people said.
The accident prompted U.S.
air-safety agencies to put lim-
its on Boeing’s manufacturing
facilities and led to an execu-
tive shake-up, including the
resignation of Chief Executive
David Calhoun by the end of
the year.
Boeing doesn’t have a firm
plan for how it will replace its
decades-old 737 line. The com-
pany has said it could launch
a new aircraft in the middle of
the next decade, similar to
Airbus’s current timeline, but
Calhoun has since said that a
decision will fall to a future
Boeing CEO.
New aircraft programs re-
quire long lead times to de-
velop, prepare supply chains
law that included money for
Ukraine, and the reauthoriza-
tion of a contentious surveil-
lance bill called the Foreign In-
telligence Surveillance Act.
Johnson has rejected the ef-
fort to push him out and has
said he doesn’t plan to resign.
He has argued he is doing the
best job he can given Republi-
cans’ historically small 217-212
majority and defended putting
the Ukraine bill on the floor as
critical to protecting U.S. allies.
Johnson said Wednesday
that Greene’s decision to call
for a vote on the motion to va-
cate “is wrong for the Repub-
lican conference, wrong for
the institution, and wrong for
the country.”
Democrats are now poised to
side with Johnson rather than
let a small bloc of GOP rebels
kick him out. That is a change
from last year, when Democrats
voted alongside eight GOP reb-
els to oust then-Speaker Kevin
McCarthy (R., Calif.).
Democratic leaders made it
official Tuesday, saying they
would protect Johnson, citing
his recent decision to allow a
vote on the foreign-aid package,
which passed both chambers of
Congress and President Biden
signed into law last week. The
announcement prompted a fu-
rious response from Greene and
her ally, Rep. Thomas Massie
(R., Ky.), who said it proved
Johnson was a Republican
speaker in name only.
Greene said Wednesday she
was eager to test Democrats on
An Embraer E195-E2 Profit Hunter aircraft during the Singapore Airshow earlier this year.
Annual commercial aircraft deliveries
800
600
400
200
0 –40
2017 ’18 ’19
Sources: the companies (deliveries); FactSet (performance)
and win regulatory signoff.
Calhoun has said the com-
pany would need about $50
billion to develop a successor
to the 737 MAX, cash that the
debt-laden manufacturer
P W L C 10 11 12
their pledge headed into the fall
elections, where Republicans
are trying to protect and ex-
pand their majority in the
House. “I can’t wait to see
Democrats support a Republi-
can speaker…a Christian con-
servative,” she said.
Greene acknowledged she is
unlikely to succeed in ousting
Johnson, which requires a ma-
jority vote in the House, but
said the move would force
lawmakers to go on the record.
She showed off a “MUGA” hat
to reporters, saying Johnson
was more concerned with
making Ukraine great again
than getting in line with for-
mer President Donald Trump’s
Make America Great Again
movement.
Trump has held his fire on
Johnson, saying last month
that the small GOP majority in
the House was “not an easy sit-
uation for any speaker” and
that Johnson was “doing about
as good as you’re going to do.”
The Trump campaign didn’t re-
spond to a request for com-
ment on Greene’s latest move.
Greene took the initial step
in March to force a vote on re-
moving Johnson by filing a mo-
tion to vacate the chair. In re-
cent weeks, Massie and Rep.
Paul Gosar (R., Ariz.) said they
would support her effort, but no
other members have come on
board. The next step for Greene
would be to call up the resolu-
tion and force a vote within two
legislative days, while hoping in
the meantime to build more Re-
Embraer Boeing
’20 ’21 ’22
doesn’t have. Boeing, which
this past week said it had
burned through nearly $4 bil-
lion in its most recent quar-
ter, ended 2023 with a net
debt of $52.3 billion.
H T G K R F A M 1 2 3 4 5 6 7
U.S. NEWS
publican support.
“I’m going to challenge my
colleagues to think about it this
weekend,” Massie said. “Are
you going to embrace Hakeem
Jeffries, like Mike Johnson has?
Are you going to embrace the
uniparty?”
Gosar said he would prefer
Greene had waited to call up
the vote. But he said he would
vote against the expected effort
by Johnson allies to table, or
block, the vote.
Jeffries, the leader of House
Democrats, said Wednesday
that Republican frailties meant
a “bipartisan coalition and
partnership” was needed to
tame GOP chaos that was un-
dermining Congress. “Marjorie
Taylor Greene is the star of the
show, the show is called Repub-
licans Gone Wild,” he said.
Republicans’ tenuous control
of the House has caused head-
aches since the start of the cur-
rent Congress in January 2023.
It took McCarthy 15 rounds of
voting to be elected speaker,
only to be ousted in October,
setting off three weeks of paral-
ysis before Johnson was picked
as a compromise candidate.
Most House Republicans, bitter
about that experience, now op-
pose the effort to remove John-
son and warn it could hurt the
party in an election year.
“Oh enough already. Hon-
estly, the curtain needs to come
down,” said Rep. Marc Molinaro
(R., N.Y.) about Greene’s efforts.
—Vivian Salama
contributed to this article.
Share-price performance over
the past year
80%
Airbus
60
40
20
0 making C Series aircraft pro-
–20
’23 June 2023
A new model would also
mark a satisfying reprisal for
Embraer after Boeing unilater-
ally withdrew from a $4 bil-
lion deal to acquire the Brazil-
ian company’s commercial-jet
8 9 O I X X * ** * THE WALL STREET JOURNAL.
Back on Campaign
Trail, Trump Blasts
Manhattan Trial
BY JOHN MCCORMICK
WAUKESHA, Wis.—Donald
Trump, sprung from his Man-
hattan hush-money trial the
day after being held in con-
tempt of court for violating a
gag order, spent Wednesday
on the presidential campaign
trail where he disparaged the
economy and the court pro-
ceedings he faces.
The former president
mostly stuck to issues like in-
flation and taxes during the
first 55 minutes of his 90-min-
ute appearance in suburban
Milwaukee, before pivoting to
a lengthy criticism of the four
criminal indictments he faces.
He held a second rally Wednes-
day evening in Michigan, an-
other battleground state.
“If I wasn’t running, I
wouldn’t be facing more indict-
ments than the great Alphonse
Capone,” Trump said in a refer-
ence to the notorious mob fig-
ure. “Never forget our enemies
want to take away my freedom
because I will never let them
take away your freedom.”
The presumptive Republi-
can nominee—and the first
former U.S. president to face a
criminal trial—noted that the
jury he now faces is from a
heavily Democratic jurisdic-
tion and said the proceedings
are being run by a “crooked
judge.” Under the terms of the
New York gag order, Trump is
barred from making state-
ments about likely witnesses,
prosecutors, court staff or
their families, but he is al-
lowed to criticize the judge.
Christine Consiglero, a 66-
year-old rally attendee and a
former customer-service
worker from New Berlin, Wis.,
said she thinks Trump is being
unfairly prosecuted.
“They are just hounding
him to give him negative pub-
licity,” said Consiglero. “I don’t
always agree with his person-
ality, but I do on the issues.”
Trump also returned to the
Donald Trump addressed a rally Wednesday in Waukesha, Wis.
business four years ago. Em-
braer is still awaiting findings
from an arbitration it filed at
the International Chamber of
Commerce after Boeing aban-
doned the deal.
“I’ve talked to everyone at
Boeing that I can possibly ad-
dress, and the message is the
same: Get your act together,”
American Airlines CEO Robert
Isom—one of Embraer’s big-
gest customers—said on a call
last week.
SEONGJOON CHO/BLOOMBERG NEWS
He later said that Embraer
comparatively has “delivered
day in and day
out throughout
the pandemic
no matter the New aircraft
concerns of programs
their supply
chain” and that require long
other manufac-
turers “can
lead times to
learn a lot from develop.
them.”
Many new
aircraft pro-
grams don’t succeed. Mitsubi-
shi Heavy Industries, for ex-
ample, in 2023 pulled the plug
on a 16-year project to de-
velop an all-new regional jet.
In 2017, Bombardier was
pushed into handing its loss-
gram to Airbus for $1 after
Boeing petitioned the U.S.
Commerce Department to
place heavy import duties on
the new model.
’24 Embraer itself doesn’t cur-
rently manufacture an aircraft
that matches the size and
range of Boeing’s or Airbus’s
popular narrow-bodies—jets
that are defined by their sin-
gle aisle and which form the
backbone of the global avia-
tion sector. Its largest model,
events of Jan. 6, 2021, disput-
ing claims that he “attacked”
a Secret Service agent in the
front of his vehicle because he
wanted to be driven to the
U.S. Capitol. “It’s not my
deal,” he said. “I’m a lover,
not a fighter.”
If elected, Trump promised
to lead the “largest deporta-
tion” in the nation’s history.
“We’re going to stop the inva-
sion,” he said.
The former president spent
a significant amount of time
talking about inflation, which
remains stubbornly high.
“We’re in stagflation right
now,” he said, using a term
that refers to slow growth
amid high inflation.
Trump criticized pro-Pales-
tinian protesters at Columbia
University in New York and
praised the rapid ability of the
New York Police Department
to clear out a building and
other areas that had been oc-
cupied, calling it a “beautiful
thing to watch.”
After saying the city was
“under siege last night,” he
also complained about the
school’s leadership and said
the institution’s reputation
had been harmed.
At his evening rally in Free-
land, Mich., Trump said: “I
gotta do two of these things a
day—you know why? Because
I’m in New York all day with
the Biden trial.” He described
the trial as “fake.”
“They do it to try and take
your powers away, take your
candidate away who’s killing
them in the polls,” he added,
as the crowd booed.
President Biden spent
Wednesday in Washington,
with his main campaign activ-
ity scheduled to be an evening
fundraiser at a hotel. Vice
President Kamala Harris spent
the day in Florida—where a
six-week abortion ban just
took effect—blaming Trump
for new abortion restrictions
in states around the country.
ALEX WROBLEWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
the E2-195 regional jet which
entered service in 2018, seats
a maximum of 146 passengers
compared with a maximum of
172 seats on Boeing’s smallest
narrow-body, the 737 MAX 7.
Still, the Brazilian company
could use aspects of the de-
sign and technology from the
E2 as the basis for the new
aircraft, helping to subsidize
some of the billions of costs if
it went ahead with an all-new
design.
Embraer is still a relatively
small player in the world of
aircraft manu-
facturing com-
pared with
Boeing and Air-
bus. The com-
pany last year
delivered 181
aircraft, with
Boeing deliver-
ing 528 and
Airbus deliver-
ing 735 jets to
customers.
Airbus has said it is pro-
gressing toward bringing its
own new narrow-body to the
market in the second half of
the 2030s.
The European plane maker,
the world’s biggest, has been
exploring multiple options for
upgrades that could boost fuel
efficiency by 20% to 25% com-
pared with the current
A320neo model, including new
engine and wing designs. The
company has also long touted
the possibility of developing a
stretched version of its
A220—the renamed C Series
aircraft it picked up from
Bombardier in 2017.
—Summer Said
and Doug Cameron
contributed to this article.
P2JW123000-7-A00500-1--------XA

THE WALL STREET JOURNAL. * * * * * * * Thursday, May 2, 2024 | A5

U.S. NEWS

Schools, Police Crack Down on Protests

Officials say outsiders crats and 21 Republicans voting
“no.” The legislation would re-
have joined students quire the Department of Educa-
and intensified their tion to use the International
Holocaust Remembrance Alli-
demonstrations ance’s working definition of an-
tisemitism when enforcing fed-
Hundreds of protesters eral antidiscrimination laws.
were arrested across several The IHRA definition, which
campuses, as universities and includes “drawing comparisons
police crack down on what of contemporary Israeli policy
they say are outsiders escalat- to that of the Nazis” and “deny-
ing pro-Palestinian demon- ing the Jewish people their
strations. right to self-determination,”
has been criticized by groups
By Erin Ailworth, such as the American Civil Lib-
Alyssa Lukpat erties Union for equating criti-
and Joseph Pisani cism of the Israeli government
JOHN HART/WISCONSIN STATE JOURNAL/ASSOCIATED PRESS

with antisemitism.
The Manhattan district at- Brown and Northwestern
torney’s office said about 280 universities reached agree-
people were arrested at Co- ments with protesters to clear
lumbia University and City their encampments. Yale Uni-
College of New York. Later versity said protesters left their
Wednesday, Fordham Univer- encampment Tuesday after the
sity called on the New York school threatened suspensions
Police Department to clear an and arrests.
encampment of some 30 peo- At Columbia, police on
ple in a building on its Lincoln Tuesday night raided Hamilton
Center campus. The NYPD Hall, a campus building stu-
said it arrested those who re- dents had barricaded with
fused to disperse. vending machines and sofas.
The University of Wiscon- Officers clash with demonstrators as they work to remove By Wednesday afternoon,
sin-Madison said police dis- Pro-Palestinian protests at colleges since April 21 an encampment at the University of Wisconsin-Madison. there were few signs left of the
persed an encampment and ar- chaos outdoors save for some
rested 34 people. Tulane p.m. Tuesday and tensions es- canceled classes for the day. stray Palestinian flags.
University in New Orleans said calated quickly, according to California Gov. Gavin Columbia President Mi-
14 protesters were arrested video from local TV news and Newsom on Wednesday said nouche Shafik has asked the
Wednesday, in addition to the witnesses. The counterpro- the delayed law-enforcement NYPD to maintain a presence
six arrested a day earlier. testers dismantled metal bar- response was “unacceptable on campus until May 17, two
Universities and police ricades around the encamp- and it demands answers.” days after commencement.
have said people unaffiliated ment, in some cases throwing Many Jewish students have Columbia said there were
with the schools have joined them at the pro-Palestinian said they feel unsafe amid ris- no injuries during the arrests
or intensified the demonstra- demonstrators. ing antisemitism while protest- when Hamilton was raided, al-
tions protesting the Israel- Video from the scene ers have said their demonstra- though protesters disputed
Hamas war. showed a small number of se- tions are peaceful. Protesters that. UW-Madison said a state
New York University’s curity officers present around are calling on their universities trooper was injured after be-
president said that of 133 11:15 who were outnumbered to divest from companies do- ing struck in the head by a
people arrested there on April and left shortly after. Los Ange- ing business with Israel. protester with a skateboard.
22, 68 weren’t current stu- les Police Department officers White House press secre- —Alyssa Choiniere, Jon
dents, faculty or staff. Tulane arrived to assist campus police tary Karine Jean-Pierre said Kamp, Will Horner, Annie
Note: Through April 29 and includes rallies, marches, demonstrations and similar events at college
said the overwhelming major- and graduate schools and some demonstrations extended beyond the identified campus. at about 2 a.m., according to President Biden is monitoring Linskey, Talal Ansari,
ity of the protesters were out- Source: Crowd Counting Consortium tweets from the agency, and the campus protests and the Christine Mai-Duc and
siders. New York City Mayor eventually calmed the situation. police responses to them. “Ev- Suryatapa Bhattacharya
Eric Adams said outside agi- concern that much of the dis- who joined demonstrations at Tai Min, a UCLA sophomore ery American has the right to contributed to this article.
tators were co-opting the pro- ruption on campus over the their schools were actually who has spent time in the pro- peacefully protest,” she said.
test movement at Columbia. past week has been orches- members of the community, Palestinian encampment, said “Seizing buildings, taking over
The University of Texas at trated by people from outside including teachers and alumni. conflicts with counterprotest- buildings is not peaceful pro- Watch a Video
Austin said 45 of the 79 peo- the University,” UT Austin said. At the University of Califor- ers occurred for several nights testing.” Scan here to
ple arrested on campus on Representatives for protest- nia, Los Angeles, dozens of in a row and have “been esca- The House of Representa- see a video on
Monday weren’t associated ers at Columbia and City Col- counterprotesters gathered at lating and escalating.” tives voted 320-91 Wednesday the clashes at
with the school. lege of New York said a pro-Palestinian encamp- Wednesday morning, campus to pass the Antisemitism the UCLA
“These numbers validate our Wednesday that nonstudents ment’s perimeter around 11 was quiet after the university Awareness Act, with 70 Demo- encampment.

University Leaders Try Range

Of Tactics on Demonstrators
Mom Deserves
Dazzle
BY MELISSA KORN
AND DOUGLAS BELKIN

An encampment of pro-Pal-
estinian students disbanded at
Brown University with little EMERALDS AND DIAMONDS
fanfare on Tuesday. MAKE A MAGNIFICENT
Meanwhile, at the Univer-
sity of California, Los Angeles, MOTHER'S DAY GIFT
on Wednesday morning such
INDY SCHOLTENS/GETTY IMAGES

protests devolved into fist-

fights and fireworks. At Co-
lumbia University on Tuesday
night, police stormed an ad-
ministration building that had
been barricaded and frog-

1,395
marched out scores of stu-
dents with their wrists zip- Columbia President Minouche Shafik visited Hamilton Hall on $
tied behind their backs. Wednesday, a day after police cleared protesters there.
University leaders are navi- Compare at $2,095
gating the most tumultuous ing in a legal gray area that Mary Osako said University of
wave of student demonstra- falls at the intersection of two California system policy di-
tions since the Vietnam War sets of student rights: the right rects the campus not to re-
with varied strategies—and to speak freely and the right to quest police involvement pre-
varied results. They are having pursue an education free of ha- emptively, “and only if
to weigh input from a host of rassment, said Erwin Chemer- absolutely necessary to pro-
constituencies, including politi- insky, dean of the law school at tect the physical safety of our
cians, donors and parents, all the University of California, campus community.” Elevate her look with our gorgeous 18" graduated
while operating in the shadows Berkeley. Students enjoy free- As more students com-
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speech standards are at stake. behavior crosses into harass- way past the encampment and
So are the wobbling brands of ment. Where to draw that line as a gathering of counter-pro- that shimmer in sterling silver.
centuries-old institutions. isn’t always clear. testers grew more aggressive,
Leading a university “is a Greg Lukianoff, president the school tried a new tack.
lot like tap dancing on a surf- and chief executive of the Police were called in late
board in the middle of the Foundation for Individual Tuesday to break up brawls
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waves because there are so Rights and Expression, a free- among protesters, and UCLA Also in 18kt gold over sterling silver.
many stakeholders and so speech advocacy group, said canceled Wednesday classes.
many constituencies,” said “universities haven’t stood up At Columbia, police swept Item #956142
Ted Mitchell, for free speech an encampment two weeks
president of the consistently.” ago, arresting more than 100
American Lukianoff students. President Minouche
Council on Edu- Plans have said the schools Shafik faced harsh criticism for
cation. “Today, shifted as fail to make ap- what some called an overly ag-
we’re facing propriate dis- gressive response to the tent
that cacophony circumstances tinctions be- city that, participants said, re-
being raised
to…a new and
on the ground tween protected
speech like pro-
mained peaceful. The encamp-
ment reappeared a day later.
really acute changed. tests, acts of Administrators then met
level.” civil disobedi- with negotiators from the en-
In recent ence for which campment over eight days, but
days, police students might said they ultimately reached an
have arrested hundreds of expect to be disciplined and impasse. Police entered campus
protesters at schools including more egregious actions like vi- Tuesday night, arresting more
the University of Texas at olence or threats of violence. than 100 people after a group
Austin, Emory University, City Administrators have often of protesters took over an ad-
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Schools are taking such dif- ment late last week outside a been arrested. Outsiders are Shown larger for detail. Item #951162
ferent approaches to protesters campus building, Royce Hall. also believed to be helping in
partly because they are operat- On Sunday, spokeswoman coordinating demonstrations.
P2JW123000-0-A00600-1--------XE
A6 | Thursday, May 2, 2024
Blinken Pushes Cease-Fire in Israel Visit
Secretary of state
meets Netanyahu,
who is better set to
resist U.S. pressure
TEL AVIV—Secretary of
State Antony Blinken traveled
to Israel to press for a tempo-
rary cease-fire deal in the
Gaza Strip that the Biden ad-
By Rory Jones, Carrie
Keller-Lynn and
Michael R. Gordon
ministration hopes could de-
velop into a more-durable
peace, and stressed its con-
cerns about a possible Israeli
offensive in the town of Rafah.
Blinken said after a meet-
ing with Israeli Prime Minister
Benjamin Netanyahu that he
told Israeli officials a tempo-
HATEM KHALED/REUTERS
rary truce would “give us
something to build on.” And
he put the focus on Hamas,
saying the group should take
the deal. “Hamas has to de-
cide,” Blinken said.
Israel has said it is ready to
send a delegation to Cairo,
where Arab mediators this
week presented Hamas with a
fresh plan to pause the fight-
ing in exchange for freeing
hostages it holds in the en-
clave. The proposal is seen as
the last chance to delay an Is-
raeli offensive on Rafah, which
Netanyahu has said is needed
to destroy Hamas’s remaining
military units and complete
Israeli Mothers Seek Truth on How Sons Died in War
BY ANAT PELED
AND JARED MALSIN
BEERSHEBA, Israel—When
commandos retrieved Ron
Sherman’s body from the tun-
nel under Gaza, Israeli officials
told the 19-year-old soldier’s
mother that he had died at the
hands of his Hamas captors.
At the time, in mid-Decem-
ber, Maayan Sherman had no
reason to question their ac-
count of her son’s death.
Doubts began to emerge in
the weeks afterward when a
pathologist’s report found the
soldier’s remains showed no
signs of trauma.
Maayan Sherman and the
mother of another soldier, Nik
Beizer, the same age and killed
at the same time, began their
own investigation. They called
the families of other hostages,
scanned Hamas social media
and peppered Israeli officials
with questions. Their persis-
tence took them to the offices
of the military’s hostage-intel-
ligence chief in Tel Aviv and
secured meetings with other
senior military officials and
even the president.
It also extracted an admis-
sion from two senior military
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
THEY RECORD HISTORY.
Learn more about the impact your
journalism career can have on the world.
Wall Street Journal reporter Erin Ailworth
and others share career advice at
dowjonesnewsfund.org/careers.
A Palestinian man and his son on Wednesday stopped at the site of an Israeli strike on a house in Rafah, southern Gaza Strip.
the aims of the war.
Netanyahu is better posi-
tioned to resist pressure from
Washington than he was sev-
eral weeks ago. In early April,
Netanyahu was publicly re-
buked by the Biden administra-
tion over Israel’s killing of
seven aid workers in what it
said was a mistake that vio-
lated its rules of engagement.
officials that an Israeli air-
strike targeting a Hamas com-
mander in November had
killed their sons.
“We have to find out the
truth about everything,” Sher-
man said. “Even if the truth
is, ‘We had to kill them.’ ”
Israel’s military officials ha-
ven’t publicly acknowledged
that the men died in an Israeli
airstrike in northern Gaza in
November. They say they have
given all the information they
have to the soldiers’ families.
In response to questions from
The Wall Street Journal about
the death of the soldiers, Is-
rael’s military said it had “no
information about the pres-
ence of hostages in the tunnel
of the commander of the
northern division of Hamas, at
the time of the attack.”
The Israeli military is in-
creasingly confronting a grim
reality: Some of the hostages
in Gaza have been killed in its
military offensive there
against Hamas. The U.S. gov-
ernment believes some of
those held in the enclave have
died in Israeli airstrikes, a
person familiar with American
intelligence said. Some top
Hamas leaders in the tunnels
THE WALL STREET JOURNAL.
WORLD NEWS
sides. Hamas wants a cease-
fire to include language about
a permanent end to fighting,
while Netanyahu has said he
won’t give up the freedom to
destroy the group militarily.
Hamas has expressed con-
cern that statements by Israeli
officials in recent days indi-
cate that they expect to con-
tinue military operations, de-
spite proposing a prolonged
period of calm for the release
of hostages, mediators said.
The White House has in-
creasingly viewed Netanyahu
as the main obstacle to its
broader goals in the Gaza war.
Even so, the U.S. has no choice
other than to work with Ne-
tanyahu, said Yossi Shain, po-
litical scientist at Tel Aviv
University and a former Israeli
parliamentarian.
Netanyahu also could re-
quire U.S. support to bat off
potential war-crimes charges
against top Israeli officials,
which the International Crimi-
nal Court is currently weigh-
ing. Israeli President Isaac
Herzog raised the issue with
Blinken on Wednesday.
The U.S. has said it can’t
U.S. Senate Majority Leader Israel’s war in the Gaza Strip but ministers on the right support an Israeli military op-
Chuck Schumer had called pub- spread across U.S. college cam- wing of his broader coalition eration in Rafah without a
licly for the prime minister to puses. Biden needs the Israeli are threatening to bring down plan to manage the roughly
be replaced. And Netanyahu’s leader to deliver a halt in fight- his government if he reaches one million Palestinian refu-
poll numbers were suffering. ing that could ease domestic an agreement that prevents a gees sheltering there.
Now, his poll numbers have pressure over the conflict. Rafah operation. Still, the U.S. also appears
stabilized in the wake of Iran’s At the same time, Netan- Arab mediators have been ready to blame Hamas if a
drone-and-missile attack on Is- yahu remains in a very tight trying to bring Israel and cease-fire falls apart and Israel
raeli soil and it is the Biden ad- spot. Members of his small Hamas together to agree to a moves ahead with an operation.
ministration that is under war cabinet are pushing him deal despite seemingly contra- —Summer Said
pressure, as protests against to cut a deal to free hostages, dictory aims from the two contributed to this article.
under Gaza are surrounding
themselves with hostages, Is-
raeli officials said.
This account is based on
dozens of interviews with hos-
tages’ families, freed hostages,
current and former Israeli and
U.S. officials, and forensic and
military experts, as well as a
review of official documents
surrounding the death of
Sherman and other hostages.
The army’s leaders say mil-
itary pressure will bring
Hamas to the table and unlock
AMIT ELKAYAM FOR THE WALL STREET JOURNAL
hostage negotiations. But the
strategy has come at the cost
of significant collateral dam-
age. More than 34,000 people
have been killed in Gaza since
the start of the war, most of
them civilians, Palestinian of-
ficials say. The figure doesn’t
specify how many were com-
batants. Among the dead from
the war in Gaza are also some
of those held hostage there, Katya Beizer sits with sketches of her late son Nik at her home in Beersheba, Israel.
including some killed by Is-
rael’s own forces. Hiding in a shelter inside the ing resumed a week later with- strike was responsible for the
Israeli officials say the air base during the assault, Sher- out an agreement to release Is- deaths. The gases released by a
force consults intelligence man reached out to his mother raeli soldiers held in Gaza, for bomb exploding in a nearby
about the whereabouts of hos- as the gunfire grew closer. whom Hamas is demanding the tunnel likely suffocated them,
tages in Gaza when it plans “Bye mom. I love you guys,” release of Palestinians serving one official told Sherman.
airstrikes, part of its work to Sherman texted his mother at life sentences in Israeli jails. One of the officials, Maj. Gen.
avoid civilian casualties, both 7:12 a.m. on Oct. 7. “They’re Nitzan Alon, the Israeli officer
Palestinian and Israeli, during here, this is it. It’s over.” in charge of hostage intelli-
the war, Israeli officials said. Then came the first indica- A grim knock gence, acknowledged to the
Israel has officially de- tion that the men had sur- On Dec. 15, Israeli military mothers in separate meetings
clared 46 of the more than vived. A video that surfaced officers knocked on the doors in his office on the edge of Tel
240 hostages taken on Oct. 7 later that day showed Hamas of Beizer’s and Sherman’s Aviv that their sons had been
dead, but has only retrieved militants forcibly dragging homes to inform them that killed as “a secondary result” of
the bodies of a dozen of them. Sherman and Beizer, who their sons had been murdered an Israeli airstrike. The military
Some Israeli and American of- worked in army logistics, in Hamas captivity. A third didn’t know hostages were in
ficials privately estimate that through a gap in the concrete hostage, the French-Israeli cit- the tunnel when it launched the
the number is far higher. Most wall into Gaza. izen Elia Toledano, who had strike, Alon said. The attack had
of the fatalities resulted from The kidnapping began been kidnapped from the Nova targeted and killed a Hamas
the Hamas-led attacks on Oct. months in which both mothers music festival on Oct. 7, was leader, Ahmed Ghandour, the
7, including some who were lived in a state of sleepless also found dead in the same commander of the group’s mili-
killed before being brought uncertainty. They knew little tunnel under northern Gaza, tary wing in northern Gaza. The
into Gaza, officials and Israeli about their sons’ fate. They military officials said. other official, the military’s top
health authorities said. feared Hamas’s brutality and Sherman turned down an of- spokesman, Daniel Hagari, also
Around the time that the the dangers of fer of a full au- confirmed to them that an air-
bodies of Sherman and Beizer Israel’s own topsy, hoping to strike was the cause of death.
were retrieved from Gaza, Is- military offen- get the funeral Sherman thought the mili-
raeli troops shot and killed sive in Gaza. Officials over with. tary had finally owned the mis-
three people who escaped their On Nov. 5, continued to say “I didn’t take. But in public, Israeli offi-
captors, having mistaken the the Israeli mili- want to know cials continued to say the cause
hostages for militants. The mili- tary told the publicly that the what Hamas of the soldiers’ deaths couldn’t
tary said in January that an air-
strike hit targets close to two
pair’s families
that officials
cause couldn’t did to him,” she
said.
be determined. The families are
still pressing the government
hostages who were later de- had received a be determined. B e i z e r to make its findings public.
clared dead. In April, the Israeli sign that both wanted to know Israeli military officials told
military said that in the chaos men were alive. exactly how her the families they are waiting
of Hamas’s attacks on Oct. 7, its “I was al- son had died. for the results of a toxicology
forces struck a car carrying ways afraid of the airstrikes,” The army hadn’t determined report, their families said. The
hostages, killing Efrat Katz, a said Beizer’s mother, Katya that, the officers said. She Israeli military said its repre-
68-year-old Israeli woman. Beizer. “I asked about this in elected for an autopsy to try sentatives have given the fam-
Other families of dead hos- every meeting that I had. ‘How to find out. ilies all the verified informa-
tages are still searching for do you know you are not In January, the head of the tion it has.
answers and public acknowl- harming the hostages?’ ” she Israeli military’s 551st Bri- Sherman says she feels be-
edgments of what has hap- says she asked Israeli officials. gade, which carried out the trayed by her government. “If
pened to their loved ones In mid-November, military mid-December operation that you think about the worst-
since they were taken. officials asked the mothers to retrieved the bodies of the case scenario for killing some-
provide DNA samples. Officials three hostages from Gaza, vis- body’s child, I think this is the
also asked about the men’s ited the homes of both moth- worst of the worst,” she said.
‘Bye mom’ identifying tattoos, scars and ers. He brought with him a pa- Beizer says she wants her
Sherman worked for the Is- birthmarks. “I understood thologist’s report. The son’s death investigated, be-
raeli military office that deals something was wrong,” military, he said, couldn’t rule cause she feels the govern-
with civilian affairs in Gaza. Maayan Sherman said. out that they had been killed ment’s actions put the hostages
Hamas gunmen seized him Later that month, Israel in an Israeli airstrike. at risk. “I understand that
and Beizer from a small mili- agreed to a cease-fire deal with The news sent the two what I am doing now won’t
tary base just north of the Hamas in which the militants women on a frantic search for bring my son back, unfortu-
Gaza border during the Oct. 7 freed just over 100 hostages in answers. After weeks of pres- nately, but I want to somehow
attacks that Israeli authorities return for Palestinian prison- sure on the military, two senior prevent the next incident.”
said left about 1,200 people ers. No military-age men were Israeli military officials told —Nancy A. Youssef
dead, most of them civilians. included in the deal. The fight- the women that an Israeli air- contributed to this article.
P2JW123000-0-A00700-16DDB63078D

THE WALL STREET JOURNAL. Thursday, May 2, 2024 | A7

WORLD NEWS

Election Bill Rankles Georgia Ukraine, Caught

Legislation is seen
Short, Emphasizes
as a Russian ploy to
weaken ties between Long-Range Drones
ex-Soviet state, EU
BY ISABEL COLES Russia’s Tatarstan region
BY ANN M. SIMMONS some 930 miles from the bor-
Inside a hangar tucked away der with Ukraine, demonstrat-
Proposals for a restrictive in western Ukraine, dozens of ing the growing range of
new political-funding law have workers in protective clothing Ukraine’s capabilities.
set off a storm in Georgia, mold fiberglass mesh and as- The strikes are a bright spot
triggering days of street pro- semble the pieces into potent for Ukraine as its battlefield
tests from government oppo- weapons: long-range drones. prospects have darkened. The
nents who say it represents With a range of up to 500 campaign, however, has
Russia’s latest attempt to ex- miles, the drones made here emerged as a fault line between
port its legal standards to are designed to meet surging Kyiv and the Biden administra-
ZURAB TSERTSVADZE/ASSOCIATED PRESS

countries that made up the demand as Ukraine ramps up tion, which is concerned about
old Soviet Union and are in- a campaign of strikes deep in- the impact on energy prices.
stead urging a decisive break side Russian territory in the Ukrainian officials say they
with Moscow. third year of the war. must use all available means
Police used tear gas and wa- “There’s a lot of orders we to resist Russia after a lengthy
ter cannons to disperse protests still can’t fulfill,” the plant delay in the delivery of aid
Tuesday night, and tensions re- owner said. from the U.S. revealed the lim-
mained high on Wednesday as Facing setbacks on the bat- its of Western support. A $60
Parliament discussed a bill re- tlefield, Ukraine is using long- billion package of aid for Kyiv
quiring political or civil groups A demonstrator gestured to riot police during an opposition protest in Tbilisi on Tuesday. range drones to reach far be- was recently unblocked, but
that receive a fifth of their hind the front line with the infusion of arms and am-
funding from abroad be labeled the EU. The former Soviet re- sures have been adopted by bill point to the Soviet-era Russian forces, hitting oil re- munition is unlikely to dramat-
as “foreign agents.” public lost roughly a fifth of its Kazakhstan and Kyrgyzstan, connotations of the foreign- fineries, airfields and logistics. ically reverse Kyiv’s fortunes.
Russia in recent years has territory to Moscow-backed both former Soviet republics agent label and how Moscow— The strikes aim to squeeze Ukrainian officials say they
systematically used a similar separatists in a five-day war in that remain in Russia’s orbit. which ruled Georgia until the fuel supplies to the Russian plan to make thousands of
law to sideline and stigmatize 2008. Russia is eager to ensure But analysts who follow fall of the Soviet Union in military and deprive Moscow long-range drones this year.
opposition and civil-society Georgia remains in its orbit, Georgian politics said that 1991—has used the law to si- of export revenue to fund the In the early days of the
groups. Political analysts in some analysts said. adopting the legislation could lence anyone considered an war. By bringing the war war, Ukraine adapted commer-
Tbilisi have warned that the As a result, the legislation hinder the country’s prospects opponent, including journalists home to Russia, Kyiv could cially available drones such as
ruling pro-Moscow Georgian is facing a bumpy ride in Par- of joining the EU, which and human-rights activists. also compel Moscow to rede- the Chinese-built Mugin-5,
Dream party and its supporters liament, where it needs to granted Georgia candidate “Russia is enjoying the ploy air-defense systems away which defense analyst H I Sut-
are now moving in a similarly pass three readings to become status in December. show, that’s for sure,” said from the front lines. ton said was used in one of
authoritarian direction to align law. Late “Georgia Natalie Sabanadze, a senior Cheaper and more available the first attacks on the head-
themselves more closely to Rus- Wednesday, the stands at a crit- research fellow at the Russia than cruise missiles, domesti- quarters of Russia’s Black Sea
sian President Vladimir Putin. bill passed its ical geopolitical and Eurasia Program at the cally produced drones enable Fleet in the occupied Crimean
The bill threatens violators second reading, More than 80% c r o s s r o a d s ,” British think tank Chatham Kyiv to get around political Peninsula in August 2022.
with significant fines and after lawmak- of Georgians said Kornely House. “The only power that constraints on using weapons That and other similar
places Georgia’s government ers failed to Kakachia, a po- is benefiting from this is defi- supplied by Western allies in drones have gradually been
at a geopolitical crossroads— complete a vote want their litical scientist nitely Russia because that attacks on Russian territory. supplanted by Ukraine’s own
simultaneously seeking a path
toward joining the European
the day before.
Georgian
country to join at Ivane Ja-
vakhishvili Tbi-
puts Georgia in a clear stand-
off with Western partners.”
Startup drone makers have
cropped up to meet demand
designs—though they remain
heavily reliant on commer-
Union while also managing Prime Minister the EU. lisi State Uni- Sabanadze, who previously with products ranging from cially available Chinese com-
Russia’s attempts to maintain Irakli Kobakh- versity. “Should served as head of the Georgian the sleek UJ-25 Skyline to an ponents.
influence in its historical idze said a final it lean toward mission to the EU, added that unnamed model with a fuse- The drones typically carry a
backyard, where Stalin was reading of the authoritarian if Georgia failed to progress on lage made from a length of warhead of 44 pounds, ac-
born and which now com- draft legislation would take consolidation, it risks jeopar- its path to European integra- plumbing pipe. cording to Sutton, who has
mands important trade routes place in a couple of weeks and dizing its European aspira- tion, “there is no standing in Ukrainian officials said identified 19 different models
to the Central Asian steppe that Parliament would then tions and democratic future limbo,” she said. “Russia takes drones struck two oil refiner- used in attacks on Russian
and across the Black Sea. override a veto threatened by for the foreseeable future. Si- over, whether it’s literally or ies and an airfield in the Kras- territory, including a balloon
Many Georgians are losing President Salome Zourabich- multaneously, as Georgia be- figuratively, but the Russian nodar region overnight into that drops mortar bombs from
interest in keeping ties with vili, Russian news agency comes more authoritarian, it influence will increase.” Saturday. a high altitude.
Moscow and are increasingly TASS reported. risks alienating itself from the Kremlin spokesman Dmitry Russia’s Defense Ministry Costs range from about
looking West, however. Pro-Eu- Supporters of the bill argue West, potentially drawing Peskov has called attempts to said its air-defense systems $30,000 to 10 times that
ropean sentiment is high, with that it would bring transpar- closer to Russia, China and link the Georgian bill on for- shot down 50 drones on a sin- much, one drone manufac-
polls showing that more than ency to foreign influence in other authoritarian regimes.” eign agents with Russia ab- gle day last weekend, includ- turer said. Even at the top of
80% of Georgians favor joining domestic politics. Similar mea- Critics of the foreign-agent surd. ing over the Moscow region. the range, it is still consider-
Falling debris ignited fires at ably less than cruise missiles
energy-infrastructure facilities that Western countries have
WORLDWATCH in two regions, officials said.
In April, drones struck an oil
provided to Ukraine on condi-
tion they only be used in Rus-
refinery and drone factory in sian-occupied territory.
HAITI CHINA MEXICO BRAZIL
Premier Named, Covid-19 Scientist Secret Crematorium At Least 8 People
Sparking an Outcry Is Let Back in Lab Is Found in Capital Die in Heavy Rains
The surprise announce- The first scientist to pub- Volunteer searchers said Heavy rains in Brazil’s
ment of a new prime minis- lish a sequence of the they have found a clandes- southern Rio Grande do Sul
EMANUELE SATOLLI FOR THE WALL STREET JOURNAL

ter is threatening to fracture Covid-19 virus in China said tine crematorium on the edge state have killed at least
a recently installed transi- he was allowed back into his of Mexico City. eight people and left 21 miss-
tional council tasked with lab after he spent days locked In northern Mexico, drug ing since Monday, the coun-
choosing new leaders for the outside, sitting in protest. cartels often use drums filled try’s civil-defense agency said
gang-plagued country. Zhang Yongzhen wrote in with diesel or caustic sub- on Wednesday.
Four of seven council an online post on Wednesday, stances to burn or dissolve An additional 11 people
members with voting powers just past midnight, that the bodies, but there has been were injured and more than
said they had chosen Fritz medical center that hosts his little evidence of that in Mex- 1,400 were forced to leave
Bélizaire, who served as lab had “tentatively agreed” ico City. their homes because of dam-
sports minister during the to allow him and his team to Ceci Flores, a leader of one age caused by the storms,
second presidency of René return and continue their re- of the groups of so-called the agency added.
Préval from 2006 to 2011, as search for now. searching mothers from Operators reported elec-
prime minister, taking many Zhang wrote in a post on northern Mexico, said on so- tricity and water cuts across Two workers apply glue to the shell of a long-range drone.
Haitians aback. The members Weibo, a Chinese social-media cial media late Tuesday that the state, and officials de-
who oppose Bélizaire are platform, that he is negotiat- her team had found bones, tailed numerous incidents of
weighing options including ing a plan to relocate the lab burial pits and ID cards flooded roads, landslides and
resigning from the council. in a way that doesn’t disrupt around a charred pit on the collapsed bridges as water
A person with direct knowl- his team’s work with the outskirts of the city. levels of rivers and streams
edge of the situation said the Shanghai Public Health Clinical Mexico City prosecutors rose sharply.
council’s political accord had Center, which hosts the lab. said they were investigating Authorities activated the
been violated by the unex- Zhang and his team were the find to determine the na- Brazilian Air Force to assist
pected move and that some suddenly told they had to ture of the remains found, stranded people. It deployed
council members are consider- leave their lab for renova- and whether they were hu- two helicopters for the res-
ing other choices for premier. tions on Thursday, setting off man. The prosecutor’s office cue mission.
More than 2,500 people the dispute, he said in an ear- said it was also reviewing se- The downpour started
were killed or injured in Haiti lier post. On Sunday, Zhang curity-camera footage and Monday and was expected to
in the first three months of began a sit-in protest outside looking for possible wit- last through Friday, civil-de-
2024, the United Nations said. his lab. nesses. fense authorities said.
—Associated Press —Associated Press —Associated Press —Associated Press
ANNA SZILAGYI/EPA/SHUTTERSTOCK

MAYPOLE POSITION: Men wearing traditional Bavarian attire raised a decorated tree trunk known as a ‘Maibaum’ at the
Augustiner Beer Garden in Munich, Germany, on Wednesday as part of an annual celebration of spring.
P2JW123000-0-A00800-1--------XA
A8 | Thursday, May 2, 2024
Berkshire’s
Romantic
Meetings
Continued from Page One
thing,” recalls Adam Wright, a
financial adviser who bought
an engagement ring and wed-
ding band from Buffett at a
past annual meeting weekend.
Buffett has been the wing-
man on proposals, including
once for his grandnephew
Alex Rozek, who wanted to
propose to his girlfriend, Mimi
Krueger, at the 2009 share-
Beijing
Braces for
Turmoil
Continued from Page One
to antagonize Beijing around
January’s presidential election
in Taiwan, the self-ruled island
that China claims as its own, a
matter in which it has repeat-
edly warned the U.S. not to
meddle.
Some officials see benefits
for China from a potential
Trump win in November. In
their view, he could accelerate
what Xi believes is the U.S.’s
decline as the singular world
power, cause more political
and social disarray in America
and push away allies Biden
has won over, potentially help-
ing Beijing rebuild relations
with Europe.
But overall, they believe the
harm of a second Trump term
likely would outweigh any po-
tential benefits, the people close
to the leadership say. Much will
depend on who would be in
Trump’s inner circle.
Pompeo, who has said he’s
open to joining a second
Trump administration, leads a
list of 28 former Trump admin-
istration officials Beijing put on
a sanctions list and banned
from entering Chinese terri-
tory. The day before Biden took
office, a Chinese Foreign Minis-
try spokeswoman labeled
Pompeo “Clown of the Cen-
tury” for his allegations that
China committed genocide
against the Uyghur ethnic
group in Xinjiang.
Trump and his trade-war
lieutenant, Robert Lighthizer,
have openly advocated all but
cutting off China’s access to
America’s markets, technology
and capital.
“The Chinese believe that if
Trump returns to the White
House, the upside to the U.S.-
China relationship would be
capped but the downside is
bottomless,” said Yun Sun, di-
rector of the China program at
the Stimson Center, a Washing-
ton think tank.
China’s Foreign Ministry
said in a statement, “whoever
is elected as the U.S. president,
we hope the U.S. will work with
China” to promote the bilateral
relationship. “China opposes
some people in the U.S. using
China rhetoric for election pur-
poses,” it said.
‘Reverse Nixon’
Interviews with policy ad-
visers in both capitals as well
as people who have consulted
with Chinese officials give a
picture of the preparations in
Beijing.
Some Chinese ministries,
such as for foreign affairs,
trade, investment and technol-
ogy, have designated officials
to be U.S. election watchers,
with a focus on the Trump
camp.
One immediate concern is
the potential for another trade
war. Chinese companies are
speeding up efforts to expand
their access to advanced tech-
nologies such as artificial intel-
ligence in regions like the Mid-
dle East, worried that a Trump
victory could quicken the pace
of U.S. tech sanctions against
China.
Despite calls from U.S. Trea-
sury Secretary Janet Yellen and
others to stop flooding the
world’s markets with cheap
goods, China is set on a state-
led drive to manufacture its
way out of the worst economic
headwinds in recent decades.
Officials reason that is the best
way to outcompete the U.S., es-
pecially if Trump returns to the
White House.
Senior Chinese officials have
stepped up their courtship of
American business leaders,
quizzing them on who they
think would be in a Trump cab-
inet and trying to get them to
holder meeting. “Just ask how
we’re going to get the econ-
omy back on track,” Rozek re-
calls Buffett advising him.
When the day arrived,
Rozek and Krueger were in
the audience when Buffett
said there was time for one
more question. Rozek deliv-
ered his line.
“I was sitting there with
my head in my hands trying to
disappear,” she recalls. “I was
like, oh my God…what is he
doing?”
Buffett replied that “house-
hold formations” would help—
and asked if that gave Rozek
any ideas.
“I think so,” Rozek said.
“Mimi, you’re my best friend.
Would you be my wife?”
June 29, 2019: When Trump started setting tariffs on China in early 2018 to force Beijing to change its state-led
economic practices, Beijing hit back in kind. Above, Trump and Xi at the G-20 leaders summit.
March 21, 2023
Xi has cultivated a personal bond with Russian President
Vladmir Putin in recent years. Above, the two toast at a re-
ception following talks in Moscow.
lock in their China investments.
The Biden years, with wars
in Ukraine and Gaza, have seen
a deeper demarcation in geo-
politics, with, roughly speaking,
the U.S. and Europe on one side
and China and Russia on the
other. A Trump win could mud-
dle that constellation.
A big worry for Xi, accord-
ing to the people close to the
leadership, is whether Trump
will disrupt his “bromance”
with Vladimir Putin. When he
was in the White House, Trump
repeatedly sought to bring the
U.S. closer to Russia.
Xi has cultivated a personal
bond with the Russian leader
and fears that if Trump cozies
up to Putin, it could weaken
Beijing’s own relationship with
Moscow, a crucial partner in
Xi’s standoff with the West.
Worse, some China strate-
gists say, Trump could try to
pull off a “reverse Nixon.”
Much like former President
Richard Nixon sought China
out to counter the Soviet Union
during the Cold War, Trump
might seek to turn Moscow
against Beijing.
For now, Washington is fo-
cused on reducing Beijing’s as-
sistance to Russia. The Biden
administration is pressuring
China to cut back its support
for Russia’s defense industry—
a message Secretary of State
Antony Blinken delivered to Xi
and other senior officials on his
visit to China last week.
Beijing’s relations with
Washington have entered a pe-
riod of relative calm since Bi-
den and Xi met in California in
November, a summit intended
to break a diplomatic impasse
after a suspected Chinese spy
balloon flew over America last
year.
As the program was being
set for the summit, the Xi team
had one wish: that the two
leaders take a stroll together.
Beijing wanted to beam back
to the Chinese public amicable
snapshots of Xi with Biden—
much like a 2013 summit pro-
duced images of Xi and former
President Barack Obama lei-
surely taking a walk—to show
that their leader had China’s
most important bilateral rela-
FROM PAGE ONE
The crowd applauded as
she took in what had hap-
pened, and gave a resounding,
“Yes.”
Eric LeFante and Carrie
Fischer met at Rider Univer-
sity in New Jersey and bonded
over their shared interest in
business.
Later, he encouraged her to
read Buffett’s shareholders’
letters. (She would eventually
buy him a compilation of them
as a birthday gift.)
He hatched a plan: He had
heard about Buffett’s stints at
the Borsheims jewelry coun-
ter. “Your idol, how cool
would it be to buy this ring
from him?” LeFante recalls
thinking. “But I wanted Carrie
to experience that with me.”
China’s Evolving Ties
tionship under control.
The White House accommo-
dated the wish. The four-hour
meeting at a woodsy estate
outside San Francisco included
a widely televised promenade
by the two leaders.
The administration has of-
ten said it seeks to manage the
U.S.-China competition respon-
sibly, even though Biden has
largely carried on the Trump
administration’s trade stance.
“The Chinese know what
they don’t like about Biden,”
said Rick Waters, a former se-
nior China official at the State
Department and now managing
director for China at Eurasia
Group, a political-risk consult-
ing firm. “But they do put
value in Biden’s effort to try to
stabilize the relationship.”
Since the summit, despite
the establishment of a dozen
working groups to restart talks
on trade and other policies and
a recent phone call between Bi-
den and Xi, there is little actual
negotiation going on.
Biden officials say it will
take time to get to conversa-
tions of greater substance. In
Beijing, a potential Trump vic-
tory is also a factor.
The Yangshan Deepwater Port in Shanghai in 2022. Trump has said that if re-elected, he
might impose tariffs of up to 60% on imports from China.
In a video of the proposal,
Buffett shook the couple’s
hands and examined a neck-
lace LeFante was pretending
to buy. Then Buffett reached
into his pocket and pulled out
a box. “This might be some-
thing more interesting,” he
said. “Let’s take a look.”
“Oh, my God,” Fischer said,
when she saw the ring.
“Wow.”
LeFante knelt and asked
her to marry him. She said
yes, and Buffett poured the
champagne. The couple wore
lanyards with their creden-
tials for the shareholder meet-
ing.
Now Carrie LeFante, she re-
members something of a di-
vide in reactions to their
Nov. 15, 2023
Beijing’s relations with the U.S. have entered a period of rel-
ative calm since Xi and President Biden met in California last
year. The summit included a widely televised promenade.
The Chinese “likely think it
makes little sense to compro-
mise if the Biden administra-
tion is to go the way of the
dodo bird,” said Scott Kennedy,
a China expert at the Center
for Strategic and International
Studies who recently consulted
with officials and government
advisers in Beijing.
‘Bad experience’
Trump’s surprise 2016 vic-
tory upended the U.S.’s long-
standing strategy of deepening
economic ties with China.
Xi and his underlings ini-
tially believed Trump’s tough
talk masked a fear of China’s
economic strength. When
Trump started setting tariffs
on China in early 2018 to force
Beijing to change its state-led
economic practices, Beijing hit
back in kind each time, figuring
the businessman-turned-presi-
dent would eventually back
down.
Tit-for-tat escalation fol-
lowed. The American levies on
imports of Chinese goods
ended up quadrupling from 3%
to 12% on average during
Trump’s first term.
THE WALL STREET JOURNAL.
story. “My financial friends
knew exactly who Warren Buf-
fett was—my other friends
after the annual meeting, Den-
tlinger and Gogan arrived at
Borsheims. Buffett greeted
who are not really in the fi-
nancial world were just like,
who is this old guy who’s giv-
them and asked how long they
had been together. “Two years
is about time something hap-
ing you this ring?”
Nonetheless, she loved it: “I
couldn’t have asked for a bet-
pens,” Buffett said, and lifted
a small box into view.
Dentlinger, more nervous
ter engagement.” about Buffett’s presence than
Omaha native Dentlinger her response, knelt and
had read about LeFante’s en- popped the question. “I was
gagement in the Omaha just star-struck,” he recalls.
World-Herald, and enlisted “I did think, wow, Michael
Buffett’s help for his own pro- pulled this off,” Rachel Den-
posal. Dentlinger had an ad- tlinger says. “And it got all the
vantage: He worked for Na- way up to Warren Buffett.”
tional Indemnity, a Berkshire The Dentlingers plan to at-
insurance company. He com- tend Friday’s Borsheims event
posed a letter and sent it to to reminisce and enjoy a par-
headquarters. ents’ night out—they now
Buffett was willing. A day have two young children.
gressive stance on China was a
hit. A bipartisan consensus has
since taken hold that the U.S.’s
previous engagement with Bei-
jing had failed in its goal to
make China adopt a more mar-
ket-driven economic approach.
Still, Trump’s trade war
didn’t accomplish its main
goals.
A so-called Phase One trade
agreement signed between
Washington and Beijing in
early 2020 was centered on
China’s promise to increase
purchases of American goods
and services by $200 billion
CLOCKWISE FROM TOP: KEVIN LAMARQUE/REUTERS; BRENDAN SMIALOWSKI/AFP/GETTY IMAGES; PAVEL BYRKIN/SPUTNIK/AFP/GETTY IMAGES
over two years. According to
estimates by the Peterson In-
stitute for International Eco-
nomics, Beijing fell 40% short
of its commitment.
The U.S. didn’t get the fun-
damental reforms of China’s
economic policies it had
sought, such as reducing state
subsidies that give Chinese
companies a leg up on their
foreign competitors.
Tech sanctions
For now, a big part of Bei-
jing’s planning for a potential
return of Trump involves tar-
iffs and advanced technology.
Some economic officials are
turning to books such as “No
Trade Is Free,” by Lighthizer,
Trump’s trade strategist who
negotiated the Phase One deal
with Beijing and who has been
floated as a candidate for Trea-
sury secretary in a second
Trump administration.
Other Beijing officials are in-
viting U.S. and other Western
experts to scenario-planning
sessions aimed at gauging the
pace and the scope of U.S. ex-
port controls should Trump
win again.
Already, according to a Feb-
ruary research report by
Jimmy Goodrich, a China and
semiconductor-industry expert
Long used to being the more and senior adviser to Rand
histrionic party in the relation- Corp., Chinese government re-
ship, China’s Communist rulers searchers have been trying to
found themselves having to deepen cooperation in areas
deal with an erratic dealmaker such as biotech, quantum com-
using extreme pressure to ex- puting and AI with the Abu
tract concessions from Beijing. Dhabi Technology Innovation
“Under Trump, we had a Institute.
bad experience,” Liu Jianchao, A spokesman at the govern-
a senior party diplomat seen ment-funded institute in the
as China’s likely next foreign United Arab Emirates, a Middle
minister, said at a closed-door Eastern ally of Beijing’s, said it
session with American think is a global research institute
tanks earlier this year, accord- with over 70 partnerships with
ing to people who attended organizations in 34 countries.
the meeting. Efforts by Beijing to get
The economic cost to Beijing around U.S. tech sanctions are
of Trump’s tariffs, retained by likely to accelerate in the
Biden, is real. Chinese compa- months ahead, Chinese ana-
nies slapped with tariffs ex- lysts say. Washington is con-
ported less to the U.S., reduced cerned that Chinese companies
hiring, spent less on research could get their hands on pow-
and development and were less erful AI chips through other
likely to start new ventures, ac- foreign entities that buy them
cording to research from econ- from the U.S.
omists at Peking University, Trump has said that if re-
Fudan University and other elected, he might impose tariffs
leading Chinese universities. of up to 60% on imports from
Overall, the damage to China’s China. It’s unclear how such a
gross domestic product from move could be carried out.
the trade war was three times People close to the Trump
as high as the hit to the U.S., campaign said that as the pres-
according to some Chinese idential race intensifies, Trump
economists. likely will try to contrast his
In Washington, Trump’s ag- gloves-off approach to China
with Biden’s, which tends to be
more targeted.
A spokeswoman for the
Trump team referred to his
past remarks indicating he
would take an aggressive
stance if he gets back in power.
“My agenda will tax China to
build up America,” Trump said
early last year. “As a matter of
both economic and national se-
curity, I will implement a bold
series of reforms to completely
eliminate dependence on China
in all critical areas.”
China has already been
shifting its trade away from
the U.S. and other developed
economies. A report by the
McKinsey Global Institute
shows that developing econo-
mies including Russia ac-
counted for more than half of
QILAI SHEN/BLOOMBERG
China’s goods trade last year,
up from 42% in 2017.
In its statement, China’s
Foreign Ministry said, “the fact
has long proven that trade
wars and tariff wars are not
beneficial to either side.”
P2JW123000-0-A00900-1--------XA
© 2024 Dow Jones & Company. All Rights Reserved.
Robust Market
Feels Like Lie
To Job Seekers
Applicants says getting hired is deceptively
hard; recruiters admit some listings are fake
ON THE
CLOCK
CALLUM
BORCHERS
T
his week’s jobs report
will probably look great.
But many workers say
they have never felt
more stuck.
White-collar job
seekers consistently tell me it’s
harder to get hired than you’d
think in an economy where unem-
ployment is less than 4%. They
complain about hiring managers
who ghost them and draw out the
interview process. They say job
listings linger on companies’ ca-
reer pages and never get filled. Or
get reposted repeatedly.
It’s enough to make people who
are out of work question whether
businesses are serious about hiring
them. After all, leading voices like
JPMorgan CEO Jamie Dimon con-
tinue to warn that the U.S. hasn’t
escaped the threat of recession.
Recruiters acknowledge the un-
certain outlook is a factor and even
say some jobs advertised are fake,
designed to give the impression of
company growth or build a reser-
voir of résumés to tap at a later
date. It is one thing not to get a
FROM TOP: SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (7); PATRICK ROGERS
job. It’s another to feel like you’re
being gamed. And it’s wreaking
havoc on people’s self-worth and
belief in their career paths.
I was mid-conversation with
Katherine Braun, a clinical-trial
manager in the medical device in-
dustry, when she received a text
from a recruiter. The message said
a company she planned to inter-
view with had decided to pause
hiring for the open role—for six
months.
“Same old, same old,” Braun
told me. “I’m jaded at this point.”
She’s been looking for work
since a one-year contract ended in
November. Because of the finite
nature of clinical trials, she
As Prices Soar, Drivers Cling to Old Cars
BY JOE PINSKER
J
eremy Morris is used to friends
making fun of the Toyota Ta-
coma he has driven for 24
years. He still insists it was one of
the best money decisions of his life.
The 45-year-old financial adviser
in Coeur d’Alene, Idaho, estimates
he saved more than $100,000 by
never replacing the pickup. His ball-
park figure factors in what he
would have spent on a new car ev-
ery five years, minus the roughly
$20,000 he paid for repairs and up-
keep over 300,000 miles.
There have always been people
who relish driving cars till the
wheels fall off, but the case for this
frugal personal-finance move has
grown stronger as the costs of car
ownership have ballooned.
The average transaction price on
a new vehicle was $46,660 in
March, compared with $39,950
three years earlier, according to Ed-
munds, an online car-shopping
guide. Repair and maintenance
costs are up 8.2% year-over-year,
and insurance costs are up 22.2%,
Labor Department data show.
The increase in car costs is one
of the many developments that
have led to higher inflation. The
Federal Reserve, which is wrapping
up a two-day policy meeting
FROM TOP: MICHAEL BUCHER/THE WALL STREET JOURNAL; BEN HOLZHAUSER
PERSONAL JOURNAL.
changes jobs frequently and says
she’s never had such a hard time
landing one in her 15-year career.
What bothers her most is the
way some employers seem to rel-
ish being able to string candidates
along. One flew her in for several
hours of face-to-face interviews
then never followed up.
Numbers don’t lie,
except when they do
After vying for talent with gener-
ous pay and work-from-home flex-
ibility, companies have reasserted
control over the employer-em-
ployee relationship. Bosses who
preached self-care now squeeze
maximum efficiency out of their
teams and hold out for “perfect”
hires when they reluctantly agree
reinforcements are needed.
One in 50 American workers
jumped from one company to an-
other in March, according to the
Federal Reserve Bank of Philadel-
phia, among the lowest rates in
three decades.
Some workers harbor serious
doubts about the government’s
statistics, backed by the fact that
initial monthly payroll tallies have
been way off at times. The number
of jobs added in December was ul-
timately revised up by 34%, while
an eye-popping January total
turned out to be 27% smaller on
review.
Others who trust that Uncle
Sam’s economists are acting in
good faith still say you have to look
under the topline data to under-
stand the dour mood in of-
fices and the pervasive
feeling that online job
portals amount to
nothing more than
your résumé ver-
sus oblivion.
 Cara Crabb-
Burnham has had
five interviews after
500 job applications.
Wednesday, has attempted to ad-
dress stubborn inflation by raising
interest rates. That has also made
auto loans more expensive.
To cope, many owners are
squeezing more life out of their cur-
rent ride. U.S. vehicles’ average age
hit a record 12.5 years in 2023, in-
creasing for the sixth straight year,
according to S&P Global Mobility.
Higher auto prices, in combina-
tion with longer vehicle lifespans
and new technology, are changing
the math on the optimal amount of
time to keep a car. For Morris, the
peeling black paint on his truck only
makes him fonder of it.
“My long-term plan with the
truck is never getting rid of it,” he
said.
Better with age
Tom Piippo once put up pictures of
customers and their vehicles on the
wall of his repair shop in Rudyard,
Mich., after odometers reached
200,000 miles. The tradition
stopped years ago after the mile-
stone became commonplace.
“I ran out of wall,” said Piippo,
whose Tri-County Motors regularly
sees vehicles in the 200k club.
In the 1990s, cars with 100,000
miles on them were nearing their
end, but now they are aging more
gracefully. Rising vehicle prices also
have led customers
to hang on to old
cars longer, Piippo
said. He said he
hears the same
from other mechan-
ics in the Automo-
tive Service Associ-
ation, a trade group.
Many drivers come
into his shop with
cars from the late
 Jeremy Morris
estimates he has
saved more than
$100,000 by
sticking with his
2000 Toyota
Tacoma.
THE WALL STREET JOURNAL.
Meikeisha Scott-Parker, out of
work as a project manager since
January, recently cleared a sec-
ond-round interview and believed
an offer was imminent. But she
didn’t get the job because she was
overqualified and too expensive, a
recruiter told her.
A few days later, she saw the
same position reposted with an
advertised wage that was $10 an
hour less than originally listed.
She figures the company either
trimmed its budget or concluded
that it could find adequate help at
a bargain price.
“The truth is, had they
asked me, I might have
taken $10 less because
of the situation that
I’m in,” Scott-
Parker says. “The
market is so slow
right now.”
More than
three-quarters of
the reported job
gains in the latest
month were concen-
1990s and early 2000s.
The average age of Americans’
vehicles has risen significantly over
the past 50 years, according to data
from the Federal Highway Adminis-
tration. The share of cars that are
10 or more years old climbed from
16.9% in 1977 to 44.2% in 2022.
There are other reasons drivers
are holding on to their cars. Newer
models have become more expen-
sive to repair. Seemingly simple
fixes can run up large bills when
damage affects sensors, screens
and other new technology that has
become more standard.
And more owners have taken out
longer loans that can stretch out to
six or seven years. “People have
that mentality of, I won’t trade in
my car as long as I’m still making
payments,” said Ivan Drury, director
of insights at Edmunds.
Your mileage may vary
The economics of long-term car
ownership work better with some
trated in four sectors: government,
healthcare, construction, and lei-
sure and hospitality. Jobs in tech,
finance, law and accounting were
essentially flat or slightly down.
Picky companies and
perfect candidates
Inflation and high interest rates
contribute to many people’s sense
that they can’t get ahead even if
they’re good earners, says Mark
Hamrick, a senior economic ana-
lyst at Bankrate. “Housing afford-
ability is miserable right now, and
borrowing costs are at the highest
levels in a generation,” he adds.
Even homeowners who bought
at the right time lament that their
investments can’t shield them from
the fallout of a job loss. Cara Crabb-
Burnham is sitting on a valuable as-
set in the Massachusetts home she
purchased in 2020 but says she’s
unable to borrow against the equity
because she is unemployed.
“I have all this money tied up
in the house, which could sustain
 Liz Nickles of New York City
says today’s car prices strengthen
the case for sticking with her 2004
Cadillac DeVille.
makes than others. Lexus and Toy-
ota were the two with the fewest
problems reported by owners in the
first three years after buying them
new, according to the latest de-
pendability study by research firm
J.D. Power.
Electric vehicles had some of the
highest rates of problems reported
in the study, in part because of their
batteries and that they tend to
come with more technology built in.
Low inventories and high prices in
recent years have further compli-
cated the math on car purchases,
leading some drivers to rethink the
inflection point at which it no longer
makes sense to hold on to a vehicle.
Steven and Kristen Newton of
Silver Spring, Md., once replaced
their cars roughly every eight years.
When Kristen’s 2017 Ford Escape
Thursday, May 2, 2024 | A9
me for several more months, but I
can’t get to it because I don’t have
enough income to show I could
pay it back,” she says.
Crabb-Burnham, a regulatory-
compliance manager, has resorted
to credit-card debt instead. She
estimates she has applied to 500
jobs since September and landed
five interviews.
Recruiters confirm the theory
that companies are now pickier
than they’ve been in a long time.
Joseph Jewell, a tech recruiter,
thought he’d found someone great
for a recent job opening, and was
stunned when his client rejected
the person. The reason? The candi-
date was a big-picture thinker, and
bosses feared he wouldn’t be satis-
fied in a role that simply requires
strong software-writing skills.
The position remains unfilled
after several months.
“I just want to take my head and
hit it against the wall,” Jewell says.
“I meet so many candidates and
think, ‘You should have a job al-
ready.’”
needed a new transmission last
year, that normally would have been
the couple’s cue to sell. But buying
a comparable car was
so expensive that
they decided to put
$6,500 into fixing
theirs up.
“I’m so glad not to
have a car payment
right now, especially
not an $800 car pay-
ment,” said Steven
Newton, a 56-year-old
federal contractor.
Newton added that
their time owning the
Ford might only be
halfway over.
Owners typically
consider unloading
their vehicle when
they learn of a repair
that will cost 10% or
more of what they
would pay for a new
one, said Drury of Ed-
munds. He cautions
that people tend to
underrate the value of
paying for a major fix.
“Some people think
if it’s got a new en-
gine or a rebuilt trans-
mission, it’s not worth much, and
that’s not correct,” he said.
But he said the reason drivers
typically give up on a car is some-
thing more intuitive. It is when they
lose trust in it.
‘A giant vanilla ice-cream
bar on wheels’
Liz Nickles is proudly bringing up
the nation’s average vehicle age
with her white 2004 Cadillac DeV-
ille nicknamed “The Pearl.”
“It’s like driving a giant vanilla
ice-cream bar on wheels through
New York City,” said Nickles, a baby
boomer who is a writer and mar-
keter. “It’s smooth. It glides.”
Seeing today’s car prices makes
her cling more tightly to The Pearl.
Finances aside, Nickles says the se-
dan feels sturdy and practically in-
destructible.
“The wheels are never going to
fall off of that thing,” she said. “My
wheels are falling off before its
wheels, that’s for sure.”
P2JW123000-0-A01000-1--------XA
A10 | Thursday, May 2, 2024
BY CORDILIA JAMES
W
hether it’s your
computer or a
mile-long train,
the No. 1 way to
fix tech prob-
lems hasn’t
changed in years: Try turning it
off and on again.
A reboot is a no-duh solution,
which is why your IT helpers al-
most always recommend doing that
first. It turns out that flipping a de-
vice off and on can resolve software
issues and bugs. This has been true
for decades. Computers have ad-
vanced, but they still largely work
the same as the earliest models did.
Now that computers come in so
many nontraditional tech products
like cars and refrigerators, reboot-
ing is even more useful and univer-
sal, IT experts say.
Unlike a factory reset, rebooting
maintains your preferences and
data instead of returning your de-
vice to its original settings. It’s also
not as risky as invasive trouble-
shooting techniques that have you
disassembling devices or sticking
things where they don’t belong.
Kenny Chan, a senior technol-
ogy manager at Archetype, a San
Francisco-based communications
and marketing agency, says he
gets about two to four tickets a
week about issues that could’ve
been resolved by doing a reboot.
“Some users come to me and
say ‘I just did the reboot and it
didn’t work, but let me do it with
you while you’re on the call with
me,’ ” Chan said. “It works when
I’m there.”
It isn’t just computers and
smartphones that work better af-
ter a reboot. Sometimes, planes,
trains and automobiles also need
to be turned off and on to get
back to normal. Flight crews often
restart the in-flight Wi-Fi and en-
tertainment system to make them
work, while a train might need to
reboot if it’s having technology is-
sues caused by extreme weather,
communications losses or power
failure on the tracks, said an Am-
trak spokesman.
Jason Cerezo, 52 years old, had
just settled into his seat on a
flight from Portland, Ore., to Dal-
las for a business trip
when the pilot notified
everyone that the plane
was having trouble dis-
connecting from the
gate and required a re-
start. Cerezo, the
owner of a graphic-de-
sign and web-develop-
ment agency in Cham-
paign, Ill., laughed to
himself despite having
to leave the plane and
reboard.
 Jason Cerezo took a
flight that required the
crew to reboot the
plane so it could leave
the gate.
Do Your
Snacks Need
A Warning
Label?
BY ANDREA PETERSEN
AND JESSE NEWMAN
C
an a label on packaging make
us eat healthier?
As part of the government’s
quest to improve American eating
habits, the Food and Drug Adminis-
tration is considering requiring food
manufacturers to put new labels on
the front of packages. The labels
might flag certain health risks, such
as high levels of salt, sugar or satu-
rated fat.
Don’t expect to see a warning la-
bel in your grocery store soon, be-
cause the FDA is still weighing its
approach. But the agency hopes
that clearer food labeling could help
us make healthier choices as it
tackles the rise of diet-related
health problems such as Type 2 dia-
betes and cardiovascular disease.
The food industry is pushing
back, saying that there isn’t enough
evidence that labels can signifi-
cantly change consumer behavior or
that some labels under discussion
are confusing.
What may go on packages
Most packaged foods in the U.S. al-
ready display a nutrition label, usu-
ally on the back or side. The new la-
bels in consideration would be on
the front of packages, according to
the FDA, which says it intends to
propose a rule this summer.
One label idea the FDA has tested
uses red, yellow and green to convey
whether products are high, medium
or low in added sugar, sodium and
 The FDA has tested a variety of
front-of-package label ideas.
PERSONAL JOURNAL.
The Gadget-Fixing Magic
Of Rebooting Everything
From cellphones and laptops to airplanes and trains, turning it off and on is often the solution
“Everything is computer-based,
so turning a plane off and turning
it back on again makes perfect
sense,” Cerezo said. “That’d be the
first thing I would do if I were
troubleshooting an airplane.”
saturated fat. Other po-
tential labels that the
FDA has shared state
how much of those sub-
stances a product con-
tains per serving.
Chile, Mexico and
other countries use
stop-sign-shaped sym-
bols that indicate an
item contains, say, high
levels of sugar. The la-
bels appear on obvious
treats such as cookies,
as well as many ketch-
ups, yogurts and break-
fast cereals.
These stark-looking
warning labels are eas-
ier to understand than
standard U.S. nutrition
labels, researchers say.
“People are busy. You
might have a toddler
screaming at you. It’s
really hard to interpret and make
sense of all that information on the
back of the pack,” said Lindsey
Smith Taillie, a leading researcher
on food labeling and associate pro-
fessor at the University of North
Carolina’s School of Public Health.
What the science says
Since 2022, the FDA has conducted
focus groups and an experimental
study using mock breakfast cereal,
canned soup and a frozen meal to
assess consumers’ ability to use
different labels to evaluate the
healthfulness of the foods.
Scientific studies have generally
found that front-of-package nutri-
tion labels lead people to identify
and choose healthier foods. More
countries now require them on food
and beverage containers. Others, in-
PERSONAL TECHNOLOGY
Quick fix
One common issue that might re-
quire a restart is memory leaks,
which happen when applications
have coding errors that cause
them to overload the system. The
leaks can cause sluggish perfor-
mance, crashes and freezes. Simi-
lar issues can arise when you
keep a device on for too long
without closing any programs.
Turning off a device pauses
those apps, stopping the leak. It
clears the device’s RAM, which is
the short-term memory storage
for a computer’s operating sys-
tem, says Aaron Grady, Windows’
partner group project manager at
Microsoft.
When a user turns the device
back on, applications open with a
clean slate, free from bugs that
might have caused hiccups
earlier.
“This process is similar to tak-
ing a short nap when you’re feel-
ing overwhelmed,” Grady said.
 Foods and drinks sold in Mexico
feature warning labels on the front
of packages if they are high in
sodium, sugar, saturated fat and
calories.
cluding France, the U.K. and Austra-
lia, have voluntary programs.
The ideal front-of-package label,
Taillie says, is simple, visual and
lets consumers easily assess how
healthy a product is. In Mexico, a
package of Oreos, for example, con-
tains four octagon-shaped labels,
one each for excess calories, sug-
ars, saturated fats and so-
dium. Mondelez, which makes
Oreos, said it supports front-of-
pack labels that draw on the latest
science and dietary guidance.
Early research has shown that
the octagon-shaped warning labels,
“When you wake up, you feel re-
freshed and can tackle problems
more effectively.”
This applies to any product
that has software running on it,
including cars. They have onboard
computers that control various
systems such as Bluetooth con-
nections and GPS navigation.
Under the hood
Gurpiar Gill, a 27-year-old teacher
in Saskatchewan, Canada, drives a
truck for a construction company
in the summer. Two years ago, his
boss bought a 2021 Ford F-150 for
him to use, but just two weeks af-
ter getting the truck, he turned it
on and noticed that the digital
dashboard’s screen was blank.
Gill started to panic, skimming
through the vehicle’s manual and
scrolling through car forums on-
line to find possible solutions.
When nothing useful came up, he
turned off the vehicle and waited
a few minutes before turning it
which are supported by some U.S.
lawmakers, can change people’s
shopping choices.
A Chilean law requiring labels on
the front of food and drink pack-
ages resulted in people buying
fewer products that now have
warnings, says Camila Corvalán,
professor of public health nutrition
at the University of Chile, who
helped develop the labels.
A study of food and drink pur-
chases found that overall calories
bought from products required to
have warnings dropped by 23.8%,
according to the study published in
2021 in the journal the Lancet
Planetary Health.
After the warning labels were
implemented, food manufacturers
changed their products, too—by re-
ducing the amount of sodium or
sugar, for example.
Industry pushback
Stop-sign-like labels like Chile’s are
anathema to many in the food in-
dustry, who worry that new man-
datory labels could demonize prod-
ucts, according to industry
lobbyists.
THE WALL STREET JOURNAL.
on again. It worked.
“I was just surprised,” Gill
said. “Our technology has
increased so much and has gotten
so advanced, but this very simple
thing that I’ve been using since
FROM TOP: RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (5); VERONICA MULLEN
the early 2000s to fix our very
first Wi-Fi router is still
working.”
Resets can even work for some
hardware-related issues, Grady
said, such as connectivity prob-
lems from a malfunctioning port
or a nonresponsive screen.
Not all issues can be resolved
with a reboot. For example, cor-
rupted files on a computer’s hard
drive would need to be deleted
manually, Chan says, which is
why in some cases you might
have to clear your computer’s
cache that houses those files.
Still, the next time you have a
tech problem, channel your inner
IT person and think to yourself:
“Have you tried turning it off and
back on?”
Such labels could un-
fairly convey that cer-
tain foods are bad to
eat, when in fact a
candy bar may not be
healthy, but consuming
it in moderation isn’t a
problem, lobbyists said.
The industry says
the labels could pose a
threat to First Amend-
ment rights and that
only Congress has the
authority to require
them. Existing nutrition
labels offer consumers
sufficient information,
food industry groups
say.
An FDA official said
the agency’s work is
ongoing, and noted that
it has broad authority
over labels on food.
Lessons from one country
In Mexico, which began requiring
warning labels similar to those in
Chile in 2020, some food compa-
nies have gotten creative. Some ce-
real boxes now have nearly identi-
cal fronts and backs—and the
“back,” without the warning label, is
placed forward on store shelves, ac-
cording to Simón Barquera, director
of the nutrition and health research
center at the National Institute of
Public Health of Mexico, who
helped develop and evaluate the la-
bel program.
“They find loopholes,” says Bar-
quera.
FROM TOP: F. MARTIN RAMIN/THE WALL STREET JOURNAL; FDA
There are indications that food
manufacturers are making their
products healthier to avoid labels,
Barquera says. Most packaged cere-
als are no longer high in sodium, he
notes. And consumers’ knowledge
about which foods are healthy is in-
creasing, he adds.
“I think most people knew that
things like potato chips were junk
food,” says Barquera. “But many
people thought ready-to-eat cereals
were healthy. And now they know
it’s expensive junk food.”
P2JW123000-0-A010A0-1--------NS

THE WALL STREET JOURNAL. NY Thursday, May 2, 2024 | A10A

P2JW123000-0-A010B0-1--------NS

A10B | Thursday, May 2, 2024 NY /NE THE WALL STREET JOURNAL.

Everyone
should be
welcome at
the table.
We’re on a mission to provide a billion meals by
2030. Because over 30 million Americans don’t
know where their next meal is coming from. It could
be anyone, even your neighbors. Let’s break the
cycle of hunger, together.

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Nourishing Neighbors is a program of Albertsons Companies Foundation,
a 501 (c)(3) designated nonprofit.
P2JW123000-0-A01100-1--------XA
THE WALL STREET JOURNAL.
ART REVIEW
A Reputation Reframed
Angelica Kauffman’s portraits are the star attraction of a retrospective
BY MARY TOMPKINS LEWIS
N
London
ot all artists’ reputa-
tions are burnished by
retrospective surveys
of their work, at least
not in the way cura-
tors imagine.
“Angelica Kauffman” at the
Royal Academy of Arts through
June 30, an exhibition organized
by Bettina Baumgärtel of the An-
gelica Kauffman Research Project,
with Per Rumberg of London’s Na-
tional Gallery and Royal Academy
curators Annette Wickham and Re-
becca Bray, offers a case in point.
Including over thirty works by the
artist (1741-1807), many never be-
fore shown in the U.K., the show
serves as a backdrop to Kauffman’s
interesting life story and her re-
lentless aspirations to distinguish
herself as a history painter. Like
many ambitious artists, however,
Kauffman often sustained herself
by painting portraits, then consid-
ered a rather pedestrian genre. As
the exhibition attests, it is her inti-
mate, naturalistic likenesses of her
contemporaries, rather than her
grandiose historical narratives,
that repay attention.
Born in Chur, Switzerland, and
trained early on in Italy, Kauffman
was a prodigy, and widely admired
for her cosmopolitan graces and
broad knowledge of art, music and
literature. She would become—
through her own efforts and busi-
ness acumen and despite an unfor-
tunate, short-lived marriage—one
of the wealthiest bourgeois women
in Europe and a rare success story
in an artistic sphere dominated by
men. Throughout the show Kauff-
man’s calculated self-portraits—in
the rustic costume of her ances-
tors, as a steely-eyed observer in
her studio, in elaborate antique
dress with the attributes of dis-
egno (a term encompassing both
the imaginative powers and tech-
nical skills the arts required), and
in other poetic guises—reveal her
tenacious efforts to fashion her
own public image and
professional path.
In Italy, Kauffman
met a number of
leading cultural fig-
ures, and her percep-
tive paintings of
them enhanced her
reputation. A vibrant,
unidealized likeness
of the eminent Ger-
man art historian
and archaeologist Jo-
hann Joachim Winck-
elmann, for example,
depicts him at work
on a manuscript that
leans against an an-
cient bas-relief of the
ROYAL ACADEMY OF ARTS (4)
mythical Three
Graces, a reference to
his illustrious writ-
ings on the pursuit of
beauty and the clas-
sical ideal in art. The
canvas (1764), exe-
TELEVISION REVIEW | JOHN ANDERSON
‘Hacks’ Delivers a Sublime New Set
T
he secret to becoming a long-
running sitcom is to do the
same thing, differently. Doing it
better is a dream. With its third sea-
son, “Hacks” indicates that dreams
may actually come true. At the same
time, it isn’t really a sitcom.
Just to catch up after two long
years (season 2 began in May
2022), Jean Smart’s comedian Deb-
orah Vance was last seen paying
$800,000 for a Kandinsky work-on-
paper in order to manipulate her old
boyfriend, Marty
Ghilain (Christopher
McDonald), into giv-
ing her the main The series
stage at his Palmetto remains both
Casino for one night
only. There, in a bid hilarious and
for a comeback, she
shot a confessional
sophisticated in
comedy special so its third season.
successful it earned
her a virtually new
career. Then she fired
Ava (Hannah Einbinder), her writer
and the co-architect of her success,
setting the stage for season 3.
Which reframes the whole show as
a love story.
Fear not: Neither Deborah nor
Ava are inclined toward too much
sentiment. But that may be why
they can’t live without each other.
Chemistry, comedic and otherwise.
As was written in a previous re-
view of this show, it is with per-
verse if not exactly morbid curiosity
MAX
that one approaches a new season
ARTS IN REVIEW
cuted in the same year in which
Winckelmann’s seminal “History
of Ancient Art” appeared, helped
launch Kauffman’s international
career. Likewise, her 1764 portrait
of David Garrick depicts the famed
British thespian under bright
lights in her Naples studio as he
turns in his chair to greet the
viewer, an informal, unaffected at-
titude that mirrored the actor’s fa-
mously naturalistic approach to
his craft.
In the show’s first room, these
of “Hacks.” It has been a favorite of
many for many reasons, primarily
Ms. Smart. But one always has to
ask, how long can the participants
keep it up? The answer, once again,
is: As long as they want. Not to
lower the bar, but many shows last
for years without making you laugh
out loud. It’s tragic. Also, not funny.
“Hacks” is, quite often, hilarious,
and with enough sophistication to
make it unsuitable for children, or
those who can’t follow the circular
logic of its comedy,
which brings gags al-
ready used back into
the conversation in a
manner that makes
them funnier than
they were the first
time. (A proven com-
edy technique, which
the various writers
here have exploited to
delightful ends.) I be-
gan laughing shortly
after episode 1 began, chortling fre-
quently, snorting occasionally, as
Deborah reveled in her new success,
lusted after a late-night hosting gig
she missed out on several decades
earlier and came to the realization
that the only one on whom she can
rely for material that fit her like a
sequined pantsuit was Ava.
Created by Lucia Aniello, Paul W.
Downs and Jen Statsky, “Hacks” was
inspired largely if not wholly by the
career of Joan Rivers, but Ms. Smart
has made the character sui generis.
Clockwise from above: Kauffman’s
‘Portrait of Johann Joachim
Winckelmann’ (1764); ‘Cleopatra
Adorning the Tomb of Mark
Antony’ (c. 1769-70); and ‘Portrait
of Joshua Reynolds’ (1767).
two engaging portraits frame—and
virtually eclipse—the artist’s icy,
overtly theatrical “Penelope at Her
Loom’” (also 1764), an immense,
embellished canvas whose over-
wrought image of marital virtue
and suffering female subject were
taken from Homer’s “Odyssey” but
leave us cold. As also evidenced in
her fanciful “Cleopatra Adorning
the Tomb of Mark Antony” (c.
1769-70), or in the stagey, emo-
tional scene of a medieval English
queen saving her stricken husband
(“Eleanor Sucking the Venom Out
of the Wound of Her Husband,
King Edward I,” 1776), Kauffman
was known for depicting the sto-
ries of valorous women from his-
tory, literature and the Bible in her
large narrative works. It seems a
stretch to argue, however, as do
the show’s organizers, that she
truly “reinvented” or “reinvigo-
rated” the genre of history paint-
ing. The artist’s predilection for
delicate brushwork, modulated
color, and misty, atmospheric ef-
‘Self-Portrait With a Bust of
Minerva’ (c. 1780-84).
 Carl Clemons-Hopkins and Jean
Smart in the Max show about a
comedian and her writer.
And not a metaphor. Deborah Vance
may be a woman who made it in a
time and place—mostly Las Vegas—
that was disinclined to take her seri-
ously, or however one takes comedi-
ans. But she harbors burning, selfish
ambition alongside a fear of never
having done enough, or been good
enough, or of flopping the next time
she’s on stage. Deborah may be po-
sitioned as the archetypical neurotic
fects, all vestiges of the French Ro-
coco style, left such images starkly
at odds with their seemingly he-
roic, moralizing themes.
Her paintings of celebrities and
British Grand Tourists in Italy
paved the way for Kauffman’s
move to London in 1766, where
she would become one of two fe-
male founding members of the
Royal Academy of Art. Johann
Zoffany’s monumental portrait
(1771-72) of their male cohorts in
a life drawing class there captures
the women’s subordinate stature.
As suggested by their small
sketched portraits tacked to a
wall, female artists were prohib-
ited, for reasons of propriety, from
studying the nude male model, a
crucial element in the construc-
tion of heroic historical paintings
that were the domain of serious
artists and a void in Kauffman’s
training that has been employed
to defend her art’s deficiencies.
While her portrait of the Acad-
emy’s first president, Sir Joshua
Reynolds (1767), as a scholar in
comedian, but she represents
enough flaws of her own cultivation
to make her more simply human.
She also needs Ava like a pie
needs a face. Deborah lost her hus-
band to her sister; her daughter is a
recovering addict; she is a hard-core
loner with a support staff she
doesn’t deserve—her manager,
Jimmy (Mr. Downs); his assistant,
Kayla (Megan Stalter); and Debo-
rah’s personal assistant and market-
ing mastermind, Marcus (Carl Clem-
ons-Hopkins). But despite the
multigenerational gap between
Thursday, May 2, 2024 | A11
his studio and in the
shadow of his fore-
bear, Michelangelo,
ingeniously extends
Reynolds’s call for
painting in the he-
roic Grand Manner to
the realm of portrai-
ture and undoubtedly
shaped her own flat-
tering “Self-Portrait
With a Bust of Mi-
nerva” of c. 1780-84,
Kauffman’s actual
history paintings as
a whole lacked more
than anatomical ex-
pertise.
After she returned
to Italy in 1781, the
artist continued to
submit canvases for
exhibition in London.
Although respected
by fellow academi-
cians, her historical narratives of-
ten languished in popularity or be-
came known through engravings
and designs for the decorative
arts. Such lively portraits, how-
ever, as her “Michael Novosielski”
(1791)—a warm, Rubens-like image
of a Roman-born architect holding
the tools of his trade and a plan—
continued to be sought after and
acclaimed.
While Kauffman’s return to the
Royal Academy is long overdue
and suggests that her portraits
may be worthy of further consid-
eration, it also confirms that the
work most closely associated with
the artist deserves the criticism it
has long received.
Angelica Kauffman
Royal Academy of Arts, through
June 30
Ms. Lewis, who taught art history
for many years at Trinity College,
Hartford, Conn., writes about art
for the Journal and other
publications.
them—something that is essential to
the show’s vibrancy—there is a bond
between the two principal players. It
is critical that Ava be a writer, not a
performer; Deborah
needs an accomplice, not
a rival. And she needs a
foil: The burns Deborah
delivers on Ava—about
the size of her hands, for
instance—are gifts that
keep giving. But Ava can
also burn back.
Do they reconcile?
There are hiccups:
“Hacks” is, to reiterate,
not a sitcom; its storyline
is season-long and mostly
independent of situations,
though there are excep-
tions. When I say the se-
ries does the same thing
differently, it is not al-
ways good: Last season,
Deborah’s disastrous rou-
tine aboard a lesbian sea
cruise was too excruciat-
ing for this viewer to
even get through; this
season, Ava has a scene
with her live-in actress
girlfriend that is, similarly, an epic
cringe. In one episode, Ava and Deb-
orah get lost in the woods—is it, at
long last, a metaphor? It feels more
like the infamous Christmas episode
of “Ted Lasso,” aka landfill. Mostly,
however, “Hacks” is sublime, though
I’m wondering, for the third time
around, why they call it “Hacks.”
Hacks, season 3
Thursday, Max
Mr. Anderson is the Journal’s TV
critic.
P2JW123000-0-A01200-2--------XA

A12 | Thursday, May 2, 2024 THE WALL STREET JOURNAL.

SPORTS
The Switch Hitter Is Going Extinct
told to identify their strength and
focus on maximizing it rather than
improving their all-around skills.
To Jefferson, that’s exactly the
Baseball superstars who slugged from both sides of the plate have become a dying breed problem. Increasingly, youth
coaches are discouraging players
from experimenting with switch
BY JARED DIAMOND AND LINDSEY ADLER hitting in an effort to win more
games. Jefferson, who now works

T
he highest-paid player on the
New York Mets has a prob-
lem. He’s committed to being
a switch hitter, but lately he looks
like a major leaguer from one side
of the plate—and a total scrub
from the other.
Francisco Lindor, the Mets’
$341 million shortstop, has a re-
spectable batting average as a
righty. As a lefty, he’s batting un-
der .200, which has gone over
with the locals about as well as
tourists who pronounce “Houston
Street” like the city in Texas.
Lindor knows that fans aren’t
happy, and he hears the calls on
social media for him to give up
switch hitting altogether. He’s not
interested.
“It will equal out,” Lindor said.
“If I’m fully lost from both sides,
then I worry.”Lindor’s dedication
to the art of switch hitting makes
him part of a dying breed. Base-
ball history is filled with super-
stars who slugged from both sides
of the plate, from Mickey Mantle
to Eddie Murray to Chipper Jones.
Lindor was inspired to switch hit
because of Roberto Alomar, the
Hall-of-Fame second baseman who
also hails from Puerto Rico and,
like Lindor, wore No. 12.
The prevalence of switch hit-
ters across the league steadily in-
creased through the 1960s and
’70s, peaking in 1992, when they
accounted for nearly 20% of all
plate appearances, according to
Stats Perform. Over the past three
decades, however, the rate has
plummeted to such an extent that
switch hitters have now become
an endangered species.
Just 9.5% of plate appearances
this season have been taken by
switch hitters. If that holds, it
would be the first time that num-
ber has fallen below 10% since
1976, nearly a half-century ago.
“Switch hitting,” retired MLB
New York Mets shortstop and switch hitter Francisco Lindor has struggled as a left-handed batter.
clusively from his natural left side.
He says he wished he had made
the change earlier—just two sea-
sons prior with the San Francisco
Giants, Snow hit .312 as a lefty
and .188 as a righty.
But for players who can do it,
switch hitting remains a remark-
able trick. Switch hitters tradition-
ally bat lefty against right-handed
pitchers and vice versa, ensuring
that curveballs and sliders are al-
ways breaking toward them, not
away from them.
baseball operations for the Cincin-
nati Reds, called switch hitting “a
very valuable tool.”
That’s a big reason why the
Reds have no intention of stopping
one of their burgeoning stars from
doing it anytime soon, even if
there are some growing pains in-
volved. Elly De La Cruz, the team’s
22-year-old phenom, has some
pretty dramatic splits of his own.
From the left side, he resembles
Shohei Ohtani, hitting around .300
and posting an OPS near 1.100. His
22-years-old,” Krall said. “He’s
making adjustments.”
Given all the other changes
that have swept across the sport
over the past 30 years, perhaps
it’s no surprise that switch hitting
is quickly joining pitchers at the
plate and four-pitch intentional
walks as quirks of the game gone
by.
Baseball has become obsessed
with specialization—relief pitchers
seemingly designed in a laboratory
to neutralize certain types of bat-
as a player agent, says he has en-
couraged his switch-hitting clients
to stick with it, even when they
have expressed a desire to let it
go.
“You’ve got to start at a young
age, and you’ve got to be willing
to deal with the failure,” Jefferson
said. “It’s a huge advantage, and I
think the game is wrong for not
Just 9.5% of plate
appearances this year
have been taken by
switch hitters.
encouraging more guys to do it.”
It wasn’t always that way.
Jones, the Atlanta Braves legend
who put up similar stats from
both sides of the plate, said his fa-
ther insisted it would make him
more versatile and help him stay
in the lineup every day.
In Jones’s era, the idea of a
power-hitting switch hitter wasn’t
such a rarity, with sluggers like
Bernie Williams, Mark Teixeira,
Carlos Beltrán dotting the MLB
landscape. A few of those players
remain, like De La Cruz and José
Ramírez of the Cleveland Guard-
ians. But today’s switch hitters
tend to be speedy slap hitters
looking to take advantage of their
legs by batting from the left side,
which is closer to first base.
More and more, however, play-
ers are deciding that it’s difficult
enough to succeed as a batter
from one side of the plate without
trying to hit from the other as
well.
For those who attempt it, the
price is hours and hours of extra
work in the batting cage. Switch

SUE OGROCKI/ASSOCIATED PRESS

first baseman J.T. Snow said, “is
the hardest thing to do in any
sport.”
Snow would know. He was a
switch hitter for the first seven
seasons of his career but stopped
trying in 1999 and opted to bat ex-
“The breaking ball away from
you is the toughest pitch,” said
former MLB player Reggie Jeffer-
son, a switch hitter early in his ca-
reer. “When you switch hit, you
take that out of the equation.”
Nick Krall, the president of
OPS as a righty is below .750.
Nonetheless, the Reds haven’t
even considered the possibility of
De La Cruz ditching his switch-hit-
ting aspirations. The potential up-
side is too high.
“He struggled some, but he’s
ters, defensive wizards whose sole
purpose is to come off the bench
at the end of games, dedicated
platoons in key spots of the
lineup. That approach stretches all
the way down to the amateur
ranks, where young players are
hitters need to hone and maintain
two distinct swings, each with dif-
ferent mechanical flaws.
“Essentially I’m two hitters,”
Lindor said.
The question lately is whether
he’d be better off just being one.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Chicken
tenders?
The Beekeeper Who Saved
14 15 16 28 Victorian,
for one
A Major League Baseball Game
17 18 19
32 Hogwash BY ROBERT O’CONNELL hadn’t arrived quickly, Rock
20 21 22 23 33 Civil rights AND JARED DIAMOND said, the game was in dan-
leader ger of being postponed alto-
24 25 26 Medgar THE CEREMONIAL FIRST gether.
pitch is an honor usually be- While Hilton was on his
27 28 29 35 Matching stowed upon a certain class way, the crowd of 28,667 be-
36 Bring to bear of celebrity. But when the gan to cheer as a member of
30 31 32 33 34 Arizona Diamondbacks were the Chase Field grounds
37 Punk rock
set to start their game crew brought out a scissor
35 36 37 offshoot against the Los Angeles lift and prepared it for the
38 Campus Dodgers on Tuesday, after a beekeeper’s arrival. The pub-
38 39 40 41 42 43 44 address lengthy delay, they didn’t lic address announcer in-
39 Soon to be trot out a famous musician structed fans to “please
45 46 47 48 49 or a beloved retired player ‘bee’ patient.” “Let It Be”
in stock
to lob the ball in the direc- played out across the ball-
50 51 52 53 40 Chef tion of home plate. A swarm of bees in Arizona. park.
Boyardee Instead, the man stand- “It was electric, and it
54 55 56 offering ing on the mound was “I did make a call to a was an experience I don’t
42 Treat whose dressed in the full balloon- competitor, just to see, ‘Are think we will ever have
57 58 59 60 61 ing arms and flapping head- you close by?’” Rock said. again,” Diamondbacks Presi-
name is
gear of a beekeeping suit. But it was Hilton—who dent Derrick Hall said.
62 63 64 German for
That’s because Matt Hilton, was watching the first in- Finally, Hilton arrived.
“whirlpool”
a Blue Sky Pest Control man- ning of his son’s final tee Spraying and then vacuum-
65 66 67 43 Cashes in ager in Phoenix, was the ballgame of the season in ing up the bees, Hilton
44 Sections of only reason baseball could nearby Surprise—whose worked while an eager
psyches be played at Chase Field that phone started buzzing. He crowd observed and ap-
HEAVY LIFTING | By AJ Phillips night at all. jumped in his truck and plauded. The sound system
Across 31 “Still 59 Carrying 7 “I was out of 46 Pakistani The trouble began shortly drove the roughly 35 miles egged the fans on, piping in
mooing,” so way too much, town that metropolis before the contest’s sched- to downtown Phoenix, talk- the Bonnie Tyler song “Hold-
1 Pound
to speak and a punny night,” e.g. 48 365 giorni uled start time of 6:40 p.m., ing through the logistics ing Out for a Hero” while he
associated when a swarm of bees with the Diamondbacks en removed the Diamondbacks’
with feet and 34 Mammal description 8 Tricks, slangily 49 Part of an
of four Across buzzed in a mass at the top route. new black and yellow guests.
meters with the 9 College town open-door edge of the protective net- With the pollen-rich air, (The bees were later re-
densest fur answers in policy?
5 Beer brand this puzzle on the shore ting behind home plate. It this is prime swarming sea- leased in a safe place off
with 35 Retail giant of Cayuga 51 Third of was an insect infestation son for honeybees, said site.)
“karakuchi” begun in 1892 62 Depend Lake Shakespeare’s straight out of the infamous Steve Buchmann, an adjunct Finally, nearly two hours
taste 63 Fit for a king seven ages of playoff game in Cleveland in entomology professor at the after the scheduled start
38 Advocate for 10 “Incidentally...,” 2007, when a horde of Lake University of Arizona. But time, the buzzing throng had
10 Doesn’t the Truffula 64 2023’s “Cop online man
Erie midges attacked New they’re usually so “gorged been cleared and the game
pass Trees Slide,” e.g.
11 “Allow me to 52 “Hasta ___!” York Yankees pitcher with honey” that they stick was scheduled to start. The
14 One 41 Mushroom’s 65 Lake emphasize...” (“Adios!”) Joba Chamberlain. peacefully together—except, wait was so long that the Di-
well-versed stipe, e.g. bordering four 12 Well mixed 56 Fashion Only this one had say, if bothered by amondbacks scratched start-
in verse states and magazine the potential to be a stray baseball. ing pitcher Jordan Mont-
42 Title of 13 “The Faerie
one province since 1945 much more painful. If Hilton gomery.
15 Test episode respect that’s Queene” About five minutes There was just one more
16 Fall preceder an anagram 66 Lose ground? writer 58 Bill concerned before the umpires thing to do. Though the Dia-
of 6-Down 67 Ultimatum with science were set to shout, “Play mondbacks had already gone
17 Prone to 18 Some
mischief 45 It’s hard on word necklines 60 Wicked, so to ball!,” Mike Rock, the Dia- through their typical pre-
your teeth speak mondbacks’ vice president game ceremonies hours ear-
19 Bob Seger’s Down 22 Tuneup target of ballpark operations, re- lier, they thought it was
“___Got 47 “Ooh, sick 1 With 61 River near
24 Draft pick? ceived a phone call from Kat only fitting to have an-
FROM TOP: KYODONEWS/ZUMA PRESS; MATT YORK/ASSOCIATED PRESS

Tonite” burn!” 23-Across, Balmoral McDonald, the senior man- other first pitch—with
50 Matches, at a adrenaline 25 Little angels Castle ager of event services. She Hilton throwing it out.
20 Loft fill
poker table injector brand Previous Puzzle’s Solution informed him that the sta- “I didn’t feel very
21 Rafter, e.g. dium had suddenly become prepared,” Hilton said.
53 Bookish 2 No-brainers? M I
C A S H O S P H U M S
23 See 1-Down E R
O S P E D O R E T A T an apiary. “I’m not the best
bunch 3 Hit Ctrl-V D O
N S A R D R O I A G O When Rock asked how thrower in the world, but
24 Division in the 54 Half of hex- again I N
S I D O L O W R S H I P many bees had landed up I gave it a shot.”
church? C O
U R T E S Y R A T
there, McDonald responded, The actual baseball game
55 Second 4 Key rings? I N
L E T S H I P S T E R
25 Frisbees, e.g. person in the T O Y P S A T S H A Y “Hundreds—no wait, thou- that followed might have
5 Fossey’s field B O A S H A R R Y F E T E sands!” That’s when he knew failed to live up to the pre-
27 “Hmm...” Bible? I A N N O T I P M I S
6 Title of he had a problem on his game show, but the Dia-
29 Calm 56 Result respect that’s
D R T E E T H S T R E A M hands. The Diamondbacks Matt mondbacks won on a 10th-
MA S S T I GM A T A
30 Official 57 Soba an anagram of M A L P R A C T I C E S H Y stalled the game, surveyed Hilton inning, walk-off home run.
conclusion? alternative 42-Across A S I A U MAM I H O E D their options and put in a threw out The team’s X account
W H E T C O R E L A N N A call to Blue Sky, their corpo- the first knew just how to celebrate:
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. S E S H E N T R Y I S A Y rate partner for pest control. pitch. “CAN YOU BEE-LIEVE IT?!?”
P2JW123000-0-A01300-1--------XA
THE WALL STREET JOURNAL.
OPINION
Cookie-Cutter Campus Protests
There must be
something in
the gene pool
of the hard
political left
in this coun-
try. Eventu-
WONDER
LAND ally, the vio-
lence arrives.
By Daniel
On Satur-
Henninger
day, Columbia
University ad-
ministrators wrote in an email
that they wouldn’t call in the
New York City Police Depart-
ment to avoid “further inflam-
ing” what was happening on
their besieged campus. Colum-
bia President Minouche
Shafik, they said, was “fo-
cused on de-escalating the
rancor on Columbia’s cam-
pus.” Naturally, the unre-
strained left escalated.
Early Tuesday morning,
pro-Palestinian activists wear-
ing masks and all-black an-
tifa-like clothing broke into
and took over Hamilton Hall,
believe it or not home to Co-
lumbia’s still-extant Classics
Department. The militants set
up barricades, smashed win-
dows, everything we’ve come
to expect.
Columbia’s Gaza
encampment invaded
Hamilton Hall this
week via Instagram.
At 9 o’clock that evening,
the NYPD arrived in massive
numbers, entered Hamilton
through a second-floor win-
dow, arrested the “students,”
and put them on police buses.
With luck, they’ll actually be
prosecuted by Manhattan Dis-
trict Attorney Alvin Bragg and
expelled from Columbia. These
cops were once called New
York’s Finest, and this was one
of their finest hours.
So it really is 1968 all over
again or, more relevant, 2020
and the George Floyd protests.
Trump Taunts Biden Over Fall Debates
By Karl Rove
W
hen President Biden
told Howard Stern
last Friday that he’d
be “happy to debate” Donald
Trump, the former president
immediately responded on
Truth Social: “Everyone knows
he doesn’t really mean it, but
in case he does, I say, ANY-
WHERE, ANYTIME, ANY-
PLACE.”
They may or may not agree
to participate in the three
events proposed by the Com-
mission on Presidential De-
bates. These would take place
Sept. 16 at Texas State Univer-
sity in San Marcos, Oct. 1 at
Virginia State in Petersburg,
and Oct. 9 at the University of
Utah in Salt Lake City.
After the Stern interview,
Team Trump tried pressuring
the commission to move up its
schedule and add more de-
bates. When the commission
refused, the Trump campaign
invited networks to host de-
bates independently “as soon
as possible.” That won’t go
anywhere, not least because
Mr. Biden would never agree.
Still, Mr. Trump gained two
small advantages from the
back-and-forth around the
Stern interview. First, he took
the opportunity to build public
interest in seeing the two men
tangle. Voters like presidential
debates and now expect them.
And while Mr. Trump is capa-
ble of blowing himself up, it’s
likely he’d do well against the
obviously ancient Mr. Biden.
Second, if debates don’t
The Stock Market Could Be Calmer
By Jeff Yass
M
any observers are puz-
zled by the lack of vol-
atility in the stock
market. From the war in
Ukraine and Oct. 7 to political
dissension and inflation at
home, there are plenty of rea-
sons to be jittery. Why the rel-
atively calm markets?
Consider that a basket of
500 stocks would hardly fluctu-
ate if its components were inde-
pendent of one another, even if
each individual stock was very
volatile. Such is the benefit of
diversification. The same isn’t
necessarily true when a nearly
$9 trillion Goliath, otherwise
known as the Federal Reserve,
enters the market.
Police officers at Columbia University, April 30.
The Floyd protests spread al-
most instantaneously to hun-
dreds of U.S. cities, just as the
so-called Gaza solidarity en-
campments sprouted on many
campuses. It isn’t spontane-
ous. This is modern protest as
produced by the cookie cutter
of social media.
At 1 a.m. Tuesday, a group
called Columbia University
Apartheid Divest posted on In-
stagram a call for an “urgent
mobilization” at Hamilton
Hall. Earlier, the group said:
“We will not move until Co-
lumbia meets our demands or
we are moved by force.” This
was effectively a mini-Hamas
strategy—give the authorities
no choice but to come after
you. It’s the most basic flip-
the-script tactic: The perpe-
trators of mayhem transform
themselves into camera-ready
victims of “state violence.”
Anarchy like this is an op-
portunity for the U.S.’s ene-
mies, and one hopes the FBI
and Department of Homeland
Security have this Palestine-
justice activity on its radar.
Why wait for another domes-
tic act of terror to happen?
The encampments’ defend-
ers will say that is an overre-
action, that despite the vio-
lence at Columbia and UCLA,
their protests are only about
conditions in Gaza. The fact
remains that Gaza is insepara-
ble from Hamas and Iran, two
entities in a network dedicated
to attacking the U.S. Add to
that the revived terrorism
units of Islamic State. All of a
sudden, we have pro-Palestin-
ian encampments spread
materialize, last week’s mo-
ment of controversy helped
build the case that it’ll be Mr.
Biden’s fault. This could hurt
him with voters, especially if
journalists press the president
on why he ducked a chance to
go head to head with his oppo-
nent in a live event. To be
sure, it didn’t hurt Mr. Trump
when he skipped out on the
GOP’s five 2024 primary de-
bates. But unlike Mr. Trump in
the primaries, Mr. Biden isn’t
the overwhelming favorite in
November.
Still, even if ducking the de-
bates would hurt Mr. Biden,
it’s difficult to see how partici-
pating in them would help
him. Maybe expectations are
so low that a passable perfor-
mance would draw rave press
reviews and grudging accep-
tance from swing voters. But
his public appearances are rid-
dled with gaffes, verbal mis-
steps and incoherent sen-
tences. Mr. Trump can also
make unhinged comments, but
he usually shows more energy.
Let’s hope presidential de-
bates take place anyway.
They’ve played an important
role in U.S. democracy. Sen.
John F. Kennedy’s telegenic ap-
pearance in 1960 helped him
win a razor-thin election. Pres-
ident Gerald Ford’s blooper in
October 1976 that “there is no
Soviet domination of Eastern
Europe” stopped his upward
movement. And in 1980’s sole
debate between Jimmy Carter
and Ronald Reagan, Reagan
parried Mr. Carter’s attacks
with grace and wit, causing
At the end of May 9, 2023,
the options market implied
that it would rise or fall ap-
proximately 1.5% based on the
release of the April consumer-
price-index data the following
day. For a $44 trillion market,
The Fed’s interference
creates volatility and
raises capital costs.
that amounts to $660 billion
in either direction. This could
happen only if stocks moved
largely in lockstep, i.e., a high
correlation between one an-
other. The Fed can create that
outcome better than reces-
of history: Presidents Bill Clin-
ton, George W. Bush and Ba-
rack Obama; Israeli prime
STEPHANI SPINDEL/SHUTTERSTOCK
ministers Yitzhak Rabin, Ehud
Barak, Ariel Sharon and Benja-
min Netanyahu. Palestinians’
interests for decades were
represented by the ever-unre-
liable PLO Chairman Yasser
Arafat and now the 88-year-
old, near-irrelevant Mahmoud
Abbas. The list of negotiated-
and-violated agreements is
across a country with a po- long: Oslo, Gaza-Jericho, Wye,
rous, overwhelmed southern Sharm El-Sheikh, Camp David,
border. Not to worry? Annapolis.
It is worth addressing the The students’ naiveté and
notion that most of the stu- willful “river to the sea” igno-
dent protesters are peaceful rance about the realities of the
kids moved only by concern Middle East peace process is
for the Gazans. For some, pos- the benign explanation. More
sibly so. Still, we live in an cynical is what has emerged
age in which media drives ev- the past week as the activists’
erything, and it is difficult not primary interest: forcing uni-
to see how adeptly the media versity endowments to divest
has been manipulated to from Israeli companies.
shape public impressions of This has little to do with the
the encampments. aftermath of Oct. 7. The anti-
Almost every time a pro- Israel BDS movement—boy-
Gaza student gets access to a cott, divestment, sanctions—
media microphone, one hears a emerged around 2005. Its most
bland commitment to nothing pernicious tactic was to ban Is-
more than easing the suffering raeli scholars from conferences
of Palestinian women and chil- at U.S. universities and else-
dren. It sounds rote, almost where. When people say anti-
scripted. What seems to be go- semitism has been building in
ing on here is a conscious universities for years, this is
strategy to establish an equiv- what they are talking about.
alence of sincerity—a facade of BDS made Israelis shunned,
empathy is always mandatory second-class citizens of the ac-
now—between the pro-Pales- ademic community.
tinian students and the Jewish Then there’s Joe Biden. Be-
students resisting antisemi- cause his re-election team as-
tism on these campuses. sumes an equivalence be-
The protesters know that tween younger Democratic
their highly theatrical en- voters and the Gaza encamp-
campments will generate in- ment occupants, the American
terviews. If they can repeat president has himself become
earnest declarations of hu- a hostage to the hardest of
manitarian concern often the U.S. hard left. He won’t
enough, an equivalence of sin- cross them, and they know it.
cerity between them and Jew- When Mr. Biden gets to Chi-
ish students will come to dom- cago in August for the Demo-
inate the media narrative. cratic convention, uber-left
That equivalence in turn Mayor Brandon Johnson won’t
achieves another goal: sup- have the cops’ back the way
pressing the historical context New York’s Eric Adams did
of these campus protests. this week. On current course,
The impossible mission of the Biden candidacy could die
Israeli-Palestinian negotia- this summer in Chicago.
tions is defined by the names Write henninger@wsj.com.
undecided voters to swing into ists and a handful of network
his column. executives were present.
Debates aren’t always deci- A return to simplicity would
sive. President Barack Obama mean fewer diversions—no
recovered from a disastrous cheering or playing to the
first one with Mitt Romney in cheap seats, since there
2012 and won easily. Sen. John wouldn’t be any. A more digni-
McCain probably wouldn’t fied setting might make it
have won in 2008 if he had costlier for candidates to act
been one of history’s greatest up. It would be easier for the
orators. The same for Walter moderator to ask follow-up
Mondale in 1984. But in a tight questions and give each candi-
race like this one, debates date equal time. If debates
could really swing things. looked less like a professional
wrestling match and more like
a serious discussion, voters
Will the two men face might get a clearer sense of
who would be a better presi-
off? If so, why not do it dent. A simpler setting could
the way Kennedy and even help Mr. Trump sway un-
decided voters who just want
Nixon did in 1960? to hear what he’d do about in-
flation, the border and the
world without the drama and
It’s true that in the last two rage.
elections, the quality of these Our politics are broken at a
events declined, due mostly to time when the nation’s chal-
Mr. Trump, a man of unregu- lenges are large and impor-
lated emotions. Debates now tant. A real conversation be-
have an air of spectacle more tween these two men on how
appropriate to reality televi-
sion than to a great nation
they’d lead America could help
restore public confidence. It
choosing its leader. We have might even help voters believe
mobs of donors and cheerlead- they have worthy choices.
ers, party bigwigs and corpo- There are limitations to how
rate underwriters in a gigantic high-minded a debate could
auditorium, hooting and hol- be, but we should welcome
lering, with “special guests” in- anything that even marginally
vited to unsettle the other side. improves the degraded state of
It’s distracting and juvenile. our politics.
So why not return to how it
all began? The first presiden- Mr. Rove helped organize
tial debates between the par- the political-action committee
ties’ nominees, Kennedy and American Crossroads and is
Nixon in 1960, were done in author of “The Triumph of Wil-
small TV studios. Only the liam McKinley” (Simon &
moderator, a panel of journal- Schuster, 2015).
sions, booms or busts can, money you can expect to make
thanks to its ability to buy or for bearing risk—is about 25
sell trillions of dollars of basis points per volatility
Treasurys. point. A 10% increase in vola-
The Fed has recently calmed tility increases the expected
down by not injecting huge return or cost of capital by
amounts of money into the 2.5%. That’s one of the unin-
bond markets. This has meant tended consequences of the
that the correlation among Fed’s interfering in the mar-
stocks, on a scale of zero to ket—without which we could
100, dropped from the mid-40s
to the mid-teens in about a
expect much lower volatility.
Higher cost of capital means
year. Mathematically, this less investment, which results
means that the volatility of the in fewer goods and services
markets has fallen from about that the world needs.
21% in March 2023 to 12% to- To paraphrase the Beatles,
day, even though the volatility all we are saying is give free
of the average stock is nearly markets a chance.
unchanged at about 31%.
Economists generally as- Mr. Yass is managing direc-
sume the equity risk pre- tor and a co-founder of Susque-
mium—or the amount of extra hanna International Group.
Thursday, May 2, 2024 | A13
BOOKSHELF | By Edward Kosner
While You
Were Out
The King of Diamonds
By Rena Pederson
Pegasus Crime, 416 pages, $28.95
I
n classic cop-speak, the bold, agile perp had a prac-
ticed M.O., or modus operandi. The jewel thief would
approach one of the mansions of Dallas’s oil and tech
millionaires at night from a nearby creek or wooded path,
first calling ahead to make sure the family was out. He’d
scale a boundary wall, jimmy open a sliding glass door to
the garden and creep up the steps to the master bedroom,
where he’d find the jewel box in which the lady of the
house kept the necklaces, rings, brooches and earrings she
flaunted at the balls and galas so popular with Big D’s
new-rich. The family dogs never barked at the intruder,
who left waffle-patterned footprints.
The thief didn’t grab it all, but carefully snatched the
best pieces, leaving the dross behind. Should the couple
happen to be at home and awakened by his presence, he’d
shine his flashlight in their eyes so they couldn’t see his
face as he darted off. In the early 1960s, his take ran to $6
million; during one span in 1961, he looted six homes for a
$1.4 million haul (all in today’s money). He was promptly
crowned “The King of Diamonds.”
That’s also the title of Rena Pederson’s saga of the mas-
ter thief’s rampage through Dallas and nearby Fort Worth
more than a half-century ago. Ms. Pederson is the author
of five books and the onetime editorial-page editor of the
Dallas Morning News.
Deeply researched and flu-
idly written, her book is
something of a shaggy-dog
story short of hirsute
pooches that meanders to
the circumstantial revelation
of the culprit.
The void is filled by a de-
tailed social history of the
Clint Murchisons, H.L. Hunts,
Jimmy Lings and other
prime customers of Dallas’s
flashy new Neiman Marcus
emporium and the parallel
tale of the city’s mob-
drenched underworld, part of
the “Dixie Mafia.” Along the
way, there are visits to the Top O’ Hill Terrace casino, the
local gambling mecca, and the Cipango Club, “a mix of El
Morocco and Rick’s Cafe” renowned for its “all you can eat
for a thousand dollars” cuisine.
There are cameo appearances by, among others, Jack
Ruby, the killer of Lee Harvey Oswald; Joseph Civello, the
mob boss of Dallas; the stripper Candy Barr; and NFL stars
Paul Hornung and Alex Karras. Omnipresent are the city’s
earnest but overmatched cops, whose phones would regu-
larly jangle with news of the latest break-in. “Because he
evaded the police for so long, the King of Diamonds was a
superstar in burglary ranks,” writes the author. “The Hou-
dini of thieves, invisible as a ghost, light-footed as Fred
Astaire, and able to disappear into the night before anyone
knew he was there.”
Ms. Pederson chattily injects herself into the narrative,
quizzing victims and potential suspects as well as the
cops. “In my own way, I was as unassuming as Agatha
Christie’s rumpled Miss Marple,” she confides, “but with-
out the hat and knitting. . . . After years of newspaper
work, I’d learned how to ask questions and read faces. You
could say I’d been around—or at least nearby.”
The King pulled off one of his flashiest jobs early in his
run, in 1959, when he hit the Dallas home of Bruno Graf, a
German émigré, and his wife, Josephine, an oil heiress.
Their mansion, designed by Edward Durell Stone, resem-
bled Stone’s American embassy in New Delhi. The splashy
dining-room table was on a platform surrounded by a 4-
foot-deep moat, which made for novel table talk if precari-
ous seating and eating.
On the night of the robbery, the Grafs stayed late at—
what else?—the Jewel Ball in Fort Worth and didn’t roll in
until 3 a.m. Exhausted, Josephine Graf stashed her jewelry
in a dressing-table drawer instead of the safe. While she
snoozed, the King crept in and pocketed the gems she’d
worn to the dance—a diamond necklace, earrings, a jew-
eled pin and, as the author describes it, her 20.4-carat
ring “as big as the Alamo,” a haul worth $2.2 million
today.
He always called ahead, making sure no one
was home. During one lucrative stretch, he
looted six homes for a $1.4 million haul.
Early on, Ms. Pederson introduces us to likely the two
unhappiest men on the Dallas police force: Capt. Walter
Fannin, the head of the burglary-and-theft department,
and one of his crack detectives, the swaggering Paul
McCaghren. Like Rosencrantz and Guildenstern in “Ham-
let,” they are frustrated characters in the drama, more
often perplexed than not.
Over time, the cops interviewed more than 2,000 people
and gave lie-detector tests to some 200 of them. But
because so many of the thefts were associated with social
events, the police began focusing on potential suspects
from that world—frequent escorts at debutante balls,
event planners, florists, catering staff and others involved
with the posh galas.
An athletic, social-climbing doctor drew attention, along
with an interior decorator, a hair stylist who primped
many of the victims, an Italian gallery owner who made
busts of wealthy patrons in their homes, and a local doy-
enne described as “a cross between Auntie Mame and
Lady Macbeth” who might have directed a young accom-
plice to steal the jewelry. The cops also suspected a
notorious gigolo, pimp and gambler. They followed the
burglar’s footprints home to a house owned by a man from
a prominent hardware-store family, only to be stymied by
protective politicians.
“The King of Diamonds” ends inconclusively with the
author speculating that the thefts actually involved three
of her characters—one who got the original idea and then
teamed up with two others. Still, it’s quite a yarn. “When
people look back on the King of Diamonds era,” Ms. Peder-
son concludes, “they don’t remember the excesses—and
inequalities—as much as they remember the great flair
and style. They remember the larger-than-life characters
who lived with gusto, partying as if there were no
tomorrow.”
Mr. Kosner is the author of “It’s News to Me,” a memoir of
his career as the editor of Newsweek, New York magazine,
Esquire and the New York Daily News.
P2JW123000-0-A01400-1--------XA

A14 | Thursday, May 2, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Powell Isn’t Too Worried About Inflation Helping Ukraine Is in Floridians’ Interest

I
f Jerome Powell is worried about accelerating is in the air since the first-quarter report, Mr. I read Marco Rubio’s letter (“Sen. constituents and defense of Ukraine is
inflation, he sure didn’t show it at his press Powell said “I don’t see the stag, or the ’flation.” Rubio Responds on Military Aid to of critical interest to me and my fel-
Ukraine,” April 29) saying he didn’t low Floridians. I lived in Kyiv in 1993,
conference Wednesday after the Federal Re- We agree that growth can co-exist with declin-
vote to aid Ukraine because President working for one of the first U.S. busi-
serve’s latest policy meeting. ing inflation. But prices are no
The Chairman expressed confi- The Fed Chairman offers longer falling and asset prices
Biden didn’t act to control our border. nesses to enter the postcommunist
I believe this is an example of poor economy. The Ukrainians I met were
dence that prices will soon re-
sume falling toward the central
a sunny view about are high and in many cases ris-
ing. (See copper.)
governance. The border has been overjoyed to break loose of the Rus-
poorly managed, but that isn’t a good sian yoke and enjoy freedom, democ-
bank’s 2% target, despite an in- prices and the economy. The markets nonetheless reason to deny military aid to an ally racy and capitalism for the first time
flationary rebound in the first loved the Chairman’s com- and opponent of one of our enemies. in generations.
quarter. You might even say he ments. Equities jumped about Coincidently, today I received con- In defending his vote against mili-
thinks this recent increase is “transitory,” to borrow 1% before falling back at the close. A washout firmation of my withdrawal from the tary aid, Mr. Rubio’s deflection to im-
a phrase from 2021 he didn’t use Wednesday. in semiconductor firms sent the broader mar- Republican Party. I have been a migration is a red herring. Immigra-
The Federal Open Market Committee main- ket down. Republican since 1961 when I was 21. tion is a legitimate issue, but it bears
This change wasn’t easy for me. How- no relation to the peril that Russia’s
tained its interest-rate target for fed funds at Markets also seemed to cheer Mr. Powell’s
ever, Mr. Rubio’s behavior regarding invasion of Ukraine poses. I would
5.25% to 5.5%. This had been signaled after the announcement that the Fed will slow down the the border and Ukraine makes me feel hope that Mr. Rubio, whose parents he
inflation report for March, which came in hot pace of asset runoff on its balance sheet. The a little better about my decision to has described as “two hardworking
at a 3.5% annual rate. But Mr. Powell said current Fed will reduce the decline in its Treasury hold- become an independent. immigrants from Cuba,” would be
monetary policy is restrictive enough to bring ings to $25 billion a month from $60 billion, WILLIAM H. SCHAFFER more cognizant of the threat an ag-
down prices, and he took a rate increase off the starting in June. Investors perceive this slower Windsor, Calif. gressive and unconstrained Russia
table: “It’s unlikely that the next policy rate rate of “quantitative tightening” as a form of presents to the freedom of Floridians
move will be a hike.” monetary easing. Mr. Rubio writes “My constituents and all Americans.
So why the first-quarter price rebound? His The Fed will keep its pace of decline in mort- elected me to represent their interests GEORGE KOVAC
analysis fits the Fed’s view that most of the pan- gage-backed securities at a cap of $35 billion in Washington.” Well, I am one of his Miami
demic-era inflation wasn’t caused by easy mone- a month, though that cap is rarely reached
tary policy. It’s the result of supply-chain disrup- these days. The selloff in MBSs is constructive
tions that still haven’t entirely been fixed, since the Fed should get out of the business of
especially for goods. This helps the Fed explain capital allocation by favoring housing. The What Father Flanagan Meant by ‘No Bad Boys’
why the decline in goods prices has all but problem with housing these days is a shortage Joseph Epstein’s op-ed “Brandon to live in an environment where love,
stopped, after having driven most of last year’s of supply, not a lack of demand. The MBS pur- Johnson is No Father Flanagan” responsibility and faith could help
inflation decline. Mr. Powell also cited the statis- chases are an artifact of the 2008 housing bust (April 18) offers a valid critique of them discover their own dignity and
tical lag in calculating shelter prices, as rents are and should long ago have been worked off the government’s failed responsibility to the dignity of others.
now rising more slowly. Fed’s balance sheet. protect and secure its citizens and As Mr. Epstein recognizes,
But his view that monetary policy is restric- Mr. Powell’s dovish bet on prices will be wel- their property. However, he misappre- Father Flanagan successfully turned
tive seemed at odds with his list of sunny eco- come in the White House and Treasury. Bond hends the meaning and implications troubled boys into good citizens. But
of Father Flanagan’s statement, his programs are rooted in a Judeo-
nomic statistics. He even discounted the first yields fell on the Fed news. President Biden
“There is no such thing as a bad boy.” Christian foundation that relies on
quarter slowdown in GDP growth to 1.6% as un- needs lower rates for consumer confidence, and Father Flanagan was rebuking those love—of God and of neighbor—to
derselling economic strength. And he said the Treasury Secretary Janet Yellen needs them to in his era, including the eugenics motivate change. Love isn’t the
labor market continues to be tight, if less so finance the massive federal debt. Let’s hope the movement, who believed that children strong suit of government programs.
than a year ago. Fed’s inflation confidence isn’t as transitory as born from the “wrong” races or Government’s toolkit is limited; it can
Asked about the talk of “stagflation,” which it was in 2021. ethnicities or otherwise from the provide for material needs, but fear
“wrong” kinds of parents weren’t and coercion are its principal tools to

Good-Bye to Permitting Reform

worth saving. He understood that motivate behavior.
Christian teaching requires us to A combination of fear and love is
treat all people with dignity endowed required to encourage behavior that

W
hy pass laws when the Biden Admin- alternatives” that “avoid or minimize adverse by God. But that teaching also recog- befits a flourishing society. The more
nizes the realities of sinfulness, and love and dignity is cultivated, the less
istration ignores them? The latest effects,” including CO2 emissions. Fossil-fuel
that dignity requires taking responsi- fear is needed. Those who seek an-
example is a new rule that purports projects can be rejected if agencies decree that bility for the harms flowing from our swers in government programs need
to codify permitting reform in renewable alternatives are sinful acts. He recognized the legiti- to consider the truth presented by
Congress’s debt-ceiling deal Biden’s new rule gives better for the climate. Regu- macy of police and the importance of the life and work of Father Flanagan.
last year. Instead, the rule cre-
ates a pocket veto for fossil fu-
green projects a pass lators could use the same
logic to veto highway expan-
enforcing criminal laws, but he re-
sisted harsh and unjust treatment of
PROF. EDWARD A. MORSE
President, Father Flanagan League
els and public works while but not public works. sions because more mass children caught up in crime. He of- Society of Devotion
rubber-stamping green proj- transit might result in fewer fered those children an opportunity Omaha, Neb.
ects. Permitting reform for emissions. Agencies could
we, but not thee. veto suburban housing projects by deciding
Members of both parties agree the 1969 Na- that there would be fewer emissions if people Gavin Newsom Has a Presidential Role Model
tional Environmental Policy Act needlessly de- lived in cities. Regarding Kenneth Khachigian’s Mr. Newsom doing to the country
lays and increases costs for projects. Housing, The rule will also require regulators to con- “What Ever Happened to Gavin what he has done to California,
roads, pipelines and energy projects are rou- sider the impact on “environmental justice” Newsom?” (op-ed, April 23): Mr. but never say never when it comes
tinely stuck in the law’s quicksand. Even the cli- communities—i.e., racial and ethnic minori- Khachigian’s contention is that the to politicians with a great deal of
mate lobby frets that permitting woes hold back ties—and consult “Indigenous Knowledge” California governor is an empty ambition and ego and little else.
its grand designs. whose “special expertise” will be given equal suit, out of his element on the The man whom Mr. Newsom
Building transmission lines to connect solar standing to that of agencies like the National national stage. The poor results of hopes to succeed in the White House
and wind projects to the grid can take a decade. Marine Fisheries Service. his progressive policies in California was the epitome of mediocrity,
Renewable projects stall when they intrude on That is, unless you’re a renewable energy de- and his lack of substance were failing to gain traction in Demo-
endangered-species habitats. Last year’s debt- veloper. The rule provides “categorical exclu- already apparent to anyone not cratic Party presidential primaries
blinded by glitz. for decades. Then he hit the jackpot
ceiling deal included modest reform by impos- sions” from environmental reviews for projects
America may dodge the bullet of when candidate Barack Obama
ing page limits on rules and a shot clock on en- that agencies determine will have minimal im- picked him as his running mate in
vironmental reviews. pact on the environment. Regulators will be the 2008. Twelve years later, amid a
The Administration’s new rule ignores the judge of what is “minimal.” The Rot at Universities pandemic and exhausting Trump
law by making it easy to kill projects that pro- Senate Majority Leader Chuck Schumer
gressives oppose. The White House even had promised West Virginia Sen. Joe Manchin he’d Begins With the Faculty drama, Joe Biden from his base-
ment peddled a return to normalcy
the nerve to call its 489-page beauty the Bipar- take up permitting reform in return for sup- Daniel Henninger (“The Counter- and eked out a chance to lead the
tisan Permitting Reform Implementation Rule, porting the Inflation Reduction Act. But Demo- Revolt Begins,” Wonder Land, April free world from behind.
though there’s nothing bipartisan about it. crats in Congress blocked significant reforms, 25) correctly notes that “firing the President Biden never had star
The rule will require regulatory agencies to and now the Administration guts even the mi- president won’t close the barn door” power. He drifted with political
assess a project’s indirect and cumulative ef- nor reforms in the IRA. at elite universities that have become winds, had negligible accomplish-
hotbeds of antisemitic and anti- ments and was a poor orator with
fects on greenhouse-gas emissions rather than “Once again they’ve disregarded the deal
American protests and intimidation. a gift for plagiarism, hyperbole and
merely its direct environmental impact. So that was made, the intent of the law that was But the next step should not be to falsehoods. Mr. Newsom’s stock
agencies will have to tally the many decades of signed, and are instead corrupting it with their “fire the admissions office,” as Mr. may be down but Mr. Biden is
emissions that would potentially be caused by own radical agenda,” Mr. Manchin said Tuesday. Henninger suggests. Instead, go for proof that lack of substance doesn’t
the combustion of natural gas transported by “This will only lead to more costly delays and faculty who indoctrinate students keep an ambitious mediocrity out
a proposed pipeline. litigation.” He’s right, but he should have known into their progressive worldview. of contention forever.
They will also have to identify “reasonable he was being taken for a ride. These professors routinely engage DANA DAVIS
in behavior that is unacceptable in an St. Augustine, Fla.

The ‘Outside Agitators’ on Campus

academic setting. They don’t brook
any disagreement. They single out
Jewish students for maltreatment. Bragg’s Case Taints Others

U
niversities across the U.S. are finally in-
viting police to clear out protesters vi-
olating school rules, but that’s not the
end of this story. Recent days have shown that
the protests aren’t merely bursts of student
moral concern about Gaza. They’re often
guided by professional leftist groups exploiting
students to foment chaos and intimidate Presi-
dent Biden.
On Tuesday night into Wednesday, the New
York Police Department peacefully extricated
protesters who had barricaded themselves
into Hamilton Hall at Columbia University as
well as those at the City College of New York.
Nearly 300 were arrested. More than 30 pro-
testers have been arrested at the University
of Wisconsin, Madison, 35 at Cal State, 72 at
Arizona State and 100 at Washington Univer-
sity in St. Louis.
Schools are doing the right thing when they
call the police to reestablish order over unruly
mobs. A robust free-speech policy doesn’t con-
flict with requiring students to follow campus
policies or face consequences for actions that
threaten Jewish classmates.
The key is having lines that are clear from
the beginning and then enforcing them. In a let-
ter this week, University of Chicago President
Paul Alivisatos wrote that free expression is a
“core animating value,” and the school will act
to protect “even expression of viewpoints that
some find deeply offensive.” But a line is drawn
against expression that “blocks the learning or
expression of others” or “disrupts the function-
ing or safety of the University.”
Clear principles are critical because the pro-
tests aren’t likely to end soon. Protest networks
are building and looking forward to a summer
of love heading into the Democratic convention
in Chicago in August. Organized leftist groups
are now promoting and sometimes leading the
protests as they did at Columbia, according to
the NYPD and the school.
New York Mayor Eric Adams explained that
the Columbia conflagration was fomented by
“outside agitators” who have neither the stu-
dents’ nor the university’s best interests at heart.
“There were individuals on the campus who
should not have been there,” the mayor said, not-
ing that those who took over Hamilton Hall were
“led by individuals not affiliated with the univer-
sity,” some of whom were “professionals.”
Videos show protesters using tactics that
aren’t known by your average English major.
Video from UCLA shows protesters surrounding
a Jewish girl knocked unconscious by other pro-
testers. This is what happens when school pres-
idents and other leaders let protests persist and
grow. They are infiltrated by today’s profes-
sional class of left-wing chaos agents.
The pattern will continue until those in au-
thority put it down, and the schools’ disciplin-
ary process is more important here than any
trespassing charges against students. Those
joining the mob on the quad may cover their
faces with keffiyehs to hide their identity from
potential employers, but violating rules after a
warning warrants expulsion, not merely slap-
on-the-wrist suspensions.
White House Spokeswoman Karine Jean-
Pierre has said that antisemitism on campus is
unacceptable, but where is President Biden? His
moral equivocation on Israel has the protesters
thinking they can change his policies. The pro-
tests are a running campaign ad for Donald
Trump.
They cancel or relocate classes to
encourage students to attend demon-
I agree with Kimberley Strassel’s
characterization of the so-called hush-
strations. They celebrate the atroci-
money case (“Democrats’ ‘Election
ties of Hamas as resistance to colo-
Interference,’” Potomac Watch, April
nial settlers and keep their students
26). Its shoddiness distresses me
ignorant of Middle East history.
because the case taints others against
Many of their students have no
Donald Trump that are legitimate.
idea how long Jews have lived in
The New York prosecution adds credi-
Palestine or what river and sea they
bility to the claim that all the cases
are chanting about. They seem obliv-
are politically motivated and in doing
ious to the fact that they are sup-
so helps President Trump politically.
porting rapists and sadistic murder-
Does President Biden have the power
ers. The rot at our universities is
deep. But it starts with the faculty,
to pardon Mr. Trump before the trial
ends? That could be politically smart.
not the students.
JOHN PRIZER
JOEL M. ZINBERG
Maitland, Fla.
New York
The Corporate Tax Reality Pepper ...
Regarding Phil Gramm and Mike And Salt
Solon’s excellent op-ed “Who Pays
THE WALL STREET JOURNAL
Corporate Taxes? Look in the Mirror”
(April 24): Milton Friedman showed
many years ago that the corporate
tax is double taxation. Since corpora-
tions are juristic persons owned by
shareholders, their profits are taxed
once at the corporate level and again
at the capital gains or dividend levels.
The optimal rate for the corporate
tax is zero.
MICHAEL AVARI
Flower Mound, Texas
Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
include your city, state and telephone
number. All letters are subject to
editing, and unpublished letters cannot “This is Borgner and Wesstincott.
be acknowledged.
They’ll be your overlings.”
P2JW123000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
EPA’s Climate Deception Won’t Stand in Court
By Chris Horner
T
he Environmental Protec-
tion Agency last week fi-
nalized a “suite of rules”
governing electricity pro-
ducers. The EPA first an-
nounced these air, soil and water
regulations two years ago, as tools
to reduce greenhouse-gas emissions
by forcing coal-fired power plants to
close prematurely. The rules reflect
the Biden administration’s “whole of
government” approach to imposing
its climate agenda, which puts ideo-
logical ambition above the limits of
congressionally delegated authority.
If the major-questions
doctrine doesn’t kill it, the
‘rule against pretext’ will.
Soon after the EPA announced
this plan in 2022, the U.S. Supreme
Court in West Virginia v. EPA struck
down the Obama-era Clean Power
Plan, which also sought what the
agency calls “generation shifting,”
from fossil fuel to renewables. The
court found no evidence that Con-
gress had granted the EPA the
sweeping power of “deciding how
Americans will get their energy.”
This signaled trouble ahead for the
Biden strategy, which relied on what
was already creative rulemaking in
the express pursuit of precisely that
goal.
Following that defeat, the EPA la-
bored to shield these rules from that
same constitutional challenge. But a
standard employed by the Supreme
Already a Travesty, the ICC Eyes Charges Against Israel
By Eugene Kontorovich
T
he prosecutor of the Interna-
tional Criminal Court is re-
portedly considering arrest
warrants against Israeli leaders for
alleged war crimes. This would be
the first time the ICC has taken this
step against a liberal Western de-
mocracy. Such charges would allow
unaccountable bureaucrats in The
Hague to put Israel’s elected offi-
cials on trial for decisions they
made to defend the Jewish state
against Hamas.
Like many other international or-
ganizations, the ICC was created
with high ideals. Its officials, how-
ever, have since discovered that go-
ing after Israel is easier than making
a difference for global justice.
The ICC is reportedly preparing a
case based on specious allegations
from anti-Israel nongovernmental
organizations, United Nations agen-
cies, and the testimony of employees
at Hamas’s Al-Shifa terror hub. Is-
rael, which like the U.S. has chosen
not to join the ICC, can’t mount a le-
gal defense without conceding the
There’s No Business Like White House Business
By Alan S. Blinder
T
he far right frequently calls
President Biden a socialist. He
isn’t, but the charge puts him
in good company. In the 1930s, Re-
publicans similarly labeled President
Franklin D. Roosevelt a socialist even
as his New Deal policies were saving
American capitalism from the strong
leftist political currents unleashed
by the Great Depression.
Mr. Biden isn’t a businessman.
He’s a smart, principled politician
who’s dedicated to seeing competi-
tive capitalism flourish in America—
as he has put it, “from the middle
out and the bottom up.”
Perhaps because Donald Trump
has run businesses—and despite his
having driven some of them into
bankruptcy—many Americans seem
to think he did a better job of run-
ning the U.S. economy than Mr. Bi-
den has, and would do better again if
re-elected.
But that’s also untrue. Although
many Americans remain concerned
about the economy, the macroeco-
nomic data show clearly that it’s in
great shape, much as it was in early
2020 before the pandemic struck.
Furthermore, Mr. Biden’s starting
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Court against supposedly deceitful
conduct during the Trump adminis-
tration should doom the effort.
In speeches and congressional
testimony, EPA officials described
this coming “suite of rules” as using
“all of the tools in our toolbox” to
reduce greenhouse-gas emissions.
They cited a variety of statutory re-
gimes, including some with no plau-
sible claim to being vehicles for re-
ducing airborne emissions, like the
Clean Water Act and a solid-waste
law known as the Resource Conser-
vation and Recovery Act.
While the Clean Power Plan’s con-
stitutionality was still pending be-
fore the Supreme Court, EPA Admin-
istrator Michael Regan said the new
rules would finish the job the plan
began. In saying that the regulatory
blitz was synchronized to shut down
politically disfavored coal-fired gen-
eration plants, Mr. Regan described
coerced retirements as “the best
tool for reducing greenhouse gas
emissions.”
That is, the laws were enacted for
one purpose, and the agency admit-
ted it planned to use them to achieve
a different purpose.
Our system of government frowns
on regulators’ lying about their rea-
son for doing something. Supreme
Court precedent is clear that “an
agency must ‘disclose the basis’ of
its action.” In 2019 in Department of
Commerce v. New York, the court
addressed allegations that the
Trump administration included a
citizenship question in the 2020
census for reasons beyond those ac-
knowledged in the administrative
record. The majority agreed that to
determine the real factors driving
court’s authority to micromanage its
security choices.
While the ICC might also indict
Hamas officials, its doing so should
give no illusion of balance. Hamas
has accepted ICC jurisdiction, but no
one believes its leaders will turn
themselves over to the court. Their
rule of terror in Gaza means that
barring total Israeli victory, they can
dispose of inconvenient evidence or
witnesses. Hamas’s atrocities are a
source of pride for the terrorist
group.
The charges alone would harm Is-
rael by serving as a diplomatic cata-
lyst for sanctions and boycotts of
the Jewish state. But the diplomatic
damage depends on a mistaken view
of the ICC’s legitimacy. It isn’t some
grand “world court.” The countries
most likely to use military force
have chosen not to join. Most of the
world’s population lives outside the
ICC’s jurisdiction.
Despite a roughly $200 million
annual budget, the ICC has con-
victed only six people of the mass-
atrocity crimes it was created to ad-
judicate in 2002. Numerous high-
point in January 2021 was vastly
more fraught than Mr. Trump’s
starting point in January 2017—
meaning the economy improved
much more under Mr. Biden than un-
der Mr. Trump.
What about the argument that a
business entrepreneur will “run” the
U.S. economy better? It’s based on at
least two major fallacies.
Donald Trump may be an
entrepreneur, but that
doesn’t mean he’s a good
steward of the economy.
The first fallacy stems from a
simple point: As in other walks of
life, there are good businesspeople
and bad businesspeople.
Good businesspeople invent new
products or ideas, or improve exist-
ing ones by reducing costs, enhanc-
ing customer appeal and the like.
They generally put their own
money—often accompanied by other
people’s money—behind entrepre-
neurial ventures. If they succeed,
they get rich and the economy gets
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OPINION
EPA Administrator Michael Regan.
inclusion of the citizenship question,
depositions of senior agency offi-
cials were appropriate. Georgetown
Adjunct Law Professor Jack Thorlin
has described the case as formally
unveiling the “rule against pretext.”
Then the court ruled in West Vir-
ginia, finding that the Clean Power
Plan’s generation-shifting goal pre-
sented a “major question.” That
changes the inquiry from whether an
agency is lawfully exercising a dele-
gated power to whether Congress
delegated such a power to the
agency at all. The majority specifi-
cally ruled that before employing
regulations to compel plant closings,
the EPA must show a clear grant of
authority from Congress, which the
agency failed to establish and, the
court noted, it is unlikely any agency
possesses.
profile cases have collapsed.
Incumbent dictators such as Sudan’s
Omar al-Bashir and Russia’s Vladi-
mir Putin have simply ignored ICC
indictments. Two future Kenyan
presidents, including the one now
serving, were indicted by the ICC
over widespread internal violence in
The court at The Hague
considers bringing wholly
specious charges against
leaders of the Jewish state.
2007-08. It didn’t even dent their
political careers. Two countries—Bu-
rundi and the Philippines—have
withdrawn from the Rome Statute
establishing the court.
The ICC has already failed at its
goal of promoting global justice. Its
only chance of redeeming itself with
some constituency is, as with all
floundering regimes, to appeal to
the oldest lowest common denomi-
nator—antisemitism.
better. Bad businesspeople often try
to create or strengthen monopoly
positions, or even engage in fraud or
near-fraud.
Good businesspeople pay the
workers and contractors they hire.
Bad businesspeople sometimes
don’t. Instead, it’s, “See you in
court.”
Good businesspeople keep honest
books and records, including what
they report to the Internal Revenue
Service. Bad businesspeople may
not.
Perhaps most fundamentally, good
businesspeople appreciate the im-
portance of the rule of law, both to
their business success and to pre-
serving their wealth. Without laws
defining and protecting property
rights, there can be no capitalism. By
contrast, bad businesspeople may
sneer at the rule of law and regu-
larly skate close to the line, some-
times veering over into illegality.
Clearly, we want good capitalists,
not bad ones. Because we take the
rule of law for granted, we often lose
sight of how central it is to a well-
functioning capitalist system. Laws
Notable & Quotable: Notre Dame, 1969
Father Ted Hesburgh (1917-2015),
president of the University of Notre
Dame, in a Feb. 17, 1969, letter to the
university community:
I believe that I now have a clear
mandate from this University com-
munity to see that: (1) our lines of
communication between all seg-
ments of the community are kept as
open as possible, with all legitimate
means of communicating dissent as-
sured, expanded, and protected; (2)
civility and rationality are main-
tained; and (3) violation of another’s
rights or obstruction of the life of
the University are outlawed as ille-
gitimate means of dissent in this
kind of open society.
Now comes my duty of stating,
Thursday, May 2, 2024 | A15
gas emissions rules disputes claims
of causing “a significant number of
retirements” and attributes any gen-
eration shifting to Inflation Reduc-
tion Act subsidies.
This ploy to dodge constitutional
analysis need not succeed. The pre-
viously admitted pretext behind the
EPA’s “suite of rules,” individually
and collectively, is to achieve the
outcome that the court in West Vir-
ginia declared the agency has no au-
thority to pursue. The doctrine
against pretext debuted in Depart-
KEVIN WOLF/ASSOCIATED PRESS
ment of Commerce should trigger re-
view under the major-questions doc-
trine; the disingenuous effort to
avoid it presents another basis for
review. Courts can take Mr. Regan’s
word for it or, as in the Trump-era
census case, order discovery to de-
termine what factors truly drove the
agency’s decisions.
Like the Clean Power Plan, the The group Government Account-
EPA’s newly finalized replacement ability and Oversight has argued ex-
rule requires adoption of technology actly this to the U.S. Circuit Court of
that doesn’t exist. More remarkably, Appeals for the District of Columbia,
the agency simultaneously published in an amicus brief I co-authored in a
the rules governing mercury, water challenge to one of the suite of rules
emissions and solid-waste storage, (Kentucky v. EPA). This argument
all of which it had clumsily promised should ensure Supreme Court review
would drive plants to close and of the constitutionality of Mr. Bi-
thereby reduce greenhouse-gas den’s “whole of government” ap-
emissions. proach and specifically the “suite of
EPA officials apparently grasp rules” the EPA assembled to skirt
that the opinion in West Virginia major-questions review.
prohibits the practice that admirers Bureaucratic workarounds of
call “law whispering” or “teaching agencies’ limited delegations of
old laws new tricks”—particularly on power are an affront to the judiciary
major questions like contriving and to “our democracy.” The Biden
changes in our energy mix. Gone are backdoor climate gambit is a good
paeans to inventive ways of coercing place to draw the line.
plants to retire. With a newfound
modesty, the administrative record Mr. Horner is an attorney in
published for these non-greenhouse- Washington.
The ICC can’t deter dictators and U.S. troops in Afghanistan when
warlords, who fall into its hands President Trump imposed sanctions
only once they lose power—at which on her and a colleague. After the Bi-
point a cell in The Hague might not den administration lifted those
look like a bad alternative. Leaders sanctions in 2022, the ICC promptly
of liberal democracies face different reopened the investigation. The
calculations. They rotate out of same international bureaucrats who
power, and their private benefits in flinch at the possibility of having
office are relatively skimpy. The their U.S. travel restricted are insist-
likeliest outcome of an ICC charge ing that Israel live with a sword to
against Israel would be to make it its neck.
harder for small democracies to de- The ICC is more a political insti-
fend themselves from aggressive tution than a judicial one. Charges
neighbors. against Israeli officials would ap-
Indeed, as news of the warrants pease the ICC’s internal critics who
against Israel circulated, Lebanon want it to prosecute Western lead-
said it would accept the ICC’s juris- ers—not merely the African dicta-
diction, retroactive to Oct. 7. This tors and warlords it has tried so far.
doesn’t mean the Iranian puppet Unlike African countries, Israel can’t
state has gotten serious about quit the court in protest because it
bringing Hezbollah to justice for its never joined. The idea of interna-
missile barrages that have desolated tional criminal justice arose out of
Israel’s north. Rather, Beirut knows the Holocaust and could end up
that the only real effect of the ICC making the Jews into the perfect
can be to delegitimize Israel for its scapegoat.
defensive campaign.
Some claim that the ICC will go Mr. Kontorovich is a professor at
after U.S. troops next. In 2020, the George Mason University Scalia Law
ICC prosecutor shelved an investiga- School and a scholar at the Jerusa-
tion into allegations of torture by lem-based Kohelet Policy Forum.
provide the rules of the economic In government decision-making,
game. They govern what’s allowed— fairness is typically more important
including what constitutes fair com- than efficiency. And the idealized
petition—and what isn’t. They en- principle is “one person, one vote,”
sure investors, workers and not “one dollar, one vote.”
suppliers receive what their con- Inside a business hierarchy,
tracts stipulate. They define how a there’s generally a boss and a lot of
firm’s profits eventually get split be- command and control beneath him
tween owners and tax collectors. or her. Inside the government—apart
Our legal framework is far from from the military—it’s more like beg
perfect, and we need to change laws and cajole. The president can’t bark
from time to time. Some statutes are orders to the Senate. The Senate
too ambiguous, which is why we have can’t force the House to bend to its
a sprawling network of courts and will. Even within a single party, lead-
more than 1.3 million lawyers in the ers may find themselves short on
U.S. Some laws seem downright silly followers. It’s about compromise all
or archaic. But they do provide rules, the way down.
and the means to enforce them, rather I could go on. The point is that
than letting the economy devolve into the skills that make for success in
an unruly free-for-all. business don’t transfer readily into
The second fallacy is more subtle: the political realm, as many business
The government isn’t a business and people have learned the hard way.
shouldn’t be run on business princi- So ask yourself who would make the
ples. In government, there’s no simple better steward of the U.S. economy.
“bottom line” analogous to profits for My bet is on Joe Biden.
a corporation; rather, there are multi-
ple objectives that sometimes con- Mr. Blinder is a professor of eco-
flict. There are also many constituen- nomics and public affairs at Prince-
cies whose interests matter—not ton. He served as vice chairman of
merely shareholders. the Federal Reserve, 1994-96.
clearly and unequivocally, what hap- or trespass in the case of non-com-
pens if. . . . Anyone or any group that munity members, if there is not
substitutes force for rational persua- within five minutes a movement to
sion, be it violent or non-violent, will cease and desist, students will be no-
be given fifteen minutes of medita- tified of expulsion from this commu-
tion to cease and desist. . . . If they nity and the law will deal with them
do not within that time period cease as non-students.
and desist, they will be asked for There seems to be a current myth
their identity cards. Those who pro- that university members are not re-
duce these will be suspended from sponsible to the law, and that some-
this community as not understand- how the law is the enemy, particu-
ing what this community is. Those larly those whom society has
who do not have or will not produce constituted to uphold and enforce the
identity cards will be assumed not to law. I would like to insist here that all
be members of the community and of us are responsible to the duly con-
will be charged with trespassing and stituted laws of this University com-
disturbing the peace on private munity and to all of the laws of the
property and treated accordingly by land. There is no other guarantee of
the law. civilization versus the jungle or mob
After notification of suspension, rule, here or elsewhere.
P2JW123000-0-A01600-1--------XA

A16 | Thursday, May 2, 2024 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT

BRINGING HATE TO ANYONE.

BRINGS MORE HATE TO EVERYONE.
As a graduate of Columbia University, I am deeply saddened by the hate
and polarization taking place today on a campus I love so much. I am
appalled that this hate has only continued to rise and has spawned
growing levels of physical intimidation and threats of violence that have
taken over college and university campuses across our country.

I believe political issues can be, and most importantly, should be

debated. They should be debated vigorously. But vicious hate speech and
physical intimidation, preventing others from feeling safe, pursuing their
studies, or having their voices heard is completely unacceptable.

The leadership and faculty of so many of our leading educational

institutions have failed their students. They have not only given up their
positions of authority, but also their moral compasses in upholding the
core missions of these colleges and universities – to protect their
students and the principles of critical thinking and free speech – to teach
how to think, not what to think.

Shouting vile, hate filled labels at students while hiding behind masks is
not free speech—it is cowardice. Instead of colleges and universities
teaching the core principles of free speech and debate our country was
founded on, they are emboldening hate that is tearing their campuses,
and our youth apart.

When this ends, these students cannot be pardoned for what they have
done. They need to be held accountable in order to send a message to
future generations of students – that it is necessary to adhere to the
rules of civil society and the codes of conduct of academic communities,
and that free speech means standing behind your words and accepting
the consequences of your actions.

The mission of the Foundation to Combat Antisemitism (FCAS) is to build

empathy among all Americans, young and old, as a way to fight the rising
hate in our country. Empathy is innate – hate is a learned behavior.
Unfortunately, today, hate is exactly what is being learned and taught on
campuses across our country. Today, and every day, at FCAS we are
standing up to Jewish hate and all hate, and I encourage our nation’s
university leaders to act with courage and wisdom so that knowledge,
not hate, is what is being produced on our nation’s campuses.

Robert Kraft,
Founder of the Foundation to Combat Antisemitism

SCAN TO REQUEST YOUR

BLUE SQUARE PIN FOR FREE,
AND STAND UP TO HATE.

www.standuptojewishhate.org
P2JW123000-6-B00100-1--------XA

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BUSINESS & FINANCE

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New 401(k)s Offer Monthly Checks CVS Is Hit

By Higher
BlackRock introduces
funds that turn a
Percentage of U.S. workers
with retirement-plan
access, March 2023
Average retirement-plan-
contribution allocation to
target-date funds at Vanguard
based in Connecticut, was the
first company to roll out
BlackRock’s new LifePath Pay-
With LifePath Paycheck, the
twist is that the funds begin
investing in annuity contracts
Costs in
portion of savings
into payments for life
Defined contribution 60%

50
check funds to employees last
week. LifePath Paycheck is
now the default investment
at age 55. That allocation
grows to roughly 30% of the
portfolio by age 65. An em-
Medicare
Business
Access 67%
option in Avangrid employees’ ployee has from age 59.5 until
BY JACK PITCHER 40 401(k)s. Thirteen other em- the year they turn 72 to buy
Participation 49
ployers have signed on to an annuity with that alloca-
30
A small but growing num- make it their default option, tion, locking in a monthly pay- BY ANNA WILDE MATHEWS
ber of companies are offering Defined benefit 20 bringing the number of em- check for life. The remaining
401(k) plans that promise em- ployees that will have access 70% can remain invested in CVS Health reported
ployees a degree of predict- 15 10 to the funds to 500,000. stocks and bonds or be re- sharply lower first-quarter net
ability, with retirement pay- The funds initially look like deemed for cash. income and cut its guidance for
0
checks they can count on for 11 the target-date retirement If the employee opts not to 2024, hit by higher medical
life. 2011 ’15 ’20 ’22 funds that have become stan- buy an annuity, the 30% allo- costs in its Medicare business.
The goal is to turn a por- Sources: Bureau of Labor Statistics (retirement-plan access); Vanguard Group (contribution) dard in U.S. 401(k) plans. They cation behaves similarly to the The results will put pressure
tion of retirement savings into hold a riskier, stock-heavy fixed-income allocation in on CVS Chief Executive Karen
fixed lifetime payments “will one day be the default could help address the loom- portfolio when an employee is standard target-date funds. Lynch, who has presided over
through target-date funds em- retirement investment strat- ing U.S. retirement crisis he young, and automatically ad- Investors in most 401(k) plans five earnings downgrades since
bedded with annuities. egy.” His money-management warned of in his annual letter just toward lower-risk assets can also eschew target-date her first investor day in 2021.
BlackRock Chief Executive firm has launched its first this year. like bonds as retirement age funds entirely, and take more Lynch, who led Aetna before
Larry Fink believes the option such funds, which Fink thinks Energy provider Avangrid, approaches. Please turn to page B2 taking over as CEO, has in-
vested heavily in the Medicare
business.

BP’s Ambitions Focus on the Gulf of Mexico

CVS shares fell 17% on
Wednesday, their sharpest one-
day drop since 2009. The com-
pany lost $14.3 billion in mar-
ket cap, falling to $70.7 billion.
BY JENNY STRASBURG Last fall, CVS made seniors
an enticing offer: If they signed
THUNDER HORSE OIL up for the company’s Aetna
PLATFORM—This hulking pro- Medicare plans, they could
duction base 150 miles offshore score free pickleball paddles.
from New Orleans has long em- The benefit might also fund
bodied BP’s outsize ambitions golf clubs, fishing rods and an
in the Gulf of Mexico and also array of other equipment ap-
reflected its recurring setbacks. pealing to spry retirees.
Stretching roughly three The gambit worked. Enroll-
football fields and pumping ment in Aetna’s Medicare prod-
crude from more than a mile be- ucts surged this year. But it
low the water’s surface, Thun- turned out CVS got more than
der Horse in 2005 was found it bargained for.
listing so precariously that it ap- The company cut its guid-
peared in danger of sinking. ance for 2024 to at least $7 in
Once it got roaring in 2008, adjusted earnings a share from
TOBY HARRIMAN FOR THE WALL STREET JOURNAL

three years behind schedule, it $8.30. It had issued the earlier

helped BP cement its position figure just three months ago in
as one of the Gulf’s leading a downgrade that the company
producers, capable of some of said at the time was supposed
the industry’s biggest technical to capture the risk of rising ex-
marvels. penses in the Medicare busi-
Then in 2010, the Deepwater ness. Now those costs have
Horizon explosion caused the shot up even faster than CVS
biggest offshore oil spill in U.S. expected.
history, costing the British In addition to aggressively
company more than $60 billion The Thunder Horse oil platform, 150 miles offshore from New Orleans, is one of the oil-and-gas major’s steadiest producers. expanding enrollment in
and years of political and repu- Aetna’s Medicare Advantage
tational damage. In March, new CEO Murray the United States,” Auchincloss also have their eyes on Paleo- BP’s hydrocarbon output, in plans—the private-insurer ver-
Now, three chief executives Auchincloss was asked on stage said. gene oil finds in the Gulf of millions of barrels of oil sion of the federal program for
and 14 years later, BP is again at a Houston energy conference No oil-and-gas supermajor Mexico. equivalent per day the elderly and disabled—
betting big on the Gulf. what business he is most ex- has more riding on these Gulf BP, which pulled back from 3.0 Targets Lynch last year spent about
Thunder Horse is en- cited about. His answer: the of Mexico waters than BP, in- frontier exploration in favor of $10.6 billion for Oak Street
trenched as one of the com- Gulf of Mexico. vestors and industry partici- its green-energy pivot in recent Health, a money-losing clinic
pany’s steadiest producers, and More specifically, Auchin- pants say. BP is the smallest of years under former Chief Execu- 2.5 business that treats seniors.
a new production platform, closs called out the Paleogene, the supermajor pack, soon to tive Bernard Looney, isn’t in- CVS also bought Signify Health,
called Argos, went online last a geological layer where BP be further dwarfed as U.S. ri- volved in those big new discov- 2.0 a home-visit company largely
year. At about one-third of the first discovered oil more than a vals Exxon Mobil and Chevron eries. As a result, its Gulf of focused on Medicare, for nearly
size, Argos links to subsea decade ago. The company plans seek to close recent megadeals, Mexico business remains the $8 billion.
1.5
wells and has the capacity to to decide whether to go for- and lagging behind London- core of its deep-water ambitions. During a call with analysts
produce more than half as ward with big projects there ei- based rival Shell in size and “In a resource industry, re- Wednesday, Lynch said CVS is
much oil—roughly 140,000 bar- ther later this year or next. BP share performance. sources matter, so this could be 1.0 taking action to mitigate the is-
rels a day. BP, which will report says it could gain access to Deep-water projects are seen as a relative disadvan- sues with its Medicare busi-
earnings next week, has set its some 9 billion barrels of un- among the industry’s biggest tage,” said RBC Capital Markets 0.5 ness, and that it expected to
sights on harder-to-reach de- tapped oil—a massive supply. plays at the moment. Shell is analyst Biraj Borkhataria. get to its target profitability in
posits in the Gulf, requiring “I think we stand the chance active in the white-hot Namibia Still, he expects BP to tie three to four years.
drilling techniques to cope with to open up the next great basin discovery, while Exxon is enjoy- new Gulf projects into its exist- 0 “We are committed to im-
more-intense pressures and in the world, which is the Pa- ing blockbuster production out ing infrastructure—an incum- 2016 ’20 ’23 '25 '30 proving margins,” she said. “De-
higher temperatures. leogene here in our backyard in of Guyana. Shell and Chevron Please turn to page B10 Source: the company Please turn to page B2

J&J Offers $6.5 Billion INSIDE Cuts at Tesla Battery-Charging

To Settle Talc Lawsuits Unit Jolt U.S. EV Industry
BY ANDREW SCURRIA commit J&J to pay ovarian
AND PETER LOFTUS claimants a present value of Tesla’s move this week to
about $6.475 billion over 25 lay off much of the team re-
Johnson & Johnson said it years, which would rank as one sponsible for creating the
would put a nearly $6.5 billion of the largest mass-tort settle- largest and most-successful
settlement offer for tens of ments ever. electric-vehicle charging net-
thousands of talc-related law- Even if most talc claimants work in the U.S. threw the in-
suits to a vote, a step toward a vote yes, J&J would still likely dustry into a state of shock
possible third attempt by the face legal hurdles in bank- and confusion.
company to resolve those per- ruptcy court before its pro-
sonal-injury claims in bank- posed deal could be imple- By Jennifer Hiller,
DOUGLAS R. CLIFFORD/ZUMA PRESS

ruptcy. mented. Sean McLain

The healthcare giant said it J&J failed in two prior ef- BUSINESS NEWS and Ryan Felton
would seek votes on the new forts to resolve its talc liabili- Cable subscribers lose
settlement proposal from per- ties in bankruptcy. In 2021, the The layoffs halted construc-
sonal-injury claimants who al- company shifted responsibility
access to baseball tion work at a dozen Super-
lege that its cosmetic talc prod- for those claims to an affiliate games in a carriage- charger sites in Texas. In New
ucts caused ovarian cancer. If called LTL Management, cre- fee dispute. B2 York, property owners in ne-
three-quarters of all injury ated as a vehicle to transfer gotiations with Tesla were
claimants vote yes, J&J could pending talc-related claims to TECHNOLOGY told the company was with- A Tesla Supercharger station in Tarpon Springs, Fla.
place a corporate affiliate in bankruptcy court and stop fur- AI threatens drawing from discussions
bankruptcy as a way to bind all ther jury trials. LTL filed sepa- about adding chargers to their bumpy rollout of a national those overseeing the construc-
talc plaintiffs to the settlement rate chapter 11 proceedings in
to upend sites. highway-charging network. tion of charging sites, accord-
terms, the company said on 2021 and 2023 to try to drive a the stock-photography The upheaval comes as the The Tesla layoffs were ing to people familiar with the
Wednesday. settlement with talc-related business. B4 EV industry struggles with sweeping and included em- decision. Contractors and ex-
The proposed plan would Please turn to page B2 sluggish sales growth and a ployees in the sales force to Please turn to page B4
P2JW123000-5-B00200-1--------XA

B2 | Thursday, May 2, 2024 * ** ** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Exxon Mobil..........................A1,B1 NIO......................................................B4

Adobe...............................................B4
Advanced Micro Devices
......................................................B3,B11
Alphabet.......................................B11
Altimeter Capital....................B4
Amazon.com...........B4,B10,B11
Avangrid..........................................B1
B S
Berkshire Hathaway.............A1
BlackRock..............................B1,B11
Bluebell Capital Partners
.............................................................B10
Boeing...............................................A1
BP.........................................................B1
BYD....................................................B4
C Johnson & Johnson..............B1
Chevron............................................B1
Coatue..............................................B4
Comcast..........................................B2
CoreWeave...................................B4
Cresco.............................................B11
Curaleaf.........................................B11
CVS Health........................B1,B10
D ............................................................... B4
Diamond Sports......................B2
DoorDash.......................................B3
G Nvidia........................................B3,B4
Geely Automobile..................B4 P
Getty Images.............................B4 Pfizer..............................................B10
Goldman Sachs.....................B10 Pioneer Natural Resources
Green Thumb Industries ................................................................ A1
..............................................................B11 Q
H Qualcomm....................................B3
Huawei Technologies.........B4
Seres.................................................B4
I
Shell....................................................B1
Innovative Industrial
Properties................................B11 Shutterstock...............................B4
Southwest Airlines...............B3
International Airlines
Starbucks...........................B10,B11
Group............................................B3
Suncor Energy..........................B3
J Super Micro Computer
......................................................B3,B11
K T
KKR..................................................B10 Tesla...........................................B1,B4
Kraft Heinz.................................B11 Trulieve Cannabis.................B11
L U
Uber Technologies.................B3
LanzaTech.....................................B3
Unilever...........................................B3
Li Auto............................................B4
Lykos Global Management V
Verano............................................B11
M-N Veritas Capital.......................B10
X
Magnetar Capital...................B4

QUINN HARRIS/GETTY IMAGES

E Meta Platforms......................B11 Xiaomi..............................................B4
Embraer...........................................A1 Microsoft......................B3,B4,B11 XPeng...............................................B4

INDEX TO PEOPLE
A Hennessy, Paul.........................B4 N Comcast and Diamond Sports Group failed to reach a new carriage agreement,leading to game blackouts in some markets.
Hjort, Viktor................................B3

MLB Fans Lose Access in Cable Tiff

Auchincloss, Murray.............B1 Narasimhan, Laxman........B11
Holmgren, Jennifer...............B3 Nuttall, Scott...........................B10
B
I P
Belsky, Scott...............................B4
Blank, Dan.................................B10 Ingrassia, Tim.........................B10
Philip, Dusty.............................B10
Borkhataria, Biraj....................B1 Intrator, Michael.....................B4
Pinter, Andres...........................B4
Buffett, Warren................A1,B4 Isom, Robert..............................A4
Pozzi, Gilberto........................B10 BY PATIENCE HAGGIN person familiar with the mat- Diamond works to emerge more consumers cut the cord
C J
R ter. from bankruptcy and forge and embrace streaming, where
Jassy, Andy................................B11 Major League Baseball fans Comcast said it would new commercial agreements it is easier to pick and choose
Calhoun, David.........................A4 Rhyee, Charles..........................B2
D K in markets from Los Angeles credit affected subscribers for with distributors that together what programming to pay for.
S
Kelly, Gus........................................A1 to Miami struck out Tuesday the lost networks and that comprise its largest stream of Consumers don’t want to pay
Drury, Ivan....................................A9 Schultz, Howard....................B11
Kephart, Jason..........................B2 night after Comcast and Dia- most customers would auto- revenue. for content they don’t watch.
F Su, Lisa..........................................B11 mond Sports Group failed to matically receive $8 to $10 a Comcast’s carriage deal Comcast wants to reach a
L
Fink, Larry.....................................B1 Swift, Rebecca..........................B4 reach a new carriage agree- month. “We’d like to continue with Diamond expired at the deal that doesn’t require every
Larson, Craig............................B10
G Sykes, Gene..............................B10 ment, leaving subscribers carrying their networks, but end of September, while the subscriber to pay for Bally
Liang, Charles..........................B11
Sykes, Starlee.........................B10 without access to Bally Sports they have declined multiple of- largest regional sports broad- Sports regional networks, peo-
Gates, Bill......................................B3 Looney, Bernard.......................B1
T regional networks. fers and now we no longer caster was in the midst of ple familiar with the matter
Gorbounova, Irina...................B3 Lynch, Karen................................B1
The blackout affects 15 re- have the rights to this pro- bankruptcy proceedings, ac- said. Such a deal could involve
Gordon, Kevin.........................B10 M Tinucci, Rebecca......................B4
gional sports networks that gramming,” said a Comcast cording to people familiar with a new tier for which custom-
H McBee, Brannin.......................B4 U broadcast local games of spokesman. the matter. They agreed to an ers can choose to pay more.
Haas, Erik......................................B2 Musk, Elon...................................B4 Usoro, Mfon.............................B10 teams including the Los Ange- Comcast declined to say extension on the same terms Comcast already has this
les Angels, St. Louis Cardinals how many customers were af- as the old contract, which ex- right for regional sports net-
and defending champion Texas fected by the blackout. pired at the end of April. works owned by some other

Medicare CVS quarterly revenue

$100 billion
1Q 2024
$88.4B
Rangers. The networks also
provide access to teams in-
cluding some National Basket-
A Diamond spokeswoman
said Comcast rejected a pro-
posed extension and that it
The companies are at odds
over whether all Comcast sub-
scribers should have to pay for
companies but not for Dia-
mond’s, one of the people said.
Diamond has told Comcast

Costs Hit 80
ball Association and National
Hockey League clubs—but
both of these leagues are in
would continue to seek an
agreement with the cable gi-
ant to restore the broadcasts.
their regional sports networks,
the people said.
In cable TV’s prime, sub-
that it isn’t economically via-
ble for its regional sports net-
works to be sold in a special

CVS Profit 60
the playoffs, where games are
available on national broad-
casts.
Alternatives for affected
sports fans include internet-
TV services like Fubo and Di-
scribers paid several dollars a
month to regional sports net-
works through their cable
tier at the start of a new deal,
another person familiar with
the matter said. Initially, as
The MLB teams in areas recTV Stream, whose parent bills, whether they watched Diamond works to come out of
Continued from page B1 with the most Comcast sub- DirecTV renewed its distribu- the channels or not, subsidiz- bankruptcy, the company has
spite the recent challenges in 40 scribers include the Atlanta tion deal with Diamond on ing the viewing habits of avid said it can’t afford to take a
Medicare Advantage, we firmly Braves, Minnesota Twins and Wednesday. sports fans. The economics of revenue hit from selling the
believe the program can remain Miami Marlins, according to a The dispute is unfolding as local sports are changing as channels in a new tier.
a compelling offering for seniors 20
and a very attractive business
for Aetna and CVS Health over
time.” She added that the diver-
sity of CVS’s businesses—which
0 New 401(k) in the litigious retirement-
plan space.
“If you start to see a lot of
plans, 401(k) retirement plans
leave workers to figure out a
withdrawal strategy them-
more leverage with the asset
managers and record-keepers
they work with.

include its huge pharmacy-bene- 2021
fit manager and its eponymous Source: the company
drugstores as well as Aetna—
positioned it well to grow next
year.
The company’s Medicare
enrollment at the end of the
first quarter was 4.2 million,
up from 3.46 million at the end
woes reflect broader issues of 2023. The company earlier
across the insurance industry, said that its Medicare enroll-
with competitor Humana issu- ment had overshot its expecta-
ing its own earnings meltdown
at the start of the year.
tions by around 200,000.
CVS said Wednesday that
But CVS suffered from un- new Medicare members
lucky timing—the company ex- weren’t ringing up costs at a
panded in the long-prosperous higher rate than other enroll-
Medicare business just as fed- ees. CVS reported adjusted
eral regulators were squeezing earnings per share of $1.31 for
it and medical-services use the first quarter, well below
among seniors was ticking up- analysts’ projections of about
ward. $1.69, according to FactSet. Net
Medicare Advantage has income for the quarter was
been a powerful engine of $1.12 billion, or 88 cents a
growth and profits for the share, down from $2.14 billion,
managed-care industry for or $1.65 a share, a year ago.
years, fueled by aging baby CVS said in a statement that
boomers and a generally favor- the income drop largely re-
able regulatory environment. flected “utilization pressure in
But the Biden administration is
changing some billing rules in
a way likely to curtail many in-
the company’s Medicare busi-
ness.” “This is worse than peo-
ple were expecting, for sure,”
surers’ results, and it recently
issued payment rates for 2025
that were lower than investors
said Charles Rhyee, an analyst
with TD Cowen.
CVS said medical costs were
expected.
The free sports equipment
was offered in certain Medicare
about $900 million more than
it had expected in the first
quarter but about $500 million
plans through a “fitness reim- of those were specific to that
bursement benefit” that al- quarter. Among the drivers
lowed Aetna enrollees to seek were higher use of outpatient
repayment for sports and ac- services and rising inpatient
tivity-related hospital admis-
Plans Pay
’22 ’23 ’24 momentum with the BlackRock
series, it won’t be long before
more plans of-
Monthly fer these,”
Kephart said.
Some 401(k) The funds are
plan adminis- called a simpler
Continued from page B1 trators, includ-
or less risk as they see fit. ing Fidelity, give way to turn a
Annuities are complex, and
one concern about target-date
individuals the
option to con-
nest egg into a
funds using them is the ex- vert savings revenue stream.
pense. into institution-
“There are fees in the ally priced an-
spread of the annuity that you nuities at retire-
can’t see. That opaqueness ment themselves.
opens itself up to the chance Proponents of the funds with
of litigation risk,” said Jason embedded annuities say they
Kephart, director for multias- help simplify the process of
set ratings at Morningstar. turning a retirement nest egg
It is why major employers into an income stream that will
are likely interested but in a last, without the help of a finan-
wait-and-see mode, he said, cial adviser or wealth manager.
given concerns about lawsuits Unlike traditional pension
J&J Offers
Talc-Suits
Settlement
Continued from page B1
claimants in bankruptcy.
Some analysts say the talc
litigation has weighed on J&J’s
GEORGE FREY/BLOOMBERG NEWS
selves. That can be a source of For individuals saving for
angst for retirees. Target-date retirement, BlackRock says its
funds had an funds help solve the complexity
ugly 2022 when
stocks and
bonds fell simul-
and expense of annuities by au-
tomatically investing in the
contracts and offering access to
taneously but institutional pricing. The Life-
rebounded Path Paycheck funds are
quickly after- cheap—with an annual expense
ward.
“Even people
ratio of 0.1% until the annuity
contracts are added at age 55,
who know how when the fee climbs to 0.16%.
to save for re- The industry average ex-
tirement still pense ratio for target-date
don’t know how funds is 0.48%, according to
to spend for it,” BlackRock’s Vanguard, but the biggest pro-
Fink wrote in his annual letter. viders offer funds in the 0.1%
As more of the baby boomer range.
generation retires, 401(k) plan There are already several
administrators have an incen- products similar to LifePath
tive to offer products like an- Paycheck, but BlackRock’s has
nuities that keep retirees in the largest uptake so far, with
their plans for longer. Keeping 14 retirement-plan sponsors
big accounts gives the plans signed on.
through the tools of chapter 11
while keeping its business op-
erations safe from the value
destruction that would result
from entering bankruptcy.
Plaintiffs’ lawyers and some
members of Congress have crit-
icized the company’s use of
bankruptcy, arguing that chap-
ter 11 wasn’t meant for solvent,
profitable companies like J&J
to use without subjecting all of
their assets and liabilities to
the court process. The com-

expenses. The sions, which share price in recent years, and pany and some personal-injury
allowance could showed signs of has consumed attention from lawyers have argued that bank-
range from The Medicare easing in April. management even after last ruptcy compensates claimants
$360 to $1,200 woes reflect The company year’s spinoff of J&J’s con- more quickly and fairly than
a year, accord- said the impact sumer division, which used to the civil justice system.
ing to Aetna broader issues of a cyberattack sell the talc-based powders. In During J&J’s previous at-
marketing ma-
terials—an al-
across the on healthcare
claims proces-
October, J&J told investors on
an earnings call it was explor-
tempt to resolve its talc liabili-
ties in bankruptcy, objecting
luring option industry. sor Change ing options including a third J&J failed twice in bankruptcy to resolve its talc liabilities. claimants argued that it had
for budget-con- Healthcare, a bankruptcy filing to resolve its offered payments to people
scious senior unit of United- talc liabilities and that it would the company’s plan, which cov- company’s talc liabilities from who shouldn’t qualify for com-
pickleballers. Health Group, put any settlement proposal to ers only talc claims related to the rest of its businesses. J&J pensation as a way to stuff the
The golf clubs and paddles hurt its visibility into emerging a vote beforehand. ovarian cancer. It won’t ad- first shifted its talc-related lia- ballot box in favor of a settle-
were signs of a benefits bundle cost increases. “Since then, the company dress a smaller number of bilities and assets to a Texas ment that would reduce pay-
more broadly packed with CVS’s revenue for the first has worked with counsel repre- pending lawsuits alleging the subsidiary, using a state law ments to legitimate victims.
goodies to draw new customers quarter was $88.4 billion, up senting the overwhelming ma- company’s talc caused the as- that allows splitting corporate Personal-injury lawyer Mike
during Medicare’s annual fall from $85.3 billion a year ago. jority of talc claimants to bring bestos cancer mesothelioma. assets from liabilities through Papantonio, whose firm repre-
enrollment period. Analysts at Aetna’s medical-loss ratio, a this litigation to a close, which J&J has denied that its talc what are known as divisional sents some claimants, said on
TD Cowen who examined closely watched gauge of medi- we expect to do through this is unsafe and has won the ma- mergers. The Texas subsidiary Wednesday if J&J succeeds in
Medicare insurers’ offerings cal costs that reflects the share plan,” said Erik Haas, J&J’s jority of the jury trials it has was then converted into a its latest offer, “this abusive
said CVS was a “notable out- of premium spent on medical worldwide vice president of lit- faced on talc in recent years. North Carolina-based entity— tactic will become an impor-
lier” among its competitors for expenses, was 90.4%, up from igation. But some juries have delivered LTL Management—before filing tant precedent emboldening
its increase of senior-pleasing 84.6% a year ago. The figure for Injury claimants will have big verdicts, including a $2.1 for bankruptcy. other corporate entities to seek
over-the-counter and flexible the most recent quarter came three months to learn about billion award J&J paid in 2021. LTL’s prior chapter 11 filings to avoid responsibility and sub-
benefits. in above the FactSet analyst the terms being offered and The company previously opened a path for resolving the vert the U.S. bankruptcy sys-
Aetna’s Medicare Advantage projection of 88.5%. have an opportunity to vote on used a legal tactic to isolate the company’s mass tort liabilities tem in the same way.”
P2JW123000-0-B00300-1--------XA
THE WALL STREET JOURNAL.
DoorDash’s Results Improve
As Total Order Value Swells
BY PREETIKA RANA
DoorDash revenue rose to
a record and its net loss
shrank last quarter as people
ordered more on the delivery
app than they did during the
height of the pandemic.
DoorDash is the biggest
player in the U.S. restaurant-
delivery market. While it loses
money, its operational effi-
ciency and cost discipline rel-
ative to peers like Uber Tech-
nologies have made it a Wall
Street favorite. DoorDash’s
shares have more than dou-
bled in the 12 months through
Wednesday’s close.
Uber, which has burned
through tens of billions of dol-
lars in the past decade,
marked its first year of being
a profitable public company in
2023. DoorDash hasn’t out-
lined when it will become
Companies Trim
Debt Amid High
Interest Rates
BY MIRIAM MUKURU
The current high interest
rates have pushed up the cost
of borrowing for most compa-
nies, forcing them to find ways
to reduce their debt, analysts
said.
Markets had expected major
central banks to start cutting
interest rates in the first half of
2024 but strong economic con-
ditions and inflation data have
delayed this process. This has
kept rates high for longer than
markets were anticipating at
the start of this year.
Companies, especially
higher-rated credit issuers, are
starting to reduce their moun-
tain of debt in an effort to
lower their expenses.
“Today’s environment is a
strong incentive to deleverage,”
Viktor Hjort, global head of
credit strategy at BNP Paribas
told Dow Jones Newswires,
“Especially for the higher qual-
ity companies.”
It’s not just high-quality in-
vestment-grade companies who
are reducing debt, however.
This trend is evident among
riskier, high-yield companies
who have significant debt lev-
els.
While highly rated invest-
ment-grade corporations are
reducing leverage in an effort
to bring down expenses and
boost their credit ratings, the
lower-rated companies have
Yeast-Like Bacteria Cuts Emissions, Creates Sustainable Fuel
BY YUSUF KHAN
Airlines are seeking sus-
tainable sources of fuel. Steel
producers are looking to reduce
their operating emissions. And
sports-apparel makers are aim-
ing to cut the volume of plastic
in clothing. One discovery could
help them all: a yeast-like bac-
teria in rabbit droppings.
In Chicago, biotechnology
firm LanzaTech says it can
take carbon emissions and turn
them into ethanol—a chemical
that can be used to make sus-
tainable fuels as well as plas-
tics—using the bacteria
Clostridium autoethanogenum.
But if this sounds like a
game changer in the quest for
clean-tech solutions, there is a
problem: Despite the com-
pany’s technology showing
promise, the business isn’t
making money, it is falling
short of its earnings predic-
tions and its stock crashed.
LanzaTech was set up in
New Zealand in 2005 by then
out-of-work biologists Richard
Forster, who has since died, and
Sean Simpson, with the goal of
creating a new source of bio-
fuel. A condition the pair im-
posed on themselves was
that the feedstock for produc-
ing the fuel couldn’t be a source
of food, such as sugar or corn,
to avoid creating competition
for supplies that are typical of
ethanol-based fuels. Being biol-
ogists, they turned to bacteria
and found that one particular
organism could hold the key.
profitable, but analysts polled
by FactSet expect it to reach
that milestone during the sec-
ond half of this year.
DoorDash reported its nar-
rowest loss as a public com-
pany last quarter. It said it will
continue to improve its ad-
justed earnings, which compa-
nies often point to in order to
signal a path to future profits.
Total order value on the
DoorDash app rose 21% in the
March quarter to $19.24 billion.
DoorDash’s revenue—the com-
pany’s cut from those transac-
tions—increased 23% to $2.51
billion. Both figures exceeded
Wall Street’s projections.
DoorDash responded to new
minimum-wage laws in New
York City and Seattle, aimed at
boosting pay for drivers, by
raising fees for consumers in
those areas. That led to fewer
orders than the company pre-
been pushed to cut debt to stay
afloat.
“High yield companies are
deleveraging, possibly even
more than investment grade
companies at the moment. But
that is out of necessity,” Hjort
said.
“Not everyone can make it,
but we think that the delever-
aging trend over time will
probably be a fairly broad-
based process.”
Credit research company
CreditSights also expects “some
deleveraging” in 2024, it said in
a note.
It cited Dutch paints com-
pany Akzo Nobel, which is tar-
geting a reduction in net lever-
age down to 2.3 times by the
end of 2024 from around 2.7
times in March.
Another example is Ameri-
can gold-mining company New-
mont, which is expected to re-
duce its debt “toward its
implied $5bn net debt target,”
CreditSights said.
The real-estate sector is par-
ticularly likely to see this trend
of paying down debt.
“Continental European [real
estate] offices have faced an ac-
celerated correction in asset
values in the Dec-23 appraisal,
which has put additional pres-
sure on leverage ratios,” Bar-
clays said in a note.
This has forced the most lev-
eraged companies to delever-
age, it said.
An ON shoe made in collaboration with
LanzaTech. Right, an H&M Move product
made from polyester using recycled emissions.
Clostridium autoethanoge-
num has been known about
since the 1990s, and was first
isolated in the feces of rabbits.
It is similar to yeast, which
eats sugar to make ethanol—a
process that has been used for
thousands of years to make
beer and bread—except this
bacteria eats carbon in the
form of gas to make ethanol.
The company’s founders
asked themselves if the process
could be scaled. If it could, they
had the means of generating
potentially a large source of
ethanol while cutting carbon
emissions from some of the
world’s dirtiest industries.
“You can find carbon diox-
BUSINESS NEWS
DoorDash quarterly
financials
$2.5 billion
Revenue
2.0
1.5
1.0
0.5
0 point to this metric to signal a
-0.5
Losses
-1.0
2021 ’22 ’23
Sources: S&P Capital IQ; the company
viously expected in those cit-
ies, but impacted less than 1%
of total orders. Total number
of orders grew 21% to 620 mil-
Gold-mining company Newmont is expected to reduce its debt. The gold assaying process at a Newmont Colorado mine.
“In Europe, the real-estate
sector, the real-estate invest-
ment Trust (REITs), is a very
big sector and probably the
best example of a part of the
market that will deleverage ag-
gressively over the next few
years.”
Some European real-estate
companies borrowed to expand
when interest-rates were at
near-zero levels. When borrow-
ing costs started rising, some of
the companies in the sector
highly sensitive to rate move-
ments were caught unprepared,
BNP Paribas’ Hjort said.
“Now many of the real-es-
tate companies are distressed,
and they have started to de-
ide from almost every steel
mill and refinery. You can
even make it from trash,” Lan-
zaTech Chief Executive Jenni-
fer Holmgren said.
LanzaTech’s approach is to
take waste carbon emissions
from an industrial site and in-
ject them into a bioreactor
with the bacteria. From there,
the bacteria digest the gas to
produce ethanol and a protein
coproduct.
If the ethanol is used to
make sustainable aviation
fuel, LanzaTech said a green-
house-gas reduction of up to
85% can be achieved, with
cuts in particulate emissions
of more than 95%, when com-
1Q 2024 lion, better than analysts’ ex-
$2.51B pectations.
DoorDash reported a loss of
$25 million, its smallest since
going public in 2020. That
compared with a $162 million
loss in the same period a year
earlier. Its adjusted earnings
before certain expenses came
in at $371 million, its stron-
gest yet, and slightly better
than analysts’ forecast. Un-
profitable companies often
path to future profits.
–$25 The company projected that
million the total order value on its
app would come in between
’24
$19 billion and $19.4 billion in
the current quarter. Analysts
had been expecting $19.2 bil-
lion. It also forecast adjusted
earnings for the current quar-
ter between $325 million and
$425 million. Wall Street pro-
jected $394 million.
leverage,” he said.
The European real-estate
sector looks attractive as com-
panies are expected to signifi-
cantly lower debt, he said.
Some companies will simply
over time retain more of their
earnings to pay down debt.
Many companies will also sell
assets to reduce debt, or sell
projects to others, including to
private-equity firms.
Others will go to the equity
market and raise equity, though
this is “very tricky” because it
dilutes share value and could
cause the share price to fall,
Hjort said.
Supply of investment-grade
debt should “start to slow from
LANZATECH (2)
pared with traditional jet fu-
els. For a steel plant, a 30%
drop in carbon emissions is
achievable, according to the
company. Given the industry
alone accounts for 11% of
global emissions, that could
prove significant.
So far, the company has
commercial operations in four
steel plants in China, as well
as an oil refinery in India and
ArcelorMittal’s steel plant in
Ghent, Belgium.
Irina Gorbounova, vice pres-
ident of mergers and acquisi-
tions and head of Xcarb Inno-
vation Fund at ArcelorMittal,
said the technology potentially
can help to decarbonize the
Thursday, May 2, 2024 | B3
Qualcomm Posts
Increase in Revenue
BY ASA FITCH
Qualcomm reported a slight
rise in quarterly sales as the
mobile-phone chip company
grew its footprint in the auto-
motive industry amid a bud-
ding recovery in smartphones.
The San Diego-based com-
pany said revenue for its latest
quarter rose 1% to $9.39 bil-
lion, ahead of analyst expecta-
tions of $9.35 billion in a Fact-
Set survey. Profits were 37%
higher at $2.33 billion, also
higher than forecast.
The company’s outlook of
$8.8 billion to $9.6 billion of
revenue for the current quar-
ter also came in largely ahead
of a Wall Street estimate of
just over $9 billion.
The results fit into a mixed
bag for chip makers that are
racing to benefit from the AI
boom as some of their core
markets advance more slowly.
PC shipments are expected to
here” as a result of this de-
leveraging trend, Hjort said.
For high-yield issuers the
situation is different. Many of
these highly-indebted compa-
nies have been postponing issu-
ing debt due to high rates. But
now they will be forced to issue
to refinance debt maturing
soon, potentially causing supply
to increase.
“Supply [of high-yield corpo-
rate bonds] will actually need
to pick up from here because
the refinancing needs, which
they have been postponing, are
actually quite high,” he said.
For the most indebted com-
panies, or those with a rating of
CCC or lower, continued high
company’s operations and “in
producing valuable products
from our carbon bearing gases
which can help the decarbon-
ization of other sectors.”
In March, LanzaTech se-
cured a major government win
with $200 million in funding
from the Department of En-
ergy. The company and its
partner Technip Energies will
be trialing the technology to
produce low-carbon ethylene.
Other major brands testing
LanzaTech’s technology in-
clude Lululemon, which has
started incorporating ethyl-
ene into some of its clothing,
and Unilever, which is using
ethanol in some of the com-
pany’s detergents.
LanzaTech’s most prized
asset may be its sustainable
aviation-fuel project. In 2020,
it spun out a separate com-
pany called LanzaJet, to pro-
duce SAF from low-carbon
ethanol. LanzaTech owns 25%
of the subsidiary, with other
major shareholders including
Suncor Energy and British
Airways owner International
Airlines Group. Bill Gates-
backed Breakthrough Energy
Ventures and Microsoft’s Cli-
mate Innovation Fund are
among its supporters.
“We are a hard-to-decarbon-
ize sector so we need all solu-
tions,” said Jonathon Counsell,
group head of sustainability at
IAG. “In terms of sustainable
aviation fuel it’s the only real
solution to reduce emissions in
the near term and in terms of
rise by 2% this year after a
long lull, according to the In-
ternational Data Corporation,
while smartphone shipments—
Qualcomm’s main source of
revenue—are expected to rise
2.8%.
Qualcomm and its peers
hope that a wave of new de-
vices with AI capabilities will
prompt consumers to buy
phones and PCs.
Chip maker Advanced Mi-
cro Devices and server manu-
facturer Super Micro Com-
puter reported results Tuesday
that disappointed investors
who were expecting more from
two companies near the center
of the AI boom. The main chip-
making beneficiary of that
boom so far has been Nvidia,
whose shares have climbed
about 75% this year, sending
its valuation over $2 trillion.
 Heard on the Street: AI
hype vs. real supply........ B11
KATIE KLANN FOR THE WALL STREET JOURNAL
levels of interest rates could
mean trouble and BNP Paribas
expects continued underperfor-
mance of this area of the mar-
ket.
Overall, this trend of compa-
nies reducing debt is a good
sign for investors, especially in
the case of high-quality invest-
ment-grade credit, and is likely
to make corporate bonds more
attractive.
“It reduces risk. It probably
improves ratings over time,”
Hjort said.
“It can reduce bond supply
over time as well. So all of
these things sort of makes
broad investment-grade corpo-
rate credit attractive.”
solutions for long haul it is the
only real solution.”
LanzaJet counts Southwest
Airlines as one of its custom-
ers. The airline invested $30
million to get a new alcohol-
to-jet fuel facility in Soperton,
Ga., up and running. The facil-
ity is due to open in the next
month and is expected to pro-
duce 10 million gallons of sus-
tainable aviation fuel a year.
However, despite the com-
pany’s successes so far and
the backing from household
names, the stock market so far
hasn’t taken to LanzaTech.
The company went public
via a special-purpose acquisi-
tion company in February
2023 and in just over a year of
public trading on the Nasdaq,
the company’s share price has
fallen 70% to roughly $3. As is
often the case with startups,
the company hasn’t turned a
profit so far. And its annual
guidance warned it may never.
Holmgren said the fall is
due to a market dislike of com-
panies that go public via
SPACs, as well as a mistrust of
new clean-energy technologies.
Missing its revenue tar-
get didn’t help. LanzaTech ex-
pected its 2023 revenue to be
in the range of $80 million and
$100 million, but it fell short at
$62.6 million.
The company is seeking to
boost revenue by scaling up
through more sites, investing
in key partnerships such as
Technip and upping its share
of LanzaJet.
P2JW123000-2-B00400-1--------XA

B4 | Thursday, May 2, 2024 * * THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

AI Cloud Startup Raises $1 Billion Chinese

Nvidia-backed
CoreWeave nearly
that customers use to create
and deploy AI systems. It is
part of a new crop of compa-
triples its valuation
in a few months
nies offering cloud-computing
tailored for AI.
CoreWeave’s leaders, who
BY ASA FITCH
came to the AI business via
Wall Street, have made the
company into one of the big
CoreWeave, a cloud-com- winners of the AI boom by
puting startup backed by moving faster than the tech
Nvidia, nearly tripled its valu- giants in offering access to the
ation to $19 billion in a new latest AI hardware.
funding round that highlights They also have been able to
booming demand for the cut-
ting-edge systems that power
secure large allocations of
Nvidia’s best chips to cater to
artificial intelligence. the AI niche.
The $1.1 billion funding “We built our infrastruc-
round was led by Coatue, and ture specifically targeted for
follows a round about five that specialized use,” said Mi-
months ago that valued seven- chael Intrator, the company’s
year-old CoreWeave at $7 bil- chief executive. “We’re not
lion. here to store your mom’s pho-
The New Jersey-based com- tos, and we don’t support peo-
pany rents out chips housed in ple’s websites.”
data centers across the U.S. Building that infrastructure
EV Makers
is enormously expensive, for
CoreWeave and for tech giants
including Microsoft, Google
Capital, Lykos Global Man-
agement and Fidelity, the
company said.
a deployment phase in which
getting quick responses from
data centers near the end user
Report
and Amazon.com that it com-
petes with.
CoreWeave raised $642 mil-
CoreWeave will use the
funding to support the expan-
sion of its data-center infra-
is more important.
The funding for CoreWeave
comes amid growing concern
Sales Gains
lion from investors in its prior
funding round.
It has also
structure, Intrator said, mov-
ing beyond a
U. S.- c e n t r i c
about the rising valuations of
AI startups that have yet to
build viable businesses out of
In April
raised money footprint into the technology. Sequoia Capi-
through debt: The new Europe and tal estimated in March that BY JIAHUI HUANG AND BEN OTTO
In August, it funding round eventually else- around $50 billion had been
collected $2.3 where. Already spent on Nvidia’s chips during BYD and a host of other
billion from in- values the in the past the AI boom, but generative Chinese electric-vehicle mak-
vestors in a
deal secured by
company at year, the com-
pany has ex-
AI startups gathered only $3
billion in revenue.
ers posted higher sales and
deliveries in April, offering a
its Nvidia chips. $19 billion. panded from Brannin McBee, Core- sign of rebounding demand
Intrator said three data-cen- Weave’s co-founder, said the amid continuing price wars
more such fi- ter locations to company saw no sign of a and government efforts to
nancings were 14 and has qua- change in demand for AI com- spur consumption in the
on the horizon and would help drupled its employee count to puting power. world’s largest EV market.
further fuel the company’s ex- more than 550. “It hasn’t peaked and I Warren Buffett-backed BYD,
pansion. Having a broad geographic don’t see any signs of peak- the world’s largest maker of
Other investors in the lat- reach is increasingly impor- ing,” he said. “If anything, I’d EVs, said Wednesday that its
est funding round include tant for cloud-computing com- say it’s still materially in- total sales jumped 49% from a
Magnetar Capital, Altimeter panies as AI demand shifts to creasing.” year earlier to 313,245 vehicles
for the month. That was 3.6%
higher than March sales and

AI Threatens to Upend Stock-Photo Business

marked the company’s second
straight month of selling more
than 300,000 units.
Shanghai-based NIO said
deliveries of its electric cars
BY KATIE DEIGHTON more than doubled from a
year earlier to 15,620 vehicles,
Stock photographers who its highest growth rate since
survived the disruptive advent October 2022. That tally,
of digital cameras and online helped by the release of new
sales are bracing themselves models during the month,
FROM LEFT: NICK FELKEY; GENERATIVE AI BY GETTY IMAGES

for the next great tech shock: marked an increase from

generative AI. 11,866 deliveries in March.
Some are predicting the Deliveries of Guangzhou-
worst. based XPeng’s EVs, mean-
“The stock photography in- while, rose 33% from a year
dustry is going away,” said earlier and about 4% from the
Connecticut-based photogra- previous month to 9,393 vehi-
pher Tony Northrup. “AI is cles.
ending it for the remaining Chinese smartphone spe-
photographers who figured cialist Xiaomi reported 7,058
out how to stay profitable.” deliveries in its first month of
Photographers’ concerns selling EVs, while deliveries
highlight a growing unease from Geely’s Zeekr EV brand
within the wider commercial nearly doubled from a year
creative industries that AI will Photographer Pete Saloutos’s earlier to 16,089 vehicles.
wipe out jobs that until now business is suffering from AI; Hybrid-vehicle specialist Li
have relied on artistic talent an image generated using Auto was a laggard for the
and decades of experience. generative AI, right. month, with deliveries rising
Industries such as market- 0.4% from a year earlier—and
ing, publishing, music and of their own. Lacking similar studio outside Barcelona, al- art today, compete with the sees demand for photos of falling 11% from March—to
news have long relied on stock options, stock photographers though he no longer sells the likes of Midjourney and Ope- women in red sweaters, for in- 25,787 vehicles. The year-over-
photography to create, illus- can’t be so sanguine. 1,600 licenses a day that he did nAI’s Dall-E, and be in posi- stance, photographers could year growth was its slowest
trate or promote their prod- Top photographers in the three years ago. tion as the tech improves and use AI to tweak their existing monthly expansion since Au-
ucts for less cost than com- ’70s, ’80s and ’90s routinely demand grows. pictures of women in blue and gust 2022.
missioning photos would earned thousands of dollars Last year, Adobe introduced purple sweaters to capitalize. EV makers in China have
require. AI’s new capability to from ad agencies, record la- That AI look Firefly, an image-generating AI Resistance, for Belsky, is fu- been facing slowing demand
generate realistic images from bels and media companies for The biggest companies in model trained on its Adobe tile. growth in recent months amid
simple text prompts is now one photo. Life was good—un- stock photography take the Stock library and content in the “When artists say to me, ‘I overcapacity and lackluster
giving stock clients an afford- til digital photography same line. AI imagery some- public domain, Shutterstock hate generative AI, why are consumption stemming from
able, fast alternative that changed everything. times looks uncanny or fake, launched an AI image genera- you even allowing it in any of flagging growth in the world’s
comes with greater control of “The supply just totally and most consumers and cus- tor powered by OpenAI and your products?’ I’m like, ‘Be- second-largest economy. Many
the final image. outpaced the demand,” said tomers want the real thing, Google AI tech, and Getty Im- cause [otherwise] people are carmakers including heavy-
“I’m concerned that my Washington state-based pho- they say. ages partnered with Nvidia to gonna go to illegitimate places weights Tesla and BYD have
best efforts to be a creative tographer Pete Saloutos. Stock companies’ AI models create Generative AI by Getty and you’re going to end up responded with rounds of
photographer and responsible Photo agencies consolidated will also require a stream of Images. All market their AI getting paid nothing.’ ” Belsky price reductions that have cut
business owner will quickly and moved their businesses fresh photos to remain up-to- products as commercially safe, said. “This is a revolution, this into bottom lines.
become all for naught,” said online, expanding their librar- date, especially when it comes meaning they trained the mod- is the new digital camera, and Price cuts deepened in
Shannon Fagan, a Memphis, ies and reducing prices and to images of new technologies els on images for which they we have to embrace it.” April, and enthusiasm for the
Tenn.-based photographer. “I royalties in the process. and current events, said Re- have the rights, and introduced But others question how Beijing Auto Show and a raft
anticipate that it will make my “At one point I was getting becca Swift, Getty Images’ some form of compensation for long it will take before genera- of model releases helped sen-
stock photography collection as much as $2,000 for the use global head of creative. those images’ photographers. tive AI stops including extra timent. Beijing has been seek-
somewhat obsolete.” of a photo, and that went down And AI is unlikely to dimin- Fagan, the Memphis-based fingers in its images and be- ing to spur new demand as
to 2 cents,” Saloutos said. He ish stock photographers’ pay photographer, said he received comes essentially impossible to well. A government policy re-
still shoots stock but no longer any further because compa- a one-off AI-training payment distinguish from real photos. leased near the end of the
Dwindling royalties expects good returns. nies including Getty have to from Adobe Stock last year Northrup, the Connecticut- month offered consumers re-
The companies that broker So many of his peers bowed keep prices high enough to that amounted to around 10% based photographer, now con- placing cars with electric or
stock imagery say doom-mon- out that the industry’s trade maintain their own opera- to 12% of his annual income centrates on other projects, hybrid vehicles up to the
gering is unfounded. Consum- association, the Stock Artists tions, Swift said. from the company. such as the YouTube channel equivalent of nearly $1,400.
ers are still proving hostile to- Alliance, shut down in 2011. Getty Images’ 2023 creative “In some ways, this mo- he runs with his wife and his Beijing-based Li Auto has
ward AI-generated images, Other photographers turned revenue, its term for stock ment in time feels like the business publishing educa- faced challenges in its entry
and so are marketers looking multiple rooms in their homes sales, declined 1.1% from the calm before the storm—bor- tional books on photography. into the all-electric vehicle
to convey an air of authentic- into studios and began shoot- year before to $578.7 million. rowed time before we will all “I’m an old tech guy, I’ve space, with its first such
ity, according to executives. ing thousands of photos a day, Shutterstock’s subscribers de- inevitably need to adapt to been through it a couple of model missing analysts’ sales
Real photos of real things factory-line style, to maintain clined 10.8%, although its sales spend our time doing some- times,” he said. “So I have forecasts in the first quarter
are still in demand, said Paul the figures on their royalty increased. Adobe, which owns thing else,” Fagan said. constantly been looking ahead after debuting with a slightly
Hennessy, CEO of stock pho- checks. a stock photo business as well for the next thing that’s going higher-than-expected price
tography provider Shutter- Some say they can ride out as products like Photoshop, to crush all my dreams and tag.
stock, on an earnings call in this latest tech quake, confi- doesn’t break out the sales of Bend, don’t break the stuff that I built.” The company also is navi-
February. “We are not seeing dent that machines are no its individual subscription Adobe is encouraging pho- gating intensifying competi-
our customers at any level of match for artistry. products. tographers to use generative tion from Seres, another hy-
scale with a desire to buy, Antonio Guillem, the pho- Stock companies’ optimism AI to create more images and Watch a Video brid-car specialist backed by
purchase and utilize AI-gener- tographer behind the internet- about traditional photography sell more licenses, said Scott Scan here to Chinese telecom giant Huawei
ated images,” Hennessy said. famous “distracted boyfriend” hasn’t stopped them from rac- Belsky, the company’s chief see a video on Technologies. Seres outdeliv-
The stock-photo companies stock photo, said he still makes ing to build their own AI im- strategy officer and executive generative AI ered Li Auto in the first quar-
are hedging their bets, how- good money from stock that he age tools so they can serve vice president of design and and intellectual ter, tallying 85,842 units ver-
ever, by introducing AI tools shoots in his 2,000-square-foot those clients who do want AI emerging products. If Adobe property. sus Li Auto’s 80,400.

Tesla Jolts out charging infrastructure.

States started to release the
first wave of about $5 billion
Public Policy.
Tesla should “take things
more carefully in the future
“Dear Employee,” the mes-
sage began. “As you know, we
recently announced a signifi-
At the start of last year, au-
tomakers were having a hard
time keeping up with demand
many pieces of equipment as
the nearest charging provider.
Andres Pinter, co-CEO of

Charging for a highway network, ap-

proved in the 2021 federal in-
frastructure law.
because increasing amounts of
people are dependent on
them. In the case of infra-
cant decision that impacts the
entire organization, and you
directly.”
for EVs, but the well of willing
consumers proved shallower
than expected. An early wave
Bullet EV Charging Solutions,
a subcontractor building a
dozen Supercharger sites in

Industry The layoffs caught some

employees by surprise. One
person who was laid off said
that while it was understood
Continued from page B1 the company was in a precari-
ecutives at other automakers ous position, the charging
that teamed with Tesla on business had been viewed as a
charging described wide- priority among employees.
spread confusion. Tesla shares fell 1.8% on
Tesla has long been the Wednesday after declining
bright spot in a messy charg-
ing world, outbuilding and
5.6% Tuesday.
The departures baffled the
outperforming other compa- charging industry.
nies to create the closest thing After Tesla opened its
the U.S. has to a national high- charging to other cars, major
way network, considered the automakers spent last summer
linchpin to greater EV adop- announcing a switch to the
tion. A Tesla pullback in EV Tesla-designed charging con-
charging could slow the entire nector and signing agree-
U.S. market. ments to allow their custom-
Tesla has been opening up ers access to the Tesla
its network to other kinds of Supercharger network.
cars and chasing—and win- “This is by all accounts a
ning—public funding for char- dramatic move,” said Nick Ni-
gers, a boon to the Biden ad- gro, founder of the research
ministration’s plans to build and consulting group Atlas
structure projects, there’s lots
of sites that are under devel-
opment, including those that
The Information earlier re-
ported that Musk, in an inter-
nal email sent late Monday,
of adopters made their pur-
chases and by last summer,
dealers began warning of un-
Texas for Tesla, said all 20 of
its contacts at Tesla had been
laid off. Pinter received a se-
federal awards said he would sold electric vehicles clogging ries of bounceback emails—
are attached dismiss every- their lots. Within months, au- “This email address is no lon-
to,” Nigro said. one in the Su- tomakers were scaling down ger valid. Any future emails
On Tuesday, The percharger their plans for EVs and adding sent to this address will not
Chief Executive Supercharger group, and its hybrids to their lineups as be received”—but no other
Elon Musk senior director those rose in popularity. communication from the com-
posted on X, layoffs caught Rebecca Ti- At least some of the reason pany. He halted construction
“Tesla still plans
to grow the Su-
some employees nucci was leav-
ing the com-
for EV hesitancy is the nation’s
fledgling charging network.
work at the sites for now.
Other companies building
percharger net- by surprise. pany. The ability to repower cars in charging networks might look
work, just at a The world’s about 30 minutes and let driv- to capitalize on the pullback,
slower pace for most-valuable ers hopscotch from charger to said Carleen Cullen, co-
new locations automaker last charger across the country is founder and executive director
and more focus on 100% uptime week said its first-quarter considered essential to putting of Cool the Earth, which advo-
and expansion of existing loca- profit plunged to its lowest EV drivers at ease. cates for EV adoption and im-
tions.” level since 2021. Tesla plans to Tesla is known for building provements in charging reli-
Some of those laid off woke slash more than 10% of its charging stations cheaper and ability. “With upgrades
up Tuesday to find themselves global workforce amid broader faster than competitors. Its in- making stations more reliable,
locked out of the company cooling in consumer demand stallations are up around 19% Tesla’s slow-walk approach
computer system and learned for electric vehicles. this year through March, to may cause short-term market
about the layoffs in messages The charging pullback is 1,526 charging ports, according upheaval, but it will result in a
to their personal email ac- the latest blow to waning to the firm EVAdoption. That healthier competitive land-
counts. growth in EV sales. is more than four times as scape,” Cullen said.
P2JW123000-0-B00500-1--------XA

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B6 | Thursday, May 2, 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
37903.29 s 87.37, or 0.23% Trailing P/E ratio 25.70 22.28 5018.39 t 17.30, or 0.34% Trailing P/E ratio * 24.36 18.61 15605.48 t 52.34, or 0.33% Trailing P/E ratio *† 29.62 26.81
High, low, open and close for each P/E estimate * 18.37 17.94 High, low, open and close for each P/E estimate * 20.78 18.87 High, low, open and close for each P/E estimate *† 26.15 26.05
trading day of the past three months. Dividend yield 2.22 2.10 trading day of the past three months. Dividend yield * 1.40 1.68 trading day of the past three months. Dividend yield *† 0.87 0.85
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16442.20, 04/11/24

Current divisor 0.15221633137872

39800 5500 16400

39000 5300 16000

38200 5100 15600

37400 4900 15200

Session high
DOWN UP 65-day moving average
Session open Close 65-day moving average
t

36600 4700 14800

65-day moving average Close Open
t

35800 4500 14400

Session low
Bars measure the point change from session's open
35000 4300 14000
Jan. Feb. Mar. Apr. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,066,409,431 12,992,386
Industrial Average 38349.20 37780.54 37903.29 87.37 0.23 39807.37 32417.59 13.4 0.6 3.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 563,063,238 8,539,855
Transportation Avg 15079.48 14795.44 14864.63 -44.88 -0.30 16695.32 13556.07 6.1 -6.5 -1.1 Most-active issues in late trading Decl. volume* 494,384,914 3,757,777
Utility Average 911.49 888.36 903.59 10.56 1.18 966.64 783.08 -4.5 2.5 -0.6 Volume After Hours Issues traded 2,876 307
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50720.88 49849.49 49929.39 -125.21 -0.25 52402.86 40425.87 22.6 4.5 4.5 Advances 1,700 160
Pfizer PFE 13,745.3 27.19 0.01 0.04 27.22 27.03
Barron's 400 1119.40 1100.37 1103.19 0.44 0.04 1166.53 881.58 23.1 2.9 3.4 Declines 1,102 132
Nu Holdings A NU 7,626.2 10.86 -0.02 -0.18 10.90 10.84
Unchanged 74 15
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,808.9 501.28 0.93 0.18 501.33 500.12 New highs 56 5
Nasdaq Composite 15926.22 15557.64 15605.48 -52.34 -0.33 16442.20 11966.40 29.8 4.0 3.8 Lyft LYFT 5,240.0 15.88 0.02 0.13 15.99 15.76 New lows 36 6
Nasdaq-100 17667.86 17284.37 17318.55 -122.14 -0.70 18339.44 12982.48 32.9 2.9 7.7 Ford Motor F 4,960.3 12.22 0.02 0.16 12.24 12.19 Closing Arms† 1.28 0.38
RTX RTX 4,756.9 101.72 0.50 0.49 101.99 101.14 Block trades* 4,625 168
S&P
Intel INTC 4,185.9 30.45 0.08 0.26 30.64 30.30 Nasdaq NYSE Arca
500 Index 5096.12 5013.45 5018.39 -17.30 -0.34 5254.35 4061.22 22.7 5.2 6.3
Carvana Cl A CVNA 3,872.3 113.00 25.91 29.75 122.99 84.76
MidCap 400 2910.33 2852.27 2864.35 3.24 0.11 3046.36 2326.82 16.8 3.0 1.7 Total volume*5,277,795,838 428,602,970
SmallCap 600 1295.98 1268.30 1272.36 4.42 0.35 1344.66 1068.80 13.0 -3.5 -1.8 Percentage gainers… Adv. volume*3,081,824,889 246,662,610
Emergent Biosoltns EBS 702.4 2.71 0.78 40.41 2.83 1.93 Decl. volume*2,161,252,469 169,140,355
Other Indexes
Carvana Cl A CVNA 3,872.3 113.00 25.91 29.75 122.99 84.76 Issues traded 4,314 1,932
Russell 2000 2017.70 1968.03 1980.23 6.32 0.32 2124.55 1636.94 13.9 -2.3 -4.4
Aspen Aerogels Advances 2,499 928
NYSE Composite 17778.22 17539.79 17576.39 -26.94 -0.15 18312.67 14675.78 15.4 4.3 2.7 ASPN 145.1 19.62 4.40 28.91 20.52 14.76
Declines 1,664 982
Value Line 587.56 576.57 578.49 -0.04 -0.01 615.81 498.09 7.3 -2.6 -4.4 Enovix ENVX 2,141.3 8.11 1.60 24.58 8.74 6.51
Unchanged 151 22
NYSE Arca Biotech 1.55 Rush Street Interactive RSI 101.1 7.31 0.89 13.86 7.47 6.22
5084.25 4917.14 5021.79 76.62 5511.46 4544.40 -3.7 -7.3 -3.6 New highs 63 16
NYSE Arca Pharma 1012.90 998.17 1006.94 8.77 0.88 1029.37 837.32 13.2 10.6 12.7 ...And losers New lows 113 17
KBW Bank 103.33 101.24 101.84 0.67 0.67 104.85 71.71 36.1 6.1 -7.2 Fastly Cl A FSLY 2,561.7 9.02 -3.91 -30.24 13.60 8.90 Closing Arms† 1.05 0.66
PHLX§ Gold/Silver 137.76 133.32 134.24 0.79 0.60 141.11 102.94 -2.6 6.8 -1.9 Freshworks Cl A FRSH 378.8 13.98 -4.27 -23.40 18.50 13.69 Block trades* 31,373 1,316
PHLX§ Oil Service 85.13 83.20 83.71 -1.21 -1.42 98.76 69.29 14.6 -0.2 17.1 Remitly Global RELY 329.5 13.65 -3.89 -22.18 17.54 13.51 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4659.98 4482.12 4507.68 -165.62 -3.54 5165.83 2941.63 52.4 8.0 13.2 Heritage Insurance HRTG 68.5 8.70 -1.59 -15.45 10.35 8.30 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.22 14.35 15.39 -0.26 -1.66 21.71 12.07 -16.1 23.6 -6.1 DoorDash DASH 1,422.6 108.11 -19.35 -15.18 128.78 106.00 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 754.26 –2.35 –0.31 3.7 BioAtla BCAB 3.37 1.12 49.45 4.07 1.24 -9.9 Beneficient BENF 2.04 -1.28 -38.55 1320.00 2.04 -99.8
MSCI ACWI ex-USA 321.58 –0.92 –0.29 1.6 a.k.a. Brands Holding AKA 19.10 4.59 31.63 19.11 3.60 392.8 CVRx CVRX 10.12 -5.39 -34.75 33.14 7.77 -19.3
MSCI World 3294.01 –11.29 –0.34 3.9 Surmodics SRDX 33.33 7.64 29.74 39.41 16.79 44.8 AdvisorShares MSOS 2x Dly MSOX 5.18 -2.07 -28.55 8.11 2.02 57.0
MSCI Emerging Markets 1045.52 –0.43 –0.04 2.1 Rocky Brands RCKY 33.09 7.32 28.41 35.00 11.78 57.6 Leggett & Platt LEG 13.25 -4.82 -26.67 33.11 11.02 -58.9
Americas MSCI AC Americas 1897.22 –6.04 –0.32 4.6 NY Community Bancorp NYCB 3.40 0.75 28.30 14.22 1.70 -65.3 Critical Metals CRML 7.81 -2.69 -25.62 22.50 5.32 -25.7
Canada S&P/TSX Comp 21728.55 14.01 0.06 3.7 Ventyx Biosciences VTYX 4.68 0.94 25.13 40.58 1.87 -88.0 Canopy Growth CGC 11.44 -3.44 -23.12 19.20 2.76 -5.5
Latin Amer. MSCI EM Latin America 2427.52 –4.79 –0.20 –8.8 Cyclacel Pharmaceuticals CYCC 2.65 0.53 25.00 13.20 1.30 -67.9 Mullen Automotive MULN 4.91 -1.38 -21.94 1980.00 2.36 -99.7
Brazil Bovespa 125924.19 … Closed –6.2 TransMedics Group TMDX 117.60 23.47 24.93 124.18 36.42 61.1 Aurora Cannabis ACB 7.36 -1.87 -20.26 11.50 2.84 22.0
Chile S&P IPSA 3577.65 … Closed 3.2 DecisionPoint Systems DPSI 10.02 1.97 24.46 10.06 4.04 50.7 Gaucho Group Holdings VINO 4.24 -1.06 -20.02 124.00 3.89 -94.6
Mexico S&P/BMV IPC 56727.98 … Closed –1.1 GeneDx Holdings WGS 20.92 3.85 22.55 21.49 1.16 157.7 Astec Industries ASTE 33.77 -8.03 -19.21 56.33 28.97 -22.7
EMEA STOXX Europe 600 504.31 –0.58 –0.11 5.3 Rent the Runway RENT 12.38 2.23 21.97 58.00 4.46 -72.6 GrShr 2x Long AMD Daily AMDL 13.53 -3.07 -18.49 25.62 13.10 ...
Eurozone Euro STOXX 507.49 0.003 0.001 7.0 Pinterest PINS 40.48 7.03 21.02 41.60 20.60 93.6 Air Industries Group AIRI 5.80 -1.30 -18.31 7.60 2.60 52.2
Belgium Bel-20 3883.26 … Closed 4.7 LAMF Gl Ventures I Cl A LGVC 8.11 1.36 20.06 21.50 6.02 -22.6 Tilray Brands TLRY 2.02 -0.45 -18.22 3.40 1.50 -15.5
Denmark OMX Copenhagen 20 2666.39 16.8 LendingClub LC 9.00 1.48 19.68 10.92 4.73 35.3 GrowGeneration GRWG 2.45 -0.54 -18.06 5.00 1.77 -23.9
–15.39 –0.57
France CAC 40 7984.93 Closed 5.9 Summit Therapeutics SMMT 4.70 0.77 19.59 5.22 1.50 186.6 CVS Health CVS 56.31 -11.40 -16.84 83.25 54.00 -19.6
…
Germany DAX 17932.17 Closed 7.0
Israel Tel Aviv 1930.63
…
–19.49 –1.00 3.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33746.66 … Closed 11.2 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 878.83 … Closed 11.7
Norway Oslo Bors All-Share 1594.44 … Closed 4.9 ProSh UltraPro Shrt QQQ SQQQ 209,297 49.7 12.22 2.26 31.09 10.05 BNY Mellon Conc Intl BKCI 888 10451 48.57 -0.86 52.40 42.36
South Africa FTSE/JSE All-Share 76076.17 … Closed –1.1 CytomX Therapeutics CTMX 204,191 22365.5 5.13 214.72 5.85 1.04 Columbia Div Fixed Incm DIAL 2,946 4614 17.29 0.86 18.15 16.34
Spain IBEX 35 10854.40 Closed 7.4 Akanda AKAN 179,400 3141.9 0.12 25.38 2.70 0.09 Plutonian Acquisition PLTN 927 4552 9.15 3.39 11.16 7.75
…
Sweden OMX Stockholm Closed 6.1 NIO ADR NIO 147,217 181.4 5.27 11.65 16.18 3.61 DecisionPoint Systems DPSI 356 3276 10.02 24.46 10.06 4.04
957.95 …
Closed ProShares UltraPro QQQ TQQQ 103,277 42.1 51.60 -2.15 64.13 26.28 AllianzIM US LC Bf20 May MAYW 360 3138 28.06 -0.02 28.28 24.67
Switzerland Swiss Market 11260.91 … 1.1
Turkey BIST 100 10045.74 … Closed 34.5 Direxion Dly SCOND 3 BL SOXL 96,320 36.5 34.37 -9.98 56.99 13.22 Touchstone Secur Incm TSEC 389 2965 25.71 -0.06 26.01 24.97
U.K. FTSE 100 8121.24 –22.89 –0.28 5.0 NY Community Bancorp NYCB 94,589 129.4 3.40 28.30 14.22 1.70 iSh Focused Value Factor FOVL 200 2405 59.24 0.43 63.10 47.28
U.K. FTSE 250 19926.59 –38.80 –0.19 1.2 Amazon.com AMZN 93,440 116.5 179.00 2.29 189.77 103.28 FlexShares iBoxx 5Y TIPS TDTF 3,767 2358 23.05 0.19 24.51 22.53
Tilray Brands TLRY 92,920 195.7 2.02 -18.22 3.40 1.50 WT PutWrite Strategy Fd PUTW 320 2115 31.88 -0.26 33.89 29.44
Asia-Pacific MSCI AC Asia Pacific 173.63 –0.62 –0.36 2.5
Tesla TSLA 92,252 -11.0 179.99 -1.80 299.29 138.80 iPath Bloom Commodity TR DJP 1,981 1797 31.72 -0.91 33.23 29.15
Australia S&P/ASX 200 7569.90 –94.17 –1.23 –0.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3104.82 … Closed 4.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17763.03 … Closed 4.2
India S&P BSE Sensex 74482.78 Closed 3.1
Scan this code
…
Japan NIKKEI 225 38274.05 –131.61 –0.34 14.4 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3292.69 … Closed 1.6 track most-active stocks,
South Korea KOSPI 2692.06 … Closed 1.4 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20396.60 … Closed 13.8 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1367.95 … Closed –3.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003946 25343 4.4
CREDIT MARKETS Argentina peso .0011873.0737 8.0 Europe
Brazil real .1925 5.1959 7.1 Czech Rep. koruna .04270 23.421 4.7

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7278 1.3740 3.7
.001041 960.38 9.8
Denmark krone
Euro area euro
.1436 6.9629 2.8
1.0715 .9333 3.0
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000255 3914.00 1.0 Hungary forint .002745 364.28 4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007146 139.94 2.9
A consumer rate against its Five-year ARM, Rate Mexico peso .0588 16.9956 0.1 Norway krone .0906 11.0399 8.5
benchmark over the past year 6.00% Uruguay peso .02609 38.3300 –1.9 Poland zloty .2478 4.0350 2.5
Bankrate.com avg†: 6.76% Tradeweb ICE 16% Sweden krona .0916 10.9222 8.1
Asia-Pacific
5-year adjustable-rate Florence Savings Bank 5.38% Wednesday Close 5.00 Switzerland franc 1.0921 .9157 8.8
t Australiadollar .6522 1.5333 4.5
mortgage (ARM) 8.00% Florence, MA 800-644-8261 8 WSJ Dollar Index Turkey lira .0308 32.4833 10.2
t China yuan .1381 7.2409 1.8
4.00
s
t Ukraine hryvnia .0252 39.6500 3.9
Grow Financial FCU 6.13% Hong Kong dollar .1278 7.8230 0.2
6.00 One year ago UK pound 1.2528 .7982 1.6
0 India rupee .01199 83.402 0.3
Hillsborough, FL 800-839-6328 3.00 Middle East/Africa
s Indonesia rupiah .0000615 16260 5.7
4.00 Star One Credit Union 6.50% Euro Japan yen .006472 154.51 9.6 Bahrain dinar 2.6522 .3771 0.03
t 2.00 –8 s
Sunnyvale, CA 408-742-2801 Yen Kazakhstan tenge .002260 442.39 –2.8 Egypt pound .0210 47.6902 54.2
5-year Treasury 2.00 1.00 Macau pataca .1240 8.0615 0.1 Israel shekel .2663 3.7548 4.2
The Torrington Savings Bank 6.50% –16
note yield Malaysia ringgit .2095 4.7725 3.9 Kuwait dinar 3.2468 .3080 0.3
Torrington, CT 860-496-2152 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .5931 1.6861 6.5 Oman sul rial 2.5974 .3850 0.01
Clinton Savings Bank 6.63% month(s) years
M J J A S O N D J F M AM Pakistan rupee .00359 278.600 –0.9 Qatar rial .2747 3.641 –0.1
Clinton, MA 888-744-4272 maturity Philippines peso .0173 57.770 4.3 Saudi Arabia riyal .2666 3.7508 0.02
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7350 1.3606 3.1 South Africa rand .0538 18.6011 1.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007255 1378.35 6.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033542 298.13 –8.0 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 100.10 –0.71–0.71 4.45
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03076 32.508 5.9
Yield (%) 52-Week Total Return (%) Thailand baht .02701 37.020 7.7 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR
Money market, annual yield
5.34
0.49
5.31
0.48
4.81
0.46 l
l 5.40
0.64
5.33
0.41
U.S. Treasury, Bloomberg 2109.720 4.810 4.820 5.120 3.610 –1.579 –3.630 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.76 l 2.87 2.37 U.S. Treasury Long, Bloomberg 2966.600 4.820 4.850 5.280 3.730 –9.421–10.447 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.72 7.57 6.85 l 8.28 4.58 Aggregate, Bloomberg 1998.780 5.240 5.250 5.740 4.240 –0.141 –3.418
15-year mortgage, fixed† 7.02 6.16 l 7.42 4.70 DJ Commodity 1005.56 -13.60 -1.33 1033.86 930.59 5.16 4.99
7.11 Fixed-Rate MBS, Bloomberg 1962.020 5.490 5.500 6.050 4.350 –0.758 –3.834
Jumbo mortgages, $766,550-plus† 7.79 7.62 6.94 l 8.33 4.63 Refinitiv/CC CRB Index 285.44 -6.02 -2.07 298.18 253.85 11.26 8.19
High Yield 100, ICE BofA 3556.939 7.611 7.601 9.101 7.030 9.262 1.768
Five-year adj mortgage (ARM)† 6.76 6.72 5.70 l 7.16 3.58 Crude oil, $ per barrel 79.00 -2.93 -3.58 93.68 67.12 15.16 10.26
Muni Master, ICE BofA 579.076 3.603 3.571 4.311 3.038 1.600 –1.023
New-car loan, 48-month 7.85 7.85 6.98 l 7.88 3.80 Natural gas, $/MMBtu 1.932 -0.059 -2.96 3.575 1.575 -10.97 -23.15
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 842.959 7.808 7.599 8.842 7.205 6.682 –2.389
banks.† Excludes closing costs. Gold, $ per troy oz. 2299.90 8.50 0.37 2398.40 1816.60 13.37 11.52
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW123000-2-B00700-1--------XA

THE WALL STREET JOURNAL. * * Thursday, May 2, 2024 | B7

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 AmkorTech AMKR 30.33 -2.02 AveryDennison AVY 217.83 0.55 BlackRock BLK 751.58 -3.06 t CVS Health CVS 56.31 -11.40 Chipotle CMG 3138.66 -20.94 Corning GLW 33.48 0.10
Stock Market listed securities. Prices are consolidated from trades reported by various Amphenol APH 119.26 -1.51 AxonEnterprise AXON 311.57 -2.09 Blackstone BX 117.49 0.88 CadenceDesign CDNS 274.55 -1.08 ChordEnergy CHRD 174.17 -2.81 Corpay CPAY 296.25 -5.89
market centers, including securities exchanges, Finra, electronic communications
networks and other broker-dealers. The list comprises the 1,000 largest companies AnalogDevices ADI 193.89 -6.72 BCE BCE 33.26 0.41 Block SQ 66.84 -6.16 t CaesarsEnt CZR 36.38 0.56 Chubb CB 249.93 1.29 Corteva CTVA 53.91 -0.22
based on market capitalization. AngloGoldAsh AU 23.46 0.47 BHP Group BHP 55.00 -0.16 BlueOwlCapital OWL 18.65 -0.24 CamdenProperty CPT 98.55 -1.13 ChunghwaTel CHT 38.00 0.29 CoStar CSGP 90.36 -1.17
AB InBev BUD 59.47 -0.19 BJ'sWholesale BJ 75.25 0.57 Boeing BA 171.46 3.62 Cameco CCJ 46.92 1.29 s Church&Dwight CHD 106.26 -1.63 Costco COST 722.22 -0.68
Underlined quotations are those stocks with large changes in volume compared BP BP 38.22 -0.55 CampbellSoup CPB 45.53 -0.18 ChurchillDowns CHDN 129.83 0.83
AnnalyCap NLY 18.97 0.23 Booking BKNG 3415.64 -36.39 CoterraEnergy CTRA 26.91 -0.45
with the issue’s average trading volume. BWX Tech BWXT 95.73 -0.04
AnteroResources AR 32.66 -1.35 BoozAllen BAH 147.33 -0.34 CIBC CM 46.88 0.19 Cigna CI 357.18 0.14 Coty COTY 11.29 -0.15
Boldfaced quotations highlight those issues whose price changed by 5% or more if Aon AON 283.81 1.80 Baidu BIDU 104.32 0.92 BorgWarner BWA 32.87 0.10 CanNtlRlwy CNI 121.01 -0.43 CincinnatiFinl CINF 117.30 1.61 Coupang CPNG 22.21 -0.29
their previous closing price was $2 or higher. APi Group APG 37.83 -0.74 BakerHughes BKR 31.89 -0.73 BostonProps BXP 59.25 -2.64 CanadianNatRscs CNQ 74.95 -0.87 Cintas CTAS 663.59 5.25 Crane CR 139.50 -0.51
Footnotes: ApolloGlblMgmt APO 107.77 -0.61 Ball BALL 68.28 -1.29 BostonSci BSX 72.21 0.34 CdnPacKC CP 77.57 -0.86 CiscoSystems CSCO 46.84 -0.14 Credicorp BAP 164.79 -0.82
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four AppFolio APPF 230.11 3.33 BBVA BBVA 10.46 -0.25 t BristolMyers BMY 44.21 0.27 CapitalOne COF 141.64 -1.79 Citigroup C 61.35 0.02 Crocs CROX 123.55 -0.82
quarters. Apple AAPL 169.30 -1.03 BancoBradesco BBDO 2.38 0.03 BritishAmTob BTI 29.42 ... CardinalHealth CAH 102.17 -0.87 CitizensFin CFG 34.70 0.59 CrowdStrike CRWD 295.44 2.90
Stock tables reflect composite regular trading as of 4 p.m. ET and ApplMaterials AMAT 193.99 -4.66 BancodeChile BCH 22.01 -0.07 Broadcom AVGO 1242.86 -57.41 Carlisle CSL 385.18 -3.07 CivitasRscs CIVI 70.76 -1.20 CrownCastle CCI 95.23 1.45
changes in the official closing prices from 4 p.m. ET the previous day. AppLovin APP 69.74 -0.83 BancSanBrasil BSBR 5.65 0.09 BroadridgeFinl BR 193.43 0.02 Carlyle CG 40.97 -3.83 s CleanHarbors CLH 202.36 12.91 Crown Holdings CCK 83.06 0.99
Aptargroup ATR 145.38 1.00 BcoSantChile BSAC 17.91 -0.07 BrookfieldAsset BAM 38.19 ... CarMax KMX 67.21 -0.76 Cleveland-Cliffs CLF 16.70 -0.20 CubeSmart CUBE 40.80 0.36
Aptiv APTV 69.75 -1.25
BancoSantander SAN 4.80 ...
Brookfield BN 40.97 0.85
Carnival CCL 14.47 -0.35 Clorox CLX 139.63 -8.24 Cummins CMI 283.87 1.38
Wednesday, May 1, 2024 Net Net Aramark BanColombia CIB 32.95 0.23 Carnival CUK 13.10 -0.30 Cloudflare NET 88.04 0.64 Curtiss-Wright CW 256.98 3.56
ARMK 31.15 -0.36 BrookfieldInfr BIP 27.53 0.66
Stock Sym Close Chg Stock Sym Close Chg ArcelorMittal MT 25.07 BankofAmerica BAC 36.95 -0.06 CarrierGlobal CARR 61.12 -0.37 Coca-Cola KO 61.93 0.16 CyberArkSoftware CYBR 237.16 -2.09
Net 0.06 BrookfieldRenew BEPC 25.71 2.47
BankMontreal BMO 89.65 0.33 Carvana CVNA 87.09 4.17 CocaColaCon COKE 830.54 4.54
Stock Sym Close Chg s ArchCapital ACGL 95.80 2.26 Brown&Brown BRO 82.70 1.16
AdvMicroDevices AMD 144.27 -14.11 Alphabet A GOOGL 163.86 1.08
ADM ADM 58.37 -0.29
BankNY Mellon BK 56.46 -0.03
t Brown-Forman A BF.A 48.36 -0.71
CaseysGenStores CASY 318.66 -0.92 Coca-ColaEuro CCEP 71.59 -0.43 D E F
A B C Aegon
s AerCap
AEG 6.24 0.07
AER 85.52 1.03
Alphabet C GOOG 165.57
Altria MO 43.82
0.93
0.01
AresMgmt ARES 131.70 -1.39
BankNovaScotia BNS 46.28 0.38
Barclays BCS 10.27 0.03
t Brown-Forman B BF.B 47.31 -0.54
Catalent
Caterpillar
CTLT 56.00 0.15 Cognex CGNX 40.94 -0.60
CAT 331.07 -3.50 CognizantTech CTSH 65.37 -0.31 DTE Energy DTE 111.33 1.01
argenx ARGX 383.34 7.84 Bruker BRKR 79.03 1.02
AAON AAON 94.47 0.38 AffirmHldgs AFRM 32.12 0.24 Amazon.com AMZN 179.00 4.00 BarrickGold GOLD 16.36 -0.28 Celanese CE 154.44 0.83 Coherent COHR 54.34 -0.29 Danaher DHR 246.89 0.27
AristaNetworks ANET 255.21 -1.35 BuildersFirst BLDR 184.39 1.57
AECOM ACM 92.91 0.55 AgilentTechs A 138.69 1.65 Ambev ABEV 2.34 0.02 Bath&BodyWks BBWI 43.83 -1.59 CelsiusHldg CELH 72.34 1.07 CoinbaseGlbl COIN 210.09 6.16 Darden DRI 151.15 -2.26
0.86 Arm ARM 95.29 -5.92 BungeGlobal BG 100.95 -0.81 Cemex
AES AES 18.17 0.27 AgnicoEagleMines AEM 64.24 0.89 Amcor AMCR 9.80 BaxterIntl BAX 40.34 -0.03 CX 7.88 -0.03 s ColgatePalm CL 91.90 -0.02 Datadog DDOG 126.42 0.92
Amdocs DOX 83.36 -0.63 AscendisPharma ASND 141.01 2.57 BurlingtonStrs BURL 178.02 -1.92 Cencora COR 229.20 -9.85 Comcast A CMCSA 38.20 0.09 DaVita DVA 139.75 0.74
Aflac AFL 84.57 0.92 AirProducts APD 237.49 1.15 BectonDicknsn BDX 233.72 -0.88
Ameren AEE 74.49 AspenTech AZPN 195.18 -1.69 s CACI Intl CACI 407.70 5.47 CenovusEnergy CVE 20.34 -0.22 ComfortSystems FIX 301.94 -7.47 t Dayforce DAY 57.69 -3.68
AGCO AGCO 112.14 -2.05 Airbnb ABNB 156.16 -2.41 0.62 BeiGene BGNE 156.53 2.59
Ansys ANSS 321.48 -3.40 AkamaiTech AKAM 100.89 -0.04 AmericaMovil AMX 19.12 0.06 Assurant AIZ 174.65 0.25 BellRing BRBR 55.50 0.33 CAVA CAVA 67.45 -4.49 Centene CNC 72.25 -0.81 CommerceBcshrs CBSH 55.76 1.08 DeckersOutdoor DECK 819.48 1.01
APA APA 30.50 -0.94 Albemarle ALB 119.00 -1.31 AmerAirlines AAL 13.58 0.07 AsteraLabs ALAB 74.83 -9.93 BentleySystems BSY 51.47 -1.06 CBRE Group CBRE 86.27 -0.62 CenterPointEner CNP 29.32 0.18 SABESP SBS 15.63 ... Deere DE 387.50 -3.91
ASE Tech ASX 9.91 -0.13 Albertsons ACI 20.58 0.18 AEP AEP 88.15 2.12 s AstraZeneca AZN 76.41 0.53 Berkley WRB 77.78 0.81 CDW CDW 214.61 -27.25 CentraisElBras EBR 7.44 0.08 ConagraBrands CAG 30.74 -0.04 DellTechC DELL 118.78 -5.86
ASML ASML 852.84 -19.63 Alcon ALC 78.53 0.95 AmerExpress AXP 231.46 -2.57 Atlassian TEAM 172.77 0.47 BerkHathwy B BRK.B 398.58 1.85 CF Industries CF 77.97 -1.00 CerevelTherap CERE 42.63 -0.08 Confluent CFLT 28.21 0.09 DeltaAir DAL 50.02 -0.05
AT&T T 16.92 0.03 AlexandriaRlEst ARE 116.79 0.92 AmericanFin AFG 128.74 0.99 AtmosEnergy ATO 118.66 0.76 BerkHathwy A BRK.A 6021002600.00 CGI A GIB 99.36 -1.86 CharlesRiverLabs CRL 232.69 3.69 ConocoPhillips COP 124.34 -1.28 s DescartesSystems DSGX 94.85 2.06
ATI ATI 58.85 -0.85 Alibaba BABA 75.51 0.66 AmHomes4Rent AMH 35.93 0.13 Autodesk ADSK 210.71 -2.14 BestBuy BBY 72.03 -1.61 CH Robinson CHRW 72.09 1.09 CharterComms CHTR 259.70 3.76 ConEd ED 94.80 0.40 DeutscheBank DB 16.17 0.12
AbbottLabs ABT 106.29 0.32 AlignTech ALGN 284.52 2.14 AIG AIG 75.81 0.50 Autoliv ALV 120.43 0.64 Bio-Techne TECH 73.46 10.25 CME Group CME 208.07 -1.57 CheckPoint CHKP 148.97 -0.45 ConstBrands A STZ 253.95 0.49 DevonEnergy DVN 50.40 -0.78
AbbVie ABBV 161.72 -0.92 Allegion ALLE 121.06 -0.50 AmerTowerREIT AMT 176.84 5.28 ADP ADP 247.33 5.44 Bio-RadLab A BIO 274.06 4.31 CMS Energy CMS 60.84 0.23 Chemed CHE 566.10 -1.90 ConstellationEner CEG 184.56 -1.38 DexCom DXCM 125.88 -1.51
Accenture ACN 298.66 -2.25 AlliantEnergy LNT 50.36 0.56 AmerWaterWorks AWK 125.12 2.80 AutoZone AZO 2946.81 -9.59 Biogen BIIB 216.13 1.31 CNA Fin CNA 44.53 0.59 CheniereEnergy LNG 157.03 -0.79 Cooper COO 89.66 0.60 Diageo DEO 137.05 -1.11
AcuityBrands AYI 246.02 -2.28 Allstate ALL 171.56 1.50 Ameriprise AMP 413.44 1.65 Avalonbay AVB 187.93 -1.64 BioMarinPharm BMRN 83.33 2.57 CNH Indl CNHI 11.33 -0.07 CheniereEnerPtrs CQP 49.06 0.61 Copart CPRT 54.44 0.13 DiamondbkEner FANG 196.01 -5.12
Adobe ADBE 469.39 6.56 AllyFinancial ALLY 38.56 0.21 Ametek AME 173.98 -0.68 Avangrid AGR 36.65 0.12 BioNTech BNTX 89.95 1.13 CRH CRH 77.15 -0.27 ChesapeakeEner CHK 86.68 -3.20 Core&Main CNM 57.04 0.57 Dick's DKS 198.12 -2.82
AdvDrainageSys WMS 158.51 1.51 AlnylamPharm ALNY 149.96 6.01 Amgen AMGN 277.37 3.43 Avantor AVTR 24.42 0.19 Birkenstock BIRK 44.48 -0.29 CSX CSX 33.20 -0.02 Chevron CVX 159.63 -1.64 CorebridgeFin CRBG 26.76 0.20 Continued on Page B9

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NOTICE OF SALE NOTICE OF SALE CLASS ACTION

COURT-ORDERED LEGAL NOTICE

NOTICE OF UCC PUBLIC AUCTION SALE
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS
PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code of the States NOTICE OF UCC PUBLIC AUCTION SALE
of New York (as applicable), FORTRESS CREDIT CORP., a Delaware corporation (the “Secured Party”), will sell at PLEASE TAKE NOTICE, that in accordance with
public auction all limited liability company interests held by COHEN REALTY ENTERPRISES HOLDINGS LLC, a New applicable provisions of the Uniform Commercial Code If You Purchased EpiPen® or Generic EpiPen Directly from the Manufacturer,
York limited liability company (the “Pledgor”), in COHEN REALTY ENTERPRISES LLC, a New York limited liability of the States of Delaware and New York (as applicable),
company (the “Pledged Entity”; such interests, the “Equity Interests”). The Equity Interests secure indebtedness TCM CRE REIT LLC, a Delaware limited liability company You May Receive a Payment from a
owing by Pledgor to Secured Party in a principal amount of not less than $548,881,546.37 plus unpaid interest and (the “Secured Party”), will sell at public auction all
fees, attorneys’ fees and other charges including the costs to sell the Equity Interests (“Debt”). limited liability company interests held by H’Y2 MT $50 Million Class Action Settlement with Pfizer.
Secured Party’s understanding, without making any representation or warranty as to accuracy or completeness, is Kemble Mezz, LLC, a Delaware limited liability company
that the principal asset of the Pledged Entity is (a) the real property located on each of the addresses set forth in (“Pledgor”), in H’Y2 MT Kemble, LLC, a Delaware limited KPH Healthcare Services, Inc. v. Mylan N.V.,
Schedule I and the business thereon and (b) the Landmark Theatres and Curzon Cinemas businesses. liability company (the “Pledged Entity”; such interests, Case No. 2:20-cv-02065-DDC-TJJ (District of Kansas)
The public auction sale (“Public Sale”) will be held on July 1, 2024, at 12:00 p.m. Eastern Time, by virtual bidding the “Equity Interests”). The Equity Interests secure
via Zoom and/or at Secured Party’s sole option, in-person in the offices of Kirkland & Ellis LLP office located at 601 indebtedness owing by Pledgor to Secured Party in a
Lexington Ave., New York, NY 10022. The URL address and password for the online video conference will be provided principal amount of not less than $13,000,000.00 plus This is not a recall, safety, or other similar notice. No one is claiming that EpiPen is unsafe or ineffective.
to all confirmed participants that have properly registered for the Public Sale. The Public Sale will be conducted by unpaid interest, attorneys’ fees and other charges
auctioneer Matthew D. Mannion, of Mannion Auctions, LLC, New York City Division of Consumer Affairs Licensed including the costs to sell the Equity Interests (“Debt”). For more information and to file a claim, visit www.EpiPenDPPSettlement.com.
Auctioneer, License No. 1434494. Secured Party’s understanding, without making
At the Public Sale, Secured Party reserves the right to: (i) credit bid up to the amount of the Debt; (ii) set minimum any representation or warranty as to accuracy or
price(s) for the Equity Interests; (iii) reject bids, in whole or in part; (iv) cancel or adjourn the Public Sale, in whole completeness, is that the principal asset of the Pledged
or in part; and (v) establish the terms and conditions of the Public Sale (“Terms of Public Sale”) which shall comply Entity is the real property located at 412 Mount Kemble
WHAT DOES THE SETTLEMENT PROVIDE?
with all restrictions and obligations pursuant to (i) that certain Loan Agreement, dated as of September 15, 2022, by Avenue, Morristown, New Jersey (the “Property”). A proposed settlement (“Settlement”) has been reached in a class action lawsuit with Pfizer, Inc., Meridian
and among the Secured Party, the Pledgor, the Pledged Entity and the other parties party thereto, as amended by that The public auction sale (“Public Sale”) will be held on
certain Amendment No. 1 to Loan Agreement and Carry Shortfall Guaranty, dated as of May 12, 2023, as amended June 28, 2024 at 3:30 p.m. EDT by virtual bidding via
Medical Technologies, Inc., and King Pharmaceuticals, Inc. (n/k/a King Pharmaceuticals LLC) (together,
by that certain Amendment No. 2 to Loan Agreement and Payment Guaranty, dated as of July 24, 2023, as amended Zoom and/or at Secured Party’s sole option, in-person “Pfizer”). Under the settlement, Pfizer agreed to pay $50,000,000 into a settlement fund for the Direct Purchaser
by that certain Amendment No. 3 to Loan Agreement, dated as of September 14, 2023 and as further amended by Settlement Class (“Settlement Fund”). The lawsuit alleges that Defendants Mylan, N.V., Mylan Pharmaceuticals,
that certain Amendment No. 4 to Loan Agreement and Carry Shortfall Guaranty, dated as of November 15, 2023, (ii) in the offices of Sills, Cummis & Gross, P.C., 101 Park
that certain Guaranty and Security Agreement, dated as of September 15, 2022, by and among the Secured Party, the Avenue, 28th Floor, New York, New York 10178. The URL Inc., and Mylan Specialty, LP (together, “Mylan”), and Pfizer entered into an illegal market allocation agreement
Pledgor, the Pledged Entity and the other parties party thereto and (iii) that certain Debenture, dated as of September address and password for the online video conference with Teva Pharmaceuticals USA, Inc. that substantially delayed the launch of generic EpiPen and unlawfully
will be provided to all confirmed participants that have
16, 2022, by and among the Secured Party, Cohen Curzon Media Group Limited, a private limited liability company
properly registered for the Public Sale. The Public Sale extended Pfizer’s and Mylan’s monopoly over the epinephrine autoinjector market. The settlement does not
incorporated in England and Wales with registered number 12349129 and the other parties party thereto.
Prospective and winning bidder(s) will be required to represent in writing to Secured Party that they will adhere to will be conducted by auctioneer Matthew D. Mannion, resolve claims against Mylan, and the lawsuit against Mylan will continue until it is resolved. The Court has not
the Terms of Public Sale and are purchasing the Equity Interests for their own account, not acquiring them with a view of Mannion Auctions, LLC, New York City Division of decided who is right.
toward the sale or distribution thereof and will not resell the Equity Interests unless pursuant to a valid registration Consumer Affairs Licensed Auctioneer, License No.
under applicable federal and/or state securities laws, or a valid exemption from the registration thereunder. The Equity 1434494.
Interests have not been registered under such securities laws and cannot be sold by the winning bidder(s) without At the Public Sale, Secured Party reserves the right WHO IS INCLUDED?
registration or application of a valid exemption. The Equity Interests will be offered for sale at the Public Auction to: (i) credit bid up to the amount of the Debt; (ii) set
“as-is, where-is”, and there are no express or implied warranties or representations relating to title, possession, quiet minimum price(s) for the Equity Interests; (iii) reject People or entities who purchased EpiPen® or generic EpiPen directly from Mylan or Teva, for resale, at any time
enjoyment, merchantability, fitness, or the like as to the Equity Interests. THIS NOTICE DOES NOT CONSTITUTE AN bids, in whole or in part; (iv) cancel or adjourn the Public during the period from March 13, 2014, until the date on which the Court entered the Preliminary Approval Order,
OFFER TO SELL, NOR THE SOLICITATION OF AN OFFER TO BUY, THE DISPOSITION ASSETS TO OR FROM ANYONE IN Sale, in whole or in part; and (v) establish the terms and April 3, 2024.
ANY JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT AUTHORIZED. conditions of the Public Sale (“Terms of Public Sale”)
An earnest money deposit (the “Deposit”) in the form of a money order, certified or cashier’s check or wire transfer which shall comply with all restrictions and obligations Excluded from the Class are Defendants and their officers, directors, management, employees, predecessors,
pursuant to the instructions provided by escrow agent identified by the Secured Party prior to Public Sale date (the pursuant to that certain Intercreditor Agreement dated subsidiaries, and affiliates, and all federal governmental entities.
“Escrow Agent”), for not less than ONE MILLION AND 00/100 DOLLARS ($1,000,000.00). The Sale will conclude as of September 4, 2019 by and between Secured
when Secured Party determines that it has received the highest or otherwise best bid from a qualified bidder (the Party and the holder of the mortgage encumbering the
“Successful Bid”). Within two (2) days of being determined the Successful Bidder, the Successful Bidder shall increase Property.
the Deposit amount so that it equals ten percent (10%) of the Successful Bid by wire transfer to the Escrow Agent. Prospective and winning bidder(s) will be required HOW CAN YOU GET A PAYMENT?
No later than ten (10) days after the Secured Party’s acceptance of the Successful Bid, the Successful Bidder (other to represent in writing to Secured Party that they will If you are a member of the Class, you must submit a claim form online at www.EpiPenDPPSettlement.com or by
than Secured Party) shall pay the full amount of the Successful Bid minus the Deposit (as increased) in the form of adhere to the Terms of Public Sale and are purchasing mail to get paid. This is the only way to receive a payment.
a money order, certified or cashier’s check made payable to Secured Party or wire transfer to an account specified by the Equity Interests for their own account, not acquiring
the Secured Party. them with a view toward the sale or distribution
Parties interested in bidding on the Equity Interests must contact Secured Party’s advisor Brock Cannon of Newmark thereof and will not resell the Equity Interests unless
You may have received a claim form. If not, a claim form is available at www.EpiPenDPPSettlement.com. See the
Loan Sale Advisory Group (“Advisor”), via email at Brock.Cannon@nmrk.com. Upon execution of a standard non- pursuant to a valid registration under applicable federal claim form for instructions on how to submit a claim. If the Court approves the Settlement, claims will be paid
disclosure agreement, additional documentation and information will be available. Interested parties who do not and/or state securities laws, or a valid exemption after any appeals are resolved.
contact Advisor and register before the Public Sale will not be permitted to participate in bidding at the Public Sale. from the registration thereunder. The Equity Interests
SCHEDULE I: Borrower: Design Center of the Americas LLC, Address: 1855 Griffin Road, Dania Beach, Florida 33004;
Borrower: COHEN PURCHASE BUILDING COMPANY LLC, Address: 975 Anderson Hill Road, Rye Brook, New York 10573;
have not been registered under such securities laws The deadline to postmark or submit your claim online at www.EpiPenDPPSettlement.com
and cannot be sold by the winning bidder(s) without
Borrower: 135 EAST 57TH STREET LLC, Address: 135 East 57th Street, New York, New York 10020; Borrower: Cohen
registration or application of a valid exemption. The or by email to info@EpiPenDPPSettlement.com is July 24, 2024.
Dania Beach Hotel LLC, Address: 1825 Griffin Road, Dania Beach, Florida 33004; Borrower: Silver Cinemas Acquisition
Co., Addresses: (1) 16505 5th Avenue NE, Shoreline, WA 98155; (2) 210 Lincoln Street, Santa Cruz, CA 95060; (3) Equity Interests will be offered for sale at the Public
214-220 Walnut Street, Philadelphia, PA 19106. Auction “as-is, where-is”, and there are no express or
implied warranties or representations relating to title,
YOUR OTHER LEGAL RIGHTS AND OPTIONS
possession, quiet enjoyment, merchantability, fitness,
or the like as to the Equity Interests. THIS NOTICE You may write to the Court about why you do not like the Settlement, the request for
DOES NOT CONSTITUTE AN OFFER TO SELL, NOR THE
SOLICITATION OF AN OFFER TO BUY, THE DISPOSITION
attorneys’ fees, reimbursement of expenses and costs, and service awards, and/or the plan of
BOATING ASSETS TO OR FROM ANYONE IN ANY JURISDICTION OBJECT allocation. If you object to the Settlement, you are still a member of the Class and you must
IN WHICH SUCH AN OFFER OR SOLICITATION IS NOT file a claim to receive a payment. Objections must be filed with the Court and received by the
AUTHORIZED. parties on or before May 28, 2024.
All bids (other than credit bids of the Secured Party)
must be for cash, and the successful bidder must be
prepared to deliver immediately available good funds in You may write to the Settlement Administrator and exclude yourself from the Class.
the amount of twenty percent (20%) of the successful OPT OUT Exclusion allows you to file your own lawsuit. If you exclude yourself, you will not receive
YACHT bid within 24 hours after the sale, with the balance to be
delivered within five (5) business days of the Public Sale
any payment and will not be bound by the releases contained in the Settlement. The
exclusion deadline is May 28, 2024.
FOR SALE and otherwise comply with the bidding requirements,
including the payment of all transfer taxes, stamp
Located in duties and similar taxes incurred in connection with the DO If you do nothing, you will not receive any payment. You will still be a Class member, and
purchase of the Equity Interests.
NOTHING therefore you will be bound by the releases contained in the Settlement and will not be able
Ft. Lauderdale Parties interested in bidding on the Equity Interests
to file or continue to pursue your own lawsuit.
must contact Stephen Schwalb, Secured Party’s broker,
NEWMARK (“Broker), via email at NewmarkUCCTeam@

CORAZON
nmrk.com. Upon execution of a standard non-disclosure
agreement, additional documentation and information
will be available. Interested parties who do not contact The Court scheduled a final approval hearing for June 25, 2024, at 9:00 a.m. Central Time to consider whether
112’ › SUNSEEKER › 2012 Broker and register before the Public Sale will not
be permitted to participate in bidding at the Public
the settlement and plan of allocation are fair, reasonable, and adequate, as well as any objections to the settlement,
Five staterooms, on-deck master. Sale. Additional information can be found at https:// the plan of allocation, and any request for attorneys’ fees, reimbursement of expenses and costs, and service
rimarketplace.com/listing/65427/ucc-disposition- awards. You do not need to attend, but you or your attorney can do so at your own expense.
Asking $4,250,000 sale-pledge-of-equity-interest-indirect-interest-in-an-
office-property-morristown-nj. For more information about the Settlement and your options,
Trevor +1 954 647 5217 please visit www.EpiPenDPPSettlement.com or call 1-866-778-6568.

NOTICE OF SALE NOTICE OF SALE NOTICE OF SALE

NOTICE OF PUBLIC DISPOSITION the right to authorize qualified bidders, upon request to Agent
NOTICE OF PUBLIC SALE OF COLLATERAL NOTICE IS HEREBY GIVEN that Ares Agent Services, L.P., as directed to Mr.Bell in accordance with this paragraph, to submit
NOTICE OF PUBLIC SALE OF COLLATERAL bidsinwriting.
administrative agent (“Agent”) under the Credit Agreement
THE MARKETPLACE

PLEASE TAKE NOTICE, that in accordance with

PLEASE TAKE NOTICE, that in accordance with
applicable provisions of the Uniform Commercial Code
as enacted in New York, Fortress Credit CO LLC, a
Delaware limited liability company, the agent under
certain loan agreement(s) (“Secured Party”) will offer
at public auction all member and other equity interests
in and to 100% of the limited liability company interests
in Fruit Joy Florida LLC (the “Pledged Securities”),
which entity, directly or indirectly owns, leases and/
or operates the real property located at 8609 SW 72nd
Avenue, Miami, Florida. The public auction will be held in
person and virtually via Zoom Remote Meeting on June
3, 2024 at 1:30 p.m. (EST). Secured Party reserves the
right to cancel the sale in its entirety, or to adjourn the
sale to a future date. The Pledged Securities have not
been and will not be registered under the Securities Act
of 1933 (the “Act”) and are being offered for sale in a
transaction exempt from the requirements of the Act.
All potential bidders will be required to comply with all
federal and state securities laws in effect in respect
of the submission of bids and actual purchases of the
Pledged Securities. The Secured Party reserves the
right to require bidders to represent that the Pledged
Securities are being purchased with investment intent
for the bidder’s own account and not with a view
toward resale or distribution and will not be resold
except pursuant to a valid registration statement
under the Act or pursuant to an applicable exemption.
Additional representations may be required to comply
with transfer requirements and state securities laws
that may apply. The Pledged Securities will be sold
“as-is, where-is”, with no express or implied warranties
or representations of any kind made by Secured Party
and without any recourse whatsoever to Secured
Party. Interested parties must execute a standard
confidentiality and non-disclosure agreement (the
“Confidentiality Agreement”). To review and execute
the Confidentiality Agreement, please visit our website
at https://rimarketplace.com/listing/63486/ucc-
disposition-sale-pledge-of-equity-interest-indirect-
interest-in-multifamily-development-miami-fl. For
questions and inquiries, please contact Brock Cannon
of Newmark Group, Inc. at brock.cannon@nmrk.com or
Jasmine Khaneja of Milbank LLP at jkhaneja@milbank.
com. Interested parties who do not comply with the
foregoing and any other requirements of the applicable
terms of sale prior to the deadlines set forth therein will
not be permitted to enter a bid.
applicable provisions of the Uniform Commercial Code as
enacted in New York, Fortress Credit CO LLC, a Delaware
limited liability company, the agent under certain loan
agreement(s) (“Secured Party”) will offer at public
auction all member and other equity interests in and
to 100% of the limited liability company interests in 5
East 51st ST Development Company LLC (the “Pledged
Securities”), which entity, directly or indirectly owns,
leases and/or operates the real property located at 5
East 51st Street, New York, New York. The public auction
will be held in person and virtually via Zoom Remote
Meeting on June 3, 2024 at 1:00 p.m. (EST). Secured
Party reserves the right to cancel the sale in its entirety,
or to adjourn the sale to a future date. The Pledged
Securities have not been and will not be registered
under the Securities Act of 1933 (the “Act”) and are
being offered for sale in a transaction exempt from the
requirements of the Act. All potential bidders will be
required to comply with all federal and state securities
laws in effect in respect of the submission of bids and
actual purchases of the Pledged Securities. The Secured
Party reserves the right to require bidders to represent
that the Pledged Securities are being purchased with
investment intent for the bidder’s own account and
not with a view toward resale or distribution and will
not be resold except pursuant to a valid registration
statement under the Act or pursuant to an applicable
exemption. Additional representations may be required
to comply with transfer requirements and state
securities laws that may apply. The Pledged Securities
will be sold “as-is, where-is”, with no express or implied
warranties or representations of any kind made by
Secured Party and without any recourse whatsoever
to Secured Party. Interested parties must execute a
standard confidentiality and non-disclosure agreement
(the “Confidentiality Agreement”). To review and
execute the Confidentiality Agreement, please visit our
website at https://rimarketplace.com/listing/63487/
ucc-disposition-sale-pledge-of-equity-interest-indirect-
interest-in-mixed-use-development-new-york-ny. For
questions and inquiries, please contact Brock Cannon
of Newmark Group, Inc. at brock.cannon@nmrk.com or
Jasmine Khaneja of Milbank LLP at jkhaneja@milbank.
com. Interested parties who do not comply with the
foregoing and any other requirements of the applicable
terms of sale prior to the deadlines set forth therein will
not be permitted to enter a bid.
described below, will sell or cause to be sold, all right, title and
interest, if any, of AMP ENTERPRISES HOLDINGS INTER, LLC,
AMP ALARM,LLC,AMP SECURITY,LLC,ALARM MONITORING
PROTCTION, INC., AHS SERVICES, LLC, FREE60, LLC,
TITANIUM SOLAR LLC, and TITANIUM ACQUISITIONCO, LLC
(collectively,the“Grantors”and each a“Grantor”) in and to the
Sale Collateral generally described below. This notice is being
delivered pursuant to Section 9-611 of the Uniform Commercial
CodeasineffectintheStateofNewYork.
The public disposition of the Sale Collateral that is the subject
of this notice (the “Public Sale”) is being held to enforce the
rights and remedies of Secured Parties under that certain Credit
and Guaranty Agreement, dated as of December 20, 2022 (as
amended, amended and restated, supplemented or otherwise
modified from time to time prior to the date hereof and as
supplemented or amended, including, but not limited to, that
certain Second Amendment to Credit and Guaranty Agreement
dated April 3, 2024, the “Credit Agreement”), by and among
Grantors as Credit Parties, Agent as Administrative Agent and
Collateral Agent,and the Lenders party from time to time thereto
and the other Credit Documents. Capitalized terms used but not
otherwise defined in this notice have the meanings assigned to
suchtermsintheCreditAgreement.
Subject to the terms herein, the Sale Collateral will be sold to
thehighestqualifiedbidderinpublicasfollows:
Day and Date: Friday,May 10,2024
Time: 10:00 a.m.(EST)
Place: Offices of Hunton Andrews Kurth LLP, Bank of
America Plaza, Suite 4100, 600 Peachtree Street,
N.E., Atlanta, Georgia 30308-2216, Ask for
Brandon Bell,Esq.
Subject to the terms herein,the“Sale Collateral”includes all of
the Secured Parties’Collateral,including,but not limited to:(i) the
monitoring and alarm contracts held by certain of the Grantors,
including,but not limited to the Alarm Dealer Agreement,Alarm
Monitoring Agreements, Alarm Services Agreement, PERS
Contracts, Security Alarm Contracts, and Electronics Contracts
; (ii) the Controlled Alarm Communication Paths2; (iii) PERS;
(iv) Deposit Accounts (as defined in the Pledge and Security
Agreement) of certain of the Grantors;(v) Cash and Cash Proceeds
(as defined in the Pledge and Security Agreement) of certain
of the Grantors; (vi) Inventory (as defined in the Pledge and
Security Agreement) of certain of the Grantors; (vii) Equipment
(as defined in the Pledge and Security Agreement) of certain of
theGrantors;(viii)CollateralRecords(asdefinedinthePledgeand
Security Agreement);(ix) Intellectual Property (as defined in the
Pledge and Security Agreement) of certain of the Grantors; (x)
Receivables (as defined in the Pledge and Security Agreement),
including, but not limited to, Receivables attributable to a Solar
Contract or Solar Dealer Agreement, of certain of the Grantors;
and (xi) without limiting any of the foregoing, proceeds, profits
and returns of and from any of the foregoing.The Sale Collateral
may be sold as a single unit or in phases.The Sale Collateral may
Subject to the terms herein, the Sale Collateral will be sold to
the highest qualified bidder for cash, or the credit against out-
standing Obligations held by or outstanding to Agent or for which
Agent,oritsdesignee,nominee,orassign,isentitledbycontractor
applicablelawtobid.Eachbidismerelyanofferandisnotbinding
unless accepted by Agent. All offers must contain no contingen-
cies that are unsatisfactory to Agent,and all offers will be subject
to such other or additional bid procedures as Agent may establish
or otherwise announce, either directly or indirectly through its
designees,nomineesand/orassigns,fromtimetotime.
Please be advised that Agent reserves the right to credit
bid, and may credit bid, any or all of the secured obligations for
the Sale Collateral at the Public Sale, either directly or indirectly
through Agent’s nominees and/or assigns, and to take title after
the Public Sale through one or more designees, nominees or
assigns.Agent,or Agent’s nominees and/or assigns,as applicable,
will be deemed to be a qualified bidder at,and for purposes of,the
PublicSale.
There will be no warranty made or provided relating to title,
possession, quiet enjoyment or the like in connection with
the disposition. THE SALE COLLATERAL WILL BE OFFERED FOR
PURCHASE AT THE PUBLIC SALE, AND THE SALE THEREOF IS, ON
AN“AS IS,WHERE IS”BASIS,WITH ALL FAULTS,AND WITHOUT ANY
RECOURSE,REPRESENTATION,GUARANTEE ORWARRANTY OF ANY
KIND OR NATURE, WHETHER EXPRESS, IMPLIED, OR STATUTORY.
Any sales,use or other taxes or filing,recording,transfer or similar
feeswillbetheresponsibilityofthesuccessfulbidder.
To be qualified bidder, a prospective bidder must, not later
than twenty-four (24) hours before the date and time scheduled
for the Public Sale,contact Brandon Bell of Hunton Andrews Kurth
LLP by email at bbell@HuntonAK.com, and, in such email, must
provide accurate contact information of such bidder and such
adequate assurance of such bidder’s financial ability to perform
as Agent may request.Interested parties desiring any additional
information on any aspect of the Public Sale—including further
detail on the contents of the Sale Collateral—should contact Mr.
Bellassetforthinthisparagraph.
You are entitled to an accounting of the unpaid Obligations
secured by the Sale Collateral.You may request an accounting by
contactingMr.Bell assetforthintheaboveparagraph.
Grantor shall be liable for any indebtedness and/or other
amounts which may be due to Agent or any Secured Parties after
the application of the proceeds of the Public Sale to the extent
permitted by applicable law,the Credit Agreement,and the Credit
Documents (as defined and described in the Credit Agreement).
Nothing contained herein shall be construed as a modification
of the Credit Agreement or any of the Credit Documents or as a
waiver of any such indebtedness,the other security therefor,any
delinquency, breach, default, or event of default thereunder or
as a modification, waiver or limitation of Agent’s or any Secured
Party’s rights or remedies, all of which are hereby expressly
reserved.The Public Sale referenced herein is not intended to be,
norshallitbedeemedtobe,a “strictforeclosure”or “acceptanceof

ADVERTISE TODAY
be subject to certain additional inclusions to be negotiated with collateral in full or partial satisfaction of obligation”as set forth in
the Secured Parties and certain exclusions as Agent and/or the Section9-620oftheUCC.

SHOWROOM
SecuredPartiesmaydetermine.
(800) 366-3975 Please be advised that Agent reserves the right to cancel
or postpone the Public Sale at any time or to cause the Public
Sale to be adjourned from time to time. Any adjournment or
For more information visit: continuation of the Public Sale will be announced at the place and
1
As defined in that certain Electronic Contracts Custody and
Control Agreement dated December 20, 2022 (as amended,
amended and restated, supplemented or otherwise modi-
fied from time to time prior to the date hereof, the “Electronic
Contracts CC Agreement”) by and among Ares Agent Services,

ADVERTISE TODAY on the date of the Public Sale,either directly or indirectly through
Agent’s nominees and/or assigns, and without the necessity of
wsj.com/classifieds priororsubsequentwrittenorpublishednotice.
(800) 366-3975 | sales.showroom@wsj.com All bids must be made orally, in person, at the place of the
Public Sale, provided, however, that Agent, in its sole discretion,
For more information visit: wsj.com/classi ieds may, upon request no later than twenty-four (24) hours prior to
the Public Sale (such request to be made to Brandon Bell by email
© 2024 Dow Jones & Company, Inc. atbbell@HuntonAK.com),permitaqualifiedbiddertoparticipate
All Rights Reserved. © 2024 Dow Jones & Company, Inc. All Rights Reserved. and place bids at the Public Sale on such virtual platforms as
Agent,in its sole discretion,elects to use. Further,Agent reserves
L.P., as administrative agent for the First Lien Lenders, Seacoast
Capital Partners, IV, L.P., as administrative agent for the Second
LienLenders,AHSServices,LLC,andSmartVaultCorp,ascustodian
2
As defined in that certain Collateral Assignment of
Communication Paths dated December 20, 2022 (as amended,
amended and restated, supplemented or otherwise modified
from time to time prior to the date hereof, the “Collateral
Assignment of Communication Paths”) by each of the Credit
Parties in favor of Ares Agent Services,L.P.as administrative agent
fortheLenders.
P2JW123000-2-B00800-1--------XA

B8 | Thursday, May 2, 2024 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, May 1, 2024
Metal & Petroleum Futures July 9,283 9,487 7,930 8,284 –999 54,370 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Open High hi lo Low Settle Chg interest May 222.40 222.40 215.70 219.05 –1.60 369 Wednesday Wednesday Wednesday
July 214.65 218.00 212.75 216.00 –.65 118,189 Copper,Comex spot 4.5525 Wheat,No.2 soft red,St.Louis-u 5.7538
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Energy
May 4.5405 4.5985 4.5135 4.5525 –0.0120 5,300 Iron Ore, 62% Fe CFR China-s *116.8 Wheat - Hard - KC (USDA) $ per bu-u 6.5900
July 19.48 19.48 19.09 19.22 –.19 360,790 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 72.500 Steel, HRC USA, FOB Midwest Mill-s *830.0 Wheat,No.1soft white,Portld,OR-u 6.0250
July 4.5410 4.5975 4.5125 4.5460 –0.0185 183,104
Oct 19.54 19.54 19.13 19.25 –.21 182,593
Gold (CMX)-100 troy oz.; $ per troy oz. Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.750 Battery/EV metals Food
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. BMI Lithium Carbonate, EXW China, =99.2%-v,w 15050
May 2287.70 2327.30 2283.80 2299.90 8.50 173 July 37.99 t 37.99
37.99 37.99 –.11 1,558 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 14375 Beef,carcass equiv. index
June 2298.20 2339.50 2291.70 2311.00 8.10 398,672 Nov 38.00 t 38.00
38.00 38.00 … 1,802
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 choice 1-3,600-900 lbs.-u 280.48
July 2308.80 2349.90 s 2302.60 2321.50 8.10 131 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Engelhard industrial 2300.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 select 1-3,600-900 lbs.-u 273.07
Aug 2319.90 2360.70 2313.90 2332.90 8.20 76,948 May 75.81 75.81 t 75.81 75.81 –2.11 2
Handy & Harman base 2302.35 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3201
Oct 2346.00 2382.00 2337.00 2354.90 8.40 13,028 July 78.52 78.52 t 76.05 76.51 –1.92 102,582 Butter,AA Chicago-d 3.0050
Dec 2365.30 2405.30 2358.90 2377.40 8.40 22,785 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman fabricated 2555.61 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 185.50
Palladium (NYM) - 50 troy oz.; $ per troy oz. LBMA Gold Price AM *2314.80
May 391.30 391.30 391.30 393.50 11.25 54 Burlap,10-oz,40-inch NY yd-n,w 0.8100 Cheddar cheese,blk,Chicago-d 176.75
May 973.50 973.50 972.50 947.70 –4.20 6 LBMA Gold Price PM *2307.00
July 364.60 372.50 360.35 370.00 6.45 6,886 Cotton,1 1/16 std lw-mdMphs-u 0.7226 Milk,Nonfat dry,Chicago lb.-d 112.50
June 952.50 964.00 939.00 948.60 –4.20 21,470 Krugerrand,wholesale-e 2384.41
Maple Leaf-e Cotlook 'A' Index-t *88.30 Coffee,Brazilian,Comp-y 2.1591
Platinum (NYM)-50 troy oz.; $ per troy oz. 2407.34
Interest Rate Futures American Eagle-e 2407.34 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.4052
May 950.40 950.60 943.50 949.00 7.80 40 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.0250
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican peso-e 2772.31
July 947.70 968.30 942.20 954.90 6.70 67,010 Flour,hard winter KC-p 17.45
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 119-210 121-100 119-110 121-020 1-16.0 1,639,493 Austria crown-e 2250.30 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.88
Sept 119-280 121-080 119-140 121-020 1-15.0 38 Austria phil-e 2407.34
May 26.285 26.945 26.285 26.489 0.098 2,675 Bran,wheat middlings, KC-u,w 75 Hogs,Iowa-So. Minnesota-u 89.82
July 26.550 27.250 26.520 26.748 0.094 135,729 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u Pork bellies,12-14 lb MidUS-u 1.5277
4.2000
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 113-300 115-060 113-220 115-010 1-07.0 1,571,853 Engelhard industrial 26.5100 Pork loins,13-19 lb MidUS-u 1.2799
Corn gluten feed,Midwest-u,w 91.4
Sept 113-300 115-060 113-250 115-020 1-07.0 2,013 Handy & Harman base 26.5470 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u n.a.
June 81.48 81.57 78.83 79.00 –2.93 374,052 403.3
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 33.1840 Cottonseed meal-u,w 330 Steers,feeder,Okla. City-u,w 299.50
July 80.86 81.14 78.28 78.44 –2.84 242,279
June 107-145 108-065 107-125 108-035 21.5 4,406,583 LBMA spot price *£21.2500 Hominy feed,Cent IL-u,w 115
Aug 79.99 80.60 77.70 77.85 –2.76 130,741
Sept 107-220 108-135 107-210 108-115 22.0 8,809 (U.S.$ equivalent) *26.6550 Meat-bonemeal,50% pro Mnpls-u,w
Fats and Oils
Sept 79.38 79.51 77.07 77.22 –2.69 131,299 320
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 20821 Oats,No.2 milling,Mnpls-u 4.3250 Degummed corn oil, crude wtd. avg.-u,w n.a.
Dec 77.40 77.57 75.32 75.45 –2.50 184,868
June'25 74.38 74.80 72.51 72.64 –2.23 97,975 June 104-247 105-087 104-227 105-065 14.7 6,006,174 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.3900
Sept 105-072 105-182 105-012 105-165 15.2 9,382 LBMA Platinum Price PM *939.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Platinum,Engelhard industrial 952.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 354.00 Soybean oil,crude;Centl IL-u,w 0.4474
June 2.5220 2.5310 2.4458 2.4519 –.0757 99,191
June 101-109 101-175 101-099 101-164 5.9 4,099,332 Palladium,Engelhard industrial 955.0 Soybeans,No.1 yllw IL-bp,u 11.3800 Tallow,bleach;Chicago-h 0.4275
July 2.5241 2.5415 2.4598 2.4651 –.0735 49,136
Sept 101-209 101-272 101-192 101-260 6.9 3,971 Aluminum, LME, $ per metric ton *2545.0 Wheat,Spring14%-pro Mnpls-u 8.6725 Tallow,edible,Chicago-u 0.4700
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
June 2.6803 2.6834 2.5739 2.5774 –.1138 147,947 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
July 2.6418 2.6456 2.5420 2.5451 –.1090 79,162 May 94.6725t 94.6700 94.6725
94.6750 406,595
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
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 94.6950t 94.6850 94.6950
94.7000 330,471 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/30
June 1.954 1.970 1.913 1.932 –.059 265,437 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Source: Dow Jones Market Data
July 2.285 2.300 2.255 2.266 –.053 260,336 Feb 94.6525 94.6525 94.6525 94.6550 .0025 5,076
Aug 2.409 2.429 2.380 2.391 –.047 104,169 Dec 94.9400 95.0400 t 94.9150 95.0200 .0800 1,245,812
Sept
Oct
2.429
2.545
2.450
2.560
2.400
2.512
2.412
2.523
–.046
–.041
156,840
112,370 Currency Futures Bonds | wsj.com/market-data/bonds/benchmarks
Jan'25 3.785 3.789 3.737 3.749 –.043 87,354 Japanese Yen (CME)-¥12,500,000; $ per 100¥
May .6348 .6542 .6338 .6372 .0019 3,394 Tracking Bond Benchmarks
Agriculture Futures June .6384 .6580 .6372 .6407 .0019 328,526 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
May .7261 .7298 .7258 .7295 .0027 626
highs and lows for different types of bonds
May 440.00 444.25 437.25 443.20 3.75 8,257 Total Total
July 446.75 451.50 443.75 450.60 4.00 700,144 June .7264 .7304 .7261 .7299 .0027 203,209
British Pound (CME)-£62,500; $ per £ return YTD total Yield (%) return YTD total Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High
May 384.00 390.75 375.00 379.00 8.00 19 May 1.2495 1.2550 1.2468 1.2547 .0042 1,544
June 1.2496 1.2554 1.2469 1.2549 .0042 229,121 Mortgage-Backed Bloomberg Fixed Income Indices
July 369.00 377.75 367.75 377.40 8.00 2,662 Broad Market Bloomberg Fixed Income Indices
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
June 1.0935 t 1.0900
1.0994 1.0971 .0033 98,359 1998.78 -2.9 U.S. Aggregate 5.240 4.240 5.740 1962.02 -3.5 Mortgage-Backed 5.490 4.350 6.050
May 1145.00 1156.25 1141.00 1155.60 10.25 3,199
Sept 1.1050 t 1.1015
1.1107 1.1087 .0033 395 Ginnie Mae (GNMA) 5.460 4.390 6.020
July 1161.00 1171.50 1156.25 1170.20 7.25 380,807 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1943.64 -3.2
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
May 342.90 362.00 338.90 342.60 –3.70 2,775 May .6475 .6542 .6469 .6535 .0050 685 3036.96 -2.6 U.S. Corporate 5.680 5.020 6.430 1151.84 -3.6 Fannie mae (FNMA) 5.500 4.340 6.050
July 347.50 350.00 344.70 349.00 –2.90 259,425 June .6484 .6550 .6475 .6542 .0050 222,251
Mexican Peso (CME)-MXN 500,000; $ per MXN 2966.37 -0.9 Intermediate 5.590 4.920 6.350 1791.23 -2.7 Freddie Mac (FHLMC) 5.420 4.320 6.190
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
May .05800 .05892 .05819 .05892 .00061 9 579.08 -1.6 Muni Master 3.603 3.038 4.311
May 42.53 42.71 42.40 42.57 .28 2,830 3957.29 -6.0 Long term 5.850 5.160 6.600
July 43.13 43.75 42.94 43.26 .25 274,424 June .05790 .05868 .05783 .05859 .00060 249,029
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € 575.33 -3.6 Double-A-rated 5.260 4.380 5.760 411.28 -1.7 7-12 year 3.287 2.709 4.097
May 19.09 19.17 18.90 18.97 .08 306 May 1.0674 1.0737 1.0655 1.0733 .0050 2,466
June 1.0688 1.0754 1.0670 1.0749 .0050 641,785 818.93 -2.2 Triple-B-rated 5.880 5.250 6.700 467.46 -1.8 12-22 year 3.881 3.388 4.742
July 19.28 19.55 19.15 19.25 –.04 5,306
Wheat (CBT)-5,000 bu.; cents per bu. High Yield Bonds ICE BofA 441.39 -1.7 22-plus year 4.421 4.070 5.274
May 580.25 582.25 579.00 581.50 –3.50 1,353 Index Futures
528.85 0.6 High Yield Constrained 8.161 7.620 9.560 Global Government J.P. Morgan†
July 604.25 608.75 593.50 599.25 –4.00 207,537 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. June 37923 38527 37866 38069 76 89,471 515.22 1.6 Triple-C-rated 13.532 12.616 15.455 529.87 -2.6 Global Government 3.580 2.790 3.810
May 619.50 628.00 617.00 625.50 2.75 47 Sept 38367 38897 38245 38446 75 471
July 634.25 636.75 622.75 625.00 –10.25 134,997 Mini S&P 500 (CME)-$50 x index 3556.94 0.4 High Yield 100 7.611 7.030 9.101 782.24 -2.5 Canada 3.770 2.940 4.260
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 5050.00 5126.75 5037.75 5046.50 –20.50 1,976,846
462.09 1.3 Global High Yield Constrained 7.977 7.552 9.440 349.29 -2.0 EMU§ 3.238 2.669 3.790
May 244.250 245.450 240.000 241.425 –3.150 8,112 Sept 5109.25 5182.50 5094.75 5102.75 –21.25 24,705
Aug 255.175 256.425 250.275 251.750 –3.750 22,238 Mini S&P Midcap 400 (CME)-$100 x index 351.53 1.6 Europe High Yield Constrained 6.587 6.207 8.022 642.36 -2.7 France 3.190 2.540 3.630
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 2875.10 2927.70 2862.10 2879.40 2.20 34,958
Sept 3013.60 2938.20 2895.20 2898.90 3.90 2 U.S Agency Bloomberg Fixed Income Indices 453.54 -3.0 Germany 2.670 2.020 3.030
June 175.600 176.850 172.700 173.850 –1.125 104,986
Mini Nasdaq 100 (CME)-$20 x index U.S Agency Japan
Aug 173.375 174.200 170.075 171.100 –2.000 71,686
June 17462.50 17793.25 17399.25 17438.25 –133.00 249,912
1767.83 -0.7 5.120 4.150 5.390 273.54 -2.0 1.290 0.710 1.300
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 17694.00 18009.25 17619.25 17656.25 –135.25 3,072
May 94.400 94.500 92.800 93.025 –1.125 5,022 1567.86 -0.4 10-20 years 5.120 4.130 5.370 493.05 -3.2 Netherlands 2.880 2.260 3.320
Mini Russell 2000 (CME)-$50 x index
June 102.625 103.525 100.325 100.425 –2.050 94,509 June 1982.70 2031.30 1972.10 1989.70 4.10 479,836 3272.86 -5.0 20-plus years 5.190 4.390 5.740 773.21 -4.8 U.K. 4.590 3.790 4.880
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 2005.80 2051.40 1993.70 2010.60 4.00 999
May 502.00 506.50 t 491.50 492.00 –7.50 2,053 Mini Russell 1000 (CME)-$50 x index 2673.70 -1.8 Yankee 5.520 4.720 6.110 842.96 -0.7 Emerging Markets ** 7.808 7.205 8.842
July 532.00 538.00 525.50 529.50 … 7,350 June 2771.00 2808.40 2761.90 2767.00 –7.90 6,247 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 18.36 18.37 18.16 18.35 –.03 4,359 June 106.21 106.38 s 105.32 105.63 –.47 48,112
June 18.66 18.70 s 18.42 18.54 –.12 4,149 Sept 105.86 106.02 s 104.94 105.24 –.48 667
Cocoa (ICE-US)-10 metric tons; $ per ton.
May 9,206 9,206 8,930 9,183 –950 121 Source: FactSet
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Macro & Market Economics
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Watching the Gauges: U.S. Supply and Demand Coupon (%) Maturity, in years
4.875 U.S. 2 4.939 t
Latest(l) 0 1 2 3 4
l
5 6 Previous
5.043
Month ago
4.716
Year ago
4.137
Latest Prev Year ago

Inventories, imports and demand for the week ended April 26. Current figures are in thousands of barrels or 4.000 10 4.591t l 4.683 4.329 3.573
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. 4.250 Australia 2 4.189 s l 4.104 3.771 3.066 -94.6 -107.7
-75.9
Natural-gas import and demand data are available monthly only.
3.750 10 4.523 s l 4.432 3.976 3.366 -7.2 -25.5 -20.6
Inventories, 000s barrels Imports, 000s barrels per day 2.500 France 2 3.101 l 3.101 2.845 2.892 -184.7 -194.9 -125.1
3.500 10 3.057 l 3.057 2.807 2.895 -153.8 -163.0 -67.7
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 2.500 Germany 2 3.112 l 3.112 2.859 2.703 -183.6 -193.8 -144.0
Crude oil and 2.200 10 2.587 l 2.587 2.304 2.313 -200.8 -210.0 -125.9
petroleum prod 1,241,612 ... 1,234 1,234 1,235 1,267 9,058 ... 8,465 8,348 8,660 8,165 3.600 Italy 2 3.578 l 3.578 3.428 3.340 -137.0 -147.2 -80.3
Crude oil
4.200 10 3.878 l 3.878 3.668 4.182 -71.7 -80.9 61.0
excluding SPR 460,890 -1,500 454 460 458 475 6,772 ... 6,497 6,396 6,541 6,063
Gasoline 227,087 ... 227 223 227 232 977 ... 780 798 799 744 0.300 Japan 2 0.292 s l 0.274 0.195 -0.042 -465.6 -477.6 -418.5
Finished gasoline 14,668 -1,200 15 16 14 20 104 ... 123 63 155 116 0.800 10 0.896 s l 0.874 0.742 0.403 -369.9 -381.4 -316.9
Reformulated 23 ... 0 0 0 0 0 ... 0 0 0 0 2.800 Spain 2 3.262 l 3.262 3.017 3.007 -168.6 -178.8 -113.6
Conventional 14,645 ... 15 16 14 20 104 ... 123 63 155 116
Blend. components 212,419 ... 212 207 213 212 873 ... 657 735 644 628 3.250 10 3.355 l 3.355 3.155 3.370 -124.0 -133.2 -20.2

Natural gas (bcf) 2,425 ... 2 2 2 2 ... ... ... ... ... … 0.125 U.K. 2 4.517 s l 4.513 4.181 3.782 -43.1 -53.7 -36.1
4.250 10 4.373 s l 4.350 3.941 3.718 -22.2 -33.8 14.6
Kerosene-type
jet fuel 40,357 ... 41 42 41 40 136 ... 40 125 83 162 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Distillates 115,850 400 117 110 116 125 103 ... 138 144 138 135
Heating oil
Diesel
7,207
108,643
...
...
7
109
8
102
7
109
8
58
2
102
...
...
3
135
0
144
2
136
1
134
Corporate Debt
Residual fuel oil 29,164 ... 28 32 29 32 78 ... 137 34 109 177 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other oils 285,855 ... 285 286 282 287 909 ... 781 772 898 780 expectations
Net crude, petroleum Investment-grade spreads that tightened the most…
Spread*, in basis points
products, incl. SPR 1,607,883 ... 1,599 1,599 1,600 1,831 -1,261 ... -3,629 -2,309 -2,109 -215 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Weekly Demand, 000s barrels per day Natural gas storage Cooperatieve Rabobank … 3.750 5.81 July 21, ’26 80 –121 n.a.
Wells Fargo WFC 4.900 6.09 Nov. 17, ’45 122 –106 122
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Apple AAPL 3.850 5.35 May 4, ’43 48 –103 47
Natural gas, AbbVie ABBV 4.400 5.58 Nov. 6, ’42 71 –98 70
Total petroleum
lower 48 states 4250
product 20,417 ... 19,535 19,805 19,602 18,629 America Movil … 6.125 6.05 March 30, ’40 118 –78 119
t
Halliburton HAL 7.450 5.84 Sept. 15, ’39 121 –74 119
Finished 3250
t Pfizer PFE 7.200 5.61 March 15, ’39 96 –73 99
motor gasoline 8,618 ... 8,423 8,618 8,579 8,670
Five-year average 2250 Shell International Finance … 6.375 5.56 Dec. 15, ’38 92 –68 n.a.
Kerosene-type
for each week
jet fuel 1,712 ... 1,762 1,539 1,625 1,352 …And spreads that widened the most
1250
Distillates 3,678 ... 3,552 3,872 3,470 3,938 Intel INTC 4.800 5.84 Oct. 1, ’41 99 85 n.a.
Residual fuel oil 48 ... 237 233 327 206 Siemens Financieringsmaatschappij … 6.125 5.26 Aug. 17, ’26 24 63 n.a.
250
Propane/propylene 1,155 ... 439 1,105 894 ... M J J A S O N D J F M A Merck MRK 4.150 5.55 May 18, ’43 70 10 68
Other oils 5,208 ... 5,123 4,438 4,709 ... 2023 2024 Bank of America BAC 5.000 5.66 Jan. 21, ’44 81 9 76
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires JPMorgan Chase JPM 5.400 5.60 Jan. 6, ’42 77 5 80
ONEOK Partners … 6.850 6.29 Oct. 15, ’37 163 5 162
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Burlington Resources … 5.950 5.65 Oct. 15, ’36 99 4 n.a.

Closing Chg YTD High-yield issues with the biggest price increases…
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) Bond Price as % of face value
SPDR S&P Div SDY 127.39 0.12 1.9 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Wednesday, May 1, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) TechSelectSector XLK 194.26 –1.02 0.9
Closing Chg YTD VanEckSemicon SMH 207.85 –2.91 18.9 Telecom Italia Capital … 7.200 8.32 July 18, ’36 91.500 0.82 n.a.
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.05 0.20 –1.2 VangdSC Val VBR 180.49 0.07 0.3
iShRussMC IWR Bombardier … 7.450 6.18 May 1, ’34 109.406 0.76 113.750
CommSvsSPDR XLC 78.58 0.92 8.1 79.48 –0.18 2.3 VangdExtMkt VXF 164.58 0.41 0.1
CnsmrDiscSel XLY 174.52 –0.63 –2.4 iShRuss1000 IWB 275.18 –0.29 4.9 VangdDivApp VIG 174.34 –0.42 2.3 Rakuten … 11.250 9.26 Feb. 15, ’27 104.740 0.72 104.105
DimenUSCoreEq2 DFAC 30.36 –0.26 3.9 iShRuss1000Grw IWF 321.67 –0.36 6.1 VangdFTSEAWxUS VEU 57.16 –0.03 1.8
EnSelSectorSPDR XLE 92.03 –1.59 9.8 iShRuss1000Val IWD 171.23 –0.16 3.6 VangdFTSEDevMk VEA 48.40 –0.12 1.0 Hughes Satellite Systems … 5.250 13.95 Aug. 1, ’26 83.689 0.69 82.375
FinSelSectorSPDR XLF 40.36 ... 7.3
iShRuss2000 IWM 196.31 0.21 –2.2 VangdFTSE EM VWO 42.22 0.12 2.7
iShS&P500Grw IVW 80.81 –0.53 7.6 VangdFTSE Europe VGK 65.54 –0.12 1.6 Teva Pharmaceutical Finance Netherlands III … 4.100 6.99 Oct. 1, ’46 67.500 0.61 67.175
GrayscaleBitcoin GBTC 50.64 –3.56 46.3
iShS&P500Value IVE 178.36 –0.24 2.6 VangdGrowth VUG 328.89 –0.28 5.8
HealthCrSelSect XLV 140.58 0.18 3.1
iShSelectDiv DVY 119.97 0.48 2.3 VangdHlthCr VHT 257.28 0.48 2.6 OneMain Finance … 7.125 6.26 March 15, ’26 101.500 0.60 101.188
IndSelSectorSPDR XLI 121.22 –0.25 6.3
iSh7-10YTreaBd IEF 91.52 0.40 –5.1 VangdHiDiv VYM 115.99 –0.41 3.9 Bath & Body Works BBWI 6.750 6.99 July 1, ’36 98.030 0.58 98.726
InvscNasd100 QQQM 173.45 –0.70 2.9
iShShortTreaBd SHV 110.04 0.03 –0.1 VangdInfoTech VGT 489.37 –1.08 1.1
InvscQQQI QQQ 421.52 –0.72 2.9
0.57
InvscS&P500EW RSP 160.65 –0.34 1.8
iShTIPSBond TIP 105.01 0.17 –2.3 VangdIntermBd BIV 73.32 0.38 –4.0 Yum! Brands YUM 6.875 6.13 Nov. 15, ’37 106.820 n.a.
iSh20+YTreaBd TLT 88.56 0.74 –10.4 VangdIntrCorpBd VCIT 78.35 0.36 –3.6
iShCoreDivGrowth DGRO 55.78 –0.30 3.6
iShCoreMSCIEAFE IEFA 71.64 –0.22 1.8
iShUSTreasuryBd
iSh0-3MTreaBd
GOVT
SGOV
22.16
100.31
0.27 –3.8
0.04 0.0
VangdIntermTrea
VangdLC
VGIT
VV
57.18
229.42
0.29
–0.33
–3.6
5.2
…And with the biggest price decreases
iShCoreMSCIEM IEMG 51.69 0.08 2.2 JPM EqPrem JEPI 55.50 –0.19 0.9 VangdMegaGrwth MGK 272.76 –0.29 5.1
iShCoreMSCITotInt IXUS 66.14 –0.14 1.9 JPM UltShIncm JPST 50.22 0.03 –0.0 VangdMC VO 237.65 –0.17 2.2 Toledo Hospital … 5.325 7.18 Nov. 15, ’28 92.922 –1.12 n.a.
iShCoreS&P500 IVV 502.86 –0.31 5.3
iShCoreS&P MC IJH 57.16 0.05 3.1
PacerUSCashCows COWZ 54.23 –1.11 4.3 VangdMBS VMBS 44.30 0.52 –4.4 DISH DBS … 5.125 28.44 June 1, ’29 39.250 –1.00 39.500
ProShUltPrQQQ TQQQ 51.60 –2.15 1.8 VangdRealEst VNQ 79.64 0.04 –9.9
iShCoreS&P SC IJR 104.74 0.34 –3.2 SPDRBbg1-3MTB BIL 91.42 0.02 0.0 VangdRuss1000Grw VONG 82.71 –0.40 6.0 Telecom Italia Capital … 6.375 8.28 Nov. 15, ’33 87.633 –0.81 89.442
iShCoreS&PTotUS ITOT 110.07 –0.16 4.6 SPDR DJIA Tr DIA 378.89 0.20 0.5 VangdS&P500ETF VOO 459.93 –0.33 5.3
iShCoreTotUSDBd IUSB 44.40 0.41 –3.6 SPDR Gold GLD 213.79 0.91 11.8 VangdST Bond BSV 75.84 0.15 –1.5 Transocean RIG 7.500 9.60 April 15, ’31 89.500 –0.78 n.a.
iShCoreUSAggBd AGG 95.27 0.35 –4.0 SPDRPtfDevxUS SPDW 34.60 –0.14 1.7 VangdSTCpBd VCSH 76.46 0.18 –1.2
iShEdgeMSCIMinUSA USMV 80.34 –0.14 3.0 SPDRS&P500Value SPYV 47.86 –0.21 2.6 VangdShortTrea VGSH 57.55 0.17 –1.3 Embarq … 7.995 22.56 June 1, ’36 40.303 –0.70 41.840
iShEdgeMSCIUSAQual QUAL 156.19 –0.49 6.2 SPDRPtfS&P500 SPLG 58.84 –0.37 5.3 VangdSC VB
iShGoldTr IAU 43.69 0.90 11.9
213.82 0.01 0.2
Rockies Express Pipeline … 6.875 7.44 April 15, ’40 94.770 –0.37 96.000
SPDRS&P500Growth SPYG 70.04 –0.40 7.7 VangdTaxExemptBd VTEB 49.78 0.14 –2.5
iShiBoxx$IGCpBd LQD 105.01 0.42 –5.1 SPDR S&P 500 SPY 500.35 –0.32 5.3 VangdTotalBd BND 70.71 0.36 –3.9 Bausch Health … 11.000 18.50 Sept. 30, ’28 78.000 –0.33 77.250
iShMBS MBB 89.76 0.56 –4.6 SchwabIntEquity SCHF 37.63 –0.11 1.8 VangdTotIntlBd BNDX 48.41 0.18 –1.9
iShMSCIACWI ACWI 105.94 –0.26 4.1 SchwabUS BrdMkt SCHB 58.22 –0.31 4.6 VangdTotIntlStk VXUS 58.85 –0.08 1.5 Genworth Financial GNW 6.500 7.49 June 15, ’34 93.066 –0.30 93.000
iShMSCI EAFE EFA 77.10 –0.22 2.3 SchwabUS Div SCHD 76.89 –0.13 1.0 VangdTotalStk VTI 247.99 –0.25 4.5
iSh MSCI EM EEM 41.03 0.10 2.0 SchwabUS LC SCHX 59.34 –0.32 5.2 VangdTotWrldStk VT 106.34 –0.19 3.4 *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 106.20 0.12 –2.0 SchwabUS LC Grw SCHG 88.74 –0.35 7.0 VangdValue VTV 156.02 –0.30 4.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCpBd IGSB 50.71 0.17 –1.1 SPDR S&PMdCpTr MDY 523.21 0.09 3.1 WT FRTrea USFR 50.36 0.04 0.2 Source: MarketAxess
P2JW123000-3-B00900-1--------XA

THE WALL STREET JOURNAL. * * * Thursday, May 2, 2024 | B9

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. TectonicFinPfdB TECTP 10.56 1.1 BristolMyers BMY 43.73 0.6 Galapagos GLPG 28.30 3.1 PetMedExpress PETS 3.92 0.3 SpiritAirlines SAVE 3.41 -2.5 VerveTherap VERV 5.84 -0.2
TenetHealthcare THC 120.03 3.3 Brown-Forman B BF.B 47.06 -1.1 GlobalGas HGAS 1.14 -3.4 PlutonianAcqn PLTNU 7.90 -16.6 Starbucks SBUX 72.67 -15.9 ViraxBiolabs VRAX 0.60 3.0
3M MMM 99.70 2.0 Brown-Forman A BF.A 48.35 -1.4 GreenwaveTech GWAV 0.06 -7.1 PlutonianAcqn PLTN 7.75 3.4 SummitStateBk SSBI 8.91 -9.2 VividSeatsWt SEATW 0.59 9.2
Wednesday, May 1, 2024 TransMedics TMDX 124.18 24.9 CVS Health CVS 54.00 -16.8 HiveDigitalTech HIVE 2.41 -1.2 W&T Offshore WTI 2.19 -0.9
RadiusRecycling RDUS 16.84 -0.6 SunnovaEnergy NOVA 3.37 -16.2
52-Wk % 52-Wk % 52-Wk % TriconRes TCN 11.25 0.2 CaesarsEnt CZR 35.12 1.6 HealthcrTriangle HCTI 1.17 4.5 Regis RGS 5.16 -1.1 TTEC TTEC 7.17 0.3 WalgreensBoots WBA 17.25 -2.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg TrinityIndustries TRN 29.83 13.6 CarParts.com PRTS 1.19 -2.4 HeliusMedical HSDT 3.47 -9.8 RomaGreenFin ROMA 0.66 -7.0 TeladocHealth TDOC 12.53 0.5 WarnerBrosA WBD 7.34 3.5
TristarAcqnIWt TRIS.WS 0.11 10.0 CassavaSciencesWt SAVAW 0.11 -46.2 Humana HUM 298.61 4.0 Rubrik WernerEnterprises WERN 33.12 2.8
CytomXTherap CTMX 5.85 214.7 Loar LOAR 54.32 -6.3 RBRK 31.96 2.6 10xGenomics TXG 24.60 -8.1
Highs DTCloudAcqn DYCQ 10.30 0.3 MainStreetCap MAIN 50.42 1.1
Trustmark
US Lime&Min
TRMK
USLM
30.49
322.52
1.5
3.4
Cemtrex
Cerence
CETX
CRNC
0.28 -73.2 Hyperfine
8.91 2.0 InfoSvcs
HYPR
III
0.79
3.32
-1.1
-0.9
RyersonHolding
SBA Comm
RYI
SBAC
23.01
183.64
-13.2
1.6
TopKingWin
TrinityBiotech
TCJH
TRIB
0.50 0.2
1.75 -3.8
WillametteValley WVVI
WindtreeTherap WINT
4.00
4.36
-0.9
-11.4
DayOneBiopharm DAWN 18.07 3.5 MediWound MDWD 19.86 3.5 WoodsideEnergy WDS 17.37 -1.9
a.k.a.Brands AKA 19.11 31.6 UnvlStainless USAP 30.47 11.1 Chegg CHGG 4.96 4.1 IntelligentGrp INTJ 0.92 6.3
DecisionPointSys DPSI 10.06 24.5 MercerIntl MERC 10.59 1.1 Schmid SHMD 4.61 -1.4 Trinseo TSE 2.59 -0.4 XIAO-I 1.16 ...
AlxOncology ALXO 17.47 -0.5 ValleyNatlPfdB VLYPO 24.68 1.8 Children'sPlace PLCE 6.58 -3.4 InterParfums IPAR 114.88 -0.6 AIXI
DescartesSystems DSGX 96.49 2.2 NMI Holdings NMIH 32.66 2.6 Safe&Green SGBX 0.10 -4.3 USGoldMiningWt USGOW 0.60 -13.0 Yeti YETI 34.51 -2.8
AP Acqn Un APCA.U 11.49 4.1 Viking VIK 26.86 8.8 Chuy's CHUY 28.90 -1.6 IntlGameTech IGT 19.48 0.8
DukeEnergy DUK 100.56 1.5 NatlHealthInv NHI 64.42 0.5 ServiceProperties SVC 5.90 -2.1 UplandSoftware UPLD 2.04 -5.1 Yoshitsu TKLF 0.21 -2.5
AerCap AER 88.54 1.2 VistaOutdoor VSTO 35.61 -0.4 ColiseumAcqn MITAU 9.87 -3.5 JackintheBox JACK 55.18 -3.2
DuPont DD 79.19 8.0 NewGold NGD 1.95 8.6 SharpsTech STSS 0.25 -6.9 VOXX Intl VOXX 5.80 1.4 ZapataComputing ZPTA 1.30 -3.7
ApogeeEnt APOG 64.16 1.2 Vistra VST 79.09 1.3 Comstock LODE 0.24 -9.2 Jiuzi JZXN 0.33 2.2
EdgewiseTherap EWTX 20.90 6.0 NorthViewWt NVACW 0.10 25.0
Concentrix CNXC 53.89 1.2 KLX Energy KLXE 6.25 -5.1
SolGelTech SLGL 0.68 9.8 VailResorts MTN 188.43 1.0 ZappEV ZAPP 2.24 -2.4
ArchCapital ACGL 96.58 2.4 VitalFarms VITL 27.73 2.1
enCoreEnergy EU 4.99 7.7 Openlane KAR 17.79 1.6
Corts PECO KTH KTH 27.40 -0.2 KY FirstFedBncp KFFB 3.53 0.2 SpectralAI MDAI 1.68 -3.4 Vaxxinity VAXX 0.11 -6.6 ZiffDavis ZD 49.50 -1.2
AresCapital ARCC 21.00 1.2 Watsco WSO 455.62 0.7
Equitable EQH 39.08 4.6 PACS Group PACS 25.72 -0.4 Coursera COUR 9.68 -4.4 Knight-Swift KNX 45.55 1.4
Ashland ASH 99.55 -0.9 Wingstop WING 396.00 -0.2
EssentialProp EPRT 26.87 ... ProceptBio PRCT 63.26 14.4 CreativeMedia CMCT 3.00 -6.7 LegendBiotech LEGN 42.08 0.5
YPF YPF 22.37 0.5
AstraZeneca
AvadelPharm
AZN
AVDL
76.80
19.04
0.7
0.8
EverQuote EVER 20.92 1.3 Pennant PNTG 21.64 1.7 CueHealth HLTH 0.13 -0.7 Leggett&Platt LEG 11.02 -26.7 IPO Scorecard
Aware AWRE 2.17 7.1
FifthThirdBncp FITB
FirstBanCorp FBP
37.67 1.8
18.04 2.5
PeoplesBncpNC PEBK 31.39 5.9
PerceptionCapIIIUn PFTAU 11.70 9.3 Lows CumberlandPharm CPIX
CVRx CVRX
1.42 -11.3 Locafy
7.77 -34.8 MEI Pharma
LCFY
MEIP
2.94
3.01
-16.3
0.3 Performance of IPOs, most-recent listed first
AxaltaCoating AXTA 34.95 8.8 FusionPharm FUSN 21.58 ... PhibroAnimal PAHC 17.10 -2.1 Adtran ADTN 4.34 3.4
BankofButterfield NTB 34.93 1.1
DDC Enterprise DDC 0.72 -7.7 MainzBiomed MYNZ 0.74 -14.8 % Chg From % Chg From
Garmin GRMN 164.73 13.1 PlutonianAcqn PLTN 11.16 3.4 Arko ARKO 4.11 -2.6 DZS DZSI 0.97 1.5 Manitowoc MTW 11.73 -2.1 Wed's
BlueOwlCapital OBDC 16.07 0.9 GencoShipping GNK 21.91 2.0 PrimoWater PRMW 19.15 0.7 Aaron's
Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
AAN 6.69 -1.9 Dayforce DAY 54.84 -6.0 Marex MRX 18.67 -1.3
BowenAcqn BOWN 10.49 ... GeneDx WGS 21.49 22.6 PublicServiceEnt PEG 70.46 1.1 AethlonMedical AEMD 1.30 -4.3 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
DeltaApparel DLA 2.28 3.0 MarketAxess MKTX 199.33 3.1
BrinkerIntl EAT 55.69 2.5 GoldenOcean QuestResource QRHC
GOGL 14.27 0.3 10.50 1.4 AllarityTherap ALLR 1.15 7.9 DenaliCapAcqnWt DECAW 0.03 -42.0 Medifast MED 25.92 -4.2 Viking Holdings 26.10 8.8 ... Neo-Concept International 1.25 –68.8 –86.8
BrookdaleSrLiving BKD 7.25 3.2 GoldmanSachs GS 433.43 0.1 RadNet RDNT 50.57 4.0 AllegiantTravel ALGT 52.38 -1.6
BrookdaleSrUn BKDT 98.78 5.3
Denny's DENN 7.83 0.2 MesaRoyalty MTR 8.78 -4.1 VIK May 1/$24.00 NCI April 23/$4.00
GreatElmNts29 GECCI 24.90 0.2 RevolutionMed RVMD 39.49 4.1 AltisourceAsset AAMC 2.61 2.1 DestinationXL DXLG 3.12 -1.6 mF Intl MFI 1.41 -8.7
CACI Intl CACI 410.64 1.4 HerculesCapital HTGC 19.43 0.9 RockyBrands RCKY 35.00 28.4 AmerStratInvt NYC 5.72 -4.0 Dril-Quip DRQ 17.80 -0.5 NFT MI 3.08 -6.4 CleanCore Solutions 3.11 –22.3 –11.1 mF International 1.47 –67.3 –88.0
CSW Industrials CSWI 244.30 1.3 Hibbett HIBB 86.85 -0.1 Root ROOT 86.57 0.4 Ampco-Pitt AP 2.03 ... DuckhornPtf NAPA 7.49 -9.1 NRX Pharm NRXP 2.02 -15.5 ZONE April 26/$4.00 MFI April 22/$4.50
CTS CTS 47.96 3.7 HighwoodsProp HIW 26.56 -1.2 RyderSystem R 126.04 0.5 ArtWayMfg ARTW 1.83 -0.6 DuluthHoldings DLTH 4.07 -2.6 NaborsIndustries NBR 70.48 -1.4
CapitalSouthwest CSWC 26.34 1.4
Loar Holdings 49.03 75.1 0.5 YY Group Holding 2.36 –41.0 –18.6
InnovativeIndProp IIPR 108.11 2.1 SPX Tech SPXC 124.86 ... Augmedix AUGX 2.50 -6.6 EosEnergy EOSE 0.64 -15.3 NanoVibronix NAOV 0.68 -6.1
CareTrustREIT CTRE 25.25 0.8 InsightAcqnA INAQ 11.43 1.6 Semtech SMTC 39.09 0.1 BGSF BGSF 8.45 -0.8
LOAR April 25/$28.00 YYGH April 22/$4.00
FLJ FLJ 0.50 0.9 NatureWood NWGL 3.37 -4.5
CarlyleSecured CGBD 17.58 0.9 Intercure INCR 3.13 1.4 SeraPrognostics SERA 12.36 -10.8 Bakkt BKKT 5.57 -6.0 FSD Pharma HUGE 0.36 -7.9 Neo-Concept NCI 1.12 -1.6 Marex Group 19.00 ... 0.1 Tungray Technologies 6.15 53.8 3.4
CarpenterTech CRS 100.00 14.7 IntlBcshs IBOC 58.22 2.7 SolitarioRscs XPL 0.79 0.6 Beneficient BENF 2.04 -38.6 Fanhua FANH 3.13 2.5 Nevro NVRO 10.27 -1.6 MRX April 25/$19.00 TRSG April 19/$4.00
Centerspace CSR 69.61 2.3 LPL Financial LPLA 276.12 -1.4 StifelFinancial SF 81.13 -0.1 BinahCapital BCG 6.51 -3.0 FiveBelow FIVE 140.19 -3.0 NioCorpDevts NB 1.98 1.5
Church&Dwight CHD 108.68 -1.5 LegatoMergerIII LEGT.U 11.89 0.2 StoneX SNEX 74.16 0.7 Bionomics BNOX 0.84 -4.1 ForresterRes FORR 17.26 -3.2 Nuwellis NUWE 0.13 -13.9 Rubrik 32.84 2.6 –11.2 Centuri Holdings 25.34 20.7 9.6
CleanHarbors CLH 206.29 6.8 Leidos LDOS 142.90 1.4 StrawberryFldREIT STRW 9.58 4.2 BiteAcqn BITE 6.50 -11.5 ForwardAir FWRD 20.99 -4.4 O-I Glass OI 12.41 -15.9 RBRK April 25/$32.00 CTRI April 18/$21.00
ColgatePalm CL 92.54 ... LincolnEduc LINC 10.95 0.8 TLGY Acqn A TLGY 11.37 0.1 BoundlessBio BOLD 8.97 1.0 FreightTech FRGT 0.72 -6.0 OneWaterMarine ONEW 20.07 -2.7
Costamare CMRE 12.33 2.5 LivaNova LIVN 63.21 12.3 TPG RE Fin TRTX 8.41 13.1 BrandEngagement BNAI 1.98 -7.0 GRI Bio GRI 0.41 -1.0 P10 PX 7.08 3.5 Sources: Dow Jones Market Data; FactSet

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

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B7 Net Net
MurphyUSA MUSA 411.80 -2.02 PaycomSoftware PAYC 186.24 -1.74 RoivantSciences ROIV 11.21 0.31 Sysco SYY 73.05 -1.27 TradeDesk TTD 85.41 2.56 VulcanMatls VMC 259.73 2.10
Net Stock Sym Close Chg Stock Sym Close Chg
NICE NICE 220.94 -2.57 Paylocity PCTY 149.24 -5.92 Roku ROKU 59.13 1.47 Tradeweb TW 103.89 2.18
Stock Sym Close Chg
Gaming&Leisure GLPI 43.13 0.40 Kaspi.kz KSPI 115.46 -2.30 NIO NIO 5.27 0.55 PayPal PYPL 66.14 -1.78 Rollins ROL 44.68 0.12 T U V TraneTech TT 314.98 -2.36 W X Y Z
DigitalRealty DLR 137.99 -0.79 Gap GPS 19.83 -0.69 Kellanova K 56.98 -0.88 NNN REIT NNN 40.69 0.16 Pearson PSO 12.07 -0.11 RoperTech ROP 514.76 3.30 TransDigm TDG 1249.32 1.29 WEC Energy WEC 82.59 -0.05
TAL Education TAL 11.88 -0.16
Dillard's DDS 422.97 -15.02 s Garmin GRMN 163.42 18.95 Kenvue KVUE 18.85 0.03 NOV NOV 18.38 -0.11 PembinaPipeline PBA 34.70 -0.50 RossStores ROST 127.82 -1.73 TransUnion TRU 74.61 1.61 WEX WEX 209.41 -1.85
TC Energy TRP 35.73 -0.12
DiscoverFinSvcs DFS 123.58 -3.15 Gartner IT 422.39 9.80 KeurigDrPepper KDP 33.34 -0.36 NRG Energy NRG 73.66 0.99 PenskeAuto PAG 151.98 -0.93 RoyalBkCanada RY 97.38 0.55 Travelers TRV 213.15 0.99 W.P.Carey WPC 54.63 -0.21
TD Synnex SNX 115.20 -2.64
Disney DIS 110.48 -0.62 GenDigital GEN 19.95 -0.19 KeyCorp KEY 14.71 0.22 NVR NVR 7457.00 18.15 Pentair PNR 79.07 -0.02 RoyalCaribbean RCL 137.52 -2.11 Trex TREX 89.14 0.59 WPP WPP 50.24 -0.11
TE Connectivity TEL 139.45 -2.03
DocuSign DOCU 57.30 0.70 Generac GNRC 127.63 -8.33 KeysightTech KEYS 144.95 -2.99 NXP Semicon NXPI 249.43 -6.76 Penumbra PEN 205.29 8.82 RoyalGold RGLD 120.85 0.72 Trimble TRMB 58.59 -1.48 Wabtec WAB 160.54 -0.54
Telus TU 16.23 0.16
DolbyLab DLB 77.58 -0.08 GeneralDynamics GD 286.53 -0.56 KimberlyClark KMB 136.47 -0.06 Nasdaq NDAQ 59.88 0.03 PepsiCo PEP 175.15 -0.76 RoyaltyPharma RPRX 28.07 0.37 Trip.com TCOM 48.74 0.48 t WalgreensBoots WBA 17.34 -0.39
Ternium TX 42.71 0.61
DollarGeneral DG 137.58 -1.61 GeneralMills GIS 69.99 -0.47 KimcoRealty KIM 18.50 -0.13 Natera NTRA 94.15 1.27 PerformanceFood PFGC 68.43 0.55 RyanSpecialty RYAN 52.42 3.08 TruistFinl TFC 38.05 0.50 Walmart WMT 58.85 -0.50
TFI Intl TFII 129.75 -0.54
DollarTree DLTR 118.56 0.31 GeneralMotors GM 44.47 -0.06 KinderMorgan KMI 18.23 -0.05 NationalGrid NGG 67.12 0.47 PermianRscs PR 16.44 -0.31 Ryanair RYAAY 136.59 0.39 Twilio TWLO 60.95 1.07 t WarnerBrosA WBD 7.62 0.26
TIM TIMB 17.12 0.09
DominionEner D 51.15 0.17 Genmab GMAB 28.75 1.06 KinrossGold KGC 6.50 0.05 NatWest NWG 7.76 0.06 PetroleoBrasil PBR 16.94 -0.03 SAP SAP 180.07 -1.14 TylerTech TYL 458.53 -3.02 WarnerMusic WMG 33.43 0.43
TJX TJX 93.82 -0.27
Domino's DPZ 516.42 -12.85 Gentex GNTX 33.96 -0.34 KinsaleCapital KNSL 378.61 15.36 NetApp NTAP 100.99 -1.22 PetroleoBrasilA PBR.A 16.02 -0.10 S&P Global SPGI 416.20 0.37 TysonFoods TSN 60.29 -0.36 WasteConnections WCN 162.06 -0.03
TKO TKO 95.71 1.04
Donaldson DCI 72.42 0.22 GenuineParts GPC 156.77 -0.44 t Knight-Swift KNX 46.90 0.67 NetEase NTES 94.02 0.55 Pfizer PFE 27.18 1.56 t SBA Comm SBAC 189.12 3.00 UBS Group UBS 26.19 0.04 WasteMgt WM 206.76 -1.26
T-MobileUS TMUS 165.47 1.30
DoorDash DASH 127.46 -1.80 Gerdau GGB 3.51 0.03 Philips PHG 26.76 0.21 Netflix NFLX 551.71 1.07 PhilipMorris PM 96.05 1.11 SEI Investments SEIC 66.21 0.26 UDR UDR 37.49 -0.59 Waters WAT 315.92 6.88
Neurocrine NBIX 143.03 5.49 Phillips66 TPG TPG 43.81 0.71
Dover DOV 177.85 -1.45 GileadSciences GILD 65.51 0.31 KoreaElecPwr KEP 7.68 0.03 PSX 140.21 -3.00 SK Telecom SKM 20.44 0.01 U-Haul UHAL 64.24 1.01 s Watsco WSO 450.71 2.99
NewOrientalEduc EDU 78.39 1.29 Pilgrim'sPride PPC 35.39 -0.63 SS&C Tech SSNC 61.22 -0.67 T.RowePrice TROW 110.30 0.73
Dow DOW 57.23 0.33 GitLab GTLB 53.36 0.89 KraftHeinz KHC 36.28 -2.33 U-Haul N UHAL/B 62.13 0.81 WeatherfordIntl WFRD 118.85 -4.77
Newmont NEM 40.58 -0.06 PinnacleWest PNW 74.94 1.29 Saia TaiwanSemi TSM 134.94 -2.40 US Foods USFD 50.68 0.43 WebsterFin WBS 44.38 0.55
DrReddy'sLab RDY 73.98 0.51 GlobalPayments GPN 109.06 -13.71 Kroger KR 54.77 -0.61 SAIA 396.00 -0.83
NewsCorp B NWS 24.54 ... Pinterest TakeTwoSoftware TTWO 142.74 -0.07 UWM UWMC 6.39 0.09 WellsFargo WFC 59.52 0.20
DraftKings DKNG 41.82 0.26 GlobalFoundries GFS 47.04 -1.84 LKQ LKQ 43.13 ... PINS 40.48 7.03 Salesforce CRM 268.69 -0.25
NewsCorp A NWSA 23.84 0.04 PioneerNatRscs PXD 267.66 -1.66 Samsara TakedaPharm TAK 13.19 0.11 Uber UBER 67.79 1.52 Welltower
Dropbox DBX 23.49 0.33 Globant GLOB 177.93 -0.66 s LPL Financial LPLA 265.49 -3.64 IOT 35.25 0.32 WELL 94.36 -0.92
NextEraEnergy NEE 68.61 1.64 PlainsAllAmPipe PAA 16.93 -0.30 Sanofi Tapestry TPR 39.49 -0.43 UiPath PATH 19.24 0.27 WescoIntl
s DukeEnergy DUK 99.78 1.52 GlobeLife GL 79.48 3.31 L3HarrisTech LHX 211.75 -2.30 SNY 50.03 0.80 WCC 154.40 1.65
Nike NKE 90.34 -1.92 PlainsGP TargaResources TRGP 112.41 -1.65 UltaBeauty ULTA 402.11 -2.73 WestPharmSvcs WST 363.43 5.95
Duolingo DUOL 223.03 -2.72 GoDaddy GDDY 122.29 -0.09 LabCorp.ofAmerica LH 201.32 -0.05 PAGP 17.78 -0.43 SareptaTherap SRPT 130.90 4.24 Target TGT 156.43 -4.55 Unilever
s DuPont DD 78.31 5.81 GoldFields GFI 16.39 0.22 LamResearch LRCX 868.10 -26.31 NiSource NI 28.10 0.24 Pool POOL 359.50 -3.03 Schlumberger SLB 47.16 -0.32 TechnipFMC FTI UL 51.87 0.02 WesternDigital WDC 70.51 -0.32
Nokia NOK 3.65 ... Primerica 25.36 -0.26 UnionPacific UNP 234.96 -2.20
Dynatrace DT 45.58 0.27 s GoldmanSachs GS 426.95 0.24 LamarAdv LAMR 117.50 1.65 PRI 215.51 3.65 SchwabC SCHW 74.57 0.62
TeckResourcesB TECK 48.41 -0.78
WesternMidstrm WES 34.34 0.24
elfBeauty ELF 158.52 -4.01 Grab GRAB 3.49 -0.01 LambWeston LW 82.22 -1.12 Nomura NMR 5.57 -0.14 PrincipalFinl PFG 79.85 0.71 Sea SE 62.72 -0.47 UnitedAirlines UAL 50.67 -0.79 Westlake WLK 149.18 1.82
Nordson NDSN 260.95 2.76 ProcoreTech PCOR 68.24 -0.18 Seagate STX 85.81 -0.10 TeledyneTech TDY 383.03 1.55 UnitedMicro UMC 7.55 -0.15
EMCOR EME 355.24 -1.93 Graco GGG 80.32 0.12 LasVegasSands LVS 44.54 0.18 WestRock WRK 47.90 -0.06
ENI E 31.71 -0.32 Grainger GWW 920.30 -1.05 LatticeSemi LSCC 67.19 -1.41 NorfolkSouthern NSC 230.58 0.26 Procter&Gamble PG 163.40 0.20 Sempra SRE 71.95 0.32 Teleflex TFX 211.54 2.79 UPS B UPS 145.92 -1.56 Weyerhaeuser WY 30.20 0.03
EOG Rscs EOG 129.95 -2.18 GraphicPkg GPK 26.04 0.19 Lear LEA 124.37 -1.50 NorthernTrust NTRS 83.05 0.66
Progressive PGR 211.80 3.55 ServiceIntl SCI 71.40 -0.31 Ericsson ERIC 5.08 0.06 UnitedRentals URI 653.76 -14.23
WheatonPrecMtls WPM 52.97 0.83
NorthropGrum NOC 486.37 1.34 TelefonicaBras VIV 9.31 0.07 US Bancorp USB 41.05 0.42
EPAM Systems EPAM 234.98 -0.28 GpoAeroportuar PAC 181.21 -0.62 t LegendBiotech LEGN 43.98 0.24 Prologis PLD 101.88 -0.17 ServiceNow NOW 685.61 -7.72 Telefonica TEF
Williams WMB 37.89 -0.47
NorwegCruise NCLH 16.08 -2.84 SharkNinja SN 64.12 -0.16 4.44 0.01 US Steel X 36.98 0.48
EQT EQT 38.66 -1.43 GpoAeroportSur ASR 344.84 0.34 s Leidos LDOS 142.19 1.97 PrudentialFinl PRU 112.30 1.82 Williams-Sonoma WSM 283.61 -3.17
EagleMaterials EXP 252.60 1.89 Guidewire Novartis NVS 97.50 0.37 Shell SHEL 70.95 -0.71 TelekmIndonesia TLK 19.45 ... UnitedTherap UTHR 255.14 20.81
GWRE 110.80 0.40 Lennar B LEN.B 141.66 1.27 Prudential PUK 17.79 0.23 WillisTowers WTW 254.70 3.56
NovoNordisk NVO 129.21 0.90 s TempurSealy TPX 50.01 -0.05 UnitedHealth UNH 484.11 0.41 s
EastWestBncp EWBC 75.56 1.07 HCA Healthcare HCA 309.44 -0.38 Lennar A LEN 152.47 0.85 PublicServiceEnt PEG 69.81 0.73 SherwinWilliams SHW 303.34 3.73 Wingstop WING 383.98 -0.81
EastGroup EGP 156.86 1.50 HDFC Bank HDB 58.14 0.54 NuHoldings NU 10.88 0.02 ShinhanFin SHG 33.72 -0.03 Tenaris TS 33.24 0.25 UnitySoftware U 24.55 0.28
LennoxIntl LII 455.15 -8.27 PublicStorage PSA 260.15 0.70 Wipro WIT 5.38 -0.01
EastmanChem EMN 94.76 0.32 HF Sinclair DINO 53.63 -0.62 Nucor NUE 168.67 0.14 ShockwaveMed SWAV 329.84 -0.35 TencentMusic TME 12.39 -0.16 UnivDisplay OLED 152.66 -5.32 t
LeviStrauss LEVI 21.16 -0.06 PulteGroup PHM 111.82 0.40 WoodsideEnergy WDS 17.47 -0.34
Eaton ETN 312.03 -6.23 HP HPQ 27.75 -0.34 LiAuto LI 26.35 0.07 Nutanix NTNX 61.11 0.41
PureStorage PSTG 50.13 -0.27 Shopify SHOP 70.40 0.20 s TenetHealthcare THC 115.95 3.66 UniversalHealthB UHS 170.19 -0.24 Woodward WWD 165.86 3.50
Nutrien NTR 52.47 -0.30 Teradyne TER 113.74 -2.58 UnumGroup UNM 51.87 1.17 WooriFinl
eBay EBAY 51.06 -0.48 HSBC HSBC 43.65 0.07 LibertyBroadbandC LBRDK 50.92 1.19 Qiagen QGEN 42.81 0.48 SimonProperty SPG 140.18 -0.35 WF 31.09 -0.11
nVentElectric NVT 71.07 -1.00 Tesla TSLA 179.99 -3.29 VICI Prop VICI 28.90 0.35 Workday
Ecolab ECL 224.98 -1.17 H World HTHT 37.49 0.78 LibertyBroadbandA LBRDA 51.32 1.19 Qorvo QRVO 111.89 -4.95 SimpsonMfg SSD 175.84 1.95 WDAY 244.96 0.23
Ecopetrol EC 11.49 -0.12 Haleon HLN 8.35 -0.18 LibertyFormOne A FWONA 63.01 0.74 NVIDIA NVDA 830.41 -33.61 SiriusXM SIRI 3.05 0.11 TetraTech TTEK 192.49 -2.23 t VailResorts MTN 191.17 1.80 WynnResorts WYNN 92.73 1.08
Qualcomm QCOM 164.11 -1.74
TevaPharm TEVA 13.98 -0.07 Vale VALE 12.20 0.03 XP
EdisonIntl EIX 71.28 0.22 Halliburton HAL 36.33 -1.14 LibertyFormOne C FWONK 70.33 0.36
O P Q QuantaServices PWR 256.01 -2.55 SiteOneLandscape SITE 143.51 -13.38 XP 20.56 0.09
TexasInstruments TXN 175.20 -1.22 ValeroEnergy VLO 155.66 -4.21 XPO
EdwardsLife EW 84.30 -0.37 HartfordFinl HIG 97.22 0.33 LibertyLiveC LLYVK 37.16 -0.16 QuestDiag DGX 137.55 -0.63 SkechersUSA SKX 65.46 -0.59 XPO 106.38 -1.08
Elastic ESTC 105.75 3.53 Hasbro HAS 60.34 -0.96 LibertyLiveA LLYVA 35.72 -0.14 ONEOK OKE 76.92 -2.20 Skyworks SWKS 90.30 -16.29 TexasPacLand TPL 558.69 -17.61 VeevaSystems VEEV 198.90 0.34 XcelEnergy XEL 53.78 0.05
ElbitSystems ESLT 198.99 -3.93 HealthpeakProp DOC 18.88 0.27 LibertySirius C LSXMK 24.64 0.58 ON Semi ON 69.01 -1.15 R S SmithAO AOS 82.79 -0.05 TexasRoadhouse TXRH 157.06 -3.72 Ventas VTR 43.81 -0.47 XPeng XPEV 8.12 -0.01
ElectronicArts EA 128.18 1.36 Heico HEI 208.07 0.67 LibertySirius A LSXMA 24.63 0.57 OReillyAuto ORLY 1005.11 -8.15 Smith&Nephew SNN 24.14 0.01 Textron TXT 84.77 0.18 Veralto VLTO 94.38 0.70 Xylem XYL 130.96 0.26
ElevanceHealth ELV 524.84 -3.74 Heico A HEI.A 166.06 0.21 Light&Wonder LNW 90.00 0.74 OccidentalPetrol OXY 64.45 -1.69 RBC Bearings RBC 248.23 3.68 Smucker SJM 113.60 -1.25 ThermoFisher TMO 574.99 6.27 VeriSign VRSN 171.08 1.60 s YPF YPF 22.08 0.12
EmersonElec EMR 106.45 -1.33 HenrySchein HSIC 68.78 -0.50 EliLilly LLY 776.75 -4.35 Okta OKTA 93.34 0.36 RB Global RBA 71.37 -0.21 Snap SNAP 15.86 0.81 ThomsonReuters TRI 151.48 0.38 VeriskAnalytics VRSK 232.81 14.85 Yum!Brands YUM 135.33 -5.92
Enbridge ENB 35.59 0.05 Hershey HSY 193.70 -0.22 LincolnElectric LECO 219.33 -0.20 OldDomFreight ODFL 182.49 0.78 RELX RELX 41.23 0.04 Snap-On SNA 267.74 -0.22 s 3M MMM 98.44 1.93 Verizon VZ 39.20 -0.29 YumChina YUMC 35.92 -0.59
EncompassHealth EHC 82.88 -0.50 Hess HES 156.77 -0.72 Linde LIN 442.62 1.66 OldRepublic ORI 30.28 0.42 RPM RPM 107.43 0.52 Snowflake SNOW 156.14 0.94 Toast TOST 23.00 -0.63 VertexPharm VRTX 402.14 9.33 ZTO Express ZTO 21.07 0.08
Endeavor EDR 26.41 ... HessMidstream HESM 33.48 0.03 LiveNationEnt LYV 89.28 0.37 OmegaHealthcare OHI 30.69 0.28 RTX RTX 101.22 -0.30 SOQUIMICH SQM 45.83 0.14 TollBros TOL 119.52 0.41 Vertiv VRT 88.52 -4.48 ZebraTech ZBRA 309.05 -5.51
EnergyTransfer ET 15.48 -0.25 HewlettPackard HPE 16.44 -0.56 LloydsBanking LYG 2.57 0.01 Omnicom OMC 93.65 0.81 RalphLauren RL 163.62 -0.02 SoFiTech SOFI 6.92 0.14 TopBuild BLD 408.04 3.37 Viatris VTRS 11.63 0.06 Zillow C Z 41.89 -0.68
EnphaseEnergy ENPH 105.16 -3.60 Hilton HLT 197.74 0.46 LockheedMartin LMT 461.73 -3.20 OnHolding ONON 31.29 -0.46 RangeResources RRC 34.55 -1.36 Solventum SOLV 65.15 0.14 Toro TTC 87.23 -0.36 VikingTherap VKTX 76.43 -3.15 Zillow A ZG 41.44 -0.56
Entegris ENTG 123.31 -9.61 Hologic HOLX 76.28 0.51 Loews L 76.28 1.13 OntoInnovation ONTO 185.23 -0.26 RaymondJames RJF 122.55 0.55 Sony SONY 82.89 0.32 TorontoDomBk TD 58.69 -0.63 Vipshop VIPS 14.98 -0.06 ZimmerBiomet ZBH 119.56 -0.72
Entergy ETR 106.98 1.44 HomeDepot HD 331.97 -2.25 LogitechIntl LOGI 79.01 0.62 OpenText OTEX 35.35 0.04 RealtyIncome O 53.92 0.38 Southern SO 74.52 1.02 TotalEnergies TTE 71.68 -0.79 Visa V 267.32 -1.29 Zoetis ZTS 158.50 -0.74
EnterpriseProd EPD 27.74 -0.34 HondaMotor HMC 33.82 -0.17 Lowe's LOW 227.52 -0.47 Oracle ORCL 114.63 0.88 Reddit RDDT 45.88 1.44 SoCopper SCCO 115.17 -1.50 ToyotaMotor TM 226.83 -0.48 s Vistra VST 76.86 1.02 ZoomVideo ZM 61.61 0.51
Equifax EFX 220.67 0.48 Honeywell HON 195.30 2.57 lululemon LULU 354.40 -6.20 Orange ORAN 11.05 -0.04 RegalRexnord RRX 160.21 -1.16 SouthwestAir LUV 25.67 -0.27 TractorSupply TSCO 271.17 -1.91 Vodafone VOD 8.41 ... Zscaler ZS 172.31 -0.63
Equinix EQIX 695.33 -15.78 HormelFoods HRL 35.25 -0.31 LyondellBasell LYB 99.52 -0.45 Orix IX 101.25 -1.32 RegencyCtrs REG 59.11 -0.11 SouthwesternEner SWN 7.22 -0.27
Equinor EQNR 26.45 -0.14 DR Horton DHI 142.48 0.29 Oshkosh OSK 112.77 0.50 RegenPharm REGN 903.48 12.82 Spotify SPOT 284.54 4.10
M N
s Equitable
EquityLife
EQH 38.61 1.70 HostHotels HST 18.84 -0.03
ELS 60.95 0.66 HoulihanLokey HLI 127.34 -0.15
Macom Tech MTSI 99.12 -2.83
OtisWorldwide OTIS 91.43 0.23 RegionsFinl RF
Ovintiv OVV 50.73 -0.59 ReinsGrp
19.57 0.30 StanleyBlackDck SWK 91.90 0.50
RGA 190.92 3.93 Stantec STN 80.42 0.82 Borrowing Benchmarks
EquityResdntl EQR 64.04 -0.36 HowmetAerospace HWM 66.78 0.03
M&T Bank MTB 146.13 1.74 OwensCorning OC 168.08 -0.13 Reliance RS 286.31 1.59 t Starbucks SBUX 74.44 -14.05 wsj.com/market-data/bonds/benchmarks
ErieIndemnity ERIE 382.74 0.08 Hubbell HUBB 373.30 2.78 PDD PDD 124.49 -0.69 RenaissanceRe RNR 218.32 -0.93 StateStreet STT 73.11 0.62
MGM Resorts MGM 39.75 0.31
EssentialUtil WTRG 37.21 0.63 HubSpot HUBS 606.09 1.22 PG&E PCG 17.41 0.30 RentokilInit RTO 25.52 -0.10 SteelDynamics STLD 129.65 -0.47
EssexProp
EsteeLauder EL
ESS 245.47 -0.78 t Humana
127.37 -19.34 JBHunt
HUM 314.21 12.12
JBHT 163.52 0.95
MinisoGroup MNSO 22.20 -0.27
MKS Instrum MKSI 115.14 -3.84
PNC Finl
POSCO
PNC 153.98 0.72 Repligen RGEN 158.36 -5.84 Stellantis
PKX 72.04 0.49 RepublicSvcs RSG 186.00 -5.70 Steris
STLA 22.48 0.18
STE 205.04 0.48
Money Rates May 1, 2024
MPLX MPLX 41.59 -0.21
Etsy ETSY 69.74 1.07 HuntingtonBcshs HBAN 13.65 0.18 PPG Ind PPG 130.95 1.95 ResMed RMD 215.01 1.02 Stevanato STVN 28.23 0.19
Everest EG 369.90 3.49 HuntingIngalls HII 277.06 0.13
MSA Safety MSA 182.82 2.42
PPL PPL 28.00 0.54 RestaurantBrands QSR 73.22 -2.63 s StifelFinancial SF 79.85 -0.07
Key annual interest rates paid to borrow or lend money in U.S. and
MSCI MSCI 470.03 4.24
Evergy EVRG 52.94 0.49 HyattHotels H 149.01 0.22 PTC PTC 174.96 -2.48 Revvity RVTY 102.60 0.13 STMicroelec STM 38.74 -0.82 international markets. Rates below are a guide to general levels but
MagnaIntl MGA 47.64 -0.16
EversourceEner ES 61.62 1.00 ICICI Bank IBN 27.55 0.02 Paccar PCAR 106.34 0.23 RexfordIndlRealty REXR 42.39 -0.42 Stryker SYK 328.12 -8.38 don’t always represent actual transactions.
MakeMyTrip MMYT 67.52 1.31
ExactSciences EXAS 60.01 0.66 IdexxLab IDXX 468.04 -24.72 PackagingCpAm PKG 174.20 1.22 RioTinto RIO 67.50 -0.33 SumitomoMits SMFG 11.36 0.04
ManhattanAssoc MANH 207.77 1.71
Exelon EXC 37.84 0.26 ING Groep ING 15.93 0.13 PalantirTech PLTR 22.12 0.15 Rivian RIVN 9.21 0.31 SunComms SUI 112.78 1.46 Week —52-WEEK—
Expedia EXPE 133.14 -1.49 IQVIA IQV 232.94 1.17
ManulifeFinl MFC 23.57 0.25
PaloAltoNtwks PANW 287.34 -3.55 RobertHalf RHI 69.25 0.11 SunLifeFinancial SLF 51.49 0.45 Inflation Latest ago High Low
Maplebear CART 35.46 1.33
ExpeditorsIntl EXPD 111.99 0.68 ITT ITT 129.28 -0.06 ParamountA PARAA 21.46 0.77 Robinhood HOOD 16.65 0.16 SuncorEnergy SU 37.65 -0.54 March index Chg From (%)
MarathonOil MRO 26.10 -0.75
ExtraSpaceSt EXR 138.70 4.42 IcahnEnterprises IEP 17.40 -0.24
MarathonPetrol MPC 178.97 -2.75 ParamountB PARA 12.26 0.87 Roblox RBLX 36.58 1.02 SuperMicroComp SMCI 738.30-120.50 March Secondary market
ExxonMobil XOM 116.03 -2.24 Icon ICLR 301.61 3.73 ParkerHannifin PH 542.96 -1.95 RocketCos. RKT 12.36 0.08 Suzano SUZ 11.27 0.03 level Feb. '24
Markel MKL 1476.34 17.94 '23
F5 FFIV 166.62 1.31 IDEX IEX 221.38 0.92 t MarketAxess MKTX 206.24 6.15 Parsons PSN 77.63 -0.88 Rockwell ROK 269.75 -1.21 SynchronyFinl SYF 43.96 -0.02 Fannie Mae
FMC FMC 57.77 -1.24 IllinoisToolWks ITW 242.27 -1.84 Paychex PAYX 119.41 0.60 RogersComm B RCI 37.44 -0.03 Synopsys SNPS 522.18 -8.41
Marriott MAR 233.86 -2.27 U.S. consumer price index 30-year mortgage yields
FTI Consulting FCN 212.54 -1.29 Illumina ILMN 124.68 1.63
Marsh&McLen MMC 199.77 0.34
FactSet FDS 419.57 2.68 ImperialOil IMO 67.39 -1.56 All items 312.332 0.65 3.5 30 days 6.854 6.723 7.495 5.739
MartinMarietta MLM 590.86 3.79
FairIsaac FICO 1140.73 7.40 Incyte INCY 52.94 0.89 Core 317.088 0.53 3.8 60 days 6.875 6.735 7.554 5.739
MarvellTech MRVL 63.82 -2.09
Fastenal FAST 68.18 0.24 Informatica INFA 30.85 -0.12
FederalRealty FRT 104.28 0.11 Infosys INFY 16.77 0.06
Masco MAS 68.58 0.13 Dividend Changes International rates
FedEx FDX 260.73 -1.05 IngersollRand IR
Masimo MASI 134.01 -0.40 Other short-term rates
93.00 -0.32
Mastercard MA 442.07 -9.13 Amount Payable /
Ferguson FERG 211.43 1.53 Ingredion INGR 114.30 -0.29 Company Symbol Yld % New/Old Frq Record Week 52-Week
MatadorRscs MTDR 61.08 -1.22 Week 52-Week
Ferrari RACE 415.94 0.24 InspireMedical INSP 244.00 2.34 Latest ago High Low
MatchGroup MTCH 31.18 0.36 Increased Latest ago high low
FidNatlFinl FNF 50.14 0.64 Insulet PODD 170.27 -1.67
McCormickVtg MKC.V 75.31 -0.24
FidNatlInfo FIS 67.20 -0.72 Intel INTC 30.37 -0.10 CVR Partners UAN 11.6 1.92 /1.68 Q May20 /May13 Prime rates
s FifthThirdBncp FITB 37.10 0.64 InteractiveBrkrs IBKR 116.90 1.78
McCormick MKC 74.55 -1.51
IBM IBM 4.0 1.67 /1.66 Q Jun10 /May10 Call money
McDonald's MCD 274.43 1.39 U.S. 8.50 8.50 8.50 8.00
FirstCitizBcshA FCNCA 1675.99 -10.77 ICE ICE 128.68 -0.08
McKesson MCK 531.10 -6.11 North Eur Oil Royalty Tr NRT 6.2 .20 /.05 Q May29 /May17 7.25 7.25 7.25 6.75
FirstHorizon FHN 15.06 0.14 InterContinentl IHG 98.85 0.50 OneMain Holdings OMF 8.1 1.04 /1.00 Q May17 /May10 Canada 7.20 7.20 7.20 6.70
Medpace MEDP 397.86 9.51
FirstSolar FSLR 177.58 1.28 IBM IBM 164.43 -1.77
Medtronic MDT 80.89 0.65
Japan 1.475 1.475 1.475 1.475 Commercial paper (AA financial)
FirstEnergy FE 38.70 0.36 IntlFlavors IFF 83.99 -0.66
MercadoLibre MELI 1456.51 -2.19
Reduced 90 days 5.34 5.34 5.54 5.04
Fiserv FI 148.86 -3.81 IntlPaper IP 35.28 0.34 Leggett & Platt LEG 13.8 .05 /.46 Q Jul15 /Jun14 Policy Rates
Merck MRK 128.80 -0.42
t FiveBelow FIVE 141.93 -4.41 Interpublic IPG 30.50 0.06
MetaPlatforms META 439.19 9.02 Euro zone 4.50 4.50 4.50 3.50 Secured Overnight Financing Rate
Flex FLEX 26.34 -2.31 Intra-Cellular ITCI 72.73 0.92 Stocks Switzerland 2.00 2.00 2.25 2.00
MetLife MET 71.88 0.80 5.34 5.31 5.40 4.81
Floor&Decor FND 109.29 -1.04 Intuit INTU 615.20 -10.42
Mettler-Toledo MTD 1249.75 20.05 Safe & Green Holdings SGBX 1:20 /May02 Britain 5.25 5.25 5.25 4.25
FlutterEnt FLUT 189.76 3.50 IntuitiveSurgical ISRG 371.70 1.08
MicrochipTech MCHP 88.79 -3.19 Zhihu ADR ZH 1:6 /May10 Australia 4.35 4.35 4.35 3.85 Value 52-Week
FomentoEconMex FMX 118.09 0.43 InvitatHomes INVH 34.08 -0.12 Latest Traded High Low
MicronTech MU 109.70 -3.26 Foreign
FordMotor F 12.20 0.05 IronMountain IRM 78.10 0.58
Microsoft MSFT 394.94 5.61 Overnight repurchase
Fortinet FTNT 63.53 0.35 ItauUnibanco ITUB 6.10 0.05
MicroStrategy MSTR 1028.27 -36.76
Amcor AMCR 5.1 .125 Q Jun11 /May22 DTCC GCF Repo Index
Fortis FTS 39.52 0.23 Cent Ele Brasil pfd. ADR EBR.B 4.5 .35652 A May16 /May09 U.S. 5.37 5.37 5.48 4.85
J K L MidAmApt MAA 130.62 0.62 Treasury 5.371 29.210 5.504 4.873
Fortive FTV 75.44 0.17 Centrais Elet Brasil ADR EBR 0.8 .07897 A May16 /May09
FortuneBrands FBIN 71.11 -1.99
Middleby MIDD 137.51 -1.46
Dynagas LNG 8.75% Pfd. B DLNGpB 10.5 .69853 Q May22 /May15 U.S. government rates MBS 5.412 50.750 5.689 4.895
JD.com JD 29.27 0.38 MitsubishiUFJ MUFG 9.91 -0.04
FoxA FOXA 31.33 0.32 JPMorganChase JPM 191.86 0.12 HSBC Holdings ADR HSBC 6.9 .50 Q Jun21 /May10 Notes on data:
FoxB FOX 28.87 0.19 Jabil
MizuhoFin MFG 3.85 -0.02 Discount
JBL 114.38 -2.98 Mobileye MBLY 28.87 1.32 HSBC Holdings ADR HSBC 6.9 1.05 Jun21 /May10 U.S. prime rate is the base rate on corporate
Franco-Nevada FNV 121.83 1.43 JackHenry JKHY 162.52 -0.17 Moderna MRNA 111.46 1.15 Restaurant Brands Intl QSR 3.2 .58 Q Jul05 /Jun21 5.50 5.50 5.50 5.00
loans posted by at least 70% of the 10 largest
FranklinRscs BEN 22.77 -0.07 JacobsSolns J Triton Intl Pfd. A TRTNpA 8.3 .53125 Q Jun14 /Jun07
143.19 -0.34 MohawkInds MHK 114.87 -0.45
Federal funds U.S. banks, and is effective July 27, 2023. Other
FreeportMcM FCX 49.91 -0.03 JamesHardie JHX 34.66 0.16 Triton Intl Pfd. B TRTNpB 7.9 .50 Q Jun14 /Jun07 prime rates aren’t directly comparable; lending
MolinaHealthcare MOH 338.87 -3.23
FreseniusMedCare FMS 21.22 0.18 JefferiesFinl JEF 43.22 0.16 Effective rate 5.3300 5.3300 5.3500 4.8400 practices vary widely by location; Discount rate
MolsonCoorsB TAP 57.08 -0.18 Triton Intl Pfd. C TRTNpC 7.5 .46094 Q Jun14 /Jun07
FullTruck YMM 8.52 -0.09 J&J High 5.6500 5.6500 5.6500 5.1500 is effective July 27, 2023. Secured Overnight
JNJ 151.18 6.59 monday.com MNDY 189.95 0.62 Triton Intl Pfd. D TRTNpD 7.5 .42969 Q Jun14 /Jun07
Futu FUTU 64.10 -0.21 JohnsonControls JCI Financing Rate is as of April 30, 2024. DTCC
60.47 -4.60 Mondelez MDLZ 70.69 -1.25 Triton Intl Pfd. E TRTNpE 7.1 .35938 Q Jun14 /Jun07 Low 5.3100 5.3100 5.3300 4.8000
GCF Repo Index is Depository Trust & Clearing
G H I JonesLang JLL 180.41 -0.29
JuniperNetworks JNPR 34.89 0.07
MongoDB MDB 373.33 8.15
MonolithicPower MPWR 652.59 -16.74 Special
Bid 5.3300 5.3300 5.3300 4.8300 Corp.'s weighted average for overnight trades in
Offer 5.3500 5.3400 5.3700 4.8700 applicable CUSIPs. Value traded is in billions of
GE Aerospace GE 159.70 -2.12 KB Financial KB 53.68 -0.29 MonsterBev MNST 53.54 0.09 Hercules Capital HTGC 8.3 .08 May21 /May14
U.S. dollars. Federal-funds rates are Tullett
GE HealthCare GEHC 78.26 2.02 KBR KBR 65.56 0.62 Moody's MCO 372.89 2.56 Note: Dividend yields as of 3:30 p.m. ET Treasury bill auction Prebon rates as of 5:30 p.m. ET.
GE Vernova GEV 151.67 -2.04 KE Holdings BEKE 14.95 -0.17 MorganStanley MS 91.54 0.70 Sources: FactSet; Dow Jones Market Data 4 weeks 5.275 5.280 5.840 3.830
GFLEnvironmental GFL 31.86 -0.04 KKR KKR 95.12 2.05 Morningstar MORN 287.34 4.69 Sources: Federal Reserve; Bureau of Labor
GSK GSK 42.57 1.13 KLA KLAC 666.04 -23.25 Mosaic MOS 29.93 -1.46 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.250 5.255 5.345 5.060 Statistics; DTCC; FactSet;
Gallagher AJG 238.80 4.11 Kanzhun BZ 19.53 -0.26 MotorolaSol MSI 336.00 -3.15 spin-off. 26 weeks 5.165 5.160 5.350 4.890 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SeriesBondFd 8.71 +0.03 -2.8 SrsEmrgMkt 17.84 -0.02 2.9 JPMorgan R Class R2030 24.56 -0.03 2.6 MuShtAdml 15.69 +0.01 0.5 WndsrII 44.97 -0.03 4.9
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.44 -0.05 3.6 SrsGlobal 14.15 -0.02 2.2 CoreBond 9.95 +0.04 NA Putnam Funds Class A PrmcpAdml r 164.49-0.58 5.2 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.32 +0.03 -8.2 SrsGroCoRetail 21.44 -0.09 10.1 CorePlusBd 7.00 +0.02 NA PutLargCap p 33.74 -0.01 9.6 RealEstatAdml 112.96
+0.16 -9.0 ExtndIstPl 308.12 +1.11 0.4
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 24.57 +0.08 -1.9 SrsIntlGrw 17.62 -0.01 2.9 Lord Abbett I Putnam Funds Class Y SmCapAdml 102.50 +0.12 0.6 IdxIntl 18.89 -0.02 1.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 138.00 -0.34 4.9 SrsIntlVal 12.27 -0.03 5.1 ShtDurInc p 3.82 ... 0.9 PutLargCap 33.75 -0.01 9.7 SmGthAdml 85.13 +0.11 0.3 MdCpGrAdml 96.12 -0.18 1.9
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 17.45 -0.05 5.0 TotalBond 9.25 +0.03 -2.2 Metropolitan West Schwab Funds STBondAdml 9.95 +0.02 -0.5 MdCpVlAdml 77.08 -0.12 3.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.39 -0.02 1.8 Fidelity SAI TotRetBdI NA ... NA 1000 Inv r 107.90 -0.32 5.4 STIGradeAdml 10.11+0.01 0.1 SmValAdml 77.56 +0.09 0.8
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.02 +0.03 -2.9 TotalBd 8.76 +0.03 -2.0 TRBdPlan NA ... NA S&P Sel 77.24 -0.26 5.7 STIPSIxAdm 23.99 +0.01 0.8 TotBd2 9.21 +0.03 -2.8
Fidelity Advisor I U.S.TreBdIdx 8.50 +0.03 -2.8 MFS Funds TSM Sel r 84.97 -0.21 4.9 TotBdAdml 9.32
+0.03 -2.9 TotIntlInstIdx r 126.36 -0.13 1.9
Total Bd 9.23 +0.03 -2.3 Fidelity Selects IIE 33.35 -0.03 1.2 TIAA/CREF Funds TotIntBdIdxAdm 19.35
+0.02 -1.2 TotItlInstPlId r 126.40 -0.13 1.9
Wednesday, May 1, 2024 Fidelity Freedom Semiconductors r 28.87 -1.02 19.1 MFS Funds Class I EqIdxInst 35.33 -0.08 NA TotIntlAdmIdx r 31.60
-0.03 1.8 TotSt 120.68 -0.30 4.8
Net YTD Net YTD Net YTD FF2030 16.85 ... 1.7 Softwr 26.25 +0.12 -3.3 GrowthI 190.75 -0.08 10.9 IntlEqIdxInst 22.38 -0.02 2.4 TotStAdml 120.71
-0.30 4.9 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 14.91 -0.01 2.6 Tech 30.29 -0.39 6.2 ValueI 49.65 +0.04 4.8 LrgCpGrIdxInst 55.10 -0.19 NA TxMCapAdml 259.27 -0.65 5.2 BalInst 44.99 -0.01 1.9
FF2040 10.88 -0.02 3.7 First Eagle Funds Natixis Funds VANGUARD ADMIRAL TxMIn r 15.55
-0.01 1.6 DevMktsIndInst 15.57 -0.02 1.5
AB Funds Artisan Funds US CoreEq2 33.87 -0.08 4.6 Freedom2030 K 16.84 ... 1.8 GlbA 65.93 +0.04 4.5 LSGrowthY 24.58 -0.05 5.8 500Adml 463.42 -1.59 5.7 DevMktsInxInst 24.33 -0.03 1.5
MuniIncmShares 10.91 +0.03 -0.5 IntlVal Inst 47.46 +0.18 3.3 US Small 43.88 +0.10 -0.8 USGroAdml 156.56 -0.13 6.7
Freedom2035 K 14.89 -0.01 2.6 Franklin A1 Northern Funds BalAdml 44.98 -0.01 1.9
ValAdml 60.86
-0.19 5.1 ExtndInst 124.86 +0.45 0.4
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Idx2030InsPre 19.08 ... 0.9 FrankTemp/Frank Adv Old Westbury Fds CapOpAdml r 187.38 -0.48 4.6 InPrSeIn 9.22 +0.01 -1.6
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+0.11 -0.3
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Ultra 79.24 -0.35 6.3 BlackRock Funds Dodge & Cox WelltnAdml 72.85
+0.01 2.6
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American Funds Cl A HiYldBd Inst 6.97 ... 1.4 Balanced 101.46 -0.10 1.9 DynaTech A 144.50 -1.02 8.1 ParnEqFd 4.3 EqIncAdml WndsrAdml 73.91
-0.04 2.0
Idx2045InsPre 23.83 -0.03 2.9 57.39 -0.25 87.29 -0.17 4.2 InstTStPlus 85.95 -0.22 4.9
AmcpA 40.03 -0.09 5.0 BlackRock Funds III GblStock 15.38 -0.02 3.1 VANGUARD FDS
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P2JW123000-6-B01000-1--------XA

B10 | Thursday, May 2, 2024 * ** ** * THE WALL STREET JOURNAL.

MARKETS

S&P 500 Slips After Fed Meeting Goldman

Promotes
No major surprises
from central bank as Partner to
indexes show
measured moves Deal Role
BY SAM GOLDFARB BY LAUREN THOMAS

The S&P 500 extended its re- Goldman Sachs has pro-
cent slide after the Federal Re- moted one of its partners to
serve kept rates at their highest help drive dealmaking efforts
level in more than 20 years. as the investment bank aims
The broad index fell 0.3%, to stay atop the closely moni-
deepening its losses from Tues- tored rankings of merger ad-
day, when it registered its larg- visers.
est drop since late January. The Dan Blank has been named
tech-heavy Nasdaq Composite co-chair of Goldman’s global
fell 0.3%. The merger-and-acquisition group,
WEDNESDAY’S Dow Jones In- according to an internal memo
MARKETS dustrial Aver- seen by The Wall Street Jour-
age rose 0.2%, nal. He now holds the title
or roughly 87 points. alongside Gene Sykes, Tim In-
Investors had widely ex- grassia, Dusty Philip and Gil-
pected the central bank to keep berto Pozzi.
rates unchanged but were on Blank, 47, joined Goldman
edge for clues about how they in 2021. Previously, he led
might move in 2024 and be- Morgan Stanley’s North Amer-
ANGUS MORDANT/BLOOMBERG NEWS

yond after a string of firmer- ican Industrials Investment

than-expected inflation data. Banking business.
During his postmeeting Recently at Goldman, Blank
news conference, Fed Chair Je- worked with theme-park oper-
rome Powell said it would likely ator Six Flags on its merger
take longer than expected for with industry rival Cedar Fair
the central bank to have confi- and with portable-building
dence inflation is moving to- provider McGrath RentCorp in
ward its 2% target. But he also Amazon.com shares gained 2.3% after the artificial-intelligence boom powered growth in its cloud-computing businesses. its deal to be acquired by
tamped down speculation that Willscot Mobile Mini Holdings.
the Fed might need to raise tions for short-term rates set Index performance on Wednesday after the artificial-intelligence Goldman last month re-
rates again to fully control in- by the Fed, slid early on in boom powered growth in its ported strong first-quarter
1.5%
flation. Powell’s news conference but cloud-computing businesses. profit that was bolstered in
“The good news was that then retraced most of those de- Among laggards, Starbucks part by solid performance in
there was no major surprise,” clines. The yield on the 10-year Dow Jones Industrial Average
fell 16% after the coffee seller the firm’s core investment-
said Kevin Gordon, senior in- benchmark Treasury note was 1.0 reported a sharp slowdown in banking division.
Nasdaq Composite
vestment strategist at Charles sitting around 4.63% in late af- visits. Weak earnings also drove The first quarter of the year
Schwab. He said the Fed wasn’t ternoon trading, according to S&P 500 down CVS Health shares by showed signs of improvement
overreacting to the recent infla- Tradeweb, down from 4.683% 17%. after a slow patch overall for
tion data but was also signaling Tuesday. It is still up sharply 0.5 At midday Thursday, Japan’s dealmaking, with several siz-
that the bar was high for cut- from 3.860% at the end of last Nikkei 225 was up 0.1% and able acquisitions announced,
ting rates. year. Hong Kong’s Hang Seng Index including Capital One’s more
Stocks had been mixed head- The Fed’s interest-rate deci- 0 was up 2%. S&P 500 futures than $35 billion deal for Dis-
ing into Powell’s comments. sion and Powell’s news confer- were up 0.5%. cover Financial Services and
They jumped briefly during his ence capped a busy day for design-software maker Synop-
remarks, only to later give up traders, who also were con- sys’ roughly $35 billion acqui-
those gains. fronted with a batch of eco- –0.5 AUCTION RESULTS sition of Ansys. Still, invest-
Here are the results of Wednesday's Treasury
Investor concerns about in- nomic data and a slew of earn- auction. All bids are awarded at a single price at the ment-banking activity remains
flation and interest rates have ings reports from major market-clearing yield. Rates are determined by the below historic norms.
difference between that price and the face value.
been the primary drag on companies. Five-minute intervals Goldman is ranked as the
–1.0
stocks in recent weeks. After a A report of weaker-than-ex- 17-WEEK BILLS top investment-banking ad-
strong start to 2024, the S&P pected manufacturing activity, 10 a.m. 11 noon 1 p.m. 2 3 4 Applications $181,168,079,100
viser globally so far this year
Accepted bids $60,191,057,100
500 closed out its worst month and drop in job openings, had Source: FactSet " noncompetitively $710,516,500 in terms of deal value, putting
" foreign noncompetitively $0
since September on Tuesday. only a marginal impact on mar- Auction price (rate) 98.266236
it ahead of JPMorgan Chase
The index is still up 5.2% this kets, but the earnings reports ledger, pharmaceutical giant part to signs of resilience in (5.245%) and Morgan Stanley, according
Coupon equivalent 5.412%
year. led to big moves in some Pfizer gained 6.1% after its sales of its Covid-19 treatment Bids at clearing yield accepted 50.12%
to Dealogic. Global deal vol-
Treasury yields, which stocks. first-quarter earnings topped Paxlovid. Cusip number 912797LA3 umes are up about 22% year to
largely reflect investor expecta- On the positive side of the analysts’ estimates, thanks in Amazon.com gained 2.3% The bills, dated May 7, 2024, mature on Sept. 3, 2024. date.

KKR Sees the Private-Equity Pipeline Accelerating

BY ROD JAMES all our businesses…in particu-
lar, the private-equity pipe-
The market for private-eq- line, which is up significantly,”
uity deals shows strong signs Nutall said during an earnings
of recovering and leaders of call Wednesday. More readily
buyout firm KKR see an accel- available bank financing will
eration in their transaction make it easier for KKR to sell,
pipeline after a drop-off dur- refinance and publicly list the
ing this year’s first quarter. companies it already owns, he
Co-Chief Executive Scott added.
Nuttall referred to a loosening The slower pace of the New
in credit used to support deals York firm’s private-equity in-
as the year began as a key to vesting during the just-ended
providing financial grease for quarter had more to do with
the wheels of dealmaking. the timing of deal closings
“The leveraged credit mar- than with a lack of investment
ket opened up in January. We opportunities, Nuttall said on
are starting to see this impact the call with securities ana-
lysts.
KKR spent $1.1 billion on
acquiring privately owned
businesses during the first
quarter, compared with $2.86
billion in the same period a
year earlier.
In one of its largest recent
deals, KKR closed its acquisi-
tion of healthcare-technology
business Cotiviti Wednesday,
Nuttall said. KKR agreed to ac-
quire Cotiviti in February from
buyout firm Veritas Capital in
a transaction that valued the
South Jordan, Utah-based
business at around $11 billion.
Two large corporate carve-
out transactions remain pend-
ing for the firm, one in Europe
and one in the U.S., according
to Craig Larson, a KKR part-
ner and head of investor rela-
tions. KKR sees many opportu-
nities in the Asian private-
equity market, particularly
Japan, Larson said. The firm
also has pending investments
such as a major infrastructure
deal in Italy, as well as trans-
actions in Germany and Portu-
gal, he added.
In KKR’s credit strategy, the
firm issued $7 billion in loans
during the first quarter, com-
pared with $2.23 billion in the
same period a year ago, ac- 13% to $471 billion over the 12
cording to an earnings presen- months through March.
tation posted Wednesday. KKR raised $31 billion in
Most of the new debt went to net new capital during the
private-equity-owned busi- just-ended quarter compared
nesses looking to finance ac- with $11.7 billion in the year-
quisitions or was underpinned earlier period, an increase
by financial or physical assets that helped drive the firm’s fi-
as asset-based loans. nancial results. Overall, KKR’s
The firm’s fee-related earn- assets under management
ings jumped 22% to $669 mil- rose 13% from a year earlier to
lion in the latest quarter com- $578 billion by the end of
pared with last year’s first March, including $240 billion
quarter. Fee-paying assets un- of “perpetual capital” whose
der management—a focal 22% growth largely stemmed
point for many equity ana- from wholly owned insurer
lysts, who prize contractually Global Atlantic’s operations,
guaranteed income—climbed according to the presentation.

BP Focuses
On the Gulf
Of Mexico
Continued from page B1
bent advantage—and make
smaller upstream acquisitions
TOBY HARRIMAN FOR THE WALL STREET JOURNAL (2)

while boosting its onshore U.S.

natural-gas production.
BP also has been the focus
of persistent speculation about
its vulnerability as a takeover
target. Some analysts and in-
vestors think it is only a matter
of time before Europe’s biggest
oil-and-gas companies consoli-
date, either through outright
mergers or a combination of
joint ventures and spinoffs of
core businesses with other U.S. The Thunder Horse oil platform stretches for roughly three football fields and pumps crude from more than a mile below the water’s surface.
or European companies or gov-
ernment-backed players in the down last September over un- Bluebell Capital Partners, But the profit margins have BP is finding new ways to ing what is already in the wa-
Middle East. disclosed details of work rela- want less spending on green to be right, he said. “I’m going cut costs, avoid downtime and ter where possible to cut costs
BP has said it is confident tionships. energy and more on fossil fu- to be super-focused on re- improve safety in the Gulf of and time to production.
its strategy is bearing fruit Auchincloss, the former fi- els. turns.” Mexico, Auchincloss said in a From its original design to
now and will continue to do nance chief, stepped into the BP under Auchincloss has Paleogene oil costs more to February interview. The com- completion over more than a
so. role permanently in January said it has the capacity to in- bring up, says Mfon Usoro, se- pany is testing out artificial in- decade, BP reduced Argos’s
BP’s existing Gulf of Mexico and pushed the company fur- crease oil production by 2% to nior energy analyst with re- telligence that can predict costs about 60%, Starlee Sykes,
footprint and prospects are a ther back to fossil fuels, which 3% through 2027. search firm Wood Mackenzie. equipment failures by sending BP’s then-head of Gulf of Mex-
prime asset for the company, currently produce higher re- He told investors in Febru- An ultra-high-pressure barrel masses of data back to central ico and Canada deep water op-
and give it room to grow there, turns than many alternative ary that the company has the will require capital investment engineering nerve centers in erations, said in an interview
but the clock is ticking as the energy sources such as wind potential to move forward with of $13 to $15, compared with $6 Houston and near London. last year when the platform
world transitions to other fu- and solar. the Paleogene projects, called to $9 for conventional Gulf of “Gen AI can sort it, it can started production. Sykes now
els. In its bid to attract more Kaskida and Tiber, as well as Mexico operations, Usoro says. structure it, can communicate runs BP’s biogas business, Ar-
BP’s public embrace of the U.S. shareholders, BP is under expansion projects in Brazil, But aside from costs, BP and it back to the engineers and chaea Energy.
Gulf is a component in the pressure to keep cash flowing Canada and the Middle East. other Gulf producers also cite scientists much faster than hu- “I don’t think you’ll see
company’s shift back toward its through buybacks and divi- He added that if enough of the less-intensive carbon emis- mans,” he said. many more Argoses or Thun-
oil-and-gas roots, which started dends. Some investors, includ- those projects pan out, “then I sions of oil from the basin, BP has focused on smaller, der Horses,” Sykes said in an
last year under Looney. In a ing a small but vocal London- think we can do better than which ties into companies’ more-efficient offshore plat- earlier interview. “These are
surprise move, he stepped based activist fund called that 2% to 3%.” pledges to reduce emissions. forms, linking to and replicat- giant platforms.”
P2JW123000-0-B01100-2--------XA

THE WALL STREET JOURNAL. Thursday, May 2, 2024 | B11

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Amazon Gets More Fuel for AI Race Food Makers

Hope for
Capital spending will go up, but record operating margins driven by retail, cloud and ads ease the pain
Big tech companies are having a Amazon’s operating margin, Share-price performance, it this way.”
A Revival
spending party this year, and the quarterly past 12 months He added there is a lot of room
biggest tech of all won’t be sitting 12% 100%
to improve on the cost structure Makers of packaged food in the
it out. It helps that Amazon.com’s of the retail business, where profit U.S. are pinning their hopes on a
investors have been there before. Amazon margins hit a high in the quarter. sales recovery later this year. But
The sector’s sales leader posted 10 80 That strongly suggests Amazon investors aren’t so sure.
Alphabet
strong first-quarter results on Microsoft might be past the days in which Kraft Heinz on Wednesday re-
Tuesday. Revenue growth beat 8 60 its infamous “investment modes” ported results that didn’t go down
Wall Street’s targets across nearly crater its profits. Credit can be well with Wall Street. Organic
all of the company’s segments, 6 40
given to a growing mix of higher- sales, which strip out currency
while operating income more than margin businesses such as cloud and merger impacts, fell 0.5% from
tripled year over year to a high of computing, advertising and sub- a year earlier in the first quarter.
$15.3 billion, beating analyst esti- 4 20 scription-based services. Ad reve- This was flattered by higher
mates by 36%. That put Amazon’s nue jumped 24% year over year to prices: underlying volumes de-
operating margin above 10% for 2 0 $11.8 billion in the recent quarter, clined 3.2 percentage points.
the first time in the company’s and that was with a light ad load The company’s shares fell 6%
history, according to data from for now on its Prime Video with rivals like General Mills and
0 –20
S&P Global Market Intelligence. streaming service. J.M. Smucker declining. All three
Investors weren’t fazed by Am- 2018 ’19 ’20 ’21 ’22 ’23 ’24 June 2023 Jan. ’24 AWS revenue rose 17% year are down significantly over the
azon’s projection for revenue and Sources: the company (operating margin); FactSet (performance) over year—up 4 percentage points past 12 months, compared with
earnings growth in the second from the December quarter and handsome gains in the broader
quarter being a bit below Wall nearly $49 billion in capital expen- after their reports. Amazon’s the best growth rate that segment market.
Street’s projections. That has be- ditures and equipment finance shares—up by two-thirds over the has seen in more than a year. The Kraft Heinz cited several rea-
come commonplace for a company leases last year. past 12 months—ended up rising a cloud segment delivered record sons for the weakness, including
known to issue conservative fore- That message was similar to the bit in after-hours trading. operating profit of $9.4 billion, reduced food-stamp benefits. This
casts; Amazon’s operating income ones Microsoft, Google and Meta Some credit for that should go 25% higher than Wall Street’s esti- isn’t surprising, as these benefit
projection has been below ana- Platforms delivered last week. to Andy Jassy. Amazon’s chief ex- mates. AWS is now nearing annual cuts began in March 2023 for
lysts’ consensus forecasts for nine Those drew a mixed reaction from ecutive officer spent part of Tues- revenue of $100 billion, making it most states.
of the past 12 quarters, according investors. Meta’s plan to boost this day’s call detailing the strong de- the largest corporate software That means companies should
to data from FactSet. year’s capex by 12% drove the mand the company is seeing in its business next to Microsoft. see less of an impact—at least
The more closely watched pre- Facebook parent’s stock price AWS cloud business for generative The Everything Store needs ev- compared with a year earlier—
diction was for capital spending, down sharply the following day, AI workloads. He said: “We don’t erything going right to cover AI’s starting in the second quarter,
which Amazon said will go up while Microsoft and Google’s par- spend the capital without very growing bills. which is something Kraft Heinz re-
“meaningfully” this year from its ent Alphabet saw their shares rise clear signals that we can monetize —Dan Gallagher iterated on Wednesday.
So it was perhaps more worry-
ing that Kraft Heinz cited fresh
softness in its “away from home”

New Cannabis Label Leaves Pot Stocks in Limbo

business in the U.S., which pro-
vides products like ketchup to res-
taurants and other venues. This
suggests consumers could be pull-
ing back more broadly from dis-
Soon, cannabis might no longer cretionary spending.
be lumped in with heavy-duty Kraft Heinz maintained its out-
drugs such as heroin in America’s look for 0% to 2% organic sales
classification of controlled sub- growth this year, aided by pricing
stances. But most of the problems but also “volumes inflecting posi-
that made pot stocks a lousy in- tive in the second half of the
vestment will stick around. year.”
Cannabis stocks jumped Tues- It may take more than just lap-
day on reports that the Biden ad- ping a reduction in food-stamp
ministration will relabel it as a benefits for that to come true.
less dangerous drug. The Advisor- —Aaron Back
Shares Pure US Cannabis ETF, an
exchange-traded fund that tracks
a basket of American growers
such as Green Thumb Industries
and Trulieve, gained 25%. Mari-
juana could change from being a
AI Hype Meets
Schedule I substance, alongside
heroin, to a Schedule III substance Harsh Reality
such as codeine and testosterone.
Crucially, though, this wouldn’t lift
the federal ban on marijuana.
Of Supply
The development comes after
EVA MARIE UZCATEGUI/BLOOMBERG NEWS

the Biden administration launched It is a good time to be in the

a review of cannabis’s classifica- business of making AI chips and
tion in late 2022 and may be a nod servers. But even red-hot demand
to younger voters ahead of this can’t make supply magically appear.
year’s presidential election. Mari- Advanced Micro Devices saw
juana is big business: U.S. sales first-quarter revenue surge 80%
are expected to exceed $30 billion year over year in its data-center
in 2024, according to research segment that sells chips used to
firm BDSA, approaching one-third power artificial-intelligence ser-
the size of America’s tobacco in- vices. The company’s projection
dustry. Trading cannabis across state lines will remain forbidden, creating huge inefficiencies for growers. for the second quarter implied 95%
But there are hurdles to turning year-over-year growth for that key
the proposal into a reality. First, it isn’t allowed to deduct regular ex- uid exchanges in Canada, where vest elsewhere. Cannabis farmers segment.
needs to be reviewed by the White penses such as travel and rent the drug is fully legal. in Oregon are currently strug- But Wall Street was expecting
House; then the public will get a from their tax bill. The U.S. federal ban makes it gling to unload the 9.6 million robust numbers, having propelled
chance to comment. Groups that U.S. grower Verano estimated tricky for institutional investors to pounds of marijuana they har- AMD’s stock price up 77% over the
don’t want to see the drug treated that it could have saved over $80 own cannabis stocks, which vested in 2023—equivalent to past 12 months ahead of the re-
more leniently could mount a legal million from its roughly $149 mil- weighs on valuations. It is hard to more than 2 pounds for every res- port. Hence, even the company
challenge, lion 2023 tax bill without get a bank to act as custodian for ident. boosting its full-year projection for
slowing mat- this restriction. Lower tax U.S. marijuana shares, so institu- Although U.S. cannabis stocks AI-chip sales by 14% fell short of
ters down. bills would help legitimate tional ownership can be as low as have rallied this year, they have some more lofty expectations.
Donald Trump U.S. sales are companies to compete 10% for even the best growers. been a horrible long-term invest- AMD’s shares dropped roughly 9%
could try to approaching a more aggressively with un- The likes of BlackRock and Van- ment as investors have grown on Wednesday.
unpick the derground rivals. guard do have some exposure, but more cautious about the chances Sky-high expectations really
proposal if he third the size of Reclassification would it tends to be through proxies of full legalization. On average, the hurt Super Micro Computer,
wins back the
presidency, al-
America’s send a signal that the in-
dustry is gaining legiti-
such as cannabis real-estate in-
vestment trust Innovative Indus-
AdvisorShares index has lost 23%
annually since its inception in late
known as Supermicro. The com-
pany makes specialized AI servers
though this tobacco industry. macy and revive a push to trial Properties, which doesn’t 2020. Shares of companies such as using chips from AMD and more
would be a give cannabis companies “touch the plant.” Trulieve, Curaleaf, GTI and widely from Nvidia, and its growth
lengthy pro- access to regular banking Trading cannabis across state Cresco now change hands for has been on a tear, with first-quar-
cess. services such as checking lines will remain forbidden, creat- nearly 11 times their projected ter revenue of $3.85 billion triple
The most concrete business accounts through a bill called the ing huge inefficiencies for grow- earnings before interest, taxes, de- from a year ago. But that fell
benefit of reclassifying marijuana Safer Banking Act. ers. They must build cultivation preciation and amortization, on about 3% below Wall Street’s tar-
would be to dramatically improve But the proposal won’t fix other facilities in every state in which average, down from a peak of 22 get for the company’s third quar-
the cash flows of American grow- challenges. As long as cannabis re- they sell, including those with a times in early 2021. ter that ended in March. Supermi-
ers. Pot businesses currently pay mains illegal at the federal level, climate ill-suited to the heat-lov- Reclassification would provide a cro’s stock, which more than
effective tax rates of more than major stock exchanges such as ing marijuana plant, such as New welcome boost for pot stocks. tripled in value since the start of
70% because of the punitive treat- Nasdaq will probably remain re- York. And companies facing a glut Even if it happens, they will re- this year, fell 14% on Wednesday.
ment of cannabis under the so- luctant to let U.S. pot companies of produce in one part of the main a risky bet on the bigger Both companies noted in their
called 280E tax code. Any com- list. This means U.S. cannabis country can’t get relief from fall- prize of federal approval. earnings calls on Tuesday that
pany selling a Schedule I drug companies must trade on less liq- ing prices by shipping their har- —Carol Ryan supply constraints are weighing on
sales. “So there’s no question at all
that if we had more supply, we
have demand for that product,”

Things at Starbucks Are This Bad Share-price performance,

past six months
30%
AMD Chief Executive Lisa Su said
of its MI300 chips.
Supermicro CEO Charles Liang
noted supply shortages for its lat-
One way to gauge how bad things charge, Narasimhan is facing down Think of Best Buy’s successful S&P 500 est liquid-cooling systems, which
are at Starbucks: its stock price. some truly ugly numbers all “Renew the Blue” and Burger 20 are much in demand.
The coffee chain’s shares fell around the world. Despite higher King’s “Reclaim the Flame.” Those shortages are expected to
15.9% on Wednesday—about as prices, same-store sales in the U.S. But, as College of William and 10 be temporary. Supermicro nudged
much as on the day when investors market fell by the most since fear Mary professor and author Peter up its aggressive revenue target
realized a global pandemic would of Covid-19 kept people away in Atwater notes, Starbucks manage- for the fiscal year ending in June
0
shut down its cafes in March 2020. the first fiscal quarter of 2021. ment is in a quadrant he dubs the to a midpoint of $14.9 billion,
Another sign of the chain’s troubles And in China, which Schultz said “Passenger Seat.” It features cer- more than double what it made
is the over-the-top nature of the would become the coffee chain’s tainty but a lack of control. Schultz, –10 last year. But Supermicro has a
turnaround plan announced by most important market, same- who came back twice to lead turn- capital-intensive business model
Chief Executive Laxman store sales fell by the most since arounds at the chain, was the only –20 and said Tuesday that it may need
Narasimhan: “Triple Shot Reinven- Covid lockdowns five quarters ago. one actually in the driver’s seat, ac- to raise more capital if demand
tion With Two Pumps.” Yes, really. Hokey-sounding turnaround cording to Atwater. Starbucks keeps picking up. The AI gold rush
–30
Just a year after visionary boss plans have a bright side. They At the very least, one has to isn’t cheap, even for those supply-
Howard Schultz left the C-suite for show an appreciation for the wonder who was in control of nam- Dec. 2023 Jan. ’24 ing the picks and shovels.
the third time and left him fully in depths of a company’s problems. ing its action plan. —Spencer Jakab Source: FactSet —Dan Gallagher
P2JW123000-0-B01200-1--------XA

B12 | Thursday, May 2, 2024 THE WALL STREET JOURNAL.

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