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What’s
News
Business & Finance
 Bargain app Temu, which
has gained spectacular popu-
larity with American consum-
ers, is shifting business prior-
ities beyond the U.S., people
close to the company said. A1
 Walmart is cutting hundreds
of corporate jobs and asking
most remote workers to move
to offices, while staff in Dallas,
Atlanta and Toronto are being
relocated to other hubs. B1
 Archegos founder Bill
Hwang went on trial, with pros-
ecutors telling jurors the former
fund manager manipulated
markets and defrauded banks
before his firm collapsed. B1
 U.S. stocks ended mixed as
markets braced for new inflation
data. The S&P 500 was little
changed, while the Dow fell 0.2%
and the Nasdaq rose 0.3%. B11
 Anglo American rejected
a sweetened takeover pro-
posal from BHP that valued
it at almost $43 billion. B1
 Kraft Heinz is looking to
sell packaged-meats producer
Oscar Mayer as it works to ad-
just its business portfolio. B1
 SoftBank said its net as-
set value surged thanks to
its U.K. chip-design unit, Arm,
and that it had committed to
five investments in AI on the
scale of $1 billion each. B3
 Intel is in advanced ne-
gotiations for a transaction
in which Apollo would sup-
ply the chip giant more than
$11 billion to help it build a
new plant in Ireland. B4
World-Wide
 Michael Cohen, the star
witness in Trump’s hush-
money trial, told jurors that
the then-presidential candi-
date directed him to make a
payment to silence a porn star
whose story he feared could
derail his 2016 election bid. A1
 Battles between Israel and
Hamas intensified across the
Gaza Strip as mediators pushed
for a resumption of talks to
pause fighting and free hos-
tages held in the enclave. A6
 A military officer at the
Defense Intelligence Agency
resigned his commission in
protest at U.S. support for
Israel during its campaign
against Hamas in Gaza. A6
 Melinda French Gates, one
of the world’s most influential
philanthropists, resigned from
the foundation that she started
with her ex-husband, Micro-
soft co-founder Bill Gates. A3
 U.K. police charged three
men, including a U.K. Border
Force official, with allegedly
helping Hong Kong’s intelli-
gence services spy on dissi-
dents based in Britain. A7
 The FERC completed
new rules designed to ex-
pand the construction of big
power lines and bring more
renewable energy to U.S.
homes and businesses. A3
 Crews set off linked ex-
plosives to break down the
largest remaining span of
the collapsed Francis Scott
Key Bridge in Baltimore. A2
CONTENTS
Arts in Review........ A11
Business News......... B3
Capital Account....... A2
Crossword.................... A11
Equities........................... B7
Heard on Street..... B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
* * * * *
NASDAQ 16388.24 À 0.3%
Only Dogged Competitors Need Apply
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PUG SHOT: The 148th annual—that’s 1,036 in dog years—Westminster Kennel Club Dog Show concludes today in Flushing, N.Y.
Pugs were judged Monday. The show features 2,500 dogs and 200 breeds, including the newly recognized Lancashire Heeler.
Chinese Shopping App Cools on U.S.
As growth slows and
scrutiny of TikTok
rises, Temu seeks
users elsewhere
BY RAFFAELE HUANG
AND SHEN LU
The bargain app Temu,
which has gained spectacular
popularity with U.S. consum-
ers, is shifting business priori-
ties beyond the U.S., people
Small
Businesses
Pass Along
Inflation’s
Steady Pain
BY RUTH SIMON
Aluminum and cardboard
keep getting more expensive.
So do health insurance and
wages. Small-business owners
have said these are just a few
of the reasons they plan to
raise prices again this year.
“We have death by a thou-
sand paper cuts,” said Reid
Baker, president of Super-
Graphics, a commercial
printer in Seattle.
The 50-person firm rou-
tinely updates its software so
that increases in the cost of
materials can be incorporated
into new estimates as quickly
as possible. Management also
has begun uncomfortable con-
versations with customers
about boosting overhead and
labor charges to reflect higher
operating costs.
“I almost feel like it’s a mo-
mentum thing in the market-
place,” said Baker, whose com-
pany makes large signs used
in retail displays and corpo-
rate branding. “Someone else
is doing it. I need to do it to
keep up.”
Markets.................... B11 The cost pressures squeez-
Opinion............. A13-15
Personal Journal A9-10
ing small businesses—and their
Sports....................... A12 need to pass along those higher
Technology.............. B4 charges—help explain why in-
U.S. News........... A2-4 flation has been so stubborn.
World News...... A6-7
The Federal Reserve high-
lighted this month a “lack of
> further progress” toward
bringing inflation down and
Please turn to page A2
 Wall Street bets on a soft
landing..................................... B1
AI Meets Trusted
Communications
TUESDAY, MAY 14, 2024 ~ VOL. CCLXXXIII NO. 113 WSJ.com HHHH $5.00
STOXX 600 520.86 À 0.02% 10-YR. TREAS. À 6/32 , yield 4.479% OIL $79.12 À $0.86 GOLD $2,336.10 g $31.20 EURO $1.0790 YEN 156.22
Ex-Fixer
Testifies
Trump
Directed
Payment
Cohen says then-
candidate feared
porn star’s story
could hurt campaign
BY CORINNE RAMEY
AND ERIN MULVANEY
NEW YORK—Michael Co-
hen, the star witness in Don-
ald Trump’s hush-money trial,
told jurors Monday that the
then-presidential candidate
directed him to make a pay-
ment to silence a porn star
whose story he feared could
derail his 2016 election bid.
Cohen testified that in the
final stretch of the former
president’s first campaign,
adult-film actress Stormy
Daniels threatened to come
forward with her allegation of
an affair with Trump at a golf
close to the company said. publication The Information. rise in U.S. shopping. It also event a decade earlier. Trump
Temu, owned by Chinese It is a notable strategy shift helped fuel a political was fuming because he
firm PDD Holdings, wants to for a company that in less firestorm around apps with thought Cohen, his longtime
limit risks and seek other than two years became the Chinese roots. personal lawyer and fixer, had
sources of growth. One catalyst, U.S.’s second-most popular Then came the TikTok bill, handled the matter five years
the people said: TikTok’s trou- shopping app after Ama- requiring the popular video earlier, Cohen told the jury.
bles with the U.S. government. zon.com by monthly users. app’s Chinese owner to either “I thought you had this un-
Temu is focusing more on Temu said that its expansion sell it or face a U.S. ban, de- der control,” Cohen said Trump
acquiring users in other coun- to new markets doesn’t reflect spite years of costly efforts to told him, later instruct-
tries. It now expects less than a reduced emphasis on the address Washington’s data-se- ing, “Just take care of it.”
a third of its sales to come U.S. and that its decisions curity concerns. Worries Trump told Cohen to drag
from the U.S. this year, com- aren’t driven by the experi- about similar actions against out any negotiations on pay-
pared with 60% last year, the ence of another company. Temu have percolated among ment as long as possible. “Just
people said, a prediction ear- Temu’s Super Bowl ad blitz the PDD leadership since late get past the election,” Cohen
lier reported by the business in February highlighted its Please turn to page A8 Please turn to page A4
INSIDE There Aren’t Enough Babies,
Alarming the Whole World
Falling birthrates bring economic, social, political implications
BY GREG IP AND JANET ADAMY has over her lifetime below the global re-
placement rate of about 2.2. The falling birth-
The world is at a startling demographic rates come with huge implications for the
milestone. Sometime soon, the global fertility way people live, how economies grow and the
PERSONAL JOURNAL rate will drop below the point needed to keep standings of the world’s superpowers.
New tools reveal your population constant. It may have already hap- The baby bust is happening so quickly and
pened. so widely that it’s taken many by surprise. In
‘heart age,’ but some Fertility is falling almost everywhere, for high-income nations, fertility fell below re-
doctors doubt their
women across all levels of income, education placement in the 1970s, and took a leg down
usefulness. A10 and labor-force participation. Some estimates during the pandemic. It’s dropping in devel-
now put the number of babies each woman Please turn to page A8
How Maple-Syrup Cartel Keeps
Sticky Grip on Global Market
i i i
Quebec produces 72% of the world’s supply,
leaving Vermont to pine for the old days
BY VIPAL MONGA cartel to regulate global
prices. Without much argu-
Quebec and Vermont are ment, Quebec is known as the
their nations’ respective Saudi Arabia of maple syrup.
champions of maple-syrup Vermonter Pat Leclaire
making. It isn’t a fair fight. isn’t particularly impressed.
Vermont, about 9,600 “I was talking to a producer
square miles, has maple as the up in Quebec, and I said you
“official state flavor” and guys make the quantity,
boasts of more than six mil- but we make the qual-
lion sugar maple and red ity,” said Leclaire, 68
maple trees on tap. years old. He runs a
Quebec is a 595,000- maple farm of 1,200
square-mile province in trees in Charlotte, Vt.,
a country that features and started making
a maple leaf on its na- maple syrup on his
tional flag and hosts a family’s farm when he
maple-syrup cartel. Its was 8.
50 million syrup-pro- Buy by the jug. Leclaire sticks to
ducing maple trees the old-fashioned
yield around 72% of the ways. He uses a wood fire to
world’s supply. slowly boil the water of the
Quebec’s Global Maple maple sap, leaving behind the
Syrup Strategic Reserve— glutinous sweetener. “I com-
three high-security ware- pare boiling sap to Italian
houses big enough to hold cooking,’ he said. “The longer
221,000 barrels—allows the Please turn to page A10
P2JW135000-7-A00200-1--------XA

A2 | Tuesday, May 14, 2024 * ** ** ** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Trump Adviser Sees More to Do on Trade

F
ormer President yourself, you’re transferring dependence on China for Goods trade balance, Lighthizer says such pre- with excess savings.”
Donald Trump re- resources from your consum- products vital to economic share of world GDP* dictions are based on flawed This amounts to reimpos-
wrote the consensus ers to your producers, you’re and military security. models, arguing the dollar is ing capital controls, which the
on trade policy, so trying to…acquire other coun- Economists still disagree 1.0% driven by capital flows and its U.S. had largely abandoned by
China
much so that Presi- tries’ assets.” with Lighthizer on deficits, reserve status, not trade. the 1980s. Controls, though,
dent Biden largely copied it: Lighthizer makes it clear which they see as the natural 0.5 Nonetheless, a strong dol- could destabilize the Treasury
Prioritize domestic manufac- he is speaking only for him- outcome when a high-saving lar does tend to widen the market and prove difficult to
turing, deprioritize trade self, not for Trump. Nonethe- country like China trades with trade deficit. One possible re- enforce.
deals, sideline the World less, his opinions matter. He a high-consuming country like 0 SURPLUS
RPL sponse is currency interven- Though open to both ideas,
Trade Organization and em- remains an adviser and his the U.S. DEFICIT
EFIC tion, such as the 1985 Plaza Lighthizer prefers the simplic-
brace tariffs. name has been floated for po- Lighthizer agrees that defi- Accord, in which the U.S. and ity, flexibility and familiarity
-0.5
Other than Trump himself, sitions in a second Trump ad- cits reflect savings differen- its allies intervened to weaken of tariffs.
no one did more to refashion ministration. tials, but not that they are the dollar. Lighthizer is doubt-

A
that consensus than his trade From the early 1990s until natural. Rather, they result U.S. ful: “The global situation is nother problem: Truly
-1.0
ambassador, Robert Lighthi- 2016, presidents of both par- from other countries’ policies very different than in 1985.” reining in China’s sur-
zer. He has unfinished busi- ties pursued freer trade in the that suppress consumption He adds: “No policy adviser pluses would require all
ness. In a book published last belief that consumers would and subsidize exports. -1.5 that I know of is working on a its trading partners to act to-
year and in a recent interview, have access to cheaper goods An important influence is 2010 ’15 ’20 plan to weaken the dollar.” gether. But if the U.S. is hit-
Lighthizer describes an and U.S. workers could sell to Peking University finance pro- The Federal Reserve could ting everyone with tariffs, it
*At market prices and exchange rates
agenda encompassing an even bigger markets. Trade pacts fessor Michael Pettis, who has Sources: CEIC Data, Commerce Department,
in theory deter dollar inflows might invite retaliation. Allies
bigger shift in global trade. would also strengthen politi- written extensively on how International Monetary Fund, WSJ calculations by holding down interest may hedge their bets by cozy-
Despite the change in pol- cal and strategic ties with the China’s suppression of con- rates. But Lighthizer said in- ing up to China.
icy since 2016, global-trade U.S. sumption dictates that it run cies such as the banking sys- terfering with monetary pol- Lighthizer doubts others
imbalances persist, notably Lighthizer, who once a trade surplus and other tem, the labor system and in- icy is risky. “It’s a great ac- will retaliate and says it’s pos-
the U.S. deficit and China’s served President Ronald Rea- countries run deficits. As defi- dustrial policy. That’s why he complishment that America sible like-minded countries
surplus. Lighthizer thinks the gan, never bought into either cit countries lose incomes, backs Trump’s proposed uni- eventually got to an indepen- could organize a better trad-
elimination of these imbal- premise. “No one really be- they must either accept versal tariff of 10% plus a dent Federal Reserve system. ing system. He also calls secu-
ances via tariffs, and perhaps lieves in [free trade] outside higher unemployment or in- higher tariff on China, not as The last thing I’d suggest is to rity alliances “very good for
other tools such as capital the Anglo-American world, crease debt to replace lost a bargaining chip but to elimi- do anything to change it.” America and very good for
controls, ought to be the over- and no one practices it,” he spending power. nate the U.S.’s structural defi- There are two other possi- the world. NATO is essential.
arching U.S. policy goal. wrote in “No Trade is Free: Mainstream economists in- cit. bilities. Warren Buffett pro- Alliances in Asia are very im-
“I have migrated from Changing Course, Taking on creasingly agree China’s sur- This would potentially in- poses that imports require a portant.”
thinking we need superficial China, and Helping America’s pluses are harmful. “When volve a sweeping, and disrup- certificate issued only with a But he thinks the U.S. has
fair trade to realizing that Workers.” In deals struck the global market is flooded tive, reordering of supply corresponding export. Doug been wrong to assume trade
that is unachievable, and what from the 1990s on, “American by artificially cheap Chinese chains and consumption pat- Irwin, a Dartmouth trade relations determine countries’
we really need is balanced policy makers effectively de- products, the viability of terns, though tariff changes economist, said that would re- choice of friend. “People pick
trade,” Lighthizer said in an cided to let the rest of the American and other foreign typically come with a notice quire massive government in- their friends based on who
interview in Palm Beach, Fla. world make our trade policy.” firms is put into question,” and phase-in period. tervention that wipes out they think can help protect
“Not balanced every year and Treasury Secretary Janet Yel- Many economists doubt it most trade. them and who is going to

M
with every country, but over ainstream thought has
time and globally.” moved in Lighthizer’s
He added: “Every country direction. Even econo-
should be exporting in order mists acknowledge that the
to import. If you’re running shrinking U.S. manufacturing
chronic surpluses for decades, base, partly due to trade, has
then you are by definition a had collateral costs: “deaths
protectionist. You’re engaging of despair” in communities
in industrial policy to help devastated by lost jobs, and
len said in Beijing last month.
What to do? Yellen sug-
gested China expand retire-
ment benefits or spend more
on education to bolster con-
sumption. Beijing politely dis-
missed her complaints.
Lighthizer said a surplus
results from a range of poli-
would work. They say tariffs
reduce trade deficits when ex-
change rates are fixed, as un-
der the gold standard. When
exchange rates are flexible,
tariffs drive up the dollar,
which offsets the tariff’s im-
pact on imports and reduces
exports.
The other is a “market ac-
cess charge” on any country
investing the proceeds of its
trade surplus into U.S. assets
such as Treasury bills. “Tar-
iffs across the board punish
everyone equally,” Pettis said
in an interview. “Imposing a
capital tax hits only countries
win,” he says. “China’s whole
pitch is, ‘The time of America,
democracy and freedom has
gone, ours is the way of the
future, join us.’ The thing that
makes friends and allies is to
have the best economy, best
military and the best technol-
ogy in the world.”

U.S.WATCH
PRISONS
Three to Admit
Bulger Killing
Three men charged in the
2018 prison killing of notori-
ous Boston gangster James
“Whitey” Bulger have reached
CHONA KASINGER FOR THE WALL STREET JOURNAL (3)

plea deals with prosecutors,

according to court papers
filed Monday.
The plea deals for Fotios
“Freddy” Geas, Paul J. DeCol-
‘We have death by a thousand ogero and Sean McKinnon
paper cuts,’ said Reid Baker, were disclosed nearly six
right, president of Seattle- years after the 89-year-old
based SuperGraphics. Left, gangster was beaten to
people work on a public transit death in his cell at a West
display. Above, a display being Virginia prison.
printed for the side of a truck. Geas, a onetime Mafia hit-
man, and DeCologero, a Mas-

Inflation Percentage of small businesses that said these rising costs are
having a significant impact on their cost of doing business
How do you expect prices for
your product or service to
change during the next 12
labor and materials pricing for
all new estimates and, last
year, began projecting labor
sachusetts gangster, were ac-
cused of repeatedly hitting
Bulger in the head while

Pain Gets Labor 81% months? costs a few years out, instead
of relying on current wage
rates. The company also has
McKinnon served as a lookout.
DeCologero allegedly told an
inmate witness that Bulger

Passed On
Commercial insurance 68
started employing dynamic was a “snitch.”
pricing, a strategy that allows Geas and DeCologero were
Goods/inputs 67 Remain Increase it to charge higher rates for identified as suspects shortly
the same 53% new jobs when the order book after Bulger’s death, but were
Continued from Page One 42% is nearly full. uncharged for years as the
Employee benefits* 63
said it was holding interest Higher labor costs are the investigation dragged on.
rates at their highest level in biggest source of pain, with —Associated Press
two decades. Capital 57 more than 80% of entrepre-
More than half of small- neurs reporting that increases BALTIMORE
business owners said they in wages and benefits are hav-
plan to raise prices in the next
Rent 48 Decrease Don’t know/
ing a significant impact on
Bridge Span Blown
4% No opinion
12 months, according to a sur- *Includes health insurance 1% their businesses, according to Up In Demolition
vey of more than 450 entre- Sources: Goldman Sachs nationwide survey of 1,259 small business owners taken April 15-20 (cost of doing business); Vistage Worldwide survey of
an April survey of more than Crews set off a network of
preneurs conducted in April more than 450 entrepreneurs conducted in April (prices) 1,200 small businesses by Gold- explosives Monday to break
by Vistage Worldwide. Sixty- man Sachs. down the largest remaining
four percent of those surveyed sustainable as costs for materi- fourth-generation roofer. “We Pushing back on higher A.J. Nealey, the owner of span of the collapsed Francis
said they had increased prices als and labor jumped by 45% or don’t have a choice.” costs often isn’t much of an op- Nealey Tire & Auto in Edgewa- Scott Key Bridge in Baltimore.
in the 12 months prior, ac- more over a two-year period Unlike large corporations, tion these days. ter, Md., recently handed one The longest trusses toppled
cording to the business-coach- during the pandemic. The fam- small businesses typically don’t Berek Awend, chief execu- technician a 25% raise to keep away from the grounded Dali
ing and peer-advisory firm. ily-owned company raised its have large staffs that focus on tive of American Drapery Sys- him from decamping to a com- containership and slid off its
Penny Mendelsohn, presi- rates by a total of as much as costs and pricing, making ad- tems, a Minneapolis-based pro- petitor. “Last year, I had a lot bow, sending a wall of water
dent of McFar, a commercial 10% between 2020 and 2023 justing to rapidly rising costs vider and maker of commercial of poachers coming at my tech- splashing back toward the ship.
roofing company in Westbury, and will increase them again by more challenging. window treatments, recently nicians trying to steal them It marked a major step in
N.Y., said the business rarely an additional 2% to 5% this year. “We don’t have a team in asked one vendor for a better away,” Nealey said. freeing the ship, which has
adjusted prices in the decade “We’ve increased more in place that constantly goes back deal. The answer: The supplier Gross margins on charges been stuck amid wreckage
before Covid-19 hit. the last four years than we and evaluates all our contracts would waive the $150 shipping for services that involve labor since it lost power and crashed
That approach became un- had in 10,” said Mendelsohn, a and all our vendors. Literally, charge on orders of $10,000 or are hovering around 65%, be- into one of the bridge’s sup-
it’s me,” said Alyse Makare- more. “It used to be that I low the company’s target of port columns March 26.
wicz, founder of AMB Archi- could negotiate,” he said. 70% or so. “I am eating a good The collapse killed six con-
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099- CORRECTIONS  tects, which specializes in small
commercial projects.
The company is looking at
creative ways to bring in new
amount of that,” said Nealey,
who has implemented two in-
struction workers and halted
most maritime traffic through
AMPLIFICATIONS
9660) (Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241) The 11-person Houston ar- jobs at a lower cost. But real creases in labor rates, totaling Baltimore’s busy port. The de-
Editorial and publication headquarters: 1211
Avenue of the Americas, New York, N.Y. 10036
chitecture firm is raising hourly growth is harder to come by, 10%, in the past 12 months. molition will allow the Dali to
Published daily except Sundays and general legal
rates by 20% this year. It also is Awend said, because “even if At SuperGraphics, the Seat- be refloated and restore traf-
holidays. Periodicals postage paid at New York, N.Y., Amazon.com and Tesla are reviewing client accounts to we are selling more, we are tle printing company, Baker fic through the port.
and other mailing offices.
listed in the S&P 500’s con- determine which ones need to making less.” The company started the year expecting in- —Associated Press
Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett Rd., sumer-discretionary sector. A be renegotiated in response to continues to face higher costs. flation to cool, but that hasn’t
Chicopee, MA 01020.
Page One article Monday the higher costs that have Aluminum used for curtain been the case. Corrugated SOUTH
All Advertising published in The Wall Street Journal
about investor pressure on eroded profit margins. tracks now costs $1.31 a foot, prices have climbed 30% or
is subject to the applicable rate card, copies of
which are available from the Advertising Services company earnings incorrectly Some small businesses fear up from $1.19 in October. more since 2020, while health
Storms Cut Power
Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal said Amazon.com and Tesla that further price hikes could Facility Improvement, a pro- insurance premiums jumped To Thousands
reserves the right not to accept an advertiser’s
order. Only publication of an advertisement shall
are in the S&P 500’s commu- alienate customers. Makarewicz vider of building automation 18% last year. Starting pay now More than 15 million people
constitute final acceptance of the advertiser’s order. nication-services sector. worries that some clients could and security systems, recently stands at $22 an hour, up from from Texas to Florida were
Letters to the Editor: put contracts out for rebid, but tried asking for change orders $18 a few years back. under threat of severe storms
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
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Geomagnetic storms can she said doing nothing isn’t an in an effort to adjust the pricing Investments in automation and the potential for more
By web: customercenter.wsj.com; be associated with storms on option given that small busi- contracts signed a few years and centralized purchasing tornadoes Monday, many of
By email: support@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625) the sun known as coronal nesses like hers typically oper- ago. “I wouldn’t say we get have helped offset some infla- them in areas previously hit.
Reprints & licensing: mass ejections or with solar ate with modest cash cushions. laughed at, but almost,” said tionary pressure, but gross Some of the worst weather
By email: customreprints@dowjones.com;
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flares. A U.S. Watch article “If we’re a small business Chief Executive Shane Jette. margins are lower than they around midday Monday was in
WSJ back issues and framed pages: wsjshop.com Monday incorrectly said geo- and don’t go through this pro- The Great Falls, Mont., com- should be, Baker said. He would the Florida Panhandle, where
Our newspapers are 100% sourced from magnetic storms can cause so- cess, we don’t have the run- pany, which has more than 50 like to boost rates by 5% to 7% a tornado watch was in effect.
sustainably certified mills.
lar flares. way to weather a downturn,” employees, acts as a subcon- but thinks a 3% to 4% increase Roads flooded and stalled ve-
she said. “If I have to lay tractor on large projects. “We is all customers will tolerate. hicles in Escambia County, the
Readers can alert The Wall Street someone off because I can’t af- are held to the standard of the “People are tired of price National Weather Service re-
GOT A TIP FOR US? Journal to any errors in news articles
SUBMIT IT AT WSJ.COM/TIPS by emailing wsjcontact@wsj.com ford to keep them, that’s a big contracts above us,” Jette said. increases,” Baker said. “We ported.
or by calling 888-410-2667. huge deal.” The company has raised its are tired of price increases.” —Associated Press
P2JW135000-4-A00300-1--------XA

THE WALL STREET JOURNAL. * * * * Tuesday, May 14, 2024 | A3

U.S. NEWS

U.S. Sets
New Rules
To Break
Power Grid
Logjams
BY SCOTT PATTERSON

WASHINGTON—A little-
known but powerful regulator
has finalized sweeping new
rules designed to expand the

RAMSAY DE GIVE FOR THE WALL STREET JOURNAL (3)

construction of big power
lines and bring more renew-
able energy to U.S. homes and
businesses.
The rules approved by the
Federal Energy Regulatory
Commission, which oversees
wholesale electricity markets,
are expected to make it easier
for big regional transmission
projects to get approval.
FERC approved two rules
Monday, one that will require Clockwise from above: A part of the fence around William Harrison’s estate has been lowered to ease access for deer and elk; Eli Rael, who has been sued
companies that produce and for alleged trespassing; and Frank Vigil, who says he doesn’t think most people would be bothered by a short fence.
transmit electricity to weigh

Colorado Land Feud Pits Oil Heir vs. Locals

factors such as supply and de-
mand over at least two de-
cades and another that ad-
dresses permitting of critical
projects in areas that lack ade-
quate transmission capacity.
The rule requiring long-
term planning is “the biggest
single action by the federal
government to advance trans-
mission,” said Rob Gramlich,
president of Grid Strategies, a
power consulting firm.
The long-term plans will
need to account for the impact
of extreme weather tied to cli-
mate change along with the
cost of projects. By expanding
transmission capacity, regions
hit by weather disasters will
be more resilient because they
can access power from other
Owner of 80,000
acres wants a fence,
riling neighbors with
access historically
BY SHANNON NAJMABADI
SAN LUIS, Colo.—A land
fight that traces back to
America’s frontier West has
been reignited in this remote
stretch of Colorado-New Mex-
ico borderland.
On one side: residents of one
of the state’s poorest and most
lecting firewood or timber on Rocky Mountain Dry house built by his uncle, said he
his property and have chafed at doesn’t think most people
the use of surveillance cameras The construction of an 8-foot-high fence along part of the Cielo would be bothered if Harrison’s
Vista Ranch perimeter has sparked the latest conflict between
and drones.
the mountain estate’s owner and locals who have
estate had erected a type of
short fence that other landown-
court-sanctioned rights to access it. ers have. “We’re out in the
Land grant in 1840s Land access to Cielo Vista Ranch West, we know what fences
The land at issue was part of are,” said Vigil, 72. “Not that
an 1840s Mexican land grant Gate High fence Ranch estate thing over there that he’s build-
meant to motivate people to Low fence High fence Additional properties owned ing. That’s a prison.”
settle along the frontier in under construction by Cielo Vista Ranch
present-day Colorado. Mexico
ceded the region to the U.S. a $20 million offer
few years later, and the prop- Area of COLO. Harrison, who is chief execu-
erty was eventually sold to Wil- detail tive of an investment holding
liam Gilpin, Colorado’s first ter- Cielo Vista Ranch company, said some parts of
ritorial governor. But the sales the fence have been lowered to
N.M

parts of the country. heavily Hispanic communities, agreement had a crucial clause, allow deer and elk to jump
.

Most utilities already plan
for future demand and other
contingencies, but few do so
decades in the future. What
has resulted is a largely ad-
hoc national grid that has at
times left utilities behind the
curve amid shifting power
generation technologies, de-
mand and destructive weather
events fueled by climate
change.
who have long climbed the
Sangre de Cristo Mountains to
gather firewood and let their
cattle and sheep graze. On the
other side: a Texas oil and
ranching heir who purchased
some 80,000 acres in 2017 and
is trying to build an 8-foot-high
fence around part of the estate.
The dispute, which is tied up
in court proceedings, is an ex-
ample of the tug of war be-
according to court documents: over. The fence is necessary to
The new homesteaders had keep out trespassers, such as
been lured by a promise that poachers, and to corral his 60
they would have access to the or so bison, he said.
mountains and their re- He offered to give locals $20
sources—and that promise million and 10,000 acres in the
would have to be kept. northwestern portion of the es-
The arrangement is similar tate in exchange for giving up
to an easement in a deed, said San Luis A 2002 Colorado Supreme
their access rights. They turned
Jerome DeHerrera, a lawyer Court ruling said locals have a down the offer.
who has been involved in litiga- right to graze animals, gather The Sangre de Cristo Moun-
tion over the property for wood and harvest timber on tains are an economic lifeline
N

In Georgia, the state’s main
utility, Georgia Power, has in-
creased demand projections
sixteen-fold and plans to burn
more natural gas to meet that
demand. Virginia’s largest util-
ity, Dominion Energy, which
supplies electricity to most of
the state’s data centers, ex-
pects their power use to qua-
druple over the next 15 years,
representing 40% of the util-
ity’s demand in the state.
“Our country is facing an
unprecedented surge in de-
mand for affordable electricity
while confronting extreme
weather threats to the reliabil-
ity of our grid and trying to
stay one step ahead of the
massive technological changes
we are seeing in our society,”
FERC Chairman Willie Phillips
said Monday.
Republican Commissioner
Mark Christie voted against
the long-term planning rule,
which he said is unfair to con-
sumers and oversteps FERC’s
authority.
Across the U.S., plans for
myriad new power projects,
largely wind and solar, are
languishing due to delays in
their ability to connect to the
grid. The backlog of new
power projects, mostly solar,
wind and battery storage,
seeking to connect to the grid
jumped by 30% in 2023 from
the previous year, according to
a recent report by the Law-
rence Berkeley National Labo-
ratory. New projects “are
mired in lengthy and uncer-
tween private-property rights
and access to natural resources
in rural America, but lawyers
describe the Colorado case as
one of a kind. The landowner,
William Harrison, might have
bought the mountains, but hun-
dreds of locals have court-sanc-
tioned access to use it—and the
keys to enter through gates.
“There’s 700 of them and
one of me,” Harrison, 37, said,
estimating the current number
of locals with access.
Local officials have sued to
stop Harrison’s estate from
completing the fence. Harri-
son’s estate, in turn, has sued
several locals—including a
rancher named Eli Rael, who
said he was retrieving cattle
that had wandered—for alleg-
edly trespassing on neighbor-
ing property Harrison owns.
Other residents have accused
Harrison’s employees of intimi-
dating them when they are col-
Menendez Expected to Reveal Melinda French Gates
Personal Details During Trial Resigns From Foundation
BY JAMES FANELLI
AND CORINNE RAMEY
U.S. Sen. Bob Menendez is
expected to delve into his pen-
chant for hoarding gold bars,
his wife’s alleged lies and his
father’s suicide in a second
about 20 years. “If you sell a the mountains here. for some residents of San Luis
piece of land that is burdened and its neighboring villages.
with an easement, subsequent Note: Fence construction and gate locations are as of mid-2023. Fence construction has continued Locals cut down trees to build
since then, according to court documents.
owners have to follow that,” Sources: U.S. Geological Survey (land cover, elevation, water bodies);
corrals and fences. The snow-
DeHerrera said. court documents (parcels, fences and gates); European Space Agency (imagery) melt provides irrigation water.
But Jamie Cotter, a lawyer Carl Churchill/THE WALL STREET JOURNAL The mountains allow locals
for Harrison’s estate, said the to save money feeding cattle—
rights go far beyond a common A special master is now con- torium so they could draft reg- offering land where livestock
easement and are less clearly sidering whether Harrison’s es- ulations and sued when con- can graze part of the year while
defined: Where can cattle tate can block locals from com- struction continued. The case is families grow hay and other
graze? What kind of trees can ing close to certain buildings expected to be heard this fall. crops on their own parcels.
be cut down? “I absolutely feel on the property; whether it can Some residents have said an- Rael, the man sued for tres-
like William is villainized,” Cot- close gates that families histor- imals can’t climb over or crawl passing, said Harrison’s estate
ter said, describing Harrison as ically used to enter the ranch; beneath the fence—which is closed a gate across the road
a conservationist who cares and whether locals have a right topped with barbed wire—leav- from his property that he pre-
about preserving the property. to repair roads on the moun- ing them trapped on the estate viously used to move his cattle
Harrison knew the legal his- tains they use to collect fire- and away from creeks and onto the mountains. Most key
tory of the property but said he wood and timber. other sources of water. Others holders are now funneled to
quickly came to believe that have said the fence construc- one of nine or so gates.
some access holders were mis- tion has caused flash flooding “We’ve been always open-
using their rights—for example, Fence halted for now and erosion as wide tracts of range,” said Rael, 62, glancing
by collecting years’ worth of A judge has issued an injunc- steep mountain terrain have at where his cattle used to me-
wood and selling it, overgraz- tion to stop Harrison’s estate been bulldozed, leaving the area ander back and forth between
ing, or joy riding on ATVs. from building the 8-foot-high stripped of vegetation that typi- his pasture and the sagebrush
“There’s people that are us- fence; after the estate began cally helps disperse rainwater. and grass of the mountains.
ing it illegally, and I’m not OK construction, Costilla County Frank Vigil, a resident who “That’s the way my grandpa
with that,” he said. officials issued a building mora- lives in a century-old adobe used to do it.”
BY TALI ARBEL have their own areas of inter-
of Menendez’s crimes—gold est, with Gates leaning toward
bars and wads of cash—hid- Melinda French Gates, one of medicine and French Gates fo-
den inside his home. the most influential philanthro- cusing on gender equality.
The senator has previously pists in the world, is resigning Their divorce, finalized in Au-
said that the money is his own from the foundation that she gust 2021, shook the world of
and that he has been with- started with her ex-husband, philanthropy.
drawing cash from his per- Microsoft co-founder Bill Gates. The two had agreed that
sonal bank account for 30 She said she is moving into she would resign with addi-
VICTOR J. BLUE/BLOOMBERG NEWS

tain interconnection study
processes,” the report said.
The rule is designed to
push projects that benefit
ratepayers, resulting in more
transmission capacity that can
deliver cheaper electricity. It
also addresses how costs are
spread out among ratepayers
in projects that include multi-
ple states.
“Cost allocation is a huge
issue, and it’s a contentious
one,” said Larry Gasteiger, ex-
ecutive director of Wires, a
trade association.
Critics of the rule say it
could clash with oversight of
utilities by local regulators and
potentially lead to increases in
consumer bills. Several Repub-
lican attorneys general have
threatened to sue the govern-
ment over the rule, claiming
FERC is overstepping its au-
thority in a bid to bring more
clean energy onto the grid.
public corruption trial.
Menendez is charged with
pocketing hundreds of thou-
sands of dollars in a bribery
scheme in exchange for taking
official actions that benefited
the foreign governments of
Egypt and Qatar and three
New Jersey businessmen.
The senator, who maintains
his innocence, beat an earlier
slate of federal corruption
charges. The new trial kicked
off Monday with jury selection
and is expected to last six
weeks. At stake are the New
Jersey lawmaker’s liberty, his
political future and, poten-
tially, his marriage.
The corruption charges have
battered the Democratic sena-
tor’s four-decade legacy as a
public servant. He was forced
to resign from his role as chair
of the Foreign Relations Com-
mittee. He faces 16 criminal
counts, including bribery, fraud
years, a habit he developed
from his family’s experience
as refugees. His legal team
also plans to have a psychia-
trist testify that his squirrel-
ing away money is the result
of untreated intergenerational
trauma from his parents hav-
Sen. Bob Menendez ing their funds confiscated by
the Cuban government. Me-
and foreign-agent offenses. nendez’s team said his trauma
The Manhattan U.S. attorney’s is also the result of his father
office charged Menendez, committing suicide after the
along with his wife, Nadine senator refused to continue to
Menendez, and the three busi- pay his dad’s gambling debts.
nessmen last year. One of the three charged
Prosecutors say in exchange businessmen in the case
for payoffs, Menendez aided the pleaded guilty earlier this year
Egyptian government’s efforts and will likely testify against
to secure military sales and to Menendez and the other two
help promote the interests of businessmen. Menendez’s
Qatar. He is also charged with wife, who has pleaded not
trying to intercede in criminal guilty, will have a separate
cases tied to two of the busi- trial because she is currently
nessmen in exchange for gifts. being treated for a medical
The indictment alleges that condition. She is tentatively
investigators found the fruits scheduled for trial in July.
“the next chapter” with her
philanthropy and, as part of an
agreement with Gates, will re-
ceive $12.5 billion to commit to
her work on behalf of women
and girls. Her last day of work
with the Bill & Melinda Gates
Foundation, where she is co-
chair with Gates, will be June 7.
Mark Suzman, CEO of the or-
ganization, said its name is
changing to the Gates Founda-
tion, and Gates will be its sole
chair. The foundation, created by
French Gates and Gates in 2000,
is one of the world’s largest,
with more than 2,000 employees
and an endowment of $75.2 bil-
lion as of the end of last year. It
is well-known for its work in
global health, particularly polio
eradication, malaria and tuber-
culosis treatment, as well as
poverty and gender equality.
French Gates and Gates
have run the foundation as
equal partners. They each
tional funds for her own phil-
anthropic work if after two
years following their divorce
either one decided joint lead-
ership wasn’t working.
“This is not a decision I
came to lightly,” she wrote
Monday on social media. “I am
immensely proud of the foun-
dation that Bill and I built to-
gether and of the extraordinary
work it is doing to address in-
equities around the world.”
Gates in an online post
thanked French Gates for her
contributions to the founda-
tion. “I am sorry to see her
leave, but I am sure she will
have a huge impact in her fu-
ture philanthropic work,”
Gates said.
French Gates has a net
worth of $13.3 billion, accord-
ing to the Bloomberg Billion-
aires Index, while Gates’s per-
sonal wealth is valued at $153
billion.
P2JW135000-2-A00400-16DDF61078D

A4 | Tuesday, May 14, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X * * THE WALL STREET JOURNAL.

U.S. NEWS

Same-Sex Marriage Marks Big Anniversary

After 20 years, study should continue to fight for
the idea of the traditional fam-
finds largely positive ily that their evangelical base
effects, defying the believes in and against the “ju-
dicial overreach” of the Su-
‘dire’ predictions preme Court decision.
It is difficult to think of a
BY MOLLY BALL political issue that has seen as
dramatic a shift in public
Twenty years ago this opinion as marriage. But that
week, David Wilson and Rob doesn’t mean progress was
Compton entered into a mar- swift or easy.
riage that some believed When Wolfson wrote a law-
would bring on the apocalypse. school paper on same-sex
These days, they are happily marriage at Harvard in 1983,
retired and spend their time the idea struck even many gay
volunteering and visiting with activists as ridiculous. Gay re-
their grandchildren. lationships were themselves

KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL

When America’s first state- illegal in many places until the
sanctioned same-sex mar- Supreme Court struck down
riages took place in Massachu- sodomy laws in 2003. Many
setts on May 17, 2004, Wilson advocates saw marriage as an
and Compton’s among them, a impractical distraction or even
furious political controversy rejected it as a heteronorma-
swirled. “The House and Sen- tive institution.
ate, the governor, the presi- Wolfson persisted, helping
dent, the pope, the Black argue a 1993 case before the
church I grew up in—everyone Hawaii Supreme Court that
was against us, and it was found the state must grant
very unnerving,” Wilson, 80, same-sex marriages—and
recalled in a recent interview. spurred a swift national back-
Opponents warned that the Clockwise from above, Percentage of Americans lash. Hawaii voters amended
consequences would be dire. Robert Compton and David who say same-sex couples’ the state constitution to out-
Then-Gov. Mitt Romney com- Wilson, one of the first gay marriages should be law same-sex marriage, and
pared the court ruling that en- couples legally married in recognized by law as valid, President Clinton in 1996
abled it to the 1857 Dred Scott Massachusetts; Dawn and with the same rights as signed the Defense of Mar-
case that denied citizenship to Jen BarbouRoske with their traditional marriages riage Act outlawing federal
Black people. Both presiden- children and dogs; and Danny recognition of same-sex mar-
80%
tial candidates, Democrat Ingram and Eric Alva, who riage. It passed the House
John Kerry and Republican met while lobbying in 2010 342-67 and the Senate 85-14.
President George W. Bush, and later married. 60 Just 27% of Americans be-
came out against it. Catholic lieved same-sex marriage
bishops called it “a national should be legal at the time, ac-
tragedy.” Sure to follow, they 40 cording to Gallup.
warned, was the ruination of In 2004, the year the first
the institution of marriage, marriages were performed in
the American family and po- 20 Massachusetts, 11 states ap-
tentially society itself. proved ballot initiatives ban-
Two decades later, polls ning same-sex marriage. In
0
show nearly three-quarters of 2008, California voted to ban
Americans, including 49% of 2000 ’05 ’10 ’15 ’20 same-sex marriage.
Republicans and most regular Source: Gallup The tide began to turn in
churchgoers, support it. The 2012. That year, President
Supreme Court made same- that barred openly gay people Obama—following the lead of
ERIC ALVA AND DANNY INGRAM

sex marriage a nationwide from serving in the military. then-Vice President Joe Bi-
right in 2015, and Congress “We’re a mixed marriage— den—announced he had
gave federal recognition to the he’s a Marine, I’m Army,” In- “evolved” from his previous
practice on a broad bipartisan gram jokes. Getting married opposition, and four states—
vote in 2022. One of the votes allowed them to qualify for a Maine, Maryland, Minnesota
in favor: Sen. Mitt Romney. Veterans Affairs loan for their and Washington—took the
BARBOUROSKE FAMILY

A comprehensive research house in San Antonio. side of same-sex marriage in

report by the Rand organiza- Putting his ring on in the ballot referendums for the
tion finds that the conse- Massachusetts marriages cat- morning still makes Alva first time. The victories were
quences of two decades of le- alyzed a gradual transforma- smile, and when he corrects partly because of a crucial
gal same-sex marriage have tion in Americans’ attitudes. strangers who ask about his change in messaging. While
been broadly positive for gay “Once gay people were in wife—“Actually, I have a hus- earlier same-sex marriage
and straight Americans alike. the marriage club, we could ried in our hearts” for years, galized marriage at different band”—they rarely bat an eye. campaigns had emphasized a
The researchers, who sur- talk about our love in the Jen BarbouRoske said—but times, the researchers could Brad Wilcox, a sociologist dry, legalistic argument about
veyed the existing literature common language so many when Jen was admitted to the compare marriage rates across who directs the National Mar- the civil rights and benefits
and conducted their own anal- people use, and momentum emergency room, hospital states while controlling for riage Project at the University that marriage confers, in 2012
ysis, could find no negative ef- accelerated,” he said. “Fair- workers wouldn’t let Dawn, other factors. They didn’t find of Virginia and wasn’t in- activists pivoted to accentuat-
fects on straight couples’ rates minded people began to look the person most familiar with any evidence that straight volved with the Rand report, ing love, commitment and uni-
of marriage, divorce or cohabi- at this in human terms.” her medical conditions and couples’ rates of cohabitation says he wasn’t surprised that versal family values. This
tation as states legalized More than one million history, past the front desk. or divorce increased. Rather, gay couples have benefited change appealed to people’s
same-sex marriage. In fact, the same-sex couples have now Three months after the they found that legal same-sex from marriage. But he points emotions and helped cam-
effect on different-sex mar- been married, and the Rand Iowa Supreme Court legalized marriage was associated with out that many questions about paigners reach religious peo-
riages was slightly positive. researchers found that they same-sex marriage in 2009, increases in marriage that the long-term effects remain. ple and conservatives.
Meanwhile, same-sex couples have reaped the benefits of the couple were legally mar- couldn’t be explained by Only about 1.3% of married “As a lifelong Republican,
saw a range of improved out- marriage that have long been ried over rainbow cupcakes in same-sex marriages alone. Op- couples are same-sex, indicat- I’ve always seen this as funda-
comes, such as greater health well-documented for different- a public park. Today they dis- posite-sex marriages also in- ing that LGBTQ people aren’t mentally an issue about free-
and financial security. sex couples, such as higher play photos with their daugh- creased as a result. marrying at a rate commensu- dom and individual liberty as
Today, many younger peo- levels of health-insurance cov- ters and dogs in the public Rand economist Melanie A. rate with their share of the well as about strengthening
ple might not even know their erage and lower rates of sexu- school where they work, Jen Zaber, a co-author of the re- population. (About 8% of the institution of marriage,”
elders once had to fight for ally transmitted infections and as a nurse, Dawn as a teacher. port, speculated that this ef- Americans identify as LGBTQ, said James Dozier, chairman
same-sex marriage, said problematic substance use. The principal argument fect could have resulted from according to Gallup.) of Centerline Liberties, a
Compton, 75, a retired Delta They also had higher earnings made by opponents of same- the increased attention to the Ralph Reed, the veteran right-leaning consulting firm
Dental executive. “It’s almost and rates of homeownership. sex marriage wasn’t that it benefits of marriage created conservative strategist and that commissioned and funded
a nonissue,” he said. “For kids Jen and Dawn BarbouRoske wouldn’t benefit gay people by the political debate over it. chairman of the Faith and the Rand report. Echoes of the
20 or younger, they’ve never of Iowa City, Iowa, experi- but that it would damage mar- Military veterans Eric Alva Freedom Coalition, said he strategy can be seen in today’s
known anything else.” enced the drawbacks of not riage for everyone else—a key and Danny Ingram met in doesn’t think legalization abortion-rights debate, where
Evan Wolfson, founder of being able to marry. The proposition the Rand re- 2010, both lobbying Congress “turned out to be as epochal as advocates have embraced a
the advocacy group Freedom women met in the 1990s and searchers sought to examine. to repeal “Don’t Ask, Don’t either side hoped or feared,” message of “reproductive free-
to Marry, believes those first considered themselves “mar- Because different states le- Tell,” the Clinton-era policy but argues that Republicans dom” and patriotic themes.

Ex-Fixer times run into trouble for his

off-the-cuff comments while
under oath.
had had an affair, his boss
didn’t answer, although
Trump did say Daniels was
yelled at Daniels’s lawyer, ac-
cusing him of leaking the
story and angering Trump.

Says Trump Prosecutors on Monday in-

terspersed records of phone
calls and text messages
beautiful, Cohen told jurors.
Cohen then asked Trump if
he should make the story go
After the Daniels allega-
tions emerged, Cohen said he
followed his boss’s instruc-

Drove Plan throughout Cohen’s testimony,

providing documentation of
most interactions he de-
away. “He said, ‘Absolutely,
do it, take care of it,’” Cohen
testified.
tions to drag out the deal.
But when he heard the
Daily Mail could publish Dan-
scribed. A prosecutor repeat- Then, in August 2015, Co- iels’s story before the election,
Continued from Page One edly asked Cohen about hen met with Trump and his Cohen said, the matter be-
JULIA NIKHINSON/ASSOCIATED PRESS

said Trump told him. “I win, it Trump’s tendency to micro- friend David Pecker, then the came urgent.
has no relevance because I’m manage, and the former law- publisher of the National En- Trump gave him the green
president, and if I lose, I don’t yer’s compulsion for his boss’s quirer, and hatched a plan to light, Cohen said. “He ex-
really care.” praise, to shore up the idea boost Trump’s candidacy. Co- pressed to me, ‘Just do it,’”
Trump, this year’s pre- that the fixer would never hen said the trio silenced three Cohen told the jury. He said
sumptive Republican presi- take any action without the stories—one false story from a his boss’s urgency wasn’t be-
dential nominee, looked away former president’s approval. doorman about a Trump love cause of his wife, Melania
from the witness stand, with Cohen, who regularly as- child as well as stories from Trump, but concerns about
his eyes closed, as Cohen tes- sails Trump on his podcast Michael Cohen leaving his New York apartment Monday. Daniels and Playboy playmate how the story would play
tified. Unlike other days in the and social-media accounts, Karen McDougal. with voters.
trial, some high-profile Trump was more demure on the wit- time with ways of doing During the McDougal deal, But complicating matters,
backers filled the courtroom ness stand. His testimony was Trump, “Dis- business. Trump Cohen said he updated Trump he said, was who would fund
pews at times on Monday, in- straightforward, with many loyal: A Mem- Cohen told instructed him every step of the way. the $130,000 payment. Pecker
cluding one of his sons, Eric questions answered with, oir” and “Re- jurors Trump that emails are “Effectively, the story has refused to do it, and the
Trump, Sen. J.D. Vance (R., “Yes, ma’am.” venge,” and has like written pa- now been caught,” Cohen said Trump Organization’s chief fi-
Ohio), Rep. Nicole Malliotakis Trump faces 34 felony his own pod- taught him pers, Cohen he told Trump. nancial officer also balked at
(R., N.Y.) and Sen. Tommy Tu-
berville (R., Ala.).
counts of falsifying business
records related to his alleged
cast. They
could also point
specific ways of said, and that
people had
“Fantastic, great job,” Co-
hen said, quoting Trump and
the possibility, saying he
wasn’t in a financial position
Cohen, the former presi- role in covering up a hush- to his social doing business. “gone down” imitating his voice. to do so, Cohen said.
dent’s loyalist-turned-nemesis, money payment to Daniels. media and any due to prosecu- Later, he updated Trump on Cohen said that with the
is a flawed but critical wit- Prosecutors allege Trump di- inconsisten- tors having the mechanics of buying the campaign facing a potential
ness. He is the only person rected payments to Daniels cies in his tes- emails they life rights to McDougal’s catastrophe, he made the pay-
likely to provide direct evi- and others, to silence their timony. could use in a case. story—which he said he did ment himself, discussing the
dence that Trump himself or- stories on the eve of the 2016 On the stand Monday, Co- Prosecutor Susan Hoffinger for his boss and not himself. matter with Trump in late
dered a coverup of a payment election. Trump has pleaded hen told jurors how he left a asked if it was accurate to de- “What I was doing, I was do- October. He said the former
to Daniels. He also pleaded not guilty and denied having private firm in 2007 to go scribe Cohen as Trump’s fixer. ing at the direction of and for president promised to repay
guilty in 2018 to nine federal the affairs. work for the Trump Organiza- “It’s fair,” Cohen said. the benefit of Mr. Trump,” Co- him.
crimes, including two that he On Tuesday, Trump’s law- tion, where he regularly bul- Cohen said Daniels first hen said. “Everything required Mr.
said he carried out at Trump’s yers are likely to argue, as lied reporters, threatened to came up in 2011 when the gos- When The Wall Street Jour- Trump’s signoff,” he told the
direction, and he spent more they did in questioning Dan- file lawsuits and spoke to sip website The Dirty pub- nal subsequently published an jury. “On top of that, I wanted
than a year in prison. He was iels, that Cohen has built a ca- Trump several times a day. lished a story about her al- article about the McDougal the money back.”
disbarred and has become a reer off attacking Trump. He Cohen told jurors that leged affair with Trump. payment just days before the —James Fanelli
vocal Trump critic who has at wrote two books about his Trump taught him specific When Cohen asked if Trump 2016 election, Cohen said, he contributed to this article.
P2JW135000-0-A00500-1--------XA

THE WALL STREET JOURNAL. Tuesday, May 14, 2024 | A5

PAID ADVERTISEMENT

THE STATE OF ISRAEL WAS ESTABLISHED 76 YEARS AGO TODAY. THROUGHOUT

THOSE YEARS, THE UNITED STATES AND ISRAEL HAVE BEEN—AND WILL REMAIN—
PARTNERS IN DEMOCRACY, THEIR PEOPLE BOUND BY COMMON VALUES AND INTERESTS.

THE DECLARATION
OF THE ESTABLISHMENT OF THE STATE OF

ISRAEL
The Land of Israel was the birthplace of the Jewish people. Here their spiritual, religious and political identity was shaped. Here
they first attained to statehood, created cultural values of national and universal significance and gave to the world the eternal
Book of Books.
After being forcibly exiled from their land, the people kept faith with it throughout their Dispersion and never ceased to pray and
hope for their return to it and for the restoration in it of their political freedom.
Impelled by this historic and traditional attachment, Jews strove in every successive generation to re-establish themselves in
their ancient homeland. In recent decades they returned in their masses. Pioneers, defiant returnees, and defenders, they made
deserts bloom, revived the Hebrew language, built villages and towns, and created a thriving community controlling its own
economy and culture, loving peace but knowing how to defend itself, bringing the blessings of progress to all the country’s
inhabitants, and aspiring towards independent nationhood.
In the year 5657 (1897), at the summons of the spiritual father of the Jewish State, Theodor Herzl, the First Zionist Congress
convened and proclaimed the right of the Jewish people to national rebirth in its own country.
This right was recognized in the Balfour Declaration of the 2nd November, 1917, and re-affirmed in the Mandate of the League of
Nations which, in particular, gave international sanction to the historic connection between the Jewish people and Eretz-Israel
and to the right of the Jewish people to rebuild its National Home.
The catastrophe which recently befell the Jewish people - the massacre of millions of Jews in Europe - was another clear
demonstration of the urgency of solving the problem of its homelessness by re-establishing in Eretz-Israel the Jewish State, which
would open the gates of the homeland wide to every Jew and confer upon the Jewish people the status of a fully privileged member
of the community of nations.
Survivors of the Nazi holocaust in Europe, as well as Jews from other parts of the world, continued to migrate to Eretz-Israel,
undaunted by difficulties, restrictions and dangers, and never ceased to assert their right to a life of dignity, freedom and honest
toil in their national homeland.
In the Second World War, the Jewish community of this country contributed its full share to the struggle of the freedom- and
peace-loving nations against the forces of Nazi wickedness and, by the blood of its soldiers and its war effort, gained the right to
be reckoned among the peoples who founded the United Nations.
On the 29th November, 1947, the United Nations General Assembly passed a resolution calling for the establishment of a Jewish
State in Eretz-Israel; the General Assembly required the inhabitants of Eretz-Israel to take such steps as were necessary on
their part for the implementation of that resolution. This recognition by the United Nations of the right of the Jewish people to
establish their State is irrevocable.
This right is the natural right of the Jewish people to be masters of their own fate, like all other nations, in their own sovereign State.
Accordingly we, members of the People’s Council, representatives of the Jewish Community of Eretz-Israel and of the Zionist
Movement, are here assembled on the day of the termination of the British Mandate over Eretz-Israel and, by virtue of our natural
and historic right and on the strength of the resolution of the United Nations General Assembly, hereby declare the establishment
of a Jewish State in Eretz-Israel, to be known as the State of Israel.
We declare that, with effect from the moment of the termination of the Mandate being tonight, the eve of Sabbath, the 6th Iyar,
5708 (15th May, 1948), until the establishment of the elected, regular authorities of the State in accordance with the Constitution
which shall be adopted by the Elected Constituent Assembly not later than the 1st October, 1948, the People’s Council shall act as
a Provisional Council of State, and its executive organ, the People’s Administration, shall be the Provisional Government of the
Jewish State, to be called “Israel.”
The State of Israel will be open for Jewish immigration and for the Ingathering of the Exiles; it will foster the development of
the country for the benefit of all its inhabitants; it will be based on freedom, justice and peace as envisaged by the prophets of
Israel; it will ensure complete equality of social and political rights to all its inhabitants irrespective of religion, race or sex; it will
guarantee freedom of religion, conscience, language, education and culture; it will safeguard the Holy Places of all religions; and
it will be faithful to the principles of the Charter of the United Nations.
The State of Israel is prepared to cooperate with the agencies and representatives of the United Nations in implementing the
resolution of the General Assembly of the 29th November, 1947, and will take steps to bring about the economic union of the
whole of Eretz-Israel.
We appeal to the United Nations to assist the Jewish people in the building-up of its State and to receive the State of Israel into the
community of nations.
We appeal - in the very midst of the onslaught launched against us now for months - to the Arab inhabitants of the State of Israel
to preserve peace and participate in the upbuilding of the State on the basis of full and equal citizenship and due representation
in all its provisional and permanent institutions.
We extend our hand to all neighbouring states and their peoples in an offer of peace and good neighbourliness, and appeal to
them to establish bonds of cooperation and mutual help with the sovereign Jewish people settled in its own land. The State of
lsrael is prepared to do its share in a common effort for the advancement of the entire Middle East.
We appeal to the Jewish people throughout the Diaspora to rally round the Jews of Eretz-Israel in the tasks of immigration and
upbuilding and to stand by them in the great struggle for the realization of the age-old dream - the redemption of Israel.
Placing our trust in the Almighty, we affix our signatures to this proclamation at this session of the Provisional Council of State,
on the soil of the Homeland, in the city of Tel-Aviv, on this Sabbath eve, the 5th day of Iyar, 5708 (14th May, 1948).
Signed: David Ben-Gurion and 36 other founding signatories for the State of Israel.

Paid for by:

www.helmsleytrust.org
P2JW135000-2-A00600-1--------XA
A6 | Tuesday, May 14, 2024
Israel-Hamas Fighting Flares Across Gaza
Battles erupt in north
and south as talks
are set to resume in
Qatar this week
BY RORY JONES
AND SUMMER SAID
Battles between Israel and
Hamas intensified across the
Gaza Strip on Monday, as me-
diators pushed for a resump-
tion of talks to pause fighting
and free hostages held in the
enclave.
Israel’s military conducted
ground raids in the northern
Gazan areas of Jabalia and
Zeitoun—places where the Is-
raeli military previously said
it cleared militants—and
fought Hamas fighters in the
southern city of Rafah. The
raids underscored comments
by Israeli Prime Minister Ben-
jamin Netanyahu on Sunday
that Israel could face a pro-
longed insurgency even if it
routs Hamas in Rafah.
Israel pushed farther into
Rafah during the past week in
what it calls a targeted opera-
tion to pressure the U.S.-desig-
nated terrorist group into a deal
that releases hostages in return
for a temporary cease-fire.
But the tactic so far has
brought only more intense
fighting. Cease-fire talks, me-
diated by Egypt, Qatar and the
U.S., also have stalled.
Still, Arab mediators hope
to narrow the gaps between
the two sides and expect to
reconvene in Doha, Qatar, this
week, Egyptian officials said.
The fighting on Monday
came as Israel marked its an-
nual memorial day to remem-
ber fallen service members,
and ahead of celebrations that
commemorate the establish-
ment of the country in 1948
that began at sundown.
During ceremonies across the
country some protesters voiced
their anger at the government.
They shouted “shame!” at Na-
tional Security Minister Itamar
Ben-Gvir at a military cemetery
in southern Israel.
In a video message Monday
evening, Netanyahu said: “Al-
though this is not a normal In-
dependence Day, it is a special
opportunity to understand the
meaning of our independence.
The independence to protect
ourselves on our own.”
Israel is applying military
pressure on Hamas in Rafah in
an attempt to secure the re-
lease of hostages, and aims to
enter the city to destroy four
of the group’s military battal-
ions, Netanyahu said in a pod-
cast recorded Sunday.
“We’re very close to achiev-
ing the destruction of the re-
U.S. Military Officer Resigns Over Support for Israel
BY GORDON LUBOLD
WASHINGTON—A military
officer at the Defense Intelli-
gence Agency has resigned his
commission in protest of
America’s support for Israel
during its campaign against
Hamas in Gaza, as sentiment
against the conflict intensifies
inside the Biden administra-
tion and across the country.
Army Maj. Harrison Mann, a
Middle East analyst, posted on
LinkedIn on Monday that he
was resigning over the admin-
istration’s support for Israel in
the Gaza war. DIA performs in-
telligence collection and analy-
FRANCE
Investment Summit Ultralong Bonds
Draws Global Cash Set to Go On Sale
France bagged more than
$16 billion of investment
commitments at this year’s
Choose France summit,
launched by President Em-
manuel Macron in 2018 in an
effort to promote the country
as a hub for foreign investors.
Microsoft said it would in-
vest €4 billion, equivalent to
$4.31 billion, to build out arti-
ficial-intelligence, data-center
and cloud infrastructure. Am-
azon said it would invest
more than €1.2 billion to bol-
ster its cloud infrastructure,
logistics infrastructure and
AI. Pfizer said it is investing
€500 million to strengthen
research and development.
JPMorgan Chase, Morgan
Stanley, Accenture and the
Qatar Investment Authority
also made commitments.
—Mauro Orru
Israel is pushing farther into Rafah in what it calls a targeted operation to pressure Hamas into a deal that releases hostages in return for a temporary truce.
maining Hamas battalions,” he
said. “That’s a precondition
for victory.”
U.S. Secretary of State Ant-
ony Blinken spoke with Israeli
Defense Minister Yoav Gallant
Sunday evening to reiterate
U.S. opposition to a major
ground operation in Rafah,
where until last week more
than a million people had
taken refuge from fighting
elsewhere in the strip.
President Biden also is
threatening to hold up addi-
tional weapons sales to Israel
if it continues to defy Ameri-
can concerns.
When and whether Israel’s
operation in Rafah constitutes
a major ground operation is
unclear.
France on Monday joined
the U.S. in calling on Israel to
protect Palestinian civilians in
Rafah, saying the Israeli oper-
ation in the city “threatens to
cause a disastrous situation”
for Gazans.
The U.N. also called again
for an immediate cease-fire
after one of its employees was
killed and another injured
sis on foreign militaries, includ-
ing those of Israel and Hamas.
Biden administration offi-
cials have resigned in protest
of the war, and an enlisted air-
man set himself on fire in front
of the Israeli Embassy in Wash-
ington, but Mann, a midgrade
officer in the Army, is the first
military officer known to have
cited U.S. support for Israel as
the reason for resigning.
“This office does not only in-
form policy, it facilitates and at
times, directly executes policy,”
Mann posted on LinkedIn, refer-
ring to the analytical office at
DIA in which he works. “And the
policy that has never been far
CHINA
China this week will start
selling the first ultralong-term
bonds in a planned issuance
of one trillion yuan, equivalent
to about $138 billion. The sale
will run until November, start-
ing with an unspecified num-
ber of 30-year treasurys Fri-
day, according to the finance
ministry website, followed by
20-year bonds May 24 and
50-year bonds June 14.
Chinese Premier Li Qiang
announced the plan in March
and said Beijing might con-
duct sales for several years
to raise funds for mega proj-
ects and strategic sectors. He
also announced a lofty 2024
economic-growth target of
about 5%, which economists
say might help explain why
Beijing turned to special trea-
sury bonds to spur growth.
—Dow Jones
WORLD NEWS
when their U.N. vehicle came
under fire on its way to a hos-
pital in Rafah.
The conflict also is creating
major friction between Israel
and Egypt, erstwhile enemies
that signed a historic peace
deal in 1979.
Egypt on Sunday said it
would intervene in support of
South Africa’s
case accusing
Israel of geno-
cide at the In- The fighting
ternational came as Israel
Court of Jus-
tice, citing con- marked its
cerns about the
growing scale
annual
of Israel’s oper- memorial day.
ations in Gaza.
As a result
of the fighting
in Rafah, the Egyptian cross-
ing at the border city has
largely been closed. Military
positions near the other im-
portant gateway into southern
Gaza, Israel’s Kerem Shalom
terminal, have faced rocket
barrages by Hamas.
The Health Ministry in
Gaza said Monday that a
from my mind for the past six
months is the nearly unqualified
support for the government of
Israel, which has enabled and
empowered the killing and star-
vation of tens of thousands of
innocent Palestinians.”
Mann submitted his paper-
work to leave the Army in No-
vember, he said, but has grown
increasingly frustrated with the
policy as Israel prepared for a
major assault on the southern
Gaza city of Rafah. In his resig-
nation letter, he said his views
are informed by being a de-
scendant of European Jews.
Both the Army and DIA con-
firmed Mann’s employment,
GEORGIA
Controversial Bill
On NGOs Advances
Georgia’s Parliament on
Monday agreed to hold a final
vote on a proposed law requir-
ing media and nongovernmen-
tal organizations and other
nonprofits to register as “pur-
suing the interests of a for-
eign power” if they more than
20% of their funding comes
from abroad. Critics see it as a
threat to media freedom and
the country’s aspirations to
join the European Union. The
ruling party withdrew a nearly
identical bill last year after
street protests, and protesters,
some waving EU flags, gath-
ered near Parliament Monday.
The opposition calls the bill
“the Russian law,” because
Moscow uses similar legisla-
tion to crack down on inde-
pendent media, nonprofits and
activists critical of the Kremlin.
—Associated Press
worsening lack of fuel meant
it couldn’t power generators
in hospitals and ambulances.
Egypt is blocking any hu-
manitarian-aid trucks originat-
ing in its country from enter-
ing Gaza through Kerem
Shalom, according to Egyptian
officials. Cairo was angered
that Israel gave it short notice
before seizing
the Gaza side of
the Rafah bor-
der crossing
last week, and
has threatened
to stop acting
as a mediator in
the negotiations
and suspend its
peace treaty
with Israel, the
officials said.
Husam Badran, a senior
Hamas official, said Sunday
that Israel’s operation in Ra-
fah was a “rebellion against
the world.”
Given international pres-
sure on Israel not to be too
heavy-handed in Rafah, the
country and its military face a
difficult trade-off: Too much
but declined to comment on
his stated reasons for resign-
ing. Reached by text, Mann
confirmed that he was the au-
thor of the LinkedIn post.
The death toll of Palestin-
ians in Gaza surpassed 35,000
on Sunday, most of them civil-
ians, Palestinian officials said.
The figure doesn’t specify how
many were combatants. The
Hamas-led Oct. 7 assault on
Israel left about 1,200 people
dead—most of them civil-
ians—said Israeli authorities.
The Biden administration has
grown frustrated with Israeli
Prime Minister Benjamin Netan-
yahu and his execution of the
MIRACULOUS CELEBRATION: A procession at Portugal’s Fatima shrine Monday marked the
anniversary of the day in 1917 when three shepherd children said they saw the Virgin Mary.
* * THE WALL STREET JOURNAL.
force and a large number of
civilian deaths will elicit more
condemnation and weaken Is-
rael’s international position,
but too little force might not
defeat the military structure
of Hamas’s armed wing.
At present, “Israel is not
pressuring Hamas enough to
put them in a dilemma
whether to release hostages,”
said Amir Avivi, a former dep-
uty commander in the Israeli
military who oversaw opera-
tions in Gaza.
The only way to force a
cease-fire deal, Avivi said, is
to threaten Hamas’s survival.
The group is “not going to be
threatened existentially with-
out a massive incursion into
Rafah,” he said.
The fighting elsewhere in
Gaza has again highlighted
how the seeming lack of an Is-
raeli postwar plan for the
strip is affecting the war. The
U.S. has warned that Hamas
likely would continue to fill
the power vacuum until Israel
brings in an alternative au-
thority to the group.
The U.S. wants a revitalized
war, while the administration
has kept a close relationship
and continues to send weapons
to Israel. Last week, however,
the U.S. said that for the first
time since the start of the cur-
rent conflict it had delayed
some munitions to discourage
Israel from conducting a major
ground offensive in Rafah,
where more than one million
Palestinians have taken refuge.
Several State Department of-
ficials have resigned over the
war, including Annelle Sheline,
who said she was “unable to
serve an administration that
enables such atrocities” in Gaza.
Hala Rharrit was the first-
WORLD WATCH
AGENCE FRANCE-PRESSE/GETTY IMAGES
Palestinian Authority, which
governs in the West Bank, to
take control in Gaza. Netan-
yahu has said he won’t accept
it in the enclave.
In the podcast Sunday, the
Israeli prime minister sug-
gested Israel is bracing for a
long insurgency in Gaza. He
said the military’s first job is
to destroy the Hamas battal-
ions at Rafah and “mop up”
any other fighters.
Israel would then have to
demilitarize the strip and en-
ter a period when Hamas
would launch periodic attacks,
“and that’s going to be a
while,” he said.
Netanyahu in parallel said
he hoped that Israel could
work with local Gazans to
manage civilian affairs with
support from other Arab
countries, an option Palestin-
ian leaders have dismissed
and some within Israel’s mili-
tary have said is unrealistic.
“First, victory,” Netanyahu
said. “There is no substitute
for victory.”
—Anat Peled
contributed to this article.
known career diplomat to quit
over the war. Rharrit, an 18-
year veteran of the State De-
partment, said she believed
the U.S. approach would set
back its standing in the Mid-
dle East for years.
Another State Department
official, Josh Paul, resigned in
October over concerns about
U.S. military aid to Israel after
the Hamas attack in Gaza.
Paul, who headed congressio-
nal and public affairs for the
office that handled arms sales,
wrote in a letter he posted on
LinkedIn that he was con-
cerned about the U.S. giving
weapons to Israel.
FILIPE AMORIM/AGENCE FRANCE-PRESSE/GETTY IMAGES
P2JW135000-0-A00700-1--------XA
THE WALL STREET JOURNAL.
Ukraine Downs Fewer Russian Missiles
Ukraine is shooting down a
far smaller proportion of Rus-
sian missile attacks than it
was earlier in the war.
By Alistair
MacDonald, Jemal R.
Brinson, Emma Brown
and Ievgeniia Sivorka
The worsening performance
of Ukraine’s air defenses comes
as Russia increases drone and
missile attacks, and fires more
harder-to-hit weapons, such as
ballistic missiles. Kyiv is also
running low on ammunition for
the Western-supplied Patriot
systems that have been its best
defense against such attacks.
In the past six months,
Ukraine intercepted about 46%
of Russian missiles, compared
with 73% in the preceding six-
month period, according to a
Wall Street Journal analysis of
daily data from the Ukrainian
Air Force Command. In April,
the interception rate fell to
30% of missiles. The intercep-
tion rate for long-range Sha-
hed drones, which are easier
to shoot down, fell just 1 per-
centage point, to 82%, in the
past six months.
While the attack and inter-
ception data for several days
was incomplete, and Ukraine
uses such statistics for propa-
ganda purposes, a UAF spokes-
man and an independent de-
fense analyst said the data gave
an overall accurate picture.
The increased bombard-
ment is destroying infrastruc-
ture and cities while sapping
Ukraine’s already sparse sup-
ply of missiles, which the
country needs to keep Russia’s
air force out of its skies.
Secretary of State Antony
Blinken said Sunday on CBS
News that the monthslong de-
lay getting congressional ap-
proval for Ukraine aid has
come at a cost. “We are doing
everything we can to rush this
assistance out there. Europeans
are doing the same,” he said.
The next two or so months
will be crucial for whether
Russia’s air force can be held
at bay before new Western
air-defense supplies arrive in
Ukraine, said a European mili-
The Drifters Russia Recruits for Espionage
WARSAW—Low on cash
and out of his most recent
minimum-wage job, Ukrainian
refugee Maxim Leha, then 22,
had just found a new way to
make ends meet in his newly
adopted home of Poland.
By Karolina Jeznach,
Thomas Grove
and Bojan Pancevski
The job advertised on the
Telegram messaging app in
early 2023 didn’t appear to de-
mand much: Spray-paint graf-
fiti on remote fences and high-
way underpasses for $7 a pop.
When Leha answered, a man
who identified himself as An-
drzej wrote back. Within days,
Andrzej had upped the ante:
Leha was fixing cameras along
railroad lines carrying Western
military aid to Ukraine.
Weeks later, Leha and 15
others were arrested in the
biggest publicized spy case in
Poland’s history. Andrzej, it
turned out, was a front for a
Russian intelligence unit that
was recruiting people such as
Leha—drifters looking to make
a quick buck—for spying and
espionage jobs since late 2022.
Late last year, Leha received
a six-year sentence on espio-
nage charges, after a trial in
which he was painted as a
ringleader. “It was easy
money,” he recently said from a
jail in the Polish city of Lublin.
It is unclear whether the
information provided by Leha
and the other recruits directly
led to Russian strikes on the
shipments of Western weap-
ons that have regularly tran-
sited into Ukraine since Rus-
sia’s February 2022 invasion.
But Western officials say
Russia has combined camera
footage with more sophisti-
cated efforts such as satellite
surveillance to trace shipments
of hardware and ammunition
from Poland and elsewhere to
secret warehouses in Ukraine,
where they have been hit by
drones and guided missiles.
The case of the Polish spy
ring opens a window onto
Moscow’s renewed efforts to
boost its espionage capabili-
ties in Europe as the Kremlin
is settling into a long confron-
tation with the West.
Russia is using chat plat-
Rate of interceptions charted
by Ukraine Air Force Command*
100%
80
60
40
20
0
May 2023
Munitions fired by Russia
into Ukraine*
900
800
700
600
500
400
300
200
100
0
2023 ’24
*As of April 30. Data for Shahed-136 drones and Kh-555/101/55 missiles. †Chart shows the number of times Ukrainian Air Force Command data mentioned certain locations as the origin of an attack,
not the number of missiles or drones launched.
Sources: Ukrainian Air Force Command (rate of interceptions, munitions fired by Russia, origin of attacks); ACLED (strikes); Institute for the Study of War and AEI’s Critical Threats Project (Russian forces)
tary-intelligence official.
“The less of a threat Ukrai-
nian defenses pose to Russian
air power, the greater the threat
to Ukrainian forces on the
ground and critical infrastruc-
ture,” said Douglas Barrie, a
specialist in military aerospace
at the International Institute for
Strategic Studies, a think tank.
During the past six months,
Russia fired about 45% more
drones and missiles than in
the proceeding six-month pe-
riod, according to the data.
Intercepting the greater vol-
ume of attacks runs down am-
munition stocks, while large
barrages can overwhelm Ukrai-
nian defenses, with air-defense
systems sometimes unable to
reload quickly enough, a UAF
spokesman said.
Russia fired nearly double
the number of Shahed drones,
Russian President Vladimir Putin has led efforts to boost Moscow’s spying capabilities.
forms such as Telegram to re-
cruit young, marginalized peo-
ple, often immigrants and
mostly men, to undertake
mundane yet damaging acts of
spying and sabotage. The ap-
proach—low-cost and low-risk
for Moscow’s spy services—al-
lows Russia to stoke anti-
Western sentiment and reap
potentially important intelli-
gence while letting their re-
cruits take the fall.
“Now they are trying to re-
construct their capabilities,”
said Jacek Dobrzynski, spokes-
man for Poland’s special ser-
vices coordination.
Recent weeks have seen a
spate of similar spy cases.
The Kremlin didn’t respond
to a request for comment.
This account of the Polish
case, assembled from hundreds
of pages of documents from the
investigation and an interview
with Leha, offers a rare window
into Russia’s new campaign.
Leha crossed the border
into Poland in late 2021. He
came across Andrzej’s ad.
Leha said he suspected he was
part of a Russian intelligence
effort. But the cash helped
him ignore qualms about be-
traying his homeland.
Andrzej paid Leha to spray
slogans such as “Stop NATO”
hundreds of times.
Soon Andrzej had a bigger
WORLD NEWS
Russian attacks in Ukraine since
the beginning of the war*
Air/drone strike
Drones
BELARUS
Missiles
April
UKRAINE
MOL .
ROMANIA
Port of Izmail
Not
shot down
Cape Tarkhankut
Shot down
BULGARIA
Missiles
Drones
at 2,628, in the past six months
compared with the previous
period, the data show. The
drones are partly used to test
air defenses before missiles are
sent in, some analysts said.
Moscow fired 114 ballistic
and 46 hypersonic Kinzhal and
Zircon missiles, compared
with 33 and 27, respectively,
for the previous six months.
Russia also has repurposed
air-defense systems to attack
Ukraine, firing 175 missiles
from its S-300 or S-400 air-
defense system into unoccu-
pied Ukraine this year alone.
In the past six months,
Ukraine has shot down just 10%
of the ballistic missiles Russia
has fired. It hasn’t intercepted
any of the S-300 and S-400
missiles fired into Ukraine this
year, according to the data.
The data show higher inter-
A Hockey Player’s Goals Shifted
Maxim Sergeyev, a 20-
year-old who had come
from a town from outside
Moscow to play hockey for
the local Zaglebie Sosno-
wiec hockey team, was
one individual recruited for
spying by the man who
called himself Andrzej.
People who knew him
said he had learned almost
flawless Polish and had
befriended most of the
team since he arrived in
2021.
When Russia invaded
Ukraine the next year, he
signed a statement dis-
avowing the war.
job: Start a fire near a Ukrai-
nian transport company in Po-
land's eastern city of Biala Pod-
laska. But when Leha arrived at
the site, he recalled his father’s
advice not to “build his happi-
ness on someone else’s misfor-
tune.” Instead, he rubbed char-
coal on the fence to make it
appear damaged by fire, took a
photo and sent it to Andrzej.
As the requests piled up, An-
drzej promised Leha a car and
transferred several hundred
The origin of missile and drone attacks on Ukraine
Missile
Number of times mentioned†
Drone
Ryazan
Bryansk
Voronezh
Kursk
Belgorod
Kharkiv
Dnipro
Donetsk
Mariupol
Yeysk
Port of
Mykolaiv
Sea of Azov
Black Sea
TURKEY
ception rates for cruise mis-
siles, such as the Kh-555. The
UAF says they can be inter-
cepted with a wider range of
air defense because they typi-
cally are slower and smaller.
Ukraine uses midrange de-
fense systems, such as the
Western-supplied Nasams, to
shoot down these missiles.
The Patriot is Ukraine’s
only reliable way to shoot
down ballistic, S-300 and hy-
personic missiles. But Kyiv has
few Patriot systems and has
had to conserve missiles be-
cause fresh U.S. supplies were
held up in Washington.
Now that those supplies
have been unlocked, the De-
fense Department has said it
would send more Patriot in-
terceptors. While some of
these missiles likely will come
from stockpiles, others will be
Still, like many young
hockey players in Poland,
Sergeyev was chronically
short of cash.
A job as a food courier
ended in a bike accident.
When he was arrested
several months later as
part of the biggest publi-
cized spy case in Poland’s
history, police found a
group chat with Andrzej
and dozens of pictures and
videos on his cellphone of
two major Warsaw train
stations, cities in eastern
Poland and the Malhowice-
Nizankowice border cross-
ing.
dollars in cryptocurrency that
Leha used to buy a Mazda 6 GG.
Andrzej spoke with Leha in
both Russian and Ukrainian,
but Leha assumed he was
Ukrainian from his colloquial
use of the language. During
phone calls, Leha gleaned that
Andrzej was two hours ahead
of Poland, placing him in the
Moscow time zone.
Meanwhile, Andrzej was re-
cruiting other young immi-
grants in Poland.
Tuesday, May 14, 2024 | A7
Missile
100
60
20
RUSSIA
Engels
KAZAKHSTAN
RUSSIAN FORCES
Rostov
Volgodonsk
Astrakhan
Primorsko-Akhtarsk Air Base Caspian Sea
GEORGIA
AZERBAIJAN
ARMENIA
Print design by Erik Brynildsen/THE WALL STREET JOURNAL
ordered, taking several years
to be manufactured.
The UAF declined to give
the exact number of Patriot
systems operating in Ukraine
but said they could be counted
on one hand. President Volod-
ymyr Zelensky has told report-
ers that Ukraine needs a mini-
mum of seven additional
Patriots, but separately has
said 25 of the missile systems
would be needed to cover all of
Ukraine’s territory.
Ukraine has an array of
other missile-defense systems,
including Nasams and the Iris/
T, though these aren’t as ef-
fective against ballistic or hy-
personic missiles and anti-air
missiles repurposed from de-
fense to attack.
The air war may come
down to which side can outlast
the other on missile supplies.
For Leha’s last job, Andrzej
paired him with Artem
Averba, a 19-year-old Ukrai-
nian refugee. He told them to
set up cameras along the train
routes carrying Western mili-
tary aid into Ukraine.
Andrzej dropped location
pins where they were meant
to place solar-powered cam-
eras along Poland’s eastern
border with Ukraine.
First they stopped at Ja-
sionka, the airport outside of
Rzeszow and the transit point
for much of the U.S. aid bound
MAXIM BLINOV/KREMLIN/ASSOCIATED PRESS
for Ukraine. In the forest out-
side the airfield, Leha at-
tached a camera to a tree with
duct tape, its lens facing the
runway. Averba later told po-
lice that he stayed in the car,
while Leha did the work.
A few miles further east,
they fixed another camera on
the train tracks between
Rzeszow and the Medyka bor-
der crossing “to record military
aid going to Ukraine,” Averba
said later in an interrogation.
The two then shared the cam-
era’s account data with Andrzej
over a shared MyHome app,
giving all three access to watch
the footage in real time.
Driving back to Warsaw,
Leha said he felt increasingly
uneasy and considered quitting.
“But I didn’t tell the other guys,
I didn’t trust them,” Leha, now
23, said in the Lublin jail.
On his last trip on March 3,
to set up cameras around the
city of Kazimierz Dolny, he
parked his Mazda near the
city’s old Jewish cemetery. As
he was walking back to his
car, at least seven counterin-
telligence officers swooped in
and detained him.
Of the 16 arrested, 14 have
reached plea deals, confessing
to espionage charges in ex-
change for prison sentences
from 9 months to 6 years. One
was placed in a correctional
facility for minors.
Leha refused the plea bar-
gain in hopes of getting a
lighter sentence for what he
calls his cooperation with au-
thorities. The first hearing of
his appeal is planned for next
week. When asked whether he
felt remorse for working for
the Russians, he said flatly: “I
feel very badly about what I
have done.”
Three Men
Charged
In U.K.
As Spies for
Hong Kong
BY MAX COLCHESTER
AND AUSTIN RAMZY
LONDON—U.K. police
charged three men on Monday,
including a U.K. Border Force
official and a former Royal
Marines commando, with al-
legedly helping Hong Kong’s
intelligence services spy on
dissidents based in Britain.
The prosecution is one of
the most high-profile efforts
by British authorities to cur-
tail alleged Chinese spying on
U.K. soil, with a trial that is
expected to shine a light on
the lengths the Chinese state
goes to pursue members of its
diaspora.
Chi Leung Wai, 38 years
old, Matthew Trickett, 37, and
Chung Biu Yuen, 63, appeared
in a London court wearing
gray prison-issued clothing af-
ter being arrested this month
under the U.K.’s National Se-
curity Act for allegedly assist-
ing a foreign intelligence ser-
vice. The charges include
aiding a hostile state and forc-
ing entry into a U.K. address.
The men confirmed their
names and ages but didn’t en-
ter pleas.
The Chinese Embassy de-
nounced the charges as a “ma-
licious fabrication.”
Western governments have
become increasingly concerned
about Beijing’s sprawling at-
tempts to gather intelligence,
including by hacking and spy-
ing. Germany arrested four
people in April, including a
far-right politician’s parlia-
mentary assistant, on suspi-
cion of spying for China. A
British parliamentary re-
searcher was arrested last year
and formally charged in April
with spying for China and is
set to face trial next year. In
January, Beijing said it ar-
rested an alleged British spy.
Yuen is a retired Hong
Kong police officer who is
listed as an office manager at
the Hong Kong Economic
Trade Office in London, a gov-
ernment agency that promotes
overseas investment in the
former British colony. Wai
works at Heathrow Airport for
the U.K. Border Force, which
oversees immigration and cus-
toms controls, and is listed
online as the founder of a con-
sulting firm called D5 Secu-
rity. Trickett, a British na-
tional, advertises himself on
LinkedIn as a security special-
ist who previously served as a
Royal Marines Commando.
The three were released on
bail ahead of another court
hearing this month. British
counterterrorism police said
seven more men and one
woman were detained but
then released without charges.
Most were detained in York-
shire, in northern England.
British officials have previ-
ously warned that the Chinese
state was keeping tabs on the
large number of people from
Hong Kong who had fled to
the U.K. following the Chinese
imposition of a security law in
2020 aimed at stifling mass
protests that had swept the
city. The security law permit-
ted China’s state-security ap-
paratus to operate openly in
the city after years of doing so
covertly.
The British government
said the security law violated
Hong Kong’s judicial indepen-
dence from Beijing—which
was supposed to last until
2047 as part of the British
handover and withdrawal of
the last British governor in
1997. In response, the U.K.
opened a special five-year visa
route to allow up to four mil-
lion people from Hong Kong to
enter the country. So far, more
than 150,000 people have
come to live in the U.K. on
those visas, according to the
U.K. Home Office.
The U.K. Parliament’s intel-
ligence committee previously
warned about “Operation Fox
Hunt,” in which the Chinese
government forces the repatri-
ation of opposition figures liv-
ing abroad. According to a re-
cent report by the U.K.
Parliament’s Intelligence and
Security Committee, China is
known to have “conducted co-
erced repatriations of eco-
nomic fugitives from the U.K.
and kidnapping of dual na-
tionals overseas.”
P2JW135000-0-A00800-1--------XA
A8 | Tuesday, May 14, 2024
Temu Looks
Beyond
U.S. Market
Continued from Page One
2022 when the Biden adminis-
tration threatened to ban Tik-
Tok, the people said. When
the House passed the TikTok
bill in March, the people said,
a decision was made that
Temu should move faster to
reduce its reliance on the U.S.
Temu’s foraging for new
growth opportunities also
comes as the app’s U.S. ad-
vances show signs of losing
steam. U.S. sales continue to
grow but at a slower pace, ac-
cording to Earnest Analytics.
Temu is still one of the top
social-media advertisers, par-
ticularly on Facebook, but
Temu has pivoted more of its
ad spending to Europe and
other markets this year, said
Seema Shah at market-intelli-
Birthrates
Are Falling
Quickly
Continued from Page One
oping countries, too. India sur-
passed China as the most pop-
ulous country last year, yet its
fertility is now below replace-
ment.
“The demographic winter is
coming,” said Jesús Fernández-
Villaverde, an economist spe-
cializing in demographics at
the University of Pennsylvania.
Many government leaders
see this as a matter of national
urgency. They worry about
shrinking workforces, slowing
economic growth and under-
funded pensions; and the vital-
ity of a society with ever-fewer
children. Smaller populations
come with diminished global
clout, raising questions in the
U.S., China and Russia about
their long-term standings as
superpowers.
Donald Trump, this year’s
presumptive Republican presi-
dential nominee, has called col-
lapsing fertility a bigger threat
to Western civilization than
Russia. A year ago Japanese
Prime Minister Fumio Kishida
declared that the collapse of
the country’s birthrate left it
“standing on the verge of
whether we can continue to
function as a society.” Italian
Prime Minister Giorgia Meloni
has prioritized raising the
country’s “demographic GDP.”
Crossing point
In 2017, when the global fer-
tility rate—a snapshot of how
many babies a woman is ex-
pected to have over her life-
time—was 2.5, the United Na-
tions thought it would slip to
2.4 in the late 2020s. Yet by
2021, the U.N. concluded, it was
already down to 2.3—close to
what demographers consider
the global replacement rate of
about 2.2. The replacement
rate, which keeps population
stable over time, is 2.1 in rich
countries, and slightly higher
in developing countries, where
fewer girls than boys are born
and more mothers die during
their childbearing years.
While the U.N. has yet to
publish estimated fertility rates
for 2022 and 2023, Fernández-
Villaverde has produced his
own estimate by supplement-
ing U.N. projections with actual
data for those years covering
roughly half the world’s popu-
lation. He has found that na-
tional birth registries are typi-
cally reporting births 10% to
20% below what the U.N. pro-
jected.
China reported 9 million
births last year, 16% less than
projected in the U.N.’s central
scenario. In the U.S., 3.59 mil-
lion babies were born last year,
4% less than the U.N. projected.
Fernández-Villaverde esti-
mates global fertility fell to be-
tween 2.1 and 2.2 last year,
which he said would be below
global replacement for the first
time in human history. Dean
Spears, a population economist
at the University of Texas at
Austin, said while the data isn’t
good enough to know precisely
when or if fertility has fallen
below replacement, “we have
enough evidence to be quite
confident about…the crossing
point not being far off.”
In 2017 the U.N. projected
world population, then 7.6 bil-
lion, would keep climbing to
11.2 billion in 2100. By 2022 it
had lowered and brought for-
Temu monthly active users
200 million
150
U.S.
Rest of the world
100
50
0 0
2023
*2024 data as of the first quarter
Sources: Sensor Tower (monthly active users); OpenSecrets (lobbying expenses)
gence firm Sensor Tower. By
April, the U.S. made up 38% of
its total ad dollars, compared
with 63% in the fourth quarter
in 2023, she said.
In the U.S., the number of
people who used Temu at
least once a month shrank to
50 million in the first quarter,
down 10% from the 55.6 mil-
lion peak in last year’s third
quarter, according to Sensor
ward the peak to 10.4 billion in
the 2080s. That, too, is likely
out of date. The Institute for
Health Metrics and Evaluation
at the University of Washing-
ton now thinks it will peak
around 9.5 billion in 2061 then
start declining.
In the U.S., a short-lived
pandemic baby boomlet has re-
versed. The total fertility rate
fell to 1.62 last year, according
to provisional government fig-
ures, the lowest on record.
In 2017, when the fertility
rate was 1.8, the Census Bureau
projected it would converge
over the long run to 2.0. It has
since revised that down to 1.5.
“It has snuck up on us,” said
Melissa Kearney, an economist
at the University of Maryland
specializing in demographics.
Second transition
Historians refer to the de-
cline in fertility that began in
the 18th century in industrial-
izing countries as the demo-
graphic transition. As lifespans
lengthened and more children
survived to adulthood, the im-
petus for bearing more chil-
dren declined. As women be-
came better educated and
joined the workforce, they de-
layed marriage and childbirth,
resulting in fewer children.
Now, said Spears, “the big-
picture fact is that birthrates
are low or are falling in many
diverse societies and econo-
mies.”
Some demographers see this
as part of a “second demo-
graphic transition,” a society-
wide reorientation toward indi-
vidualism that puts less
emphasis on marriage and par-
enthood, and makes fewer or
no children more acceptable.
In the U.S., some thought at
first that women were simply
delaying childbirth because of
lingering economic uncertainty
from the 2008 financial crisis.
In research published in
2021, the University of Mary-
land’s Kearney and two co-au-
thors looked for possible expla-
nations for the continued drop.
They found that state-level dif-
ferences in parental abortion
notification laws, unemploy-
ment, Medicaid availability,
housing costs, contraceptive us-
age, religiosity, child-care costs
and student debt could explain
almost none of the decline. “We
suspect that this shift reflects
broad societal changes that are
hard to measure or quantify,”
they conclude.
Kearney said while raising
children is no more expensive
than before, parents’ prefer-
ences and perceived con-
straints have changed: “If peo-
ple have a preference for
spending time building a ca-
reer, on leisure, relationships
outside the home, that’s more
likely to come in conflict with
childbearing.” Meanwhile,
time-use data show that moth-
ers and fathers, especially
those that are highly educated,
spend more time with their
children than in the past. “The
intensity of parenting is a con-
straint,” Kearney said.
Erica Pittman, a 45-year-old
business banker in Raleigh,
N.C., said she and her husband
opted to have only one child
because of demands on their
time, including caring for her
mother, who died last year af-
ter a long battle with multiple
sclerosis. Their 8-year-old son
is able to participate in theater
workshops, soccer and summer
camps because the couple, with
a combined income of about
$225,000 a year, has more time
and money.
“I feel like a better mom,”
Pittman said. “I feel like I can
go to work—because I have a
FROM PAGE ONE
Lobbying expenses in the U.S.
$10 million
8
ByteDance
Shein
6
4 less enter the U.S. tariff-free
2 nese companies from benefit-
’24 2019 ’20 ’21 ’22 ’23
Tower. Monthly users in the
rest of the world surged 128%
in the same period.
Washington legislators have
accused both Temu and its
China-founded rival Shein of
selling goods that might have
been made using forced labor.
Temu said the forced-labor al-
legations are completely un-
founded. Shein said it has zero
tolerance for forced labor.
Total fertility rates*
U.S. MEXICO
5 births per woman
4 businesses to adopt a four-day
3
2 should not worry over ques-
1 20 years time you will have no
0
1980 2000 ’20
U.N. 2023 projections on top 12 most–populous countries and their total fertility
0 1
15
5 Ethiopia
China
1 India
Population, millions
World population†
12 billion PROJECTION
10
8 2022
6 150
4 100
2 50
0 0
1950 2000
*For women age 15 to 49 †2022 data are estimates (1950–2021) and projections (2022–2100), medium variant; 2017 data are estimates (1950–2015)
and projections (2016–2100), medium variant ‡2023 data is provisional
Sources: United Nations (fertility rates in India and the U.S., top 12 countries, world population); national estimates compiled by
Jesús Fernández–Villaverde (all countries’ fertility rates except for India and the U.S.); Centers for Disease Control and Prevention (U.S. birthrates)
fairly demanding job—but I can
also make time to volunteer at
his school, be the chaperone
for the field trip and do those
kinds of things, because I only
have one to coordinate with my
schedule.”
‘Global culture’
Fertility is below replace-
ment in India even though the
country is still poor and many
women don’t work—factors
that usually sustain fertility.
Urbanization and the inter-
net have given even women in
traditional male-dominated vil-
lages a glimpse of societies
where fewer children and a
higher quality of life are the
norm. “People are plugged into
the global culture,” said Rich-
ard Jackson, president of the
Global Aging Institute, a non-
profit research and education
group.
Mae Mariyam Thomas, 38,
who lives in Mumbai and runs
an audio production company,
said she’s opted against having
A father held his baby in a newborn care unit in Patiala, India.
Temu’s assurances haven’t
satisfied U.S. lawmakers.
Ahead of the Super Bowl, law-
makers as well as attorneys
general in several states called
on CBS to pull Temu’s ads.
Lawmakers also said Temu
and Shein take unfair advan-
tage of a U.S. tax exemption
that lets goods worth $800 or
and without scrutiny. Biparti-
san legislation would bar Chi-
ing from the rule. The U.S.
Department of Homeland Se-
curity said in April it would
’24* heighten scrutiny of low-value
packages. Temu and Shein
both said the tax exemption
isn’t critical to their success.
Temu also faces two law-
suits alleging it collected more
information from U.S. users
than disclosed. The U.S. has
feared that U.S. user data col-
lected by apps with China-
based parents could fall into
the hands of Beijing. Temu
said the allegations have no
merit and that its app is inde-
pendently certified as meeting
strict data-security standards.
INDIA CHINA SOUTH KOREA
TOTAL FERTILITY RATE
2 3
Brazil Bangladesh
Japan
Indonesia
U.S.
Pakistan
Russia
Mexico
U.S. birthrates by age group‡
300 per 1,000 women
250
2017
200
’50 2100 1940 ’50 ’60
children because she never felt
the tug of motherhood. She
sees peers struggling to meet
the right person, getting mar-
ried later and, in some in-
stances, divorcing before they
have kids. At least three of her
friends have frozen their eggs,
she said. “I think now we live
in a really different world, so I
Governments have tried to
think for anyone in the world
reverse the fall in fertility with
it’s tough to find a partner,”
she said.pronatalist policies.
Perhaps no country has
Sub-Saharan Africa once ap-
been trying longer than Japan.
peared resistant to the global
After fertility fell to 1.5 in the
slide in fertility, but that too is
early 1990s, the government
changing. The share of all
rolled out a succession of plans
women of reproductive age us-
that included parental leave
ing modern contraception grew
and subsidized child care. Fer-
from 17% in 2012 to 23% in
tility kept falling.
2022, according to Family Plan-
In 2005, Kuniko Inoguchi
ning 2030, an international or-
was appointed the country’s
ganization.
first minister responsible for
Jose Rimon, a professor of
gender equality and birthrate.
public health at Johns Hopkins
The main obstacle, she de-
University, credits that to a
clared, was money: People
push by national leaders in Af-
couldn’t afford to get married
rica which, he predicted, would
or have children. Japan made
drive fertility down faster than
hospital maternity care free
the U.N. projects.
and introduced a stipend paid
Once a low fertility cycle
upon birth of the
child.
Japan’s fertility
rate climbed from 1.26
in 2005 to 1.45 in
2015. But then it
started declining
again, and in 2022
was back to 1.26.
This year, Prime
Minister Kishida
rolled out yet another
program to increase
births that extends
monthly allowances to
all children under 18
regardless of income,
free college for fami-
lies with three chil-
dren, and fully paid
parental leave.
Inoguchi, now a
Both TikTok and Shein have
worked to address criticism in
the U.S. Temu appears to have
taken a less intense approach.
Temu said it engages with
regulators and other stake-
holders in all the markets
where it operates.
Since 2022, TikTok’s par-
ent, ByteDance, has spent
$16.4 million on lobbying U.S.
policymakers. Shein has spent
$3.4 million. Temu so far
hasn’t invested in lobbying,
according to OpenSecrets, a
nonpartisan platform tracking
political contributions.
In the past year, TikTok has
expanded its U.S. presence, in-
creased user engagement and
spent $1.5 billion on a data-
use compliance project. Shein
recently set up a legal and
compliance center and plans
to spend $50 million on global
compliance, according to a
person close to the company.
Temu said it doesn’t quan-
tify compliance expenses but
has made substantial invest-
ments, such as expanding
product-compliance and intel-
lectual-property-protection
HUNGARY
4 5
’70 ’80 ’90
kicks in, it effectively resets a
society’s norms and is hard to
break, said Jackson. “The fewer
children you see your col-
leagues and peers and neigh-
bors having, it changes the
whole social climate,” he said.
New policies
ELKE SCHOLIERS/GETTY IMAGES
THE WALL STREET JOURNAL.
teams, and invested in tech-
nology to better oversee its
processes.
While Temu still sees the
U.S. as important, it has
grown more cautious about in-
vesting there, the people close
to the company said. Instead
of building fulfillment centers
in the U.S., Temu is looking to
establish one in Mexico, from
which parcels can be delivered
to U.S. shoppers, they said.
Some vendors said Temu
had cracked down on problem-
atic products, such as counter-
feit Lego sets, but that its
product checks aren’t as rigor-
ous as other platforms’. Temu
said its process is more strin-
gent than its competitors’.
For the first time, PDD co-
founder Chen Lei told analysts
in a call in March that Temu
faces “many uncertainties and
challenges ahead” and that the
company will strive to com-
municate and cooperate with
regulators where it operates.
Also in March, Goldman
Sachs downgraded PDD stock
to neutral from buy, citing rea-
sons including geopolitical risk.
JAPAN
member of parliament’s upper
house, said the constraint on
would-be parents is no longer
money, but time. She has
pressed the government and
workweek. She said, “If you’re
a government official or man-
ager of a big corporation, you
tions of salary now, but that in
customers, no clients, no appli-
cants to the Self-Defense
Forces.”
Hungarian Prime Minister
Viktor Orban has pushed one of
Europe’s most ambitious natal-
ity agendas. Last year he ex-
panded tax benefits for moth-
6 ers so that women under the
age of 30 who have a child are
exempt from paying personal
income tax for life. That’s on
top of housing and child-care
subsidies as well as generous
Nigeria maternity leaves.
Hungary’s fertility rate,
though still well below replace-
ment, has risen since 2010. But
the Vienna Institute of Demog-
raphy attributed this primarily
to women delaying childbirth
because of a debt crisis that hit
around 2010. Adjusted for that,
fertility has risen only slightly,
30-34 it concluded.
25-29
In the U.S., while state and
20-24 federal legislators have pushed
35-39 to expand child-care subsidies
15-19 and parental leave, they have
40-44 generally not set a higher
birthrate as an explicit goal.
Some Republicans are leaning
in that direction. Last year,
Trump said he backed paying
out “baby bonuses” to prop up
U.S. births.
Republican Sen. J.D. Vance
of Ohio said falling fertility
matters beyond the economic
2000 ’10 ’20 pressures of a smaller labor
force and unfunded Social Se-
curity. “Do you live in commu-
nities where there are smiling
happy children, or where peo-
ple are just aging?” he said.
Lack of siblings and cousins, he
said, contributes to children’s
social isolation.
Economic pressure
With no reversal in birth-
rates in sight, the attendant
economic pressures are intensi-
fying. Since the pandemic, la-
bor shortages have become en-
demic throughout developed
countries. That will only
worsen in coming years as the
postcrisis fall in birthrates
yields an ever-shrinking inflow
of young workers, placing more
strain on healthcare and retire-
ment systems.
As birthrates fall, more re-
gions and communities experi-
ence depopulation, with conse-
quences ranging from closed
schools to stagnant property
values. Less selective colleges
will soon struggle to fill class-
rooms because of the plunge in
birthrates that began in 2007,
said Fernández-Villaverde.
An economy with fewer chil-
dren will struggle to finance
pensions and healthcare for
growing ranks of elderly. South
Korea’s national pension fund,
one of the world’s largest, is on
track to be depleted by 2055. A
special legislative committee
recently presented several pos-
sible pension reforms, but
there’s only a short window to
act before the next presidential
election campaign heats up.
There’s been little public
pressure to act, said Sok Chul
Hong, an economist at Seoul
National University. “The el-
derly are not very interested in
pension reform, and the youth
are apathetic towards politics,”
he said. “It is truly an ironic
situation.”
—Anthony DeBarros
contributed to this article
P2JW135000-4-A00900-1--------XA

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Tuesday, May 14, 2024 | A9

PERSONAL
TECHNOLOGY
JOANNA
STERN

A
guy walks into an Ap-
ple Store in search of
the perfect laptop: a
big bright touch
screen, a blazing fast
processor, an operating
system that runs fully featured
apps and a top-notch keyboard and
trackpad. He walks out with a…

A: $999-and-up MacBook Air or Pro

B: $999-and-up iPad Pro plus a

separately sold Magic Keyboard

C: Second mortgage to buy both

C is correct! Welcome to Apple’s

you-can’t-have-it-all lineup.
The new 13-inch iPad Pro I’ve
been testing is an engineering
feat. Thinner than two Kraft Sin-
gles, the M4-powered tablet can
be faster than the MacBook Air,
and even some MacBook Pro mod-
els. With the new Magic Keyboard,
it feels like typing on a Mac, too.
Yet using the iPad Pro is like
driving a Ferrari on a golf course.
So much power and capability
hampered by an operating system
designed for phones. It’s no MacOS.
So quit your complaining and
go buy a MacBook, right? Well, a

iPad Pro vs. MacBook:

Mac doesn’t have this glorious  Joanna Stern replaced her
OLED touch screen or other mod- MacBook Pro with an iPad Pro to
ern-day features of this new iPad. see how Apple differentiates the
“We don’t see them as compet- two types of computers.

Testing the Trade-Offs

ing devices. We see them as com-
plementary devices,” Tom Boger,
Apple’s vice president of iPad and
Mac product marketing, said. The
iPad “has always been a touch-first
device” while the Mac is for “indi-
rect manipulation”—aka using a
keyboard, mouse and/or trackpad.
The iPad Pro is a great buy for
creative professionals who regu-
larly use a stylus to sketch or edit
photos. But plenty of people are
looking for a single tablet-laptop
device that doesn’t require giving
up so much—or switching to Win-
dows. Many readers told me as
much this past week.
So I ditched my $1,800 14-inch
M3 MacBook Pro for an $1,800 13-
inch M4 iPad Pro, which can cost
that much when you add the cellu-
lar connection and Magic Keyboard.
iPad Pro assets
 Portability. The 5.1mm-thick tab-
let feels more like a lunch tray
than a computer. Yet
there’s an entire com-
puter—processor, stor-
age, battery—inside that
screen. The new $349
Magic Keyboard roughly
doubles the thickness,
but it’s still easier to
whip out on the train
than my MacBook.
 Touch screen. And this
isn’t just any touch
screen: It’s an Ultra Ret-
DAVID HALL/THE WALL STREET JOURNAL (2)
Each has pluses, but Mac wins in most important category: software
eos. But I like touch even when I used the trackpad to highlight text.
use the iPad like a laptop.  Pencil. All I have to show of my
Steve Jobs famously said testing of the $129 Apple Pencil
“touch surfaces don’t want to be Pro is a stick figure and a signed
vertical” and “after an extended PDF. But for the artistically in-
period of time, your arm wants to clined, it unlocks a world of
fall off.” Sure, but I don’t use it for sketching, animating and creative
extended periods. control that a Mac can’t match.
When I finished typing a para-  5G connectivity. Most mornings,
graph on the keyboard, I dragged I’m on the train playing match-
this document to the left half of maker between my MacBook Pro
the display with my finger, then and my iPhone’s 5G personal hot
spot. The iPad Pro, with its speedy
built-in cellular, is connected when
 Sometimes, to see just how thin I turn it on.
a 5.1mm iPad is, you have to put it  Face ID. Call me lazy, but I love
up against some Kraft Singles. not having to lift a finger—liter-
ally. Unlike Touch ID on
MacBooks, the iPad Pro
just needs a good view
of your face to unlock
the device, access pass-
word-protected apps or
authorize Apple Pay.
Mac assets
 Ports. The iPad Pro
has one USB-C port. Not
even a measly head-
 Software. Here’s where the
iPad-as-laptop dream goes to die.
Over the years, iPadOS has gotten
a lot of Mac-like features. Split
View lets you put two apps side by
side. Stage Manager gives you
overlapping windows, if you can
figure it out. Instead of a basic file
manager, there’s the Files app,
which shows what’s local and in
the cloud. These are all more
touch friendly than MacOS, but
they’re also more confusing.
Many top iPad apps are either
enlarged iPhone apps or stripped-
down Mac apps. Some readers told
me Microsoft’s iPad apps are so
limited, they often switch to com-
puters. One, D.E. Billingsley of Tal-
lahassee, Fla., complained that he
can’t figure out how to print enve-
lopes using Word for iPad. Google’s
apps are similarly streamlined. The
Docs app is unusable for real writ-
ing or editing. I end up using Docs
in the Safari browser.
Not all iPad apps are disap-
pointing. Boger pointed me to Pro-
create, a digital art and graphics
platform, and Apple’s own Final
Book Pro and Air get up to 15 hours
of wireless web. The iPad Pro is
rated for up to 10. I never get that
in real life. The iPad Pro lasted
about five hours. My MacBook Pro
goes about seven. Both run longer
if you’re just watching video.
What’s better for us
This iPad has a Mac-level chip,
Mac-level keyboard and Mac-level
screen. Heck, according to some
tests, its raw performance rivals
my 14-inch MacBook Pro.
Why not just let this thing run
MacOS—or at least Mac apps? Or
why not give a MacBook a touch
screen?
Like a toddler hoping for a dif-
ferent answer, I repeatedly asked
Boger variations of the question.
He remained firm: iPads are for
touch, Macs are not. “MacOS is for
a very different paradigm of com-
puting,” he said. He explained that
many customers have both types of
devices and think of the iPad as a
way to “extend” work from a Mac.
Apple’s Continuity easily allows
you to work across devices, he said.
So there you have it, Apple
wants you to buy…both? If you
pick one, you live with the trade-
offs. I did ask Boger if Apple
would ever change its mind on the
touch-screen situation.
“Oh, I can’t say we never

ina XDR, Tandem OLED phone jack. The Mac- Cut Pro video editing software. change our mind,” he said. One
screen. Run that through Book Air has two USB-C They were designed for the iPad can only hope.
the Apple-to-human ports, MagSafe for and it shows.
translator: “a really crisp charging and a head-  Multiple display support. I was
and bright screen.” phone jack. And it’s able to hook the iPad up to my 27- Watch a Video
Touch is great for port-a-palooza on the inch monitor. But even with all that Scan this code for
iPad stuff—scrolling MacBook Pro: all that screen real estate, you’re still bat- Joanna Stern’s review
through documents or the Air has plus an ex- tling Stage Manager’s wonky way of of the iPad Pro, and
webpages, zooming in on tra USB-C, an SD card handling multiple windows. see what it sacrifices
photos, navigating vid- slot and an HDMI port.  Battery life. Apple says the Mac- for thinness.

Hotel Room Covers All the Bases, Even Home Plate

planned the visit around her
Dodgers. She kept the win-
CARRY ON dow and curtains open all
DAWN night so stadium lights
GILBERTSON flooded our room. She woke
up early to see if any players
were squeezing in extra prac-

I
’ve visited several Major
League Baseball stadiums.
I’d never woken up in one
until a couple of weeks ago.
My sister and I stayed at
Toronto Marriott City Centre. It
sounds like a run-of-the-mill
downtown chain hotel, but it’s
anything but. The hotel sits in-
side Rogers Centre, the domed
home of the Toronto Blue Jays.
And I mean inside. Our sta-
dium-view room sat above
right field. We reached our
room in time to watch the af-
ternoon game against the Los
Angeles Dodgers from there.
The hotel provides two bar
stools, so we plunked them
DAWN GILBERTSON/THE WALL STREET JOURNAL
tice, but mostly watched
cleaners picking up trash
from the stands and grounds-
keepers tending to the infield.
We didn’t vacate the room
the next day until the set-in-
stone 10 a.m. checkout time,
since there was another
game. I’ve never seen so
many housekeeping carts in a
hall that early. They mean
business when they’re turning
over big-dollar rooms.
It was such a quirky set-
ting, up there with my stay at
the hotel inside a pyramid in a
Bass Pro Shops in Memphis.
 The Toronto Marriott City

by the window. We didn’t Centre is inside the Rogers

think it would open for safety Centre, the Blue Jays’s home.
reasons, but it did. We could
hear everything going on in
the stadium and practically
touch the fans below us. WSJ Travel Newsletter
It’s a baseball lover’s dream Scan this code
and was on my sister’s bucket to sign up for
list, $900-a-night price tag dispatches from
and all. This was her next-to- the WSJ Travel
last MLB stadium and she newsletter.
P2JW135000-0-A01000-1--------XA
A10 | Tuesday, May 14, 2024
What Your
‘Heart Age’
Results Reveal
A growing crop of tools will estimate it for you,
but some doctors doubt their usefulness
BY ALEX JANIN
D
o you know how old
your heart is? And
does it even matter?
More online calcu-
lators, wearable de-
vices and medical tests
are attempting to estimate your
heart’s age. The companies and
organizations behind the tools say
that having insight into your
heart health can prompt you to
make lifestyle changes to help
stave off cardiovascular disease
down the road.
It’s an extension of our new-
found obsession with “biological
age,” the concept that your body,
or parts of it, can be physically ag-
ing faster or slower than your ac-
tual age. And that by knowing
those ages, you can take control to
live longer and healthier.
As for the heart, scientists say
the tools can be a helpful jump-
ing-off point for conversations
with doctors about habit changes
or medications before heart dis-
ease sets in.
But you should take the results
with a grain of salt, doctors and
researchers say. The age calcula-
tions tend to be imprecise and
don’t capture all of your possible
risk factors, such as family history,
air pollution, pregnancy complica-
tions or genetic variations.
“It’s pretending to quantify
something for you specifically that
is just directionally true,” says Dr.
Gregory Katz, a cardiologist at
NYU Langone Heart. “It’s based on
a true story, but it’s not actually a
true story.”
How the tools work
There are a few online calculators,
including ones from health organ-
izations such as the U.K.’s Na-
tional Health Service, Australia’s
 Getting more exercise is one
way to reduce your risk of heart
disease.
Maple-Syrup
Monopoly
Rules Supply
Continued from Page One
it stays in the pan and it’s boiling,
the more caramelization of the sug-
ars takes place. We feel like we get a
more robust maple taste.”
Around 100 miles north, in rural
Quebec, 64-year-old David Hall also
learned to boil maple-tree sap into
thick, amber-color syrup as a boy,
sitting with his family around a
crackling fire on early spring days.
He now runs a modern operation.
Miles of plastic tubes attached to
vacuum pumps lead to an assembly
line of reverse osmosis machines,
oil-fueled evaporators and filter
presses that turn the sap from
15,000 maple trees into syrup
shipped around the world.
“There’s always going to be peo-
ple who want it the old-fashioned
way,” Hall said. “But we don’t milk
our cows by hand anymore. It’s the
evolution of the business.”
Hall makes more syrup at a lower
cost than the traditional method his
family practiced when they entered
the business in the 1860s. People
wouldn’t be able to afford syrup if
he made it the old way, he said.
Among the advances helping Que-
bec dominate maple-syrup making is
wide use of the reverse osmosis ma-
chine, which separates the water
PERSONAL JOURNAL.
Heart Foundation, and the Fra-
mingham Heart Study.
They ask people to enter met-
rics such as their chronological
age, sex, body-mass index, blood
pressure and cholesterol levels.
They then use different statistical
models to compare your data
against the average and give you
an age estimate.
A saliva-based biological-age
test from Elysium Health gives an
overall age estimate and organ-
specific scores, including for the
heart. Novos Labs, another com-
pany offering a biological-age test,
says it plans to add a heart-age
component to its blood test later
this year.
The Oura ring, a wearable sleep
and activity tracker, will soon of-
fer a feature that estimates users’
cardiovascular age. It uses a sen-
sor to measure blood flow to as-
sess how stiff the arteries are. Ar-
terial stiffness increases with age
and is linked to an increased risk
of heart disease and death. The
age calculation refreshes daily
based on weekly averages.
People with a heart age esti-
mated at six years or older than
their chronological age may see
messages in the app encouraging
them to move more, or with other
suggestions about stress, sleep or
nutrition, the company says.
Different heart-age tools are
likely to give the same person dif-
ferent results. Some offer users
personalized recommendations
about how to reduce their risk of
heart disease, such as losing
weight, cutting back on salt and
getting more exercise.
How useful are tools?
Traditionally, more doctors have
relied on risk calculators as indi-
cators of a person’s risk for heart
disease. They can be
more complex than the
heart-age calculators
and harder for nondoc-
tors to interpret. Risk
from the sugar in sap, replacing the
slow-boil method. The technology,
including the vacuum tubes, can in-
crease syrup yield by 200%, said
Aaron Wightman, co-director of Cor-
nell University’s Maple Program,
which researches maple syrup pro-
duction.
“For people that want to make a
full-time business out of making ma-
ple syrup, that’s the trade off,”
Wightman said. “It’s not grandpa
sitting here in his flannels, enjoying
himself, smoking a pipe.”
Harry Kessels wears noise-cancel-
ing headphones when he checks his
maple-syrup operation in the back-
woods of Ontario, Canada. “I won’t
go into my sugar shack without
them,” he said.
The loud whir and clang of ma-
calculators give you
a risk score over a
period of time, ‘It’s based on
rather than an age. a true story, but
For example, a pa-
tient might be told it’s not actually
their risk of cardio-
vascular disease in
a true story,”
the next 10 years or says a critic.
over their lifetime
is 35%.
Some doctors
think that the evolving concept of
heart age could be a more
straightforward, actionable way of
talking to patients about their
health. A 50-year-old who receives
an estimated heart age of 56, for
example, might see it as a wake-
up call to focus on healthier habits
or as a spark for discussion with a
doctor about cholesterol-lowering
chinery turning sap from 12,000
trees into syrup “is the sound of the
modern maple farm,” Kessels said.
Leclaire and other traditionalists
say modern processing robs syrup of
some flavor. Others disagree. Scien-
tists at the University of Vermont’s
Proctor Maple Research Center con-
ducted blind taste tests from 2008
to 2011 to settle the matter.
Researchers asked 26 people to
taste maple syrup made from the
same sap using reverse osmosis ma-
chines as well as traditional meth-
ods. They concluded that tasters
couldn’t tell the difference, said
Abby van den Berg, who led the
study.
Europeans landing in North
America watched indigenous people
harvest maple-tree sap. They
THE WALL STREET JOURNAL.
medications, such as lifestyle changes when combined
statins. with other strategies.
When patients “Your chronological age is
bring heart-age re- probably a more reliable indicator
sults to appoint- of health risks than current mea-
ments, it can be a sures of biological age,” said Car-
helpful jumping-off
point for a broader
issa Bonner, a behavioral scientist,
associate professor at the Univer-
discussion, says Dr. sity of Sydney and co-author of
Samuel Kim, direc- the review study.
tor of preventive
cardiology at Weill New tests in pipeline
Cornell Medicine. Researchers are also studying
“When you detect heart dis- more-precise measures of heart
ease at an earlier stage and treat age through medical imaging, such
CLOCKWISE FROM TOP: ELENA SCOTTI/THE WALL STREET JOURNAL, GETTY IMAGES (2); F. MARTIN RAMIN/THE WALL STREET JOURNAL; ISTOCK
it aggressively, you’re probably as echocardiograms and MRIs.
going to have more likelihood of South Korean researchers devel-
reversal of things like plaque,” oped an AI model to predict heart
Kim says, adding that the calcula- age based on EKG data, which they
tors are most helpful for people in say will be available in clinics in
middle age or older. that country this year. A study of
Other health experts worry the method in more than 226,000
that heart-age predic- adults found people whose heart
tions could have the age was estimated at six or more
opposite effect, caus- years older than their chronologi-
ing more anxiety and cal age had higher rates of death
prompting patients to and major cardiovascular events
avoid the doctor in than those at the same or lower.
case they get more These models are likely a ways
bad news. off from becoming a standard part
Australian re- of preventive care. The U.S. Pre-
searchers who con- ventive Services Task Force, a
ducted a review of medical advisory panel whose rec-
studies about heart ommendations are widely followed
age found there was by doctors and insurers, recom-
limited evidence for mends against screening low-risk
using heart age over adults with EKGs to prevent car-
percentage risk, diovascular disease. (The task
though some studies force recommends screening for
did show heart age hypertension via blood pressure
was effective at moti- checks in all adults.)
vating people to make The American Heart Associa-
tion and American College of Car-
diology recommend using risk cal-
 The Oura ring will culators for cardiovascular-disease
soon offer a feature prevention. The ACC says it is re-
that estimates users’ searching a heart age calculator of
cardiovascular age. its own.
A worker filling barrels with maple syrup that is being
processed at the Hallacres Farm in Bromont, Quebec.
learned to bore holes into the bark trees. It took several years for the
and collect sap as it dripped into investment to pay off.
buckets hanging below. “It’s very se- The taste of his syrup got better,
ductive,” said Lewis Coty, 72, a Ver- Coty said.
mont maple-syrup maker who Emma Marvin taps 30,000 maple
learned the old ways. trees on her 860-acre Butternut
For the first 10 years, Coty car- Mountain Farm, about an hour’s
ried buckets on a yoke up a big hill drive northeast of Burlington, Vt.
at his sugar farm in the Green Her father started the business and
Mountains east of Lake Champlain. was an early adopter of vacuum
He started his business in 1976 on a pumps, which use air pressure to
CHRISTINNE MUSCHI/BLOOMBERG NEWS (2)
whim and made ends meet as a car- draw more sap from the trees. Mar-
penter. “Sugaring tends to be high vin now uses all the new equipment.
on romance and low on profitabil- In her backyard, though, Marvin
ity,” he said. used buckets to collect sap from
Coty didn’t turn a profit until he taps in four backyard maple trees.
abandoned the buckets for plastic She boiled the sap over a fire pit.
tubes, vacuum pumps and reverse “It looked awful,” Marvin said.
osmosis machines. It cost him sev- “But it tasted phenomenal. I’m sure
eral hundred thousand dollars for a some of it was the effort that made
system to accommodate 10,000 it taste so delicious.”
P2JW135000-0-A010A0-1--------NS

THE WALL STREET JOURNAL. NY Tuesday, May 14, 2024 | A10A

P2JW135000-0-A010B0-1--------NS

A10B | Tuesday, May 14, 2024 NY /NE THE WALL STREET JOURNAL.

#Dadication

fatherhood.gov
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THE WALL STREET JOURNAL. Tuesday, May 14, 2024 | A11

ARTS IN REVIEW
BY PETER PLAGENS ART REVIEW Lautrecian footlighting. In this sty-

Missing the Big Pictures

listically variegated show, his work

I
Milwaukee
t seems a difficult task—to
put it mildly—to demonstrate
“the vitality and relevance of
contemporary painting”
merely by plucking small
paintings on rectilinear sup-
ports from the oeuvres of living
artists. But that is what the Mil-
waukee Art Museum attempts to
do in “50 Paintings” (on view
through June 23).
The exhibition—curated by the
museum’s Margaret Andera, work-
ing with Michelle Grabner, an art-
ist and professor at the School of
the Art Institute of Chicago—is the
first survey show of the medium at
the MAM since “25 Americans:
Painting in the 90s” almost three
decades ago. While it includes sev-
eral artists from abroad (England,
Germany, Spain, Iran, South Africa
and China) and Canada, the vast
majority are from the U.S.; more
than half the painters here are
women, and three of them—Mary
Heilmann, Judy Ledgerwood and
Pat Steir—were included in
“Painting in the 90s.” The
“vitality and relevance of
contemporary painting”—
which, outside this exhibi-
tion, ranges from the monu-
mental to the minuscule,
CLOCKWISE FROM TOP: MILWAUKEE ART MUSEUM; PATRON/ALEXANDER GRAY ASSOCIATES; MONIQUE MELOCHE GALLERY
An exhibition of contemporary painting suffers from its arbitrary limits
Clockwise from above:
installation view of ‘50
Paintings’; Jennie C.
Jones’s ‘Soft, Pitchless
Measure Oxide Edge’
stands out as coming from a genu-
inely different temperament. Matt
Connors (b. 1973) is an abstract
painter with—as an artist-friend of
mine used to say—a lot of notches
on his lodgepole, including a
Guggenheim fellowship. His crack-
ling work, which looks a bit like a
first coat for a Hans Hofmann ab-
straction, adds some zip to an oth-
erwise tepid selection of nonfigu-
rative paintings. My personal
favorite is, however, “Self-portrait
as a country club legend” (2021)
by Jake Troyli (b. 1990). A care-
fully painted faux-naïf (and that’s
not a criticism) picture of the art-
ist solemnly holding a tennis rac-
quet in preparing-for-a-backhand
position, it’s a sly comment on
race, with the artist’s hardly coun-
try-club Afro escaping from the
top of his headband, ballooning as
it flies off the frame.
Those works are not the only
formidable—for wildly different
reasons—ones in the exhibition.
“August, Blue Shack” (2022), a typi-
cally tiny exurban landscape by
Maureen Gallace (b. 1960); a smart
take on Minimalist painting in
“Soft, Pitchless Measure Oxide
Edge” (2021) by Jennie C. Jones
(b. 1968); and an amusing riff on
the academic underpinning of much

and from the conventional
flat rectangle to incursions
into monumental sculp-
ture—is hardly going to be
thoroughly plumbed by
works so arbitrarily limited
in size. Whether the reason
is simply physical conve-
nience or the misguided
idea that size really isn’t all
that important, the exhibi-
tion isn’t that far removed
from a slide show in an art
appreciation class. Worse:
The MAM says, “In a
marked departure from
standard museum practice,
the exhibition will withhold
interpretive text and en-
courage visitors to intensively
study and draw their own conclu-
sions about the works on view and
the cultural impact of contempo-
rary painting.” In other words, it
has reasons for its selections but
won’t divulge them to the viewer.
That said, the faulty premise of
“50 Paintings” doesn’t totally obvi-
ate the pleasures to be had from
several works in the exhibition.
(Artists—frequently and fortu-
nately—have the ability to sur-
mount and survive curatorial re-
strictions.) Among the more well-
known painters, Peter Halley (b.
1953) and Amy Sherald (b. 1973)
manage to overcome the show’s
limitations. Ms. Sherald, most fa-
mous for her unconventional offi-
cial portrait of Michelle Obama, of-
fers a thankfully oversized (at 54
inches high) and almost overpower-
ing portrait of a black woman, in a
graphically startling black-and-
white dress, posed against a solid
bright magenta background. The
picture, from 2019, is titled “Some-
times the king is a woman” and
compels us to believe it. “Blue Cell”
(2022) by Mr. Halley is only a little
(2021); and Jake Troyli’s
‘Self-portrait as a country
club legend’ (2021).
smaller, but with a sculp-
tural component—it’s on
three different physical
planes. The work could
hardly be simpler: a blue
square in front of a red
square (in fluorescent
paint, the label says,
though it hardly glows),
underlined by a small
dark green horizontal bar. “Blue
Cell” is, however, forceful, and its
slightly outlaw physicality may be
the reason it’s tucked away down a
corridor as the last painting before
the show’s exit.
Paul P., a Canadian artist (b.
1977) who started using only an
initial for his last name as a stu-
dent to set himself apart from
other strivers, contributes a small
oil portrait of a young, long-haired,
androgynous person in Toulouse-
figurative painting, “Night Classes”
(2020) by Lisa Yuskavage (b. 1962),
round out this critic’s favorites.
They’re not quite enough, alas,
to dispel the suspicion that “50
Paintings” is, in the end, simply
expedient. If a museum is going to
survey the state of contemporary
painting, one wonders, why ham-
string the result with a size limit
and an out-of-the-way location
within the museum? (Would an ex-
hibition called “50 Sculptures”
purporting to “demonstrate the vi-
tality and relevance of contempo-
rary sculpture” confine itself to
works that could fit atop pedes-
tals?) The apparent answer is con-
venience, and that’s never a good
quality for an art exhibition in a
major museum.
50 Paintings
Milwaukee Art Museum, through
June 23
Mr. Plagens is an artist and writer
in Connecticut.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 25 “You’ve got
this!”
HAPPENINGS FOR THE WEEK OF MAY 14 13 14 27 Chili
peppers,
15 16 informally
BY WSJ ARTS IN REVIEW STAFF pregnant after a one-night Opera
stand and reaches out to a “The Crucible” 17 18 19 20 31 Make onion
Film married friend (Michelle Bu- (The Old Red Church, rings, say
“Back to Black” teau) for help. Standish, Maine, May 17-19) 21 22 23 24 25 32 Hazmat
(May 17) Opera in the Pines stages
regulating
The British singer-song- TV a new adaptation of the 26 27 28 29
org.
writer Amy Winehouse, a “Bridgerton,” Season 3 work by Robert Ward
blinding talent with personal (Netflix, May 16) (music) and Bernard 30 31 32 34 European
demons who died tragically The first half of this two- Stambler (libretto) based on range
young at age 27, is played by part season of the steamy Arthur Miller’s allegorical 33 34 35 36
35 Join the
Marisa Abela (“Industry”) in period piece features many play.
37 38 39 40
game
Sam Taylor-Johnson’s much- familiar faces—Nicola
awaited biopic. Coughlan and Luke Newton “Turandot” 36 Came up
(The Grand Opera House, 41 42 43 44 45 46
39 Seized the
Wilmington, Del., May 17-19) moment
While it became a classic, 47 48 49 50
Puccini left this opera unfin- 40 Carwash
ished at the time of his 51 52 53 organizers,
death, sparking controversy at times
over various attempts by his 54 55 56 57 58
41 Sound of
circle to finish it. Now Der- rebuke
rick Wang (“Scalia/Gins- 59 60
burg”) steps into the fray 42 Choose the
with his own take on the 61 62 sidewalk over
ending, which is being given the bus, say
its premiere in a production 43 Cause of
by OperaDelaware. SUCCESS STRATEGIES | By Jamey Smith
some chaotic
Across 29 Vancouver-to- 54 How to 9 “That feels weather
Art Seattle dir. manage end- so good!”
“KAWS + Warhol” 1 Really bad 45 See red?
30 Manhattan’s of-semester 10 Annoying
(The Andy Warhol Museum, 6 Ruling against jitters? 46 Sponge
Pittsburgh, May 18-Jan. 20, a football ___Place little punk
59 Second of alternative
2025) receiver 31 Do without 11 Caravan
 Marisa Abela stars as Amy Winehouse in director Marking the museum’s the three red 48 Grocery chain
13 Famed 33 “Don’t expect creatures
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P2JW135000-0-A01200-1--------XA
A12 | Tuesday, May 14, 2024
The Winner of the
2014 Boston Marathon
Finally Got Her Prize
Buzunesh Deba had waited nearly eight years for the
$100,000 that was owed to her. When race organizers
wouldn’t pay up, a businessman wrote her a check.
BY RACHEL BACHMAN
W
hen Buzunesh Deba was
named the winner of the
2014 Boston Marathon, it
didn’t just rank as the greatest tri-
umph of her running career. It also
counted as the most lucrative.
For winning the race, she was
entitled to $75,000, plus a $25,000
bonus for setting the women’s
course record. But nearly eight
years after she was elevated to first
place when the original winner was
disqualified for doping, Deba was
still waiting for her prize money.
It finally arrived this month,
when Deba received a check for
$75,000. Only it didn’t come from
the Boston Marathon organizers.
Instead, it came from a complete
stranger.
Doug Guyer, a Philadelphia-area
businessman and longtime Boston
Marathon fan, decided to pay Deba
the money she was owed out of his
own pocket. He did it after reading
in The Wall Street Journal last
month that she still hadn’t been
paid by the Boston Athletic Associ-
ation.
BAA organizers told Deba they
hadn’t paid her what she was owed
because they were still trying to re-
cover the money from Rita Jeptoo,
the Kenyan runner who crossed the
line first and was later disqualified.
To Guyer, that was unaccept-
able. So he wrote Deba a check for
$75,000 and said he’ll consider
JASON GAY
Everybody Is Tired of
The PGA Tour-LIV Fight
My sports column
Rule No. 1: Nothing’s
funnier than fancy,
feuding golfers.
But even I have
my limits.
This time it’s more of the silly
same—the endless, brain-numbing
bickering between the PGA Tour
and LIV Golf, two self-interested,
half-broken outfits that can’t ham-
mer out their proposed merger,
and whose continued antagonisms
are driving long time and casual
fans from the sport.
Did you take a look at those re-
cent Masters ratings? Yikes. Down
20%. Not good.
The latest inane dust-up in-
volves the LIV comeback saga An-
thony Kim and the golf media ana-
lyst/provocateur Brandel
Chamblee. Chamblee recently
shifted his position on a PGA
Tour-LIV merger—once a hard LIV
critic, he concedes its Saudi spon-
sors aren’t going anywhere, and
the PGA Tour needs to figure out
a way to survive. His turnabout
prompted Kim, back after years
away from the sport, to log into
America’s online anger rodeo,
Twitter (nobody calls it X, sorry)
and use a crude term to blast
Chamblee as a hypocrite.
Chamblee responded by criti-
cizing Kim’s tweet as, among
other things, “about as inaccurate
as a lot of Mickelson’s drives,”
which led original LIV defector
Mickelson to respond with his own
extended tweet on the LIV/PGA
Tour drama and the state of golf.
To replicate the whole ex-
change, please walk to your near-
est fish market, pull a large fish
out of the ice, and use it to slap
sending her the $25,000 bonus if
the BAA doesn’t.
“For us, it’s a miracle,” Deba
said, wiping away tears. “It’s life-
changing, big money. We were
waiting so long.”
yourself repeatedly in the face.
Golf has got to clean this up,
pronto. The PGA Championship
begins later this week, which
means another walk in the rough
for golfers who again will be re-
peatedly asked about golf’s ongo-
ing civil war. It’s exasperating for
the players, distracting for the
PGA Championship, and terrible
for a sport that can’t afford much
more of this inane intramural
meltdown.
I haven’t even gotten to fans.
Following golf is getting so annoy-
ing, I’m starting to play more golf,
which no one needs—especially
me.
As for our dueling tours, nei-
ther side appears to have its house
in any kind of order. Last week the
Journal’s Andrew Beaton and Lou-
ise Radnofsky reported on the on-
going power struggle inside the
PGA Tour, where Rory McIlroy
(winner of his fourth Wells Fargo
Championship Sunday) appears at
odds with influential players in-
cluding Patrick Cantlay and Tiger
Woods.
One lingering debate is how the
PGA Tour would welcome back
LIV exiles in the event of a
merger—would the LIVees be al-
lowed to peacefully return to the
fold, or would there be some kind
of penalty for players who took
the money and ran?
The LIVees, meanwhile, con-
tinue to be cranky about losing
ranking points—potentially cost-
ing future opportunities to play
major tournaments—and the lin-
gering apathy toward their tour,
which uses a daffy 54-hole, no-cut
team golf format and has failed to
stir the U.S. audience.
SPORTS
The 36-year-old from Ethiopia
spoke on a video call from her
Bronx apartment, where she lives
with her husband and two young
children. Deba said she would use
the money for her children and to
Phil Mickelson remains in the middle of the controversy surrounding the PGA Tour and LIV Golf.
(When was the last time you
saw someone hitting at the range
in a LIV RangeGoats GC team
hat?)
It sounds like a mess, because
it is a mess. It’s mainly a mess be-
cause these two adversaries seis-
mically announced nearly a year
ago they were going to make a
deal, and it’s more than 11 months
later, and there is no deal.
I know it’s complicated, with
umpteen regulatory challenges,
but the easiest way to tick off the
fan public is to tell them, with
great fanfare, that something is
going to happen—and then it
doesn’t.
Mickelson, his reputation
singed by loose talk early in the
controversy, has been trying to
stay out of the ad hominem fray,
Doug Guyer, a longtime Boston
Marathon fan, decided to pay
Buzunesh Deba the money she
was owed out of his own pocket.
fund her return to elite running.
Since she has no sponsors, she
buys her own gear.
The BAA, in an email to the
Journal, said it is following the pol-
icies of the sport’s leading organiz-
ing groups in pursuing Jeptoo to
recover the prize money for Deba,
which it believes “would be a just
and fair result for her and all run-
ners who follow the rules.”
Guyer said it’s “a ridiculous pol-
icy” to delay paying the clean run-
ner until the BAA recovers the
money from the disqualified ath-
lete. If his company held a sales
contest where the winner was
found to have cheated, he said, he
would pay the runner-up the cor-
rect prize immediately. Guyer co-
founded an e-commerce media net-
work called Brandshare and now
advises other companies.
“Just do the right thing, and
then if you have to use lawyers to
claw it back, knock yourself out,”
Guyer said in an interview. “Just
don’t put the onus on the second-
place finisher.”
Guyer said he has long held the
BAA in high esteem. He attended
Boston College and remembers
watching Boston Marathon greats
Bill Rodgers and Alberto Salazar
arguing the schism was necessary
to provoke change in an “already
broken” sport.
“Fixing the problem takes
time,” he wrote in response to the
Kim-Chamblee dust-up. “But it’s
better than waiting for it to col-
lapse entirely.”
Surely some LIVers like to fash-
ion themselves as the Curt Floods
of golf, but does the public? Com-
petitive and compensation
changes may have been overdue,
but was LIV the right vessel? Is
Phil a revolutionary, or just an-
other person who took the money
and is trying to soften the motiva-
tion?
Absent a deal, frustration boils.
Men’s golf feels like a sport in dis-
array—a weakened product, scat-
tered about, denied regular com-
THE WALL STREET JOURNAL.
running Heartbreak Hill.
Guyer emailed the BAA about
Deba’s situation and received in re-
sponse a letter signed by David
Bowker, an attorney at Washington,
D.C.-based law firm WilmerHale,
which the BAA said is representing
it pro bono. The letter said that the
work to recover the prize money
from Jeptoo required significant
time and involved “multiple stake-
holders in several jurisdictions
within the United States and
abroad,” but that the BAA and its
lawyers have made progress.
The BAA’s approach is sup-
ported by the policies of World
Athletics, the international govern-
ing body of running, and the World
Marathon Majors organization, the
letter said.
A World Athletics spokesperson
confirmed to the Journal, however,
that no rule prevents the BAA from
paying Deba the prize money she’s
owed “on a purely voluntary ba-
sis.”
The BAA had net assets of $27.3
million as of 2022, according to its
nonprofit tax filing.
Although many readers were
outraged over Deba’s story, her ex-
perience isn’t unique. Other major
marathons also follow the policy
not to redistribute prize money un-
til it’s reclaimed from a disqualified
athlete—even though they have a
poor record of recovering it.
Chicago Marathon organizers
still haven’t recovered $265,000 in
prize money given to Russian run-
ner Liliya Shobukhova after a dop-
ing sanction nullified her three
wins from 2009-11 and a fourth-
place finish in 2012, a marathon
spokesman said.
Shobukhova also won the 2010
London Marathon and its $55,000
first-place prize. London organizers
persuaded an English court to or-
der her to repay it, a marathon
spokesperson wrote in an email.
But local courts in Russia wouldn’t
enforce the ruling and “no money
was ever recovered from the ath-
lete,” the spokesperson wrote.
A negative test on race day of-
ten isn’t enough to prevent a cheat-
ing athlete from receiving prize
money, since it can take time to
catch dopers. In Jeptoo’s case, she
didn’t fail a test until months later.
Various machinations meant her
2014 Boston Marathon disqualifica-
tion didn’t come through until Oc-
tober 2016.
Some readers wanted to start a
crowdfunding campaign to get
Deba her prize money. But she and
her husband thought that would
make it too difficult to repay the
FROM TOP: SETH WENIG/ASSOCIATED PRESS; TOOP GUYER
money if the BAA eventually comes
through, as they plan to do with
Guyer.
Deba, when asked about mara-
thons’ practice of not paying run-
ners-up until they recover the prize
money from disqualified athletes,
mentioned the months of training
and travel that elite runners invest
in each competition.
“It’s our blood. It’s our sweat.
We prepare very hard,” she said.
“They have to change the rule.”
petition of its best players,
plagued by public sniping and un-
helpful tweet-for-alls.
You would think the major
tournaments would be able to
duck the storm clouds, but are
they?
The green jackets in Augusta
have to be sizzling about this
year’s ratings plunge, and the PGA
Championship has to be nervous
about the same.
Golf may have needed to mod-
ernize, but this extended fray isn’t
helping. A battle over golf’s future
has blurred into the bickering of
REINHOLD MATAY/REUTERS
the rich. The high ground has
been abandoned, and a sport with
an entitled reputation sounds ob-
noxious.
The golfers are fighting. Funny
for me—-but not really for golf.
P2JW135000-0-A01300-1--------XA
THE WALL STREET JOURNAL.
OPINION
RFK Jr.’s Threat to Trump
Even for Joe
Biden, his re-
cent sugges-
tion that can-
nibals in New
Guinea ate his
uncle Bosie
MAIN
STREET was a doozy.
But Robert F.
By William
Kennedy Jr.
McGurn
just topped
him with his
worm-ate-my-brain reveal.
Mr. Kennedy’s worm admis-
sion comes amid heightened
interest in his campaign for
president. That’s especially
true in the attention he is now
getting from Mr. Trump. Re-
cent Trump attacks reflect
fears that RFK Jr. could siphon
more votes from him than
from Mr. Biden.
On Thursday Mr. Trump re-
leased a blistering video that
opens: “RFK Jr. is a Democrat
plant, a radical left liberal
who’s been put in place in or-
der to help Crooked Joe Biden.
. . . Republicans, get it out of
your mind that you’re going to
vote for this guy because he’s
conservative. He’s not. . . .
RFK’s views on vaccines are
fake as is everything else
about his candidacy.”
He followed this by rattling
off specific issues on which he
says RFK’s views run counter
to Republican principles. He
labeled Mr. Kennedy a “big-
time taxer,” “antimilitary,”
“antigun,” an “open-border ad-
vocate,” “an extreme environ-
mentalist,” etc. As a resident
of New York, Mr. Trump
added, he saw firsthand how
Why Putin Seeks to Dominate Africa
Amid world-
shaking cri-
ses in the
Middle East,
Europe and
the Indo-Pa-
cific, the
GLOBAL
news from
VIEW
Niger might
By Walter
seem unim-
Russell Mead
portant. Yes,
American
troops are making an igno-
minious withdrawal as Rus-
sian forces sashay into the
same Nigerien air base host-
ing U.S. personnel. And yes,
until last July’s coup Niger
was a poster child for Ameri-
can democracy efforts in Af-
rica and the foundation for
U.S. counterterrorism strat-
egy in the region. Today, the
American-backed, democrati-
cally elected president is a
prisoner in his official resi-
dence, and the coup leaders
are working with Russia’s
Wagner Group.
How much does Niger re-
ally matter? Though large
(about twice the size of
Texas), it’s landlocked and
mostly desert. It has substan-
tial uranium reserves and
other minerals, including
gold, but nothing that can’t
be found elsewhere. With
roughly 26 million people and
a gross domestic product of
about $15 billion, it is one of
the world’s poorest and least
developed countries. Since
achieving nominal indepen-
dence from France in 1960,
Niger has lurched between in-
effective intervals of civilian
and military rule.
Let Vladimir Putin have it,
most Americans would say if
they thought about Niger at
Is a Trial Lawyer Worth 100 Elon Musks?
By Jonathan Macey
And M. Todd Henderson
I
n rejecting Elon Musk’s
$55.8 billion pay package,
the Delaware Chancery
Court applied straightforward
corporate law. But the deci-
sion should still worry com-
panies incorporated in the
state. The court spends much
of its 201-page opinion attack-
ing the value of “superstar”
CEOs and the importance of
individuals to corporate
achievement. While super-
stars are lauded in sports and
entertainment, in Delaware
the value of the best CEOs is
in doubt.
The collectivist notion that
no single person can make a
huge difference suffuses the
opinion, which asserts that
Mr. Musk and other superstar
CEOs are merely lucky people
who “directors, investors and
markets believe make a unique
contribution to company
value.” The court also assails
directors, claiming their belief
in a CEO’s value “could be
Mr. Kennedy’s influence led to
disastrous policies such as the
state’s ban on fracking.
All this marks a clear shift
in tone. In September, two
weeks before Mr. Kennedy an-
nounced he was leaving the
Democratic Party to make an
independent run for the presi-
dency, Mr. Trump spoke
warmly of Mr. Kennedy. “I like
him a lot,” he told journalist
Sharyl Attkisson on her syndi-
cated Sunday TV show, “Full
Measure.” “I’ve known him for
a long time. He’s very much a
libertarian in a certain way.
And I think I have certain
qualities along those lines too,
if you want to know the
truth.”
Mr. Kennedy, who heads to
the Libertarian Party conven-
tion in Washington this
month, for his part claims he
turned down an offer from
Trump emissaries to be the
former president’s running
mate. The Trump campaign
denies it.
No one really knows which
of his rivals Mr. Kennedy’s
candidacy will hurt more. Mr.
Biden sees Mr. Kennedy as
possibly reprising the role
played by the Green Party’s
Jill Stein in 2016. Her vote to-
tals were slim—in Pennsylva-
nia she received 0.82%, in
Michigan 1.07%, in Wisconsin
1.04%—but had her votes gone
instead to Hillary Clinton, Mr.
Trump wouldn’t have been
president.
With Mr. Kennedy polling
today in the low double digits,
Mr. Biden is taking no chances.
all. Under normal circum-
stances, U.S. secretaries of
state wouldn’t spend much
time thinking about Niger or
its neighbors. But these
aren’t normal times.
Russia’s power move in Ni-
ger is part of a broader pat-
tern. From Libya to South Af-
rica, Mr. Putin is capitalizing
on American and Western
mistakes to acquire lucrative
mineral resources, complicate
Western security planning,
and enhance the Kremlin’s
ability to evade sanctions.
Not since the British East
India Co. built an empire
from the ruins of Mughal
power has a semiprivate mer-
cenary company enjoyed as
much success as the Wagner
Group has in Africa. Wagner
operatives have capitalized on
widespread hatred of France
and the inability of feeble
Western-backed governments
to deliver much in the way of
security, prosperity or educa-
tion. Their operatives have
made fortunes in gold, dia-
monds and other minerals for
themselves and their Kremlin
patrons while delivering one
humiliation after another to
the West.
For Mr. Putin, the benefits
of his Africa strategy are
clear. Wagner’s operations
make billions of dollars.
Some of that flows to the oli-
garch community around Mr.
Putin, helping him keep his
minions happy. Some of it
underwrites the Ukraine war.
And Wagner’s links to mining
operations and governments
across Africa allow for lots of
money laundering and sanc-
tions evasion that further
help Mr. Putin wage war.
wrongly held.” Board members
may be delusional. According
to the court, the Tesla board
was “starry eyed by Musk’s su-
perstar appeal.”
That’s not all. The court be-
littled Mr. Musk’s value.
Tesla’s lawyers justified Mr.
Musk’s pay because he en-
abled unimaginable growth
Attorneys seek $5.6
billion for convincing
a Delaware Court that
the CEO is overpaid.
relative to competitors. The
court called this a “hard sell”
because executives at rival
companies perform the “same
task” as Mr. Musk.
The opinion noted six times
that Mr. Musk was paid more
than CEOs of peer companies.
When he entered into the pay
deal six years ago, many in-
dustry analysts doubted the
milestone goals the board set
He has gathered endorsements
from almost the entire Ken-
nedy family and even set up a
war room to track the RFK
campaign and make it harder
for him to get on state ballots.
Team Biden is trying to por-
tray Mr. Kennedy as a creature
of MAGA, citing his antivax
stands and his financial sup-
port from Trump donor Timo-
thy Mellon.
Once warm to the
independent, the
former president calls
him a ‘left lunatic.’
Mr. Trump is smart to
hammer Mr. Kennedy on the
issues and cast him as further
to the left than Mr. Biden. For
one thing, it clarifies things
for Republican and indepen-
dent voters who might buy
the nonsense that Mr. Ken-
nedy is conservative. For an-
other, the more vehement Mr.
Trump’s attacks on Mr. Ken-
nedy are, the more the former
president increases RFK Jr.’s
attractiveness to Democrats
already disenchanted with the
president.
But it will be messy. Mr.
Kennedy’s appeal is that he is
the authentic outsider challeng-
ing the Beltway establishment.
He might say some kooky stuff,
but his antivaccine activism
predates Covid. His antigovern-
ment and antiestablishment
tone resonates with voters dis-
Why has the West been so
hapless? In part because this
is a difficult part of the world
to do business in. Most gov-
ernments are weak, tribal
loyalties matter more than
formal institutions, borders
are loose, and civil societies
are fragmented. In addition,
almost everyone in the region
hates France, the former co-
lonial power and traditionally
the most active outside force
Moscow makes money
and evades sanctions
in a continent the
U.S. disdains.
there. But it’s also because
the U.S. foreign-policy system
has designated Africa policy
as a kind of laboratory for
human-rights activism and
democracy promotion.
Until recently, Africa mat-
tered little in the calculations
of American business or the
national-security bureau-
cracy. Compared with other
regions of the world, Africa
attracted relatively little
American foreign investment,
and its importance to Ameri-
can military planners paled
before the Indo-Pacific, the
Middle East and Europe.
The absence of competing
voices in American policy de-
bates gives development non-
governmental organizations,
other activist groups and
their governmental allies,
such as the U.S. Agency for
International Development,
disproportionate power to
shape policy for the region.
for him were achievable. They
were. Tesla was then worth a
bit more than General Motors.
Today its value exceeds that
of the Big Three, Honda and
Toyota combined.
Most troubling, the court
speculated that maybe Mr.
Musk shouldn’t have been
paid at all, because “where an
executive has a sizeable pre-
existing equity stake, there is
a good argument that the ex-
ecutive’s interests are already
aligned with those of the
stockholders.” But Tesla had
to compete for Mr. Musk’s at-
tention with other companies
he runs, such as X and
SpaceX. The country’s leading
business court doesn’t appear
to understand the need to en-
courage Mr. Musk to focus on
Tesla.
The lawyers who persuaded
the court to nullify Mr. Musk’s
salary are seeking fees of $5.6
billion. It is a strange world in
which lawyers who sue compa-
nies propose to be paid like su-
perstars, while executives who
build them can’t. The Delaware
affected with the two parties.
Certainly Mr. Kennedy em-
braces many principles that
can’t be reconciled with tradi-
tional Republican conserva-
tism. But so does Mr. Trump.
In 2016 Mr. Trump recognized
this and chose Mike Pence, a
politician with a solid Reagan-
ite record, to reassure Repub-
licans doubtful of what MAGA
stood for. He might be wise to
make a similar choice this
year to drive home the point
to voters who view Mr. Ken-
nedy as a plausible conserva-
tive alternative.
But Mr. Kennedy has a vul-
nerability that may make him
unpalatable to left-leaning vot-
ers who might otherwise be
Mr. Kennedy’s natural constit-
uency. These are the protest-
ers denouncing the president
as “Genocide Joe.” They might
be surprised to learn that RFK
Jr. has taken a harder line in
favor Israel’s right to defend
itself than Mr. Biden has. That
aligns Mr. Kennedy with Mr.
Trump’s pro-Israel stance—
and leaves those protesting
the war in Gaza in search of
another option.
Mr. Kennedy calls himself a
“classic liberal or Kennedy
Democrat.” Mr. Biden’s cam-
paign calls him a tool of the
MAGA movement. Mr. Trump
calls him a “left lunatic” and a
“Democrat plant.”
What they all now realize is
that November’s election may
be decided by whose defini-
tion of Robert F. Kennedy Jr.
voters find most persuasive.
Write to mcgurn@wsj.com.
That is unfortunate, because
the Sahel is a place where the
conditions for the sustainable
rise of democratic societies
largely don’t exist. As a result,
much American activity in the
region consists of pursuing
nebulous democracy and de-
velopment objectives that we
never reach.
Bad human-rights policy
isn’t merely futile. It can be
murderous. Many of the re-
gion’s problems can be
traced to the West’s inter-
vention in the 2011 Libyan
civil war—the decision that
unleashed a series of catas-
trophes that, one hopes, dis-
turbs the slumber of the na-
ive and arrogant human-
rights crusaders who
buffaloed Barack Obama into
one of the most ill-consid-
ered steps of his presidency.
This foolish act ushered in
more than a decade of mis-
ery and war in Libya. It also
sent cascades of weapons
into the fragile Sahel while
loosening the restraint that
Moammar Gadhafi’s regime,
for all its faults, had imposed
on jihadist groups.
Three decades of develop-
ment aid, democracy promo-
tion and human rights activ-
ism by Western diplomats
and NGO staffers have culmi-
nated in the Wagner Group’s
conquests in Africa, just as
20-plus years of American
social engineering failed to
sideline the Taliban in Af-
ghanistan.
Hope isn’t a plan. Team
Biden needs to rethink its Af-
rica policy. Until the West
absorbs the lessons of past
failures, Wagner will con-
tinue to roll.
Chancery Court apparently
views lawyers as entrepre-
neurs and CEOs as mere bu-
reaucrats. Perhaps this is why
Tesla’s board recommended
shareholders vote to move the
company to Texas, where re-
spect for individualism is
baked into the culture.
Tesla’s board has resubmit-
ted Mr. Musk’s pay package to
shareholders for a vote. Three
of four independent share-
holders already approved it,
but the court ignored their
votes. Delaware should clean
up this mess by allowing Tesla
to abide by the second share-
holder vote. Restoring Dela-
ware’s reputation as a hospi-
table place for capitalism and
individualism will be far more
of a challenge.
Mr. Macey is a professor at
Yale Law School. He has done
corporate-governance consult-
ing work for Tesla. Mr. Hen-
derson is a law professor at
the University of Chicago and
a visiting fellow at the Hoover
Institution.
Tuesday, May 14, 2024 | A13
BOOKSHELF | By Melanie Kirkpatrick
Not to Be
Mollycoddled
The Loves of Theodore Roosevelt
By Edward F. O’Keefe
Simon & Schuster, 464 pages, $30.99
H
as there ever been a more manly president than
Theodore Roosevelt? Big-game hunter in Africa,
soldier leading the Rough Riders up Cuba’s San Juan
Hill, cattle rancher and defender of the mighty bison in the
Dakotas. The nation’s youngest president (at age 42) was a
man of action, his name synonymous with vigor, strength
and vitality.
Less known than his physical exploits is the interest-
ing fact that this paragon of masculinity had views
about women that were radical for his day. In 1880, four
decades before the 19th Amendment gave American
women the right to vote, TR
argued in his senior thesis
at Harvard that women
deserved to have the same
rights as men, be paid the
same as men and be allowed
to keep their maiden names.
Such ideas are of a piece
with Roosevelt’s reliance on
five remarkable women who
played critical roles in shaping
his life and political career.
These women—his mother, two
sisters and two wives—are the
subject of Edward O’Keefe’s
informative and often
entertaining “The Loves of
Theodore Roosevelt.” They were TR’s most trusted
advisers, his most insightful strategists and his most
faithful supporters.
Young “Teedie,” as the future president was called by
his family (who loved nicknames), was a delicate child,
suffering from asthma and chronic congenital diarrhea. His
mother, Martha Bulloch Roosevelt, known as “Mittie,” was
first among a “formidable corps of women”—including a
grandmother, an aunt and a host of nurses—who “cooled
every fever, sat through every cough, made him eat, made
him walk, and gave him strength.” From Mittie, Mr. O’Keefe
writes, Roosevelt “learned “empathy and the essential
ability to connect with people.” These traits would serve
him well in the political fray.
Sisters Anna Roosevelt Cowles (“Bamie”) and Corinne
Roosevelt Robinson (“Conie”), both of whom outlived
their brother, were critical lifelong supporters and men-
tors. They encouraged him to go into politics, sharpened
his thinking, restrained his impulsive behavior and coun-
seled him at every step of the way. During the years he
was in Albany, Mr. O’Keefe recounts, Roosevelt would
greet his sisters with the words: “Haven’t we had fun
being governor of New York State?” He clearly recognized
and valued their advice.
The author compares Bamie’s influence on TR to that of
Robert F. Kennedy on his brother John F. Kennedy. As
president, Roosevelt relied on Bamie, the elder of the two
sisters, for political intelligence and guidance on a wide
range of issues. Due to her network of contacts in London,
she was a diplomatic back channel to high-level British
sources, a connection that helped Roosevelt develop the
economic and political relationship that united Britain and
the U.S. “at the start of what would be a consequential
century for their critical alliance,” Mr. O’Keefe writes. The
president spent so much time at Bamie’s Washington home,
a 10-minute walk from the White House, that it was dubbed
the “Little White House.” Eleanor Roosevelt, niece of TR,
Bamie and Conie, recalled that “Uncle Ted would often drop
in at tea-time and got started on interesting conversation.”
Roosevelt would also use Bamie’s home for confidential
meetings he didn’t want the press to know about.
Five extraordinary women in TR’s life were his
most trusted advisers, his most insightful
strategists and his most faithful supporters.
Roosevelt’s relationship with Conie, his other sister,
was more intimate, and he would turn to her for emotional
support. Conie “would encourage and renew him for
another fight,” Mr. O’Keefe says. In Washington, she
operated as TR’s unofficial press secretary and publicist,
working behind the scenes to court journalists and polish
the president’s image. After his death she wrote books,
gave lectures and went on the radio to recount stories
about her famous sibling. In 1920, the year after TR’s death,
she became the first woman to address a major party
convention when she eulogized her brother at the
Republican National Convention in Chicago.
The Roosevelt women were diligent letter writers and
diary keepers, and Mr. O’Keefe, chief executive of the
Theodore Roosevelt Presidential Library Foundation, had
plenty of material to draw on for his sharp portraits of
Mittie, Bamie and Conie. Less so for Roosevelt’s two wives:
Alice Hathaway Lee Roosevelt, who met TR when he was 19
and died after just three years of marriage; and Edith Carow
Roosevelt, who outlived her husband by nearly 30 years and
who destroyed most of her correspondence with him.
Mr. O’Keefe makes a strong case for Edith’s role as the
“first modern first lady.” He presents her as a presidential
wife who elevated the role to something close to what it is
today: curator of the White House and its contents; keeper
of the president’s legacy; and, most modern of all, strong-
minded woman exerting “an enormous political, moral, and
emotional influence on her husband.” As for Alice, the
author believes history has done the pretty, charming
young wife an injustice by not recognizing her role in
catalyzing TR’s metamorphosis from a geeky undergraduate
to a “confident, inspired young man in a hurry, en route to
becoming a public figure of real importance.”
In keeping with the cultural codes of the day, the five
women profiled by Mr. O’Keefe kept themselves in the
background, seemingly content to support their son/
brother/husband from behind the scenes. Roosevelt’s
daughter Alice Roosevelt Longworth expressed the view—
with which Eleanor Roosevelt concurred—that if Bamie had
been a man, she, not TR, would have been president.
While it’s interesting to speculate what these
extraordinary figures might have made of their lives in a
world that accepted women playing a public role in
politics, Mr. O’Keefe wisely doesn’t linger on this point.
Instead of bemoaning the confines in which they labored,
he celebrates their devotion, skills and accomplishments.
In doing so, he leads us to a better understanding of an
equally extraordinary man, Theodore Roosevelt.
Ms. Kirkpatrick, a former deputy editorial page editor of
the Journal, is a senior fellow at the Hudson Institute.
P2JW135000-0-A01400-1--------XA

A14 | Tuesday, May 14, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Yellen’s New Too-Big-To-Fail Firms Are Judges Right to Boycott Columbia Law?

S
urprise, surprise, too-big government is the pandemic were a boon to mortgage compa- Judge Matthew Solomson’s expla- exams because of the “level of dis-
creating more too-big-to-fail financial nies. But higher rates have crimped new loans nation of “Why I Won’t Hire Law tress our peers have been feeling”
Clerks From Columbia” (op-ed, May (“Notable & Quotable: Exams,” May
firms. Biden Administration regulators and refinancing. FSOC says mortgage compa-
9), regardless of their merit, seems 7), I suspect you judges won’t be
on Friday teed up mortgage nies went from making on av-
companies for designation as Treasury says non-bank erage $4,500 per loan in 2020
anything but judicious. Since Colum- missing much.
bia University, he says, has failed ad- MICHAEL G. GOLDSTEIN
systemically important insti-
tutions like giant banks.
mortgage servicers are to losing $1,000 per loan in
2023.
equately to respond to anti-American Memphis, Tenn.
and antisemitic conduct on campus (I
“Vulnerabilities of nonbank systemically important. Some of these companies agree with him on that), the response Judge Solomson’s attempted expla-
mortgage companies can am- are at risk of failing. “Since is to punish the most able and skilled nation for why he and a dozen of his
plify shocks in the mortgage most large nonbank mortgage law students at Columbia by denying judicial colleagues will no longer hire
market and undermine financial stability,” servicers also originate mortgages, losses in them well-earned clerkships. law clerks who graduate from Colum-
Treasury Secretary Janet Yellen declared. A their origination operations may affect their Really? Federal judges publicly ad- bia University is as shocking as it is
new report by the Financial Stability Oversight ability to service loans,” FSOC says. If a non- vocating the punishment of the inno- outrageous. One would think that, of
cent in the hope that it may lead to all people, federal judges would un-
Council (FSOC) finds “their specialized business bank fails, mortgage investors might not get
some change in orientation or policy derstand that Western civilization in
model means they are especially susceptible to paid until its servicing rights are transferred of a large institution over which general, and American constitutional
macroeconomic fluctuations in the housing to a new entity, which can take months. those individuals have no say or in- values in particular, abhor the con-
market.” FSOC warns that taxpayers are at risk be- volvement? Judges depriving them- cept of group punishment—that is,
The Dodd-Frank Act established FSOC to cause government agencies or sponsored enter- selves and ultimately the public of punishing all members of a group
monitor and manage risks to the financial sys- prises guarantee about 68% of mortgages, up the benefit of assistance from some simply because a few members en-
tem, and progressives want to grab more con- from about half at the time of the financial cri- of the best and brightest young law- gage in abhorrent activities.
trol over non-banks. Regulators are using the sis. Concerns about mortgage-company vulner- yers? Overtly attempting to influ- Such a stance by federal jurists
risks they created to justify putting non-bank abilities “have become more acute because of ence how high-school guidance coun- should make them thankful that they
mortgage servicers under their thumb—and the increasing federal government exposure,” selors should render advice about have life tenure and can be impeached
available for taxpayer bailouts. FSOC says. what college to attend? Judges for only a few narrow infractions.
should know better. HARVEY A. SILVERGLATE
According to FSOC, non-banks originate In short, taxpayers must now cover the FLOYD ABRAMS Cambridge, Mass.
two-thirds of mortgages and service 54% of bal- risks that government created. FSOC wants Cahill Gordon & Reindel LLP Mr. Silverglate, a civil-liberties liti-
ances, up from 39% and 4% respectively in Congress to establish a fund, supposedly fi- New York gator, is co-founder of the Foundation
2008. After the financial panic, the report says nanced by the industry, that mortgage compa- Mr. Abrams is a lecturer at Colum- for Individual Rights in Education.
“banks pulled back from mortgage origination nies could tap for liquidity if they fail. It says bia Law School.
and servicing in part due to heightened regula- this fund should “be accompanied by the addi- Finally some consequences for the
tion and sensitivity to the cost and uncertainty tional regulatory authorities and consumer I applaud Judge Solomson and his university leadership that has al-
associated with delinquent mortgages.” protections” that would let federal agencies colleagues who will not consider fu- lowed thugs to control a campus and
Stricter bank capital rules made mortgage regulate them like banks. ture Columbia Law School graduates create a culture of lawbreaking, vio-
servicing less attractive. The feds and state At- Taxpayers would be the ultimate guarantors, for coveted federal clerkship posi- lence and hate. I hope other busi-
tions. The boycott is aimed at Colum- nesses will follow these wise judges.
torneys General dunned big banks billions of as they are for the giant banks and government-
bia the institution, not the students, Thank you, Judge Solomson and the
dollars for allegedly slipshod mortgage servic- sponsored enterprises. FSOC’s recommendation but after reading an excerpt from the others who joined him.
ing and underwriting. Many banks decided that would encourage moral hazard, and not only by Columbia Law Review’s editors’ letter MAURA SCHREIER-FLEMING
making and managing home loans isn’t worth financial institutions. Progressive regulators imploring Columbia to cancel final Dallas
the cost. Non-banks took their place. Mortgage would be emboldened to attack mortgage compa-
companies are regulated by the states and don’t nies since there would be fewer practical conse-
have to comply with the Federal Reserve’s regu- quences if they drive them out of business.
lation. Most draw on bank credit lines or issue FSOC’s report is a strong argument against
debt to finance loans, which are securitized and Freddie Mac’s new proposal to guarantee sec-
What Is Biden’s Worst Mistake of the War?
sold to investors. ond mortgages. Freddie's plan is intended Regarding “Biden’s Worst Mistake respite and resettlement to noncom-
FSOC says many mortgage companies are partly to create a new line of business to sup- of the Gaza War” (May 6): Elliot batant Gazans. With U.S. encourage-
Kaufman should have added “to Date” ment, Egypt, Qatar, Bahrain, the
highly levered and could experience stress if port struggling mortgage companies. But if
to his op-ed’s headline. President Bi- U.A.E. and others could be encour-
banks reprice their credit or cut them off. Why these non-banks pose significant risks to the den’s history is that when one thinks aged to accept a number of Gazans,
might this happen? Rising interest rates and financial system as FSOC says, why help them he can’t bungle U.S. foreign policy whether temporarily or permanently.
stricter bank capital standards such as those expand into new markets? any worse, he has a superb ability to That would truly be humanitarian
recently proposed by the Fed. Taxpayers are standing behind some $9 tril- surpass himself. conduct rather than hypocrisy.
The more pressing risk is a slow housing lion in mortgages. As government grows, so STEPHEN BORKOWSKI Instead, there is a preference to
market. Historically low interest rates during does the taxpayer backstop. Pittsburg, Texas criticize Israel, which has consis-
tently given weight to humanitarian

What You Can’t Sing in Hong Kong

considerations while fighting an
Mr. Kaufman explains why Mr. Bi- existential war.
den’s mistake with Egypt has slowed OSKAR WEG

A
the Israeli war effort and led to un- New York
sure sign that you’re living in a dicta- would take a brave judge to defy the govern- necessary deaths in Gaza. The presi-
torship is that the government dictates ment. “To effectively curb the criminal prob- dent’s worst mistake, however, was to Mr. Kaufman’s op-ed omits one key
what you can sing. That’s now the policy lems at their root, it is important that internet allow the leftovers from the Obama observation: Mr. Biden is a proponent
in Hong Kong, er, Little Bei- platform operators . . . take administration, Antony Blinken and and enabler of America’s open south-
jing, as a court has endorsed Beijing wants to force down problematic videos of Jake Sullivan, to guide him as they ern border, with grave and lasting
the government’s plan to ban
“Glory to Hong Kong.”
Google to take down the song,” the government ar-
gued last year. It sought to
try to preserve President Obama’s
lasting mistakes in the Mideast.
consequences for our future, while he
supports and institutionalizes Egypt’s
The song became popular ‘Glory to Hong Kong.’ make it clear to tech compa- HARRY RUFFALO insistence on closing another “south-
in 2019 amid pro-democracy nies “by way of a court order” Phoenix ern border,” that of Gaza’s with Sinai.
protests, and Hong Kong has that the song is “prohibited by Mr. Biden wants that Middle East
The term “humanitarian” has been border to remain tightly sealed but
warned that playing or even posting it online Hong Kong law” and “should therefore be re-
bandied about by governments, insti- persists in annihilating our own
can violate national-security and sedition laws. moved and not be allowed to be uploaded to tutions and the media as regards the southern border.
Authorities have arrested a housewife and a de- their platforms.” Hamas-Israel war. Yet few entities ROBERT SPECKER
livery worker who posted the song on social Rules published in 2020 let Hong Kong au- have made the obvious effort to offer Wildwood, Mo.
media, and last week a Hong Kong appeals court thorities order social-media companies to re-
granted the government’s request for an injunc- move posts deemed a threat to national secu-
tion that goes further. rity, and local employees who fail to comply can
The ruling restricts “broadcasting, per- face imprisonment or fines. Google and other
An Economic Record Biden Can Sell to Voters
forming, printing, publishing, selling, offering digital platforms that still operate in Hong Kong Jason Riley states that President any president, to resolve.
for sale, distributing, disseminating, display- will now be under pressure to make sure the Biden “can’t run on his economic re- Were President Trump the incum-
ing or reproducing” the song “in any way in- song never appears when you search. cord” (“How Gavin Newsom’s Gover- bent, is there the slightest doubt that
nance Boosts Trump,” Upward Mobil- many conservatives would be hailing
cluding on the internet and/or any media ac- Be careful what you whistle on your way to
ity, May 1). Of course he can, and he the current state of the U.S. economy
cessible online and/or any internet-based work in once-free Hong Kong. You could end up should. With strong job growth, un- as an unqualified triumph?
platform or medium.” in Stanley Prison, like publisher Jimmy Lai and employment at or near a 50-year low, LEIF WELLINGTON HAASE
The court ruling is no surprise, since it other political prisoners. stock markets near a record high, a Kensington, Calif.
growing economy and diminished in-

The Great California Train Robbery flation, it’s hard to imagine otherwise.
The recession almost uniformly pre-
dicted 18 months ago by economists
Types of Bad Businesspeople

W
In “There’s No Business Like White
ho says the Biden Administration All of this is why even some local Demo- and pundits has failed to materialize.
House Business” (op-ed, May 2), Alan
isn’t productive? Every day it crats are criticizing the subway. But Biden of- Instead, a panel of economists sur-
Blinder posits that our next president
seems to issue a new and costly ficials and the project’s supporters in Con- veyed in your pages only a few weeks
shouldn’t be drawn from the ranks of
ago summarized U.S. economic perfor-
regulation, and every day it gress, including Reps. Ro “bad businesspeople.” He identifies
announces another giant A subway to Silicon Khanna and Anna Eshoo,
mance as “the envy of the world.”
Caveats abound. Presidents don’t
bad businesspeople as those who stiff
contractors, cook the books, defraud
grant for its political allies.
The latest example is a re-
Valley will cost $12.75 don’t mind grabbing taxpayer
dollars. The Administration
necessarily deserve credit for eco-
the Treasury and show a general
nomic trends. Voters see the economy
dundant six-mile subway in billion for six miles. pushed the 2021 bipartisan through the lens of partisanship. Jobs
contempt for the rule of law.
May I point out that there are
Silicon Valley that will cost infrastructure bill so it could are more transitory and less secure
other types of bad businessmen? How
more than NASA’s new Mars reward political allies and than in the past, prices are above
about entrepreneurs peddling wildly
mission. buy votes. prepandemic levels, and the corner-
uneconomic and impractical products,
The Federal Transit Administration last Biden officials also recently handed Califor- stones of the American dream—hous-
like EVs and renewable energy, who
week announced a $500 million down payment nia another $3.1 billion for its bullet train to ing and education—seem more elu-
expect taxpayers and utility custom-
sive than ever. But these structural
for the project and is expected to finalize a $6 nowhere. Recall that the Obama Administra- ers to foot the bills? These bad busi-
issues are beyond the scope of any
billion award later this year. This new under- tion conditioned several billions of dollars in single presidential term, or perhaps
nesspeople are a core constituency of
ground line will extend the Bay Area Rapid stimulus funding on the first segment being Mr. Blinder’s preferred candidate.
Transit (BART) through San Jose and Santa built in the Central Valley district of Rep. Jim DAVID MCCARTHY
Clara, which are already served by the region’s Costa, a longtime bullet-train supporter who I’d Like to Ski It Before I Die Chicago
Caltrain and public buses. provided a critical vote for ObamaCare.
The article “Thousands Try Dan-
A decade ago, the duplicative subway was The train’s first 170-mile leg between Mer-
estimated to cost $4.4 billion and open in ced and Bakersfield isn’t expected to be done
gerous Trek Up Highest Peak In New
England” (U.S. News, May 8), regard-
Pepper ...
2026. Local transportation planners wanted for another nine years at a cost of $35 billion. ing the extreme conditions on New And Salt
BART to “ring” the San Francisco Bay. Esti- NASA’s Mars rover will return to earth before Hampshire’s Mount Washington,
THE WALL STREET JOURNAL
mated costs have since ballooned to $12.75 bil- the 500-mile train—with an estimated $128 brings to mind a conversation I had
lion—$2.1 billion a mile—owing to inflation billion price—is finished, if it ever is. many years ago about the dangerous
and engineering changes. Now service isn’t ex- Undaunted, the Administration recently peak. Speaking with friends about
pected to start until 2037. awarded $3 billion to a bullet train from Las Tuckerman Ravine, I commented that
A local project manager blamed soaring costs Vegas to Rancho Cucamonga (population: I would like to ski it once before I die.
and delays on “a shortage of skilled labor in the 176,336), an hour east of Los Angeles. The proj- “A worthy goal,” said my friend
Jeff, himself a veteran of several
Bay Area and the country.” Perhaps more con- ect’s developer says round-trip prices may run
runs there. “But the trick is to ski it
struction workers would be available if the Ad- around $400—more than twice as much as a many years before you die, not mere
ministration weren’t splashing around hundreds plane fare. Biden officials hope the train will seconds.”
of billions of dollars on green energy and public be a re-election ticket for Nevada Sen. Jacky GORDON OWADES
works like the Silicon Valley subway. Rosen, who has repeatedly boasted about her Lexington, Mass.
A January audit skewered the local transit role in promoting the Vegas train.
agency in charge of the project for a lack of None of this politically driven infrastructure
Letters intended for publication should
transparency about its costs. Note also that spending will improve economic productivity. be emailed to wsj.ltrs@wsj.com. Please
BART ridership is running 50% below pre-pan- The projects squander scarce federal resources include your city, state and telephone
demic levels owing to a population exodus and that could go for more vital causes like na- number. All letters are subject to “Agreed, a bold and more exciting
more remote work. Crime and vagrancy on tional defense. The California trains make Am- editing, and unpublished letters cannot box with a slightly worse updated
be acknowledged.
trains have also scared away riders. trak look like a good investment. product. A meeting well spent.”
P2JW135000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
Preventing Bailouts Is Simple, but It Isn’t Easy
By John H. Cochrane
And Amit Seru
T
here was a financial crisis
in 2008. The U.S. govern-
ment responded with bail-
outs. If people know they
will be bailed out in the
next crisis, they take too much risk.
Recognizing this danger, the govern-
ment vastly expanded financial regu-
lation under the Dodd-Frank Act of
2010. Other countries followed similar
paths. Never again, they promised.
It just happened again.
When the pandemic hit in March
2020, many institutions wanted to
sell Treasurys to raise cash. Treasury
trading funnels through a few large
banks. Up against ill-conceived li-
quidity and capital rules, the banks
The Fed could simply stop
blocking run-proof banks
from emerging. But that
would take political will.
couldn’t handle the volume of trad-
ing, despite large profit opportuni-
ties. Prices fell, interest rates rose,
spreads rose, and time to sell securi-
ties rose. The Federal Reserve
stepped in, lending dealers money to
buy Treasurys, buying the Treasurys
from the dealers a few days later, and
thereby propping up Treasury prices.
The Fed continued to buy huge
amounts of Treasury securities, even-
tually monetizing some $3 trillion of
the $5 trillion new issues.
Money-market funds started hav-
Foreign Policy and the 2024 Election: Feckless or Reckless?
FREE
EXPRESSION
By Gerard Baker
As the election year conversation
churns through compelling tales of
murdered puppies, brain-eating
worms and an adult movie star’s
presidential entanglements, the
world beyond our shores gets more
threatening. And it’s becoming
clearer that among the many delec-
table choices on offer to the Ameri-
can people this fall is this one: How
do you like your foreign policy?
Feckless or reckless?
It is hard to recall or imagine a
foreign policy record more feckless
than that of this current president.
It began in the infamy of aban-
doning Afghanistan to the Taliban
months after Joe Biden took office
and weeks after he assured us
there would be no Taliban take-
over. It looks to be ending in the
infamy of abandoning our principal
Middle Eastern ally as it strives to
finish the task of eliminating not
just its enemy but our enemy too,
one that continues to hold Ameri-
cans hostage.
In between, President Biden’s
term has been marked by diplomacy
Vice President Kristi Noem? That Dog Won’t Hunt
By Faith Bottum
T
he ghost of Cricket haunts
Kristi Noem. Hounded by the
baying press, chased by packs
of internet memes, the South Da-
kota governor might have been
Donald Trump’s running mate. Per-
haps she was even planning her
own presidential run in 2028. But
all that died when she decided to
boast in her new campaign memoir
about killing her 14-month-old
hunting dog.
Ms. Noem’s book is called “No
Going Back: The Truth on What’s
Wrong with Politics and How We
Move America Forward,” and for
the most part it’s indistinguishable
from all the other blathersome
ghostwritten political biographies.
Advance copies sent out in late
April, however, included a passage
about her pooch, a black-and-white
wirehaired pointer. “I hated that
dog,” Ms. Noem writes. Cricket had
proved herself “untrainable” and
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ing trouble selling assets to meet re-
demptions, and a run developed. The
Fed stepped in again, lending to fi-
nancial institutions to buy securities
from money-market funds at higher
prices.
Money-market funds are simple.
Stopping money-market runs is sim-
ple. After a run in 2008, Dodd-Frank
reforms were supposed to fix money-
market funds. The reforms failed.
Corporate bond prices fell. The
Fed swiftly announced corporate debt
purchases, widely interpreted as a
“whatever it takes” commitment that
bond prices wouldn’t fall. Bond inves-
tors were bailed out of even mark-to-
market losses.
Over the summer of 2020, the Fed,
with the Treasury, bought newly is-
sued debt directly from state and lo-
cal governments in return for newly
created money. The Paycheck Protec-
tion and Main Street Lending pro-
grams made forgivable loans to busi-
nesses and nonprofits. Other
businesses got “employee retention”
tax credits. Airlines were bailed out.
Individuals received “stimulus”
checks, mortgage and student loan
forbearance, generous and extended
unemployment benefits.
To some extent these transfers are
also financial bailouts, as banks oth-
erwise might not have been paid. But
much of the point was to bail out in-
debted people and businesses, no lon-
ger only financial institutions whose
failure threatens the flow of credit.
How much of this bailout was nec-
essary isn’t our point. If it was neces-
sary, as some surely was, the ques-
tion is why the financial system was
still so fragile that it needed another
bailout. And in its wake moral hazard
that is desultory, diffident and
oddly deferential to our strategic
adversaries.
“America is back,” Mr. Biden told
us at the start of his administration.
Three years later we can add the
postscript: Until it isn’t.
To its credit, the administration
quickly grasped the meaning and im-
plications of Russia’s aggression in
Ukraine. But even as it has identified
the threat and supplied vital assis-
tance to Kyiv, it has repeatedly
stopped short of giving Ukraine the
kind of support that might have en-
abled its military to repel the Rus-
sians. Instead, at almost every turn,
apparently fearful of provoking a
wider conflict with Russia, it has
confined support to enabling
Ukraine simply to keep prolonging
the war rather than winning it.
The administration has talked a
good game with China, too, correctly
continuing the realignment that be-
gan under its predecessor in identi-
fying the strategic challenge Beijing
poses, and even forging some sensi-
ble diplomatic and security arrange-
ments to build a broader alliance
against the emerging superpower.
But the gulf between this rhetori-
cal and diplomatic shift and the
commitment of resources to execute
it grows wider. Weakened by real
cuts in defense spending, strained by
“less than worthless.” After the dog
slaughtered some chickens, the gov-
ernor decided to shoot and kill
Cricket.
The question anyone must ask—
the question her staff and thus-far-
unrevealed ghostwriter should have
asked—is why she would want this
story in her book. Americans love
dogs. Americans shed sentimental
tears over dogs. Americans often
think of dogs as ersatz children.
There’s no political future in de-
scribing yourself as a dog killer.
But Mr. Trump is the only reader
Ms. Noem was hoping to reach. She
wanted him to see her as a no-non-
sense decision-maker: a woman
who sees what’s necessary and gets
the job done. Just what Mr. Trump
wants in a running mate.
It misfired, and the blowback has
been brutal. Ms. Noem attended a
recent Republican gathering at
Mar-a-Lago and, according to one
attendee, was told to stay out of a
group picture of Republican figures.
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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Telephone 1-800-DOWJONES
OPINION
Then-Treasury Secretary Steve Mnuchin with Jerome Powell in 2020.
has unapologetically expanded. If you
saved and bought a house with cash,
if you saved and went to a cheaper
college rather than taking out a big
student loan, if you repaid loans
promptly, if you kept some money
around to buy on the dip, you lost.
The lesson: Borrow. Buy risky debt.
Silicon Valley Bank and a few oth-
ers suffered runs in early 2023. SVB
took large uninsured deposits and in-
vested them in long-term Treasury
securities. No subprime mortgages,
no collateralized loan obligations, no
toxic derivatives, no special-purpose
vehicles. SVB’s only risk was that
higher interest rates would reduce
the market value of its assets. When
that happened, depositors ran. The
army of regulators missed this sim-
plest interest-rate risk. The Federal
Deposit Insurance Corp. quickly guar-
anteed all deposits, of any size. Mar-
aging equipment and inadequate
personnel, the state of readiness of
America’s armed forces grows more
alarming by the week.
In the Middle East beyond Israel,
the crucial early misstep of alienat-
ing Saudi Arabia while pursuing the
chimera of a rapprochement with
Iran emboldened the Islamic Repub-
lic even as it provided new openings
for Russia and China in the region.
Biden is weak, Trump is
unpredictable. Either way,
we’ll likely face four more
years of instability.
Speaking unintelligibly and carry-
ing an invisible stick is the short
way to losing the strategic superior-
ity this country has spent a century
developing.
With the reality of a weakening
American imperium and an increas-
ingly unstable globe, it’s hardly sur-
prising that voters remember the
Donald Trump presidency as a
golden age of American power and
world peace. But they should look
back more closely to recall what a
Trump foreign policy looks like.
It was President Trump who
What did she expect? Dogs and
presidential politics have gone to-
gether at least since vice-presiden-
tial nominee Richard Nixon’s 1952
Checkers speech. Lyndon B. John-
son was criticized for a 1964 photo-
graph that showed him lifting his
beagle by its ears. In 2012 Barack
Obama and Mitt Romney exchanged
dog scandals: Mr. Obama for eating
dog meat as a child in Indonesia
(as revealed in his autobiography),
and Mr. Romney for putting a sick
dog into a crate on the family car’s
roof in 1983. More recently, Joe Bi-
den’s German shepherd, Com-
mander, has reportedly bitten Se-
cret Service personnel at least 24
times.
But Ms. Noem’s weird boast of
doggy death has no real precedent.
It also isn’t the only story in the
book that made news. “I remember
when I met with North Korean dic-
tator Kim Jong Un,” Ms. Noem
writes about an encounter that
never happened. “I’m sure he un-
Notable & Quotable: Pelosi
House Speaker Emerita Nancy
Pelosi at an April 25 Oxford Union
debate in which she defended the
proposition “This house believes
populism is a threat to democracy”:
We’ve seen demagogues come
down the pike, destroy the press.
What do the Republicans say? “Fake
news.” So they’re diminishing that
in the eyes of these poor souls who
are looking for some answers.
We’ve given them to them, but
they’re blocked by some of their
views on guns. They have the three
Gs: guns, gays, God—that would be
a woman’s right to choose—and the
Tuesday, May 14, 2024 | A15
the “Basel 3 endgame” having noth-
ing to do with recent failures, regu-
late a fanciful “climate risk to the fi-
nancial system,” and bail out even
more next time.
But the government’s ability to bor-
row or print money without inflation
is finite, as we have recently seen.
When the next crisis comes, the U.S.
may simply be unable to bail out an
even more fragile financial system.
JOSHUA ROBERTS/CNP VIA ZUMA WIRE
The solution is straightforward.
Risky bank investments must be fi-
nanced by equity and long-term debt,
as they are in the private credit mar-
ket. Deposits must be funneled nar-
rowly to reserves or short-term Trea-
surys. Then banks can’t fail or suffer
runs. All of this can be done without
government regulation to assess as-
set risk. We’ve understood this sys-
tem for a century. The standard ob-
kets now expect that guarantee. jections have been answered. The Fed
In March 2023, Credit Suisse was could simply stop blocking run-proof
teetering. Its troubles were clearly institutions from emerging, as it did
isolated, with no “contagion” to with its recent denial of the Narrow
worry about. Finally, here was a Bank’s request for a master account.
chance to use the big-bank reforms. Dodd-Frank’s promise to end bail-
Instead, the Swiss government or- outs has failed. Inflation shows us
chestrated a weekend sale to UBS that the government is near its limit
with an infusion of government to borrow or print money to fund
money. bailouts. Fortunately, plans for a bail-
Our basic financial regulatory ar- out-free financial system are sitting
chitecture allows a fragile and highly on the shelf. They need only the will
leveraged financial system but counts to overcome the powerful interests
on regulators and complex rules to that benefit from the current system.
spot and contain risk. That basic ar-
chitecture has suffered an institu- Mr. Cochrane is a senior fellow at
tional failure. And nobody has the de- the Hoover Institution and an adjunct
cency to apologize, to investigate, to scholar at the Cato Institute. Mr. Seru
talk about constraining incentives, or is a senior fellow at the Hoover Institu-
even to promise “never again.” The tion and a professor of finance at Stan-
institutions pat themselves on the ford’s Graduate School of Business.
back for saving the world. They want This essay is based on an article in the
to expand the complex rule book with Journal of Law, Economics and Policy.
agreed to the initial deal with the many cases a comity with some of
Taliban for U.S. withdrawal, and the most unlikely and strategically
though he claims he wouldn’t have hostile men on the planet. Who’s the
quit in the way his successor did, next autocrat Mr. Trump might fall
once the insurgents had been em- “in love” with, as he did with Kim
boldened in this way, a messy exit Jong Un, the North Korean who likes
was almost guaranteed. to execute his political opponents
On Ukraine, the Republican Party with anti-aircraft artillery? Ayatollah
has dangerously undermined our na- Ali Khamenei, maybe, if the Iranian
tional security with its efforts to pull leader is shrewd enough to say
the plug on support—seemingly in something nice about the U.S. presi-
large part because of the former pres- dent? Meanwhile, we have to await
ident’s weird and personal grudge the verdict of Mr. Trump’s whims
against the country’s president and when it comes to our North Atlantic
an even weirder and personal weak- Treaty Organization allies.
ness for Vladimir Putin. To this dangerous record of con-
Mr. Trump got the Middle East sistently preferring America’s adver-
broadly right as president—renounc- saries to its allies, we must add Mr.
ing the Iran nuclear deal, taking out Trump’s reckless handling of govern-
one of the Islamic Republic’s most ment secrets in and out of office.
effective military leaders, deepening One thing we can be certain of:
our alliance with Israel and Saudi The looming election offers us four
Arabia, and, with the Abraham Ac- more years. Four more years of feck-
cords, cutting the Gordian knot of Is- less, uncertain and enfeebling policy
raeli-Arab relations. from Mr. Biden (with the added bo-
But even here he isn’t without nus that some of that time might be
blame. He still seems to harbor a shared by the even more alarming
grudge against Prime Minister Ben- prospect of President Kamala Har-
jamin Netanyahu for having had the ris). Or four more years of reckless,
temerity to congratulate Mr. Biden unstable diplomacy from Mr. Trump,
on winning the election four years whose only guiding star seems to be
ago. his own personal satisfaction.
This is the recklessness that an- Unless we still have time to de-
other Trump presidency threatens— mand changes from both men before
this strange elevation of personal we place either of them on a world
pique over strategic interest and in stage whose boards are on fire.
derestimated me, having no clue a phone conversation in which, Ms.
about my experience staring down Noem claims, Nikki Haley threatened
little tyrants (I’d been a children’s her. These accounts have been de-
pastor, after all).” nied by representatives of Mr. Ma-
Ms. Noem called reports about cron and Ms. Haley.
her book “fake news,” but the con- Ms. Noem has had similar prob-
servative publisher, Center Street, lems before. Her 2019 antidrug ad-
campaign slogan, “Meth. We’re on
it,” was widely mocked. She posted
Even in the age of Donald a bizarre video in March showing
off her teeth to promote a cos-
Trump, shooting a pooch metic-dentistry company, with
turns out to fall foul of which she had an undisclosed fi-
nancial relationship, a lawsuit filed
American political norms. by the consumer-advocacy group
Travelers United alleges. Six Na-
tive American tribes have banned
has announced that the Kim pas- her from lands comprising more
sage has been removed from re- than 15% of South Dakota for ac-
prints, although for now it remains cusing tribal leaders of benefiting
in the audiobook, which is read by from drug cartels and neglecting
Ms. Noem herself. children.
Then there’s the book’s account Meanwhile, her staff is rumored
of a scheduled meeting with French to have fallen apart as she clears
President Emmanuel Macron that out anyone insufficiently pro-
Ms. Noem says she canceled because Trump. She hasn’t had a chief of
of his stand on the war in Gaza, and staff since Mark Miller, her fifth
chief of staff in five years, left the
position in June 2023.
Still, Ms. Noem was a genuine
contender for vice president until
puppygate brought her down. Her
cultural issues cloud some of their now-suspended attempts at media
reception of an argument that re- spin didn’t help. Further tales of a
ally is in their interest. . . . We goat and three horses dying at Ms.
don’t accuse people of not knowing Noem’s hand make her sound more
what they’re doing. They know ghoulish than strong. When Fox
what their personal interest is. We Business host Stuart Varney asked
respect that. But the fact is that us- her about poor Cricket, she replied,
ing ethno—whether it is people dif- “This interview is ridiculous, which
ferent from me—nationalism, popu- you are doing right now. So you
lism is a very dangerous threat to need to stop. It is. It is. Let’s talk
democracy. . . . Ethno-nationalist about some real topics that Ameri-
populism, which tries to bring down cans care about.”
education and fake news—the me- Mr. Varney responded, “I’m
dia, which is a protector of democ- afraid we’re out of time.” Woof.
racy—that version is contributing in
countries other than our country Ms. Bottum is an assistant edito-
and is a danger to democracy. rial features editor at the Journal.
P2JW135000-0-A01600-1--------XA

A16 | Tuesday, May 14, 2024 THE WALL STREET JOURNAL.

@BILLIEEILISH

@ZACHKING

@HOPESCOPE

@DUDEPERFECT

@O2MUSIC
This is the most watched streaming platform on TV,
according to Nielsen*.
But this is not your usual platform.
This is where gameday fans become 24/7 fans. Where you
can find Billie’s music, plus every fan cover and live show.
And where a small town kid can capture the world’s attention.
This is where 60 million storytellers go to have a voice.
And billions of people get to dive deep in everything they love,
in all the ways they want to watch it.

* Source: Nielsen Streaming Platform Ratings, US, Mar 2023 – Mar 2024.
P2JW135000-6-B00100-1--------XA
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5221.42 g 0.02% S&P FIN g 0.41%
Wall Street Bets on Soft Landing
Stocks and bonds
have rallied ahead of
coming consumer-
price index report
BY SAM GOLDFARB
Three straight months of
hot inflation data dented Wall
Street’s confidence that a se-
ries of interest-rate cuts is set
to start at any minute. Inves-
tors are hoping the fourth time
is the charm.
A mood of renewed optimism
about a soft landing for the U.S.
economy has swept across trad-
ing desks in the days ahead of
Wednesday’s release of the con-
sumer-price index. Federal Re-
serve Chair Jerome Powell kept
hopes of rate cuts alive following
the central bank’s latest policy
meeting. Subsequent data
showed easing pressure from job
and wage growth, helping propel
stocks back toward records.
Lingering inflation has been
the main issue troubling inves-
tors in recent months. Traders
Anglo
Rejects
Sweetened
Buyout Bid
From BHP
BY JULIE STEINBERG
AND ADRIÀ CALATAYUD
Anglo American rejected a
sweetened takeover proposal
from rival BHP that valued the
mining company at almost $43
billion, in what would be the
biggest mining deal on record.
The improved bid from the
Australian mining giant shows
an eagerness to boost exposure
to copper at a time when de-
mand for the metal is expected
to rise as the world decarbon-
izes and supply tightens. Cop-
per represents about 30% of
Anglo American’s output, while
BHP counts a majority stake in
the world’s biggest copper
mine among its assets.
BHP said Monday that last
Tuesday it made a revised pro-
posal to Anglo’s board. Anglo
said in response that the pro-
posal “continues to signifi-
cantly undervalue” the com-
pany and would also be too
complex, arguments it made
last month when it rejected
BHP’s earlier bid.
Anglo said it is confident in
the company’s prospects as a
stand-alone business and has
sped up plans to deliver on its
stand-alone strategy. It will
give a further update on Tues-
day, it said.
The world’s miners are gath-
ering this week for a confer-
ence in Miami, where the chief
executives of Anglo and BHP
are both expected to make pre-
sentations Tuesday. Sharehold-
ers in Anglo have been press-
ing for clarity about the
direction of the company.
BHP said its new, all-share
proposal valued Anglo at ap-
proximately £34 billion, or
about $42.59 billion, up from
its earlier bid of £31.1 billion.
Under the new proposal,
BHP said Anglo shareholders
would have gotten 0.8132 BHP
shares for each ordinary share
they own in Anglo. The pro-
posal, like BHP’s earlier bid, is
contingent on Anglo spinning
off shareholdings in two South
African-listed units.
BHP said it was disap-
pointed Anglo had chosen not
to engage with it on the new
proposal, saying it “continues
to believe that a combination of
the two businesses would de-
liver significant value for all
shareholders.”
Anglo’s decision to again re-
ject BHP’s advances could open
the door for other miners to
swoop in, with analysts and in-
vestors expecting several other
industry players to at least
consider their own offers. BHP
has until May 22 to make a for-
mal offer for Anglo or walk
away under U.K. takeover rules.
—Christian Moess Laursen
contributed to this article.
* * * * * *
S&P IT À 0.48%
Index performance, year to date
10%
8 +9.5%
6 Composite
4 Dow Jones
2 Average
0 erates. While stocks are already
–2
–4
Jan. 2024 Feb. March
Sources: FactSet (performance); Commerce Department (inflation)
came into 2024 betting on as
many as a half-dozen rate cuts,
and then had to scale back
those bets rapidly when the CPI
kept topping expectations. That
rattled stocks in April and sent
bond yields, which rise when
prices fall, to their highest lev-
els since November.
Many investors said the
April employment report eased
The maker of hot dogs, cold cuts and bacon could fetch between $3 billion and $5 billion, people familiar with the matter said.
Kraft Heinz Explores Sale of Oscar Mayer
BY LAUREN THOMAS
Kraft Heinz is looking to
sell Oscar Mayer, the big
maker of hot dogs, cold cuts
and bacon.
Kraft Heinz recently
tapped Bank of America and
Centerview Partners to
gauge interest in the busi-
ness, which could fetch some-
thing in the neighborhood of
$3 billion to $5 billion, people
familiar with the matter said.
It is possible there won’t be
any transaction.
It isn’t clear who might be
INSIDE
BUSINESS NEWS
Airlines sue to block
a federal rule
requiring fee
disclosures. B2
MARKETS
Return of meme-stock
king sends shares
of GameStop
sharply higher. B3
DJ TRANS À 0.20%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.02%
S&P 500
Nasdaq
+9.2%
Industrial
+4.6%
April May
some of their worries, because
a cooler labor market should
eventually lead to more-sub-
dued price increases. Now, they
just need actual inflation data
to back that up.
“The CPI report could go a
long way towards really further-
ing the narrative that rate cuts
are coming this year,” said Gen-
nadiy Goldberg, head of U.S.
interested, but potential buy-
ers for a business like this
tend to range from private-eq-
uity firms to other food-indus-
try players.
Under new Chief Executive
Carlos Abrams-Rivera, Kraft
Heinz is working to rejigger
its portfolio as consumer in-
terest in health and nutrition
grows. It is part of a bid to
light a fire under a stock that
has done little in the past five
years. The company currently
has a market capitalization of
about $44 billion.
Kraft Heinz is in the midst
Compliance professionals who said these risk
factors increased over the past year
Cybersecurity
Regulatory
Digitization
Privacy
New third parties
Geopolitics
Financial crime
Climate change
Supply chain
Employee conduct
M&A/competition 38
Diversity/inclusion 33
SHELBY KNOWLES/BLOOMBERG NEWS
Note: Numbers don't total 100% due to rounding.
Hacking Worry Grows for Companies
BY DAVID SMAGALLA
Cybersecurity threats in-
creased for businesses over
the past year, according to a
Wall Street Journal survey of
compliance professionals.
Nine out of 10 companies
said cybersecurity risks rose,
with nearly half saying the
2–YR. TREAS. yield 4.855% NIKKEI (Midday) 38199.10 À 0.05% See more at WSJ.com/Markets
Core PCE inflation, monthly
6%
5 reached in late March. A rally
4
3 Many investors believe the
2
1 10-year note remains well
0
2018 ’20
rates strategy at TD Securities.
Stocks and bonds are
closely linked. Yields on Trea-
surys are heavily influenced by
investors’ expectations for
short-term rates set by the
Fed. Stock prices, in turn, are
guided in part by investors’
weighing the risk-free return
they can get from holding
Treasurys to maturity.
of a multiyear effort to im-
prove the nutrition of super-
market staples such as its
ketchup and juice drinks,
aiming to offer healthier op-
tions amid rising concern
over ultra-processed foods,
obesity and chronic diseases
linked to diet.
The company this month
reported quarterly results that
disappointed investors as de-
mand for some of its products
cooled and it grapples with
higher input prices. Kraft
Heinz doesn’t routinely pro-
vide details of Oscar Mayer’s
89%
78
71
68
66
63
50
47
47
44
Source: WSJ survey conducted Feb. 13–March 11, 2024, of 301 compliance professionals worldwide
risk shot up substantially. Al-
most all midsize companies—
those with between $50 mil-
lion and $1 billion in revenue
—said they felt cyber threats
had increased.
The Wall Street Journal
surveyed around 300 compli-
ance professionals between
Feb. 13 and March 11. More
The Dow Jones Industrial
Average has already climbed
4.5% this month, bringing it to
less than 1% below its record
in bond prices has driven the
yield on the 10-year U.S. Trea-
sury note down to 4.479% from
4.7% in late April.
upside for bonds is larger than
it is for stocks if inflation mod-
near records, the yield on the
above the sub-4% level where it
started the year. Bond returns
have disappointed over the
’22 ’24 past couple of years because
interest rates climbed higher
than investors had expected
and then stayed at those levels
for longer than anticipated.
Nonetheless, investors have
been quick to buy bonds at the
slightest hint of easing infla-
tion, anxious to lock in 4%-5%
yields before the Fed starts
Please turn to page B2
 The Dow snaps its
winning streak.................. B11
performance, but the company
has been working to recover
market-share losses in cold
cuts linked with supply-chain
challenges.
Kraft Heinz last August
named Abrams-Rivera CEO af-
ter he did a short stint run-
ning the company’s North
American operations.
Abrams-Rivera has said he
is committed to making the
company’s products healthier,
in part by cutting sodium and
sugar.
—Jesse Newman
contributed to this article.
Respondents describing their own skill level
overseeing cyber-related compliance
Novice Basic Intermediate Advanced Expert
15% 32 34 12
Geopolitical risk factors respondents
said were impacting their work
Russia-Ukraine war
U.S.-China
economic tensions
Election cycles
Gaza war 20
China-Taiwan tensions 19
Public-sector corruption 18
Houthi ship attacks 12
None of the above 25
than three-quarters were
based in the U.S. and about 4%
in Canada. Around 36% of re-
spondents worked in the fi-
nancial services sector, while
around 13% worked in profes-
sional and business services
and around 9% in the technol-
ogy sector.
Please turn to page B2
Tuesday, May 14, 2024 | B1
Walmart
Cuts Jobs,
Limits
Remote
Working
BY SARAH NASSAUER
Walmart is cutting hun-
dreds of corporate jobs and
asking most remote workers
to move to offices, according
to people familiar with the
matter.
In addition, workers in
small offices in Dallas, Atlanta
and Toronto are being asked
to move to other central hubs
like Walmart’s corporate
headquarters in Bentonville,
Ark., as well as Hoboken, N.J.
or northern California, said
one of the people familiar
with the matter. Walmart will
still allow staff to work re-
motely part of the time as
long as they are in offices
most of the time.
Walmart is the country’s
largest employer, with 1.6 mil-
lion U.S. workers, most of
them in stores and ware-
houses. Walmart has tens of
thousands of corporate work-
ers across the country.
Like other companies, Wal-
mart has gradually moved
away from remote work flexi-
bility. It has also shrunk the
number of smaller offices
scattered around the country.
Last year, it closed three tech
offices and asked some staff
to relocate to central corpo-
rate hubs.
Walmart has worked to cut
costs over the past year in
some areas as it gives priority
EDDIE MOORE/ALBUQUERQUE JOURNAL/ZUMA PRESS
to spending elsewhere. Last
month, the company said it
would shut all 51 of the health
clinics it has opened over the
past five years as it tried to
build a bigger healthcare busi-
ness.
The clinics, often located
directly next to stores, offered
primary care services and
telehealth appointments. Last
year, Walmart said it was
planning to have 75 of the
clinics by the end of 2024.
Walmart said last month
that rising operating costs and
a challenging reimbursement
environment “make the care
business unsustainable for us
at this time.”
Trial of
Archegos
Founder
Starts
BY PETER RUDEGEAIR
The trial of Archegos Capi-
tal Management founder Bill
Hwang began Monday with
prosecutors telling a federal
jury that the former fund
manager manipulated markets
8 and defrauded banks in the
lead-up to the meltdown of his
firm.
“Bill Hwang was a billion-
aire, but he risked nearly ev-
erything because he wanted
43% more,” Assistant U.S. Attorney
Alexandra Rothman said in a
39
Manhattan courtroom.
37 Archegos, she said, was a
“house of cards built on ma-
nipulation and lies.”
Hwang’s firm used bor-
rowed money and financial de-
rivatives to trade heavily in a
handful of tech and media
stocks and help amplify its
market footprint from about
$10 billion to more than $160
billion over a yearlong period
beginning in March 2020.
Then, the share prices of
some of Archegos’s biggest
holdings began to falter,
prompting a cycle of margin
calls and stock sales that va-
porized over $100 billion in
market value within a few
days.
Prosecutors charged Hwang
and Archegos’s former chief fi-
nancial officer, Patrick Halli-
gan, with racketeering conspir-
acy and securities fraud. They
Please turn to page B2
P2JW135000-5-B00200-1--------XA

B2 | Tuesday, May 14, 2024 * ** ** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Bumble Removes Anticelibacy Ads

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A General Atlantic....................B10 PDD.....................................................A1

Accel Partners........................B10 Goldman Sachs........................B4 Perficient.....................................B10
Advent International........B10 Golub Capital BDC..............B12 Permira.........................................B10
Alaska Air.....................................B2 Greenbox........................................B3 Plug Power.................................B11
Alibaba.............................................B3 H R BY SURYATAPA BHATTACHARYA pact on some of our commu- bacy and pressuring people lay off approximately 350 peo-
Alphabet........................................B4 Hawaiian Airlines...................B2 Root.................................................B12
nity,” a spokesperson for Bum- into sex. ple.
Amazon.com.............................B12 Hertz Global..............................B11 Dating app Bumble said ble said. Bumble, founded in 2014 by Like several other dating
AMC Entertainment...B3,B11 S
American Airlines..................B2 I Samsung Electronics..........B4
Monday it would remove a se- The ads, launched in late a then-24-year-old Whitney apps, Bumble has introduced
Anglo American.......................B1 Intel....................................................B4 Semantix.....................................B12 ries of advertisements in which April, coincided with a rede- Wolfe Herd, was long known new premium features and
Apollo Global Management J SK Square..................................B12 it said celibacy wasn’t the an- sign for the popular dating app. for only allowing women to price tiers in recent years to
.....................................................B4,B12 JetBlue Airways......................B2 SoftBank..............................B3,B12 swer, in response to criticism Images on social media showed send the first message to po- attract a newer generation of
Apple........................................A9,B11 Sony.................................................B12
Arm..........................................B3,B12 K that the ads undermined dat- billboards with slogans includ- tential heterosexual partners, users. In the company’s quar-
Southwest Airlines...............B2
B KKR....................................................B4 Squarespace.............................B10 ers’ freedom of choice. ing “A vow of celibacy is not though the redesign did away terly report, released last week,
Bank of America.....................B1
Kraft Heinz...................................B1 Stonepeak.....................................B4 “We have heard the con- the answer” and “Thou shalt with that feature. it said it had more than 2.7
BHP.....................................................B1 M SuperGraphics............................A1 cerns shared about the ad’s not give up on dating and be- The company has faced million paying users, up from
Boeing..............................................B6 Maui Land & Pineapple.B12 T language and understand that come a nun.” some turnover in recent 2.4 million a year ago.
Bumble............................................B2 MGM Resorts International Taiwan Semiconductor rather than highlighting a cur- The ads drew swift criti- months. Wolfe Herd said she Bumble stock closed Monday
C ............................................................... B2 Manufacturing......................B4
Microsoft.....................A3,B4,B12 rent sentiment towards dating, cism, with some accusing the would step down last year. In at $11.51. Shares of the com-
Centerview Partners............B1 Talen Energy............................B12 it may have had a negative im- company of delegitimizing celi- February, Bumble said it would pany are down 22% this year.
Country Garden....................B10 N U-W
D-G NGL Energy Partners.......B12 United Airlines..........................B2
Nuvei..............................................B10 UnitedHealth..............................B2
Delta Air Lines.........................B2
Nvidia..............................................B11
EQT..................................................B10 Walmart..........................................B1
GameStop............................B3,B11 O-P Western Alliance
Gartner...........................................B11 OpenAI............................................B4 Bancorporation...................B12

INDEX TO PEOPLE
A H Nealey, A.J...................................A2
Abrams-Rivera, Carlos........B1 Halligan, Patrick.......................B1 Neben, Tillman.........................B4
Altman, Sam..............................B4 Hwang, Bill...................................B1 Nettimi, Divya.........................B12
Awend, Berek............................A2 I P
B Pang, Bruce..............................B10
Irwin, Doug..................................A2
Penman, Carrie.........................B6
Baker, Reid....................................A1 J
Perks, Ed........................................B2
C Jette, Shane...............................A2
R

BIZUAYEHU TESFAYE/LAS VEGAS REVIEW-JOURNAL/ASSOCIATED PRESS

Casalena, Anthony.............B10 K Rosen, David............................B12
Cohen, Ryan................................B3
Khan, Ron...................................B12 Rowan, Marc............................B12
D Knobel, Carsten.......................B4 S
Duda, Michael..........................B11 L Shah, Seema..............................A8
E Lei, Chen........................................A8 Shen, Damon...........................B10
Eye, Dan.......................................B11 Liu, Jieqi......................................B10 Son, Masayoshi........................B3
F M Suzman, Mark..........................A3

French Gates, Melinda......A3 Makarewicz, Alyse................A2 W

Mateyo, George.......................B2 Weiss, Andrew.......................B12
G
McIntyre, Ewan......................B11 Wood, Cathie...........................B12
Gates, Bill.....................................A3
Mendelsohn, Penny.............A2 Wu, William.............................B10
Gelsinger, Pat............................B4
Miller, Bill....................................B12 X
Gill, Keith..............................B3,B11
Murati, Mira...............................B4 Xing, Zhaopeng.....................B10
Goldberg, Gennadiy...............B1
Musk, Elon...................................B4 Z
Golub, David.............................B12
Goto, Yoshimitsu....................B3 N Zhang, Jeff................................B10 A cyberattack last year against MGM International Resorts disrupted its hotel operations in Las Vegas. A check-in line at the Luxor.

Investors leased before the producer-price

index report, leaving investors
Companies’ business days after they de-
termined the incident will
have a material impact on op-
Respondents who said they
use artificial intelligence in
company’s compliance efforts
Israel-Gaza conflict roiling
commodity and export mar-
kets, the Journal wanted to

Bet on Soft
with some initial uncertainty
about the Fed’s preferred gauge.
But this month, PPI data will
Hacking erations.
Diversity and inclusion, an-
other hot-button topic compa- 34% Using AI tools
know how geopolitical risks af-
fected the ability of compliance
professionals to do their jobs.

Landing
come first, on Tuesday, allowing
investors to calculate PCE rap-
idly Wednesday morning.
Fears Grow nies wrestled with over the
past few years, was lower on
the radar of compliance pro-
Nearly two-thirds of re-
spondents overall said that
business risks attributable to
Many economists remain op- fessionals. Roughly one-third 46 Not using AI geopolitical concerns have in-
timistic that inflation will re- Continued from page B1 of companies said they saw but plan to creased over the same time a
Continued from page B1 sume its downward trajectory. Other major areas of con- such issues as an increased year ago. Among geopolitical
cutting. Inflation in goods, they note, has cern among the compliance risk compared with the previ- factors that impacted the
Ed Perks, chief investment of- already slowed to about where professionals that the Journal ous year, the smallest such work of compliance profes-
ficer of Franklin Income Inves- the Fed would like. Official mea- surveyed included regulatory change in the survey’s sample. sionals, the Russia-Ukraine
tors, said he could see yields sures of housing inflation have scrutiny and enforcement, cited Diversity, equity and inclu- 20 No plans
conflict was cited by 43% of
dropping as much as 0.2 to 0.25 remained stubbornly high, but by 78%; and the digitization of sion initiatives in recent years respondents. This was partic-
percentage point on shorter- economists still expect them to their business, cited by 71%. have been a major area of fo- ularly acute for those from the
Source: WSJ survey conducted
term Treasurys and 0.1 to 0.2 moderate to come more in line Several high-profile hacks cus of companies, as they de- Feb. 13–March 11, 2024, of 301 largest companies—those with
percentage point on longer-term with private-sector gauges of and regulatory changes in re- scribed in detail their activi- compliance professionals worldwide more than $1 billion in reve-
Treasurys if data show inflation new rent increases. cent months have raised the ties in this area in annual nue—with more than half
moderating. Inflation in other types of ser- stakes for companies. In Sep- reports and lauded them in compliance program, while 31% (54%) saying the Russia-
At the same time, he said, vices tends to move slowly both tember, casino operator MGM public statements. But while cited a need to keep up with Ukraine war was impacting
“It’s a bit more of a challenge to on the way up and on the way Resorts International shut many businesses claim they regulatory changes around cy- their work.
see a significant upward move in down. But the recent report down some of its computer aren’t cutting back on these bersecurity and 23% a lack of The Journal survey also
equities” given current stock val- showing cooling in the labor systems after a cyberattack programs, some have re- required skills. suggested that while artificial
uations. For the same reason, he market was a positive sign, since hit hotel and casino opera- treated on how loudly they Compliance professionals intelligence is a topic of inter-
added, stocks probably have the cost of labor tends to be a tions. In February, attackers have touted them in public as also say that cybersecurity est to compliance profession-
more room to drop if inflation is major driver of price changes in gained entry into United- such programs have come un- was the biggest area in which als, most have yet to use it as
again higher than anticipated. this category. Health Group’s Change der increasing legal and politi- they have had to build their part of their compliance ef-
Inflation has In addition, Healthcare unit, a ransom- cal threat. skill set. Nearly seven out of forts. Just over one-third of
already fallen economists note ware strike that crippled vital Accompanying the height- 10 respondents told the Jour- respondents said they were
sharply from a that inflation in parts of the U.S. healthcare ened cyber risk is increased nal they have needed to gain using AI tools for compliance,
peak in 2022. One positive some types of system. uncertainty about their com- knowledge in this area over compared with 46% who said
The question is sign is a recent services tends to The U.S. also has ratcheted pliance departments’ ability to the past year. Regulatory scru- they weren’t yet using it but
whether it can lag behind infla- up the pressure on companies respond to incoming threats. tiny and enforcement was the planned to in the future.
get all the way report showing tion in related to communicate cyber The need to staff up to han- only other area cited by more Of those using AI, 45% said
back to the Fed’s
2% target, as
cooling in the goods. For that
reason, many ex-
breaches more promptly.
Starting in December, the Se-
dle incoming cyber threats also
weighs on the mind of compli-
than half of respondents, at
around 67%.
they used it to detect control
deficiencies, while 44% said
measured by the labor market. pect increases in curities and Exchange Com- ance professionals. About 35% With the continuing Russia- they used it for cybersecurity.
central bank’s the cost of insur- mission required companies to of respondents said insufficient Ukraine war, the continuing Regulatory change manage-
preferred per- ing or repairing disclose cyberattacks to the head count was a challenge tension between the U.S. and ment was cited by about one-
sonal-consump- a car to ease in agency no later than four faced by their company’s cyber China and, more recently, the third of respondents.
tion expenditures price index. the coming months, given what
Stripping out volatile food has already happened with new-

Airlines Fight
and energy categories, 12-month and used-car prices.
core PCE inflation dropped to Still, few at this point are un-
2.9% at the end of last year from derestimating inflation’s capac-
4.9% at the start of the year. But ity to surprise in any given

New Rule on Fees

it has since stalled, standing at month.
2.8% at its latest reading in George Mateyo, chief invest-
March. ment officer at Key Private Bank,
Adding to the pressure on said it still makes sense to own
Wednesday’s CPI report: A quirk unconventional assets—such as
BRETT COOMER/HOUSTON CHRONICLE/ASSOCIATED PRESS

of the calendar means the report real estate, inflation-protected BY ALISON SIDER The suit ratchets up simmer-
will offer investors a better-than- bonds or international stocks— ing tension between airlines
usual view of what PCE inflation to hedge against another hot Major airlines are suing to and their regulator. Transporta-
will look like later in the reading, given that a bad report block a new federal rule requir- tion Secretary Pete Buttigieg
month. That is because the index would likely hurt U.S. stocks and ing upfront disclosure of add- has been a vocal critic of the in-
includes both CPI and data on bonds alike. “We think that infla- on fees. dustry, and the department is
supplier-level prices. tion is going to be somewhat The rule finalized by the pursuing a host of new rules
Typically, the CPI data are re- sticky,” he said. Transportation Department last aimed at practices it says are
month requires airlines and unfair to consumers.
other ticket sellers to display Airlines have denied their

Archegos known as Paramount Global,

were timed and sized to maxi-
mize their market impact,
fees for checking bags and
changing flights when a flight’s
fare and schedule information
policies burden consumers and
have said they already comply
with many of the new measures

Founder’s prosecutors said. The firm used

swaps to avoid disclosing the
total size of positions and to
is initially displayed. The
agency has said the rule would
help consumers avoid unex-
the DOT has sought to impose.
The Transportation Depart-
ment said it would defend its
United is among the carriers petitioning to strike the rule down.

group said. “The DOT ancillary

Trial Starts cause its lenders to buy addi-

tional shares as a hedge. At one
point, Archegos had invested
pected charges, part of a
broader effort to fight what of-
ficials call a proliferation of ex-
rule. “Many air travelers will be
disappointed to learn that the
airline lobby is suing to stop
rule is a bad solution in search
of a problem.”
Alaska Air, JetBlue Airways
NOTICE TO CUSTOMERS AND
CREDITORS OF
NATIONAL BANK OF PAKISTAN
more than $30 billion into a tra fees in a number of indus- these common-sense protec- and Hawaiian Airlines also On or about February 1, 2024, National
Continued from page B1 single company using swaps, tries. tions,” a spokesman said. joined the suit. Southwest Air- Bank of Pakistan commenced the
have pleaded not guilty. Each Rothman said, with $1 billion Major carriers including Fees for checked luggage lines, which doesn’t charge for voluntary liquidation of its New York
defendant faces a lengthy in purchases happening in one United Airlines, Delta Air have become lucrative for air- up to two pieces of checked branch located at 100 Wall Street,
21st Floor, New York, New York
prison term if convicted. Two day to try to prevent a selloff. Lines and American Airlines, lines—they collected nearly $7 luggage, didn’t. 10005, under the provisions of Section
other former Archegos execu- “Bill Hwang wanted to be a along with the trade associa- billion in baggage fees in 2022, The new rule, which is gen- 605.11(c) of the New York Banking
tives have already pleaded legend of Wall Street,” Roth- tion Airlines for America, ar- and several carriers have raised erally set to be implemented Law. Upon completion thereof, unless
guilty and are cooperating with man said. “He manipulated the gued in a court filing that the the charges in recent months. over the course of the next other arrangements have been made,
the prosecution. stock prices to make himself a DOT doesn’t have authority to Airlines for America said year, also requires airlines to all business related thereto shall
be conducted from National Bank of
The demise of Archegos legend.” make such a rule and described Monday that fees are already tell customers explicitly that Pakistan’s offices abroad. All inquiries
scorched Wall Street, with a Hwang’s attorneys have ar- it as arbitrary and capricious. clearly disclosed and are well they don’t need to pay to select with respect to the winding-down
group of banks losing more $10 gued that Archegos’s trading The carriers petitioned the U.S. understood by travelers. a seat. It also prohibits airlines of National Bank of Pakistan’s New
billion from their exposure. practices and use of swaps Court of Appeals for the Fifth “Airlines go to great lengths from advertising discounts for York office should be directed to:
Archegos’s trades in compa- were lawful and didn’t amount Circuit on Friday to strike it to make their customers knowl- cheap base fares that don’t in- Mahmood K. at (646) 893-1199 on or
nies including ViacomCBS, now to manipulation. down. edgeable about these fees,” the clude mandatory fees. before May 28, 2024.
P2JW135000-0-B00300-1--------NS
THE WALL STREET JOURNAL.
BRENDAN MCDERMID/REUTERS
Chief Financial Officer Yoshimitsu Goto said SoftBank wants to create a new ecosystem for artificial intelligence.
SoftBank Bets $5 Billion on AI
Investment comes
as Japan investor
shifts strategy from
telecommunications
BY MEGUMI FUJIKAWA
AND KOSAKU NARIOKA
TOKYO—SoftBank Group
said its net asset value surged
thanks to its U.K. chip-design
unit, Arm, and that it has com-
mitted to five investments in
artificial intelligence on the
scale of $1 billion each.
SoftBank’s quarterly brief-
ing Monday showed its transi-
tion to an AI focus, the latest
makeover for a company that
previously was centered on
telecommunications and at
one point had much of its
value tied up in Chinese inter-
net company Alibaba.
Now it has shed its Alibaba
stake and Arm accounts for
nearly half of the group’s assets.
Although it has lost money in
each of the past three years,
SoftBank said its net total as-
sets reached $183.6 billion as of
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SoftBank’s net asset value,
quarterly
¥30 trillion
25
20
15
10
5 nancial officer, Yoshimitsu Goto.
0 from making new investments
2021 ’22
Note: Fiscal year ends March 31;
¥1 trillion = $6.4 billion
Source: the company
March 31, up $48 billion from
three months earlier, after in-
vestors piled into Arm’s stock.
The stock was listed in the
U.S. last September but Soft-
Bank retains a 90% stake in the
unit, whose designs are widely
used in smartphone chips and
increasingly in AI applications.
SoftBank is betting on
growth in AI after a difficult pe-
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NY
BUSINESS NEWS
riod. The Japanese technology
investment company said it
booked a net loss of nearly 228
¥27.8T billion yen, equivalent to nearly
$1.5 billion, in the fiscal year
ended March 31, compared with
analysts’ forecasts of a slight
profit. That followed losses of
¥970 billion and ¥1.7 trillion in
the two previous fiscal years.
“It was a year in which we
were able to go on the offen-
sive, while still playing de-
fense,” said SoftBank’s chief fi-
The company had held back
’23
as its flagship Vision Fund in-
vestment vehicles suffered huge
losses amid the pandemic and
high interest rates. More re-
cently it has resumed an active
search for opportunities.
SoftBank and its related
funds invested $3.9 billion in
the year ended March 31. It has
committed to invest in five ad-
ditional companies, each invest-
ment around $1 billion. The new
deals include GreenBox, a joint
venture that offers AI-powered
automated warehouse services.
Last week, Arm posted a
LIMITED TIME OFFER
sharp rise in net profit for the
three months ended March as
revenue jumped partly because
of higher demand for chips re-
lated to AI and data centers.
SoftBank’s Vision Fund busi-
ness edged into the black in the
most recent fiscal year after
losing tens of billions of dollars
the previous year. Tech stocks
surged for much of the year on
enthusiasm over AI and the
prospects of potential Federal
Reserve rate cuts later this year.
Goto said SoftBank wanted
Arm and the other companies
in which it is investing to create
a new ecosystem for AI. He said
SoftBank’s chief executive,
Masayoshi Son, was continuing
to take a break from quarterly
earnings meetings so he could
focus on AI but would likely ap-
pear at the company’s annual
shareholder meeting in June.
Last October, Son said artifi-
cial general intelligence would
become overwhelmingly more
powerful than all of human in-
telligence in the next decade.
 Heard on the Street: Strong
Arm gives a lift.................. B12
Meme King’s Return
Revives GameStop
BY PATRICIA KOWSMANN
Is it meme-stock time
again? GameStop is on a roll.
GameStop shares soared
74% to $30.45 on Monday.
Trading was halted several
times because of volatility. The
shares have more than doubled
this month.
The stock had fallen
sharply in late March and
early April after the video-
game retailer reported a fall in
quarterly revenue, although
profit was higher. Despite the
recent rebound, the shares are
a long way off the record close
of $86.88 that they hit in Jan-
uary 2021.
An X account associated
with Keith Gill, the investor
who helped direct the world’s
attention to GameStop in 2021,
posted its first tweet since
June of that year. Gill goes by
“Roaring Kitty.”
The surge suggested that
GameStop could be experienc-
ing another short squeeze, in
which a stock rally forces bear-
ish investors to close their bets
quickly, prompting a further
spike in prices.
Just such a squeeze oc-
curred in early 2021, after in-
dividual investors piled into
GameStop shares. That ham-
mered Wall Street firms such
as the hedge fund Melvin Cap-
ital that had shorted the stock,
or bet that it would fall.
As of Monday, short inter-
est in GameStop worked out at
about 24% of the company’s
free float, or tradable shares,
according to FactSet. That ra-
tio has hovered in the high
teens or low 20s since early
2022, the data shows.
Shares of AMC Entertain-
ment, also a day-trader favor-
ite, finished 78% higher at
$5.18. Other meme stocks rose
Monday, too.
GameStop has struggled to
grow sales for years, as peo-
ple increasingly download
videogames instead of buying
the hard copies it specializes
in selling. The rise of free-to-
DELIVE
ME
O
H
FO
R T
EN WEE
Tuesday, May 14, 2024 | B3
GameStop share price,
year to date
Monday
$35
$30.45
+74%
30
25
20
15
10
5
Jan. 2024 Feb. March April May
Source: FactSet
play games like “Fortnite”
also has hurt demand for
games printed on discs or car-
tridges.
In late 2020, billionaire ac-
tivist Ryan Cohen, a darling of
the retail investor community,
embarked on a takeover cam-
paign that he successfully
completed the following
spring. He became GameStop’s
chairman and sought to revive
sales by expanding deeper
into e-commerce and launch-
ing a marketplace for nonfun-
gible tokens, or NFTs. But
those efforts fell flat and a
string of executives Cohen had
hired ended up quitting or
getting fired.
In September 2023, Cohen
was named CEO of GameStop.
He has since been working to
trim costs through layoffs,
store closures and reduced
marketing. As of a March se-
curities filing, GameStop had
about 8,000 full-time salaried
and hourly employees, down
from 11,000 a year earlier.
The company’s global store
count dropped by 244 over
the same period, to 4,169 re-
tail locations. GameStop
turned its first annual profit
in several years in fiscal 2023
and started the current year
off with a profitable first
quarter, but in both cases rev-
enue declined.
RY
S
K
P2JW135000-0-B00400-1--------XA
B4 | Tuesday, May 14, 2024
INTEL/ASSOCIATED PRESS
Intel CEO Pat Gelsinger, center, toured the company’s two new fabrication plants being built in Chandler, Ariz., last October.
Intel Nears Deal With Apollo
Investment firm is in
talks to supply the
chip giant with $11
billion for new plant
BY LAURA COOPER
AND BEN DUMMETT
Intel is in advanced negoti-
ations for a transaction in
which Apollo Global Manage-
ment would supply the chip
giant more than $11 billion to
help it build a new plant in
Ireland.
The two companies are in
exclusive talks for a deal that
could come together in the
coming weeks, according to
people familiar with the mat-
ter, assuming the plans don’t
get derailed.
A number of alternative-in-
vestment firms, including KKR
and infrastructure investor
Stonepeak, had also been in
the running for the deal be-
fore Apollo recently pulled
ahead.
Apollo Global Manage-
ment’s High Grade Capital So-
lution business, which typi-
cally provides financing to
large investment-grade com-
panies, is spearheading the
deal for the asset manager.
Additional details of the
potential deal couldn’t be
learned.
Under Chief Executive Offi-
cer Pat Gelsinger, Intel is
Judge Lifts X Stabbing-Video Order
BY STUART CONDIE
SYDNEY—An Australian
judge effectively lifted an or-
der for social-media platform
X to hide a video of the stab-
bing of a religious leader,
which had drawn criticism
from Elon Musk as an example
of government overreach.
Australia’s eSafety commis-
sioner—the official in charge
of monitoring social media for
harmful content—secured the
temporary order last month at
the start of a hearing into ac-
cusations that X hadn’t done
enough to remove the video in
response to formal notice to
take it down. On Monday, a
federal court judge refused
the commissioner’s request to
extend the order but didn’t
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Intel’s share price,
year to date
$50
Monday
$30.51
45
40
35
30
25
Jan. 2024 March May
Sources: FactSet (share price); the company (assets under management)
building or expanding facto-
ries in Arizona, Ohio, Ireland
and several other locations,
aiming to capitalize on the
surging demand for chips.
The new factories are also
meant to support Intel’s three-
year-old contract chip-making
business, which aims to com-
pete with industry leaders
Taiwan Semiconductor Man-
ufacturing and Samsung
Electronics.
For Intel, finding partners
to help finance new projects is
crucial because of the proj-
ects’ high cost. A cutting-edge
chip factory can have a price
tag of $20 billion.
Intel’s ability to pay for
those facilities through the
company’s cash flows has
been hampered by a slowdown
immediately give his reasons.
X had removed the content
for Australian users in a pro-
cess known as geoblocking,
but the commissioner wants
the platform to take down
specific instances of the foot-
age. A lawyer acting for the
commissioner last week told
the court that users in Austra-
lia could still access the video
through the use of virtual pri-
vate networks, or VPNs.
Musk, X’s billionaire owner,
played down the decision as a
personal victory despite hav-
ing previously characterized
the commissioner’s requests
as an attempt at censorship.
Another case hearing is sched-
uled for Wednesday.
“Not trying to win any-
thing. I just don’t think we
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TECHNOLOGY
Apollo Global Management
assets under management
$800 billion
1Q 2024
$671B
600
400
200
0 Europe’s EQT to expand its
2022 ’23 ’24
in its core business of supply-
ing chips for personal comput-
ers and servers.
The company’s shares have
declined sharply in recent
months, and Intel has delayed
an initial construction time-
line for its project in Ohio. The
company’s stock rose 2.2% on
Monday.
Intel roughly two years ago
agreed to a similar $30 billion
deal with Brookfield Asset
Management.
That deal called for Intel to
fund 51% of the cost of build-
ing new chip-making facilities
in Chandler, Ariz., and have a
controlling stake in the vehicle
that would own the new fac-
tories.
In addition to investor
funds, Intel is closing in on
should be suppressing Austra-
lian’s [sic] rights to free
speech,” he said on X in re-
sponse to a post.
Musk previously said that if
any country is allowed to cen-
sor content for all countries,
which he said is what Austra-
lian authorities are seeking,
then any country could con-
trol the entire internet. A law-
yer acting for X last week said
the video wasn’t excessively
graphic and didn’t meet the
legal threshold for forcible re-
moval.
The commissioner acknowl-
edged the judge’s decision but
didn’t comment further. X
didn’t respond to a request for
comment.
No date has been set for a
final ruling, although social-
media regulation looks likely
to remain a government focus
irrespective of the judge’s de-
cision.
Australia has already sig-
naled that it could tighten
regulation of online platforms
with the announcement of a
review of its three-year-old
online-safety legislation. The
review could include imposing
what is called a duty of care
on platforms toward their us-
ers, Michelle Rowland, the
government’s communications
minister, said in February.
The possibility of tougher
regulation of social-media plat-
forms appeared to increase
with last week’s announcement
that a cross-party committee of
lawmakers would look at the
influence of social media on
Australian society.
“Parliament needs to un-
billions of dollars of govern-
ment grants for its U.S. proj-
ects via the $53 billion Chips
Act, legislation that was
passed in 2022 and is meant
to boost chip production in
the U.S. after years of semi-
conductor manufacturing
shifting overseas.
Intel is one of several mul-
tinational companies that
have sought financing from
asset managers to help fund
their projects. In one of the
most recent deals, T-Mobile
formed a joint venture with
broadband fiber network.
Intel has operated in Ire-
land for decades.
The company’s existing op-
erations include a semicon-
ductor-wafer fabrication facil-
ity in County Kildare, west of
Dublin, and a research-and-de-
velopment campus in the west
of Ireland.
Based in New York, Apollo
oversees about $671 billion in
assets.
After last year’s slowdown
in dealmaking, alternative-in-
vestment managers have been
eager to put money to work,
and infrastructure plays, in-
cluding joint ventures with
corporations, have been high
on the list.
A number of such deals
have been struck in recent
weeks.
Goldman Sachs is advising
Intel on the transaction.
derstand how social-media
companies dial up and down
the content that supports
healthy democracies, as well
as the antisocial content that
undermines public safety,”
Rowland said when announc-
ing the committee. Companies
need to be more accountable
and transparent, she said.
The official overseeing the
legislative review, Delia Rick-
ard, was previously deputy
chair of Australia’s consumer
watchdog. Her experience in
consumer protection could be
important, said Rob Nicholls,
a senior research associate at
the University of Sydney who
focuses on regulation and pol-
icy regarding social-media
platforms.
“The likelihood is, from a
regulatory perspective, that
whatever is necessary to clear
up the uncertainty which has
flowed from this case will be
addressed as part of one of
those two reviews,” Nicholls
said.
The Australia incident be-
gan the night of April 15,
when Bishop Mar Mari Em-
manuel of Christ the Good
Shepherd Church was speak-
ing at a lectern during a lives-
tream. A video that circulated
online showed a person in a
black hoodie walking up to the
bishop and appearing to stab
Emmanuel several times, in-
cluding in the face. The bishop
fell to the ground as con-
gregants rushed to his aid.
Authorities have since
charged a 16-year-old boy with
the assault and have deemed
the incident a terrorist attack.
THE WALL STREET JOURNAL.
New OpenAI Model
Is Cheaper, Improves
Voice Assistance
BY DEEPA SEETHARAMAN
OpenAI unveiled a less ex-
pensive version of its flag-
ship artificial-intelligence
system that includes a new
voice assistant to make it
easier to use, as it races
other tech companies to roll
out products and features to
attract users.
The new AI model, dubbed
GPT-4o, can better digest im-
ages and video in addition to
text, and can interact with
people by voice in real time,
said Mira Murati, OpenAI’s
chief technology officer, on
Monday. People can interrupt
the new voice feature while
talking to it, unlike current
voice assistants, and the
model is capable of respond-
ing close to instantaneously,
the company said.
OpenAI executives showed
in a livestreamed demonstra-
tion how the model could an-
alyze code, translate lan-
guages between two speakers
or guide users through a ba-
sic algebra problem written
down on a piece of paper, all
seemingly in real time.
The launch of GPT-4o re-
flects how OpenAI and other
startups and tech giants are
increasingly seeking to ex-
pand their pools of users and
bring in money for their gen-
erative artificial-intelligence
technology after pouring
enormous sums of money
into computing power and
energy to develop their sys-
tems.
The OpenAI announce-
ment comes a day before the
start of Google’s annual de-
veloper conference on Tues-
day, where it is expected to
announce its own new prod-
ucts. Alphabet’s Google, an
AI pioneer, has been vying
with OpenAI and its partner
and backer, Microsoft, for
leadership in generative AI.
Microsoft wasn’t involved in
making GPT-4o.
Chief Executive Sam Alt-
man likened the new product
to the kind of AI tools typi-
cally seen in movies. In a
German Companies Bet
On AI for Productivity
BY NINA KIENLE
German businesses are in-
creasingly experimenting with
artificial intelligence to be-
come more productive, but
some caution the gains the
technology promises could be
years away.
From automating processes
to optimizing supply chains,
German companies are resort-
ing to AI tools for a growing
range of functions.
Productivity growth in Ger-
many, like in many other in-
dustrial countries, has stalled
in recent years, a trend that
has economists worried about
possible long-term implica-
tions as the population ages.
The popularity of OpenAI’s
ChatGPT chatbot since its
launch in late 2022, followed
by Microsoft’s Copilot and
Google’s Gemini, sparked a
wave of investments from
companies globally.
“AI is probably the most
transformative technological
development in recent de-
cades. It will fundamentally
change tasks and qualification
profiles across all industries,”
said Carsten Knobel, chief ex-
ecutive at consumer-goods
company Henkel.
The maker of Dial soap and
Snuggle fabric softener has
been training its workforce in
AI, which it uses to automate
Bicycle delivery service from Delivery Hero in Austria.
WSJ.com/Tech
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
Mira Murati, chief technology
officer of OpenAI
speech last year, he said he
and other OpenAI executives
found inspiration in the 2013
film “Her” about a man who
falls in love with a voice as-
sistant. He and other OpenAI
employees posted references
to the movie on X just after
Monday’s announcement.
“The original ChatGPT
showed a hint of what was
possible with language inter-
faces; this new thing feels
viscerally different,” Altman
wrote Monday on his per-
sonal blog.
The new model could also
detect a person’s emotions in
their tone of voice or facial
expression, OpenAI said. It
also more rapidly switches
between different emotional
tones from a dramatic voice
to a robotic tone to singing.
This feature will roll out to
users who pay for ChatGPT-
Plus, the company’s $20-a-
month feature in coming
weeks.
GPT-4o will also be of-
fered to companies. Murati
said the model would be
twice as fast and half the
cost of its current top-of-the-
line offering GPT-4 Turbo.
The “o” in GPT-4o stands for
“omni,” the company said.
People who use the free ver-
sion of ChatGPT will have ac-
cess to GPT-4o’s image and
vision features starting
Monday.
processes in its adhesives
business. In its production fa-
cilities, a central cloud server
collects millions of data points
from its machines equipped
with sensors, analyzing and
processing them with the help
of AI to maximize efficiency
and detect any flawed prod-
ucts or packaging.
Henkel is running a number
of pilot projects with technol-
ogy partners like SAP, Adobe
and Microsoft. However, Kno-
bel says it is almost impossi-
ble to predict how the com-
pany will use AI in five years’
time given how rapidly the
technology evolves.
Food-delivery firm Delivery
Hero has been using machine
learning since 2011, but only
last year started investing at
scale in generative AI, the
technology behind ChatGPT
that can generate text, images
and other forms of content.
Tillmann Neben, senior di-
rector of data science at Deliv-
ery Hero, said the company uses
generative AI to create food im-
ages for menus or help custom-
ers find niche restaurants
through conversational search.
“AI isn’t replacing anyone
or anything,” Neben said. In-
stead, he expects the technol-
ogy to bring new features and
capabilities that will ulti-
mately make the workforce
more efficient.
IMAGO/ZUMA PRESS
P2JW135000-0-B00500-1--------NS

THE WALL STREET JOURNAL. NY Tuesday, May 14, 2024 | B5

@BILLIEEILISH

@ZACHKING

@HOPESCOPE

@DUDEPERFECT

@O2MUSIC
This is the most watched streaming platform on TV,
according to Nielsen*.
But this is not your usual platform.
This is where gameday fans become 24/7 fans. Where you
can find Billie’s music, plus every fan cover and live show.
And where a small town kid can capture the world’s attention.
This is where 60 million storytellers go to have a voice.
And billions of people get to dive deep in everything they love,
in all the ways they want to watch it.

* Source: Nielsen Streaming Platform Ratings, US, Mar 2023 – Mar 2024.
P2JW135000-0-B00600-1--------XA
B6 | Tuesday, May 14, 2024
More Regulators Reward Whistleblowers
Programs to award
those with tips that
lead to enforcement
actions gain speed
BY MENGQI SUN
More than a decade after a
global financial crisis and the
Bernie Madoff Ponzi scheme
led to the establishment of two
whistleblower-award programs
in the U.S., more U.S. regulators
and other agencies worldwide
are seeing the benefits of pay-
ing individuals for helpful in-
formation, signaling a change
in momentum on the debate.
Regulators inside and out-
side the U.S. in recent years
adopted or are looking to es-
tablish cash-for-tips programs,
as existing ones in the U.S. be-
come a mainstream part of
enforcement efforts.
In early March the Justice
Department said it would
start a pilot program that
would pay whistleblowers who
tell prosecutors about corpo-
rate crime, adding a new in-
centive to attract more tip-
sters. A similar whistleblower-
award program was proposed
by lawmakers for the Con-
sumer Financial Protection
Bureau.
In the U.K., the Serious
Fraud Office, which investi-
gates white-collar crime, re-
cently said it would explore
the establishment of a whis-
tleblower-reward program un-
der its new director.
These moves come as the
role of whistleblowers in re-
vealing corporate crime has
increased. In recent weeks, a
chorus of former Boeing em-
ployees came forward as whis-
tleblowers to testify on their
concerns about the airplane
maker’s safety practices.
These recent developments,
policy observers and whistle-
blower attorneys say, illus-
trate how far programs that
pay whistleblowers have come
as the public welcomes the in-
creased transparency brought
by insiders that hold compa-
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In recent weeks, a chorus of former Boeing employees came forward as whistleblowers.
nies accountable and disclose
wrongdoing.
“There seems to be a grow-
ing recognition that these pro-
grams work, if whistleblowers
are paid,” said David Kovel, a
co-managing partner at law
firm Kirby McInerney in New
York who represents whistle-
blowers.
The Securities and Ex-
change Commission received
18,354 tips and awarded
nearly $600 million in fiscal
year 2023, the highest annual
amount in the program’s his-
tory. An SEC spokesman said
the agency has given out $35.8
million to whistleblowers so
far this fiscal year, which ends
Sept. 30. The Commodity Fu-
tures Trading Commission re-
ceived 1,530 whistleblower
tips and awarded nearly $16
million in fiscal year 2023.
The success of the two high-
est-profile U.S. whistleblower-
award programs, established by
the 2010 Dodd-Frank Act, are
influencing how the new direc-
tor of the Serious Fraud Office,
Nick Ephgrave, thinks about
BUSINESS & FINANCE
motivating tipsters. At an
event hosted by think tank
Royal United Services Institute
in London in February, Eph-
grave pointed out that more
than 700 whistleblowers from
the U.K. have engaged with U.S.
law enforcement since 2012.
“I think we
should pay
w h i s t l e b l ow-
ers,” Ephgrave The SEC had
said in his first 18,354 tips and
speech as the
SFO’s director awarded nearly
in February.
“This is not
$600 million in
just about the
SFO. I would
invite us to
think about
whether or not we want to
consider incentivizing whistle-
blowers. It has many bene-
fits.”
The growing acceptance of
various whistleblower award
programs has led 10 former
lawyers at Constantine Can-
non to leave the law firm in
March to set up a new venture
called Whistleblower Partners,
THE WALL STREET JOURNAL.
stigma as it did in the past
and that many foreign regula-
tors, including those in South
Korea, are acknowledging the
value of whistleblowers and
the assistance they provide in
aid of enforcement efforts.
“It’s a growing acceptance
of the notion that people
should come forward and
there is nothing wrong with
motivating people finan-
cially—what you are really do-
ing is providing insurance for
the risks taken to their life
and careers,” he said.
There are holdouts on the
issue. Regulators in the Euro-
pean Union encourage whis-
tleblowing but are hesitant to
pay for information. And in
Germany, there is often un-
GAVIN MCINTYRE/PRESS POOL
ease with the concept of
whistleblowing.
Observers believe the Jus-
tice Department established
the pilot program, in part, af-
ter seeing the value whistle-
blowers are bringing to en-
forcement cases, based on the
number of referrals prosecu-
according to Ari Yampolsky, tors have received from the
one of its partners. The new SEC and CFTC, according to
firm will only work on whis- Christina McGlosson, the for-
tleblower cases and with gov- mer acting director for the
ernment agencies in “fortify- CFTC’s whistleblower program
ing their investigative and now a special counsel at
abilities” with the help from law firm Cohen Milstein Sell-
their whistleblower clients, he ers & Toll. McGlosson noted
said. the whistleblower tips ac-
Whistle- counted for one-third of all
blower Partners active CFTC enforcement in-
will be involved vestigations in fiscal year
in public advo- 2023.
cacy as well, in- Among other reasons “the
cluding writing, DOJ is seeing that value to en-
speaking en-
gagements and
forcement programs and said
that we want this good infor-
fiscal 2023. helping govern- mation as well,” she said.
ment agencies But there are still concerns
and legislators about how these programs
develop and re- will operate in practice. The
fine their whistleblower Justice Department in March
award programs. Members of said it would spend the subse-
the new firm previously were quent three months develop-
involved in the development ing the rules for its pilot whis-
of the whistleblower program tleblower program. It has held
at the National Highway Traf- meetings with whistleblower
fic Safety Administration. groups, the defense bar and
Yampolsky said one change other agencies, according to
in recent years is that the Jacklyn DeMar, the chief exec-
whistleblower label on indi- utive of the Anti-Fraud Coali-
viduals doesn’t carry the same tion, an advocacy group.
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The group recently sent a
letter to the Justice Depart-
ment outlining its concerns
about some of the rules the
agency has publicly an-
nounced so far, including one
by the deputy attorney gen-
eral that states that the pilot
program would pay victims
first out of the forfeitures
amount and then award whis-
tleblowers a percentage of
what is left.
The Anti-Fraud Coalition
said that could mean whistle-
blowers may not receive any
sort of cash reward for their
efforts. The group is advocat-
ing for a separate fund to pay
whistleblowers, similar to the
structures at the SEC and the
CFTC.
“That’s one of the ques-
tions of whether [the Justice
Department is] allowed to set
up a fund,” DeMar said. “The
program would work best if
[the Justice Department] can
do it, but they’re not sure if
they need legislation to do
that yet.”
For companies, the rapid
growth of whistleblower
award programs can also be
an opportunity to improve
their internal compliance pro-
grams. Compliance software
provider Navex Global, which
manages many companies’ in-
ternal whistleblowing plat-
forms, saw record internal
whistleblowing among its cli-
ents in 2023.
Although there are many
reasons for tipsters to go to
regulators, including to seek
antiretaliation protection,
many insider whistleblowers
prefer to report internally and
want their managers to fix the
alleged wrongdoing, according
to Carrie Penman, Navex’s
chief risk and compliance of-
ficer.
“That means we all need to
be on top of our game,” Pen-
man said. Companies “need to
have strong and well publi-
cized programs that have
earned a reputation for re-
sponding appropriately, and in
an appropriate amount of
time.”
P2JW135000-2-B00700-1--------XA

THE WALL STREET JOURNAL. * * Tuesday, May 14, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39431.51 t 81.33, or 0.21% Trailing P/E ratio 27.52 22.19 5221.42 t 1.26, or 0.02% Trailing P/E ratio * 23.24 18.42 16388.24 s 47.37, or 0.29% Trailing P/E ratio *† 30.65 27.56
High, low, open and close for each P/E estimate * 19.01 17.60 High, low, open and close for each P/E estimate * 21.26 18.78 High, low, open and close for each P/E estimate *† 26.05 26.27
trading day of the past three months. Dividend yield 2.13 2.10 trading day of the past three months. Dividend yield * 1.47 1.67 trading day of the past three months. Dividend yield *† 0.83 0.83
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

40000 5600 16500

39300 5400 16200

38600 5200 15900

37900 5000 15600

Session high 65-day moving average

DOWN UP 37200 4800 15300
Session open Close
t

65-day moving average

65-day moving average Close Open 15000
t

36500 4600

Bars measure the point change from session's open Session low
35800 4400 14700
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
* 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* 938,310,630 10,190,867
Industrial Average 39647.39 39403.05 39431.51 -81.33 -0.21 39807.37 32417.59 18.2 4.6 5.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 542,033,863 4,238,453
Transportation Avg 15729.99 15607.12 15628.86 31.37 0.20 16695.32 13556.07 12.9 -1.7 -0.2 Most-active issues in late trading Decl. volume* 382,297,800 5,869,644
Utility Average 949.66 939.90 941.01 -1.34 -0.14 948.92 783.08 -0.5 6.7 1.3 Volume After Hours Issues traded 2,890 297
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 52103.18 51842.68 51926.96 -7.98 -0.02 52402.86 40847.04 25.9 8.7 6.8 Advances 1,460 126
AMC Entertainment AMC 31,491.2 6.06 0.87 16.67 6.35 5.19
Barron's 400 1153.07 1143.89 1143.90 -2.42 -0.21 1166.53 891.86 26.6 6.7 5.0 Declines 1,326 151
Snap SNAP 8,007.8 15.75 -0.01 -0.07 15.76 15.66
Unchanged 104 20
Nasdaq Stock Market AT&T T 6,629.9 17.23 -0.03 -0.17 17.27 17.22 New highs 154 8
Nasdaq Composite 16407.05 16334.86 16388.24 47.37 0.29 16442.20 12343.05 32.5 9.2 7.7 Apple AAPL 6,352.8 186.20 -0.08 -0.04 196.61 186.03 New lows 18 9
Nasdaq-100 18233.50 18147.57 18198.61 37.43 0.21 18339.44 13413.51 35.7 8.2 11.6 Intel INTC 5,843.7 30.57 0.06 0.20 30.58 30.48 Closing Arms† 0.53 0.92
Pfizer PFE 5,825.1 28.43 -0.01 -0.04 28.50 28.40 Block trades* 4,694 110
S&P
GameStop Cl A GME 4,433.4 32.80 2.35 7.72 32.94 29.73 Nasdaq NYSE Arca
500 Index 5237.26 5211.16 5221.42 -1.26 -0.02 5254.35 4109.90 26.2 9.5 8.3
PG&E PCG 3,577.1 17.99 0.12 0.67 17.99 17.76
MidCap 400 3019.01 2990.38 2991.17 -2.79 -0.09 3046.36 2326.82 22.0 7.5 3.8 Total volume*4,452,752,414 203,117,022
SmallCap 600 1337.71 1326.18 1326.22 1.84 0.14 1344.66 1068.80 17.2 0.6 0.02 Percentage gainers… Adv. volume*3,275,883,713 123,474,326
Prothena PRTA 82.3 24.95 4.24 20.47 24.95 20.31 Decl. volume*1,137,611,888 71,450,461
Other Indexes
AMC Entertainment AMC 31,491.2 6.06 0.87 16.67 6.35 5.19 Issues traded 4,362 1,931
Russell 2000 2081.45 2062.12 2062.12 2.35 0.11 2124.55 1636.94 17.1 1.7 -1.7
Harrow Advances 2,234 1,071
NYSE Composite 18242.93 18128.74 18133.95 -28.10 -0.15 18312.67 14675.78 18.3 7.6 3.9 HROW 61.2 13.86 1.79 14.83 14.27 11.80
Declines 1,950 797
Value Line 605.91 599.34 601.11 1.77 0.30 615.81 498.09 11.2 1.2 -2.7 Lottery.com LTRY 348.2 2.02 0.24 13.48 2.54 1.75
Unchanged 178 63
NYSE Arca Biotech 1.12 BlackBerry BB 1,758.7 3.43 0.33 10.65 3.52 3.10
5213.51 5123.97 5181.10 57.13 5511.46 4544.40 -4.4 -4.4 -1.8 New highs 156 230
NYSE Arca Pharma 1016.63 1009.86 1016.25 6.39 0.63 1029.37 837.32 15.1 11.7 11.8 ...And losers New lows 90 12
KBW Bank 106.63 105.53 105.58 -0.46 -0.44 106.05 71.71 41.7 10.0 -7.1 StoneCo Cl A STNE 858.9 15.53 -1.12 -6.73 16.80 14.75 Closing Arms† 0.40 0.84
PHLX§ Gold/Silver 143.18 140.21 141.04 -1.20 -0.84 142.24 102.94 4.7 12.2 -2.7 Ross Stores ROST 191.2 128.40 -5.20 -3.89 134.46 128.40 Block trades* 31,050 814
PHLX§ Oil Service 87.59 86.71 86.97 0.33 0.38 98.76 69.29 19.4 3.7 13.4 Sonos SONO 61.5 16.56 -0.66 -3.83 17.22 16.56 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4846.81 4811.00 4823.09 15.06 0.31 5165.83 3048.71 58.0 15.5 18.6 Cabaletta Bio CABA 56.3 10.85 -0.41 -3.65 11.50 10.85 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.66 13.25 13.60 1.05 8.37 21.71 12.07 -20.6 9.2 -16.2 Topgolf Callaway Brands MODG 115.4 14.74 -0.55 -3.60 15.44 14.74 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 782.83 0.77 0.10 7.7 AMC Entertainment 1847 Holdings
AMC 5.19 2.28 78.35 54.97 2.38 -88.6 EFSH 1.60 -0.68 -29.82 169.00 1.05 -97.8
MSCI ACWI ex-USA 332.58 1.08 0.33 5.0 GameStop Cl A GME 30.45 12.99 74.40 38.20 9.95 40.8 Seritage Growth Prop A SRG 6.78 -2.54 -27.25 9.92 5.65 -10.8
MSCI World 3421.11 1.19 0.03 7.9 VinFast Auto VFS 4.56 1.55 51.50 93.00 2.26 ... Anebulo Pharmaceuticals ANEB 2.41 -0.60 -19.93 4.05 1.62 3.7
MSCI Emerging Markets 1078.72 7.08 0.66 5.4 Novavax NVAX 13.11 4.23 47.64 13.97 3.53 61.7 Smart for Life SMFL 2.70 -0.65 -19.40 319.41 2.28 -98.2
Americas MSCI AC Americas 1972.23 –0.70 –0.04 8.7 AC Immune ACIU 3.30 0.99 42.86 5.14 1.90 57.1 Telesis Bio TBIO 4.15 -0.97 -18.95 46.44 4.02 -89.9
Canada S&P/TSX Comp 22259.17 –49.76 –0.22 6.2 Koss KOSS 4.37 1.17 36.66 5.53 2.27 15.5 NL Industries NL 6.50 -1.38 -17.51 8.93 4.46 14.8
Latin Amer. MSCI EM Latin America 2496.56 7.56 0.30 –6.2 Macrogenics MGNX 4.38 1.07 32.33 21.88 3.14 -32.8 Cheche Group CCG 1.65 -0.35 -17.50 200.00 1.60 ...
Brazil Bovespa 128154.79 555.22 0.44 –4.5 MMTec MTC 4.85 1.15 31.08 4.86 0.36 380.2 Gaucho Group Holdings VINO 4.64 -0.94 -16.85 84.00 3.89 -92.9
Chile S&P IPSA 3650.89 19.22 0.53 5.3 Dogness International DOGZ 7.90 1.80 29.51 18.60 2.79 -54.6 Inspire Veterinary Ptrs IVP 3.23 -0.63 -16.32 410.00 3.12 ...
Mexico S&P/BMV IPC 57731.12 13.08 0.02 0.6 Uxin ADR UXIN 3.24 0.70 27.56 18.90 1.50 -79.2 Dingdong (Cayman) ADR DDL 1.82 -0.34 -15.74 3.54 1.07 -47.7
EMEA STOXX Europe 600 520.86 0.10 0.02
8.7 Emergent Biosoltns EBS 5.36 1.01 23.22 9.96 1.42 -42.3 Fortrea Holdings FTRE 28.11 -4.92 -14.90 41.02 24.93 ...
Eurozone Euro STOXX 523.94 –0.312 –0.06 10.5 WiSA Technologies WISA 3.89 0.71 22.33 402.00 1.66 -98.4 CompX IntlA CIX 21.28 -3.67 -14.71 39.91 17.39 5.8
Belgium Bel-20 3980.58 –32.75 –0.82 7.4 SunPower SPWR 2.75 0.45 19.57 12.18 1.77 -74.7 NuZee NUZE 2.11 -0.33 -13.52 13.00 1.13 -81.4
Denmark OMX Copenhagen 20 2725.82 2.36 19.4 Verrica Pharmaceuticals VRCA 9.56 1.56 19.50 9.61 2.86 56.7 Pop Culture Group CPOP 2.50 -0.36 -12.59 9.67 0.91 -59.7
62.86
France CAC 40 8209.28 –0.12 8.8 iRobot IRBT 13.40 2.18 19.43 51.49 6.48 -60.5 Telos TLS 3.00 -0.42 -12.28 5.00 1.87 6.8
–9.86
Germany DAX 18742.22 –0.16 11.9
Israel Tel Aviv 2013.57
–30.63
… Closed 7.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34815.91 158.56 0.46 14.7 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 911.91 1.32 0.14 15.9
Norway Oslo Bors All-Share 1645.80 –3.99 –0.24 8.3 AMC Entertainment AMC 491,735 2765.3 5.19 78.35 54.97 2.38 Franklin FTSE Australia FLAU 520 7398 28.85 0.59 29.25 23.99
South Africa FTSE/JSE All-Share 78686.89 222.67 0.28 2.3 Faraday Future FFIE 269,848 674.0 0.06 32.32 117.36 0.04 Concord Acqn II Cl A CNDA 1,624 4165 10.59 0.05 10.90 10.13
Spain IBEX 35 11152.00 0.42 10.4 GameStop Cl A GME 179,240 2501.2 30.45 74.40 38.20 9.95 AllianzIM US LC Buffer10 DECT 477 4056 30.28 -0.03 30.31 25.35
46.50
Sweden OMX Stockholm 9.4 Novavax NVAX 122,788 1214.7 13.11 47.64 13.97 3.53 IQ Candriam US Mid Cap Eq IQSM 528 3505 31.03 0.02 32.34 24.65
988.16 –0.82 –0.08
0.12 Nikola NKLA 105,536 10.0 0.55 2.40 3.71 0.52 GameStop Cl A GME 179,240 2501 30.45 74.40 38.20 9.95
Switzerland Swiss Market 11768.08 14.38 5.7
Turkey BIST 100 10055.98 –162.60 –1.59 34.6 CareCloud CCLD 91,852 161520.6 2.32 84.13 3.58 0.68 IQ MacKay ESG Core Pl Bd ESGB 439 2214 20.65 -0.08 21.20 19.46
U.K. FTSE 100 8414.99 –18.77 –0.22 8.8 NIO ADR NIO 75,415 40.3 5.41 6.71 16.18 3.61 IQ CBRE NextGen Real Est ROOF 181 2208 19.03 0.08 20.71 16.55
U.K. FTSE 250 20560.34 –85.04 –0.41 4.4 FuelCell Energy FCEL 73,833 238.0 0.71 2.02 2.94 0.64 Harbor Human Cap US LC HAPI 156 2038 31.39 -0.48 31.73 24.01
Ginkgo Bioworks Holdings DNA 70,540 111.9 0.84 10.49 2.55 0.72 BGSF BGSF 278 1592 7.13 -6.43 11.70 6.65
Asia-Pacific MSCI AC Asia Pacific 178.18 0.63 0.35 5.2
Apple AAPL 70,330 11.1 186.28 1.76 199.62 164.08 Seritage Growth Prop A SRG 5,517 1541 6.78 -27.25 9.92 5.65
Australia S&P/ASX 200 7750.00 1.04 0.01 2.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3148.02 –6.53 –0.21 5.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19115.06 151.38 0.80 12.1
India S&P BSE Sensex 72776.13 0.15 0.7
Scan this code
111.66
Japan NIKKEI 225 38179.46 –49.65 –0.13 14.1 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3303.66 12.96 0.39 2.0 track most-active stocks,
South Korea KOSPI 2727.21 –0.42 –0.02 2.7 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20857.71 148.87 0.72 16.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1372.50 0.60 0.04 –3.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003929 25452 4.9
CREDIT MARKETS Argentina peso .0011884.3403 9.4 Europe
Brazil real .1941 5.1516 6.2 Czech Rep. koruna .04348 22.997 2.8

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race
Canada dollar
Chile peso
.7316 1.3669 3.2
.001083 923.53 5.5
Denmark krone
Euro area euro
.1446 6.9148
1.0790 .9268
2.0
2.3
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000257 3888.70 0.3 Hungary forint .002788 358.63 3.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007168 139.50 2.6
A consumer rate against its Five-year ARM, Rate Mexico peso .0595 16.8039 –1.0 Norway krone .0924 10.8248 6.4
benchmark over the past year 6.00% Uruguay peso .02596 38.5250 –1.4 Poland zloty .2518 3.9721 0.9
Bankrate.com avg†: 6.69% Tradeweb ICE 16% Sweden krona .0922 10.8425 7.3
Asia-Pacific
5-year Florence Savings Bank 5.38% Monday Close 5.00 Switzerland franc 1.1008 .9084 7.9
Australiadollar .6609 1.5131 3.1
adjustable-rate 8.00% Florence, MA t 8 WSJ Dollar Index Turkey lira .0310 32.2790 9.5
800-644-8261 t China yuan .1383 7.2332 1.7
mortgage (ARM) 4.00
s
Ukraine hryvnia .0252 39.6500 3.9
t Grow Financial FCU 5.88% Hong Kong dollar .1280 7.8122 0.03
6.00 One year ago UK pound 1.2558 .7963 1.4
0 India rupee .01198 83.504 0.4
Hillsborough, FL 800-839-6328 3.00 Middle East/Africa
s Indonesia rupiah .0000621 16113 4.7
t 4.00 STAR Financial Bank 6.38% –8 s Euro Japan yen .006401 156.22 10.8 Bahrain dinar 2.6523 .3770 0.02
2.00
5-year Treasury Fort Wayne, IN 765-622-4185 Yen Kazakhstan tenge .002262 442.10 –2.9 Egypt pound .0212 47.0701 52.2
note yield 2.00 Star One Credit Union 6.50% 1.00 –16 Macau pataca .1242 8.0500 –0.05 Israel shekel .2689 3.7193 3.2
Malaysia ringgit .2113 4.7320 3.0 Kuwait dinar 3.2508 .3076 0.1
Sunnyvale, CA 408-742-2801 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .6017 1.6620 5.0 Oman sul rial 2.5983 .3849 –0.03
Apple Federal Credit Union 6.63% month(s) years
J J A S ON D J FMAM Pakistan rupee .00360 278.125 –1.1 Qatar rial .2747 3.641 –0.1
Fairfax, VA 800-666-7996 maturity Philippines peso .0173 57.820 4.4 Saudi Arabia riyal .2666 3.7505 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7388 1.3536 2.6 South Africa rand .0544 18.3689 0.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007316 1366.85 5.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033411 299.30 –7.6 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.81 –0.02–0.02 4.14
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03085 32.417 5.6
Yield (%) 52-Week Total Return (%) Thailand baht .02719 36.780 7.0 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR
Money market, annual yield
5.31
0.48
5.31
0.48
5.05
0.46 l
l 5.40
0.64
5.30
0.40
U.S. Treasury, Bloomberg 2129.860 4.690 4.670 5.120 3.780 –1.505 –3.241 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.77 l 2.87 2.39 U.S. Treasury Long, Bloomberg 3025.930 4.700 4.710 5.280 3.900 –8.709 –9.320 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.54 7.55 7.00 l 8.28 4.45 Aggregate, Bloomberg 2021.970 5.100 5.090 5.740 4.400 0.269 –2.967
15-year mortgage, fixed† 7.00 6.30 l 7.42 4.57 DJ Commodity 1044.00 5.66 0.54 1044.00 930.59 7.38 9.00
6.96 Fixed-Rate MBS, Bloomberg 1992.800 5.300 5.330 6.050 4.520 0.002 –3.246
Jumbo mortgages, $766,550-plus† 7.62 7.62 7.07 l 8.33 4.51 Refinitiv/CC CRB Index 287.69 -1.78 -0.61 298.18 253.85 9.95 9.05
High Yield 100, ICE BofA n.a. n.a. 7.302 n.a. n.a. n.a. n.a.
Five-year adj mortgage (ARM)† 6.69 6.76 5.70 l 7.16 3.62 Crude oil, $ per barrel 79.12 0.86 1.10 93.68 67.12 11.26 10.43
Muni Master, ICE BofA n.a. n.a. 3.513 n.a. n.a. n.a. n.a.
New-car loan, 48-month 7.83 7.85 7.01 l 7.88 3.77 Natural gas, $/MMBtu 2.381 0.129 5.73 3.575 1.575 0.25 -5.29
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 857.598 7.570 7.622 8.842 7.205 9.303 –1.840
banks.† Excludes closing costs. Gold, $ per troy oz. 2336.10 -31.20 -1.32 2398.40 1816.60 15.76 13.27
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW135000-2-B00800-1--------XA

B8 | Tuesday, May 14, 2024 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .6611 .6636 .6593 .6616 .0003 198,271 Mini S&P Midcap 400 (CME)-$100 x index
Contract Open
May 239.050 241.225 238.525 239.375 .575 5,123 Mexican Peso (CME)-MXN 500,000; $ per MXN June 3005.00 3032.50 3003.70 3005.60 –1.30 37,085
Aug 251.200 253.950 250.275 251.350 .450 23,035 May .05965 .05973 .05956 .05954 .00003 5 Sept 3000.00 3054.80 3035.80 3031.60 –3.80 3
Open High hi lo Low Settle Chg interest
Cattle-Live (CME)-40,000 lbs.; cents per lb. June .05923 .05943 .05909 .05916 –.00005 250,365 Mini Nasdaq 100 (CME)-$20 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. June 176.200 177.400 174.925 175.575 –.575 67,050 Euro (CME)-€125,000; $ per € June 18238.00 18336.25 18228.75 18295.50 40.50 238,105
May 4.6860 4.8090 s 4.6860 4.8045 0.1110 2,998 Aug 174.175 175.250 172.700 173.400 –.725 94,937 Sept 18464.00 18558.75 18456.25 18522.50 42.00 3,450
May 1.0771 1.0807 1.0767 1.0801 .0027 1,329
July 4.6530 4.7760 s 4.6160 4.7660 0.1035 187,621 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 1.0788 1.0823 1.0782 1.0806 .0015 636,419 Mini Russell 2000 (CME)-$50 x index
Gold (CMX)-100 troy oz.; $ per troy oz. May 91.575 91.725 91.400 91.450 –.275 3,291 June 2066.70 2090.90 2065.70 2072.50 4.60 460,697
May 2358.30 2358.30 2345.50 2336.10 –31.20 142 July Sept 2086.60 2112.30 2086.60 2094.20 4.50 1,315
101.675 102.425 99.825 100.050 –1.400 64,351 Index Futures Mini Russell 1000 (CME)-$50 x index
June 2369.10 2370.80 2337.60 2343.00 –32.00 284,964 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
July 2379.80 2380.60 2349.10 2353.80 –31.80 204 May 490.50 491.00 t 481.00 483.00 –7.50 547 Mini DJ Industrial Average (CBT)-$5 x index June 2871.70 2879.90 2866.80 2872.50 –1.30 6,206
Aug 2392.10 2395.20 2360.40 2365.70 –32.00 191,485 July 540.00 543.50 536.00 539.00 2.50 8,350 June 39620 39781 39519 39559 –83 101,543 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 2412.70 2418.00 2383.50 2388.30 –32.10 14,112 Milk (CME)-200,000 lbs., cents per lb. Sept 39998 40158 39915 39948 –82 462 June 105.17 105.24 104.93 105.10 –.07 41,784
Dec 2434.90 2440.80 2406.20 2411.10 –32.30 28,326 May 18.65 18.75 18.62 18.71 .08 4,276 Mini S&P 500 (CME)-$50 x index Sept 104.82 104.82 104.55 104.71 –.08 821
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 20.46 21.26 s 20.46 21.26 .75 5,135 June 5240.50 5264.00 5233.25 5245.50 –0.75 2,016,916
May 973.50 973.50 972.50 964.90 –15.90 6 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 5300.50 5322.75 5292.75 5305.00 –0.50 30,997 Source: FactSet
June 985.00 994.50 959.00 965.80 –15.90 19,624 May 8,149 8,149 8,149 8,149 –1725 1
Platinum (NYM)-50 troy oz.; $ per troy oz. July 8,797 8,832 7,025 7,166 –1725 47,232
Coffee (ICE-US)-37,500 lbs.; cents per lb.
May
July
973.80
1007.80
973.80
1025.90 s
973.80
1000.00
1005.30
1010.80
4.20
3.60
8
67,911
May 200.00 200.00 200.00 200.40 –4.00 202 Bonds | wsj.com/market-data/bonds/benchmarks
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 200.50 204.55 195.15 196.05 –5.10 100,226
May 28.060 28.345 28.035 28.221 –0.054 151
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July 19.24 t19.3418.58 18.63 –.67 352,335
Tracking Bond Benchmarks
July 28.420 28.615 28.185 28.443 –0.063 136,051
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Oct 19.30 t19.4018.63 18.67 –.66 195,922 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
June 78.18 79.49 77.78 79.12 0.86 239,274
July 38.00 38.00 38.00 38.00 … 1,558
July 77.76 78.99 77.35 78.60 0.76 325,852 Total Total
March'25 37.00 37.00 t 37.00 37.01 –.49 1,702
Aug 77.32 78.49 76.91 78.08 0.67 181,212 return YTD total Yield (%) return YTD total Yield (%)
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Sept 76.81 77.93 76.42 77.52 0.60 129,383 close return (%) Index Latest Low High close return (%) Index Latest Low High
July 77.45 78.43 77.11 77.63 .32 106,983
Dec 75.25 76.30 74.90 75.93 0.52 179,082 Dec 75.26 76.00 75.06 75.63 .50 83,205 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
Dec'25 70.68 71.52 70.41 71.22 0.37 100,194 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 395.00 404.20 s 395.00 404.20 10.00 7,525 2021.97 -1.9 U.S. Aggregate 5.100 4.400 5.740 1992.80 -2.1 Mortgage-Backed 5.300 4.520 6.050
June 2.4314 2.4669 2.4230 2.4368 .0024 79,532 Sept 390.00 399.70 s 390.00 398.20 8.50 1,094
U.S. Corporate Indexes Bloomberg Fixed Income Indices 1973.61 -1.8 Ginnie Mae (GNMA) 5.270 4.580 6.020
July 2.4447 2.4817 2.4385 2.4531 .0033 59,179
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Interest Rate Futures 3071.24 -1.5 U.S. Corporate 5.540 5.020 6.430 1170.70 -2.2 Fannie mae (FNMA) 5.310 4.510 6.050
June 2.5100 2.5313 2.4913 2.5105 .0108 97,113
July 2.4943 2.5180 2.4775 2.4967 .0117 98,438
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2990.51 -0.1 Intermediate 5.450 4.950 6.350 1815.46 -1.5 Freddie Mac (FHLMC) 5.220 4.520 6.190
June 122-170 123-090 122-160 122-300 16.0 1,642,670
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 123-000 123-090 122-170 123-000 16.0 226 4027.20 -4.4 Long term 5.730 5.160 6.600 n.a. n.a. Muni Master n.a. n.a. n.a.
June 2.250 2.384 2.214 2.381 .129 169,393
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
July 2.477 2.590 2.447 2.587 .103 286,692 582.98 -2.5 Double-A-rated 5.130 4.530 5.760 n.a. n.a. 7-12 year n.a. n.a. n.a.
June 116-040 116-220 116-030 116-120 10.0 1,598,509
Aug 2.555 2.660 2.524 2.658 .095 95,945 Sept 116-070 116-240 116-070 116-150 11.0 10,770
829.10 -1.2 Triple-B-rated 5.740 5.250 6.700 n.a. n.a. 12-22 year n.a. n.a. n.a.
Sept 2.541 2.646 2.513 2.643 .094 177,810 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Oct 2.597 2.710 2.580 2.707 .090 130,747 June 108-235 109-000 108-230 108-265 4.0 4,382,680 High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
Jan'25 3.700 3.786 3.688 3.782 .068 88,700 Sept 108-315 109-080 108-315 109-030 4.5 36,299
n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Agriculture Futures June 105-190 105-247 105-190 105-212 2.5 6,153,007 n.a. n.a. Triple-C-rated n.a. n.a. n.a. 533.18 -1.9 Global Government 3.510 2.880 3.810
Sept 105-315 106-040 105-302 106-007 2.5 26,782
Corn (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% n.a. n.a. High Yield 100 n.a. n.a. n.a. 786.72 -2.0 Canada 3.690 3.090 4.260
May 453.50 461.50 453.50 458.40 2.60 384 June 101-204 101-226 101-202 101-210 .6 4,054,696
July 468.00 475.50 465.50 472.40 2.60 679,724 n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. 351.05 -1.5 EMU§ 3.181 2.669 3.790
Sept 101-311 102-014 101-309 101-316 .7 8,350
Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. n.a. Europe High Yield Constrained n.a. n.a. n.a. 645.61 -2.2 France 3.130 2.540 3.630
n.a.
May 407.00 422.00 s 407.00 413.60 14.25 16 May t 94.6700 94.6725 .0025 429,345
94.6725 94.6725
July 414.00 427.75 s 412.50 426.00 15.25 3,327 July t 94.6850 94.6900
94.6900 94.6950 338,637 U.S Agency Bloomberg Fixed Income Indices 456.14 -2.5 Germany 2.600 2.020 3.030
Soybeans (CBT)-5,000 bu.; cents per bu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency
Feb 94.6525 94.6525 94.6525 94.6525 5,101
1777.92 -0.2 5.040 4.300 5.390 272.37 -2.4 Japan 1.340 0.710 1.340
May 1196.75 1204.75 1195.00 1205.40 .50 48
July 1219.00 1228.25 1211.50 1219.40 .50 353,089 Dec 95.0900 95.1250 95.0850 95.0950 1,212,196 1575.47 0.1 10-20 years 5.040 4.290 5.370 495.91 -2.6 Netherlands 2.820 2.260 3.320
Soybean Meal (CBT)-100 tons; $ per ton.
May 369.20 369.90 362.60 361.60 –5.40 83 Currency Futures 3329.47 -3.5 20-plus years 5.050 4.480 5.740 786.41 -3.2 U.K. 4.410 3.790 4.880
July 371.90 373.00 366.30 366.50 –5.40 230,280 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2701.45 -0.8 Yankee 5.370 4.860 6.110 857.60 1.1 Emerging Markets ** 7.570 7.205 8.842
Soybean Oil (CBT)-60,000 lbs.; cents per lb. May .6415 .6430 .6412 .6416 –.0001 2,846
May 42.38 43.91 42.38 44.52 .71 140 June .6455 .6466 .6435 .6437 –.0015 292,377 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 44.43 45.45 44.10 45.15 .71 252,563 Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Rough Rice (CBT)-2,000 cwt.; $ per cwt. May .7311 .7320 .7306 .7316 .0001 211
May June .7320 .7325 .7309 .7320 .0001 211,561
Global Government Bonds: Mapping Yields
19.25 19.25 19.25 18.71 –.55 80
July 19.30 19.41 18.69 18.73 –.64 5,128 British Pound (CME)-£62,500; $ per £
May 1.2520 1.2565 1.2519 1.2557 .0030 911
Wheat (CBT)-5,000 bu.; cents per bu.
May 648.00 671.00 s 645.75 670.25 24.50 62
June 1.2521 1.2571 1.2519 1.2559 .0030 211,280 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Swiss Franc (CME)-CHF 125,000; $ per CHF
July 662.00 694.25 s 654.50 687.00 23.50 201,096 June 1.1085 1.1100 1.1049 1.1057 –.0024 90,784 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Wheat (KC)-5,000 bu.; cents per bu. Sept 1.1191 1.1215 1.1166 1.1173 –.0023 476
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
May 675.00 675.00 675.00 724.00 26.75 6 Australian Dollar (CME)-AUD 100,000; $ per AUD Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
July 671.00 710.00 s 665.75 700.00 26.75 119,371 May .6602 .6629 .6587 .6616 .0010 423
4.875 U.S. 2 4.855 t l 4.866 4.882 4.002
4.375 10 4.479t l 4.503 4.499 3.461
4.250 Australia 2 4.036 s 4.031 3.911 3.181 -84.3 -81.5
Cash Prices |
l -82.7
wsj.com/market-data/commodities Monday, May 13, 2024
3.750 10 4.338 s l 4.333 4.280 3.335 -14.5 -17.0 -13.3
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
2.500 France 2 3.049 t l 3.062 2.861 2.775 -181.4 -181.2 -122.1
from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Monday Monday Monday
3.500 10 2.990 t l 3.004 2.868 2.848 -149.3 -149.8 -62.0
Copper,Comex spot 4.8045 Wheat,No.2 soft red,St.Louis-u 6.7150 2.500 Germany 2 2.969 t l 2.986 2.858 2.593 -189.4 -188.9 -140.3
Energy Iron Ore, 62% Fe CFR China-s *116.6 Wheat - Hard - KC (USDA) $ per bu-u 7.3400 2.200 10 2.512 t l 2.524 2.361 2.275 -197.2 -197.8 -119.4
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.750 Steel, HRC USA, FOB Midwest Mill-s *805.0 Wheat,No.1soft white,Portld,OR-u 6.6000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.700 Battery/EV metals Food 3.600 Italy 2 3.520 t l 3.554 3.423 3.309 -134.3 -132.0 -68.7
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15225
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13625 Beef,carcass equiv. index
4.200 10 3.819 t l 3.820 3.735 4.173 -66.4 -68.3 70.5
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4250 choice 1-3,600-900 lbs.-u 284.67 0.300 Japan 2 0.338 s l 0.318 0.280 -0.049 -452.5 -455.6 -404.5
Engelhard industrial 2351.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4168 select 1-3,600-900 lbs.-u 273.69
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3214 0.800 10 0.941 s l 0.909 0.867 0.389 -354.2 -359.3 -307.9
Handy & Harman base 2343.80
Butter,AA Chicago-d 3.0275 2.800 Spain 2 3.186 t 3.205 3.058 2.935 -166.9 -106.1
Handy & Harman fabricated 2601.62 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 197.25
l -167.7
LBMA Gold Price AM *2371.05 3.250 10 3.297 t l 3.315 3.180 3.349 -118.7 -11.9
LBMA Gold Price PM Burlap,10-oz,40-inch NY yd-n,w 0.8025 Cheddar cheese,blk,Chicago-d 198.00 -118.6
*2372.45
Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 0.7338 Milk,Nonfat dry,Chicago lb.-d 116.75 0.125 U.K. 2 4.372 s l 4.310 4.364 3.798 -56.4 -19.8
2464.02 -49.1
Maple Leaf-e Cotlook 'A' Index-t *86.40 Coffee,Brazilian,Comp-y 2.0039
2487.71
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2439 4.250 10 4.222 s l 4.173 4.140 3.780 -26.2 -32.9 31.2
American Eagle-e 2487.71
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.4750
Mexican peso-e 2864.60 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Flour,hard winter KC-p 19.65
Austria crown-e 2325.34 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e
Silver, troy oz.
2487.71
Bran,wheat middlings, KC-u,w
Corn,No. 2 yellow,Cent IL-bp,u
75 Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
88.87
n.a.
Corporate Debt
4.4400
Engelhard industrial 28.5500 Corn gluten feed,Midwest-u,w 97.2 Pork loins,13-19 lb MidUS-u 1.3819 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Handy & Harman base 28.2030 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u 184.00 expectations
418.3
Handy & Harman fabricated 35.2540 Cottonseed meal-u,w 330 Steers,feeder,Okla. City-u,w 297.00
LBMA spot price *£22.8500 Hominy feed,Cent IL-u,w 106 Fats and Oils Investment-grade spreads that tightened the most…
(U.S.$ equivalent) *28.6400 Meat-bonemeal,50% pro Mnpls-u,w 320 Spread*, in basis points
Coins,wholesale $1,000 face-a 22031 Oats,No.2 milling,Mnpls-u 4.4600 Degummed corn oil, crude wtd. avg.-u,w n.a.
Other metals Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4000
LBMA Platinum Price PM *990.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 1010.0 Soybean oil,crude;Centl IL-u,w Credit Agricole … 5.589 5.34 July 5, ’26 50 –100
SoybeanMeal,Cent IL,rail,ton48%-u,w 384.40 0.4319 n.a.
Palladium,Engelhard industrial 994.0 Soybeans,No.1 yllw IL-bp,u 11.8700 Tallow,bleach;Chicago-h 0.4325
Aluminum, LME, $ per metric ton *2515.0 Wheat,Spring14%-pro Mnpls-u 8.7325 Tallow,edible,Chicago-u n.a. JPMorgan Chase JPM 4.125 4.89 Dec. 15, ’26 4 –44
41
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; –36
UnitedHealth UNH 3.850 4.81 June 15, ’28 32 49
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 5/10
Source: Dow Jones Market Data Royal Bank of Canada RY 4.950 5.18 Feb. 1, ’29 68 –34
60

Sprint Capital … 6.875 5.47 Nov. 15, ’28 97 –25

89
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Banco Santander … 6.921 6.33 Aug. 8, ’33 186 –25
195
Money Rates May 13, 2024
Coca–Cola KO 2.250 4.80 Jan. 5, ’32 33 –12
n.a.
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Citigroup –9
C 4.450 5.41 Sept. 29, ’27 76 78
guide to general levels but don’t always represent actual transactions.

Inflation Week
Latest ago
—52-WEEK—
High Low
Week
Latest ago
—52-WEEK—
High Low
…And spreads that widened the most
March index Chg From (%)
March Japan 1.475 1.475 1.475 1.475 Federal funds BAE Systems Holdings … 4.750 5.63 Oct. 7, ’44 90 57
level Feb. '24 n.a.
'23 Policy Rates Effective rate 5.3300 5.3300 5.3500 5.0800
Bank of Montreal* BMO 5.300 5.29 June 5, ’26 45 46
High 5.6500 5.6500 5.6500 5.4000 47
U.S. consumer price index Euro zone 4.50 4.50 4.50 3.75
Switzerland 2.00 2.25 2.00 Low 5.3100 5.3100 5.3300 5.0500 43
All items 312.332 0.65 3.5 2.00 Toronto–Dominion Bank TD 5.532 5.37 July 17, ’26 52
Bid 5.3300 5.3300 5.3300 5.0700 45
Core 317.088 0.53 3.8 Britain 5.25 5.25 5.25 4.50
Australia 4.35 4.35 3.85 Offer 5.3500 5.3500 5.3700 5.0800 37
4.35 Morgan Stanley MS 3.625 5.13 Jan. 20, ’27 50 44
International rates Overnight repurchase Treasury bill auction
Philip Morris International PM 4.750 5.08 Feb. 12, ’27 43 36
U.S. 5.35 5.36 5.48 5.04 4 weeks 5.270 5.275 5.750 5.010 32
Week 52-Week 13 weeks 5.250 5.250 5.345 5.060
Latest ago High Low Reliance Standard Life Global Funding II … 1.512 6.20 Sept. 28, ’26 135 12
26 weeks 5.165 5.155 5.350 4.975 n.a.
U.S. government rates
Prime rates Sumitomo Mitsui Financial … 5.808 5.40 Sept. 14, ’33 91 10
Discount 90
U.S. 8.50 8.50 8.50 8.25 Secondary market
Canada 7.20 7.20 7.20 6.70 5.50 5.50 5.50 5.25 Wells Fargo WFC 3.000 5.41 Oct. 23, ’26 54 10
Fannie Mae 50
30-year mortgage yields
High-yield issues with the biggest price increases…
Key Interest Rates 30 days
60 days
6.542
6.558
6.553 7.495 5.788
6.568 7.554 5.791 Bond Price as % of face value
Data are annualized on a 360-day basis. Treasury yields are per annum, Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
on actively traded noninflation and inflation-indexed issues that are Other short-term rates
adjusted to constant maturities. Data are from weekly Federal Reserve Bausch Health … 11.000 16.99 Sept. 30, ’28 81.990 1.24
81.750
release H.15. Week 52-Week
Latest ago high low 0.67
Week Ended 52-Week Week Ended 52-Week Paramount Global PARA 7.875 7.02 July 30, ’30 104.242 104.596
May 10 May 3 High Low May 10 May 3 High Low
6-month 5.42 5.43 5.58 5.15
Call money 0.25
Federal funds (effective) Mauser Packaging Solutions Holding … 7.875 7.02 April 15, ’27 102.250 102.304
1-year 5.13 5.19 5.46 4.75 7.25 7.25 7.25 7.00
5.33 5.33 5.33 5.07 2-year 4.83 4.93 5.14 3.96 0.21
Commercial paper (AA financial) Macy's Retail Holdings … 6.375 7.47 March 15, ’37 91.084 n.a.
Commercial paper 3-year 4.62 4.76 4.97 3.63
5-year 4.49 4.61 4.86 3.44 90 days n.a. 5.37 5.54 5.04
Nonfinancial Occidental Petroleum OXY 6.450 5.91 Sept. 15, ’36 104.688 0.19
7-year 4.48 4.61 4.90 3.45 104.681
1-month 5.32 5.32 5.34 5.04 10-year 4.48 4.61 4.87 3.47 Secured Overnight Financing Rate
2-month n.a. 5.32 5.37 5.07 5.31 5.31 5.40 5.05 Sealed Air SEE 6.875 6.36 July 15, ’33 103.500 0.09
3-month
20-year 4.72 4.84 5.20 3.89 103.100
n.a. n.a. 5.40 5.07
Financial Value 52-Week
Treasury yields (secondary market)
1-month 5.32 5.32 5.43 5.05
1-month 5.28 5.27 5.62 5.01
Latest Traded High Low …And with the biggest price decreases
2-month n.a. n.a. 5.51 5.05 DTCC GCF Repo Index
3-month 5.34 5.35 5.53 5.04 3-month 5.25 5.25 5.35 5.10 –1.25
6-month 5.16 5.17 5.34 4.91 Treasury 5.318 32.170 5.504 5.075 Rakuten … 9.750 9.74 April 15, ’29 100.000 99.375
Discount window primary credit MBS 42.320 5.689 5.087
TIPS 5.366
United States Cellular USM 6.700 6.11 Dec. 15, ’33 104.250 –0.88
5.50 5.50 5.50 5.25 99.269
5-year 2.16 2.22 2.55 1.28 Notes on data:
Treasury yields at constant 7-year 2.16 2.22 2.47 1.27
U.S. prime rate is the base rate on corporate Hughes Satellite Systems … 5.250 15.27 Aug. 1, ’26 81.750 –0.47
maturities 10-year 2.15 2.22 2.45 1.27 84.000
loans posted by at least 70% of the 10 largest
1-month 5.51 5.49 5.81 5.17 20-year 2.22 2.30 2.49 1.44 U.S. banks, and is effective July 27, 2023. Other –0.38
3-month 5.46 5.46 5.62 5.26 Long-term avg 2.30 2.39 2.59 1.62 Prime Security Services Borrower … 5.750 6.31 April 15, ’26 99.000 99.250
prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
Notes on data: is effective July 27, 2023. Secured Overnight Rockies Express Pipeline … 6.875 7.33 April 15, ’40 95.750 –0.38
96.430
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Financing Rate is as of May 10, 2024. DTCC
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing –0.36
Bath & Body Works BBWI 6.950 7.24 March 1, ’33 98.120 n.a.
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of
DISH DBS … 5.875 20.51 Nov. 15, ’24 93.364 –0.14
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett 94.000
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
P2JW135000-2-B00900-1--------XA

THE WALL STREET JOURNAL. * * Tuesday, May 14, 2024 | B9

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 EssentialUtil WTRG 39.18 -0.06 Illumina ILMN 112.77 2.24 MidAmApt MAA 136.07 0.60 RB Global RBA 77.33 0.85 Steris STE 232.56 1.23 Unilever UL 53.93 0.42
Stock Market listed securities. Prices are consolidated from trades reported by various s EssexProp ESS 260.56 1.61 ImperialOil IMO 69.62 -0.23 MitsubishiUFJ MUFG 10.28 -0.03 RELX RELX 42.81 -0.65 StifelFinancial SF 82.83 -0.69 UnionPacific UNP 245.68 -1.72
market centers, including securities exchanges, Finra, electronic communications
EsteeLauder EL 134.71 2.71 Incyte INCY 57.60 4.54 MizuhoFin MFG 3.95 -0.05 RPM RPM 113.83 0.99 STMicroelec STM 40.52 0.01 UnitedAirlines UAL 54.40 1.68
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization. EvercoreA EVR 195.88 -0.37 Informatica INFA 29.43 -0.07 Mobileye MBLY 28.00 0.87 s RTX RTX 105.80 -0.52 Stryker SYK 324.56 -6.02 UnitedMicro UMC 8.09 0.03
Everest EG 381.18 -1.75 Infosys INFY 16.92 0.05 Moderna MRNA 125.67 8.36 RalphLauren RL 165.61 -1.54 SumitomoMits SMFG 11.66 0.06 UPS B UPS 150.60 3.23
Underlined quotations are those stocks with large changes in volume compared Evergy EVRG 55.74 0.32 IngersollRand IR 90.84 -0.42 MohawkInds MHK 121.07 1.26 RangeResources RRC 35.49 -0.04 SunComms SUI 117.76 0.26 UnitedRentals URI 696.67 -1.46
with the issue’s average trading volume. s Ingredion SunLifeFinancial SLF 50.67 0.57 US Bancorp USB 41.49
EversourceEner ES 61.28 -0.64 INGR 121.37 1.15 MolinaHealthcare MOH 352.35 -2.25 RaymondJames RJF 125.70 ... -0.36
Boldfaced quotations highlight those issues whose price changed by 5% or more if ExactSciences EXAS 55.59 2.08 Insulet PODD 161.02 -4.88 MolsonCoorsB TAP 58.76 -0.29 RealtyIncome O 54.96 -0.05 SuncorEnergy SU 39.64 -0.45 US Steel X 37.97 -0.05
their previous closing price was $2 or higher. Exelon EXC 38.13 0.46 Intel INTC 30.51 0.66 monday.com MNDY 181.28 -0.48 Reddit RDDT 58.19 4.66 Sunoco SUN 52.80 -2.24 UnitedTherap UTHR 264.34 0.07
Footnotes: Expedia EXPE 112.67 -0.17 InteractiveBrkrs IBKR 120.25 0.14 Mondelez MDLZ 71.76 0.56 RegalRexnord RRX 162.27 1.08 SuperMicroComp SMCI 782.76 -15.74 UnitedHealth UNH 511.74 -1.07
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four ExpeditorsIntl EXPD 117.61 -0.72 ICE ICE 133.74 -0.25 MongoDB MDB 359.24 5.77 RegencyCtrs REG 59.80 0.23 Suzano SUZ 9.85 -0.21 t UnitySoftware U 22.69 1.00
quarters. ExtraSpaceSt EXR 147.89 1.22 InterContinentl IHG 100.04 0.10 MonolithicPower MPWR 703.05 0.51 RegenPharm REGN 976.96 3.16 Symbotic SYM 42.74 0.95 UnivDisplay OLED 172.98 1.90
Stock tables reflect composite regular trading as of 4 p.m. ET and ExxonMobil XOM 117.91 -0.05 IBM IBM 167.56 0.41 MonsterBev MNST 54.72 -0.74 RegionsFinl RF 19.93 0.10 SynchronyFinl SYF 44.91 -0.82 UniversalHealthB UHS 178.59 0.50
changes in the official closing prices from 4 p.m. ET the previous day. F5 FFIV 171.40 -0.22 s IntlFlavors IFF 96.52 -0.66 Moody's MCO 397.48 -2.87 ReinsGrp RGA 206.58 -1.34 Synopsys SNPS 557.39 0.68 UnumGroup UNM 52.91 -0.18
FMC FMC 66.71 -0.82 IntlPaper IP 39.52 0.94 MorganStanley MS 98.56 0.28 Reliance RS 293.80 0.65 Sysco SYY 75.56 -0.61 VICI Prop VICI 29.61 0.11
FTAI Aviation FTAI 76.65 -2.46 Interpublic IPG 31.40 0.25 Morningstar MORN 296.40 -1.98 RenaissanceRe RNR 223.67 -2.08 VailResorts MTN 203.04 4.52
Monday, May 13, 2024 Net Net FTI Consulting FCN 222.79 1.01 Intuit INTU 627.19 -5.12 Mosaic MOS 29.46 0.03 RentokilInit RTO 26.48 -0.65 T U V Vale VALE 12.57 0.13
Stock Sym Close Chg Stock Sym Close Chg Fabrinet FN 219.77 -2.96 IntuitiveSurgical ISRG 380.88 -5.82 s MotorolaSol MSI 358.00 -4.85 Repligen RGEN 163.34 -3.47 ValeroEnergy VLO 155.93 -0.20
Net TAL Education TAL 13.65 0.23
FactSet FDS 440.03 0.87 InvitatHomes INVH 34.75 -0.03 s MurphyUSA MUSA 435.72 0.14 RepublicSvcs RSG 188.23 -1.01 VeevaSystems VEEV 203.86 0.08
Stock Sym Close Chg TC Energy TRP 38.63 ...
BankofAmerica BAC 38.21 -0.24 Coca-Cola KO IronMountain IRM 78.39 s TD Synnex SNX 121.99 0.46 Ventas VTR 47.61
63.58 0.32 FairIsaac FICO 1332.53 3.92 -1.38 NICE NICE 225.55 0.40 ResMed RMD 217.89 4.07 0.05
A B C BankMontreal BMO 94.11 0.36
s BankNY Mellon BK 57.85 -0.59
CocaColaCon COKE 952.01 -0.09
s Coca-ColaEuro CCEP 74.46 0.63
Fastenal FAST 67.36 -0.52 ItauUnibanco ITUB 6.42 0.08 NIO NIO 5.41 0.34 RestaurantBrands QSR 72.11 -1.13 TE Connectivity TEL 147.84 1.65
Veralto
VeriSign
VLTO 95.87
VRSN 171.09
-0.63
FederalRealty FRT 102.46 0.74 NNN REIT NNN 42.77 0.51 Revvity RVTY 105.55 0.75 -0.14
AECOM ACM 92.00 -1.05 BankNovaScotia BNS 48.09 0.07 Cognex CGNX 46.85 0.43 FedEx FDX 266.89 1.16 J K L NRG Energy NRG 82.46 -1.19 RexfordIndlRealty REXR 44.83 -0.28
Telus
Ternium
TU
TX
16.27 0.17
42.63 0.45
VeriskAnalytics VRSK 246.34 -1.97
s Barclays BCS 10.84 0.05 CognizantTech CTSH 67.87 0.89 Ferguson FERG 219.69 Verizon VZ 40.54 0.14
AES AES 19.96 0.02 -1.84 JD.com JD 33.78 1.58 NVR NVR 7557.24 -98.15 RioTinto RIO 69.84 0.04 TFI Intl TFII 137.88 0.21
s Aflac BarrickGold GOLD 16.94 0.01 Coherent COHR 54.37 0.68 Ferrari RACE 405.73 s VertexPharm VRTX 429.93 7.15
AFL 85.87 -0.21 0.73 JPMorganChase JPM 198.73 -0.04 NXP Semicon NXPI 263.93 2.20 Rivian RIVN 10.90 0.91 TIM TIMB 16.30 0.07
AGCO AGCO 116.25 0.20 Bath&BodyWks BBWI 47.82 0.27 CoinbaseGlbl COIN 199.51 -1.41 Ferrovial FER 37.90 0.40 Nasdaq NDAQ 60.62 -0.04 Robinhood HOOD 16.89 0.66 Vertiv VRT 94.80 -0.60
Jabil JBL 117.85 -0.10 TJX TJX 98.75 -0.06
BaxterIntl BAX 35.43 -0.26 s ColgatePalm CL 94.46 -0.64 Viatris VTRS 11.36 0.20
Ansys ANSS 328.20 -0.05 FidNatlFinl FNF 51.41 -0.12 JackHenry JKHY 167.72 -1.52 Natera NTRA 103.33 -1.96 Roblox RBLX 30.96 -0.49 TKO TKO 99.39 -0.61
APA APA 30.20 -0.18 BectonDicknsn BDX 236.95 1.28 Comcast A CMCSA 39.70 0.39 s FidNatlInfo FIS 75.75 1.11 NationalGrid NGG 70.80 -0.41 RocketCos. RKT 14.42 0.75 Viking VIK 28.00 -0.62
JacobsSolns J 138.32 -0.92 T-MobileUS TMUS 163.35 -0.85
BeiGene BGNE 162.17 1.04 ComfortSystems FIX 332.49 -12.31 s FifthThirdBncp FITB 38.20 s VikingTherap VKTX 72.35 -1.29
ASE Tech ASX 10.30 -0.22 -0.58 JamesHardie JHX 36.38 -0.53 NatWest NWG 8.17 0.05 Rockwell ROK 268.92 -4.67 TPG TPG 42.36 -0.14
BellRing BRBR 59.61 -0.22 SABESP SBS 15.18 0.07
ASML ASML 917.24 -13.05 FirstCitizBcshA FCNCA 1742.85 5.95 JefferiesFinl JEF 46.01 -0.49 NetApp NTAP 108.15 -0.35 RogersComm B RCI 39.61 0.07 T.RowePrice TROW 112.67 1.07 Vipshop VIPS 16.81 0.91
s BentleySystems BSY 54.84 -0.64 ConagraBrands CAG 30.95 -0.18 s FirstHorizon FHN 15.79
AT&T T 17.26 0.09 ... J&J JNJ 151.22 1.31 NetEase NTES 99.49 0.96 RoivantSciences ROIV 11.18 0.05 TaiwanSemi TSM 146.41 -2.85 Visa V 279.39 -1.35
ATI ATI 59.92 -0.81 Berkley WRB 78.61 -1.13 Confluent CFLT 29.96 0.54 FirstSolar FSLR 189.54 -1.51 Netflix NFLX 616.59 5.72 Roku ROKU 60.16 2.25 Vistra VST 90.17 -3.25
JohnsonControls JCI 66.06 0.47 TakeTwoSoftware TTWO 143.95 -1.93
BerkHathwy B BRK.B 411.22 -0.83 ConocoPhillips COP 121.59 -0.32
AbbottLabs ABT 104.77 0.03 FirstEnergy FE 39.69 -0.25 JonesLang JLL 194.60 -1.25 Neurocrine NBIX 136.15 -0.55 Rollins ROL 46.41 -0.22 TakedaPharm TAK 13.11 -0.14 Vodafone VOD 8.77 0.07
AbbVie ABBV 161.28 0.53 BerkHathwy A BRK.A 621000-1000.00 ConEd ED 97.64 -0.06 Fiserv FI 153.22 -1.00 NewOrientalEduc EDU 87.68 3.51 RoperTech ROP 521.76 -1.74 VulcanMatls VMC 270.09 -1.98
JuniperNetworks JNPR 34.50 -0.14 Tapestry TPR 41.35 1.28
Accenture ACN 307.41 1.08 BestBuy BBY 74.70 0.53 ConstBrands A STZ 258.77 -3.18 FiveBelow FIVE 140.03 0.83 NYTimes A NYT 48.04 0.06 RossStores ROST 133.60 0.12
s
AcuityBrands AYI 261.76 -2.97 Bio-Techne TECH 81.97 1.06 ConstellationEner CEG 213.59 -1.34 Flex FLEX 28.56 -0.10
KB Financial KB
KBR
59.02 1.11
KBR 66.20 -0.30 Newmont NEM 42.46 -0.03 s RoyalBkCanada RY 104.61 1.40
TargaResources TRGP 112.91 -0.29
Target TGT 160.90 -2.23
W X Y Z
Adobe ADBE 483.11 0.82 Bio-RadLab A BIO 285.44 3.44 Cooper COO 92.83 -1.93 Floor&Decor FND 122.57 1.08 NewsCorp B NWS 26.29 0.43 RoyalCaribbean RCL 140.84 -0.20
KE Holdings BEKE 17.74 0.64 TechnipFMC FTI 26.42 -0.18 WEC Energy WEC 84.88 0.28
AdvDrainageSys WMS 171.02 -1.42 Biogen BIIB 225.34 3.84 Copart CPRT 54.59 -0.15 FlutterEnt FLUT 204.17 -2.84 NewsCorp A NWSA 25.46 0.43 RoyalGold RGLD 126.45 -0.79
s KKR KKR 100.24 -2.89 TeckResourcesB TECK 51.46 -0.24 WEX WEX 206.17 -0.50
BioMarinPharm BMRN 80.50 -0.53 Core&Main CNM 59.25 -0.76
AdvMicroDevices AMD 150.56 -1.36 FomentoEconMex FMX 122.02 1.05 KLA KLAC 714.15 -4.12 NextEraEnergy NEE 74.58 0.79 RoyaltyPharma RPRX 28.38 0.29 TeledyneTech TDY 390.82 -2.67 W.P.Carey WPC 58.67 0.28
s Aegon AEG 6.63 0.01 BioNTech BNTX 92.72 1.05 CorebridgeFin CRBG 29.01 -0.54 FordMotor F 12.33 0.34 Nike NKE 92.72 1.78 RyanSpecialty RYAN 53.12 -0.48
Kanzhun BZ 20.87 0.11 Teleflex TFX 207.32 3.39 WPP WPP 52.94 -0.01
AerCap AER 89.71 -1.46 Birkenstock BIRK 47.44 1.95 Corning GLW 34.28 0.11 Fortinet FTNT 59.63 1.47 Kaspi.kz KSPI 118.57 -1.63 NiSource NI 28.80 0.12 Ryanair RYAAY 128.56 -0.79 Ericsson ERIC 5.36 0.02 Wabtec WAB 164.90 -3.44
AffirmA AFRM 32.01 0.42 BlackRock BLK 790.33 -6.34 Corpay CPAY 287.51 4.07 Fortis FTS 40.83 -0.27 Nokia NOK 3.79 0.07 SAP SAP 189.96 -0.09
Kellanova K 62.49 0.63 TelefonicaBras VIV 8.83 0.08 WalgreensBoots WBA 18.12 0.93
AgilentTechs A Blackstone BX 122.13 -1.91 Corteva CTVA 57.30 -0.18
147.76 -2.00 Fortive FTV 76.83 -0.05 Kenvue KVUE 20.36 -0.18 Nomura NMR 5.71 -0.01 S&P Global SPGI 428.01 -3.56 Telefonica TEF 4.40 0.03 Walmart WMT 60.41 -0.07
AgnicoEagleMines AEM 67.75 -0.65 Block SQ 69.74 -1.57 CoStar CSGP 88.58 -1.30 FortuneBrands FBIN 74.11 -1.21 Nordson NDSN 273.76 -5.13 SBA Comm SBAC 198.03 0.52
KeurigDrPepper KDP 34.12 0.09 TelekmIndonesia TLK 19.18 -0.06 WarnerBrosA WBD 8.38 0.23
AirProducts APD 250.26 -0.29 BlueOwlCapital OWL 18.39 -0.16 s Costco COST 775.15 -12.04 FoxA FOXA 33.18 -0.23 KeyCorp KEY 14.88 -0.20 NorfolkSouthern NSC 230.98 0.69 SEI Investments SEIC 67.79 -0.71 TempurSealy TPX 53.01 -1.42 WarnerMusic WMG 32.25 0.60
Airbnb ABNB 149.13 2.81 Boeing BA 178.44 -0.07 CoterraEnergy CTRA 27.97 -0.11 FoxB FOX 30.74 -0.20 KeysightTech KEYS 149.71 -0.50 NorthernTrust NTRS 85.89 -0.81 SK Telecom SKM 21.29 -0.04 Tenaris TS 34.73 0.61 WasteConnections WCN 166.09 -1.29
AkamaiTech AKAM 94.32 3.13 Booking BKNG 3745.00 -60.75 Coty COTY 11.17 ... Franco-Nevada FNV 125.90 -1.90 KimberlyClark KMB 136.29 -0.38 NorthropGrum NOC 476.65 1.85 SS&C Tech SSNC 63.06 0.10 s TencentMusic TME 14.80 1.46 WasteMgt WM 210.82 -0.67
Albemarle ALB 131.51 1.89 s BoozAllen BAH 151.82 -4.24 Coupang CPNG 22.22 -0.28 FranklinRscs BEN 23.95 0.21 KimcoRealty KIM 19.15 0.17 Novartis NVS 102.26 0.16 Saia SAIA 403.02 -7.63 TenetHealthcare THC 126.12 -1.01 Waters WAT 349.28 -1.83
Albertsons ACI BorgWarner BWA 37.62 0.12
20.69 -0.05 Crane CR 142.36 -1.55 FreeportMcM FCX 52.04 0.45 s KinderMorgan KMI 19.15 0.07 NovoNordisk NVO 132.41 3.99 Salesforce CRM 277.52 0.85 s Teradyne TER 124.85 1.93 s Watsco WSO 479.46 0.20
Alcon ALC 80.92 -1.09 BostonProps BXP 62.75 1.25 Credicorp BAP 170.36 -4.56 FreseniusMedCare FMS 21.66 -0.06 NuHoldings NU 11.38 -0.38
KinrossGold KGC 7.59 ... Samsara IOT 39.46 -0.38 Tesla TSLA 171.89 3.42 WattsWater WTS 213.73 0.85
AlexandriaRlEst ARE 120.72 -0.87 BostonSci BSX 72.81 -0.88 Crocs CROX 142.94 -0.33 FullTruck YMM 8.81 0.23 KinsaleCapital KNSL 375.41 -5.24 Nucor NUE 173.74 -0.73 Sanofi SNY 50.21 0.93 TetraTech TTEK 210.16 -3.57 Wayfair W 71.37 0.65
Alibaba BABA 84.60 4.56 BristolMyers BMY 45.06 0.12 CrowdStrike CRWD 319.18 -1.58 Futu FUTU 72.53 3.63 Knight-Swift KNX 50.01 0.16 Nutanix NTNX 65.59 -1.99 SareptaTherap SRPT 131.70 -0.12 s TevaPharm TEVA 16.88 0.63 WeatherfordIntl WFRD 122.75 0.94
AlignTech ALGN 272.74 1.04 BritishAmTob BTI 30.92 0.25 CrownCastle CCI 100.04 0.53 Philips PHG 26.96 0.08 Nutrien NTR 56.96 -1.21 Schlumberger SLB 48.75 0.25 s TexasInstruments TXN 187.82 0.77 WebsterFin WBS 45.49 -0.39
Allegion ALLE 125.71 -0.28 Broadcom AVGO 1337.51 4.71 Crown Holdings CCK 84.11 0.08 G H I KoreaElecPwr KEP 7.19 -0.35
nVentElectric NVT 80.60 -1.14 SchwabC SCHW 74.70 -1.41 TexasPacLand TPL 605.28 -18.44 s WellsFargo WFC 61.26 -0.63
AlliantEnergy LNT 51.34 0.01 BroadridgeFinl BR 197.80 2.11 CubeSmart CUBE 42.37 -0.32
GE Aerospace GE 159.50 -3.88 KraftHeinz KHC 36.49 0.25 NVIDIA NVDA 903.99 5.21 Sea SE 64.46 -0.45 TexasRoadhouse TXRH 165.52 -1.70 s Welltower WELL 99.48 0.65
Allstate ALL 169.88 -2.83 BrookfieldAsset BAM 39.55 -0.20 Cummins CMI 291.45 -7.16 Seagate STX 93.15
AllyFinancial ALLY 39.66 0.25 Brookfield BN 44.00 -0.23 Curtiss-Wright CW 273.01 -4.32
GE HealthCare GEHC 81.03 -2.37 Kroger
LKQ
KR 55.20 -0.70
LKQ 44.55 0.34
O P Q Sempra SRE 77.12
-0.86
-0.06
Textron TXT 87.88 -0.67
ThermoFisher TMO 590.70 -2.33
WescoIntl WCC 177.83 1.95
WestPharmSvcs WST 358.17 -6.02
AlnylamPharm ALNY 149.89 -0.58 BrookfieldInfr BIP 30.52 -0.23 GE Vernova GEV 161.53 -5.74
CyberArkSoftware CYBR 234.02 0.45 LPL Financial LPLA 267.43 -1.21 ONEOK OKE 80.60 0.53 ServiceIntl SCI 70.13 0.67 ThomsonReuters TRI 167.49 -0.29
BrookfieldRenew BEPC 31.36 -0.03 GFLEnvironmental GFL 32.43 0.12 WesternDigital WDC 70.97 -0.63
Alphabet A GOOGL 169.14 0.49
Alphabet C GOOG 170.90 0.61 Brown&Brown BRO 87.47 0.40 D E F s GSK GSK 45.17 0.10 s L3HarrisTech LHX 220.58 0.98 ON Semi ON 72.33 1.87 ServiceNow NOW 730.12 0.33 s 3M MMM 99.63 0.70 s WesternMidstrm WES 37.12 0.89
Gallagher AJG 249.50 -1.32 LabCorp.ofAmerica LH 210.37 2.70 OReillyAuto ORLY 1012.75 -6.58 SharkNinja SN 70.38 -1.46 Toast TOST 27.02 0.19 Westlake WLK 156.27 -1.88
Altria MO 45.04 0.14 Brown-Forman A BF.A 49.91 -0.14
DTE Energy DTE 115.31 -0.18 Gaming&Leisure GLPI 44.52 0.25 LamResearch LRCX 903.79 -11.63 OccidentalPetrol OXY 62.91 -0.66 s Shell SHEL 74.17 0.08 TollBros TOL 126.15 -0.87 WestRock WRK 51.10 -0.24
Amazon.com AMZN 186.57 -0.91 Brown-Forman B BF.B 49.12 ...
Danaher DHR 251.61 -1.77 Gap GPS 22.26 -0.50 LamarAdv LAMR 119.22 -0.62 Okta OKTA 98.40 0.98 SherwinWilliams SHW 315.87 -4.99 TopBuild BLD 409.66 -4.77 Weyerhaeuser WY 31.21 0.24
Ambev ABEV 2.33 0.01 Bruker BRKR 74.24 -1.47
Darden DRI 149.06 0.81 Garmin GRMN 169.36 0.43 LambWeston LW 85.10 -0.06 OldDomFreight ODFL 182.02 -3.02 ShinhanFin SHG 35.06 0.07 Toro TTC 88.10 0.68 WheatonPrecMtls WPM 54.57 -0.37
s Amcor AMCR 10.37 0.01 BuildersFirst BLDR 167.37 0.41
Datadog DDOG 118.26 -0.71 Gartner IT 440.09 0.82 LasVegasSands LVS 46.92 0.38 s OldRepublic ORI 31.12 -0.29 ShockwaveMed SWAV 330.38 -0.17 TorontoDomBk TD 56.76 0.14 Williams WMB 39.66 0.02
Amdocs DOX 84.00 0.77 BungeGlobal BG 107.61 1.58
DaVita DVA 136.59 -0.93 GenDigital GEN 24.00 0.54 LatticeSemi LSCC 70.79 1.24 OmegaHealthcare OHI 30.74 0.05 Shopify SHOP 58.78 -0.16 TotalEnergies TTE 74.06 0.24 s Williams-Sonoma WSM 315.62 -0.32
Ameren AEE 74.47 0.07 BurlingtonStrs BURL 193.83 3.43
Dayforce DAY 61.85 1.15 Generac GNRC 140.07 2.55 LegendBiotech LEGN 42.97 -0.27 Omnicom OMC 96.30 0.48 SimonProperty SPG 146.97 -0.75 ToyotaMotor TM 215.64 -3.14 WillisTowers WTW 253.68 -3.25
AmericaMovil AMX 19.87 -0.30 CACI Intl CACI 425.25 -3.08
DeckersOutdoor DECK 850.67 -11.32 GeneralDynamics GD 293.53 -2.91 Leidos LDOS 146.09 -1.39 OnHolding ONON 30.69 0.29 SiriusXM SIRI 3.14 0.11 TractorSupply TSCO 271.67 0.24 WillScotMobile WSC 39.30 -1.07
AmerAirlines AAL 14.93 0.53 CAVA CAVA 76.39 -2.68
Deere DE 407.99 0.10 GeneralMills GIS 70.64 -0.06 Lennar A LEN 162.01 -0.92 OntoInnovation ONTO 221.62 -2.73 SkechersUSA SKX 68.24 0.46 TradeDesk TTD 87.53 0.27 Wingstop WING 377.42 -12.60
s AEP AEP 91.52 -0.09 CBRE Group CBRE 88.13 -2.09
DellTechC DELL 131.01 -1.76 GeneralMotors GM 45.17 -0.04 Lennar B LEN.B 150.67 -1.05 OpenText OTEX 30.61 0.26 Skyworks SWKS 93.90 1.70 Tradeweb TW 109.75 -0.66 Wipro WIT 5.36 0.04
AmerExpress AXP 238.65 -3.65 CDW CDW 222.05 -0.41
s DeltaAir DAL 52.99 0.49 Genmab GMAB 29.16 0.32 LennoxIntl LII 485.48 -9.03 Oracle ORCL 116.37 -0.30 SmithAO AOS 86.06 -0.32 TraneTech TT 326.64 -5.34 WoodsideEnergy WDS 18.59 -0.12
AmericanFin AFG 131.29 -0.06 CF Industries CF 74.26 0.31
AmHomes4Rent AMH 35.93 -0.14 CGI A GIB 101.70 -0.64 DescartesSystems DSGX 97.41 0.04 Gentex GNTX 34.71 -0.45 s LeviStrauss LEVI 22.68 0.06 Orange ORAN 11.45 0.10 Smith&Nephew SNN 25.11 -0.11 TransDigm TDG 1280.56 -29.93 Woodward WWD 176.88 -0.38
DeutscheBank DB 17.04 -0.10 GenuineParts GPC 157.53 2.26 LiAuto LI 27.00 0.31 Orix IX 107.11 -1.22 Smucker SJM 116.09 0.75 TransUnion TRU 78.42 0.42 WooriFinl WF 32.52 0.29
AIG AIG 78.99 -1.12 CH Robinson CHRW 84.47 1.75
DevonEnergy DVN 49.90 -0.22 Gerdau GGB 3.72 0.06 LibertyBroadbandC LBRDK 52.97 -0.09 Oshkosh OSK 121.91 0.28 Snap SNAP 15.76 -0.25 Travelers TRV 216.58 -1.92 Workday WDAY 247.08 0.74
AmerTowerREIT AMT 185.00 0.51 CME Group CME 209.92 1.46
DexCom DXCM 124.95 -2.10 GileadSciences GILD 67.54 1.58 LibertyBroadbandA LBRDA 53.32 0.03 OtisWorldwide OTIS 96.59 -0.51 Snap-On SNA 279.93 -0.98 Trex TREX 87.59 0.21 WynnResorts WYNN 97.99 1.60
AmerWaterWorks AWK 133.78 -0.96 CMS Energy CMS 62.91 -0.02
Diageo DEO 142.57 -0.37 GitLab GTLB 53.27 0.40 LibertyLiveC LLYVK 39.41 -1.17 Ovintiv OVV 49.79 -0.15 Snowflake SNOW 159.79 2.64 Trimble TRMB 57.06 0.26 XP XP 21.78 0.20
Ameriprise AMP 431.94 -1.61 CNA Fin CNA 44.85 -0.10
DiamondbkEner FANG 200.77 -1.42 GlobalPayments GPN 109.38 0.15 LibertyLiveA LLYVA 37.68 -1.25 OwensCorning OC 175.66 -1.15 SOQUIMICH SQM 48.10 1.31 s Trip.com TCOM 54.90 1.34 XPO XPO 109.48 -4.94
Ametek AME 170.10 -0.70 CNH Indl CNHI 11.46 -0.06
Dick's DKS 194.31 -1.78 GlobalFoundries GFS 52.63 1.54 LibertyFormOne C FWONK 68.95 -1.06 PDD PDD 140.52 4.25 Solventum SOLV 63.14 -0.60 TruistFinl TFC 39.18 -0.29 XcelEnergy XEL 55.83 0.37
Amgen AMGN 308.45 -1.70 CRH CRH 82.12 -1.65
DigitalRealty DLR 143.09 1.63 Globant GLOB 175.10 1.96 LibertyFormOne A FWONA 61.78 -0.86 PG&E PCG 17.87 0.04 Sony SONY 76.15 0.78 Twilio TWLO 62.24 2.14 XPeng XPEV 8.09 0.36
AmkorTech AMKR 32.69 0.06 CSX CSX 34.52 0.14
DiscoverFinSvcs DFS 124.17 0.77 GlobeLife GL 85.14 -1.36 LibertySirius A LSXMA 25.29 0.58 PNC Finl PNC 158.05 0.47 s Southern SO 78.70 0.56 TylerTech TYL 481.10 -3.66 Xylem XYL 141.27 -1.73
Amphenol APH 127.16 -0.41 CVS Health CVS 56.47 0.65
Disney DIS 105.83 0.04 GlobusMedical GMED 63.75 -0.97 LibertySirius C LSXMK 25.26 0.57 POSCO PKX 73.54 0.68 SoCopper SCCO 120.67 1.92 TysonFoods TSN 59.65 ... YPF YPF 22.78 ...
s AnalogDevices ADI 208.38 1.19 CadenceDesign CDNS 284.46 -3.02
DocuSign DOCU 59.76 1.73 s GoDaddy GDDY 133.57 -0.35 LibertySirius B LSXMB 25.05 0.10 PPG Ind PPG 135.74 0.41 SouthwestAir LUV 27.98 0.62 UBS Group UBS 29.68 -0.02 Yum!Brands YUM 136.38 -1.24
AngloGoldAsh AU 24.28 -0.10 CaesarsEnt CZR 36.27 0.09
DolbyLab DLB 82.22 -0.20 GoldFields GFI 16.75 -0.19 Light&Wonder LNW 92.06 0.60 s PPL PPL 29.17 0.03 SouthwesternEner SWN 7.27 0.10 UDR UDR 39.12 0.08 YumChina YUMC 38.89 1.05
AB InBev BUD 64.71 0.50 CamdenProperty CPT 106.74 0.10
DollarGeneral DG 137.93 -3.02 GoldmanSachs GS 453.56 -1.17 EliLilly LLY 757.70 -2.30 PTC PTC 179.12 -0.88 Spotify SPOT 289.71 -4.89 U-Haul UHAL 68.47 -0.64 ZTO Express ZTO 21.77 0.92
AnnalyCap NLY 19.94 -0.03 Cameco CCJ 48.98 -1.93
DollarTree DLTR 120.20 -0.84 Grab GRAB 3.54 0.04 LincolnElectric LECO 231.66 -6.41 Paccar PCAR 106.85 -2.33 s SproutsFarmers SFM 76.09 0.36 U-Haul N UHAL/B 65.53 -0.98 ZebraTech ZBRA 316.00 0.20
AnteroResources AR 33.45 0.13 CampbellSoup CPB 46.23 0.28
DominionEner D 53.04 -0.03 Graco GGG 83.19 -0.37 Linde LIN 434.78 0.39 PackagingCpAm PKG 181.43 2.03 StanleyBlackDck SWK 90.20 0.36 US Foods USFD 54.62 -0.19 Zillow C Z 42.84 0.48
Aon AON 288.58 -4.52 CIBC CM 49.30 -0.10
Domino's DPZ 510.24 -8.41 Grainger GWW 949.26 -9.42 LiveNationEnt LYV 95.59 -1.43 PalantirTech PLTR 20.94 0.34 Stantec STN 82.61 1.69 UWM UWMC 6.95 -0.15 Zillow A ZG 42.20 0.40
APi Group APG 36.83 -0.50 CanNtlRlwy CNI 126.61 -0.81
Donaldson DCI 74.61 -0.55 GraphicPkg GPK 28.07 0.28 LloydsBanking LYG 2.68 -0.02 PaloAltoNtwks PANW 302.25 4.78 Starbucks SBUX 76.18 0.07 Uber UBER 66.02 -0.97 ZimmerBiomet ZBH 119.59 -1.72
ApolloGlblMgmt APO 109.78 -2.28 CanadianNatRscs CNQ 76.41 -0.11
DoorDash DASH 116.51 1.67 GpoAeroportuar PAC 187.74 0.25 LockheedMartin LMT 470.56 1.68 ParamountA PARAA 22.14 -0.17 StateStreet STT 76.16 -0.42 Ubiquiti UI 134.97 7.78 Zoetis ZTS 167.91 -1.13
AppFolio APPF 249.41 2.10 CdnPacKC CP 82.03 -0.90
s Dover DOV 184.26 -1.29 GpoAeroportSur ASR 351.07 2.49 Loews L 77.34 -0.64 ParamountB PARA 13.01 -0.04 SteelDynamics STLD 134.85 -0.33 UiPath PATH 19.80 0.58 ZoomVideo ZM 63.11 1.14
Apple AAPL 186.28 3.23 CapitalOne COF 142.20 -0.36
Dow DOW 59.36 -0.05 Guidewire GWRE 116.31 -0.25 LogitechIntl LOGI 86.36 1.60 ParkerHannifin PH 551.03 -10.10 Stellantis STLA 22.66 0.76 UltaBeauty ULTA 403.96 2.37 Zscaler ZS 175.00 0.38
AppliedIndlTechs AIT 195.11 -2.22 CardinalHealth CAH 98.04 -1.49
DrReddy'sLab RDY 69.88 0.71 HCA Healthcare HCA 317.18 -9.47 Lowe's LOW 232.98 -2.05 Parsons PSN 76.76 -1.82
ApplMaterials AMAT 206.63 -3.10 Carlisle CSL 414.69 -1.94
DraftKings DKNG 43.21 -0.06 HDFC Bank HDB 55.90 0.40 lululemon LULU 347.16 -5.80 Paychex PAYX 124.77 2.22
AppLovin APP 86.37 -0.06 Carlyle CG 41.72 -0.43
Dropbox DBX 23.79 0.66 HF Sinclair DINO 56.21 -0.46 LyondellBasell LYB 101.32 -0.05 PaycomSoftware PAYC 174.08 0.69
Aptargroup ATR 147.87 -0.62 CarMax KMX 74.90 3.19
Aptiv
s Aramark
APTV 82.74 -0.04 Carnival
Carnival
CCL 14.56 0.13
CUK 13.26 0.11
s DukeEnergy DUK 102.89 0.22
Duolingo DUOL 180.99 -7.13
HP
HSBC
HPQ 29.94
HSBC 43.97
0.22
0.37
M N
Paylocity
PayPal
PCTY 166.94 3.32
PYPL 63.95 1.02
Dividend Changes
ARMK 33.30 0.01
DuPont DD 78.87 0.11 H World HTHT 40.70 0.75 M&T Bank MTB 153.79 0.13 Pearson PSO 12.30 -0.17
ArcelorMittal MT 25.72 0.20 CarrierGlobal CARR 64.33 -1.17 Amount Payable /
ArchCapital ACGL 97.91 -2.14 Carvana CVNA 116.90 -0.10 Dynatrace DT 45.92 -0.29 Haleon HLN 8.25 0.01 MGM Resorts MGM 40.93 0.36 PembinaPipeline PBA 36.87 0.03 Company Symbol Yld % New/Old Frq Record
s CaseysGenStores CASY 340.26 2.65 elfBeauty ELF 161.73 -2.36 Halliburton HAL 37.34 0.27 MinisoGroup MNSO 25.35 0.66 PenskeAuto PAG 160.29 4.90
ADM ADM 62.63 -0.35
AresMgmt ARES 140.15 -2.12 Catalent CTLT 55.80 -0.01 EMCOR EME 373.56 -6.72 HartfordFinl HIG 100.54 -1.35 MKS Instrum MKSI 118.71 -11.79 Pentair PNR 82.63 -0.69
Increased
argenx ARGX 359.48 -15.15 Caterpillar CAT 356.68 1.89 ENI E 32.73 0.09 Hasbro HAS 60.97 0.88 MPLX MPLX 41.19 -0.32 Penumbra PEN 204.77 -7.51
Cogent Communications CCOI 6.5 .975 /.965 Q Jun07 /May23
AristaNetworks ANET 309.87 -4.16 Celanese CE 160.24 3.55 EOG Rscs EOG 129.40 -0.70 HealthpeakProp DOC 19.57 0.02 MSCI MSCI 485.57 0.41 PepsiCo PEP 180.90 1.11
CSP CSPI 0.9 .03 /.025 Q Jun12 /May24
EPAM Systems EPAM 190.72 7.32 Heico HEI 209.90 -5.54 MagnaIntl MGA 46.97 0.05 PerformanceFood PFGC 69.74 -1.24
Arm ARM 117.23 8.39 CelsiusHldg CELH 86.58 3.77 Curtiss-Wright CW 0.3 .21 /.20 Q Jul05 /Jun17
AscendisPharma ASND 132.02 -1.44 Cemex CX 7.95 ... EQT EQT 39.79 0.86 Heico A HEI.A 167.46 -4.69 MakeMyTrip MMYT 75.60 0.60 PermianRscs PR 16.76 0.19
EagleMaterials EXP 267.71 -1.44 HenrySchein HSIC 73.13 -0.18 ManhattanAssoc MANH 213.62 -4.11 PetroleoBrasil PBR 17.04 -0.04
Hamilton Beach Brands HBB 2.4 .115 /.11 Q Jun14 /May31
AspenTech AZPN 207.30 -1.78 Cencora COR 222.92 -1.68
CenovusEnergy CVE 20.42 -0.11 EastWestBncp EWBC 77.18 -0.02 Hershey HSY 209.51 4.73 ManulifeFinl MFC 25.69 -0.36 PetroleoBrasilA PBR.A 16.13 0.06 Innospec IOSP 1.2 .76 /.72 SA May31 /May20
Assurant AIZ 176.35 -0.15
AsteraLabs ALAB 70.26 0.18 Centene CNC 77.15 -0.64 EastGroup EGP 163.02 -1.47 Hess HES 159.61 -0.79 Maplebear CART 34.75 -0.19 Pfizer PFE 28.44 0.43 Marriott International MAR 0.9 .63 /.52 Q Jun28 /May24
AstraZeneca AZN 77.43 0.25 CenterPointEner CNP 29.66 -0.04 EastmanChem EMN 101.02 -0.01 HessMidstream HESM 35.20 0.10 MarathonOil MRO 26.56 -0.03 PhilipMorris PM 99.29 -0.37 Victory Capital Cl A VCTR 2.6 .37 /.335 Q Jun25 /Jun10
Eaton ETN 328.51 -2.06 HewlettPackard HPE 17.38 0.32 MarathonPetrol MPC 177.86 -1.70 Phillips66 PSX 145.08 -0.52
Atlassian TEAM 182.83 3.08 CentraisElBras EBR 7.39 0.09
CerevelTherap CERE 42.06 -0.13 eBay EBAY 51.99 0.99 Hilton HLT 206.09 -1.99 s Markel MKL 1634.47 -17.75
s Pilgrim'sPride PPC 37.78 0.65 Stocks
AtmosEnergy ATO 116.33 -0.85
Autodesk ADSK 216.65 -1.12 CharlesRiverLabs CRL 228.41 0.29 Ecolab ECL 231.75 -1.77 Hologic HOLX 75.57 0.43 MarketAxess MKTX 205.93 -0.18 PinnacleWest PNW 76.96 -0.28 Advent Technologies ADN 1:30 /May14
Autoliv ALV 122.52 -1.82 CharterComms CHTR 274.65 -0.90 Ecopetrol EC 11.66 0.02 HomeDepot HD 340.96 -5.47 Marriott MAR 237.50 -2.96 Pinterest PINS 41.85 -0.15
s EdisonIntl EIX 74.44 -0.45 HondaMotor HMC 33.79 0.01 Marsh&McLen MMC 205.55 ... PlainsAllAmPipe PAA 17.35 -0.29
Foreign
ADP ADP 247.80 0.94 CheckPoint CHKP 150.03 -1.54
AutoZone AZO 2937.92 -41.40 Chemed CHE 568.79 -6.45 EdwardsLife EW 84.70 -2.02 Honeywell HON 203.80 0.88 MartinMarietta MLM 608.05 -2.38 PlainsGP PAGP 18.17 -0.29 Alcon ALC 0.3 .2644 A May16 /May15
Avalonbay AVB 196.99 0.10 CheniereEnergy LNG 154.74 -2.33 ElancoAnimal ELAN 17.00 ... HormelFoods HRL 35.55 -0.08 MarvellTech MRVL 69.02 0.55 Pool POOL 373.09 -1.12 Algonquin Pwr & Utilities AQN 6.7 .1085 Q Jul15 /Jun28
Elastic ESTC 107.40 1.35 DR Horton DHI 146.86 -3.11 Masco MAS 70.79 -1.52 Primerica PRI 223.94 0.17 Argo Group Intl Pfd A ARGOpA 7.1 .4375 Q Jun17 /May31
Avangrid AGR 37.30 0.45 CheniereEnerPtrs CQP 47.00 -0.60
Avantor AVTR 24.29 -0.50 ChesapeakeEner CHK 88.39 1.27 ElbitSystems ESLT 197.62 -1.43 HostHotels HST 18.45 0.11 MasTec MTZ 106.98 -1.09 PrincipalFinl PFG 83.92 -0.04 Autoliv ALV 2.2 .68 Q Jun12 /May23
ElectronicArts EA 126.58 -0.56 HoulihanLokey HLI 135.96 Mastercard MA 457.76 0.78 ProcoreTech PCOR 67.81 -0.49 Baytex Energy BTE 1.9 .0164 Q Jul02 /Jun14
AveryDennison AVY 225.07 -0.54 Chevron CVX 164.53 -1.29 0.60
s
AxaltaCoating AXTA 36.19 0.15 Chipotle CMG 3195.40 -43.83 ElevanceHealth ELV 538.77 -0.41 HowmetAerospace HWM 80.22 -0.65 MatadorRscs MTDR 62.87 -1.10 Procter&Gamble PG 165.87 -0.98 Crescent Point Energy CPG 3.4 .084 Q Jul02 /Jun15
AxonEnterprise AXON 300.23 -3.20 ChordEnergy CHRD 181.10 1.61 EmersonElec EMR 114.82 -0.73 Hubbell HUBB 402.02 -5.25 MatchGroup MTCH 30.96 0.27 Progressive PGR 212.41 -3.35 CRH CRH 1.7 .35 Q Jun26 /May24
BCE BCE 33.94 ... Chubb CB 254.54 -0.30 Enbridge ENB 37.83 0.03 HubSpot HUBS 597.79 -0.16 McCormickVtg MKC.V 75.72 -0.56 Prologis PLD 107.68 0.19
GasLog Ptrs Pfd. A GLOPpA 8.7 .53906 Q Jun17 /Jun10
s
BHP Group BHP 57.18 -0.01 ChunghwaTel CHT 38.67 0.25 s EncompassHealth EHC 86.18 -0.35 Humana HUM 339.58 3.99 McCormick MKC 75.74 -0.41 PrudentialFinl PRU 117.80 -1.03 GasLog Ptrs Pfd. C GLOPpC 11.0 .69691 Q Jun17 /Jun10
s BJ'sWholesale BJ 78.47 0.39 Church&Dwight CHD 107.15 -0.16 Endeavor EDR 26.49 0.02 JBHunt JBHT 169.37 -1.22 McDonald's MCD 271.32 -3.68 Prudential PUK 19.91 -0.23
Grupo Aeroportuario ADR OMAB 5.3 2.59633 May31 /May22
s
BP BP 38.10 0.26 ChurchillDowns CHDN 134.77 -3.71 EnergyTransfer ET 15.82 -0.12 s HuntingtonBcshs HBAN 13.96 -0.10 McKesson MCK 554.61 -5.30 PublicServiceEnt PEG 73.49 -0.52
PublicStorage PSA 276.91 0.97 Mercer International MERC 2.8 .075 Q Jul03 /Jun26
BWX Tech BWXT 88.69 -1.21 Cigna CI 349.14 0.75 EnphaseEnergy ENPH 110.78 2.43 HuntingIngalls HII 253.93 1.90 Medpace MEDP 389.27 -0.92
Pembina Pipeline PBA 5.5 .5039 Q Jun28 /Jun17
Baidu BIDU 111.79 3.13 CincinnatiFinl CINF 118.33 -0.54 Entegris ENTG 128.79 -2.76 HyattHotels H 149.23 -2.97 Medtronic MDT 83.52 0.68 PulteGroup PHM 116.38 -1.30
s Entergy ETR 111.85 -0.14 ICICI Bank IBN 26.90 MercadoLibre MELI 1677.34 -16.63 PureStorage PSTG 54.33 -0.08 RB Global RBA 1.4 .27 Q Jun20 /May29
BakerHughes BKR 32.41 0.07 Cintas CTAS 690.11 -10.16 0.11
Ball BALL 69.27 0.11 CiscoSystems CSCO 48.68 0.62 EnterpriseProd EPD 28.77 -0.03 IdexxLab IDXX 503.02 -6.80 Merck MRK 129.29 -0.77 Qiagen QGEN 44.33 0.72 Sun Life Financial SLF 4.5 .5916 Q Jun28 /May29
BBVA BBVA 10.46 0.06 s Citigroup C 63.40 -0.13 Equifax EFX 244.73 3.14 s ING Groep ING 17.44 0.15 MetaPlatforms META 468.01 -8.19 Qorvo QRVO 98.35 0.66 Vinci Partners Invt VINP 6.8 .17 Q Jun07 /May23
s
BancoBradesco BBDO 2.32 -0.06 s CitizensFin CFG 35.94 -0.12 Equinix EQIX 776.89 19.21 IQVIA IQV 229.04 -5.04 MetLife MET 72.41 -0.32 Qualcomm QCOM 184.21 2.13 Wheaton Precious Metals WPM 1.1 .155 Q Jun11 /May29
s QuantaServices PWR 265.43 -6.05
BancodeChile BCH 23.90 0.55 CivitasRscs CIVI 76.11 -0.07 Equinor EQNR 28.67 0.14 ITT ITT 136.55 -1.45 Mettler-Toledo MTD 1461.64 -48.61 Note: Dividend yields as of 3:30 p.m. ET
BancSanBrasil BSBR 5.55 ... CleanHarbors CLH 212.12 0.78 s Equitable EQH 40.31 0.47 IcahnEnterprises IEP 18.37 0.39 MicrochipTech MCHP 92.54 1.04 QuestDiag DGX 140.78 2.36
Sources: FactSet; Dow Jones Market Data
BcoSantChile BSAC 19.17 0.18
BancoSantander SAN 5.06 0.03
Cleveland-Cliffs CLF 17.70 0.38
Clorox CLX 141.28 -2.07
EquityLife ELS 62.45 -0.34
EquityResdntl EQR 66.75 -0.05
Icon
IDEX
ICLR 309.51
IEX 225.42
-5.88
-0.74
MicronTech MU 123.00 1.76
Microsoft MSFT 413.72 -1.02
R S KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
BanColombia CIB 34.65 0.43 Cloudflare NET 73.57 1.65 ErieIndemnity ERIE 402.73 -3.84 IllinoisToolWks ITW 250.29 -0.04 MicroStrategy MSTR 1245.96 65.48 RBC Bearings RBC 267.81 -3.75 spin-off.

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iShNatlMuniBd MUB 106.80 ... –1.5 JPM UltShIncm JPST 50.33 0.04 0.2 TechSelectSector XLK 206.51 0.47 7.3 VangdMegaGrwth MGK 285.89 0.05 10.2
Monday, May 13, 2024
ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 50.96 ... –0.6 PacerUSCashCows COWZ 55.74 –0.07 7.2 VanEckSemicon SMH 223.26 –0.02 27.7 VangdMC VO 245.22 –0.21 5.4
Closing Chg YTD iSh1-3YTreaBd SHY 81.30 0.02 –0.9 ProShUltPrQQQ TQQQ 59.56 0.66 17.5 VangdMBS VMBS 44.92 0.22 –3.1
VangdSC Val VBR 188.49 0.16 4.7
ETF Symbol Price (%) (%) iShCoreMSCITotInt IXUS 68.82 0.20 6.0 iShRussMC IWR 82.25 –0.19 5.8 SPDRBbg1-3MTB BIL 91.58 0.02 0.2 VangdRealEst VNQ 83.16 0.33 –5.9
VangdExtMkt VXF 170.80 0.12 3.9
CommSvsSPDR XLC 81.64 –0.18 12.4 iShCoreS&P500 IVV 523.57 0.03 9.6 iShRuss1000 IWB 286.30 0.05 9.2 SPDR DJIA Tr DIA 394.46 –0.18 4.7 VangdRuss1000Grw VONG 86.65 0.03 11.1
VangdDivApp VIG 180.96 –0.10 6.2
CnsmrDiscSel XLY 177.87 –0.13 –0.5 iShCoreS&P MC IJH 59.78 –0.05 7.8 iShRuss1000Grw IWF 336.86 0.06 11.1 SPDR Gold GLD 216.26 –1.12 13.1 VangdS&P500ETF VOO 478.77 0.01 9.6
VangdFTSEAWxUS VEU 59.46 0.19 5.9
DimenUSCoreEq2 DFAC 31.62 ... 8.2 iShCoreS&P SC IJR 109.31 0.30 1.0 iShRuss1000Val IWD 176.70 –0.11 6.9 SPDRPtfDevxUS SPDW 35.98 0.03 5.8 VangdST Bond BSV 76.21 ... –1.1
VangdFTSEDevMk VEA 50.35 –0.02 5.1
EnSelSectorSPDR XLE 93.58 –0.27 11.6 iShCoreS&PTotUS ITOT 114.50 –0.02 8.8 iShRuss2000 IWM 204.74 0.21 2.0 SPDRS&P500Value SPYV 49.40 –0.04 5.9 VangdSTCpBd VCSH 76.85 –0.04 –0.7
iShCoreTotUSDBd IUSB 44.88 0.09 –2.6
VangdFTSE EM VWO 43.80 0.78 6.6
FinSelSectorSPDR XLF 41.66 –0.41 10.8 iShS&P500Grw IVW 84.75 0.05 12.8 SPDRPtfS&P500 SPLG 61.28 0.02 9.6 VangdShortTrea VGSH 57.74 ... –1.0
iShCoreUSAggBd AGG 96.29 0.05 –3.0 VangdFTSE Europe VGK 68.97 0.06 7.0
GrayscaleBitcoin GBTC 56.19 4.07 62.3 iShS&P500Value IVE 184.16 –0.03 5.9 SPDRS&P500Growth SPYG 73.41 ... 12.8 VangdSC VB 222.90 0.16 4.5
iShEdgeMSCIMinUSA USMV 82.91 ... 6.3 VangdGrowth VUG 343.82 0.00 10.6
HealthCrSelSect XLV 143.45 –0.10 5.2 iShSelectDiv DVY 124.38 0.11 6.1 SPDR S&P 500 SPY 520.91 0.01 9.6 VangdTaxExemptBd VTEB 50.23 0.10 –1.6
IndSelSectorSPDR XLI 125.15 –0.42 9.8 iShEdgeMSCIUSAQual QUAL 162.84 –0.06 10.7 iSh7-10YTreaBd IEF 92.61 0.12 –3.9 SchwabIntEquity SCHF 39.14 –0.03 5.9
VangdHlthCr VHT 262.17 –0.01 4.6
VangdTotalBd BND 71.44 0.08 –2.9
InvscNasd100 QQQM 182.34 0.24 8.2 iShGoldTr IAU 44.20 –1.07 13.2 iShShortTreaBd SHV 110.23 0.02 0.1 SchwabUS BrdMkt SCHB 60.63 0.03 8.9 VangdHiDiv VYM 119.86 –0.01 7.4 VangdTotIntlBd BNDX 48.67 0.02 –1.4
InvscQQQI QQQ 443.08 0.23 8.2 iShiBoxx$IGCpBd LQD 106.35 0.04 –3.9 iShTIPSBond TIP 106.09 0.04 –1.3 SchwabUS Div SCHD 79.56 0.33 4.5 VangdInfoTech VGT 518.78 0.49 7.2 VangdTotIntlStk VXUS 61.15 0.16 5.5
InvscS&P500EW RSP 166.07 –0.02 5.2 iShMBS MBB 90.96 0.19 –3.3 iSh20+YTreaBd TLT 90.35 0.26 –8.6 SchwabUS LC SCHX 61.77 0.03 9.5 VangdIntermBd BIV 74.10 0.08 –3.0 VangdTotalStk VTI 258.19 0.05 8.8
iShCoreDivGrowth DGRO 57.75 –0.03 7.3 iShMSCIACWI ACWI 110.25 0.06 8.3 iShUSTreasuryBd GOVT 22.36 0.11 –2.9 SchwabUS LC Grw SCHG 92.91 ... 12.0 VangdIntrCorpBd VCIT 79.17 0.06 –2.6 VangdTotWrldStk VT 110.56 –0.02 7.5
iShCoreMSCIEAFE IEFA 74.67 ... 6.1 iShMSCI EAFE EFA 80.34 ... 6.6 iSh0-3MTreaBd SGOV 100.48 0.01 0.2 SPDR S&PMdCpTr MDY 547.29 0.04 7.9 VangdIntermTrea VGIT 57.69 0.05 –2.7 VangdValue VTV 161.26 –0.09 7.9
iShCoreMSCIEM IEMG 53.68 0.69 6.1 iSh MSCI EM EEM 42.82 0.75 6.5 JPM EqPrem JEPI 57.06 –0.07 3.8 SPDR S&P Div SDY 131.33 –0.05 5.1 VangdLC VV 239.04 0.01 9.6 WT FRTrea USFR 50.43 ... 0.4

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Glaukos GKOS 111.47 -1.9 Methanex MEOH 53.55 4.7 SLR Invt SLRC 16.23 -1.0 Watsco WSO 482.30 ... Coursera COUR 8.65 -1.6 MiraPharm MIRA 0.70 -0.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American GoDaddy GDDY 135.43 -0.3 MidCapFin MFIC 15.63 0.1 SPX Tech SPXC 142.36 -1.0 WellsFargo WFC 62.17 -1.0 CueHealth HLTH 0.12 -5.2 MolecularTemp MTEM 1.27 -5.4
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest GolarLNG GLNG 26.43 1.5 MineralsTechs MTX 80.54 -0.1 ScorpioTankers STNG 80.17 1.8 Welltower WELL 99.68 0.7 Cyngn CYN 0.07 -7.3 MoolecScience MLEC 1.10 -3.1
session. % CHG-Daily percentage change from the previous trading session. GoldenMatrix GMGI 5.48 3.9 Moog A MOG.A 177.77 -3.5 SeapeakPfdB SEALpB 25.70 0.2 WesternMidstrm WES 37.66 2.5 DBV Tech DBVT 0.42 -6.2 NaaSTechnology NAAS 0.70 -12.7
GoldmanSachsBDC GSBD 15.94 -0.9 MotorolaSol MSI 364.47 -1.3 SelectMedical SEM 34.02 0.4 Williams-Sonoma WSM 322.04 -0.1 DSS DSS 1.42 -0.4 NauticusRobot KITT 0.13 -8.0
Monday, May 13, 2024 GrahamHoldings GHC 778.84 -0.8 MrCooper COOP 85.00 -3.6 SelectWater WTTR 9.89 4.0 WillisLease WLFC 66.84 0.9 DeltaApparel DLA 1.64 -3.8 PapaJohn's PZZA 51.82 -2.0
GranTierraEner GTE 9.47 1.0 MuellerIndustries MLI 59.76 -1.7 Semrush SEMR 15.49 1.0 Zeekr ZK 32.24 2.8 DianaShippingPfd ProfDiversity IPDN 0.91 -2.9
52-Wk % 52-Wk % 52-Wk % MurphyUSA MUSA 440.86 ...
DSXpB 24.71 0.2
GraniteConstr GVA 62.90 0.4 SensusHealthcare SRTS 5.85 2.1 ZimIntShipping ZIM 19.22 7.3 DouglasElliman DOUG 1.11 -5.1 QualigenTherap QLGN 0.26 -5.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NB Bancorp NBBK 15.64 -0.6 RevivaPharm
GreatElmNts29 GECCI 25.00 ... Shell SHEL 74.61 0.1 ZetaGlobal ZETA 16.09 -0.1 Emcore EMKR 0.97 -4.8 RVPH 1.68 -9.1
BankNY Mellon BK 58.75 -1.0 Deluxe DLX 23.06 0.8 GreenlightCapRe GLRE 13.13 -0.8 NMI Holdings NMIH 34.33 -1.4 SilverSpikeInvt SSIC 11.50 0.3 FatBrandsPfdB SAB Biotherap SABS 3.91 2.0
Highs
FATBP 13.78 1.7
Barclays BCS 10.88 0.5 DianaShippingWt DSX.WS 0.86 12.5 Group1Auto GPI 315.96 3.8 NXP Semicon NXPI
NationalFuelGas NFG
266.63
57.60
0.8
-1.7
SiriusPoinPfdB SPNTpB 25.60 0.4 Lows FatBrandsWt FATBW 2.64 -23.4 SerinaTherap
SeritageGrowth SRG
SER 8.00 2.1
BenchmarkElec BHE 40.59 -0.2 DieboldNixdorf DBD 42.61 3.0 HNI HNI 46.14 -0.2 Southern SO 78.94 0.7 FuelCell FCEL 0.64 2.0 5.65 -27.3
ACI Worldwide ACIW 36.51 1.5 NatWest 8.20 0.6 ActelisNtwks ASNS 0.45 -4.0
BentleySystems BSY 55.95 -1.2 Dover DOV 186.50 -0.7 Haemonetics HAE 97.35 0.4 NWG SproutsFarmers SFM 77.17 0.5 FutureFuel FF 5.03 -8.5 ShoalsTech SHLS 6.90 2.7
Aflac AFL 86.49 -0.2 NaviosMaritime NMM 48.88 3.6 AdventTech ADN 0.10 -3.5
BlueBird BLBD 49.94 ... DukeEnergy DUK 103.83 0.2 Hafnia HAFN 8.44 1.7 Squarespace SQSP 43.36 13.2 GoHealth GOCO 8.57 -4.7 SmartPowerr CREG 0.97 -3.8
a.k.a.Brands AKA 33.73 15.7 NektarTherap NKTR 1.93 -0.6 AethlonMedical AEMD 0.98 -15.8 SolarEdgeTech SEDG 48.82 5.5
BlueOwlCapital OBDC 16.60 -1.2 DycomInds DY 153.44 -0.6 Hibbett HIBB 87.06 ... Starrett A SCX 16.18 -0.1 GranitePointMtg GPMT 3.39 -4.9
AXIS Capital AXS 71.38 0.2 NewYorkMtgPfdG NYMTZ 18.52 0.7 AkoustisTechs AKTS 0.41 -26.3 SummitStateBk SSBI 8.88 -4.8
BoozAllen BAH 156.83 -2.7 DynagasLNG DLNG 4.24 -0.8 HimalayaShipping HSHP 8.77 2.3 SterlingInfr STRL 131.44 -0.6 GreenwaveTech GWAV 0.04 -5.0
AddusHomeCare ADUS 110.88 1.2 Novavax NVAX 13.97 47.6 AlloVir ALVR 0.58 -4.5 TFF Pharm TFFP 1.54 -7.2
Brink's BCO 98.76 0.6 EudaHealth EUDA 2.50 5.9 Humacyte HUMA 5.67 16.6 SuperiorGroup SGC 21.04 4.6 GromSocialEnts GROM 0.52 -0.2
AdtalemGlbEduc ATGE 65.34 0.5 OkeanisEcoTankers ECO 33.81 1.8 AltaEquipment ALTG 8.55 -3.3 T Stamp IDAI 0.66 -4.6
BrinkerIntl EAT 60.98 3.6 EdisonIntl EIX 75.34 -0.6 HuntingtonBcshs HBAN 14.17 -0.7 Sylvamo SLVM 68.97 5.6 HarvardBioSci HBIO 3.33 -4.0
Aegon AEG 6.67 0.2 OldRepublic ORI 31.59 -0.9 AmbiparEmergency AMBI 3.58 -9.9 TelesisBio TBIO 4.02 -18.9
AeroVironment AVAV 192.50 0.4 Bristow VTOL 34.73 1.6 Enact ACT 31.85 -0.3 IDT IDT 39.28 -0.8 TD Synnex SNX 122.43 0.4 HealthcrTriangle HCTI 0.85 -13.2
Oppenheimer A OPY 44.17 0.3 AmOncology AONC 3.46 -2.5 TivicHealth TIVC 0.46 -4.2
Alcoa BrookfieldReinsA1 BNRE.A 44.22 -0.5 EncompassHealth EHC 86.89 -0.4 IES Holdings IESC 184.38 -10.6 TTM Tech TTMI 18.60 -1.6 HeartTestLabs HSCS 0.07 -19.8
AA 40.31 8.2 PHINIA PHIN 44.43 -1.0 AmicusTherap FOLD 9.02 -2.1 TopWealth TWG 1.00 ...
AlpineImmune ALPN 64.96 ... CNO Financial CNO 28.63 -0.4 EnerpacTool EPAC 38.92 -2.7 ING Groep ING 17.53 0.9 TencentMusic TME 14.89 10.9 AmpriusTech AMPX 1.27 -27.9 HeliusMedical HSDT 1.52 3.5
CRA Intl 166.43 ... Enstar 314.93 -1.1
PPL PPL 29.38 0.1 TransActTechs TACT 3.70 -3.6
Amcor AMCR 10.51 0.1 CRAI ESGR IdahoStratRscs IDR 10.40 7.3 Teradyne TER 125.94 1.6 ApollomicsA 0.31 -5.9 HepionPharm HEPA 1.18 -4.0
ParamountGoldNV PZG 0.61 25.2 APLM TrancntlRlty TCI 27.19 -2.3
AEP AEP 92.35 -0.1 CTS CTS 51.93 -0.4 Entergy ETR 112.71 -0.1 Ingredion INGR 122.18 1.0 TevaPharm TEVA 16.99 3.9 AppliedDNA APDN 2.50 -10.7 HeritageGlobal HGBL 2.22 -3.1
Pennant PNTG 23.51 3.3 TrinityBiotech TRIB 1.55 -7.1
AmNatlPfdA ANGpA 24.81 0.1 CareDx CDNA 15.91 1.0 Equitable EQH 40.39 1.2 InsightEnt NSIT 207.45 -1.2 TexasInstruments TXN 188.38 0.4 AvenueTherap ATXI 3.80 -1.3 HomeFedBncpLA HFBL 11.13 -2.1
PhibroAnimal PAHC 18.61 3.2 trivago TRVG 2.10 ...
AmSharedHosp AMS 3.53 4.0 CarlyleSecured CGBD 17.94 0.2 EssexProp ESS 261.71 0.6 IntlFlavors IFF 98.24 -0.7 3M MMM 101.74 0.7 Barnes&NobleEduc BNED 0.15 -36.3 Hurco HURC 17.59 -3.1
Pilgrim'sPride PPC 37.92 1.8 UnitySoftware U 21.60 4.6
AnalogDevices ADI 209.75 0.6 CaseysGenStores CASY 340.59 0.8 Euronav EURN 19.80 0.8 Joint JYNT 16.87 0.1 Torm TRMD 37.17 1.9 BellevueLifeSciRt BLACR 0.13 -3.8 ICZOOMA IZM 2.13 5.5
PlumAcqnI PLMIU 11.40 0.3 Vacasa VCSA 5.58 -5.3
AnteroMidstream AM 14.58 0.3 CedarFairRec FUN 45.76 0.7 EVeMobilityAcqnUn EVE.U 11.29 3.6 KB Financial KB 59.63 1.9 Transcat TRNS 119.22 1.2 BigBear.aiWt BBAI.WS 0.16 0.6 Identiv INVE 4.10 3.4
Popular BPOP 91.61 ... VivosTherap VVOS 1.96 -5.4
ApogeeEnt APOG 67.05 -1.3 CentralGarden CENT 46.91 -0.2 FTAI Infra FIP 8.20 4.4 KKR KKR 104.40 -2.8 TrinityIndustries TRN 31.59 -0.8 BinahCapital BCG 4.37 -19.0 iHeartMedia IHRT 1.17 -4.6
Procter&Gamble PG 167.65 -0.6 Volato SOAR 1.50 -6.2
Aramark ARMK 33.47 ... CentralGardenA CENTA 40.59 -0.4 FidNatlInfo FIS 76.17 1.5 KaiserAlum KALU 100.83 1.5 ProficientAuto Trip.com TCOM 54.93 2.5 Birks BGI 2.07 -1.3 IndContractDrill ICD 1.55 -3.1
PAL 15.25 0.2 Waldencast WALD 4.23 -0.7
ArdmoreShipping ASC 21.30 3.7 Cheesecake CAKE 39.25 3.9 FifthThirdBncp FITB 39.12 -1.5 KewauneeSci KEQU 38.95 5.1 PrudentialFinl PRU 119.60 -0.9 TsakosEnergy TNP 29.18 0.5 BoundlessBio BOLD 8.51 10.8 InfoSvcs III 2.93 -1.5 WetouchTechnology WETH 1.13 -11.6
AresCapital ARCC 21.31 0.2 CherryHillPfdB CHMIpB 25.06 0.2 FirstHorizon FHN 16.06 ... KinderMorgan KMI 19.24 0.4 PublicServiceEnt PEG 74.49 -0.7 TurningPoint TPB 34.50 0.1 BrandEngagement BNAI 1.37 -2.8 InfuSystems INFU 6.91 -4.4 WheelerREIT WHLR 0.12 -6.7
Arhaus ARHS 16.75 0.5 ChimeraPfdC CIMpC 21.81 0.9 FirstSeacoastBncp FSEA 9.20 4.2 Kinetik KNTK 40.58 -0.3 Qualcomm QCOM 184.73 1.2 TwistBiosci TWST 47.47 11.9 BroogeEnergy BROG 1.00 -0.5 InnovativeEyewr LUCY 0.18 -7.4 WillametteVallPfA WVVIP 3.61 -0.6
ArisMining ARMN 4.43 1.8 CirrusLogic CRUS 108.25 1.6 FirstUS Bcshs FUSB 11.00 ... KontoorBrands KTB 69.98 0.7 QuantaServices PWR 273.00 -2.2 UL Solutions ULS 37.10 -0.2 CG Oncology CGON 25.77 -9.3 InnovSolSuprt ISSC 5.40 -11.7 WindtreeTherap WINT 3.72 -4.1
AspenAerogels ASPN 27.46 1.2 Citigroup C 63.95 -0.2 FitLifeBrands FTLF 30.47 1.6 Koss KOSS 5.53 36.7 REV REVG 26.94 -5.2 USCopperIndex CPER 29.54 2.5 CISO Global CISO 0.85 -4.8 InspireVeterinary IVP 3.12 -16.3 XTI Aerospace XTIA 1.55 -3.7
AultAllPfdD AULTpD 24.96 1.7 CitizensFin CFG 36.45 -0.3 Flowserve FLS 49.83 -0.7 L3HarrisTech LHX 221.91 0.4 RTX RTX 107.82 -0.5 UnvlStainless USAP 33.79 -0.6 CaliberCos CWD 0.76 -0.4 IssuerDirect ISDR 9.65 -1.5 XponentialFit XPOF 7.40 11.3
Avnet AVT 52.80 1.6 ClearwaterPaper CLW 50.55 4.3 FosterLB FSTR 30.77 -3.1 LakeShoreBancorp LSBK 12.33 2.8 RadNet RDNT 55.75 0.9 UnivestFin UVSP 23.06 -0.3 Cerence CRNC 5.01 -4.7 JayudGlblLogistics JYD 0.68 2.6 YY Group YYGH 1.33 22.1
AxosFinancial AX 61.40 1.4 Coca-ColaEuro CCEP 74.82 0.9 GATX GATX 136.70 1.9 LeMaitreVascular LMAT 76.59 0.1 RandCapital RAND 15.25 3.3 ValleyNatlPfdA VLYPP 22.75 0.6 CERoTherap CERO 1.13 -2.5 Leafly LFLY 1.82 -2.1 Yoshitsu TKLF 0.20 -3.8
BJ'sWholesale BJ 80.52 0.5 ColgatePalm CL 95.59 -0.7 GSK GSK 45.41 0.2 LeviStrauss LEVI 22.97 0.3 RealReal REAL 4.50 6.8 ValleyNatlPfdB VLYPO 25.00 0.2 Charles&Colvard CTHR 0.27 -2.0 Lightbridge LTBR 2.28 -4.1 ZoozPowerWt ZOOZW 0.04 -17.6
BOK Fin BOKF 95.00 -0.1 ColumbiaSportswr COLM 86.73 0.8 Gaia GAIA 4.50 4.4 LifetimeBrands LCUT 11.34 -0.4 Redwire RDW 5.08 3.4 VerricaPharm VRCA 9.61 19.5 Chegg CHGG 4.51 -2.4 Longeveron LGVN 1.24 -10.7 ZoozPower ZOOZ 2.62 -0.4
BW LPG BWLP 16.31 1.6 Costco COST 789.48 -1.5 GameStop GME 38.20 74.4 MRC Global MRC 14.02 1.3 RegionsFinPfdB RFpB 25.10 0.3 VillageSuper A VLGEA 30.25 0.3 ChijetMotor CJET 0.24 7.5 LoopMedia LPTV 0.20 0.2 ZapataComputing ZPTA 1.11 3.4
BankofAmPfd2 BMLpH 22.20 ... DT Midstream DTM 65.82 -1.0 GencorInds GENC 19.95 4.8 Markel MKL 1661.18 -1.1 RithmCapPfdC RITMpC 23.29 0.1 VirTra VTSI 17.68 0.4 ClarosMtg CMTG 8.07 -1.2 LucyScientific LSDI 0.70 0.7 ZappEV ZAPP 1.59 -3.0
BankofAmPfd4 BMLpJ 23.05 0.3 DeltaAir DAL 53.86 0.9 GeneDx WGS 23.73 12.7 MayvilleEngg MEC 16.54 -1.5 RoyalBkCanada RY 104.71 1.4 VirtuFinancial VIRT 23.10 2.2 CommunityHlthcr CHCT 23.82 ... LuxUrban LUXH 0.50 -12.8 Zhihu ZH 3.62 -6.2
P2JW135000-3-B01000-1--------XA

B10 | Tuesday, May 14, 2024 * ** THE WALL STREET JOURNAL.

FINANCE & MARKETS

Permira Is Taking Squarespace Private

Takeover values the billion on an enterprise-value slump. room at the University of $300 million in stock in a pri- bought by Advent Interna-
basis. Squarespace said going pri- Maryland. The e-commerce vate deal. Squarespace’s mar- tional in an all-cash deal that
website developer Shares of Squarespace vate offers the company flexi- company that became a web- ket value was about $5.9 billion represents an enterprise value
at above $6.6 billion; jumped more than 13% in Mon- bility and resources. site builder for businesses and at the close of trading on its of about $6.3 billion.
day’s trading and are up more As part of the agreement consumers went live in 2004. first day as a public company. Squarespace’s transaction
its shares leap 13% than 30% year to date. Last with Permira, Casalena will roll He moved Squarespace into its The deal with Permira, will be conditional on approval
week, the company recorded a over a majority of his existing first New York offices in early which has raised 20 buyout of a majority of the voting
BY ROBB M. STEWART 19% increase in revenue for the equity in New York-based 2008 as new versions of its of- and equity funds since 1985 power of the outstanding capi-
year’s first three months and Squarespace and remain one of fering continued to be rolled and has invested in a number tal of the company held by
Website-development com- said it expected revenue for the largest shareholders when out. of tech-sector companies in- holders unaffiliated with Casa-
pany Squarespace has agreed the full year to rise as much as the transaction is completed. In mid-2010 the company cluding Swedish financial-tech- lena, General Atlantic and Ac-
to a $6.6 billion takeover by 19% to between $1.19 billion Casalena will remain CEO and closed its first outside invest- nology firm Klarna and secu- cel, and on the approval of
buyout firm Permira, under- and $1.21 billion. continue to lead the board of ments, raising $38.5 million rity software provider McAfee, holders of a majority of the
scoring private-equity interest The transaction will take the company as it becomes pri- from Index Ventures and Accel. comes amid signs of fresh in- company’s Class A and Class B
in the technology sector. private a company that Chair- vately held. General Atlantic invested $40 terest in the sector from pri- shares. The deal also is subject
Under the terms of the deal, man and Chief Executive An- Investors General Atlantic million in the company in 2014, vate equity. to receipt of regulatory ap-
Squarespace said Monday its thony Casalena took public in and Accel Partners, which and its $200 million invest- Last week, EQT moved to provals.
shareholders will receive $44 2021, and that analysts say has with Casalena represent about ment in late 2017 earned buy U.S. digital consultancy With the takeover agree-
in cash for each share they a strong growth trajectory in 90% of Squarespace’s voting Squarespace a $1.7 billion valu- Perficient in an all-cash deal ment, Squarespace said it had
own, a 15% premium to Fri- the medium term. Squarespace shares, have agreed to vote in ation. valued at roughly $3 billion. canceled in-person investor
day’s closing price. The deal agreed to the deal amid a spurt favor of the deal and plan to In spring of 2021, Square- Canadian payments processor briefings set for Wednesday.
values Squarespace at more of megadeals that signals a po- reinvest in Squarespace. space launched a direct listing Nuvei, backed by celebrity en- The company expects the take-
than $6.6 billion on an equity- tential revival in mergers and Casalena founded the com- on the New York Stock Ex- trepreneur Ryan Reynolds, last over to close by the fourth
value basis and roughly $6.9 acquisitions after last year’s pany in 2003 from his dorm change after selling about month struck a deal to be quarter of this year.

Beijing Plan Signals a Shift in Fighting Housing Crisis

BY SHERRY QIN market expectations,” Wu said. Zhengzhou, the capital of
AND JIAHUI HUANG UOB analysts Jieqi Liu and Henan Province, has become
Damon Shen estimated that an early frontrunner in trade-
Beijing’s newfound focus on the government could allocate in initiatives, with a local
a housing glut marks a sea up to the equivalent of $277 state-owned company in April
change in how senior officials billion for property acquisi- beginning to buy up old apart-
view China’s festering prop- tion, roughly equal to 17% of ments and offering residents
erty crisis, setting the stage all new-home sales in 2023. subsidies for some home-buy-
for rescue efforts that could Some analysts predict new ing costs. Shenzhen, China’s
range from unprecedented details will emerge in July, third-most-populous city, re-
easing for home buyers to bil- when senior Communist cently set up a platform allow-
ALEX PLAVEVSKI/EPA/SHUTTERSTOCK

lions in state spending to buy Party members meet to dis- ing residents to sell homes
up unsold projects. cuss China’s strategic direc- with the help of brokers and
Chinese policymakers’ re- tion and economic plans for buy new ones from developers
cent passing mention of plans the next five years. But al- participating in the program.
to consider “policy to digest ready, a recent trend of eas- Some analysts disagree on
existing housing inventory” ing home-buying curbs has whether the “digest” phrase
has been a much-parsed accelerated, with several ma- suggests the central govern-
phrase, with some analysts jor cities relaxing rules this ment would play a greater role
stressing it marks the first China’s heavily indebted property sector remains mired in a yearslong slump. week, including two that re- than local governments in buy-
time in a long-running real-es- moved all restrictions on ing excess housing inventory.
tate downturn that top officials “The good old days of and a lackluster economic re- housing policy might look like. buying second homes. HSBC economists said in a
have publicly broached the China’s housing market with covery from the pandemic. At the very least, officials ap- One potential outcome is research note that Beijing
subject of excess apartment spectacular growth is over,” he The Politburo meeting and pear to be “brewing a new bolstered policies to control could set up a national plat-
supply. They said another part said. “That’s why policymakers moves by a handful of cities to wave of [property] stimulus housing supply, in the same form to absorb housing over-
of the study—to “optimize poli- believe that unlocking growth ease home-buying restrictions measures,” Daiwa analyst Wil- vein as recent curbs on the supply, then sell or rent prop-
cies on new housing supply”— potential by blending ‘some- have been rare welcome news liam Wu said. “The new narra- sale of landbanks in cities with erties in a controlled manner
suggests the government wants thing old, something new’ for the sector, which this tive” on property, he said, a surplus of unsold housing, over time to resolve the hous-
more public-housing options. could hold the most promise.” month tipped the Hang Seng looks similar to a destocking Morningstar analyst Jeff Zhang ing crisis.
“It’s the first time the Po- China’s heavily indebted Mainland Properties Index policy from a 2016 Politburo said. “As prior measures failed ANZ analyst Zhaopeng Xing
litburo signaled that reducing property sector remains in a into the green for the year. meeting that led to state help to contain the inventory in- called that possibility unlikely,
housing inventory and im- yearslong slump, with major The index, a gauge of major in rebuilding shanty towns. crease, government will likely saying that precedent and a
proving policies for new sup- developers’ sales in decline and listed developers in China, re- “It doesn’t mean the gov- ramp up policies,” he said. wide geographical variation in
ply are a key focus,” said thousands of partly built hous- mains near a decade low. ernment will directly intervene Another could be policies to property policy make stimulus
Bruce Pang, JLL chief econo- ing developments in limbo, Policymakers didn’t offer and buy houses all of a sud- boost housing trade-in pro- the responsibility of local gov-
mist for Greater China. hard hit by a liquidity crunch details about what a new den, but the phrasing did raise grams to spur fresh demand. ernments.

Country Garden
Makes Payments
To Avoid Default
BY JIAHUI HUANG help of state-owned entity
China Bond Insurance, the
Chinese property devel- guarantor of the bonds. The
oper Country Garden made bonds were issued in 2022
payments on two onshore when the government pro-
bonds within a grace period, vided a few private-sector
avoiding default days after “model developers,” including
the company had said it Country Garden, Longfor, CIFI,
might turn to a state guaran- Seazen and others, with state-
CFOTO/NURPHOTO/ZUMA PRESS

tor for help. backed bonds to help them en-

The heavily indebted prop- dure tightened liquidity condi-
erty developer said on Satur- tions in China’s property
day that it made interest pay- market.
ments totaling about 65.95 Some analysts said the pay-
billion yuan, or about $9.13 ment was atypical given Coun-
billion, on two onshore bonds try Garden’s stretched fi-
that had been due last week. nances and previous defaults Above, a residential area developed by Country Garden in Nanjing. The Chinese property developer is trying to restore its credit.
Country Garden said that on other offshore and inshore
through the efforts of “all par- bonds in recent months. ing projects, Wu said. avoid further default on on- and loans outstanding at the Kong.
ties, the issuer actively raised “It is unusual for distressed Where Country Garden got shore debt while focusing on end of June 2023, according to China Real Estate Informa-
funds and revitalized the developers trying to avoid an- the money for the payments restructuring offshore debt. its public disclosures. tion Corp., a property consult-
mortgage assets.” It didn’t other default,” Daiwa analyst also was up for debate. The company is facing a liqui- It defaulted on a dollar ing firm, recently said devel-
elaborate. William Wu said. Morningstar analyst Jeff dation petition in a Hong Kong bond last October and missed opers including Evergrande,
The move came after Coun- The payments likely won’t Zhang said the funds likely court. a local bond payment in China Resources Land, China
try Garden last week said that help restore Country Garden’s came from “additional loans Country Garden, once one March. Overseas Land & Investment,
it would try to make the pay- credit, and may instead weigh or sales of pledged assets.” of China’s largest property de- Trading in shares of Coun- and Gemdale have around 30
ments by Monday, and that if on already tight cash flows Zhang added that Country velopers, had more than $15 try Garden has been halted billion yuan principal of bonds
it couldn’t, it would seek the that could be spent on deliver- Garden may have sought to billion of international bonds since late March in Hong that are due in May.

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 8.80 +0.01 -1.7 SrsEmrgMkt 18.61 +0.10 7.4 JPMorgan R Class R2030 25.26 ... 5.5 MuShtAdml 15.72 ... 0.8 WndsrII 46.63 -0.12 8.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.93 -0.02 7.4 SrsGlobal 14.73 +0.03 6.4 CoreBond 10.06 +0.01 -1.1 Putnam Funds Class A PrmcpAdml r NA ... NA VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.41 +0.01 -6.5 SrsGroCoRetail 22.47 +0.03 15.4 CorePlusBd 7.08 ... -0.9 PutLargCap p 34.83 -0.07 13.2 RealEstatAdml 117.82 +0.36 -5.0 ExtndIstPl 319.69 +0.15 4.2
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.60 +0.03 2.2 SrsIntlGrw 18.38 -0.06 7.3 Lord Abbett I Putnam Funds Class Y SmCapAdml 106.79 +0.11 4.8 IdxIntl 19.63 +0.03 5.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 143.59 -0.02 9.2 SrsIntlVal 12.73 -0.03 9.1 ShtDurInc p 3.84 +0.01 1.6 PutLargCap 34.84 -0.07 13.3 SmGthAdml 88.42 +0.07 4.2 MdCpGrAdml 98.92 -0.22 4.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 18.16 ... 9.3 TotalBond 9.34 +0.01 -1.1 Metropolitan West Schwab Funds STBondAdml 9.99 ... ... MdCpVlAdml 79.75 -0.19 6.7
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.93 +0.03 5.9 Fidelity SAI TotRetBdI 8.86 +0.01 -2.1 1000 Inv r 112.27 -0.03 9.7 STIGradeAdml 10.16 +0.01 0.7 SmValAdml 80.99 +0.10 5.2
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.12 +0.01 -1.8 TotalBd 8.85 +0.01 -0.8 TRBdPlan 8.31 +0.01 -2.1 S&P Sel 80.40 -0.02 10.0 STIPSIxAdm NA ... NA TotBd2 9.30 +0.01 -1.8
Fidelity Advisor I U.S.TreBdIdx 8.57 +0.01 -1.9 MFS Funds TSM Sel r 88.41 -0.01 9.2 TotBdAdml 9.41 ... -1.8 TotIntlInstIdx r 131.33 +0.22 5.9
Total Bd 9.33 +0.01 -1.1 Fidelity Selects IIE 34.85 ... 5.8 TIAA/CREF Funds TotIntBdIdxAdm 19.45 -0.01 -0.7 TotItlInstPlId r 131.36 +0.21 5.9
Monday, May 13, 2024 Fidelity Freedom Semiconductors r 30.99 +0.16 27.8 MFS Funds Class I EqIdxInst 36.75 -0.01 9.1 TotIntlAdmIdx r 32.84 +0.05 5.8 TotSt 125.56 -0.03 9.1
Net YTD Net YTD Net YTD FF2030 17.27 +0.01 4.7 Softwr 26.90 +0.10 -0.9 GrowthI 199.59 -0.63 16.0 IntlEqIdxInst 23.31 +0.01 6.6 TotStAdml 125.60 -0.02 9.1 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.33 ... 6.0 Tech 32.11 +0.23 12.6 ValueI 51.14 -0.12 7.9 LrgCpGrIdxInst 57.69 +0.01 11.3 TxMCapAdml 269.56 -0.17 9.4 BalInst 46.29 +0.02 4.8
FF2040 11.23 -0.01 7.5 First Eagle Funds Natixis Funds VANGUARD ADMIRAL TxMIn r 16.18 +0.01 5.7 DevMktsIndInst 16.20 ... 5.6
AB Funds Artisan Funds US CoreEq2 35.30 -0.02 9.0 Freedom2030 K 17.25 ... 4.7 GlbA 68.06 -0.17 7.9 LSGrowthY 25.44 +0.03 9.5 500Adml 482.40 -0.11 10.0 DevMktsInxInst 25.32 ... 5.6
MuniIncmShares 11.04 ... 0.8 IntlVal Inst 49.40 +0.02 7.5 US Small 45.87 -0.07 3.7 USGroAdml 162.42 +0.13 10.7
Freedom2035 K 15.31 ... 6.0 Franklin A1 Northern Funds BalAdml 46.28 +0.01 4.8
ValAdml NA ... NA ExtndInst 129.54 +0.06 4.2
AB Funds - ADV Baird Funds US SmCpVal 46.50 -0.02 3.8 Freedom2040 K 11.24 ... 7.6 IncomeA1 2.33 ... 2.4 StkIdx 53.71 -0.01 10.0 CAITAdml 11.33 ... -0.2 GrwthInst NA ... NA
LgCpGrAdv 104.18 -0.39 12.3 AggBdInst 9.60 +0.01 -1.5 US TgdVal 32.81 +0.02 3.2 WdsrllAdml 82.73 -0.22 8.8
Idx2030InsPre 19.60 +0.02 3.8 FrankTemp/Frank Adv Old Westbury Fds CapOpAdml r NA ... NA InPrSeIn 9.32 +0.01 -0.5
American Century Inv CorBdInst 9.94 +0.01 -1.0 USLgVa 48.37 -0.03 9.1 WellsIAdml 60.95 +0.07 1.7
Idx2035InsPre 22.50 +0.02 4.9 IncomeAdv 2.31 ... 2.5 LrgCpStr 19.08 -0.02 NA DivAppIdxAdm NA ... NA InstIdx 430.20 -0.10 10.0
Ultra 83.10 -0.03 11.5 BlackRock Funds Dodge & Cox WelltnAdml 75.04 -0.08 5.6
Idx2040InsPre 23.56 +0.02 6.3 FrankTemp/Franklin A Parnassus Fds EMAdmr 36.39 +0.21 6.5 InstPlus 430.20 -0.10 10.0
American Funds Cl A HiYldBd Inst 7.01 ... 2.2 Balanced NA ... NA DynaTech A 150.48 -0.36 12.5 ParnEqFd -0.04 8.0 EqIncAdml WndsrAdml 76.49 +0.03 5.6
Idx2045InsPre 24.72 +0.02 6.8 59.45 NA ... NA InstTStPlus 89.43 -0.02 9.1
AmcpA 41.51 -0.13 8.9 BlackRock Funds III GblStock 16.08 +0.06 NA VANGUARD FDS
Idx2050InsPre 24.77 +0.03 6.8 Growth A 134.97 -0.36 10.1 PGIM Funds Cl Z ExplrAdml 107.77 +0.04 4.4 MidCpInst 67.10 -0.15 5.9
AMutlA 54.05 -0.07 6.4 iShS&P500IdxK 612.63 ... 10.0 Income 12.35 +0.02 NA Fidelity Invest RisDv A 93.01 -0.22 5.4 TotalReturnBond NA ... NA ExtndAdml 129.55 +0.06 4.2 DivdGro 38.66 -0.05 5.0 MidCpIstPl 330.91 -0.76 5.9
BalA 33.64 -0.04 5.5 BlackRock Funds Inst Intl Stk 52.73 +0.30 NA Balanc 28.58 -0.01 6.6 Guggenheim Funds Tru PIMCO Fds Instl GroIncAdml NA ... NA IntlVal 42.75 +0.08 5.9 SmCapInst 106.78 +0.10 4.8
BondA 11.11 +0.01 -1.8 EqtyDivd 20.70 ... 8.5 Stock 256.76 -0.40 8.0 BluCh 202.44 +0.12 16.8 TotRtnBdFdClInst 23.15 +0.02 -1.2 AllAsset 11.06 +0.02 NA GrwthAdml NA ... NA LifeGro NA ... NA SmCapIstPl 308.22 +0.31 4.8
CapIBA 68.37 +0.03 3.9 StratIncOpptyIns 9.33 +0.01 0.6 DoubleLine Funds BluChpGr K6 31.01 +0.01 15.5 Harbor Funds TotRt 8.45 +0.01 NA HlthCareAdml r 89.80 +0.01 4.8 LifeMod NA ... NA STIGradeInst 10.16 +0.01 0.8
CapWGrA 64.98 -0.06 8.4 TotRet 9.73 +0.01 NA TotRetBdI 8.60 +0.01 -1.2 Contra 18.96 -0.07 17.9 CapApInst 108.16 -0.02 12.1 PIMCO Funds A HYCorAdml r 5.35 ... NA PrmcpCor NA ... NA STIPSIxins NA ... NA
EupacA 59.05 +0.08 8.0 Calamos Funds Edgewood Growth Instituti ContraK 19.03 -0.07 18.0 Harding Loevner IncomeFd 10.51 +0.01 NA InfProAd 22.87 +0.02 -0.6 STAR NA ... NA TotBdInst 9.41 ... -1.8
FdInvA 79.43 -0.17 11.3 MktNeutI 14.52 ... NA EdgewoodGrInst 47.54 -0.11 8.7 CpInc 9.87 -0.01 4.2 IntlEq 26.71 -0.01 NA PIMCO Funds I2 InfTechIdx 265.66 +1.17 7.5 TgtRe2020 NA ... NA TotBdInst2 9.30 +0.01 -1.7
GwthA 70.43 -0.16 11.5 Columbia Class I Fidelity GroCo 36.73 +0.06 15.1 Invesco Funds Y Income 10.51 +0.01 NA IntlGrAdml 109.09 +0.27 7.2 TgtRe2025 NA ... NA TotBdInstPl 9.41 ... -1.8
HI TrA 9.57 ... 3.0 DivIncom I 32.47 -0.02 7.3 500IdxInstPrem 181.48 -0.04 10.0 InvGrBd 9.81 +0.01 -1.4 DevMktY 40.13 +0.16 3.9 PIMCO Funds Instl ITBondAdml 10.04 +0.01 -1.8 TgtRe2030 NA ... NA TotIntBdIdxInst 29.19 -0.01 -0.7
ICAA 55.57 -0.12 10.6 Dimensional Fds Contrafund K6 27.15 -0.09 17.9 LowP 47.76 -0.02 8.4 JHF III DispVal IncomeFd 10.51 +0.01 NA ITIGradeAdml 8.45 +0.01 -1.0 TgtRe2035 NA ... NA TotStInst 125.62 -0.02 9.1
IncoA 24.22 ... 4.1 EmgMktVa 31.72 +0.17 8.0 ExtMktIdxInstPre 81.34 +0.04 4.2 Magin 13.78 -0.07 15.4 DispValMCI 29.04 -0.10 6.1 Price Funds LarCapAd NA ... NA TgtRe2040 NA ... NA ValueInst NA ... NA
N PerA 60.86 +0.04 8.9 EmMktCorEq 23.89 +0.09 6.8 FidSerToMarket 17.10 ... 9.2 NASDAQ 208.07 +0.60 9.4 John Hancock BlChip 171.31 -0.17 14.7 LTGradeAdml 7.63 +0.01 -4.4 TgtRe2045 NA ... NA Victory Port
NEcoA 59.30 -0.10 9.9 IntlCoreEq 16.17 ... 5.7 GrowthCompanyK6 25.93 +0.03 15.5 OTC 20.94 -0.01 14.5 BondR6 NA ... NA DivGro 76.31 -0.22 8.0 MidCpAdml 303.73 -0.70 5.8 TgtRe2050 NA ... NA VsycamoreFnd 49.42 -0.15 NA
NwWrldA 80.09 +0.16 6.7 IntSmCo 20.18 ... 4.6 IntlIdxInstPrem 50.29 +0.02 6.6 Puritn 25.18 -0.04 8.5 JPMorgan I Class Growth 96.36 -0.02 11.3 MuHYAdml 10.65 +0.01 0.8 TgtRe2060 NA ... NA WCM Focus Funds
SmCpA 66.77 -0.15 0.8 IntSmVa 22.92 +0.01 8.1 LgCpGwId InstPre 32.83 +0.01 11.3 SAIUSMinVolIndFd 20.03 -0.02 7.3 CoreBond 10.04 +0.01 -1.3 LgCapGow I 74.17 -0.12 12.8 MuIntAdml 13.58 +0.01 -0.1 TgtRet2055 NA ... NA WCMFocIntlGrwIns 24.89 -0.07 9.4
TxExA 12.34 ... ... LgCo 34.67 -0.01 10.0 MidCpInxInstPrem 31.79 -0.06 6.1 SAIUSQtyIdx 21.32 ... 10.1 EqInc 24.36 -0.04 6.6 MidCap 104.72 -0.17 4.7 MuLTAdml 10.85 +0.01 -0.1 TgtRetInc NA ... NA Western Asset
WshA 61.60 -0.04 8.1 US CoreEq1 39.37 -0.03 9.5 SAIUSLgCpIndxFd 21.70 -0.01 10.0 SrsBlChGroRetail 18.17 +0.01 16.3 LgCpGwth 68.98 -0.17 14.7 NHoriz 55.53 -0.23 -1.2 MuLtdAdml 10.79 ... 0.4 Welltn 43.46 -0.04 5.6 CorePlusBdI NA ... NA
P2JW135000-6-B01100-1--------XA
THE WALL STREET JOURNAL.
Marketing Budgets as
Share of Revenue Fall
To Postpandemic Low
BY MEGAN GRAHAM
Marketer budgets fell to
7.7% of overall company reve-
nue in 2024, down from an av-
erage of 11% over the four
years preceding the pandemic
and a new low since 2021, ac-
cording to a survey of market-
ing leaders from research firm
Gartner. The figure is below
the average of 8.2% in the four
years since 2020.
The survey included nearly
400 chief marketing officers
and marketing leaders in
North America and Northern
and Western Europe, most at
companies with annual reve-
nue of over $1 billion. The
firm found marketer budgets
in 2021 were 6.4% of total rev-
enue but considers that to be
a year still heavily affected by
the pandemic. The survey in
2020 was conducted early in
the year before lockdown bud-
get cuts began, the firm said.
“The new normal is that we
just simply have less funding
in marketing now,” said Ewan
McIntyre, a vice president an-
alyst and chief of research at
Gartner for Marketers.
Those decreased budgets
are coming as chief executives
Marketing budget as a share
of total revenue
13%
12
11
2024
10
7.7%
9 fective enough to keep driving
8 said Michael Duda, managing
7
6
2014 ’20 ’24
Source: Gartner 2024 CMO Spend and Strategy
Survey of nearly 400 chief marketing officers
and leaders in North America, Northern and
Western Europe
YOUR SHOPPING INSIDER
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are asking for marketers to
achieve growth and profitabil-
ity at heightened levels. Ac-
cording to Gartner’s research,
73% of surveyed marketers
said they were being asked to
do more with less and 64%
said they don’t have sufficient
budgets to execute their out-
lined strategy.
Even small changes in the
marketing budget expressed
as a proportion of revenue can
mean a major difference in
dollar terms. “The difference
between 11% and 8.2% is
pretty bad,” McIntyre said. “If
you’re an enterprise with an-
nual revenue of $500 million,
this is going to be a decrease
of $14 million per annum in
your marketing budgets.”
The shrinking of CMO bud-
gets comes as ad spending in
the U.S. appears poised for
strength in 2024.
Media budgets continue to
hover around 2% of company
revenue in 2024, in line with
the average over the past
three years, according to Gart-
ner. But companies are reduc-
ing their spending in other ar-
eas of marketing such as
labor, agency work and mar-
keting technology.
The declines are likely to
result in marketers looking
even more to artificial intelli-
gence to improve productivity
and efficiency, Gartner said.
It makes sense that some
marketing budgets at strong
companies would capture a
lower proportion of revenue in
a time of growth because mar-
keting at these businesses is ef-
returns even at a lower level,
partner at consumer venture-
capital and marketing consult-
ing firm Bullish. But he said he
believes advertisers will boost
spending this year as they try
to win back consumers who
have been spending more se-
lectively amid inflated prices.
Direct to Your Inbox
MARKETS
Index performance on Monday
0.4%
0.3
0.2
0.1
0
–0.1
–0.2
–0.3 Five-minute intervals
10 a.m. 11
Source: FactSet
Dow’s Win Streak Ends Before
Arrival of New Inflation Data
GameStop shares
finish sharply higher
as meme stocks
stage a fierce rally
BY KAREN LANGLEY
The Dow Jones Industrial
Average fell, snapping its lon-
gest winning streak of the year,
as markets braced for fresh in-
flation data in the coming days.
The blue-chip index lost
0.2%, or about 81 points, falling
after eight sessions of gains,
while the S&P 500 slipped less
than 0.1%. The
MONDAY’S tech-heavy
MARKETS Nasdaq Com-
posite ad-
vanced 0.3%.
Investors hope new data this
week will show inflation easing
after several months of firmer-
than-expected readings. Linger-
ing price pressures have kept
the Federal Reserve from be-
ginning to cut interest rates, a
move that tends to boost stock
prices.
Traders and money manag-
ers will get their next look at
how inflation is faring with the
SIGN UP FOR OUR
NEWSLETTER
wsj.com/buyside-signup
Nasdaq Composite
S&P 500
Dow Jones Industrial Average
noon 1 p.m. 2 3 4
release of the producer-price
index on Tuesday, followed by
the highly anticipated con-
sumer-price index Wednesday.
“I think we’re really just all
in wait and see mode,” said
Dan Eye, chief investment offi-
cer at Fort Pitt Capital Group.
“No big bets ahead of the CPI
report.”
Nine of the S&P 500’s 11 sec-
tors ticked lower. The technol-
ogy group bucked the trend,
rising 0.5% with the help of
gains by Apple and Nvidia.
The real-estate segment added
0.3%.
Major indexes have rallied
lately on signs that the U.S.
economy remains strong even
as slower hiring keeps alive
hopes that the central bank
could begin to trim rates.
Investors say they also have
been pleased by the earnings
season that is now wrapping
up. With most reports in, ana-
lysts expect that earnings from
S&P 500 companies rose 5.4%
in the first quarter, the highest
earnings growth since the sec-
ond quarter of 2022, according
to FactSet.
The S&P 500 has advanced
3.7% in May and 9.5% so far
Tuesday, May 14, 2024 | B11
Shares of Hertz Global surged by 12% on Monday.
this year.
The rally has stocks looking
increasingly expensive. The
S&P 500 traded late last week
at 20.6 times its projected earn-
ings over the next 12 months,
above a 10-year average of 18.1,
according to FactSet.
The richer valuations have
some investors ascribing par-
ticular importance to the Fed’s
decisions on interest rates.
Lower rates tend to boost the
appeal of investing in the stock
market, partly by making
bonds relatively less appealing.
Government-bond yields
have ticked lower lately. The
yield on the benchmark 10-year
Treasury note slipped to
4.479% from 4.503% on Friday.
The 10-year’s yield settled at a
2024 high of 4.706% on April
25.
Meme-stock mania reared
its head again. A social-media
account associated with Keith
Gill, the investor known as
“Roaring Kitty,” sent its first
post since 2021, when he fo-
cused online followers on the
retailer GameStop.
GameStop shares soared
74% Monday, their largest per-
cent increase since February
DAVID PAUL MORRIS/BLOOMBERG NEWS
2021, and were halted for vola-
tility several times. Shares of
AMC Entertainment, another
meme-stock favorite, jumped
78%, while Hertz Global rose
12% and Plug Power gained
13%.
Oil prices advanced, with
global benchmark Brent crude
rising 0.7% to $83.36 a barrel.
The Stoxx Europe 600 was
little changed. Activity was
muted early Tuesday in Asia.
Japan’s Nikkei 225 and Hong
Kong’s Hang Seng Index were
both up less than 0.1%. S&P
500 futures were down less
than 0.1%.
—Patricia Kowsmann
contributed to this article.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $200,573,480,800 $218,444,365,900
Accepted bids $76,959,343,300 $76,958,812,900
" noncomp
" foreign noncomp
$2,459,440,700 $2,269,544,300
$0 $75,000,000
Auction price (rate) 98.672917 97.388806
(5.250%) (5.165%)
5.395% 5.377%
Bids at clearing yield accepted 10.61% 96.18%
912797KB2 912797LD7
Both issues are dated May 16, 2024. The 13-week bills
mature on Aug. 15, 2024; the 26-week bills mature on
Nov. 14, 2024.
P2JW135000-0-B01200-1--------XA
B12 | Tuesday, May 14, 2024
Taking a Random Path to Stock Riches
How Heard on the Street columnists logged an 80% return in a year without really trying
Words rarely heard from star
fund managers: “I just got lucky.”
Some might blame poor timing
or unforeseen events for a lousy
year, but success is somehow
never an accident. It most cer-
tainly was for Heard on the
Street’s columnists as we once
again trounced the best and the
brightest in the hedge-fund world.
There are lessons here that could
boost anyone’s stock portfolio.
Repeating an exercise from
2018, Heard columnists took a cue
from Burton Malkiel, author of the
investing classic “A Random Walk
Down Wall Street,” and threw 12
darts at stock-market listings a
year ago (he suggested using
blindfolded monkeys). We com-
peted against the fund managers
presenting their best ideas at last
May’s Sohn Investment Confer-
ence in New York. Both the stocks
and the type of bet, long or short,
were beyond our control.
Once again, the pros got
schooled by randomness. The first
time around, they lagged behind
the dart tosses by 22 percentage
points. This time, it was 48 per-
centage points, though the way
that was accomplished certainly
isn’t for the faint of heart.
Some of the companies—such
as Maui Land & Pineapple—be-
hind our 80% return were new to
us. But we knew right away that
others were on shaky ground. One,
software company Semantix, was
later delisted and plunged by more
than 97%. Another, NGL Energy
Partners, survived and climbed by
117%. A third, Western Alliance
Bancorporation, was beaten down
by last year’s regional-banking jit-
ters yet enjoyed a huge recovery.
Unfortunately, it was one of our
two short bets and cost our port-
folio dearly.
The biggest takeaway from our
picks is that while there were a
few other winners, a single stock,
insurer Root Inc., was responsible
for all our net gains. That hews to
reality: A long-term study of U.S.
stock returns by Hendrik Bessem-
binder shows half of all excess re-
turns came from 83 companies.
Most stocks underperform risk-
Future Private-Lending Woes Start Today
Private credit has a supply
problem.
When investment banks were
pulling back from the market for
risky loans, private credit was
ready to step up and make bigger
loans. That attracted a lot of at-
tention and new funding.
But now these banks are ven-
turing back into the leveraged
lending market, even as borrower
demand for new loans has been
tepid, threatening to throw the
market out of balance. How pri-
vate credit responds will be one of
the truest tests yet of its riskiness.
Generally speaking, there are
two types of lending supporting the
market for riskier corporate bor-
rowers, who may be smaller or par-
ticularly leveraged compared with
prime borrowers. In private-credit
deals, a single nonbank lender, or a
small private group, directly ar-
ranges a loan with a borrower. In
the syndicated loan market, the
loans are typically arranged by in-
vestment banks and parceled out to
an array of investors.
Investors are coming back to
the syndicated market, drawn in
by high yields and a solid eco-
nomic backdrop. Through April,
more than $13 billion of direct
lender loans were refinanced by
syndicated transactions this year,
according to PitchBook LCD. Last
Market value
$140 billion
SoftBank’s stake in Arm
120
100
80
60
40
Oct. 2023 Nov. Dec. Jan. ’24
Source: FactSet
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
Repeating an exercise from 2018, Heard on the Street columnists threw 12 darts at stock-market listings a year ago.
free investments, which is why di-
versified portfolios not designed
to shoot the lights out are more
prudent.
The Sohn panelist picks all
sounded like a good idea at the
time, and many were for the one-
year period tracked. David Rosen
of Rubric Capital pitched Talen
Energy, a nuclear-power provider
emerging from bankruptcy and
rode a wave of enthusiasm for the
power source, returning almost
129%. In second place was Andrew
Weiss of Weiss Asset Manage-
ment, who picked a trio of Korean
companies. The best was SK
Square with a total return of 81%
in dollar terms. Divya Nettimi’s
pick, Sony Group, declined 15%.
year, that trend was reversed,
with about $20 billion of syndi-
cated loans being taken out by di-
rect loans over the full year.
This surge in lender money sup-
ply has meant improved pricing
for borrowers. In the first quarter,
average spreads, or what borrow-
ers pay on top of a benchmark
rate, on broadly syndicated new
loans from issuers rated single-B
were roughly 1.5 percentage points
narrower than they were at the
same time last year, according to
LevFin Insights.
Better terms for borrowers in
the syndicated market puts pres-
sure on private-credit pricing. Lin-
coln International, an investment
bank, works with managers to
value private loans. It recently re-
ported spreads on larger private-
credit deals in the first quarter
were about 0.25-to-0.50 percent-
age point tighter than in the
fourth quarter.
Lincoln noted lenders were refi-
nancing some of their own bor-
rowers, reducing spread levels in
those deals by up to 0.5-to-1 point,
often with extended maturities
and additional protection against
an early repayment of the loan.
“Proactive repricing is an indi-
cation they need to keep that
money deployed,” said Ron Kahn,
co-head of Lincoln’s Valuations &
SoftBank
Feb. March April May
ON
THE
A few blowout years have been
plenty for mutual-fund aces in-
cluding Cathie Wood or Bill Miller,
who later stumbled. Fund manage-
ment’s dirty secret is that inves-
tors’ actual dollar returns are even
worse than active funds’ stated re-
turns which, on average, trail be-
hind simple index funds. Espe-
cially in the case of stars, money
tends to rush in near a peak and
leaves once the bloom has come
off the rose, crystallizing losses.
Dart throws, if done right, can
beat the market in the long run,
according to a study by Towers
Watson and Research Affiliates.
The likely explanation is how they
were weighted since regularly re-
balanced portfolios of small stocks
Opinions Group.
One concern is lenders could re-
spond to piles of dry powder and
lower yields by taking on more risk.
“At some point it is possible
that there might be too much
money,” Kahn said. “But I don’t
think that exists yet, and I think
private credit has so far been very
disciplined.”
Through last year, private
credit’s loan performance has been
in line with historical norms. For
example, among a group of busi-
ness-development companies pub-
licly rated by Fitch Ratings, vehi-
cles that make direct loans,
nonaccruing debt represented
2.2% of the debt’s cost in 2023, ac-
cording to Fitch. That was up from
1.9% in 2022, but below the 2.3%
mark in 2017.
Some observers remain on high
alert. Moody’s Ratings in a recent
report warned of “competitive es-
calations” between direct lenders
and the broadly syndicated loan,
or BSL, market. “We expect that
credit quality will remain under
pressure as convergence of the
BSL and direct lending markets
continues and lenders get more in-
novative with financings,”
Moody’s wrote.
One development drawing at-
tention has been an increasing use
of what are known as payments-
SoftBank Gets Lift From a Strong Arm
SoftBank’s fortunes increas-
ingly depend on British chip de-
signer Arm.
Nearly half of the Japanese
technology investor’s net asset
value now comes from Arm, Soft-
Bank’s calculations showed Mon-
day. The market’s view is even
more extreme, valuing SoftBank’s
90% stake at $100 billion, higher
than SoftBank’s market value of
$75 billion.
Arm’s shares have more than
doubled since its Nasdaq initial
public offering in September. That
have beaten large indexes over
time.
Re-creating random picks on
your own takes extraordinary dis-
cipline. Would you stick with a
company known to be in trouble?
Luckily, that isn’t necessary. With
only a small bump in measures of
volatility such as standard devia-
tion, equal-weighted index funds—
as opposed to the more-common
variety based on companies’
sizes—give greater exposure to
risky outliers.
An equal-weighted index of U.S.
stocks maintained by MSCI mod-
estly beat the equivalent capital-
ization-weighted index over nearly
30 years and might be due for
even more as it has become cheap
in-kind, or PIKs, in private-credit
lending. This allows a borrower to
pay a loan with things like addi-
tional debt rather than cash—
which can be viewed as a worri-
some sign of a cash shortage, or a
crucial form of flexibility to avoid
far worse outcomes. The percent-
age of certain large new direct-
lending loans with PIKs was 9.4%
during the past six months, up
from 6.2% back in 2021, according
to Lincoln.
The private-credit market is
still evolving. The biggest firms
talk about a wider universe of
lending that goes well beyond
competing for the kinds of deals
that could be syndicated by banks.
Larger firms such as Apollo
Global Management invested in
expanding their so-called origina-
tion platforms that can produce all
sorts of debt. The bulk of what
Apollo does in private credit is in-
tended to compete in the invest-
ment-grade market, which aims to
generate lower yielding but less
risky loans attractive to investors
such as insurers.
“We can only grow our business
as fast as we can originate,”
Apollo Chief Executive Marc
Rowan told analysts in early May.
“The taking of capital because you
can take it and then investing it
poorly is a quick way to destroy a
helped push SoftBank’s estimated
net asset value up 45% last quar-
ter. The weak yen also gave a lift
as most of SoftBank’s investments
are outside of Japan.
SoftBank’s other investments
didn’t do as well. Its Vision Fund
unit reported an investment loss
of around 115 billion yen, equiva-
lent to $740 million, for the quar-
ter.
SoftBank now sees Arm at the
core of its artificial intelligence
strategy. This makes sense: As
data centers use more power, they
THE WALL STREET JOURNAL.
AARON BACK/THE WALL STREET JOURNAL
in the “Magnificent Seven” era. At
the end of April, the equal-
weighted index had a price/earn-
ings ratio 14% lower than the capi-
talization-weighted version.
But even a vanilla index fund
that costs very little contains
those needles in a haystack. Trust-
ing fund managers to find and
keep owning them might result in
frustration. S&P Dow Jones Indi-
ces shows outperforming mutual
funds in one period have very
poor odds of following up. In
2020, 43% of U.S. stock mutual
funds beat their index. Of that
group, 2.5% kept it going for the
next two years.
Luck has a way of running out.
—Spencer Jakab
Debt investments marked
non-accrual by percentage of
debt at cost*
2.4%
2.2
2.0
1.8
1.6
1.4
2017 ’20 ’23
*For 24 business-development companies publicly rated
by Fitch Ratings
Source: Fitch Ratings
business. I think we’ve seen lots of
examples of that and beginnings
of those seeds being set.”
Others focus on middle-market
transactions that less often di-
rectly compete with the bank-syn-
dicated market. “We’ve never been
members of the bigger-is-better
cult,” David Golub, CEO of Golub
Capital BDC, which makes direct
loans, told analysts earlier this
month. He added the “the specter
of BSL execution gives large bor-
rowers leverage over private
credit providers, especially during
periods when the BSL market is
resurgent as it is now.”
Private credit enjoyed a strong
run in the past couple of years.
But it is what lenders do now that
might matter most. —Telis Demos
will likely increasingly adopt
Arm’s energy-efficient design.
Cloud giants Amazon.com and Mi-
crosoft have both launched server
chips based on Arm’s architecture.
But Arm’s growth prospects are
well understood: Its shares trade
at 70 times expected earnings, ac-
cording to FactSet.
SoftBank’s stock offers a cheap
way in, but then investors need to
worry about the Japanese com-
pany’s patchy record with capital
allocation.
—Jacky Wong